The Andersons (ANDE) Q2 2026 earnings summary

Executive summary

• Achieved record second quarter results, with net income of $57 million ($1.65 per diluted share) and adjusted net income of $74 million ($2.15 per diluted share), driven by strong Renewables performance and improved Agribusiness margins.

• Adjusted EBITDA reached $140 million, up from $65 million in Q2 2025, supported by record ethanol production, higher margins, and clean fuel credits.

• Advanced strategic growth investments and capital projects to support long-term value creation and operational efficiency.

• Maintained disciplined commercial execution and strong balance sheet amid changing market conditions.

• Agribusiness improved fertilizer performance and merchandising, though volumes were lower and fuel surcharges higher.

Financial highlights

• Q2 2026 net income attributable was $57 million ($1.65 per diluted share); adjusted net income was $74 million ($2.15 per diluted share), up from $8 million ($0.24 per share) year-over-year.

• Gross profit for Q2 2026 was $224 million, up from $158 million in Q2 2025.

• Adjusted pre-tax earnings were $93 million, up from $15 million in Q2 2025.

• Adjusted EBITDA was $140 million, more than double the $65 million in Q2 2025.

• Cash flow from operations before working capital changes was $113 million, up from $43 million last year; cash provided by operating activities was $488 million in Q2 2026.

Outlook and guidance

• Management expects continued strong demand for ethanol and renewable feedstocks, with supportive global blend rates and favorable domestic economics.

• Agribusiness is positioned to benefit from favorable eastern corn belt conditions and above-average corn acreage, though grower economics may impact fertilizer demand.

• Renewables anticipate sustained strong ethanol production and exports, with ongoing capital projects to reduce carbon intensity and increase production.

• The company remains focused on achieving a long-range EPS target of $7 per share by 2028, with trailing 12-month EPS exceeding $6.

• Port of Houston's soybean meal export capabilities expected to be operational in Q4 2026.