Andersons Q3 earnings rise to $46.4M, EPS hits $1.36
Management anticipates a full-year adjusted effective tax rate of approximately 14%–18%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Andersons, Inc. (ANDE) reported third-quarter 2026 net income attributable to the company of $46.445 million, or $1.36 per diluted share, versus $20.138 million, or $0.59, a year earlier. Adjusted net income attributable to the company was $47.201 million, and adjusted diluted EPS was $1.38. Revenue was $2.833715 billion, compared with $2.677712 billion; adjusted EBITDA was $101.364 million, versus $78.299 million. Renewables reported $63.008 million in pretax income and recognized $27 million of 45Z producer tax credits.
Cash used in operating activities was $124.223 million, compared with $233.882 million provided in Q3 2025; cash from operations before working capital changes was $83.445 million versus $68.461 million. Capital spending was $60 million. The company agreed to sell most of the 2026 45Z tax credits it is generating, with most cash expected later this year. Its Clymers, Indiana, ethanol debottlenecking project remains on track to bring an additional 30 million gallons online in mid-2027. The Port of Houston soybean meal export project is operational, and the company is booking shipments for the remainder of 2026 and into 2027.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 revenue rose to $2.833715 billion from $2.677712 billion.
- Moderate pointRecord Q3 net income attributable was $46.445 million, versus $20.138 million.
- Moderate pointAdjusted EBITDA rose to $101.364 million from $78.299 million.
Negative
- Moderate pointQ3 operating activities used $124.223 million, versus $233.882 million provided in 2025.
Filing Explained
The report’s additional balance-sheet snapshot is dated
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $2.833715 billion
Net income attributable to The Andersons, Inc.: $46.445 million
Diluted EPS: $1.36 per share
+5 more
8 metrics
Revenue
$2.833715 billion
Three months ended September 30, 2026; $2.677712 billion in 2025.
Net income attributable to The Andersons, Inc.
$46.445 million
Third quarter 2026; $20.138 million in 2025.
Diluted EPS
$1.36 per share
Third quarter 2026; $0.59 per share in 2025.
Adjusted diluted EPS
$1.38 per share
Third quarter 2026; $0.84 per share in 2025.
Adjusted EBITDA
$101.364 million
Third quarter 2026; $78.299 million in 2025.
Cash used in operating activities
$124.223 million used
Three months ended September 30, 2026; $233.882 million provided in 2025.
45Z producer tax credits
$27 million
Recognized in the third quarter of 2026.
Adjusted effective tax rate
Approximately 14%–18%
Anticipated full-year rate.
Key Terms
Adjusted EBITDA, 45Z producer tax credits, working capital, effective tax rate
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $101 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
45Z producer tax credits financial
"record third quarter pretax income of $63 million"
working capital financial
"cash from operations before working capital changes"
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
effective tax rate financial
"resulting in an effective tax rate of 13%"
The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.
Earnings Snapshot
Revenue: $2.833715 billion · Guidance included
Third quarter ended September 30, 2026
Revenue
$2.833715 billion
Compared with $2.677712 billion in Q3 2025.
Net income attributable to The Andersons, Inc.
$46.445 million
Compared with $20.138 million in Q3 2025.
Diluted EPS
$1.36 per share
Compared with $0.59 per share in Q3 2025.
Adjusted EBITDA
$101.364 million
Compared with $78.299 million in Q3 2025.
Guidance
Full-year adjusted effective tax rate of approximately 14%–18%.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did ANDE earn in Q3 2026?
ANDE reported net income attributable to The Andersons, Inc. of $46.445 million for Q3 2026 and diluted EPS of $1.36 per share, compared with $20.138 million and $0.59 per share in Q3 2025.
What was ANDE's operating cash flow in Q3 2026?
ANDE used $124.223 million in operating cash in Q3 2026, compared with $233.882 million provided in Q3 2025. Cash from operations before working capital changes was $83.445 million in Q3 2026 and $68.461 million in Q3 2025.
What adjusted effective tax rate does ANDE expect for 2026?
ANDE anticipates a full-year adjusted effective tax rate of approximately 14%–18%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | |||||
__________________________________________
The Andersons, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
| (State of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(419 ) 893-5050
(Registrant’s telephone number, including area code)
__________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[☐ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[☐ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[☐ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[☐ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol | Name of each exchange on which registered: | ||||||||||||
__________________________________________
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
[☐ ] Emerging growth company
[☐] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition
The Andersons, Inc. issued a press release announcing its third quarter 2026 earnings. This press release is attached as Exhibit 99.1 to this filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
| Exhibit No. | Description | |||||||
| 99.1 | Third Quarter 2026 Earnings Release | |||||||
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| The Andersons, Inc. | |||||||||||
| November 3, 2026 | By: | /s/ Brian A. Valentine | |||||||||
| Brian A. Valentine | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
Exhibit 99.1
NEWS RELEASEThe Andersons, Inc. Reports Third Quarter Results
MAUMEE, OHIO, November 3, 2026 - The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the third quarter ended September 30, 2026.
