The Andersons (ANDE) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 EPS and net income, driven by strong performance in both agribusiness and renewables, with full ownership of ethanol plants and realization of 45Z tax credits.

• Strategic capital investments advanced, including Clymers ethanol plant expansion, new mineral processing, and renewable feedstock facilities.

• Record corn harvest and favorable basis values supported agribusiness, while renewables benefited from efficient operations and policy tailwinds.

Financial highlights

• Q4 net income was $67M ($1.97/share), adjusted net income $70M ($2.04/share), up from $47M ($1.36/share) in Q4 2024.

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

• Q4 adjusted EBITDA was $137M (vs. $117M in 2024); full-year adjusted EBITDA was $337M (vs. $363M in 2024).

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

• Effective tax rate: 19% for Q4, 16% for full year.

Outlook and guidance

• Expecting improved agribusiness results and higher planted acres in 2026, with continued strong ethanol demand and favorable biofuels policy.

• Anticipate run rate EPS above $4.30 by end of 2026 and updated long-term target of $7 by end of 2028.

• 45Z tax credits expected to increase in 2026, with $90M-$100M projected for the year.

• Ongoing execution of strategic capital projects and growth opportunities.