The Andersons, Inc. (ANDE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.48	$2.15	+45.3%	—	$3.1B	—
Q1 26	$0.74	$0.92	+24.3%	—	$2.6B	—
Q4 25	$1.56	$2.04	+30.8%	—	$2.5B	—
Q3 25	$0.46	$0.84	+82.6%	—	$2.7B	—
Q2 25	$0.51	$0.24	-52.9%	—	$3.1B	—
Q1 25	-$0.09	$0.12	+233.3%	—	$2.7B	—
Q4 24	$0.92	$1.36	+47.8%	—	$3.1B	—
Q3 24	$0.43	$0.72	+67.4%	—	$2.6B	—
Q2 24	$1.09	$1.15	+5.5%	—	$2.8B	—
Q1 24	$0.23	$0.16	-30.4%	—	$2.7B	—
Q4 23	$0.99	$1.59	+60.6%	—	$3.2B	—
Q3 23	$0.53	$0.13	-75.5%	—	$3.6B	—
Q2 23	$1.09	$1.52	+39.4%	—	$4B	—
Q1 23	$0.18	$0.2	+11.1%	—	$3.9B	—
Q4 22	$0.47	$0.98	+108.5%	—	$4.7B	—
Q3 22	$0.37	$0.5	+35.1%	—	$4.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.81	—	—	$11B	—
FY24	—	$3.35	—	—	$11.3B	—
FY23	—	$3	—	—	$14.8B	—
FY22	—	$3.89	—	—	$17.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.9B	$3.7B	$3B	$8B	$8.1B	$12.6B	$17.3B	$14.8B	$11.3B	$11B
YoY change	-6.52%	-6.08%	-17.4%	+162.8%	+0.77%	+56.4%	+37.4%	-14.9%	-23.7%	-2.21%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.9B	3.7B	3B	8B	8.1B	12.6B	17.3B	14.8B	11.3B	11B
Cost of revenue	3.6B	3.4B	2.7B	7.5B	7.7B	12B	16.6B	14B	10.6B	10.3B
Gross profit	345.5M	318.8M	302M	460.8M	366.2M	592.7M	684.2M	745.4M	693.9M	713.7M
Gross margin	8.8%	8.65%	9.92%	5.76%	4.54%	4.7%	3.95%	5.05%	6.16%	6.48%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	318.4M	287.9M	257.9M	409.7M	377.7M	423.1M	457.6M	492.3M	503.6M	—
Operating expenses	318.4M	287.9M	257.9M	409.7M	377.7M	423.1M	457.6M	492.3M	503.6M	585.2M
Operating income	29.4M	31.8M	44.1M	51.1M	-11.5M	169.6M	226.6M	253.1M	190.3M	128.4M
Operating margin	0.75%	0.86%	1.45%	0.64%	-0.14%	1.34%	1.31%	1.72%	1.69%	1.17%
Non-operating income, net	13.1M	-30.8M	36.9M	5.2M	18.2M	28.5M	24.8M	-36.7M	21.1M	53M
Pretax income	21.4M	-20.5M	53.2M	13M	-27.1M	160.8M	194.6M	169.6M	200.8M	141.5M
Income tax	6.9M	-63.1M	11.9M	9.1M	-10.9M	29.2M	39.6M	37M	30.1M	22.2M
Net income	14.5M	42.6M	41.2M	15.1M	-14.2M	135.9M	167M	132.5M	170.7M	119.3M
Net margin	0.37%	1.16%	1.35%	0.19%	-0.18%	1.08%	0.96%	0.9%	1.52%	1.08%
EBITDA	135.9M	157.4M	177.6M	243.6M	195.3M	385.9M	395.2M	428.7M	347.4M	313.1M
EPS	0.41	1.46	1.47	0.56	0.23	3.12	3.89	3	3.35	2.81
Diluted EPS	0.41	1.46	1.46	0.55	0.23	3.07	3.81	2.94	3.32	2.79

