MAUMEE, Ohio, Aug. 3, 2026 /CNW/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2026.
Financial Highlights:
-- Second quarter net income attributable to The Andersons of $57 million or
$1.65 per diluted share and adjusted net income attributable of $74
million, or $2.15 per diluted share
-- Adjusted EBITDA of $140 million
-- Renewables reports record second quarter pretax income of $65 million and
adjusted pretax income of $88 million on record production, strong
merchandising, and 45Z tax credits
-- Agribusiness pretax and adjusted pretax income attributable to The
Andersons of $20 million on solid fertilizer performance
"Our second quarter results reflect continued outstanding performance in Renewables and year-over-year improvement in Agribusiness," said President and CEO Bill Krueger. "Renewables delivered exceptional results driven by strong operational execution and solid merchandising performance. Our plants achieved record second quarter production while safely completing planned spring maintenance activities. The first quarter finalization of the Renewable Volume Obligations (RVO) supported stronger commodity markets and created opportunities for our merchandising team, while our low-carbon strategy contributed
$24 million of 45Z tax credits in the quarter."
"Agribusiness delivered modest year-over-year improvement as our merchandising businesses benefited from periods of market volatility, and our fertilizer business performed well through the spring application season," added Krueger.
"We continue to execute on our long-term growth strategy. We are preparing for our previously announced debottlenecking project at our Clymers, Indiana, ethanol facility. We continue to pursue additional opportunities to reduce the carbon intensity of our operations to position our plants to maximize the value of 45Z tax credits, including the advancement of our Class VI well permit. We also expect Port of Houston's soybean meal export capabilities to be operational in the fourth quarter. Looking ahead, we remain optimistic about the opportunities across our businesses, particularly in the renewable fuels and feedstocks supply chains. Strong ethanol production, favorable export demand, growing adoption of low-carbon fuels, and continued progress on our strategic investments position us well to capitalize on evolving market opportunities and create long-term value for our shareholders, " continued Krueger.
$ in millions, except per share amounts
Q2 2026 Q2 2025 Variance YTD 2026 YTD 2025 Variance
Pretax Income $ 67.3 $ 24.8 $ 42.5 $ 101.2 $ 28.0 $ 73.2
Pretax Income
Attributable to the
Company(1) 70.0 15.9 54.1 107.7 14.1 93.6
Adjusted Pretax
Income Attributable
to the
Company(1) 92.6 15.0 77.6 137.0 18.2 118.8
Agribusiness(1) 20.3 16.8 3.5 38.2 16.7 21.5
Renewables(1) 88.4 9.6 78.8 127.9 25.0 102.9
Other(1) (16.0) (11.5) (4.5) (29.1) (23.5) (5.6)
Net Income
Attributable to the
Company 56.6 7.9 48.7 89.8 8.1 81.7
Adjusted Net Income
Attributable to the
Company(1) 73.6 8.4 65.2 111.7 12.4 99.3
Diluted Earnings Per
Share (EPS) 1.65 0.23 1.42 2.62 0.24 2.38
Adjusted EPS(1) 2.15 0.24 1.91 3.26 0.36 2.90
EBITDA(1) 117.6 69.4 48.2 202.5 120.1 82.4
Adjusted EBITDA(1) $ 140.3 $ 65.2 $ 75.1 $ 231.8 $ 122.4 $ 109.4
(1) Non-GAAP financial measures; see appendix for
explanations and reconciliations.
Cash, Liquidity, and Long-Term Debt Management
"Our strong earnings performance and cash flow generation enable us to continue investing in growth opportunities across the company," said Executive Vice President and CFO Brian Valentine. "Our long-term debt to EBITDA remains well below our target of less than 2.5 times, and we believe our balance sheet provides the flexibility to support our growth strategy."
Cash provided by operating activities was $488 million and $299 million in the second quarter of 2026 and 2025, respectively. Cash from operations before working capital changes in the same periods was $113 million and $43 million, respectively. Cash spent on capital projects in the quarter totaled $76 million, driven by ongoing investments in our facilities and strategic growth initiatives.
Second Quarter Segment Overview
Agribusiness Reports Improved Second Quarter on Better Fertilizer Margins
Agribusiness recorded pretax income and adjusted pretax income attributable to the company of $20 million for the quarter, compared to pretax income of $19 million and adjusted pretax income attributable to the company of $17 million in the second quarter of 2025.