Financial Highlights:
•Record third quarter net income attributable to The Andersons of $46 million or $1.36 per diluted share and adjusted net income attributable of $47 million, or $1.38 per diluted share
•Adjusted EBITDA of $101 million
•Renewables reports record third quarter pretax income of $63 million on efficient operations and higher co-product values
•Agribusiness pretax income attributable to The Andersons of $5 million and adjusted pretax income of $9 million on increased market volatility
"Our third quarter results reflect significant year-over-year improvement in both Renewables and Agribusiness," said President and CEO Bill Krueger. "Renewables delivered strong quarterly results from our production assets with operational execution, higher co-product values, and lower eastern corn basis. Ethanol and corn-oil yields improved year-over-year. In the quarter, we recognized $27 million of 45Z tax credits as a result of our low-carbon strategies."
"Agribusiness delivered improvement over last year with the merchandising businesses executing on market opportunities. This resulted from higher commodity prices and increased volatility, primarily from western grain belt weather variability and production uncertainty during the quarter. We expect market dislocations and a solid eastern grain belt harvest to provide opportunities in the fourth quarter and into 2027," added Krueger.
"The completed organic growth projects we have discussed in past quarters are delivering at or above our original estimates. The Port of Houston's soybean meal export project is now operational, and we are actively booking shipments for the remainder of 2026 and into 2027,” continued Krueger. "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. We are pursuing additional opportunities to reduce the carbon intensity at all plants to maximize the value of low-carbon ethanol. Looking ahead, we remain optimistic about the opportunities across our businesses, particularly in the renewable fuels and feedstocks supply chains. Growing worldwide demand for low-carbon fuels and continued progress on our strategic investments will position us to capitalize on evolving market opportunities and create long-term value for our shareholders.”
| $ in millions, except per share amounts | ||||||||||||||||||||
| Q3 2026 | Q3 2025 | Variance | YTD 2026 | YTD 2025 | Variance | |||||||||||||||
Pretax Income | $ | 50.7 | $ | 25.8 | $ | 24.9 | $ | 151.9 | $ | 53.9 | $ | 98.0 | ||||||||
Pretax Income Attributable to the Company1 | 53.2 | 19.9 | 33.3 | 160.9 | 34.0 | 126.9 | ||||||||||||||
Adjusted Pretax Income Attributable to the Company1 | 54.2 | 31.1 | 23.1 | 191.2 | 49.3 | 141.9 | ||||||||||||||
Agribusiness1 | 8.8 | 2.5 | 6.3 | 47.0 | 19.2 | 27.8 | ||||||||||||||
Renewables1 | 63.0 | 46.3 | 16.7 | 191.0 | 71.2 | 119.8 | ||||||||||||||
Other1 | (17.6) | (17.7) | 0.1 | (46.7) | (41.1) | (5.6) | ||||||||||||||
Net Income Attributable to the Company | 46.4 | 20.1 | 26.3 | 136.2 | 28.3 | 107.9 | ||||||||||||||
Adjusted Net Income Attributable to the Company1 | 47.2 | 28.5 | 18.7 | 158.9 | 40.9 | 118.0 | ||||||||||||||
Diluted Earnings Per Share (EPS) | 1.36 | 0.59 | 0.77 | 3.97 | 0.82 | 3.15 | ||||||||||||||
Adjusted EPS1 | 1.38 | 0.84 | 0.54 | 4.63 | 1.19 | 3.44 | ||||||||||||||
EBITDA1 | 100.4 | 69.0 | 31.4 | 302.8 | 189.0 | 113.8 | ||||||||||||||
Adjusted EBITDA1 | $ | 101.4 | $ | 78.3 | $ | 23.1 | $ | 333.1 | $ | 200.7 | $ | 132.4 | ||||||||
1 Non-GAAP financial measures; see appendix for explanations and reconciliations. | ||||||||||||||||||||
Cash, Liquidity, and Long-Term Debt Management
"Our strong earnings performance and cash flow generation enable us to continue investing in growth opportunities across the company," said Executive Vice President and CFO Brian Valentine. "Our long-term debt to EBITDA remains well below our target of less than 2.5 times, and we believe our balance sheet provides the flexibility to support our growth strategy. We are also pleased to announce a recent agreement to sell the majority of the 2026 45Z tax credits that we are generating, with most of the cash expected to be received later this year."
