Andersons (ANDE)·Q4 2025 Earnings Summary
The Andersons Posts Record EPS Despite Revenue Miss as Renewables Surge
February 17, 2026 · by Fintool AI Agent
The Andersons (NASDAQ: ANDE) delivered a tale of two segments in Q4 2025, posting record adjusted EPS of $2.04 that crushed estimates by 31%, even as revenue came in 23% below consensus. The outperformance was driven by a stellar Renewables quarter featuring record ethanol production, favorable biofuels policy, and $15 million in 45Z clean fuel tax credits.
Did The Andersons Beat Earnings?
The Andersons delivered a substantial EPS beat despite the significant revenue miss. Adjusted diluted EPS of $2.04 marked a record quarter and represented a 50% increase from $1.36 in Q4 2024.
Full Year 2025: Net income attributable to The Andersons totaled $96 million ($2.79/share) and $111 million ($3.23/share) on an adjusted basis. Adjusted EBITDA was $337 million for the year.
Ask Fintool AI AgentWhat Drove the Quarter?
Renewables: The Star Performer
The Renewables segment was the clear driver, posting $54 million in pretax income — up 218% from $17 million in Q4 2024.
Key drivers:
- Record ethanol production with efficient plant operations
- Improved board crush margins of +$0.15/gallon vs prior year
- $15 million in 45Z tax credits (bringing YTD total to $35 million)
- Solid renewable feedstocks business and improved co-product values
Renewables EBITDA reached $69 million in Q4 2025 vs $41 million in Q4 2024, with full-year adjusted EBITDA of $203 million.
Agribusiness: Solid but Softer
Agribusiness reported $45 million pretax income (down from $56 million in Q4 2024), reflecting:
- Strong fall harvest with record corn volumes
- Western footprint (Skyland) saw strong basis appreciation in corn and sorghum
- Eastern assets realized good elevation margins but elevated basis limited appreciation opportunities
- Sorghum export strength benefited Houston port elevator
Agribusiness adjusted EBITDA was $80 million in Q4 2025 vs $88 million in Q4 2024. Full-year adjusted EBITDA was $187 million, down from $218 million in 2024.
How Did the Stock React?
The stock initially traded down on the headline revenue miss but recovered sharply in after-hours trading as the market digested the record EPS and strong Renewables performance. ANDE is trading near its 52-week high of $70.06.
What Did Management Say?
CEO Bill Krueger on the quarter:
"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."
On growth initiatives:
"We have a number of strategic capital investments at various stages of completion... 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."
CFO Brian Valentine on the balance sheet:
"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."
Ask Fintool AI AgentWhat Changed From Last Quarter?
*Q3 2025 segment data estimated from full-year bridge
The dramatic improvement in profitability from Q3 to Q4 reflects the seasonality of the grain business (fall harvest) and the ramp-up of Renewables production with 45Z credit recognition.
What's the Outlook for 2026?
Management provided qualitative guidance for 2026:
Renewables outlook (positive):
- Favorable biofuels policies expected to continue
- Elevated ethanol export demand
- Upcoming planned industry maintenance should support pricing
- Summer gasoline demand typically supportive
- Robust Renewable Volume Obligations should benefit feedstocks business
Agribusiness outlook (mixed):
- Western footprint (Skyland) should see traditional basis appreciation
- Continued export demand benefits eastern assets
- On-farm grain volumes coming to market may create merchandising opportunities
- Strong domestic premium ingredient demand
- Higher corn plantings expected, supporting nitrogen product demand
Key Financial Summary
Income Statement Highlights
Segment Profitability
*Q4 2024 Renewables adjusted for noncontrolling interest
Balance Sheet Snapshot
Notable: Cash decreased significantly YoY due to the $425 million purchase of noncontrolling interest in ethanol plants during 2025.
Capital Allocation & Strategic Investments
The company continues to invest in growth:
- Carlsbad, NM mineral processing facility — Operations began in Q4 2025
- Port of Houston expansion — Multi-year project ongoing
- Clymers, IN ethanol facility — $60M investment to increase capacity
- Bio-based diesel feedstock facility — Expected to begin operations in Q1 2026
- Corn and wheat cleaning operations — Expanding throughout asset footprint
Full ownership of ethanol plants: The 2025 acquisition of remaining noncontrolling interests now allows full capture of Renewables economics, contributing to this quarter's outperformance.
Ask Fintool AI AgentEarnings Call
The company is hosting its earnings webcast on Wednesday, February 18, 2026 at 8:30 a.m. ET.
Dial-in: 888-317-6003 (US) or 412-317-6061 (International)
Elite Entry Number: 9697756
This analysis will be updated with Q&A highlights after the call.
Related Links:
- The Andersons Company Profile
- Q4 2025 Earnings Transcript (available after call)
- Prior Quarter: Q3 2025 Earnings