The segment showed a modest improvement in a dynamic and challenging environment. Our fertilizer business led the improvement with higher margins on lower volumes. Our merchandising results also improved, driven by higher commodity prices and increased volatility early in the quarter, partially offset by fuel surcharges. Grain asset performance was comparable to the prior year.
We continue to monitor growing conditions and crop progress. Currently, the eastern corn belt has experienced favorable growing conditions, which could support harvest volumes and grain ownership opportunities this fall. Drier conditions in western production regions could pressure grain asset earnings; however, any resulting market dislocations and volatility should create additional merchandising opportunities. Above-average corn acreage should support demand for fall fertilizer applications, although grower economics could influence purchasing decisions. Our diversified agribusiness portfolio remains well positioned to capitalize on both harvest-related opportunities and periods of increased market volatility during the second half of the year.
Agribusiness had adjusted second quarter EBITDA of $53 million, compared to $46 million in 2025.
Renewables Reports Record Second Quarter on Efficient Operations and Strong Demand
Renewables reported pretax income of $65 million and adjusted pretax income of $88 million in the second quarter. For the same period in 2025, the segment reported pretax income of $17 million and pretax income attributable to the company of $10 million.
Renewables had a record second quarter on efficient plant operations and improved margins. Strong ethanol export demand and healthy domestic consumption drove higher board crush margins year over year, partially offset by firmer corn basis levels. Second quarter results include $24 million of 45Z producer tax credits. Our merchandising businesses also delivered improved results, benefiting from market volatility surrounding the RVO announcement, resulting in higher distillers corn oil and RIN values.
Ethanol market fundamentals remain supportive as we anticipate continued strong demand, driven by increasing global blend rates and favorable domestic blending economics. Renewable feedstocks are also expected to benefit from healthy bio-based diesel demand and supportive renewable fuel markets.
Renewables had second quarter adjusted EBITDA of $103 million in 2026, compared to EBITDA of $30 million in 2025.
Income Taxes
The company recorded income tax expense of $13 million for the quarter, resulting in an effective tax rate of 20% for the period. The rate was impacted by non-taxable 45Z income. We anticipate a full-year adjusted effective rate of approximately 14% - 18%.
Conference Call
The company will host a webcast on Tuesday, August 4, 2026, at 8:30 a.m. ET, to discuss its performance and provide its outlook for the remainder of 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 0322872). It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://app.webinar.net/kJeAWG3WqXo and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company's website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
The Andersons, Inc., is a North American agriculture and renewable fuels company. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
The Andersons, Inc.Condensed Consolidated Statements of
Operations(unaudited)
Three months ended Six months ended June
June 30, 30,
(in thousands, 2026 2025 2026 2025
except per share
data)
Sales and
merchandising
revenues $ 3,097,660 $ 3,135,869 $ 5,724,926 $ 5,794,967
Cost of sales and
merchandising
revenues 2,873,930 2,977,453 5,340,612 5,483,679
Gross profit 223,730 158,416 384,314 311,288
Operating,
administrative and
general expenses 173,774 134,589 318,438 280,343
Interest expense,
net 15,642 11,495 32,480 24,591
Other income, net 33,023 12,503 67,833 21,694
Income before income
taxes 67,337 24,835 101,229 28,048
Income tax provision 13,389 8,028 17,949 5,910
Net income 53,948 16,807 83,280 22,138
Net (loss) income
attributable to
noncontrolling
interests (2,615) 8,950 (6,471) 13,997
Net income
attributable to The
Andersons, Inc. $ 56,563 $ 7,857 $ 89,751 $ 8,141
Earnings per share
attributable to The
Andersons,
Inc. common
shareholders:
Basic earnings: $ 1.66 $ 0.23 $ 2.64 $ 0.24
