MAUMEE, Ohio, Feb. 17, 2026 /CNW/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2025.
Financial Highlights:
-- Fourth quarter net income attributable to The Andersons of $67 million,
or $1.97 per diluted share, and $70 million, or $2.04 per diluted share,
a record on an adjusted basis
-- Full year net income attributable to The Andersons of $96 million, or
$2.79 per diluted share, and $111 million, or $3.23 per diluted share, on
an adjusted basis
-- Adjusted EBITDA of $137 million for the fourth quarter and $337 million
for the year
-- Renewables fourth quarter pretax income was $54 million on record
production, solid merchandising, and benefits from biofuels policy
-- Agribusiness fourth quarter pretax income was $46 million on solid
operations through record corn harvest
"Our record fourth quarter results reflect solid execution in both Renewables and Agribusiness. Recent investments in both businesses, including full ownership of the ethanol plants, contributed to this quarter's financial performance. Our Skyland locations were able to accumulate large corn and sorghum positions at favorable values and saw the return of sorghum exports through our Houston port elevator. Eastern assets realized seasonally high elevation margins on higher volumes from increased corn demand, while over-supplied markets continued to limit merchandising opportunities," said President and CEO Bill Krueger. "In this very busy quarter for our grain elevators and ethanol plants, I'm pleased with our ability to serve our customers."
"We have a number of strategic capital investments at various stages of completion. In the quarter, we began operations at our mineral processing facility in Carlsbad, New Mexico. Several other projects, including our multi-year expansion at the Port of Houston and recently announced $60 million investment to increase capacity at our Clymers, Indiana ethanol production facility, are progressing," added Krueger. "We also expect to begin operating a bio-based diesel feedstock storage and blending facility at one of the Skyland locations later this quarter. We continue to add corn and wheat cleaning operations throughout our asset footprint in response to food and pet food customer demand. We intend to actively pursue additional growth projects, including lowering the carbon intensity of our ethanol plants as well as evaluating process improvements and further expansion and acquisition opportunities."
$ in millions, except per share amounts
Q4 2025 Q4 2024 Variance YTD 2025 YTD 2024 Variance
Pretax Income $ 87.6 $ 67.3 $ 20.3 $ 141.5 $ 200.8 $ (59.3)
Pretax Income
Attributable to
theCompany(1) 83.9 58.2 25.7 117.9 144.1 (26.2)
Adjusted Pretax
Income
(Loss)Attributable
to the Company(1) 87.4 60.6 26.8 136.6 146.7 (10.1)
Agribusiness(1) 45.0 56.0 (11.0) 64.2 113.3 (49.1)
Renewables(1) 54.3 17.1 37.2 125.5 80.0 45.5
Other(1) (12.0) (12.5) 0.5 (53.1) (46.6) (6.5)
Net Income
Attributable to the
Company 67.4 45.1 22.3 95.7 114.0 (18.3)
Adjusted Net Income
Attributable to
theCompany(1) 70.0 46.9 23.1 111.0 116.7 (5.7)
Diluted Earnings Per
Share (EPS) 1.97 1.31 0.66 2.79 3.32 (0.53)
Adjusted EPS(1) 2.04 1.36 0.68 3.23 3.40 (0.17)
EBITDA(1) 132.9 113.7 19.2 322.0 360.3 (38.3)
Adjusted EBITDA(1) $ 136.5 $ 116.5 $ 20.0 $ 337.3 $ 363.4 $ (26.1)
(1) Non-GAAP financial measures; see appendix for
explanations and reconciliations.
Cash, Liquidity, and Long-Term Debt Management
"Our businesses generated solid operating cash flows into the fourth quarter on improved earnings, allowing us to continue to fund growth projects," said Executive Vice President and CFO Brian Valentine. "Our long-term debt to adjusted EBITDA ratio of 1.8 times remains well below our stated target of less than 2.5 times. We are pleased with the strength of our balance sheet and the flexibility it provides as we execute against our strategy."
The company used $6 million and generated $269 million in cash from operating activities for the fourth quarters of 2025 and 2024, respectively, and generated $110 million and $100 million in cash from operations before working capital changes for the same periods, respectively.
For the full years of 2025 and 2024, the company generated $177 million and $332 million in cash from operating activities, respectively. Cash from operations before working capital changes for the same years was $278 million and $323 million, even with the challenging ag markets in 2025.
