Form 8-K
8-K — Andersons, Inc.
Accession: 0000821026-26-000067
Filed: 2026-05-05
Period: 2026-05-05
CIK: 0000821026
SIC: 5150 (WHOLESALE-FARM PRODUCT RAW MATERIALS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — ande-20260505.htm (Primary)
EX-99.1 (q12026ex-99pressrelease.htm)
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XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: ande-20260505.htm · Sequence: 1
ande-20260505
0000821026false00008210262026-05-052026-05-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 5, 2026
__________________________________________
The Andersons, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Ohio 000-20557 34-1562374
(State of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.)
1947 Briarfield Boulevard
Maumee, Ohio 43537
(Address of principal executive offices) (Zip Code)
(419) 893-5050
(Registrant’s telephone number, including area code)
__________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol Name of each exchange on which registered:
Common stock, $0.00 par value, $0.01 stated value ANDE The NASDAQ Stock Market LLC
__________________________________________
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
[☐] Emerging growth company
[☐] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition
The Andersons, Inc. issued a press release announcing its first quarter 2026 earnings. This press release is attached as Exhibit 99.1 to this filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
Exhibit No. Description
99.1
First Quarter 2026 Earnings Release
104 Inline XBRL for the cover page of this Current Report on Form 8-K
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
The Andersons, Inc.
May 5, 2026 By: /s/ Brian A. Valentine
Brian A. Valentine
Executive Vice President
and Chief Financial Officer
EX-99.1
EX-99.1
Filename: q12026ex-99pressrelease.htm · Sequence: 2
Document
Exhibit 99.1
NEWS RELEASE
The Andersons, Inc. Reports First Quarter Results
MAUMEE, OHIO, May 5, 2026 - The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the first quarter ended March 31, 2026.
Financial Highlights:
•Reported record first quarter net income attributable to The Andersons of $33 million or $0.97 per diluted share and adjusted net income attributable of $38 million, or $1.12 per diluted share
•Adjusted EBITDA of $91 million
•Renewables first quarter pretax income was $40 million on record production, strong merchandising, and biofuels policy benefits
•Agribusiness recorded pretax income of $7 million and adjusted pretax income attributable to The Andersons of $18 million on resilient merchandising and improving conditions
"Our record first quarter includes outstanding results in Renewables and year-over-year improvement in Agribusiness. Ethanol margins were solid during the quarter on increased demand and higher gasoline prices. Our renewable feedstock business had a strong quarter as values and volumes improved following the finalization of the Required Volume Obligations (RVO). Our plants set another quarterly record for production, and we were able to qualify for a higher tier of 45Z tax credits. Fundamentals for this business remain positive,” said President and CEO Bill Krueger. "In Agribusiness, with the return of some market volatility, our merchandising businesses had a solid quarter. Results from our premium ingredients business more than doubled the prior year, as we are focused on serving our key CPG customers. Our fertilizer business also improved, as we strategically positioned product in anticipation of spring planting.”
"We continue to evaluate capital deployment to drive growth and expansion of our existing assets, make our operations more efficient, while analyzing potential acquisitions. We are on track to complete several capital investments during 2026, including the addition of soybean meal export capacity at Port Houston, the replacement and modernization of grain storage at our Toledo port assets, and several corn and wheat cleaning projects within our current asset footprint. Our Clymers, Indiana ethanol debottlenecking project, announced in December of last year, is in the early stages and progressing as planned. We expect the project to increase the plant's annual production capacity to approximately 170 million gallons upon completion. We are evaluating additional ethanol, premium ingredients, and other projects to drive further profitable growth as we remain focused on achieving the $7.00 run-rate EPS target exiting 2028, as announced in December at our Investor Day," continued Krueger.