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.6B	3.2B	2.7B	2.8B	2.6B	3.1B	2.7B	3.1B	2.7B	2.5B	2.6B	3.1B
Cost of revenue	3.5B	3B	2.6B	2.6B	2.4B	2.9B	2.5B	3B	2.5B	2.3B	2.5B	2.9B
Gross profit	157.7M	217.7M	128.3M	175.4M	177.1M	213.1M	152.9M	158.4M	170.9M	231.5M	160.6M	223.7M
Gross margin	4.34%	6.78%	4.72%	6.27%	6.76%	6.82%	5.75%	5.05%	6.38%	9.13%	6.11%	7.22%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	126.3M	132.7M	119.4M	—	120.5M	147.2M	145.8M	—	172.6M	—	—	—
Operating expenses	126.3M	132.7M	119.4M	—	120.5M	147.2M	291.5M	—	345.1M	132.3M	144.7M	—
Operating income	31.4M	85M	9M	58.8M	56.6M	66M	7.1M	23.8M	-1.7M	99.2M	15.9M	50M
Operating margin	0.86%	2.65%	0.33%	2.1%	2.16%	2.11%	0.27%	0.76%	-0.06%	3.91%	0.61%	1.61%
Non-operating income, net	15.2M	14.9M	11.5M	5.2M	13.9M	-9.5M	9.2M	12.5M	38M	-6.7M	34.8M	33M
Pretax income	38.4M	91.8M	14M	57.3M	62.2M	67.3M	3.2M	24.8M	25.8M	87.6M	33.9M	67.3M
Income tax	7.9M	13.3M	1.3M	4.9M	10.7M	13.1M	-2.1M	8M	-228K	16.5M	4.6M	13.4M
Net income	30.5M	78.4M	12.7M	52.5M	51.5M	54.1M	5.3M	16.8M	26.1M	71.1M	29.3M	53.9M
Net margin	0.84%	2.44%	0.47%	1.88%	1.96%	1.73%	0.2%	0.54%	0.97%	2.8%	1.12%	1.74%
EBITDA	77.8M	131.2M	51.4M	94.2M	101M	100.8M	50.6M	69.4M	69M	132.9M	84.8M	117.6M
EPS	0.29	1.52	0.16	1.06	0.8	1.32	0.01	0.23	0.59	1.98	0.98	—
Diluted EPS	0.28	1.49	0.16	1.05	0.8	1.31	0.01	0.23	0.59	1.97	0.97	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.3B	879M	843.5M	—	821.6M	1.3B	1.2B	1.9B	1.4B	1.8B	2.3B
Enterprise value	1.7B	1.3B	1.5B	—	2.2B	2.2B	2B	2B	1.7B	2.7B	3.1B
Shares outstanding	28.3M	28.2M	28.2M	32.7M	33.5M	33.3M	33.7M	33.7M	34M	34.1M	34.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	87.4	20.6	20.5	—	—	9.48	7.06	14.6	8.08	15.2	12.9
P/S	0.32	0.24	0.28	—	0.1	0.1	0.07	0.13	0.12	0.16	0.21
P/B	1.6	1.07	0.96	—	0.71	0.99	0.82	1.28	0.86	1.4	1.71
EV/EBITDA	12.3	8.5	8.69	—	11.1	5.8	5	4.58	4.87	8.49	10.3
EV/Sales	0.43	0.36	0.51	—	0.27	0.18	0.11	0.13	0.15	0.24	0.29
Earnings yield	1.14%	4.85%	4.89%	—	—	10.5%	14.2%	6.83%	12.4%	6.59%	7.73%
FCF yield	-9.76%	-11.6%	-40.9%	—	-21.8%	-10.3%	12.5%	41%	13.2%	-3.1%	-4.82%
PEG	—	—	—	—	—	—	—	—	—	—	10.5