Diluted earnings: $ 1.65 $ 0.23 $ 2.62 $ 0.24
The Andersons, Inc.Condensed Consolidated Balance Sheets(unaudited)
(in thousands) June 30, 2026 December 31, 2025 June 30, 2025
Assets
Current assets:
Cash and cash
equivalents $ 66,549 $ 98,283 $ 350,970
Accounts receivable, net 755,217 652,472 783,892
Inventories 961,002 1,365,121 771,868
Commodity derivative
assets -- current 152,333 135,466 147,937
Other current assets 146,684 125,067 120,780
Total current assets 2,081,785 2,376,409 2,175,447
Property, plant and
equipment, net 979,618 939,500 883,985
Other assets, net 412,878 396,923 387,059
Total assets $ 3,474,281 $ 3,712,832 $ 3,446,491
Liabilities and equity
Current liabilities:
Short-term debt $ 314,366 $ 249,420 $ 104,467
Trade and other payables 603,591 918,691 572,232
Customer prepayments and
deferred revenue 87,206 195,331 73,545
Commodity derivative
liabilities -- current 103,710 51,153 79,253
Current maturities of
long-term debt 22,918 63,375 64,210
Accrued expenses and
other current
liabilities 247,296 208,427 186,902
Total current liabilities 1,379,087 1,686,397 1,080,609
Long-term debt, less
current maturities 563,481 560,016 578,464
Other long-term
liabilities 174,127 176,184 176,908
Total liabilities 2,116,695 2,422,597 1,835,981
Total equity 1,357,586 1,290,235 1,610,510
Total liabilities and
equity $ 3,474,281 $ 3,712,832 $ 3,446,491
The Andersons, Inc.Condensed Consolidated Statements of Cash
Flows(unaudited)
Six months ended June 30,
(in thousands) 2026 2025
Operating Activities
Net income $ 83,280 $ 22,138
Adjustments to reconcile net income to cash
provided
by (used in) operating activities:
Depreciation and amortization 68,746 67,411
Other 29,068 10,311
Changes in operating assets and liabilities:
Accounts receivable (132,491) (23,396)
Inventories 402,049 521,356
Commodity derivatives 35,996 19,857
Other current and non-current assets (14,683) (31,730)
Payables and other current and non-current
liabilities (377,718) (636,646)
Net cash provided by (used in) operating
activities 94,247 (50,699)
Investing Activities
Purchases of property, plant and equipment and
capitalized
software (127,284) (95,376)
Insurance proceeds 1,108 13,989
Other 2,919 5,680
Net cash used in investing activities (123,257) (75,707)
Financing Activities
Net proceeds (payments) under short-term lines
of
credit 65,443 (64,875)
Proceeds from issuance of long-term debt 86,250 14,700
Payments of long-term debt (122,982) (16,645)
Value of shares withheld for taxes (7,006) (3,931)
Dividends paid (13,640) (13,367)
Payments of debt issuance costs (5,685) (159)
Common stock repurchased (4,607) (1,184)
Distributions to noncontrolling interests -- (1,547)
Net cash used in financing activities (2,227) (87,008)
Effect of exchange rates on cash and cash
equivalents (497) 2,613
Decrease in cash and cash equivalents (31,734) (210,801)
Cash and cash equivalents at beginning of
period 98,283 561,771
Cash and cash equivalents at end of period $ 66,549 $ 350,970
The Andersons, Inc.Adjusted Net Income Attributable to The Andersons,
Inc.A non-GAAP financial measure(unaudited)
Three months ended Six months ended June
June 30, 30,
(in thousands, except per 2026 2025 2026 2025
share data)
Net income $ 53,948 $ 16,807 $ 83,280 $ 22,138
Net (loss) income
attributable to
noncontrolling interests (2,615) 8,950 (6,471) 13,997
Net income attributable
to The Andersons, Inc. 56,563 7,857 89,751 8,141
Adjustments:
Legal settlement and
related expenses 12,763 -- 18,711 --
Asset impairment 15,661 -- 15,661 --
Transaction related
compensation 896 1,768 2,688 3,871
Insured inventory and
property recoveries, net (6,656) (7,845) (7,764) (4,919)
Loss on investments -- 7,178 -- 7,178
Severance expense -- 1,197 -- 1,197
Gain on sales of assets
and businesses, net -- (3,190) -- (3,190)
Income tax impact of
adjustments(1) (5,667) 1,400 (7,325) 143
Total adjusting items,
net of tax 16,997 508 21,971 4,280
Adjusted net income
attributable to The
Andersons,
Inc. $ 73,560 $ 8,365 $ 111,722 $ 12,421
Diluted earnings per
share attributable to
The Andersons,
Inc.
common shareholders $ 1.65 $ 0.23 $ 2.62 $ 0.24
Impact on diluted
earnings per share $ 0.50 $ 0.01 $ 0.64 $ 0.12
Adjusted diluted earnings
per share $ 2.15 $ 0.24 $ 3.26 $ 0.36
(1) The income tax impact of adjustments is taken
at the blended federal, state, and local tax rate
of 25%.