$ in millions, except per share amounts
YTD 2026
YTD 2025
Variance
Pretax Income
$ 33.9 $ 3.2 $ 30.7
Pretax Income (loss) Attributable to the Company1
37.7 (1.8) 39.5
Adjusted Pretax Income Attributable to the Company1
44.4 3.2 41.2
Agribusiness1
17.9 (0.1) 18.0
Renewables 39.6 15.3 24.3
Other1
(13.1) (12.0) (1.1)
Net Income Attributable to the Company
33.2 0.3 32.9
Adjusted Net Income Attributable to the Company1
38.2 4.1 34.1
Diluted Earnings Per Share ("EPS")
0.97 0.01 0.96
Adjusted EPS1
1.12 0.12 1.00
EBITDA1
84.8 50.6 34.2
Adjusted EBITDA1
$ 91.5 $ 57.3 $ 34.2
1 Non-GAAP financial measures; see appendix for explanations and reconciliations.
Cash, Liquidity, and Long-Term Debt Management
"Our businesses generated improved cash flows on strong earnings this quarter. We expect to continue to fund many of our growth projects internally and our debt remains at a modest level," said Executive Vice President and CFO Brian Valentine. "We remain below our long-term debt to EBITDA target of less than 2.5 times and continue to be pleased with the strength of our balance sheet."
Cash used in operating activities was $394 million and $350 million in the first quarter of 2026 and 2025, respectively. Cash from operations before working capital changes in the same periods was $68 million and $57 million, respectively. Cash spent on capital projects in the quarter totaled $52 million, as we continue to invest in our facilities and fund growth.
First Quarter Segment Overview
Agribusiness Posts Improved First Quarter on Earnings Resilience
Agribusiness recorded pretax income of $7 million and adjusted pretax income attributable to the company of $18 million for the quarter, compared to a pretax loss of $10 million and break even adjusted pretax income in the first quarter of 2025.
Our diversified portfolio showed the resilience of our earnings as we saw more volatility return to the market this quarter. As prices rallied during the quarter, more old crop bushels came to market, which provided opportunities for our merchandising businesses. Our grain asset footprint saw less basis appreciation than expected as the price rally put pressure on basis values. Fertilizer results improved on higher margins.
Market conditions remain dynamic. There is the potential of continued volatility that will provide opportunities through 2026. We will remain nimble as conditions change. If the volatility continues, more opportunities should shift to our merchandising businesses. We expect our asset footprint, especially in the west, to capture some of the delayed basis appreciation over the next few quarters. Anticipated corn plantings are above the five-year average with expanded margin opportunities in this higher priced environment. Our fertilizer business is well positioned heading into Q2 and the application season for planting.
Agribusiness had adjusted first quarter EBITDA of $49 million, compared to $31 million in 2025.
Renewables Reports Record Quarter on Efficient Operations and Strong Demand
The Renewables segment reported pretax income of $40 million in the first quarter. For the same period in 2025, the segment reported pretax income of $25 million and pretax income attributable to the company of $15 million.
The segment had a strong first quarter performance on efficient plant operations and record production. Ethanol demand drove board crush higher year over year but was offset by firmer corn basis and higher natural gas expense. First quarter results include $26 million of 45Z producer tax credits. As expected, each of our plants qualified for the next tier of credits following rule changes effective in 2026. Our merchandising businesses had improved performance, largely driven by volatility surrounding the RVO announcement, resulting in higher distillers corn oil and RIN values.
Ethanol fundamentals continue to be supportive as we anticipate elevated demand, including increasing global blend rates, high gasoline prices, and planned industry maintenance. Renewable feedstocks should also continue to benefit from the robust RVO.
Renewables had first quarter EBITDA of $54 million in 2026, compared to $37 million in 2025.
Income Taxes
The company recorded income tax expense of $4.6 million for the quarter, resulting in an effective tax rate of 14% for the period. The rate was impacted by non-taxable 45Z income. We anticipate a full-year adjusted effective rate of approximately 14% - 18%.
Conference Call
The company will host a webcast on Wednesday, May 6, 2026, at 8:30 a.m. ET, to discuss its performance and provide its outlook for the remainder of 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 7394049). It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://app.webinar.net/r9QEJNbJ2Mk and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company’s website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company’s filings with the Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
The Andersons, Inc., is a North American agriculture and renewable fuels company. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
Investor Relations Contact
Mike Hoelter
Vice President, Corporate Controller and Investor Relations
Phone: 419-897-6715
E-mail: investorrelations@andersonsinc.com
The Andersons, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended March 31,
(in thousands, except per share data) 2026 2025
Sales and merchandising revenues $ 2,627,266 $ 2,659,098
Cost of sales and merchandising revenues 2,466,682 2,506,226
Gross profit 160,584 152,872
Operating, administrative and general expenses 144,664 145,754
Interest expense, net 16,838 13,096
Other income, net
34,810 9,191
Income before income taxes
33,892 3,213
Income tax provision (benefit)
4,560 (2,118)
Net income
29,332 5,331
Net (loss) income attributable to noncontrolling interests
(3,856) 5,047
Net income attributable to The Andersons, Inc.
