The Renewables segment continues to drive outperformance on ethanol demand and tax credits. Monitor the August 4 conference call for any updated FY2026 guidance or commentary on ethanol margin sustainability and the Clymers debottlenecking timeline. The revenue miss is a caution, but the earnings quality is high with cash generation improving.
Price Chart
Executive Summary
Andersons reported Q2 2026 GAAP diluted EPS of $1.65, 11.5% above consensus of $1.48, driven by a record quarter in Renewables (pretax income $65M, adjusted $88M) on strong ethanol demand and $24M in 45Z tax credits. Revenue of $3.098B missed consensus of $3.26B by 5.0%, but adjusted EBITDA more than doubled to $140M from $65M a year ago. The earnings beat confirms the strong momentum from Q1, though the revenue miss and lack of explicit guidance temper the read-through.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $1.65 vs consensus $1.48 (beat 11.5%); adjusted EPS of $2.15
- Revenue $3.098B vs consensus $3.26B (miss 5.0%); YoY revenue declined 1.2%
- Adjusted EBITDA $140M vs $65.2M in Q2 2025 (+115% YoY)
- Renewables segment record pretax income $65M (adjusted $88M) vs $17M in Q2 2025
- Agribusiness adjusted pretax income $20M, modestly improved from $17M last year
- Cash from operations before working capital $113M vs $43M in Q2 2025; capex $76M
- Net income attributable to Andersons $56.6M vs $7.9M in Q2 2025
Financial Impact
EPS beat by $0.17 (11.5%) on record Renewables results; adjusted EBITDA surge of $75M YoY
Risk Factors
- Ethanol margin compression if gasoline prices decline or corn costs rise
- Revenue decline YoY signals potential headwinds in agribusiness merchandising volumes
- Lack of explicit forward guidance leaves uncertainty on H2 2026 trajectory
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000821026-26-000120 |
| Document: ande-20260803.htm | 0000821026-26-000120 |
| Document: 0000821026-26-000120-index-headers.html | 0000821026-26-000120 |
| Document: 0000821026-26-000120-index.html | 0000821026-26-000120 |
| Document: 0000821026-26-000120.txt | 0000821026-26-000120 |
| 8-K Data (Synthetic) | 0000821026-26-000120 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 8w ago | 8-K | $74.48 $67.26 | ▼ −9.69% | ▼ −8.46% | $67.72 (−9.08%) |
Aug 3, 2026 8w ago | Press Release | $74.48 $67.26 | ▼ −9.69% | ▼ −8.46% | $67.72 (−9.08%) |
Jun 18, 2026 15w ago | 8-K | $71.22 $76.20 | ▲ +6.99% | ▲ +6.46% | $67.72 (−4.91%) |
May 5, 2026 21w ago | 8-K | $68.23 $72.91 | ▲ +6.86% | ▲ +4.08% | $67.72 (−0.75%) |
Mar 17, 2026 28w ago | Insider Cluster | $69.75 $70.63 | ▲ +1.27% | ▼ −3.03% | $67.72 (−2.90%) |
Mar 12, 2026 29w ago | Insider Cluster | $71.04 $74.52 | ▲ +4.90% | ▲ +2.92% | $67.72 (−4.68%) |
Mar 12, 2026 29w ago | Insider Cluster | $71.04 $74.52 | ▲ +4.90% | ▲ +2.92% | $67.72 (−4.68%) |
Mar 11, 2026 29w ago | DEFA14A | $67.60 $74.22 | ▲ +9.79% | ▲ +9.27% | $67.72 (+0.18%) |
US Market Status
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