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	8.8%	8.65%	9.92%	5.76%	4.54%	4.7%	3.95%	5.05%	6.16%	6.48%	7.22%
Operating margin	0.75%	0.86%	1.45%	0.64%	-0.14%	1.34%	1.31%	1.72%	1.69%	1.17%	1.61%
Net margin	0.37%	1.16%	1.35%	0.19%	-0.18%	1.08%	0.96%	0.9%	1.52%	1.08%	1.62%
ROE	1.83%	5.18%	4.7%	1.26%	-1.22%	10.4%	11.7%	8.74%	10.7%	9.25%	12.2%
ROA	0.65%	1.97%	1.72%	0.39%	-0.33%	2.97%	3.62%	3.44%	4.14%	3.21%	3.03%
ROIC	1.66%	2.48%	2.17%	0.63%	-0.46%	6.15%	8.1%	12.9%	8.45%	5.07%	6.27%
Return on tangible assets	0.76%	2.21%	1.89%	0.46%	-0.38%	3.33%	4.03%	3.87%	4.58%	3.58%	5.19%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.32	1.35	1.23	1.35	1.25	1.37	1.37	1.72	1.65	1.41	1.51
Quick ratio	0.47	0.47	0.4	0.54	0.58	0.63	0.69	1	0.9	0.6	0.81
Debt / equity	0.6	0.6	0.82	1.07	1.19	0.89	0.64	0.44	0.55	0.73	0.66
Debt / assets	0.21	0.23	0.3	0.33	0.32	0.26	0.2	0.17	0.21	0.25	0.26
Net debt / EBITDA	3.02	2.92	3.94	5.02	6.91	2.46	2.02	0.05	0.91	2.7	2.06
Interest coverage	2.01	0.05	2.91	1.3	0.2	5.31	4.42	4.62	7.32	4	4.9
Effective tax rate	32.3%	0%	22.4%	70.2%	0%	18.2%	20.4%	21.8%	15%	15.7%	15.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	138.8	130.6	107.9	244.8	240.6	379	514.2	437.5	330.8	323.2	322.1
EPS (basic)	0.41	1.46	1.47	0.56	0.23	3.12	3.89	3	3.35	2.81	2.81
EPS (diluted)	0.41	1.46	1.46	0.55	0.23	3.07	3.81	2.94	3.32	2.79	5.17
Book value per share	28	29.2	31.1	36.6	34.6	39.3	42.4	45	47	37.9	39.1
FCF per share	-4.36	-3.63	-12.2	2.39	-5.35	-3.99	4.37	23.6	5.36	-1.65	1.66
Cash per share	2.21	1.24	0.8	1.68	0.87	6.5	3.42	19.1	16.5	2.89	1.98
Capex per share	3.76	4.99	8.16	7.72	2.83	1.88	3.06	4.38	4.38	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.71%	3.82%	7.56%	3.15%	1.18%	0.5%	0.59%	1%	1.33%	—	—
Capex / operating cash flow	87.9%	321.3%	351.1%	105.9%	-44%	-8.78%	475.3%	10.4%	35.8%	—	—
Payout ratio	120%	42.6%	45.2%	146.9%	-161.8%	17.5%	14.7%	19.1%	15.4%	22.5%	15.4%
Dividend yield	1.37%	2.06%	2.21%	—	2.8%	1.84%	2.09%	1.31%	1.91%	1.48%	1.2%

Yield

1.2%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Oct 1, 2026

Payout ratio

15%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Oct 1, 2026upcoming	$0.20
Jul 1, 2026	$0.20
Apr 1, 2026	$0.20

