The Andersons, Inc. (ANDE) Income Statement

30Y historyFree accessUpdated daily

Revenue held in a $2.5B to $3.1B band over recent quarters, but gross margins of 4.8% to 10.1% and a latest operating margin of 1.2% indicate thin pricing power and high sensitivity to fixed-cost absorption.

Annual statement

ANDE Income Statement

The Andersons, Inc. (ANDE) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	11.09B	11.01B	11.26B	14.75B	17.33B	12.61B	8.06B	8.17B	3.05B	3.69B	3.92B	4.2B	4.47B	5.47B	5.23B	4.45B	3.45B	2.98B	3.49B	2.38B	1.46B	1.3B	1.27B	1.25B	1.08B	984.63M	970.29M	974.7M	1.1B	993.8M	1.15B
Revenue Growth %	-4.32%	-2.21%	-23.68%	-14.86%	37.37%	56.39%	-1.29%	168.28%	-17.39%	-6.08%	-6.52%	-6.13%	-18.17%	4.47%	17.7%	28.93%	15.71%	-14.61%	46.67%	63.17%	12.45%	2.35%	1.6%	15.91%	9.26%	1.48%	-0.45%	-11.29%	10.56%	-13.61%	5.3%
Cost of Goods Sold	10.22B	10.3B	10.57B	13.92B	16.65B	12.17B	7.66B	7.65B	2.75B	3.37B	3.56B	3.89B	4.14B	5.24B	4.91B	4.22B	3.11B	2.77B	3.23B	2.14B	1.25B	1.1B	1.08B	1.08B	910.46M	825.28M	800.21M	794.1M	926.9M	841.1M	986M
COGS % of Revenue	-	93.52%	93.89%	94.36%	96.13%	96.5%	95.01%	93.68%	90.22%	91.5%	90.81%	92.54%	92.63%	95.86%	93.93%	95.01%	90.27%	92.96%	92.61%	89.92%	85.79%	84.72%	85.07%	86.84%	84.63%	83.82%	82.47%	81.47%	84.36%	84.63%	85.72%
Gross Profit	872.12M	713.65M	687.31M	831.94M	670.63M	441.64M	402.76M	515.95M	297.77M	313.38M	360.52M	313.3M	329.56M	226.44M	317.79M	221.64M	335.62M	209.8M	257.83M	239.71M	207.13M	198.15M	189.1M	164.09M	165.38M	159.34M	170.08M	180.6M	171.8M	152.7M	164.3M
Gross Margin %	7.86%	6.48%	6.11%	5.64%	3.87%	3.5%	4.99%	6.32%	9.78%	8.5%	9.19%	7.46%	7.37%	4.14%	6.07%	4.99%	9.73%	7.04%	7.39%	10.08%	14.21%	15.28%	14.93%	13.16%	15.37%	16.18%	17.53%	18.53%	15.64%	15.37%	14.28%
Gross Profit Growth %	-	3.83%	-17.39%	24.05%	51.85%	9.65%	-21.94%	73.27%	-4.98%	-13.07%	15.07%	-4.93%	45.54%	-28.75%	43.38%	-33.96%	59.97%	-18.63%	7.56%	15.73%	4.54%	4.78%	15.24%	-0.78%	3.78%	-6.31%	-5.82%	5.12%	12.51%	-7.06%	4.25%
Operating Expenses	618.14M	585.23M	501.22M	492.26M	466.56M	423.75M	377.69M	436.84M	251.37M	287.93M	318.39M	338.11M	318.88M	274.53M	246.93M	229.09M	195.33M	199.12M	190.23M	169.75M	158.47M	152.55M	154.9M	143.13M	139.47M	139.69M	150.96M	163.3M	155.3M	141.9M	143.3M
OpEx % of Revenue	-	5.32%	4.45%	3.34%	2.69%	3.36%	4.68%	5.35%	8.25%	7.81%	8.11%	8.05%	7.13%	5.02%	4.72%	5.15%	5.67%	6.68%	5.45%	7.14%	10.87%	11.76%	12.23%	11.48%	12.96%	14.19%	15.56%	16.75%	14.13%	14.28%	12.46%
Selling, General & Admin	618.14M	0	501.22M	492.26M	466.56M	423.75M	377.69M	436.84M	251.37M	287.93M	318.39M	338.11M	318.88M	274.53M	245.93M	228.29M	193.53M	197.72M	181.02M	169.15M	157.97M	151.91M	154.25M	143.13M	139.47M	139.69M	137.84M	152M	144.7M	131.8M	133.6M
SG&A % of Revenue	-	-	4.45%	3.34%	2.69%	3.36%	4.68%	5.35%	8.25%	7.81%	8.11%	8.05%	7.13%	5.02%	4.7%	5.14%	5.61%	6.64%	5.19%	7.11%	10.83%	11.72%	12.17%	11.48%	12.96%	14.19%	14.21%	15.59%	13.17%	13.26%	11.61%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	585.23M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-8.71M	0	0	0	0	0	0	0	13.12M	11.3M	10.6M	10.1M	9.7M