$ 33,188 $ 284
Earnings per share attributable to The Andersons, Inc. common shareholders:
Basic earnings:
$ 0.98 $ 0.01
Diluted earnings:
$ 0.97 $ 0.01
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands) March 31, 2026 December 31, 2025 March 31, 2025
Assets
Current assets:
Cash and cash equivalents $ 72,398 $ 98,283 $ 219,219
Accounts receivable, net 772,010 652,472 812,482
Inventories 1,398,686 1,365,121 1,249,047
Commodity derivative assets – current 161,858 135,466 155,028
Other current assets 152,153 125,067 92,968
Total current assets 2,557,105 2,376,409 2,528,744
Property, plant and equipment, net 961,401 939,500 860,246
Other assets, net 401,670 396,923 408,692
Total assets $ 3,920,176 $ 3,712,832 $ 3,797,682
Liabilities and equity
Current liabilities:
Short-term debt $ 716,519 $ 249,420 $ 222,691
Trade and other payables 633,027 918,691 661,202
Customer prepayments and deferred revenue 222,811 195,331 223,702
Commodity derivative liabilities – current 67,682 51,153 69,648
Current maturities of long-term debt 23,466 63,375 62,675
Accrued expenses and other current liabilities 207,125 208,427 194,390
Total current liabilities 1,870,630 1,686,397 1,434,308
Long-term debt, less current maturities 569,063 560,016 588,087
Other long-term liabilities 170,638 176,184 180,853
Total liabilities 2,610,331 2,422,597 2,203,248
Total equity 1,309,845 1,290,235 1,594,434
Total liabilities and equity $ 3,920,176 $ 3,712,832 $ 3,797,682
The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Three months ended March 31,
(in thousands) 2026 2025
Operating Activities
Net income $ 29,332 $ 5,331
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization 34,112 34,340
Other 4,701 17,303
Changes in operating assets and liabilities:
Accounts receivable (120,542) (53,268)
Inventories (34,986) 38,531
Commodity derivatives (13,235) 1,076
Other current and non-current assets (22,535) (8,558)
Payables and other current and non-current liabilities (270,522) (384,775)
Net cash used in operating activities
(393,675) (350,020)
Investing Activities
Purchases of property, plant and equipment and capitalized software (51,712) (46,548)
Other 2,248 2,717
Net cash used in investing activities
(49,464) (43,831)
Financing Activities
Net proceeds under short-term lines of credit
467,584 56,044
Proceeds from issuance of long-term debt 86,250 14,700
Payments of long-term debt (116,774) (8,416)
Dividends paid (6,846) (6,693)
Value of shares withheld for taxes (6,996) (3,837)
Payments of debt issuance costs (5,435) —
Other — (1,353)
Net cash provided by financing activities
417,783 50,445
Effect of exchange rates on cash and cash equivalents (529) 854
Decrease in cash and cash equivalents
(25,885) (342,552)
Cash and cash equivalents at beginning of period 98,283 561,771
Cash and cash equivalents at end of period $ 72,398 $ 219,219
The Andersons, Inc.
Adjusted Net Income Attributable to The Andersons, Inc.
A non-GAAP financial measure
(unaudited)
Three months ended March 31,
(in thousands, except per share data) 2026 2025
Net income
$ 29,332 $ 5,331
Net (loss) income attributable to noncontrolling interests
(3,856) 5,047
Net income attributable to The Andersons, Inc.
33,188 284
Adjustments:
Legal settlement and related expenses 5,948 —
Transaction related compensation 1,792 2,103
Insured inventory and property (recoveries) damages, net (1,108) 2,926
Income tax impact of adjustments1
(1,658) (1,257)
Total adjusting items, net of tax 4,974 3,772
Adjusted net income attributable to The Andersons, Inc.