Cash used in operating activities for the third quarter of 2026 was $124 million compared with cash provided of $234 million in 2025. Cash from operations before working capital changes in the third quarter of 2026 and 2025, respectively, was $83 million and $68 million, respectively. Cash spent on capital projects in the third quarter of 2026 totaled $60 million, compared to $67 million in 2025, which represents both growth investments and capital incurred to maintain existing operations.
Third Quarter Segment Overview
Agribusiness Reports Improved Third Quarter on Merchandising Activities
Agribusiness recorded pretax income of $5 million and adjusted pretax income attributable to the company of $9 million for the quarter, compared to pretax income of $1 million and adjusted pretax income attributable to the company of $2 million in the third quarter of 2025.
The segment showed improvement in a dynamic environment. The merchandising businesses showed the largest year-over-year improvement, driven by higher commodity prices and increased volatility. Grain asset performance was down compared to 2025 due to a later eastern harvest and a decline in space income for wheat. The third quarter is a seasonally low quarter for fertilizer and results were comparable year-over-year.
Weather delays have pushed harvest behind the five-year average, but progress typically accelerates quickly once conditions allow. As expected, yields varied significantly between the east and west, with the western drought significantly impacting crop volumes and quality. While these conditions may have a negative impact on western assets, the resulting market dislocations and volatility should create additional merchandising opportunities. Corn yields and quality are favorable in the east, which should provide space income opportunities and should benefit our eastern ethanol plants. Large harvested corn acreage should support demand for fall fertilizer applications, although high input costs could influence purchasing decisions. Fall wheat planting is nearing completion, and we are optimistic about higher acreage next year. Our diversified agribusiness portfolio remains well positioned to capitalize on these conditions.
Agribusiness had third quarter adjusted EBITDA of $40 million, compared to $29 million in 2025.
Renewables Reports Record Third Quarter on Efficient Operations and Strong Demand
Renewables reported pretax income of $63 million in the third quarter. For the same period in 2025, the segment reported pretax income of $43 million and adjusted pretax income attributable to the company of $46 million.
Renewables had a strong third quarter driven by efficient plant operations, higher co-product values, and lower corn basis at our eastern plants. Although board crush margins were lower quarter-over-quarter, overall plant profitability improved, reflecting our commitment to operational excellence. Third quarter results include $27 million of 45Z producer tax credits. Our merchandising results were lower compared to last year due to foreign feedstocks pressuring domestic values and reduced run rates at bio-based diesel plants.
Ethanol market fundamentals remain supportive as we anticipate continued strong demand, particularly for low carbon intensity ethanol, driven by increasing global blend rates and favorable domestic blending economics. Renewable feedstocks are expected to benefit from healthy bio-based diesel demand and supportive renewable fuel markets.
All four production plants completed their scheduled fall maintenance shutdowns in the quarter, which included an extended shutdown at the Clymers, Indiana, facility in preparation for future debottlenecking.
Renewables had third-quarter adjusted EBITDA of $78 million in 2026, compared to adjusted EBITDA of $67 million in 2025.
Income Taxes
The company recorded income tax expense of $7 million for the quarter, resulting in an effective tax rate of 13%. The rate was impacted by non-taxable 45Z tax credits. We anticipate a full-year adjusted effective rate of approximately 14% - 18%.
Conference Call
The company will host a webcast on Wednesday, November 4, 2026, at 8:30 a.m. ET, to discuss its performance and provide its outlook for the remainder of 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 9510864). It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://app.webinar.net/A7ab67dYrPw and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company’s website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company’s filings with the Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
The Andersons, Inc., is a North American agriculture and renewable fuels company. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
Investor Relations Contact
Mike Hoelter
Vice President, Corporate Controller and Investor Relations
Phone: 419-897-6715
E-mail: investorrelations@andersonsinc.com
The Andersons, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Sales and merchandising revenues | $ | 2,833,715 | $ | 2,677,712 | $ | 8,558,641 | $ | 8,472,679 | |||||||||||||||
| Cost of sales and merchandising revenues | 2,651,698 | 2,506,840 | 7,992,310 | 7,990,519 | |||||||||||||||||||
