Andersons, Inc. (ANDE): Results of Operations and Financial Condition
Andersons, Inc. (ANDE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE The 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
How this was made
The 30-second read
Why it matters
The disclosure updates quarterly earnings, segment profitability drivers (ethanol export demand, board crush margins, fertilizer margins), and provides specific operational and policy-related catalysts tied to 45Z credits and future capacity/export improvements.
Market read
A fresh quarterly earnings print with segment-level profitability and credit/margin drivers, plus named execution milestones, creates a tradable catalyst into the next-day webcast.
What to watch
Traders may focus on the sustainability of margins and the timing risk around the Clymers debottlenecking and Class VI well permit, which are execution-dependent rather than already realized.
The Andersons reported sharply higher second-quarter earnings, led by record Renewables results, improved Agribusiness performance, and $24 million of 45Z producer tax credits.
Net income attributable to The Andersons, Inc. rose to $56.6 million from $7.9 million, adjusted EBITDA increased to $140.3 million from $65.2 million, and Renewables delivered record second-quarter pretax income.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Sales and merchandising revenues, three months ended June 30GAAP | $ 3,097,660 (in thousands) | – | – |
| Cost of sales and merchandising revenues, three months ended June 30GAAP | 2,873,930 (in thousands) | – | – |
| Gross profit, three months ended June 30GAAP | 223,730 (in thousands) | – | – |
| Operating, administrative and general expenses, three months ended June 30GAAP | 173,774 (in thousands) | – | – |
| Interest expense, net, three months ended June 30GAAP | 15,642 (in thousands) | – | – |
| Other income, net, three months ended June 30GAAP | 33,023 (in thousands) | – | – |
| Income before income taxes, three months ended June 30GAAP | 67,337 (in thousands) | – | – |
| Income tax provision, three months ended June 30GAAP | 13,389 (in thousands) | – | – |
| Effective tax rate, three months ended June 30GAAP | 20% | – | – |
| Net income, three months ended June 30GAAP | 53,948 (in thousands) | – | – |
| Net loss attributable to noncontrolling interests, three months ended June 30GAAP | (2,615) (in thousands) | – | – |
| Net income attributable to The Andersons, Inc., three months ended June 30GAAP | $ 56,563 (in thousands) | – | $ 48.7 million |
| Basic earnings per share attributable to The Andersons, Inc. common shareholders, three months ended June 30GAAP | $ 1.66 | – | – |
| Diluted earnings per share attributable to The Andersons, Inc. common shareholders, three months ended June 30GAAP | $ 1.65 | – | $ 1.42 |
| Pretax income attributable to the Company, Q2non-GAAP | $ 70.0 million | – | $ 54.1 million |
| Adjusted pretax income attributable to the Company, Q2non-GAAP | $ 92.6 million | – | $ 77.6 million |
| Adjusted pretax income attributable to the Company, Agribusiness, Q2non-GAAP | $ 20.3 million | – | $ 3.5 million |
| Adjusted pretax income attributable to the Company, Renewables, Q2non-GAAP | $ 88.4 million | – | $ 78.8 million |
| Adjusted pretax income attributable to the Company, Other, Q2non-GAAP | $ (16.0) million | – | $ (4.5) million |
| Adjusted net income attributable to the Company, Q2non-GAAP | $ 73.6 million | – | $ 65.2 million |
| Adjusted EPS, Q2non-GAAP | $ 2.15 | – | $ 1.91 |
| EBITDA, Q2non-GAAP | $ 117.6 million | – | $ 48.2 million |
| Adjusted EBITDA, Q2non-GAAP | $ 140.3 million | – | $ 75.1 million |
| Sales and merchandising revenues, six months ended June 30GAAP | $ 5,724,926 (in thousands) | – | – |
| Gross profit, six months ended June 30GAAP | 384,314 (in thousands) | – | – |
| Operating, administrative and general expenses, six months ended June 30GAAP | 318,438 (in thousands) | – | – |
| Income before income taxes, six months ended June 30GAAP | 101,229 (in thousands) | – | – |
| Net income attributable to The Andersons, Inc., six months ended June 30GAAP | $ 89,751 (in thousands) | – | $ 81.7 million |
| Diluted earnings per share attributable to The Andersons, Inc. common shareholders, six months ended June 30GAAP | $ 2.62 | – | $ 2.38 |
| Adjusted net income attributable to the Company, YTD 2026non-GAAP | $ 111.7 million | – | $ 99.3 million |
| Adjusted EPS, YTD 2026non-GAAP | $ 3.26 | – | $ 2.90 |
| Adjusted EBITDA, YTD 2026non-GAAP | $ 231.8 million | – | $ 109.4 million |
full-year 2026 outlook
- Tax rateapproximately 14% - 18%
- NotePort of Houston's soybean meal export capabilities are expected to be operational in the fourth quarter.
What drove it
- Renewables achieved record second-quarter production, strong operational execution, solid merchandising performance, 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 Renewables results included $24 million of 45Z producer tax credits.
- Renewables merchandising benefited from volatility surrounding the Renewable Volume Obligations announcement, producing higher distillers corn oil and RIN values.
- Agribusiness fertilizer performance improved through the spring application season, with higher margins on lower volumes.
