The Andersons, Inc. reported fourth‑quarter 2025 earnings that surpassed analyst expectations, with diluted earnings per share of $1.97 and adjusted earnings per share of $2.04, a beat of $0.48 over the consensus estimate of $1.56. The company’s strong earnings were driven by a robust performance in its Renewables segment, which generated $54 million in pretax income—up from $17 million in the same quarter a year earlier—largely due to record ethanol production and $15 million in 45Z clean‑fuel credits.
Revenue for the quarter was $2.536 billion, a decline of 18.8% year‑over‑year from $3.12 billion. The drop reflects lower commodity prices and trade‑policy uncertainty that weighed on the Agribusiness segment, which posted $45 million in pretax income, down from $56 million in Q4 2024. Despite the revenue decline, adjusted EBITDA rose to $136.5 million, up from $116.5 million a year earlier, as the Renewables segment’s higher margins offset the Agribusiness slowdown.
"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 the company’s quarterly performance," said Bill Krueger, President and CEO. "In the fourth quarter of 2025, the company reported net income attributable to The Andersons of $67 million or $1.97 per diluted share and adjusted net income of $70 million or $2.04 per diluted share," added Brian Valentine, Executive Vice President and Chief Financial Officer.
Adjusted EBITDA for the quarter was $137 million compared to $117 million in 2024, with an increase in Renewables partially offset by a year‑over‑year decline in Agribusiness. "We expect that 2026 will bring better financial results in Agribusiness with more certainty in our global grain markets, while we believe demand for ethanol and related products will remain strong," said William Krueger.
The company’s cash position remains strong, and it maintains a target of a $4.30 EPS run‑rate for 2026, signaling confidence in continued profitability despite the revenue decline. Investors reacted with mixed sentiment, noting the earnings beat but also the revenue miss and the challenges facing the Agribusiness segment.
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