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.6B	$3.2B	$2.7B	$2.8B	$2.6B	$3.1B	$2.7B	$3.1B	$2.7B	$2.5B	$2.6B	$3.1B
YoY change	-13.8%	-31.3%	-30%	-30.5%	-27.9%	-2.8%	-2.17%	+12.2%	+2.16%	-18.8%	-1.2%	-1.22%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	62.6M	34.9M	22.6M	54.9M	29.1M	216.4M	115.3M	643.9M	561.8M	98.3M
Receivables	194.7M	183.2M	207.3M	536.4M	641.3M	835.2M	1.2B	762.5M	764.5M	652.5M
Inventory	682.7M	648.7M	690.8M	1.2B	1.3B	1.8B	1.7B	1.2B	1.3B	1.4B
Total current assets	1.1B	999.2M	1B	1.9B	2.4B	3.4B	3.5B	2.8B	2.9B	2.4B
Property, plant & equipment	454.4M	523.3M	713.5M	1.2B	514.5M	469.6M	459.9M	381.9M	350M	551.7M
Goodwill & intangibles	340.1M	237.8M	210.3M	621.3M	543.3M	493M	460.5M	426.9M	394.4M	382.7M
Total assets	2.2B	2.2B	2.4B	3.9B	4.3B	4.6B	4.6B	3.9B	4.1B	3.7B
Accounts payable	581.8M	503.6M	462.5M	873.1M	954.8M	1.2B	1.4B	1.1B	1B	918.7M
Short-term debt	76.5M	76.2M	226.6M	209.9M	473.1M	534M	382.7M	70.7M	202.8M	312.8M
Total current liabilities	799.8M	738.7M	833.4M	1.4B	1.9B	2.5B	2.5B	1.6B	1.7B	1.7B
Long-term debt	397.1M	418.3M	496.2M	1.1B	906.3M	631.8M	529.7M	594.6M	673.5M	631.6M
Total liabilities	1.4B	1.3B	1.5B	2.7B	3.1B	3.3B	3.2B	2.3B	2.5B	2.4B
Shareholders' equity	790.7M	822.9M	876.8M	1.2B	1.2B	1.3B	1.4B	1.5B	1.6B	1.3B
Total debt	473.6M	494.5M	722.8M	1.3B	1.4B	1.2B	912.4M	665.3M	876.2M	944.4M
Net debt	411M	459.6M	700.2M	1.2B	1.4B	949.4M	797.1M	21.4M	314.4M	846.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	418.1M	643.9M	283.9M	530.4M	454.1M	561.8M	219.2M	351M	81.6M	98.3M	72.4M	66.5M
Receivables	816.7M	762.5M	701.7M	743.5M	756.6M	764.5M	812.5M	783.9M	715.8M	652.5M	772M	755.2M
Inventory	985.3M	1.2B	994.5M	686.5M	884.3M	1.3B	1.2B	771.9M	899.3M	1.4B	1.4B	961M
Total current assets	2.5B	2.8B	2.2B	2.2B	2.3B	2.9B	2.5B	2.2B	2B	2.4B	2.6B	2.1B
Property, plant & equipment	376.9M	381.9M	374.9M	323.3M	330.3M	350M	—	884M	—	551.7M	961.4M	979.6M
Goodwill & intangibles	438.6M	426.9M	416.8M	—	—	394.4M	—	—	—	382.7M	—	—
Total assets	3.6B	3.9B	3.3B	3.3B	3.4B	4.1B	3.8B	3.4B	3.3B	3.7B	3.9B	3.5B
Accounts payable	822.2M	1.1B	625.8M	607.1M	774.3M	1B	661.2M	572.2M	782.7M	918.7M	633M	603.6M
Short-term debt	41.7M	70.7M	37.8M	31.7M	42.4M	202.8M	285.4M	168.7M	205.2M	312.8M	740M	337.3M
Total current liabilities	1.4B	1.6B	1.1B	1.1B	1.2B	1.7B	1.4B	1.1B	1.3B	1.7B	1.9B	1.4B
Long-term debt	602.6M	594.6M	587.4M	549.4M	542.6M	673.5M	588.1M	578.5M	569.1M	631.6M	569.1M	563.5M
Total liabilities	2.1B	2.3B	1.8B	1.8B	1.9B	2.5B	2.2B	1.8B	2.1B	2.4B	2.6B	2.1B
