The Andersons (ANDE) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and The Andersons published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. The Andersons reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• The Andersons bought the remaining 49.9% of The Andersons Marathon Holdings (four ethanol plants, now The Andersons Renewables) on July 31, 2025, so Q3 2026 Renewables income carries no noncontrolling interest share, while Q3 2025 still did for July.
• Q3 2026 Renewables results include $27 million of Section 45Z clean fuel production credits, which are not taxable and lowered the quarter's effective tax rate to 13%.

Source: The Andersons Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How The Andersons splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• The Andersons's Agribusiness revenue was $1.8 billion in Q3 2026, down 7% from $2.0 billion in Q3 2025, 65% of total revenue.
• The Andersons's Renewables revenue was $985 million in Q3 2026, up 43% from $689 million in Q3 2025, 35% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, The Andersons said:

“We anticipate a full-year adjusted effective rate of approximately 14%-18%.”

“We expect market dislocations and a solid eastern grain belt harvest to provide opportunities in the fourth quarter and into 2027”

“In Renewables, our ethanol de-bottlenecking project in Clymers, Indiana, remains on track, allowing an additional 30 million gallons to come online in mid-2027.”

Source: The Andersons Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ANDE forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP sales and merchandising revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for The Andersons's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

The Andersons reports two segments. Agribusiness merchandises and moves grain, feed ingredients and domestic fuel products and makes and sells plant nutrients; Renewables produces and sells ethanol and co-products from four ethanol plants and trades ethanol, co-products and renewable feedstocks. In Q3 2026 Agribusiness accounted for about 65% of sales and merchandising revenues and Renewables about 35%. (The Andersons Form 10-K, 2025, Feb 18, 2026; The Andersons Q3 2026 release, Nov 3, 2026)

Most of The Andersons' revenue sits outside the usual revenue accounting standard: about 85% of its sales contracts are derivatives under ASC 815, and only 15% fall under ASC 606. The ASC 606 portion, mostly in Agribusiness, was $282.6 million in the quarter, led by specialty and primary nutrients at $129.0 million. Because so much revenue is commodity sales, revenue moves with grain and fuel prices, and gross profit was $182.0 million on revenue of $2,833.7 million. (The Andersons Form 10-Q, Q3 2026, Nov 4, 2026; The Andersons Q3 2026 release, Nov 3, 2026)

Agribusiness sales and merchandising revenues fell by $140.0 million from a year earlier, which the 10-Q attributes mostly to portfolio optimization, including cutting back on underperforming merchandising businesses. Gross profit still rose by $9.9 million, helped by a $14.3 million improvement in merchandising on higher commodity prices and market volatility. Grain assets earned less because of a later eastern harvest and lower wheat storage income. (The Andersons Form 10-Q, Q3 2026, Nov 4, 2026)

Renewables sales and merchandising revenues rose by $296.0 million, almost all from higher volumes and commodity values in the renewable feedstocks business. Renewable feedstock volumes rose to 570,947 thousand pounds from 348,252 thousand, while ethanol gallons sold dipped to 175,836 thousand from 182,469 thousand. All four ethanol plants completed scheduled fall maintenance in the quarter, including an extended shutdown at Clymers, Indiana. (The Andersons Form 10-Q, Q3 2026, Nov 4, 2026; The Andersons Q3 2026 release, Nov 3, 2026)

The Andersons earned $1.36 a diluted share in Q3 2026 on GAAP net income attributable to the company of $46.4 million, up from $0.59. Adjusted EPS was $1.38. The only adjustment this quarter was $1.0 million of severance expense, worth $0.02 a share. A year earlier the adjustments were worth $0.25 a share and included an asset impairment, acquisition costs and insured inventory and property recoveries. (The Andersons Q3 2026 release, Nov 3, 2026)

Other income was a large part of the quarter: $31.3 million, which includes Section 45Z clean fuel production credits recognized in Renewables. The release puts the 45Z credits at $27 million and says they are non-taxable, which is why income tax expense of $7 million gave an effective tax rate of 13%. The Andersons also agreed to sell most of the 2026 45Z credits it is generating, with most of the cash expected later this year. (The Andersons Form 10-Q, Q3 2026, Nov 4, 2026; The Andersons Q3 2026 release, Nov 3, 2026)

By segment, Renewables pretax income was $63.0 million and Agribusiness adjusted pretax income attributable to the company was $8.8 million, while Other, which holds corporate costs, lost $17.6 million. The Andersons has used about $36.7 million of its $100 million repurchase authorization, which runs to August 15, 2027. (The Andersons Q3 2026 release, Nov 3, 2026; The Andersons Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

The Andersons gives no revenue or EPS outlook in its release. The one numeric forward figure is a full-year 2026 adjusted effective tax rate of about 14% to 18%. CEO Bill Krueger said he expects market dislocations from western drought and a solid eastern harvest to create opportunities in the fourth quarter and into 2027, and the company discusses its outlook on the earnings call. (The Andersons Q3 2026 release, Nov 3, 2026)

Two projects carry dates. The Port of Houston soybean meal export project is operational and booking shipments for the rest of 2026 and into 2027, and the Clymers, Indiana, ethanol debottlenecking project is on track to add 30 million gallons in mid-2027. Long-term debt to EBITDA is below the company's target of less than 2.5 times. (The Andersons Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover The Andersons, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones The Andersons's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ANDE is on is ANDE a buy or a sell?, what analysts expect next is on the ANDE forecast, and what the company does is on the The Andersons (ANDE) stock page.

Every number on this page can be traced to a document The Andersons published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.