- Agribusiness merchandising improved on higher commodity prices and increased volatility early in the quarter, partially offset by fuel surcharges.
Concerns
- Firmer corn basis levels partially offset higher Renewables board crush margins.
- Agribusiness fertilizer volumes were lower despite higher margins.
- Fuel surcharges partially offset improved Agribusiness merchandising results.
- Drier conditions in western production regions could pressure grain asset earnings.
- Grower economics could influence fall fertilizer purchasing decisions.
What to watch
- Completion and impact of the previously announced debottlenecking project at the Clymers, Indiana, ethanol facility.
- Progress on opportunities to reduce carbon intensity and advancement of the Class VI well permit.
- Port of Houston soybean meal export capabilities, which are expected to be operational in the fourth quarter.
- Ethanol export demand, domestic blending economics, global blend rates, and renewable fuel market conditions.
- Eastern corn belt growing conditions, western production-region dryness, harvest volumes, and fall fertilizer demand.
Balance sheet and cash flow
- 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 was $113 million and $43 million in the second quarter of 2026 and 2025, respectively.
- Cash spent on capital projects in the quarter totaled $76 million.
- Cash and cash equivalents were $ 66,549 (in thousands) at June 30, 2026, compared with $ 98,283 (in thousands) at December 31, 2025 and $ 350,970 (in thousands) at June 30, 2025.
- Accounts receivable, net were 755,217 (in thousands) at June 30, 2026, compared with 652,472 (in thousands) at December 31, 2025 and 783,892 (in thousands) at June 30, 2025.
- Inventories were 961,002 (in thousands) at June 30, 2026, compared with 1,365,121 (in thousands) at December 31, 2025 and 771,868 (in thousands) at June 30, 2025.
- Property, plant and equipment, net was 979,618 (in thousands) at June 30, 2026, compared with 939,500 (in thousands) at December 31, 2025 and 883,985 (in thousands) at June 30, 2025.
- Total assets were $ 3,474,281 (in thousands) at June 30, 2026.
- Long-term debt to EBITDA remains well below the company's target of less than 2.5 times.
Analysis
The Andersons delivered a strong second quarter, with net income attributable to The Andersons, Inc. of $56.6 million, or $1.65 per diluted share, compared with $7.9 million, or $0.23 per diluted share, in the second quarter of 2025. Adjusted net income attributable to the Company was $73.6 million, adjusted EPS was $2.15, and adjusted EBITDA was $140.3 million. Sales and merchandising revenues were $3,097,660 thousand, compared with $3,135,869 thousand, while gross profit increased to $223,730 thousand from $158,416 thousand.
Management, verbatim
Our second quarter results reflect continued outstanding performance in Renewables and year-over-year improvement in Agribusiness.
Bill Krueger, President and CEO
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.
Bill Krueger, President and CEO
Our strong earnings performance and cash flow generation enable us to continue investing in growth opportunities across the company.
Brian Valentine, Executive Vice President and CFO
Not in the filing
stated, not guessed- Segment revenue for Agribusiness, Renewables, and Other was not reported in the provided filing text.
- Gross margin was not reported.
- Quarter-over-quarter comparisons were not reported.
- Free cash flow was not reported.
- Actual long-term debt and total debt balances were not available in the provided filing text.
- Share repurchases, dividends, and other capital-return activity were not reported.
- Prior-period outlook was not provided, so no comparison of actual results with prior guidance is available.
- The provided filing text is truncated during the condensed consolidated balance sheets, so complete liabilities, equity, and debt line items are unavailable.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K with Exhibit 99.1 reporting Andersons’ second quarter 2026 financial results and segment commentary for Renewables and Agribusiness.
Ticker impact
Andersons reported Q2 2026 results, including $57M net income, record Renewables pretax income, and 45Z tax credits impact.
Likely modest positive bias for ANDE as traders price stronger Renewables earnings power and clearer 2026 execution milestones.
The filing provides concrete quarterly earnings figures, segment pretax/EBITDA comparisons, and forward operational catalysts (Clymers debottlenecking, Port of Houston export capabilities, Class VI permit).
Market effects
Reinforces strength in renewable fuels economics tied to ethanol export demand, RVO-related volatility, and 45Z credit monetization.
Port of Houston export capability timing could affect regional feedstock and merchandising flows into late 2026.
Ethanol export demand and global blend-rate assumptions are referenced as supportive, relevant to broader renewable fuels sentiment.
Counterpoint
Despite record Renewables, the article flags firmer corn basis as a partial offset and notes Agribusiness remains in a “dynamic and challenging environment,” limiting upside conviction.
Key entities
- issuerThe Andersons, Inc.
Reported Q2 2026 net income, segment pretax income, adjusted EBITDA, and provided outlook and operational catalysts.
- business_segmentRenewables segment
Reported record Q2 pretax income of $65M and adjusted pretax income of $88M, including $24M of 45Z producer tax credits.
- business_segmentAgribusiness segment
Reported Q2 pretax income of $20M and adjusted pretax income of $20M, citing improved fertilizer margins and merchandising volatility.
- assetClymers, Indiana ethanol facility
Company is preparing for a previously announced debottlenecking project.
- assetPort of Houston soybean meal export capabilities
Expected to be operational in the fourth quarter.