| Gross profit | 182,017 | 170,872 | 566,331 | 482,160 | |||||||||||||||||||
| Operating, administrative and general expenses | 149,235 | 172,554 | 467,673 | 452,897 | |||||||||||||||||||
| Interest expense, net | 13,396 | 10,478 | 45,876 | 35,069 | |||||||||||||||||||
Other income, net | 31,268 | 38,003 | 99,101 | 59,697 | |||||||||||||||||||
Income before income taxes | 50,654 | 25,843 | 151,883 | 53,891 | |||||||||||||||||||
Income tax provision (benefit) | 6,791 | (228) | 24,740 | 5,682 | |||||||||||||||||||
Net income | 43,863 | 26,071 | 127,143 | 48,209 | |||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (2,582) | 5,933 | (9,053) | 19,930 | |||||||||||||||||||
Net income attributable to The Andersons, Inc. | $ | 46,445 | $ | 20,138 | $ | 136,196 | $ | 28,279 | |||||||||||||||
Earnings per share attributable to The Andersons, Inc. common shareholders: | |||||||||||||||||||||||
Basic earnings: | $ | 1.37 | $ | 0.59 | $ | 4.01 | $ | 0.83 | |||||||||||||||
Diluted earnings: | $ | 1.36 | $ | 0.59 | $ | 3.97 | $ | 0.82 | |||||||||||||||
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
| (in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| Assets | |||||||||||||||||
| Current assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 58,285 | $ | 98,283 | $ | 81,630 | |||||||||||
| Accounts receivable, net | 664,015 | 652,472 | 715,761 | ||||||||||||||
| Inventories | 1,210,206 | 1,365,121 | 899,278 | ||||||||||||||
| Commodity derivative assets – current | 261,923 | 135,466 | 154,449 | ||||||||||||||
| Other current assets | 171,882 | 125,067 | 110,045 | ||||||||||||||
| Total current assets | 2,366,311 | 2,376,409 | 1,961,163 | ||||||||||||||
| Property, plant and equipment, net | 1,009,655 | 939,500 | 905,761 | ||||||||||||||
| Other assets, net | 415,301 | 396,923 | 430,035 | ||||||||||||||
| Total assets | $ | 3,791,267 | $ | 3,712,832 | $ | 3,296,959 | |||||||||||
| Liabilities and equity | |||||||||||||||||
| Current liabilities: | |||||||||||||||||
| Short-term debt | $ | 495,184 | $ | 249,420 | $ | 141,356 | |||||||||||
| Trade and other payables | 771,544 | 918,691 | 782,683 | ||||||||||||||
| Customer prepayments and deferred revenue | 46,748 | 195,331 | 71,989 | ||||||||||||||
| Commodity derivative liabilities – current | 74,067 | 51,153 | 68,618 | ||||||||||||||
| Current maturities of long-term debt | 22,627 | 63,375 | 63,888 | ||||||||||||||
| Accrued expenses and other current liabilities | 248,786 | 208,427 | 201,939 | ||||||||||||||
| Total current liabilities | 1,658,956 | 1,686,397 | 1,330,473 | ||||||||||||||
| Long-term debt, less current maturities | 567,855 | 560,016 | 569,052 | ||||||||||||||
| Other long-term liabilities | 174,279 | 176,184 | 174,417 | ||||||||||||||
| Total liabilities | 2,401,090 | 2,422,597 | 2,073,942 | ||||||||||||||
| Total equity | 1,390,177 | 1,290,235 | 1,223,017 | ||||||||||||||
| Total liabilities and equity | $ | 3,791,267 | $ | 3,712,832 | $ | 3,296,959 | |||||||||||
The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| Nine months ended September 30, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Operating Activities | |||||||||||
| Net income | $ | 127,143 | $ | 48,209 | |||||||
| Adjustments to reconcile net income to cash (used in) provided by operating activities: | |||||||||||
| Depreciation and amortization | 105,052 | 100,058 | |||||||||
| Other | 32,344 | 20,054 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (45,769) | 42,850 | |||||||||
| Inventories | 152,208 | 391,784 | |||||||||
| Commodity derivatives | (104,651) | 2,541 | |||||||||
| Other current and non-current assets | (47,112) | (16,914) | |||||||||
| Payables and other current and non-current liabilities | (249,191) | (405,399) | |||||||||
Net cash (used in) provided by operating activities | (29,976) | 183,183 | |||||||||
| Investing Activities | |||||||||||
| Purchases of property, plant and equipment and capitalized software | (186,837) | (162,210) | |||||||||
| Insurance proceeds | 7,765 | 26,187 | |||||||||
| Other | 8,117 | 8,723 | |||||||||
Net cash used in investing activities | (170,955) | (127,300) | |||||||||
| Financing Activities | |||||||||||
Net proceeds (payments) under short-term lines of credit | 246,702 | (27,709) | |||||||||
| Proceeds from issuance of long-term debt | 96,250 | 14,700 | |||||||||
| Payments of long-term debt | (128,978) | (26,519) | |||||||||
| Purchase of noncontrolling interest in a consolidated subsidiary | — | (425,000) | |||||||||
| Value of shares withheld for taxes | (7,173) | (4,011) | |||||||||
| Dividends paid | (20,390) | (19,894) | |||||||||
| Payments of debt issuance costs | (5,685) | (521) | |||||||||
| Common stock repurchased | (19,057) | (15,366) | |||||||||
| Distributions to noncontrolling interests | (179) | (33,657) | |||||||||
Net cash provided by (used in) financing activities | 161,490 | (537,977) | |||||||||
| Effect of exchange rates on cash and cash equivalents | (557) | 1,953 | |||||||||
Decrease in cash and cash equivalents | (39,998) | (480,141) | |||||||||
| Cash and cash equivalents at beginning of period | 98,283 | 561,771 | |||||||||
| Cash and cash equivalents at end of period | $ | 58,285 | $ | 81,630 | |||||||
The Andersons, Inc.
