This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.
The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations
| Q2 ($M, exc. per-share) | Q2 2026 | Q2 2025 | YoY |
|---|
| Sales & merchandising revenue | 3,097.7 | 3,135.9 | −1% |
| Net income (attributable) | 56.6 | 7.9 | +48.7 |
| Diluted EPS | 1.65 | 0.23 | +1.42 |
| Adjusted EPS | 2.15 | 0.24 | +1.91 |
| Adjusted EBITDA | 140.3 | 65.2 | +75.1 |
| Agribusiness adj. pretax | 20.3 | 16.8 | +3.5 |
| Renewables adj. pretax | 88.4 | 9.6 | +78.8 |
| Cash from operations | 487.9 | 299.3 | +188.6 |
| Cash from ops (pre-WC) | 112.9 | 42.9 | +70.1 |
Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data
Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data
Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income