Open the filing on EDGARThe Andersons, Inc. Reports Second Quarter Results
MAUMEE, OHIO, August 3, 2026 - 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.
| Q2 2026 | Q2 2025 | Variance | YTD 2026 | YTD 2025 | Variance |
|---|
| $ in millions, except per share amounts | | | |
| Pretax Income | $67.3 | $24.8 | $42.5 | $101.2 | $28.0 | $73.2 |
| Pretax Income Attributable to the Company | 70.0 | 15.9 | 54.1 | 107.7 | 14.1 | 93.6 |
| Adjusted Pretax Income Attributable to the Company | 92.6 | 15.0 | 77.6 | 137.0 | 18.2 | 118.8 |
| Agribusiness | 20.3 | 16.8 | 3.5 | 38.2 | 16.7 | 21.5 |
| Renewables | 88.4 | 9.6 | 78.8 | 127.9 | 25.0 | 102.9 |
| Other | (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 | 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 | 2.15 | 0.24 | 1.91 | 3.26 | 0.36 | 2.90 |
| EBITDA | 117.6 | 69.4 | 48.2 | 202.5 | 120.1 | 82.4 |
| Adjusted EBITDA | $140.3 | $65.2 | $75.1 | $231.8 | $122.4 | $109.4 |
| 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.
Condensed Consolidated Statements of Operations
| Three months ended June 30, | Six months ended June 30, |
|---|
| (in thousands, except per share data) | | 2026 | | 2025 | | 2026 | | 2025 |
| 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 | |
Condensed Consolidated Balance Sheets
| (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 |
Condensed Consolidated Statements of Cash Flows
| 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 | |
Adjusted Net Income Attributable to The Andersons, Inc.
A non-GAAP financial measure
| Three months ended June 30, | Six months ended June 30, |
|---|
| (in thousands, except per share data) | | 2026 | | 2025 | | 2026 | | 2025 |
| 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 | (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 | |
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.
Segment Data
| (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. | $22,485 | $64,981 | $(17,514) | $69,952 |
| Adjustments to income (loss) before income taxes | (2,184) | 23,370 | 1,478 | 22,664 |
| Adjusted income (loss) before income taxes attributable to The Andersons, Inc. | $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. | $17,728 | $9,645 | $(11,488) | $15,885 |
| Adjustments to income (loss) before income taxes | (892) | - | - | (892) |
| Adjusted income (loss) before income taxes attributable to The Andersons, Inc. | $16,836 | $9,645 | $(11,488) | $14,993 |
| 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. 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. |
Segment Data
| (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. | $33,746 | $104,572 | $(30,618) | $107,700 |
| Adjustments to income before income taxes | 4,448 | 23,370 | 1,478 | 29,296 |
| Adjusted income (loss) before income taxes attributable to The Andersons, Inc. | $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. | $12,574 | $24,957 | $(23,480) | $14,051 |
| Adjustments to income before income taxes | 4,137 | - | - | 4,137 |
| Adjusted income (loss) before income taxes attributable to The Andersons, Inc. | $16,711 | $24,957 | $(23,480) | $18,188 |
| 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. 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. |
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
| (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.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
| (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 |
Trailing Twelve Months of EBITDA and Adjusted EBITDA
A non-GAAP financial measure
| Three Months Ended, | Twelve months ended June 30, 2026 |
|---|
| (in thousands) | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 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 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 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 |
Cash from Operations Before Working Capital Changes
A non-GAAP financial measure
| Three months ended June 30, | Six months ended 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.
Contacts
Mike Hoelter
Vice President, Corporate Controller and Investor Relations
Phone: 419-897-6715
E-mail: investorrelations@andersonsinc.com