The Andersons, Inc. (Nasdaq: ANDE) reported second-quarter net income attributable to the company of $57 million, or $1.65 per diluted share, for the period ended June 30, 2026, compared with $7.9 million, or $0.23 per diluted share, in the same quarter a year earlier. Adjusted net income reached $74 million, or $2.15 per diluted share, against $8.4 million in Q2 2025. Adjusted EBITDA came in at $140 million, more than double the prior-year $65 million.
Renewables Drive the Quarter
The Renewables segment was the dominant profit engine, posting pretax income of $65 million and adjusted pretax income of $88 million — against pretax income of $17 million and pretax income attributable to the company of $10 million in Q2 2025. The unit set a record for second-quarter production while completing planned spring maintenance. Strong ethanol export demand, higher board crush margins, and elevated distillers corn oil and RIN values — spurred by market volatility surrounding the Renewable Volume Obligation announcement — all contributed. The quarter also included $24 million of 45Z clean-fuel producer tax credits, which the company is actively positioning to maximize through ongoing carbon-intensity reduction projects, including the advancement of a Class VI well permit. Renewables adjusted EBITDA reached $103 million, up from $30 million in the year-ago period.
The scale of the swing underscores how consequential federal renewable-fuel policy has become to grain-based agribusiness operators. For the broader ethanol and renewable feedstocks supply chain, the RVO finalization in Q1 2026 appears to have created a sustained tailwind that carried through the spring selling season.
Agribusiness and Balance Sheet
The Agribusiness segment recorded adjusted pretax income attributable to the company of $20 million, modestly above the $17 million in Q2 2025, with fertilizer margins leading the improvement on lower volumes. Grain asset performance was roughly comparable to a year earlier, while merchandising benefited from early-quarter commodity price volatility, partially offset by fuel surcharges. Above-average corn acreage is expected to support fall fertilizer demand, though grower purchasing decisions will depend on farm economics. Agribusiness adjusted EBITDA was $53 million versus $46 million a year ago.
On the balance sheet, cash provided by operating activities in the quarter was $488 million, compared with $299 million in Q2 2025. Capital spending totaled $76 million in the quarter as the company pressed forward on facility upgrades and strategic growth initiatives. Executive Vice President and CFO Brian Valentine noted that long-term debt to EBITDA remains well below the company's target ceiling of 2.5 times, preserving capacity for further investment.
Outlook and Strategic Investments
President and CEO Bill Krueger pointed to several near-term catalysts: a debottlenecking project at the Clymers, Indiana, ethanol facility is in preparation; soybean meal export capabilities at the Port of Houston are expected to become operational in the fourth quarter; and further carbon-intensity reductions across the plant network are in progress. The company guided to a full-year adjusted effective tax rate of approximately 14% to 18%, with the lower end reflecting the non-taxable character of 45Z income.
For operators and buyers across the grain merchandising and renewable fuels sector, the Andersons' results illustrate how tightly integrated agribusiness and clean-energy platforms can amplify returns when ethanol fundamentals, export demand, and tax policy align simultaneously. Management expressed optimism about continued strong demand driven by growing global blend rates and favorable domestic blending economics, while cautioning that drier western crop-growing conditions could pressure grain asset earnings in the second half.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
