
The Andersons, Inc. (Nasdaq: ANDE), a diversified agribusiness and renewables company, today announced its financial results for the second quarter ended June 30, 2025. In a major strategic move, the company also confirmed the acquisition of the remaining ownership interest in The Andersons Marathon Holdings LLC (TAMH), reinforcing its commitment to growth in the renewable fuels sector.
Second Quarter 2025 Financial Performance
For the second quarter of 2025, The Andersons reported net income of $8 million, or $0.23 per diluted share, with adjusted net income of $0.24 per diluted share. The company’s adjusted EBITDA came in at $65 million, reflecting its ongoing operational efficiency despite challenging market conditions in some of its segments.
The company’s Renewables segment delivered pretax income of $17 million, of which $10 million was attributable to The Andersons, supported by solid operational execution across its ethanol facilities. Meanwhile, the Agribusiness segment posted pretax income of $19 million, with an adjusted pretax income of $17 million.
Strategic Acquisition of The Andersons Marathon Holdings
A key highlight this quarter was the acquisition of the remaining 49.9% ownership stake in TAMH from a subsidiary of Marathon Petroleum Corporation. The purchase, finalized on July 31, 2025, came at a total cost of $425 million, which includes $40 million in working capital, resulting in a net purchase price of $385 million.
The transaction was funded through a combination of cash on hand and existing credit facilities, demonstrating the company’s strong liquidity and prudent financial strategy.
“Over the past several years, we’ve clearly communicated our disciplined approach to capital allocation aimed at expanding our footprint in the ethanol sector. This transaction perfectly aligns with our long-term strategy and provides immediate value to shareholders,” said Bill Krueger, President and CEO of The Andersons. “We already operate the TAMH facilities with Andersons employees, which minimizes integration risk and provides a seamless transition.”
Krueger emphasized that this acquisition effectively doubles the company’s financial stake in the ethanol industry, marking it as a critical step forward in its broader Renewables growth strategy. The acquired facilities are expected to benefit from continued demand for renewable fuels and supportive regulatory trends.
Following the closing of the deal, TAMH has been renamed The Andersons Renewables, LLC, and the company now owns 100% of its four ethanol plants located in Albion, Michigan; Clymers, Indiana; Greenville, Ohio; and Denison, Iowa, with a combined annual production capacity of 500 million gallons.
“We are proud of our successful partnership with Marathon and grateful for the value we created together. Moving forward as the sole owner gives us greater flexibility, faster decision-making, and the ability to unlock more value from these assets,” Krueger added.
Grain Infrastructure Investments and Business Integration
The company is also progressing with its previously announced infrastructure project at the Port of Houston, aimed at enhancing grain handling efficiency and increasing U.S. soybean meal export capacity. This initiative is being driven in part by potential regulatory changes stemming from the EPA’s proposed renewable volume obligations (RVOs). Project completion is expected by mid-2026.
Simultaneously, The Andersons continues to streamline and integrate operations following the realignment of its Trade and Nutrient businesses, which includes the recent addition of assets from Skyland Grain, LLC to its Agribusiness portfolio.
“We’re completing a successful wheat harvest and preparing our facilities for what looks to be a significant fall harvest,” Krueger said. “Near-record U.S. corn plantings present merchandising and grain asset utilization opportunities into 2026.”

Financial Health and Liquidity
Executive Vice President and CFO Brian Valentine underscored the company’s strong cash generation and healthy balance sheet:
“Our businesses continue to deliver solid operating cash flows, allowing us to internally fund major capital investments like the TAMH acquisition. Even after this transaction, our long-term debt-to-EBITDA ratio remains below our target of 2.5x, and we maintain ample liquidity.”
In the second quarter of 2025, cash provided by operating activities totaled $299 million, slightly below the $304 million in the prior-year period. Cash from operations before working capital changes stood at $43 million, compared to $89 million in Q2 2024. Capital expenditures for the quarter reached $49 million, a $20 million increase from the previous year, reflecting continued investment in growth initiatives.
Segment Highlights
Agribusiness
The Agribusiness segment reported pretax income of $19 million and adjusted pretax income of $17 million for Q2 2025. These figures mark a decline from $29 million and $33 million, respectively, in the second quarter of 2024. The segment’s adjusted EBITDA was $46 million, compared to $56 million in the prior year.
The company saw year-over-year improvement in nutrient sales, fueled by strong nitrogen demand due to increased corn planting. However, persistent surplus grain inventories and tepid demand in the Western U.S. created pricing pressure, reducing forward contracting and impacting both asset utilization and merchandising operations.
Looking ahead, the company anticipates that a large fall harvest and limited on-farm grain storage will drive higher grain availability at favorable pricing. These factors are expected to enhance merchandising opportunities in the second half of 2025 and into 2026.
Renewables
The Renewables segment delivered pretax income of $17 million and $10 million attributable to The Andersons in Q2 2025. This compares to $39 million and $23 million, respectively, in the same period last year. The segment’s EBITDA was $30 million, down from $52 million in Q2 2024.
Despite the year-over-year decline, ethanol plants continued to operate efficiently, achieving higher yields and greater production. However, weaker board crush margins, a strong eastern corn basis, and rising natural gas costs weighed on profitability. Co-product values also softened due to competitive pressure from an oversupplied soybean meal market.
Encouragingly, ethanol margins improved in July, supported by strong domestic and export demand and expectations of lower corn costs following the upcoming harvest. The company expects this momentum to carry into the second half of the year.
Future quarterly results will reflect 100% of earnings from the ethanol plants, previously partially attributed to a noncontrolling interest, creating further earnings accretion. In addition, regulatory developments are paving the way for carbon capture initiatives, with a Class VI well permit filed on the company’s behalf at its Clymers, Indiana facility, signaling potential for carbon sequestration.