$ 38,162 $ 4,056
Diluted earnings per share attributable to The Andersons, Inc. common shareholders
$ 0.97 $ 0.01
Impact on diluted earnings per share
$ 0.15 $ 0.11
Adjusted diluted earnings per share
$ 1.12 $ 0.12
1 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25%.
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings per share attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item.
The Andersons, Inc.
Segment Data
(unaudited)
(in thousands) Agribusiness Renewables Other Total
Three months ended March 31, 2026
Sales and merchandising revenues $ 1,919,967 $ 707,299 $ — $ 2,627,266
Cost of sales and merchandising revenues 1,786,061 680,621 — 2,466,682
Gross profit 133,906 26,678 — 160,584
Operating, administrative and general expenses 121,420 10,300 12,944 144,664
Interest expense, net
13,688 3,059 91 16,838
Other income (loss), net
8,607 26,272 (69) 34,810
Income (loss) before income taxes
7,405 39,591 (13,104) 33,892
Loss attributable to noncontrolling interests
(3,856) — — (3,856)
Income (loss) before income taxes attributable to The Andersons, Inc.1
$ 11,261 $ 39,591 $ (13,104) $ 37,748
Adjustments to income before income taxes2
6,632 — — 6,632
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1
$ 17,893 $ 39,591 $ (13,104) $ 44,380
Three months ended March 31, 2025
Sales and merchandising revenues $ 1,993,287 $ 665,811 $ — $ 2,659,098
Cost of sales and merchandising revenues 1,874,689 631,537 — 2,506,226
Gross profit 118,598 34,274 — 152,872
Operating, administrative and general expenses 124,489 9,783 11,482 145,754
Interest expense (income), net
12,826 698 (428) 13,096
Other income (loss), net
9,041 1,088 (938) 9,191
(Loss) income before income taxes
(9,676) 24,881 (11,992) 3,213
(Loss) income attributable to noncontrolling interests
(4,522) 9,569 — 5,047
(Loss) income before income taxes attributable to The Andersons, Inc.1
$ (5,154) $ 15,312 $ (11,992) $ (1,834)
Adjustments to income before income taxes2
5,029 — — 5,029
Adjusted (loss) income before income taxes attributable to The Andersons, Inc.1
$ (125) $ 15,312 $ (11,992) $ 3,195
1 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.
2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $1.6 million difference in insured inventory and property damages, net in the Agribusiness segment for the three months ended March 31, 2025.
The Andersons, Inc.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited)
(in thousands) Agribusiness Renewables Other Total
Three months ended March 31, 2026
Net income (loss)
$ 7,405 $ 39,591 $ (17,664) $ 29,332
Interest expense
13,688 3,059 91 16,838
Tax provision — — 4,560 4,560
Depreciation and amortization 21,490 11,767 855 34,112
EBITDA 42,583 54,417 (12,158) 84,842
Adjusting items impacting EBITDA:
Legal settlement and related expenses 5,948 — — 5,948
Transaction related compensation 1,792 — — 1,792
Insured inventory and property recoveries, net (1,108) — — (1,108)
Total adjusting items 6,632 — — 6,632
Adjusted EBITDA $ 49,215 $ 54,417 $ (12,158) $ 91,474
Three months ended March 31, 2025
Net (loss) income
$ (9,676) $ 24,881 $ (9,874) $ 5,331
Interest expense (income)
12,826 698 (428) 13,096
Tax benefit — — (2,118) (2,118)
Depreciation and amortization 21,685 11,891 764 34,340
EBITDA 24,835 37,470 (11,656) 50,649
Adjusting items impacting EBITDA:
Transaction related compensation 2,103 — — 2,103
Insured inventory and property damages, net 4,502 — — 4,502
Total adjusting items 6,605 — — 6,605
Adjusted EBITDA $ 31,440 $ 37,470 $ (11,656) $ 57,254
Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company’s performance as it provides investors additional information about the company’s operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure.
The Andersons, Inc.
