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Andersons (ANDE) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Andersons (ANDE) Q3 2026 earnings results →

Q3 2026 Revenue up 6% year over year to $2.8B · 2¢ of every $1 of revenue kept as net profit · operating margin 1.8%

Andersons made $2.8B in Q3 2026 (+6% Y/Y). Operating margin 1.8%, net earnings $46.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$2.8B
Year over year+6%
Operating margin1.8%
Net earnings$46.4M
Operating cash flow−$124M

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Andersons Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $2.8B in Q3 2026, up 6% year over year and down 9% from the previous quarter.

Gross margin was 6.4%, unchanged from Q3 2025. Operating profit was $0.05B, a 1.8% margin (up 0.8 points year over year). Of the extra revenue versus Q3 2025, 16% reached operating profit, above the 1% margin then. Operating expenses fell 9% while revenue rose 6%. Net earnings were $0.05B, up 131% year over year. The effective tax rate was 13.4%.

Operating cash flow was −$0.12B. Non-cash charges added back $0.04B of depreciation and amortization. Working capital and other items used $0.20B. Capital expenditures of $0.06B exceeded it, leaving free cash flow of −$0.18B.

Quarterly history

Andersons revenue by quarterAndersons revenue by quarter$2.7BQ1 2025$3.1BQ2 2025$2.7BQ3 2025$2.5BQ4 2025$2.6BQ1 2026$3.1BQ2 2026$2.8BQ3 2026
Andersons net earnings by quarterAndersons net earnings by quarter$5.3MQ1 2025$7.9MQ2 2025$20.1MQ3 2025$67.4MQ4 2025$33.2MQ1 2026$56.6MQ2 2026$46.4MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$2.8B+6%1.8%$46.4M−$124M
Q2 202610-QAug 4, 2026$3.1B-1%2.2%$56.6M$488M
Q1 202610-QMay 6, 2026$2.6B-1%1.3%$33.2M−$394M
Q4 202510-KFeb 18, 2026$2.5B-19%3.5%$67.4M−$6.2M
Q3 202510-QNov 5, 2025$2.7B+2%1.0%$20.1M$234M
Q2 202510-QAug 5, 2025$3.1B+12%0.8%$7.9M$299M
Q1 202510-QMay 7, 2025$2.7B-2%0.1%$5.3M−$350M

Charts

Andersons: revenue growth, year over year and quarter over quarterAndersons: revenue growth, year over year and quarter over quarterY/YQ/Q-2%Q1 2025+12%+18%Q2 2025+2%-15%Q3 2025-19%-5%Q4 2025-1%+4%Q1 2026-1%+18%Q2 2026+6%-9%Q3 2026
Latest (Q3 2026): Y/Y +6%, Q/Q -9%.
Andersons: where the cash came from (+) and went (−), TTM to Q3 2026Andersons: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)$451MCapital spending−$258MOther financing−$152MOperating cash flow−$36.2MDividends−$27.3MCash drawn (+) / kept (−)$23.3MBuybacks−$19.1MOther investing$18.8MExchange rates−$533KPartners−$290K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Andersons: profit against cash, quarter by quarterAndersons: profit against cash, quarter by quarterNet incomeOperating cash flow$54.1M$269MQ4 2024$5.3M−$350MQ1 2025$16.8M$299MQ2 2025$26.1M$234MQ3 2025$71.1M−$6.2MQ4 2025$29.3M−$394MQ1 2026$53.9M$488MQ2 2026$43.9M−$124MQ3 2026
Latest (Q3 2026): Net income $43.9M, Operating cash flow −$124M.
Andersons: diluted shares by fiscal yearAndersons: diluted shares by fiscal year33MFY202034MFY202134MFY202234MFY202334MFY202434MFY2025
+3.5% since FY2020: more shares outstanding (issuance, stock pay).
Andersons in its industry: growth against margin (5 companies, SIC 5150)Andersons in its industry: growth against margin (5 companies, SIC 5150)revenue growth, year over year →↑ operating marginmedian +6%median 6%CHSCPSEBUVVPYYXANDE (+6%, 2%)
Wholesale-Farm Product Raw Materials; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Andersons

The Andersons, Inc. (the "Company") is a leading, nimble North American agriculture and renewable fuels company. Founded in Maumee, Ohio in 1947, the Company is a significant player in the North American agricultural and renewable fuels supply chains. The Company's operations are classified into two reportable business segments: Agribusiness and Renewables. Both of these segments are organized based upon the nature of products and services offered and aligns with the management structure. See Note 10 to the Consolidated Financial Statements in Item 8 for information regarding business segments.

In its own words, from its 10-K, filed Feb 18, 2026.

Andersons against its Wholesale-Farm Product Raw Materials peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +6%. Operating margin: 1.8% against the peers' median 5.8%.

CompanyQuarterRevenueY/YOp. margin
ANDE AndersonsQ3 2026$2.8B+6%1.8%
CHSCP CHSQ4 FY26$10.4B+21%5.8%
SEB SeaboardQ3 2026$2.8B+9%0.5%
UVV UniversalQ2 FY27$617M-18%6.9%
PYYX Pyxus InternationalQ2 FY27$534M-6%7.5%

Source: Andersons 10-Q on SEC EDGAR · CIK 821026 · Wholesale-Farm Product Raw Materials

Guidance and outlook

Andersons: what its forward-looking statements are about (10-Q filed 2026-11-04)Andersons: what its forward-looking statements are about (10-Q filed 2026-11-04)Financing4Other2Deals1Tax1Legal & regulation1
9 statements; tone -0.22 (−1 all cautious, +1 all confident); 1 hedged.
Andersons: outlook statements against the filing beforeAndersons: outlook statements against the filing beforeConfident1Cautious3

13F: who owns ANDE and who is buying

Largest holders of ANDE (13F)Largest holders of ANDE (13F)BlackRock$428MVanguard Group$215MVanguard Portfolio Management LLC$167MDimensional Fund Advisors LP$161MInvesco$112MState Street$99.4MVanguard Capital Management LLC$99.1MRubric Capital Management LP$68.4MGeode Capital Management, LLC$68.3MJanus Henderson Group$61.8M
Funds' net buying of ANDE by quarter (13F)Funds' net buying of ANDE by quarter (13F)$3.5M2024-09$7.3M2024-12$8.7M2025-03−$25.3M2025-06−$61.4M2025-09$47.0M2025-12$81.4M2026-03$26.4M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ANDE

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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