Fourth Quarter Segment Overview
Agribusiness Posts Solid Fourth Quarter on a Record Corn Harvest
Agribusiness recorded pretax income of $46 million and adjusted pretax income attributable to the company of $45 million for the quarter, compared to pretax income of $55 million and adjusted pretax income attributable of $56 million in the fourth quarter of the prior year.
The robust fall harvest helped drive solid earnings in the quarter, with different fundamentals in the east and west. The western footprint, including Skyland Grain, saw improved performance as it saw strong basis appreciation in corn and sorghum. Increased corn demand from ethanol and export programs provided good margins for the eastern assets but kept basis levels elevated through harvest. This may limit basis appreciation opportunities in the region going into 2026.
Our complementary asset footprint should provide some uplift in 2026, with more traditional basis appreciation opportunities in the west, while continued export demand would benefit elevation margins for the eastern assets. Sorghum exports remained strong into early 2026, which we expect will benefit our Skyland and Houston assets. As on-farm grain volumes come to market, merchandising opportunities may arise. Domestic premium ingredient demand is also expected to stay solid and should continue to support recent capital growth investments. Expected corn plantings are higher than historical average, which may drive demand for nitrogen products, but volumes will be dependent on farmer economics.
Agribusiness had fourth quarter adjusted EBITDA of $80 million, compared to fourth quarter 2024 adjusted EBITDA of $88 million. For the full year, adjusted EBITDA was $187 million in 2025, compared to $218 million in 2024.
Renewables Reports Strong Quarter on Record Production
The Renewables segment reported pretax income of $54 million in the fourth quarter compared to pretax income of $26 million and pretax income attributable to the company of $17 million in the fourth quarter of 2024.
The group reported strong fourth quarter results on efficient plant operations and record production, as well as improved ethanol board crush margins of $0.15/gallon over the prior year. Firmer corn basis and higher natural gas expense partially offset the favorable board crush. Fourth quarter results also included $15 million of 45Z tax credits, bringing the year-to-date total to $35 million. The renewable feedstocks business had another solid quarter, and co-product values improved over the fourth quarter of 2024.
Favorable biofuels policies, continuing elevated export demand, upcoming planned industry maintenance, and summer gasoline demand should all support ethanol fundamentals this year. Renewable feedstocks merchandising should also benefit this year with the anticipated robust Renewable Volume Obligations.
Renewables recorded EBITDA of $69 million in the fourth quarter of 2025, compared to 2024 fourth quarter EBITDA of $41 million. For the full year, adjusted EBITDA was $203 million in 2025, compared to $189 million 2024.
Income Taxes
The company recorded income tax expense at an effective rate of 19% for the fourth quarter and 16% for the year. The rates were impacted by non-taxable 45Z income, the elimination of certain reserves against uncertain tax positions related to R&D tax credits, and the tax treatment of noncontrolling interests.
Conference Call
The company will host a webcast on Wednesday, February 18, 2026, at 8:30 a.m. ET, to discuss its performance and provide its outlook for 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (international toll) and use elite entry number: 9697756. It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://app.webinar.net/qPML06xl8dK and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company's website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
The Andersons, Inc., is a North American agriculture and renewable fuels company. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
The Andersons, Inc.Condensed Consolidated Statements of
Operations(unaudited)
Three months endedDecember Twelve months endedDecember
31, 31,
(in thousands, 2025 2024 2025 2024
except per
share data)
Sales and
merchandising
revenues $ 2,536,249 $ 3,123,138 $ 11,008,928 $ 11,257,548
Cost of sales
and
merchandising
revenues 2,304,758 2,910,028 10,295,277 10,563,622
Gross profit 231,491 213,110 713,651 693,926
Operating,
administrative
and general
expenses(1) 150,466 147,154 603,363 503,620
Interest
expense, net 12,090 10,266 47,159 31,760
Other income,
net 18,643 11,560 78,340 42,211
Income before
income taxes 87,578 67,250 141,469 200,757
Income tax
provision 16,486 13,146 22,168 30,057
Net income 71,092 54,104 119,301 170,700
Net income
attributable
to
noncontrolling
interests 3,658 9,014 23,588 56,688
Net income
attributable
to The
Andersons,
Inc. $ 67,434 $ 45,090 $ 95,713 $ 114,012
Earnings per
share
attributable
toThe
Andersons, Inc.
common
shareholders:
Basic earnings: $ 1.98 $ 1.32 $ 2.81 $ 3.35
Diluted
earnings: $ 1.97 $ 1.31 $ 2.79 $ 3.32
(1) Operating, administrative and general expenses
includes asset impairment charges of $18.1 million,
for the year ended December 31, 2025, tofacilitate period-over-period
comparability.