Adjusted net income (loss) attributable to The Andersons,
Inc. reflects reported net income (loss) available
to The Andersons, Inc. common shareholders after the
removal of specified items described above. Adjusted
diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings per share attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item. The Andersons, Inc.Segment Data(unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended June 30, 2026 Sales and merchandising revenues $ 2,113,093 $ 984,567 $ -- $ 3,097,660 Cost of sales and merchandising revenues 1,966,315 907,615 -- 2,873,930 Gross profit 146,778 76,952 -- 223,730 Operating, administrative and general expenses 122,098 34,099 17,577 173,774 Interest expense (income), net 13,330 2,341 (29) 15,642 Other income, net 8,520 24,469 34 33,023 Income (loss) before income taxes 19,870 64,981 (17,514) 67,337 Loss attributable to noncontrolling interests (2,615) -- -- (2,615) Income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 22,485 $ 64,981 $ (17,514) $ 69,952 Adjustments to income (loss) before income taxes(2) (2,184) 23,370 1,478 22,664 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 20,301 $ 88,351 $ (16,036) $ 92,616 Three months ended June 30, 2025 Sales and merchandising revenues $ 2,414,827 $ 721,042 $ -- $ 3,135,869 Cost of sales and merchandising revenues 2,282,765 694,688 -- 2,977,453 Gross profit 132,062 26,354 -- 158,416 Operating, administrative and general expenses 114,012 8,951 11,626 134,589 Interest expense (income), net 11,331 725 (561) 11,495 Other income (loss), net 12,180 746 (423) 12,503 Income (loss) before income taxes 18,899 17,424 (11,488) 24,835 Income attributable to noncontrolling interests 1,171 7,779 -- 8,950 Income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 17,728 $ 9,645 $ (11,488) $ 15,885 Adjustments to income (loss) before income taxes(2) (892) -- -- (892) Adjusted income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 16,836 $ 9,645 $ (11,488) $ 14,993 (1) Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.(2) Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $3.3 million difference in insured inventory and property recoveries, net in the Agribusiness segment for the three months ended June 30, 2025. The Andersons, Inc.Segment Data(unaudited) (in thousands) Agribusiness Renewables Other Total Six months ended June 30, 2026 Sales and merchandising revenues $ 4,033,060 $ 1,691,866 $ -- $ 5,724,926 Cost of sales and merchandising revenues 3,752,376 1,588,236 -- 5,340,612 Gross profit 280,684 103,630 -- 384,314 Operating, administrative and general expenses 243,518 44,399 30,521 318,438 Interest expense, net 27,018 5,400 62 32,480 Other income (loss), net 17,127 50,741 (35) 67,833 Income (loss) before income taxes 27,275 104,572 (30,618) 101,229 Loss attributable to noncontrolling interests (6,471) -- -- (6,471) Income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 33,746 $ 104,572 $ (30,618) $ 107,700 Adjustments to income before income taxes(2) 4,448 23,370 1,478 29,296 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 38,194 $ 127,942 $ (29,140) $ 136,996 Six months ended June 30, 2025 Sales and merchandising revenues $ 4,408,114 $ 1,386,853 $ -- $ 5,794,967 Cost of sales and merchandising revenues 4,157,454 1,326,225 -- 5,483,679 Gross profit 250,660 60,628 -- 311,288 Operating, administrative and general expenses 238,501 18,734 23,108 280,343 Interest expense (income), net 24,157 1,423 (989) 24,591 Other income (loss), net 21,221 1,834 (1,361) 21,694 Income (loss) before income taxes 9,223 42,305 (23,480) 28,048 (Loss) income attributable to noncontrolling interests (3,351) 17,348 -- 13,997 Income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 12,574 $ 24,957 $ (23,480) $ 14,051 Adjustments to income before income taxes(2) 4,137 -- -- 4,137 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 16,711 $ 24,957 $ (23,480) $ 18,188 (1) Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.