Operating Income	253.98M	128.42M	186.09M	339.68M	204.07M	17.89M	25.07M	79.11M	46.4M	25.45M	42.12M	-24.82M	10.68M	-48.09M	70.86M	-7.45M	140.29M	10.68M	67.6M	69.96M	48.66M	45.6M	34.2M	20.96M	25.91M	19.66M	19.12M	17.3M	16.5M	10.8M	21M
Operating Margin %	2.29%	1.17%	1.65%	2.3%	1.18%	0.14%	0.31%	0.97%	1.52%	0.69%	1.07%	-0.59%	0.24%	-0.88%	1.35%	-0.17%	4.07%	0.36%	1.94%	2.94%	3.34%	3.52%	2.7%	1.68%	2.41%	2%	1.97%	1.77%	1.5%	1.09%	1.83%
Operating Income Growth %	-	-30.99%	-45.22%	66.45%	1040.91%	-28.64%	-68.32%	70.51%	82.29%	-39.58%	269.73%	-332.39%	122.2%	-167.87%	1051.55%	-105.31%	1213.22%	-84.2%	-3.37%	43.76%	6.72%	33.32%	63.15%	-19.07%	31.77%	2.8%	10.54%	4.85%	52.78%	-48.57%	10.53%
EBITDA	392.3M	261.74M	313.89M	464.79M	338.82M	196.82M	213.7M	225.28M	136.69M	111.86M	126.45M	53.64M	72.68M	7.21M	119.84M	33.39M	179.2M	46.7M	97.37M	96.21M	73.4M	68.49M	55.64M	36.1M	40.22M	33.92M	32.24M	28.6M	27.1M	20.9M	30.7M
EBITDA Margin %	3.54%	2.38%	2.79%	3.15%	1.96%	1.56%	2.65%	2.76%	4.49%	3.03%	3.22%	1.28%	1.63%	0.13%	2.29%	0.75%	5.2%	1.57%	2.79%	4.04%	5.03%	5.28%	4.39%	2.9%	3.74%	3.45%	3.32%	2.93%	2.47%	2.1%	2.67%
EBITDA Growth %	128.03%	-16.61%	-32.47%	37.18%	72.14%	-7.9%	-5.14%	64.8%	22.2%	-11.53%	135.74%	-26.2%	907.82%	-93.98%	258.91%	-81.37%	283.71%	-52.03%	1.2%	31.08%	7.17%	23.09%	54.11%	-10.23%	18.56%	5.21%	12.74%	5.54%	29.67%	-31.92%	8.48%
D&A (Non-Cash Add-back)	138.32M	133.32M	127.8M	125.11M	134.74M	178.93M	188.64M	146.17M	90.3M	86.41M	84.33M	78.46M	62.01M	55.31M	48.98M	40.84M	38.91M	36.02M	29.77M	26.25M	24.74M	22.89M	21.43M	15.14M	14.31M	14.26M	13.12M	11.3M	10.6M	10.1M	9.7M
EBIT	234.48M	188.63M	231.95M	216.43M	251.55M	199.34M	6.78M	87.53M	82.28M	2.33M	43.1M	7.44M	202.96M	171.78M	141.92M	172.57M	123.88M	82.34M	77.8M	123.55M	70.77M	51.39M	40.65M	20.96M	22.07M	19.66M	19.12M	17.28M	16.55M	10.7M	21M
Net Interest Income	-59.51M	-39.96M	-10.67M	-33.86M	-53.85M	-35.76M	-33.78M	-59.42M	-27.85M	-21.57M	-21.12M	-20.07M	-21.76M	-20.86M	-22.16M	-25.26M	-19.86M	-20.69M	-31.24M	-19.05M	0	0	0	0	0	0	0	0	0	0	0
Interest Income	1.55M	7.2M	21.09M	13.01M	3M	1.53M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	61.07M	47.16M	31.76M	46.87M	56.85M	37.29M	33.78M	59.42M	27.85M	21.57M	21.12M	20.07M	21.76M	20.86M	22.16M	25.26M	19.86M	20.69M	31.24M	19.05M	16.3M	12.08M	10.54M	8.05M	0	0	0	0	0	0	0
Other Income/Expense	-14.52M	13.05M	14.67M	-170.12M	-9.49M	142.88M	-52.15M	-51M	6.76M	-45.98M	-20.74M	13.25M	173.47M	197.61M	49.27M	155.32M	-36.15M	50.81M	-21.04M	34.55M	5.8M	-6.29M	-4.1M	-3M	-2.24M	-7.73M	-4.76M	-5.32M	-3.54M	-4.4M	-9.1M
Pretax Income	239.46M	141.47M	200.76M	169.56M	194.58M	160.77M	-27.08M	28.11M	53.16M	-20.52M	21.38M	-11.56M	184.15M	149.51M	120.13M	147.88M	104.14M	61.5M	49.37M	105.86M	54.47M	39.31M	30.1M	17.96M	19.83M	11.93M	14.36M	12M	13.1M	6.3M	11.9M
Pretax Margin %	2.16%	1.29%	1.78%	1.15%	1.12%	1.27%	-0.34%	0.34%	1.75%	-0.56%	0.54%	-0.28%	4.12%	2.74%	2.3%	3.33%	3.02%	2.06%	1.41%	4.45%	3.74%	3.03%	2.38%	1.44%	1.84%	1.21%	1.48%	1.23%	1.19%	0.63%	1.03%