Adjusted Net Income Attributable to The Andersons, Inc.
A non-GAAP financial measure
(unaudited)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Net income | $ | 43,863 | $ | 26,071 | $ | 127,143 | $ | 48,209 | |||||||||||||||
Net (loss) income attributable to noncontrolling interests | (2,582) | 5,933 | (9,053) | 19,930 | |||||||||||||||||||
Net income attributable to The Andersons, Inc. | 46,445 | 20,138 | 136,196 | 28,279 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Legal settlement and related expenses | — | — | 18,711 | — | |||||||||||||||||||
| Asset impairment | — | 11,376 | 15,661 | 11,376 | |||||||||||||||||||
| Transaction related compensation | — | 1,712 | 2,688 | 5,583 | |||||||||||||||||||
| Severance expense | 1,008 | — | 1,008 | 1,197 | |||||||||||||||||||
| Insured inventory and property recoveries, net | — | (7,726) | (7,764) | (12,645) | |||||||||||||||||||
| Loss on investments | — | — | — | 7,178 | |||||||||||||||||||
| Acquisition costs | — | 5,927 | — | 5,927 | |||||||||||||||||||
| Gain on sales of assets and businesses, net | — | (1,567) | — | (4,757) | |||||||||||||||||||
| Pension settlement | — | 1,448 | — | 1,448 | |||||||||||||||||||
Income tax impact of adjustments1 | (252) | (2,792) | (7,577) | (2,649) | |||||||||||||||||||
| Total adjusting items, net of tax | 756 | 8,378 | 22,727 | 12,658 | |||||||||||||||||||
Adjusted net income attributable to The Andersons, Inc. | $ | 47,201 | $ | 28,516 | $ | 158,923 | $ | 40,937 | |||||||||||||||
Diluted earnings per share attributable to The Andersons, Inc. common shareholders | $ | 1.36 | $ | 0.59 | $ | 3.97 | $ | 0.82 | |||||||||||||||
Impact on diluted earnings per share | $ | 0.02 | $ | 0.25 | $ | 0.66 | $ | 0.37 | |||||||||||||||
Adjusted diluted earnings per share | $ | 1.38 | $ | 0.84 | $ | 4.63 | $ | 1.19 | |||||||||||||||
1 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25% with the exception of the impairment of an equity method investment of $4.4 million in 2025.
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings per share attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item.
The Andersons, Inc.
Segment Data
(unaudited)
| (in thousands) | Agribusiness | Renewables | Other | Total | |||||||||||||||||||
| Three months ended September 30, 2026 | |||||||||||||||||||||||
| Sales and merchandising revenues | $ | 1,848,885 | $ | 984,830 | $ | — | $ | 2,833,715 | |||||||||||||||
| Cost of sales and merchandising revenues | 1,712,034 | 939,664 | — | 2,651,698 | |||||||||||||||||||
| Gross profit | 136,851 | 45,166 | — | 182,017 | |||||||||||||||||||
| Operating, administrative and general expenses | 123,481 | 8,099 | 17,655 | 149,235 | |||||||||||||||||||
Interest expense, net | 11,105 | 2,270 | 21 | 13,396 | |||||||||||||||||||
Other income, net | 2,984 | 28,211 | 73 | 31,268 | |||||||||||||||||||
Income (loss) before income taxes | 5,249 | 63,008 | (17,603) | 50,654 | |||||||||||||||||||
Loss attributable to noncontrolling interests | (2,582) | — | — | (2,582) | |||||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $ | 7,831 | $ | 63,008 | $ | (17,603) | $ | 53,236 | |||||||||||||||
Adjustments to income (loss) before income taxes2 | 1,008 | — | — | 1,008 | |||||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $ | 8,839 | $ | 63,008 | $ | (17,603) | $ | 54,244 | |||||||||||||||
| Three months ended September 30, 2025 | |||||||||||||||||||||||
| Sales and merchandising revenues | $ | 1,988,907 | $ | 688,805 | $ | — | $ | 2,677,712 | |||||||||||||||
| Cost of sales and merchandising revenues | 1,861,997 | 644,843 | — | 2,506,840 | |||||||||||||||||||
| Gross profit | 126,910 | 43,962 | — | 170,872 | |||||||||||||||||||
| Operating, administrative and general expenses | 135,891 | 16,454 | 20,209 | 172,554 | |||||||||||||||||||
Interest expense (income), net | 9,111 | 1,678 | (311) | 10,478 | |||||||||||||||||||
Other income, net | 19,558 | 17,657 | 788 | 38,003 | |||||||||||||||||||
Income (loss) before income taxes | 1,466 | 43,487 | (19,110) | 25,843 | |||||||||||||||||||
(Loss) income attributable to noncontrolling interests | (582) | 6,515 | — | 5,933 | |||||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $ | 2,048 | $ | 36,972 | $ | (19,110) | $ | 19,910 | |||||||||||||||
Adjustments to income (loss) before income taxes2 | 443 | 9,279 | 1,448 | 11,170 | |||||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $ | 2,491 | $ | 46,251 | $ | (17,662) | $ | 31,080 | |||||||||||||||
1 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. 2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $4.2 million difference in insured inventory and property recoveries, net, and a $2.3 million difference in asset impairments in the Agribusiness segment for the three months ended September 30, 2025. | |||||||||||||||||||||||
The Andersons, Inc.