(2) Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $1.7 million difference in insured inventory and property recoveries, net in the Agribusiness segment for the three months ended June 30, 2025. The Andersons, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)A non-GAAP financial measure(unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended June 30, 2026 Net income (loss) $ 19,870 $ 64,981 $ (30,903) $ 53,948 Interest expense (income) 13,330 2,341 (29) 15,642 Tax provision -- -- 13,389 13,389 Depreciation and amortization 21,894 11,876 864 34,634 EBITDA 55,094 79,198 (16,679) 117,613 Adjusting items impacting EBITDA: Asset impairment 3,576 10,607 1,478 15,661 Legal settlement and related expenses -- 12,763 -- 12,763 Transaction related compensation 896 -- -- 896 Insured inventory and property recoveries, net (6,656) -- -- (6,656) Total adjusting items (2,184) 23,370 1,478 22,664 Adjusted EBITDA $ 52,910 $ 102,568 $ (15,201) $ 140,277 Three months ended June 30, 2025 Net income (loss) $ 18,899 $ 17,424 $ (19,516) $ 16,807 Interest expense (income) 11,331 725 (561) 11,495 Tax provision -- -- 8,028 8,028 Depreciation and amortization 20,399 12,018 654 33,071 EBITDA 50,629 30,167 (11,395) 69,401 Adjusting items impacting EBITDA: Insured inventory and property recoveries,
net (11,162) -- -- (11,162)
Gain on sales of assets
and businesses, net (3,190) -- -- (3,190)
Loss on investments 7,178 -- -- 7,178
Transaction related
compensation 1,768 -- -- 1,768
Severance expense 1,197 -- -- 1,197
Total adjusting items (4,209) -- -- (4,209)
Adjusted EBITDA $ 46,420 $ 30,167 $ (11,395) $ 65,192
Adjusted EBITDA is defined as earnings before interest,
taxes and depreciation and amortization, adjusted
for specified items. The company calculates adjusted
EBITDA by removing the impact of specified items and
adding back the amounts of interest expense, tax expense
and depreciation and amortization to net income (loss).
Management believes that adjusted EBITDA is a useful
measure of the company's performance as it provides
investors additional information about the company's
operations allowing better evaluation of underlying
business performance and improved comparability to
prior periods. Adjusted EBITDA is a non-GAAP financial
measure and is not intended to replace or be an alternative
to net income (loss), the most directly comparable
GAAP financial measure.
The Andersons, Inc.Adjusted Earnings Before Interest, Taxes,
Depreciation,
and Amortization (EBITDA)A non-GAAP financial measure(unaudited)
(in thousands) Agribusiness Renewables Other Total
Six months ended June
30, 2026
Net income (loss) $ 27,275 $ 104,572 $ (48,567) $ 83,280
Interest expense 27,018 5,400 62 32,480
Tax provision -- -- 17,949 17,949
Depreciation and
amortization 43,384 23,643 1,719 68,746
EBITDA 97,677 133,615 (28,837) 202,455
Adjusting items
impacting EBITDA:
Legal settlement and
related expenses 5,948 12,763 -- 18,711
Asset impairment 3,576 10,607 1,478 15,661
Transaction related
compensation 2,688 -- -- 2,688
Insured inventory and
property recoveries,
net (7,764) -- -- (7,764)
Total adjusting items 4,448 23,370 1,478 29,296
Adjusted EBITDA $ 102,125 $ 156,985 $ (27,359) $ 231,751
Six months ended June
30, 2025
Net income (loss) $ 9,223 $ 42,305 $ (29,390) $ 22,138
Interest expense
(income) 24,157 1,423 (989) 24,591
Tax provision -- -- 5,910 5,910
Depreciation and
amortization 42,084 23,909 1,418 67,411
EBITDA 75,464 67,637 (23,051) 120,050
Adjusting items
impacting EBITDA:
Loss on investments 7,178 -- -- 7,178
Transaction related
compensation 3,871 -- -- 3,871
Severance expense 1,197 -- -- 1,197
Insured inventory and
property recoveries,
net (6,661) -- -- (6,661)
Gain on sales of assets
and businesses, net (3,190) -- -- (3,190)
Total adjusting items 2,395 -- -- 2,395
Adjusted EBITDA $ 77,859 $ 67,637 $ (23,051) $ 122,445