The Andersons, Inc.Condensed Consolidated Balance Sheets(unaudited)
(in thousands) December 31, 2025 December 31, 2024
Assets
Current assets:
Cash and cash equivalents $ 98,283 $ 561,771
Accounts receivable, net 652,472 764,550
Inventories 1,365,121 1,286,811
Commodity derivative assets -- current 135,466 148,801
Other current assets 125,067 88,344
Total current assets 2,376,409 2,850,277
Other assets:
Goodwill 127,856 127,856
Other intangible assets, net 63,510 69,345
Right of use assets, net 108,792 104,630
Other assets, net 96,765 101,055
Total other assets 396,923 402,886
Property, plant and equipment, net 939,500 868,151
Total assets $ 3,712,832 $ 4,121,314
Liabilities and equity
Current liabilities:
Short-term debt $ 249,420 $ 166,614
Trade and other payables 918,691 1,047,436
Customer prepayments and deferred
revenue 195,331 194,025
Commodity derivative liabilities --
current 51,153 59,766
Current maturities of long-term debt 63,375 36,139
Accrued expenses and other current
liabilities 208,427 227,192
Total current liabilities 1,686,397 1,731,172
Long-term lease liabilities 71,545 65,312
Long-term debt, less current
maturities 560,016 608,151
Other long-term liabilities 104,639 116,843
Total liabilities 2,422,597 2,521,478
Total equity 1,290,235 1,599,836
Total liabilities and equity $ 3,712,832 $ 4,121,314
The Andersons, Inc.Consolidated Statements of Cash Flows(unaudited)
Twelve months ended December 31,
(in thousands) 2025 2024
Operating Activities
Net income $ 119,301 $ 170,700
Adjustments to reconcile net income to
cash provided
by operating activities:
Depreciation and amortization 133,323 127,804
Bad debt expense, net 4,664 17,637
Stock-based compensation expense 16,984 13,629
Deferred income taxes (6,009) (2,911)
Other(1) 9,910 (3,595)
Changes in operating assets and
liabilities, net of
assets acquired and liabilities assumed:
Accounts and notes receivable 104,572 35,777
Inventories (72,399) 87,906
Commodity derivatives 6,000 15,005
Other current and non-current assets 4,732 (28,050)
Payables and other current and
non-current liabilities (144,080) (102,396)
Net cash provided by operating
activities 176,998 331,506
Investing Activities
Purchases of property, plant and
equipment and capitalized
software (233,123) (149,187)
Property insurance proceeds 28,124 12,137
Proceeds from sale of businesses 11,263 --
Acquisition of businesses, net of cash
acquired -- (29,172)
Other (1,579) 3,148
Net cash used in investing activities (195,315) (163,074)
Financing Activities
Net (payments) receipts under short-term
lines of
credit 79,897 (91,951)
Proceeds from issuance of long-term debt 14,700 67,000
Payments of long-term debt (36,208) (83,589)
Distributions to noncontrolling interest
owner (33,768) (102,295)
Dividends paid (26,848) (26,273)
Common stock repurchased (15,366) (2,295)
Purchase of noncontrolling interest in a (425,000) --
consolidated
subsidiary
Other (4,555) (10,956)
Net cash used in financing activities (447,148) (250,359)
Effect of exchange rates on cash and
cash equivalents 1,977 (156)
Decrease in Cash and cash equivalents (463,488) (82,083)
Cash and cash equivalents at the
beginning of the
period 561,771 643,854
Cash and cash equivalents at the end of
the period $ 98,283 $ 561,771
(1) Other adjustments to reconcile net income to cash
provided by operating activities includes asset impairment
charges of $18.1 million, for the yearended December 31, 2025, to facilitate
period-over-period
comparability.
