The Andersons, Inc. posted strong financial results for the fourth quarter ended December 31, 2025, highlighted by record adjusted earnings per share and robust performance in its Renewables and Agribusiness segments.
The company reported net income attributable to shareholders of $67 million, or $1.97 per diluted share, with adjusted net income reaching a record $70 million, or $2.04 per diluted share. For the full year, net income was $96 million, or $2.79 per diluted share, with adjusted net income of $111 million, or $3.23 per diluted share. Adjusted EBITDA totaled $137 million for the quarter and $337 million for the year.
Renewables delivered a standout quarter with pretax income of $54 million, driven by record production, solid merchandising, and favorable biofuels policies. The segment’s adjusted EBITDA rose to $69 million, up from $41 million in the prior year’s fourth quarter. The company also benefited from $15 million in 45Z tax credits during the quarter, contributing to $35 million year-to-date.
Agribusiness posted pretax income of $46 million, supported by a record corn harvest and strong operations. The segment’s adjusted EBITDA was $80 million for the quarter, slightly below the previous year’s $88 million, reflecting market conditions. The company’s Skyland locations capitalized on favorable corn and sorghum prices and the return of sorghum exports through Houston.
CEO Bill Krueger highlighted recent investments, including full ownership of ethanol plants and expansions at the Port of Houston and Clymers, Indiana ethanol facility. The company also plans to open a bio-based diesel feedstock storage and blending facility and expand corn and wheat cleaning operations.
CFO Brian Valentine noted solid operating cash flows and a strong balance sheet, with a long-term debt to adjusted EBITDA ratio of 1.8, well below the target of 2.5.