Shareholders' equity	1.4B	1.5B	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.2B	1.3B	1.3B	1.4B
Total debt	644.3M	665.3M	625.2M	581.1M	585M	876.2M	873.5M	747.1M	774.3M	944.4M	1.3B	900.8M
Net debt	226.2M	21.4M	341.3M	50.7M	130.9M	314.4M	654.2M	396.2M	692.7M	846.1M	1.2B	834.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	14.5M	42.6M	41.2M	15.1M	-14.2M	135.9M	167M	132.5M	170.7M	119.3M
Depreciation & amortization	84.3M	86.4M	90.3M	146.2M	188.6M	178.9M	134.7M	125.1M	127.8M	133.3M
Stock-based compensation	7M	6.1M	6.6M	16.2M	10.2M	11M	11.2M	12.9M	13.6M	17M
Change in working capital	11.2M	-28M	-82.2M	52.1M	-436.4M	-935.7M	-258.2M	1.2B	110.6M	42.9M
Operating cash flow	120.9M	43.8M	65.5M	238.2M	-215.3M	-713.4M	21.7M	1.4B	416.3M	177M
Capital expenditure	-106.3M	-140.7M	-230.1M	-252.4M	-94.8M	-62.7M	-103M	-147.6M	-149.2M	—
Investing cash flow	-13.2M	-113.5M	-186M	-325M	-86.8M	-55.9M	-109.2M	-153.9M	-163.1M	37.8M
Dividends paid	-17.4M	-18.2M	-18.6M	-22.1M	-23M	-23.7M	-24.6M	-25.4M	-26.3M	-26.8M
Share repurchases	0	—	—	—	—	0	-12.7M	-1.7M	-2.3M	-15.4M
Financing cash flow	-11.5M	10.5M	209.2M	-270.1M	136.3M	-762.9M	-906M	-497.7M	-342.3M	-447.1M
Net change in cash	96.2M	-59.2M	88.7M	-356.9M	-165.8M	-1.5B	-993.5M	765.9M	-89.1M	-232.3M
Free cash flow	-123.4M	-102.3M	-345.1M	78.1M	-179.3M	-132.9M	147.4M	796.3M	182.3M	-56.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	30.5M	78.4M	12.7M	52.5M	51.5M	54.1M	5.3M	16.8M	26.1M	71.1M	29.3M	53.9M
Depreciation & amortization	31.2M	31.3M	30.9M	30.3M	30.4M	36.2M	34.3M	33.1M	32.6M	33.3M	34.1M	34.6M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	211.7M	-96.7M	200.2M	278.2M	-206M	-161.8M	-22.2M	508.3M	-65.8M	-377.4M	-191.3M	482.2M
Operating cash flow	273.8M	1M	248.6M	367M	-119.8M	-90.2M	34.8M	299.3M	233.9M	-6.2M	-393.7M	487.9M
Capital expenditure	-33.7M	-41.7M	-26.8M	-28.6M	-37.8M	-56M	-46.5M	—	—	—	—	—
Investing cash flow	-45.6M	-34.9M	-22.1M	-26.5M	-22.9M	-72.5M	-43.8M	17M	15.2M	-8.4M	2.2M	1.8M
Dividends paid	-6.2M	-6.6M	-6.5M	-6.5M	-6.5M	-6.8M	-6.7M	-6.7M	-6.5M	-7M	-6.8M	-6.8M
Share repurchases	0	0	—	—	—	—	—	—	-14.2M	0	—	—
Financing cash flow	-308.6M	39.3M	-98.3M	-59.4M	-69.7M	-150.4M	50.4M	-137.5M	-436.3M	76.1M	417.8M	-415.4M
Net change in cash	-80.4M	5.5M	128.3M	281.1M	-212.5M	-313.1M	41.4M	178.8M	-187.1M	61.6M	26.4M	74.3M
Free cash flow	455M	208.9M	-266.4M	275.8M	-40M	212.9M	-396.6M	250.5M	167M	-77.1M	-445.4M	412.4M

Date	Ratio
Feb 20, 2014	3:2
Feb 19, 2014	3:2
Jun 29, 2006	2:1

The Andersons, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history