Income Tax	41.23M	22.17M	30.06M	37.03M	39.63M	29.23M	-10.91M	13.05M	11.93M	-61.82M	6.91M	-242K	61.5M	53.81M	44.57M	51.05M	39.26M	21.93M	16.47M	37.08M	18.12M	13.22M	10.96M	6.26M	6.51M	2.89M	4.29M	3.6M	3.3M	2.2M	5.5M
Effective Tax Rate %	17.22%	15.67%	14.97%	21.84%	20.37%	18.18%	40.29%	46.43%	22.45%	301.21%	32.32%	2.09%	33.4%	35.99%	37.1%	34.52%	37.7%	35.66%	33.35%	35.02%	33.27%	33.64%	36.41%	34.87%	32.85%	24.21%	29.84%	30%	25.19%	34.92%	46.22%
Net Income	203.63M	95.71M	114.01M	101.19M	131.08M	103.99M	7.71M	18.31M	41.48M	41.2M	11.59M	-13.07M	109.73M	89.94M	79.48M	95.11M	64.66M	38.35M	32.9M	68.78M	36.35M	26.09M	19.14M	11.7M	13.32M	8.86M	10.08M	8.4M	9.8M	4.1M	6.4M
Net Margin %	1.84%	0.87%	1.01%	0.69%	0.76%	0.82%	0.1%	0.22%	1.36%	1.12%	0.3%	-0.31%	2.45%	1.65%	1.52%	2.14%	1.88%	1.29%	0.94%	2.89%	2.49%	2.01%	1.51%	0.94%	1.24%	0.9%	1.04%	0.86%	0.89%	0.41%	0.56%
Net Income Growth %	177.54%	-16.05%	12.67%	-22.8%	26.06%	1248.72%	-57.88%	-55.87%	0.69%	255.36%	188.73%	-111.91%	22%	13.16%	-16.43%	47.08%	68.61%	16.57%	-52.17%	89.24%	39.33%	36.27%	63.61%	-12.15%	50.38%	-12.12%	19.98%	-14.29%	139.02%	-35.94%	-37.25%
Net Income (Continuing)	198.24M	119.3M	170.7M	132.53M	154.95M	131.54M	-16.17M	15.06M	41.23M	42.61M	14.47M	-11.32M	122.64M	95.7M	75.56M	96.83M	64.88M	39.57M	30.1M	68.78M	36.35M	26.09M	19.14M	11.7M	10.76M	9.04M	10.08M	8.38M	9.75M	4.1M	6.4M
Discontinued Operations	0	0	0	0	12.03M	4.32M	1.96M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	36.45M	45.46M	233.65M	233.49M	231.17M	235.28M	198.77M	222.04M	46.44M	7.7M	16.34M	19.48M	20.95M	22.95M	17.03M	14.85M	13.13M	12.91M	11.69M	12.22M	0	0	0	0	0	0	0	1.2M	700K	600K	600K
EPS (Diluted)	5.95	2.80	3.32	2.94	3.81	3.07	0.23	0.55	1.46	1.46	0.41	-0.46	3.84	3.17	2.82	3.39	2.32	1.39	1.19	2.50	1.46	1.13	0.85	0.53	0.64	0.40	0.45	0.34	0.40	0.17	0.25
EPS Growth %	178.04%	-15.66%	12.93%	-22.83%	24.1%	1234.78%	-58.18%	-62.33%	0%	256.1%	189.13%	-111.98%	21.14%	12.41%	-16.81%	46.12%	66.91%	16.81%	-52.4%	71.23%	29.2%	32.94%	60.38%	-17.19%	60%	-11.11%	32.35%	-15%	135.29%	-32%	0%
EPS (Basic)	-	2.81	3.35	3.00	3.89	3.12	0.23	0.56	1.47	1.46	0.41	-0.46	3.85	2.13	2.85	3.42	2.34	1.40	1.21	2.57	1.51	1.17	0.88	0.55	0.65	0.41	0.45	0.35	0.40	0.17	0.25
Diluted Shares Outstanding	34.21M	34.18M	34.34M	34.42M	34.4M	33.85M	33.52M	32.69M	28.41M	28.22M	28.28M	28.41M	28.57M	28.34M	28.18M	28.03M	27.87M	27.66M	27.54M	27.49M	24.9M	23.15M	22.43M	21.94M	22.26M	21.96M	22.56M	24.4M	24.38M	24.6M	25.26M
Basic Shares Outstanding	33.93M	34.01M	34.03M	33.73M	33.7M	33.28M	33.52M	32.69M	28.22M	28.13M	28.19M	28.29M	28.5M	42.16M	27.92M	27.81M	27.63M	27.39M	27.1M	26.75M	24.02M	22.23M	21.75M	21.4M	21.8M	21.78M	22.56M	23.94M	24.18M	24.6M	25.26M
Dividend Payout Ratio	-	28.05%	23.04%	25.07%	18.77%	22.84%	298.37%	120.82%	44.93%	44.06%	149.75%	-	11.38%	13.33%	14.05%	8.57%	10.18%	16.55%	17.89%	5.71%	7.73%	9.4%	11.57%	17.17%	14.29%	21.53%	18.05%	19.24%	13.17%	24.39%	-