The Andersons, Inc.Adjusted Net Income Attributable to The Andersons,
Inc.A non-GAAP financial measure(unaudited)
Three months Twelve months endedDecember
endedDecember 31, 31,
(in thousands, 2025 2024 2025 2024
except per share
data)
Net income $ 71,092 $ 54,104 $ 119,301 $ 170,700
Net income
attributable to
noncontrolling
interests 3,658 9,014 23,588 56,688
Net income
attributable to
The Andersons,
Inc. 67,434 45,090 95,713 114,012
Adjustments:
Insured
inventory and
property
recoveries, net (216) (4,446) (12,861) (9,650)
Asset impairment -- -- 11,376 --
Transaction
related
compensation 1,879 2,536 7,462 11,104 Loss on investments -- 1,535 7,178 1,535 Acquisition costs -- 2,738 5,927 2,738 Loss (gain) on sales of assets and businesses, net 310 -- (4,447) -- Severance expense 1,480 -- 2,677 -- Pension -- -- 1,448 -- settlement Gain on deconsolidation of joint venture -- -- -- (3,117) Income tax impact of adjustments(1) (865) (590) (3,514) 42 Total adjusting items, net of tax 2,588 1,773 15,246 2,652 Adjusted net income attributable to The Andersons, Inc. $ 70,022 $ 46,863 $ 110,959 $ 116,664 Diluted earnings per share attributable to The Andersons, Inc.common shareholders $ 1.97 $ 1.31 $ 2.79 $ 3.32 Impact on diluted earnings per share $ 0.07 $ 0.05 $ 0.44 $ 0.08 Adjusted diluted earnings per share attributable to The Andersons,Inc. common shareholders $ 2.04 $ 1.36 $ 3.23 $ 3.40 (1) The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25% with the exception of the impairment of an equitymethod investment of $4.4 million in 2025 and certain transaction related compensation in 2024. Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholdersafter the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. afterremoval of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to TheAndersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investorsadditional information about the operations of the company allowing better evaluation of underlying business performance and better comparability toprevious periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc.and Diluted earnings attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, orany other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's average number of dilutedshares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item. The Andersons, Inc.Segment Data(unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended December 31, 2025 Sales and merchandising revenues $ 1,862,983 $ 673,266 $ -- $ 2,536,249 Gross profit 179,337 52,154 -- 231,491 Operating, administrative and general expenses 127,320 10,844 12,302 150,466 Other income (loss), net 4,095 15,580 (1,032) 18,643 Income (loss) before income taxes 45,898 54,310 (12,630) 87,578 Income attributable to noncontrolling interests 3,658 -- -- 3,658 Income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 42,240 $ 54,310 $ (12,630) $ 83,920 Adjustments to income before income taxes(2) 2,798 -- 655 3,453 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 45,038 $ 54,310 $ (11,975) $ 87,373 Three months ended December 31, 2024 Sales and merchandising revenues $ 2,409,549 $ 713,589 $ -- $ 3,123,138 Gross profit 176,085 37,025 -- 213,110 Operating, administrative and general expenses 122,923 11,293 12,938 147,154 Other income (loss), net 12,039 958 (1,437) 11,560 Income (loss) before income taxes 55,270 26,020 (14,040) 67,250 Income attributable to noncontrolling interests 73 8,941 -- 9,014 Income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 55,197 $ 17,079 $ (14,040) $ 58,236 Adjustments to income before income taxes(2) 828 -- 1,535 2,363 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 56,025 $ 17,079 $ (12,505) $ 60,599 (1) Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenuesplus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and isreported net of the noncontrolling interest share of income. (2) Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in theReconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where aportion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within thereconciliation above. These adjustments include a $0.1 million difference in insured inventory and property recoveries, net for the three months endedDecember 31, 2025, and a $0.5 million difference in acquisition costs in the Agribusiness segment for the three months