Segment Data
(unaudited)
| (in thousands) | Agribusiness | Renewables | Other | Total | |||||||||||||||||||
| Nine months ended September 30, 2026 | |||||||||||||||||||||||
| Sales and merchandising revenues | $ | 5,881,945 | $ | 2,676,696 | $ | — | $ | 8,558,641 | |||||||||||||||
| Cost of sales and merchandising revenues | 5,464,410 | 2,527,900 | — | 7,992,310 | |||||||||||||||||||
| Gross profit | 417,535 | 148,796 | — | 566,331 | |||||||||||||||||||
| Operating, administrative and general expenses | 366,999 | 52,498 | 48,176 | 467,673 | |||||||||||||||||||
Interest expense, net | 38,123 | 7,670 | 83 | 45,876 | |||||||||||||||||||
Other income, net | 20,111 | 78,952 | 38 | 99,101 | |||||||||||||||||||
Income (loss) before income taxes | 32,524 | 167,580 | (48,221) | 151,883 | |||||||||||||||||||
Loss attributable to noncontrolling interests | (9,053) | — | — | (9,053) | |||||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $ | 41,577 | $ | 167,580 | $ | (48,221) | $ | 160,936 | |||||||||||||||
Adjustments to income before income taxes2 | 5,456 | 23,370 | 1,478 | 30,304 | |||||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $ | 47,033 | $ | 190,950 | $ | (46,743) | $ | 191,240 | |||||||||||||||
| Nine months ended September 30, 2025 | |||||||||||||||||||||||
| Sales and merchandising revenues | $ | 6,397,021 | $ | 2,075,658 | $ | — | $ | 8,472,679 | |||||||||||||||
| Cost of sales and merchandising revenues | 6,019,451 | 1,971,068 | — | 7,990,519 | |||||||||||||||||||
| Gross profit | 377,570 | 104,590 | — | 482,160 | |||||||||||||||||||
| Operating, administrative and general expenses | 374,392 | 35,188 | 43,317 | 452,897 | |||||||||||||||||||
Interest expense (income), net | 33,268 | 3,101 | (1,300) | 35,069 | |||||||||||||||||||
Other income (loss), net | 40,779 | 19,491 | (573) | 59,697 | |||||||||||||||||||
Income (loss) before income taxes | 10,689 | 85,792 | (42,590) | 53,891 | |||||||||||||||||||
(Loss) income attributable to noncontrolling interests | (3,933) | 23,863 | — | 19,930 | |||||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $ | 14,622 | $ | 61,929 | $ | (42,590) | $ | 33,961 | |||||||||||||||
Adjustments to income before income taxes2 | 4,580 | 9,279 | 1,448 | 15,307 | |||||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $ | 19,202 | $ | 71,208 | $ | (41,142) | $ | 49,268 | |||||||||||||||
1 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. 2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.9 million difference in insured inventory and property recoveries, net, and a $2.3 million difference in asset impairments in the Agribusiness segment for the nine months ended September 30, 2025. | |||||||||||||||||||||||
The Andersons, Inc.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited)
| (in thousands) | Agribusiness | Renewables | Other | Total | |||||||||||||||||||
| Three months ended September 30, 2026 | |||||||||||||||||||||||
Net income (loss) | $ | 5,249 | $ | 63,008 | $ | (24,394) | $ | 43,863 | |||||||||||||||
Interest expense | 11,105 | 2,270 | 21 | 13,396 | |||||||||||||||||||
| Tax provision | — | — | 6,791 | 6,791 | |||||||||||||||||||
| Depreciation and amortization | 23,050 | 12,308 | 948 | 36,306 | |||||||||||||||||||
| EBITDA | 39,404 | 77,586 | (16,634) | 100,356 | |||||||||||||||||||
| Adjusting items impacting EBITDA: | |||||||||||||||||||||||
| Severance expense | 1,008 | — | — | 1,008 | |||||||||||||||||||
| Total adjusting items | 1,008 | — | — | 1,008 | |||||||||||||||||||
| Adjusted EBITDA | $ | 40,412 | $ | 77,586 | $ | (16,634) | $ | 101,364 | |||||||||||||||
| Three months ended September 30, 2025 | |||||||||||||||||||||||
Net income (loss) | $ | 1,466 | $ | 43,487 | $ | (18,882) | $ | 26,071 | |||||||||||||||
