Revenue growth remains under pressure with a 1.2% contraction in 2026Q1, while operating margins have compressed to a razor-thin 0.6% due to inefficient scaling of fixed costs.
| 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 | 10.98B | 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 % | -1.98% | -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 | 10.26B | 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 | 720.87M | 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 % | 6.57% | 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 | 602.27M | 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 | 467.68M | 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 | 1000K | 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 | 118.59M | 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 % | 1.08% | 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 | 217.57M | 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 % | 1.98% | 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 % | -38.57% | -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) | 98.98M | 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 | 169.1M | 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 | -35.1M | -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 | 700K | 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 | 52.64M | 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 | 53.56M | 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 | 172.15M | 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 % | 1.57% | 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 | 28.85M | 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 % | 16.76% | 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 | 128.62M | 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 % | 1.17% | 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 % | 18.31% | -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) | 147.16M | 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 | 41.3M | 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) | 3.76 | 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 % | 18.61% | -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 | 34.18M | 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 | 34.01M | 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% | - |
Commodity price and basis volatility
As indicated by recent financial disclosures, ANDE has experienced a sustained period of top-line decline, with revenue contracting by 1.2% year-over-year in 2026Q1, following a series of double-digit percentage drops throughout the 2024 fiscal year that highlight significant challenges in maintaining historical commodity merchandising volumes.
The consistent revenue erosion suggests that the company is struggling to navigate a cooling commodity price environment or is intentionally shedding lower-margin trading volumes to preserve capital. Investors should monitor whether this trend reflects a strategic pivot toward higher-value segments or a fundamental loss of market share in the competitive Eastern Corn Belt.
Based on reported figures, the company's gross margin profile remains thin and highly volatile, fluctuating between 4.0% and 10.1% over the last ten quarters, which underscores the inherent difficulty of extracting consistent profitability from high-volume, low-margin agricultural commodity merchandising and processing operations.
The narrow gross margin spread leaves little room for operational error, particularly when logistics costs or energy prices fluctuate. This structural limitation suggests that the company's profitability is disproportionately dependent on favorable basis movements rather than sustainable pricing power in its core segments.
According to recent SEC filings, ANDE's operating income has demonstrated extreme sensitivity to revenue shifts, with operating margins compressing to a razor-thin 1.17% in the most recent period, indicating that fixed costs associated with its physical infrastructure network are not scaling efficiently with current volume levels.
The inability to consistently expand operating margins during periods of revenue volatility suggests that the company's high fixed-cost base acts as a significant drag on profitability. This operational structure warrants further investigation into whether management can optimize its elevator and railcar utilization to improve bottom-line resilience.
As reported in financial statements, the significant disparity between operating income and net income, particularly in 2025Q1, suggests that non-operating items and derivative-driven mark-to-market fluctuations may be masking the underlying operational performance of the company's core agricultural and renewable energy business segments.
The reliance on hedging instruments creates a disconnect between reported earnings and actual cash-generating capacity, which may mislead investors regarding the company's true profitability. A deeper analysis of adjusted EBITDA is required to determine if the core business is actually generating sustainable value or merely reacting to market noise.
Quick answers to the most common questions about buying ANDE stock.
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.
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%.
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.
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.