ended December 31, 2024. The Andersons, Inc.Segment Data (continued)(unaudited) (in thousands) Agribusiness Renewables Other Total Twelve months ended December 31, 2025 Sales and merchandising revenues $ 8,260,004 $ 2,748,924 $ -- $ 11,008,928 Gross profit 556,907 156,744 -- 713,651 Operating, administrative and general expenses 501,712 46,032 55,619 603,363 Other income (loss), net 44,874 35,071 (1,605) 78,340 Income (loss) before income taxes 56,587 140,102 (55,220) 141,469 (Loss) income attributable to noncontrolling interests (275) 23,863 -- 23,588 Income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 56,862 $ 116,239 $ (55,220) $ 117,881 Adjustments to income before income taxes(2) 7,378 9,279 2,103 18,760 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 64,240 $ 125,518 $ (53,117) $ 136,641 Twelve months ended December 31, 2024 Sales and merchandising revenues $ 8,456,381 $ 2,801,167 $ -- $ 11,257,548 Gross profit 522,992 170,934 -- 693,926 Operating, administrative and general expenses 418,110 37,011 48,499 503,620 Other income (loss), net 35,185 8,665 (1,639) 42,211 Income (loss) before income taxes 109,156 139,760 (48,159) 200,757 Income attributable to noncontrolling interests 73 56,615 -- 56,688 Income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 109,083 $ 83,145 $ (48,159) $ 144,069 Adjustments to income (loss) before income taxes(2) 4,192 (3,117) 1,535 2,610 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.(1) $ 113,275 $ 80,028 $ (46,624) $ 146,679 (1) Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenuesplus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and isreported net of the noncontrolling interest share of income. (2) Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in theReconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where aportion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within thereconciliation above. These adjustments include a $5.8 million difference in insured inventory and property recoveries, net, and a $2.3 million difference inasset impairments in the Agribusiness segment for the year ended December 31, 2025, and a $0.5 million difference in acquisition costs in the Agribusinesssegment for the year ended December 31, 2024. The Andersons, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)A non-GAAP financial measure(unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended December 31, 2025 Net income (loss) $ 45,898 $ 54,310 $ (29,116) $ 71,092 Interest expense
(income) 10,214 2,580 (704) 12,090
Tax provision -- -- 16,486 16,486
Depreciation and
amortization 20,651 12,031 583 33,265
EBITDA 76,763 68,921 (12,751) 132,933
Adjusting items
impacting EBITDA:
Transaction related
compensation 1,879 -- -- 1,879
Insured inventory and
property recoveries,
net (72) -- -- (72)
Loss on sales of assets
and businesses, net 310 -- -- 310
Severance expense 825 -- 655 1,480
Total adjusting items 2,942 -- 655 3,597
Adjusted EBITDA $ 79,705 $ 68,921 $ (12,096) $ 136,530
Three months ended
December 31, 2024
Net income (loss) $ 55,270 $ 26,020 $ (27,186) $ 54,104
Interest expense
(income) 9,931 670 (335) 10,266
Tax provision -- -- 13,146 13,146
Depreciation and
amortization 21,144 14,079 955 36,178
EBITDA 86,345 40,769 (13,420) 113,694
Adjusting items
impacting EBITDA:
Loss on investments -- -- 1,535 1,535
Transaction related
compensation 2,536 -- -- 2,536
Insured inventory and
property recoveries,
net (4,446) -- -- (4,446)
Acquisition costs 3,193 -- -- 3,193
Total adjusting items 1,283 -- 1,535 2,818
Adjusted EBITDA $ 87,628 $ 40,769 $ (11,885) $ 116,512
Adjusted EBITDA is defined as earnings before interest,
taxes and depreciation and amortization, adjusted
for specified items. The company calculatesadjusted EBITDA by removing
the impact of specified
items and adding back the amounts of interest expense,
tax expense and depreciation andamortization to net income (loss).
Management believes
that adjusted EBITDA is a useful measure of the company's
performance as it provides investorsadditional information about the
company's operations
allowing better evaluation of underlying business
performance and improved comparability to priorperiods. Adjusted EBITDA
is a non-GAAP financial measure
and is not intended to replace or be an alternative
to net income (loss), the most directlycomparable GAAP financial
measure.
