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The Andersons ANDE Q4 2025 Earnings Transcript
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Published on Feb. 21, 2026
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The Andersons reported a record fourth quarter EPS, confirming the portfolio's versatility and resilience in various market conditions. The fall harvest produced larger-than-expected volumes of grain in the Western Grain Belt, and the company was able to accumulate significant corn and sorghum at favorable basis values. Exports for wheat and sorghum from the company's Western assets saw sizable increases in the fourth quarter. In the Eastern Grain Belt, the team focused on sourcing corn for a record export program and strong ethanol demand, achieving higher seasonal elevation margins. Production at the company's ethanol plants resulted in another year of record volume and above-average yields, and ethanol exports again reached a record level.
Why it matters
The Andersons' fourth quarter results demonstrate the resilience of its business model, with strong performance in both the Agribusiness and Renewables segments. The company's strategic investments and focus on operational efficiency have positioned it well to navigate challenging market conditions and capitalize on growth opportunities.
The details
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. This compares to adjusted net income of $47 million or $1.36 per diluted share in the fourth quarter of 2024. Overall, fourth quarter gross profit of $231 million increased 8% year-over-year, primarily due to higher volume and margins in renewables, as well as the addition of Skyland Grain in November of 2024. For the full year, gross profit of $714 million increased 3%, primarily due to the Skyland investment. Adjusted EBITDA for the fourth quarter was $137 million compared to $117 million in 2024 with an increase in renewables, partially offset by a year-over-year decline in the agribusiness. Full year adjusted EBITDA was $337 million compared to $363 million in 2024.
- On July 4, Quinn allegedly dove onto the hood of a Waymo vehicle and covered sensors.
- On July 29, Quinn allegedly damaged a Waymo's tires and driver's side mirror.
- On August 11, Quinn allegedly stomped on a windshield while someone was inside.
The players
Waymo
An American autonomous driving company and is a subsidiary of Alphabet Inc., Google's parent company.
Walker Reed Quinn
A 45-year-old San Francisco resident who has a history of vandalism and was out on bail for prior cases related to Waymo vehicles.
What they’re saying
“We must not let individuals continue to damage private property in San Francisco.”
— Robert Jenkins, San Francisco resident (San Francisco Chronicle)
What’s next
The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.
The takeaway
This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.
