Andersons, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Andersons, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,925	3,686	3,045	8,003	8,065	12,612	17,325	14,750	11,258	11,009
Cost of revenue	3,579	3,368	2,743	7,542	7,698	12,019	16,641	14,005	10,564	10,295
Gross profit	346	319	302	461	366	593	684	745	694	714
Operating expenses	316	287	258	437
Other non-operating income	12.5	22.5	16	18.5	18.2	37.4	33.8	50.5	42.2	78.3
Pre-tax income	21.4	-20.5	53.2	13	-27.1	161	195	170	201	141
Income tax	6.91	-63.1	11.9	9.15	-10.9	29.2	39.6	37	30.1	22.2
Income from continuing operations				7.12	5.75	99.7	119	101	114	95.7
Net income to minority interests	2.88	0.1	-0.26	-3.25	-21.9	31.9	35.9	31.3	56.7	23.6
Net income	11.6	42.5	41.5	18.3	7.71	104	131	101	114	95.7
EPS, basic	0.41	1.51	1.47	0.56	0.23	3.12	3.89	3.00	3.35
EPS, diluted	0.41	1.50	1.46	0.55	0.23	3.07	3.81	2.94	3.32
Shares, basic (weighted)	28.2	28.1	28.3	32.6	32.9	33.3	33.7	33.7	34	34
Shares, diluted (weighted)	28.4	28.3	28.5	33.1	33.2	33.9	34.4	34.4	34.3	34.3
Dividend per share	0.63	0.65	0.67	0.69	0.70	0.71	0.73	0.75	0.77	0.79

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	62.6	34.9	22.6	54.9	29.1	216	115	644	562	98.3
Receivables	195	183	207	536	641	835	1,249	763	765	652
Inventory	683	649	691	1,171	1,293	1,815	1,732	1,167	1,287	1,365
Other current assets	72.1	63.8	50.7	75.7	99.5	74.5	74.5	55.8	88.3	125
Total current assets	1,058	999	1,023	1,945	2,416	3,372	3,466	2,807	2,850	2,376
Property, plant and equipment	450	385	477	938	860	786	763	693	868	940
Lease right-of-use assets			0	76.4	33.4	52.1	61.9	54.2	105	109
Goodwill	63.9	6.02	1.86	131	132	129	129	128	128	128
Intangible assets	106	113	99.1	175	140	117	101	85.6	69.3	63.5
Other non-current assets	10.4	12.6	22.3	45.6	46.9	69.1	87.2	87	101	397
Total assets	2,233	2,162	2,392	3,901	4,272	4,569	4,608	3,855	4,121	3,713
Accrued liabilities	69.6	69.6	79	176	153	230	246	232	227	208
Deferred revenue				134	178	358	371	187	194	195
Short-term debt	47.5	54.2	227	62.9	69.4	32.3	110	27.6	36.1	63.4
Total current liabilities	800	739	833	1,440	1,932	2,464	2,521	1,636	1,731	1,686
Long-term debt	397	418	496	1,016	886	600	493	563	608	560
Lease liabilities			0	51.1	19.8	31.3	37.1	31.7	65.3	71.5
Other non-current liabilities	27.8	33.1	32.2	51.7	55.2	78.5	63.2	49.1	117	176
Total liabilities	1,442	1,339	1,515	2,705	3,111	3,262	3,178	2,339	2,521	2,423
Total debt	445	473	518	1,079	956	633	493	563	608	560
Paid-in capital	223	225	224	345	349	369	385	387	386	208
Retained earnings	609	633	648	643	626	703	808	883	971	1,039
Treasury stock	-45.4	-40.3	-35.3	-7.34	-0.97	-0.26	-15	-10.3	-2.86	-14.1
Other comprehensive income	-12.5	-2.7	-6.39	-7.23	-12.1	1.19	20.5	22.9	12.6	11.3
Shareholders' equity	774	815	830	974	962	1,072	1,199	1,283	1,366	1,245
Minority interests	16.3	7.7	46.4	222	199	235	231	233	234	45.5
Total equity	791	823	877	1,196	1,161	1,308	1,430	1,516	1,600	1,290
Total liabilities and equity	2,233	2,162	2,392	3,901	4,272	4,569	4,608	3,855	4,121	3,713