Interest expense (income) | 9,111 | 1,678 | (311) | 10,478 | |||||||||||||||||||
| Tax benefit | — | — | (228) | (228) | |||||||||||||||||||
| Depreciation and amortization | 19,941 | 12,096 | 610 | 32,647 | |||||||||||||||||||
| EBITDA | 30,518 | 57,261 | (18,811) | 68,968 | |||||||||||||||||||
| Adjusting items impacting EBITDA: | |||||||||||||||||||||||
| Asset impairment | 10,346 | 3,352 | — | 13,698 | |||||||||||||||||||
| Acquisition costs | — | 5,927 | — | 5,927 | |||||||||||||||||||
| Transaction related compensation | 1,712 | — | — | 1,712 | |||||||||||||||||||
| Pension settlement | — | — | 1,448 | 1,448 | |||||||||||||||||||
| Insured inventory and property recoveries, net | (11,887) | — | — | (11,887) | |||||||||||||||||||
| Gain on sales of assets and businesses, net | (1,567) | — | — | (1,567) | |||||||||||||||||||
| Total adjusting items | (1,396) | 9,279 | 1,448 | 9,331 | |||||||||||||||||||
| Adjusted EBITDA | $ | 29,122 | $ | 66,540 | $ | (17,363) | $ | 78,299 | |||||||||||||||
Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company’s performance as it provides investors additional information about the company’s operations, allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure.
The Andersons, Inc.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited)
| (in thousands) | Agribusiness | Renewables | Other | Total | |||||||||||||||||||
| Nine months ended September 30, 2026 | |||||||||||||||||||||||
Net income (loss) | $ | 32,524 | $ | 167,580 | $ | (72,961) | $ | 127,143 | |||||||||||||||
Interest expense | 38,123 | 7,670 | 83 | 45,876 | |||||||||||||||||||
| Tax provision | — | — | 24,740 | 24,740 | |||||||||||||||||||
| Depreciation and amortization | 66,434 | 35,951 | 2,667 | 105,052 | |||||||||||||||||||
| EBITDA | 137,081 | 211,201 | (45,471) | 302,811 | |||||||||||||||||||
| Adjusting items impacting EBITDA: | |||||||||||||||||||||||
| Legal settlement and related expenses | 5,948 | 12,763 | — | 18,711 | |||||||||||||||||||
| Asset impairment | 3,576 | 10,607 | 1,478 | 15,661 | |||||||||||||||||||
| Transaction related compensation | 2,688 | — | — | 2,688 | |||||||||||||||||||
| Severance expense | 1,008 | — | — | 1,008 | |||||||||||||||||||
| Insured inventory and property recoveries, net | (7,764) | — | — | (7,764) | |||||||||||||||||||
| Total adjusting items | 5,456 | 23,370 | 1,478 | 30,304 | |||||||||||||||||||
| Adjusted EBITDA | $ | 142,537 | $ | 234,571 | $ | (43,993) | $ | 333,115 | |||||||||||||||
| Nine months ended September 30, 2025 | |||||||||||||||||||||||
Net income (loss) | $ | 10,689 | $ | 85,792 | $ | (48,272) | $ | 48,209 | |||||||||||||||
Interest expense (income) | 33,268 | 3,101 | (1,300) | 35,069 | |||||||||||||||||||
| Tax provision | — | — | 5,682 | 5,682 | |||||||||||||||||||
| Depreciation and amortization | 62,025 | 36,005 | 2,028 | 100,058 | |||||||||||||||||||
| EBITDA | 105,982 | 124,898 | (41,862) | 189,018 | |||||||||||||||||||
| Adjusting items impacting EBITDA: | |||||||||||||||||||||||
| Asset impairment | 10,346 | 3,352 | — | 13,698 | |||||||||||||||||||
| Loss on investments | 7,178 | — | — | 7,178 | |||||||||||||||||||
| Acquisition costs | — | 5,927 | — | 5,927 | |||||||||||||||||||
| Transaction related compensation | 5,583 | — | — | 5,583 | |||||||||||||||||||
| Pension settlement | — | — | 1,448 | 1,448 | |||||||||||||||||||
| Severance expense | 1,197 | — | — | 1,197 | |||||||||||||||||||
| Insured inventory and property recoveries, net | (18,548) | — | — | (18,548) | |||||||||||||||||||
| Gain on sales of assets and businesses, net | (4,757) | — | — | (4,757) | |||||||||||||||||||
| Total adjusting items | 999 | 9,279 | 1,448 | 11,726 | |||||||||||||||||||
| Adjusted EBITDA | $ | 106,981 | $ | 134,177 | $ | (40,414) | $ | 200,744 | |||||||||||||||
The Andersons, Inc.