The Andersons, Inc.Trailing Twelve Months of EBITDA and Adjusted EBITDAA non-GAAP
financial measure(unaudited)
Three Months Ended, Twelve months
ended June 30,
2026
(in thousands) September December March 31, June 30, 2026
30, 2025 31, 2025 2026
Net income $ 26,071 $ 71,092 $ 29,332 $ 53,948 $ 180,443
Interest
expense 10,478 12,090 16,838 15,642 55,048
Tax provision
(benefit) (228) 16,486 4,560 13,389 34,207
Depreciation
and
amortization 32,647 33,265 34,112 34,634 134,658
EBITDA 68,968 132,933 84,842 117,613 404,356
Adjusting items
impacting
EBITDA:
Asset
impairment 13,698 -- -- 15,661 29,359
Legal
settlement and
related
expenses -- -- 5,948 12,763 18,711
Transaction
related
compensation 1,712 1,879 1,792 896 6,279
Acquisition
costs 5,927 -- -- -- 5,927
Severance
expense -- 1,480 -- -- 1,480
Pension
settlement 1,448 -- -- -- 1,448
Insured
inventory and
property
recoveries,
net (11,887) (72) (1,108) (6,656) (19,723)
(Gain) loss on
sales of
assets
businesses,
net (1,567) 310 -- -- (1,257)
Total adjusting
items 9,331 3,597 6,632 22,664 42,224
Adjusted EBITDA $ 78,299 $ 136,530 $ 91,474 $ 140,277 $ 446,580
Three Months Ended, Twelve months
ended June 30,
2025
September December March 31, June 30,
30, 2024 31, 2024 2025 2025
Net income $ 51,461 $ 54,104 $ 5,331 $ 16,807 $ 127,703
Interest
expense 8,361 10,266 13,096 11,495 43,218
Tax provision
(benefit) 10,731 13,146 (2,118) 8,028 29,787
Depreciation
and
amortization 30,408 36,178 34,340 33,071 133,997
EBITDA 100,961 113,694 50,649 69,401 334,705
Adjusting items
impacting
EBITDA:
Loss on
investments -- 1,535 -- 7,178 8,713
Transaction
related
compensation 1,668 2,536 2,103 1,768 8,075
Acquisition
costs -- 3,193 -- -- 3,193
Severance
expense -- -- -- 1,197 1,197
Insured
inventory and
property
(recoveries)
damages, net (5,204) (4,446) 4,502 (11,162) (16,310)
Gain on sales
of assets
businesses,
net -- -- -- (3,190) (3,190)
Total adjusting
items (3,536) 2,818 6,605 (4,209) 1,678
Adjusted EBITDA $ 97,425 $ 116,512 $ 57,254 $ 65,192 $ 336,383
The Andersons, Inc.Cash from Operations Before Working Capital ChangesA
non-GAAP financial measure(unaudited)
Three months ended Six months ended
June 30, June 30,
(in thousands) 2026 2025 2026 2025
Cash provided by (used in)
operating activities $ 487,922 $ 299,321 $ 94,247 $ (50,699)
Changes in operating assets
and liabilities
Accounts receivable (11,949) 29,872 (132,491) (23,396)
Inventories 437,035 482,825 402,049 521,356
Commodity derivatives 49,231 18,781 35,996 19,857
Other current and
non-current assets 7,852 (23,172) (14,683) (31,730)
Payables and other current
and non-current
liabilities (107,196) (251,871) (377,718) (636,646)
Total changes in operating
assets and liabilities 374,973 256,435 (86,847) (150,559)
Cash from operations before
working capital changes $ 112,949 $ 42,886 $ 181,094 $ 99,860
Cash from operations before working capital changes
is defined as cash provided by (used in) operating
activities before the impact of changes in working
capital within the statement of cash flows. The Company
calculates cash from operations by eliminating the
effect of changes in accounts receivable, inventories,
commodity derivatives, other assets, and payables
and accrued expenses from the cash provided by (used
in) operating activities. Management believes that
cash from operations before working capital changes
is a useful measure of the company's performance as
it provides investors additional information about
the company's operations allowing better evaluation
of underlying business performance and improved comparability
to prior periods. Cash from operations before working
capital changes is a non-GAAP financial measure and
is not intended to replace or be an alternative to
cash provided by (used in) operating activities, the
most directly comparable GAAP financial measure.
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SOURCE The Andersons, Inc.
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