Andersons (ANDE) FY2025 results: revenue $11.0 billion, down 2.2% on the year
Andersons, Inc. (ANDE) reported revenue of $11.0 billion for fiscal 2025, the year ended 31 December 2025, down 2.2% on the year before. Net income was $96 million, down 16.1%, and diluted earnings per share $2.79. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.
Revenue
$11.0 billion
-2.2% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$96 million
-16.1% on the year
FY2018FY2025
Diluted EPS
$2.79
-16.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Fourth quarter EPS and adjusted EPS: Fourth quarter diluted EPS was $1.97, against $1.31 a year earlier. Adjusted EPS was $2.04, against $1.36, which the company described as a record on an adjusted basis.
Full-year earnings below 2024: Full-year net income attributable to the company was $96 million, against $114 million in 2024. Diluted EPS was $2.79, against $3.32, and adjusted EPS was $3.23, against $3.40.
Adjusted EBITDA for quarter and year: Adjusted EBITDA was $136.5 million for the fourth quarter, against $116.5 million a year earlier. For the full year it was $337.3 million, against $363.4 million in 2024.
Renewables pretax income rose on production: Renewables pretax income was $54 million, against $26 million a year earlier, or $17 million attributable to the company. The company cited record production, merchandising, and biofuels policy benefits.
Agribusiness pretax income declined: Agribusiness pretax income was $46 million, against $55 million a year earlier. Adjusted pretax income attributable to the company was $45 million, against $56 million, on the record corn harvest.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
177
332
947
-46.6%
Capital expenditure
233
149
150
+56.3%
Free cash flow
-56.1
182
796
Free cash flow margin
-0.5%
1.6%
5.4%
Cash from investing
-195
-163
-154
Cash from financing
-447
-250
-264
Depreciation and amortisation
133
128
125
+4.3%
Share-based compensation
17.0
13.6
12.9
+24.6%
Buybacks
15.4
2.3
1.7
+569.5%
Dividends paid
26.8
26.3
25.4
+2.2%
Dividend per share
$0.79
$0.77
$0.74
+2.6%
Diluted shares, weighted
34m
34m
34m
+0.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,245
1,366
1,283
-8.9%
Non-controlling interest
45.5
234
233
-80.5%
Debt
873
811
634
+7.6%
Operating lease liabilities
71.5
65.3
31.7
+9.5%
Finance lease liabilities
7.6
9.6
7.9
-21.4%
Other liabilities
1,471
1,636
1,665
-10.1%
Total liabilities and equity
3,713
4,121
3,855
-9.9%
Fixed assets
940
868
693
+8.2%
Goodwill
128
128
128
0.0%
Intangible assets
63.5
69.3
85.6
-8.4%
Cash and equivalents
98.3
562
644
-82.5%
Inventory
1,365
1,287
1,167
+6.1%
Other assets
1,119
1,207
1,138
-7.4%
Total assets
3,713
4,121
3,855
-9.9%
10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.