The Andersons (ANDE) Q3 2026 earnings summary

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.