The Andersons, Inc.Adjusted Earnings Before Interest, Taxes,
Depreciation,
and Amortization (EBITDA)A non-GAAP financial measure(unaudited)
(in thousands) Agribusiness Renewables Other Total
Twelve months ended
December 31, 2025
Net income (loss) $ 56,587 $ 140,102 $ (77,388) $ 119,301
Interest expense
(income) 43,482 5,681 (2,004) 47,159
Tax provision -- -- 22,168 22,168
Depreciation and
amortization 82,676 48,036 2,611 133,323
EBITDA 182,745 193,819 (54,613) 321,951
Adjusting items
impacting EBITDA:
Loss on investments 7,178 -- -- 7,178
Transaction related
compensation 7,462 -- -- 7,462
Insured inventory and
property recoveries,
net (18,620) -- -- (18,620)
Gain on sales of assets
and businesses, net (4,447) -- -- (4,447)
Severance expense 2,022 -- 655 2,677
Acquisition costs -- 5,927 -- 5,927
Asset impairment 10,346 3,352 -- 13,698
Pension settlement -- -- 1,448 1,448
Total adjusting items 3,941 9,279 2,103 15,323
Adjusted EBITDA $ 186,686 $ 203,098 $ (52,510) $ 337,274
Twelve months ended
December 31, 2024
Net income (loss) $ 109,156 $ 139,760 $ (78,216) $ 170,700
Interest expense
(income) 30,911 2,828 (1,979) 31,760
Tax provision -- -- 30,057 30,057
Depreciation and
amortization 72,993 49,705 5,106 127,804
EBITDA 213,060 192,293 (45,032) 360,321
Adjusting items
impacting EBITDA:
Loss on investments -- -- 1,535 1,535
Transaction related
compensation 11,104 -- -- 11,104
Insured inventory and
property recoveries,
net (9,650) -- -- (9,650)
Acquisition costs 3,193 -- -- 3,193
Gain on deconsolidation
of joint venture -- (3,117) -- (3,117)
Total adjusting items 4,647 (3,117) 1,535 3,065
Adjusted EBITDA $ 217,707 $ 189,176 $ (43,497) $ 363,386
Adjusted EBITDA is defined as earnings before interest,
taxes and depreciation and amortization, adjusted
for specified items. The company calculatesadjusted EBITDA by removing
the impact of specified
items and adding back the amounts of interest expense,
tax expense and depreciation andamortization to net income (loss).
Management believes
that adjusted EBITDA is a useful measure of the company's
performance as it provides investorsadditional information about the
company's operations
allowing better evaluation of underlying business
performance and improved comparability to priorperiods. Adjusted EBITDA
is a non-GAAP financial measure
and is not intended to replace or be an alternative
to net income (loss), the most directlycomparable GAAP financial
measure.
Andersons, Inc.Cash from Operations Before Working Capital ChangesA
non-GAAP financial measure(unaudited)
Three months endedDecember Twelve months endedDecember
31, 31,
(in thousands) 2025 2024 2025 2024
Cash provided
by (used in)
operating
activities $ (6,185) $ 268,811 $ 176,998 $ 331,506
Changes in
operating
assets and
liabilities,
net of
assets acquired
and liabilities
assumed:
Accounts
receivable 61,722 32,279 104,572 35,777
Inventories (464,183) (191,041) (72,399) 87,906
Commodity
derivatives 3,459 (34,322) 6,000 15,005
Other current
and
non-current
assets 21,646 31,326 4,732 (28,050)
Payables and
other current
and
non-current
liabilities 261,319 330,673 (144,080) (102,396)
Total changes
in operating
assets and
liabilities (116,037) 168,915 (101,175) 8,242
Cash from
operations
before working
capital
changes $ 109,852 $ 99,896 $ 278,173 $ 323,264
Cash from operations before working capital changes
is defined as cash provided by (used in) operating
activities before the impact of changes in workingcapital within the
statement of cash flows. The company
calculates cash from operations by eliminating the
effect of changes in accounts receivable,inventories, commodity
derivatives, other current
and non-current assets, and payables and other current
and non-current liabilities; and adjusted by specificitems from the cash
provided by (used in) operating
activities. Management believes that cash from operations
before working capital changes is a usefulmeasure of the company's
performance as it provides
investors additional information about the company's
operations allowing better evaluation ofunderlying business performance
and improved comparability
to prior periods. Cash from operations before working
capital changes is a non-GAAP financialmeasure and is not intended to
replace or be an alternative
to cash provided by (used in) operating activities,
the most directly comparable GAAP financialmeasure.
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SOURCE The Andersons, Inc.
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(END) Dow Jones Newswires
February 17, 2026 16:05 ET (21:05 GMT)
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