Andersons, Inc. (ANDE) · Nov 3, 2026 · Earnings
Beat — Adjusted EPS $1.38 vs ~$1.11 consensus
Andersons earnings beat consensus on strong Renewables and Agribusiness results, though revenue missed and working capital drove negative operating cash flow.
Andersons is a two-segment agriculture and renewable-fuels operator, using grain merchandising, ethanol, co-products and low-carbon feedstocks as its main growth platforms. Its current strategy is to improve margins through operational execution while expanding capacity and low-carbon production; the Houston export project and Clymers debottlenecking are part of that buildout.
The quarter cleared the earnings bar, but not the revenue bar. Adjusted EPS of $1.38 was well above the published consensus of roughly $1.11, while sales of $2.83 billion were below the roughly $2.97 billion expectation. That makes this an earnings beat driven more by profitability and mix than by broad-based volume growth. The revenue comparison is also complicated by commodity prices and merchandising activity, rather than simply end-demand.
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Adjusted EPS (Adjusted EPS reconciliation) | $1.38 (+64%) | $0.84 | $1.11 |
| Sales and merchandising revenues (Income Statement) | $2,833.7M (+5.8%) | $2,677.7M | $2,970M |
| Adjusted EBITDA (Financial Highlights) | $101.4M (+29.5%) | $78.3M | |
| Renewables adjusted pretax income (Segment results — Renewables) | $63.0M (+36.2%) | $46.3M | |
| Agribusiness adjusted pretax income (Segment results — Agribusiness) | $8.8M (+182.3%) | $2.5M | |
| Cash from operating activities (Cash Flow statement) | $(124.2)M | $233.9M |
Renewables remains the engine of the story. The segment produced $63.0 million of pretax income versus $43.5 million a year earlier, helped by plant efficiency, co-product values, lower eastern corn basis and $27 million of 45Z producer tax credits. 〔0〕 The result supports the company’s low-carbon fuels strategy, but part of the upside came from tax credits and favorable inputs rather than only recurring production growth.
Agribusiness improved, but the cash conversion was weak. Adjusted pretax income rose to $8.8 million from $2.5 million as commodity prices and volatility created merchandising opportunities. However, operating cash flow fell to negative $124 million in the quarter, with inventory and commodity-derivative movements absorbing cash; nine-month operating cash flow was also negative $30 million. That is the main counterweight to the profit beat, especially as short-term debt rose to $495 million from $249 million at year-end.
The growth projects are moving from promise to operation. The Houston soybean-meal export project is now operational and the Clymers ethanol debottlenecking remains targeted for mid-2027, giving the company identifiable capacity additions beyond this quarter. 〔1〕 〔2〕 These were already part of the standing strategy, so the filing confirms execution more than it rewrites the story.
Bottom line: Andersons delivered a real earnings beat, led by Renewables and better Agribusiness execution, but the revenue miss and heavy working-capital cash use keep this from being a clean quarter. The business is advancing, though the quality and repeatability of the improvement still depend on tax credits, commodity conditions and cash conversion.
November 4, 2026 earnings webcast and outlook
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