Key Metrics

Growth RegimeMixed

ProfitabilityWeak

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Thin Margin Compression Exposure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Stabilizing After Volatile Swings

Based on reported quarterly figures, ANDE's revenue hovered near $2.5B to $3.1B across the ten periods shown, with the most recent quarter showing 5.8% year-over-year growth after a run of negative prints.

The alternating pattern of declines and rebounds suggests revenue is driven more by commodity price and volume timing than by durable demand expansion. The Q3 2026 uptick may indicate stabilization, but a single quarter of growth does not establish a sustained trend and warrants monitoring across subsequent periods.

Thin Gross Margin Limits Pricing Power

As reported in the income statement, ANDE's gross margin ranged roughly from 4.8% to 10.1% over the period, with the most recent quarter at 6.4%, a level well below the 23% to 38% margins reported by peers such as Cal-Maine and Vital Farms.

This structure is consistent with a pass-through merchandising model in which the company earns a narrow spread on high volume. The wide range across quarters suggests gross profitability is highly sensitive to basis and crush spread movements. Limited structural pricing power appears evident relative to specialty-oriented peers.

Operating Leverage Remains Fragile

Reported operating margins swung from negative territory in one quarter to 5.5% in another, with the most recent quarter at 1.2%, indicating that operating income is highly sensitive to fixed-cost absorption.

Operating income appears to fluctuate far more than gross profit, implying that SG&A and fixed network costs absorb a large share of thin gross spreads. The lack of consistent scaling suggests overhead efficiency has not yet translated into durable operating leverage. Investors should monitor whether gross profit gains flow through to operating income.

EPS Beats Outpace Operating Trends

Based on EDBL's reported figures, Q2 2026 diluted EPS of $1.65 contrasts with operating income of $50.0M, and net income of $56.6M exceeds operating income, suggesting non-operating contributions played a material role.

Net income exceeding operating income in the latest quarter may reflect equity-method earnings from Renewables investments or mark-to-market effects from hedging, neither of which reflects core merchandising cash generation. The disconnect between earnings volatility and revenue trends warrants further investigation into the composition of reported net income.

Margin Compression Could Erode Earnings Base

With operating margins reported at just 1.2% in the most recent quarter and net margin at 1.6%, the earnings base has very little cushion against modest increases in logistics, energy, or financing costs.

The bear case centers on the possibility that thin margins are structural rather than cyclical, leaving little room for error if basis levels or ethanol spreads deteriorate. Earnings beats driven by non-operating items may not persist, and a reversion toward operating-level profitability would likely pressure reported EPS. Investors should treat recent profitability as potentially unsustainable until operating income shows consistent improvement.

ANDE — Frequently Asked Questions

Quick answers to the most common questions about buying ANDE stock.

What was The Andersons, Inc.'s (ANDE) revenue in 2025?

For fiscal year 2025, The Andersons, Inc. (ANDE) reported total revenue of $11.01B. This represents a 857.0% increase compared to $1.15B in 1996.

Is The Andersons, Inc. (ANDE) profitable?

The Andersons, Inc. (ANDE) is profitable, generating $95.7M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.

What is The Andersons, Inc.'s operating profit margin?

The Andersons, Inc. (ANDE) reported an operating income of $128.4M, resulting in an operating profit margin of 1.2%. This margin reflects the operational efficiency of the business before interest and taxes.

What is The Andersons, Inc.'s gross profit and gross margin?

The Andersons, Inc. (ANDE) generated $713.7M in gross profit for the year, representing a gross profit margin of 6.5%. This demonstrates the company's core pricing power and production efficiency.