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.5	42.6	41.2	15.1	-14.2	136	167	133	171	119
Depreciation and amortization	84.3	86.4	90.3	146	189	179	135	125	128	133
Stock-based compensation	6.99	6.1	6.62	16.2	10.2	11	11.2	12.9	13.6	17
Deferred income tax	6.03	-63.2	11	3.56	25.8	0.2	-17.5	-1.96	-3.37	-8.66
Change in inventory	28.2	16.1	-44.1	-1.58	-139	-528	56.9	572	87.9	-72.4
Change in payables	-94.7	-5.62	-69.9	104	123	668	230	-564	-102	-144
Cash from operations	39.6	75.3	-35.5	349	-74.4	-51.1	287	947	332	177
Capital expenditures	-77.7	-34.6	-143	-165	-77.1	-75.8	-108	-150	-149	-233
Acquisitions	0	-3.51	-2.25	-103	0	-11.4	-20.2	-24.7	-29.2	0
Cash from investing	-28.2	-113	-186	-325	-86.8	487	-52.9	-154	-163	-195
Debt issued	81.8	85.2	132	923	472	203	0	100	67	14.7
Debt repaid	-97.6	-57.2	-121	-608	-560	-531	-30	-49.6	-83.6	-36.2
Stock issued				0	0	6.67	5.02
Share buybacks	0	0			0	0	-12.7	-1.75	-2.3	-15.4
Dividends paid	-17.4	-18.2	-18.6	-22.1	-23	-23.7	-24.6	-25.4	-26.3	-26.8
Cash from financing	-12.5	10.5	209	8.71	136	-249	-335	-264	-250	-447
Exchange rate effect		0	0	0.07	-0.88	-0.11	-0.66	-0.29	-0.16	1.98
Net change in cash	-1.12	-27.7	-12.3	32.3	-25.8	187	-101	529	-82.1	-463
Free cash flow	-38.2	40.7	-178	183	-152	-127	179	796	182	-56.1
Interest paid	21.4	24	29.6	43.4	33.9	38.2	56.7	47	31.1	46
Income taxes paid	-10.6	2.07	-5.4	2	2.4	51.7	88.7	45.7	31.5	16.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $66.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	7.2%	Gross profit / revenue.
Pre-tax margin	2.0%	Pre-tax income / revenue.
Net margin	1.6%	Net income / revenue.
FCF margin	0.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.9%	Cash from operations / revenue.
Effective tax rate	15.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.1%	Net income / average total assets.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-16.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	65.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-46.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-14.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-130.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	2.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-8.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.51x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.9%	Total debt / total assets.
Liabilities / assets	60.9%	Total liabilities / total assets.
Net debt	$519.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$702.7M	Current assets - current liabilities.
Tangible book value	$1.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.15x	Revenue / average total assets.
Fixed asset turnover	11.2x	Revenue / average property, plant and equipment.
Inventory turnover	10.6x	Cost of revenue / average inventory.
Days inventory	35 days	365 x average inventory / cost of revenue.
Receivables turnover	14.5x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
FCF conversion	32.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	82.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$319.18	Revenue / diluted weighted shares.
FCF per share	$1.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.39	Cash from operations / diluted weighted shares.
Book value per share	$38.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$38.48	Tangible book value / shares outstanding.
Cash per share	$1.94	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	47.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.28B	Share price x shares outstanding.
Enterprise value	$2.80B	Market cap + total debt - cash - short-term investments.
P/E	12.8x	Market cap / net income. Only when net income is positive.
P/S	0.21x	Market cap / revenue.
P/B	1.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.73x	Market cap / tangible book value, when positive.
P/FCF	40.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.07x	Market cap / cash from operations, when positive.
EV/Sales	0.26x	Enterprise value / revenue.
EV/FCF	49.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.

What was Andersons, Inc.'s revenue in fiscal 2025?

Andersons, Inc. reported revenue of $11.01B for fiscal 2025, 2.2% lower than the year before.

Was Andersons, Inc. profitable in fiscal 2025?

Yes. Net income was $95.7M, a net margin of 0.9%.

How much free cash flow did Andersons, Inc. generate in fiscal 2025?

Cash from operations of $177.0M minus capital expenditures of $233.1M left free cash flow of -$56.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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