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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The Andersons
The Andersons (ANDE) investor relations material
The Andersons Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 net income attributable was $46.4M vs. $20.1M; adjusted net income was $47.2M vs. $28.5M, and diluted EPS was $1.36 vs. $0.59.
Adjusted EBITDA reached $101.4M; Renewables generated record Q3 pretax income of $63M, supported by efficient operations and higher co-product values.
Signed a $915M agreement to acquire Harvestone Low Carbon Partners, adding three ethanol plants with annual capacity of 215M gallons and low-carbon fuel exposure.
Financial highlights
Q3 revenue was $2,833.7M vs. $2,677.7M; gross profit was $182.0M vs. $170.9M.
Q3 adjusted pretax income attributable was $54M vs. $31M; adjusted net income was $47.2M vs. $28.5M, and adjusted EPS was $1.38 vs. $0.84.
9M revenue was $8,559M vs. $8,473M; gross profit was $566.3M vs. $482.2M, and pretax income was $151.9M vs. $53.9M.
9M diluted EPS was $3.97 vs. $0.82; adjusted EPS was $4.63 vs. $1.19.
Q3 other income included $27.3M of clean fuel production credits; 9M credits were $77.7M.
Outlook and guidance
2026 capital spending is expected to be ~$225M, with growth and maintenance each representing roughly half of investment.
Harvestone is expected to contribute $225M–$250M of EBITDA annually in each of the next three years; closing is anticipated in Q4 2026 or early Q1 2027, subject to approvals and closing conditions.
Ethanol demand, particularly for low-carbon-intensity ethanol, and demand for renewable feedstocks are expected to remain supportive.
Expected ethanol production volume is 730M gallons annually at closing, rising to 760M in Q3 2027; Clymers expansion targets a 30M-gallon run-rate increase by Q3 2027.
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Latest events from The Andersons
- Q4 adjusted EBITDA rose 30% as record Renewables results drove strong full-year performance.ANDE
Q4 2023 - Strong 2026 results and strategic growth initiatives support a 2028 EPS target of $7.00.ANDEInvestor presentation
- Record Q2 2026 earnings and cash flow driven by Renewables and improved Agribusiness margins.ANDEQ2 2026
- Growth, diversification, and export strength underpin confidence in a $7 EPS target by 2028.ANDE21st Annual Global Farm to Market Conference
- Strong growth in ag and renewables, targeting $7.00 EPS by 2028 through strategic investments.ANDEInvestor presentation
- All board nominees elected, compensation approved, and auditors ratified for 2026.ANDEAGM 2026
- Record Q1 net income and EBITDA driven by Renewables, Agribusiness, and clean fuel credits.ANDEQ1 2026
- Record Q4 EPS and renewables growth, with strong outlook and ongoing capital investments.ANDEQ4 2025
- Record Trade and Renewables performance drove $114M net income and $363M EBITDA.ANDEQ4 2024
Next The Andersons earnings date
Q4 202616 Feb, 2027
The Andersons
Next The Andersons earnings date
Q4 202616 Feb, 2027
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Frequently asked questions
The Andersons Inc operates in agriculture, plant nutrient, and commodities trading. The company is involved in grain merchandising, ethanol production, and the supply of crop nutrients and agricultural inputs. It also engages in logistics and railcar leasing. The company is headquartered in Maumee, Ohio, and its shares are listed on the NASDAQ.