The Andersons (ANDE) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 EPS and net income, driven by strong renewables performance, record grain accumulation, and favorable basis values in the Western Corn Belt and eastern assets benefiting from increased corn demand.

• Renewables segment delivered record production, efficient operations, and benefited from full ethanol plant ownership and realization of 45Z tax credits.

• Strategic capital investments advanced, including full ownership of ethanol plants, new mineral processing, and ethanol capacity expansions.

• Announced a 30-million-gallon expansion project at the Clymers ethanol plant.

Financial highlights

• Q4 2025 net income attributable was $67 million ($1.97 per diluted share); adjusted net income was $70 million ($2.04 per diluted share), up from $47 million ($1.36 per share) in Q4 2024.

• Q4 gross profit rose to $231 million from $213 million year-over-year; full-year gross profit was $714 million, up from $694 million.

• Q4 adjusted EBITDA was $137 million, up from $117 million; full-year adjusted EBITDA was $337 million, down from $363 million in 2024.

• Q4 sales and merchandising revenues were $2.54 billion, down from $3.12 billion in Q4 2024; full-year revenues were $11.01 billion, slightly down from $11.26 billion.

• Effective tax rate was 19% for Q4 and 16% for the full year, impacted by non-taxable 45Z income and tax reserve adjustments.

Outlook and guidance

• Expect improved agribusiness results in 2026, with more certainty in global grain markets and continued strong ethanol demand.

• Forecasting higher than normal planted acres in 2026, supporting fertilizer and crop input demand.

• Renewables segment expects continued elevated export demand, favorable biofuels policy, and anticipates $90 million–$100 million in 45Z tax credits.

• Updated long-range EPS target of $7 by 2028; ongoing execution of strategic capital projects and growth opportunities.

• Projected Skyland EBITDA contribution for 2026 is $25 million–$35 million, normalizing toward initial targets.