Trailing Twelve Months of EBITDA and Adjusted EBITDA
A non-GAAP financial measure
(unaudited)
Three Months Ended,
Twelve months ended March 31, 2026
(in thousands) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Net income
$ 16,807 $ 26,071 $ 71,092 $ 29,332 $ 143,302
Interest expense
11,495 10,478 12,090 16,838 50,901
Tax provision (benefit) 8,028 (228) 16,486 4,560 28,846
Depreciation and amortization 33,071 32,647 33,265 34,112 133,095
EBITDA 69,401 68,968 132,933 84,842 356,144
Adjusting items impacting EBITDA:
Legal settlement and related expenses — — — 5,948 5,948
Transaction related compensation 1,768 1,712 1,879 1,792 7,151
Insured inventory and property recoveries, net (11,162) (11,887) (72) (1,108) (24,229)
Loss on investments 7,178 — — — 7,178
Severance expense 1,197 — 1,480 — 2,677
(Gain) loss on sale of businesses, net (3,190) (1,567) 310 — (4,447)
Acquisition costs — 5,927 — — 5,927
Asset impairment — 13,698 — — 13,698
Pension settlement — 1,448 — — 1,448
Total adjusting items (4,209) 9,331 3,597 6,632 15,351
Adjusted EBITDA $ 65,192 $ 78,299 $ 136,530 $ 91,474 $ 371,495
Three Months Ended,
Twelve months ended March 31, 2025
June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025
Net income
$ 52,470 $ 51,461 $ 54,104 $ 5,331 $ 163,366
Interest expense
6,611 8,361 10,266 13,096 38,334
Tax provision (benefit)
4,876 10,731 13,146 (2,118) 26,635
Depreciation and amortization 30,269 30,408 36,178 34,340 131,195
EBITDA 94,226 100,961 113,694 50,649 359,530
Adjusting items impacting EBITDA:
Transaction related compensation 4,049 1,668 2,536 2,103 10,356
Acquisition costs — — 3,193 — 3,193
Insured inventory and property (recoveries) damages, net — (5,204) (4,446) 4,502 (5,148)
Loss on investments — — 1,535 — 1,535
Total adjusting items 4,049 (3,536) 2,818 6,605 9,936
Adjusted EBITDA $ 98,275 $ 97,425 $ 116,512 $ 57,254 $ 369,466
The Andersons, Inc.
Cash from Operations Before Working Capital Changes
A non-GAAP financial measure
(unaudited)
Three months ended March 31,
(in thousands) 2026 2025
Cash used in operating activities
$ (393,675) $ (350,020)
Changes in operating assets and liabilities
Accounts receivable (120,542) (53,268)
Inventories (34,986) 38,531
Commodity derivatives (13,235) 1,076
Other current and non-current assets (22,535) (8,558)
Payables and other current and non-current liabilities (270,522) (384,775)
Total changes in operating assets and liabilities (461,820) (406,994)
Cash from operations before working capital changes $ 68,145 $ 56,974
Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The Company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other assets, and payables and accrued expenses from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company’s performance as it provides investors additional information about the company’s operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.
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v3.26.1
Cover page
May 05, 2026
Entity Information [Line Items]
Document Type
8-K
Document Period End Date
May 05, 2026
Entity Registrant Name
Andersons, Inc.
Entity Incorporation, State or Country Code
OH
Entity File Number
000-20557
Entity Tax Identification Number
34-1562374
Entity Address, Address Line One
1947 Briarfield Boulevard
Entity Address, City or Town
Maumee
Entity Address, State or Province
OH
Entity Address, Postal Zip Code
43537
City Area Code
419
Local Phone Number
893-5050
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Title of 12(b) Security
Common stock, $0.00 par value, $0.01 stated value
Trading Symbol
ANDE
Security Exchange Name
NASDAQ
Entity Emerging Growth Company
false
Entity Central Index Key
0000821026
Amendment Flag
false
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- Definition
Area code of city
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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
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No definition available.
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- Definition
Address Line 1 such as Attn, Building Name, Street Name
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Name of the City or Town
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- Definition
Code for the postal or zip code
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- Definition
Name of the state or province.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Indicate if registrant meets the emerging growth company criteria.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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No definition available.
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- Definition
Two-character EDGAR code representing the state or country of incorporation.
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No definition available.
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- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
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- Definition
Local phone number for entity.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
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- Definition
Title of a 12(b) registered security.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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- Definition
Name of the Exchange on which a security is registered.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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- Definition
Trading symbol of an instrument as listed on an exchange.
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No definition available.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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