Trailing Twelve Months of EBITDA and Adjusted EBITDA
A non-GAAP financial measure
(unaudited)
| Three Months Ended, | Twelve months ended September 30, 2026 | ||||||||||||||||||||||||||||
| (in thousands) | December 31, 2025 | March 31, 2026 | June 30, 2026 | September 30, 2026 | |||||||||||||||||||||||||
Net income | $ | 71,092 | $ | 29,332 | $ | 53,948 | $ | 43,863 | $ | 198,235 | |||||||||||||||||||
Interest expense | 12,090 | 16,838 | 15,642 | 13,396 | 57,966 | ||||||||||||||||||||||||
Tax provision | 16,486 | 4,560 | 13,389 | 6,791 | 41,226 | ||||||||||||||||||||||||
| Depreciation and amortization | 33,265 | 34,112 | 34,634 | 36,306 | 138,317 | ||||||||||||||||||||||||
| EBITDA | 132,933 | 84,842 | 117,613 | 100,356 | 435,744 | ||||||||||||||||||||||||
| Adjusting items impacting EBITDA: | |||||||||||||||||||||||||||||
| Asset impairment | — | — | 15,661 | — | 15,661 | ||||||||||||||||||||||||
| Legal settlement and related expenses | — | 5,948 | 12,763 | — | 18,711 | ||||||||||||||||||||||||
| Transaction related compensation | 1,879 | 1,792 | 896 | — | 4,567 | ||||||||||||||||||||||||
| Severance expense | 1,480 | — | — | 1,008 | 2,488 | ||||||||||||||||||||||||
| Insured inventory and property recoveries, net | (72) | (1,108) | (6,656) | — | (7,836) | ||||||||||||||||||||||||
| Loss on sales of assets businesses, net | 310 | — | — | — | 310 | ||||||||||||||||||||||||
| Total adjusting items | 3,597 | 6,632 | 22,664 | 1,008 | 33,901 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 136,530 | $ | 91,474 | $ | 140,277 | $ | 101,364 | $ | 469,645 | |||||||||||||||||||
| Three Months Ended, | Twelve months ended September 30, 2025 | ||||||||||||||||||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | ||||||||||||||||||||||||||
Net income | $ | 54,104 | $ | 5,331 | $ | 16,807 | $ | 26,071 | $ | 102,313 | |||||||||||||||||||
Interest expense | 10,266 | 13,096 | 11,495 | 10,478 | 45,335 | ||||||||||||||||||||||||
Tax (benefit) provision | 13,146 | (2,118) | 8,028 | (228) | 18,828 | ||||||||||||||||||||||||
| Depreciation and amortization | 36,178 | 34,340 | 33,071 | 32,647 | 136,236 | ||||||||||||||||||||||||
| EBITDA | 113,694 | 50,649 | 69,401 | 68,968 | 302,712 | ||||||||||||||||||||||||
| Adjusting items impacting EBITDA: | |||||||||||||||||||||||||||||
| Transaction related compensation | 2,536 | 2,103 | 1,768 | 1,712 | 8,119 | ||||||||||||||||||||||||
| Insured inventory and property (recoveries) damages, net | (4,446) | 4,502 | (11,162) | (11,887) | (22,993) | ||||||||||||||||||||||||
| Loss on investments | 1,535 | — | 7,178 | — | 8,713 | ||||||||||||||||||||||||
| Severance expense | — | — | 1,197 | — | 1,197 | ||||||||||||||||||||||||
| Gain on sales of assets businesses, net | — | — | (3,190) | (1,567) | (4,757) | ||||||||||||||||||||||||
| Acquisition costs | 3,193 | — | — | 5,927 | 9,120 | ||||||||||||||||||||||||
| Asset impairment | — | — | — | 13,698 | 13,698 | ||||||||||||||||||||||||
| Pension settlement | — | — | — | 1,448 | 1,448 | ||||||||||||||||||||||||
| Total adjusting items | 2,818 | 6,605 | (4,209) | 9,331 | 14,545 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 116,512 | $ | 57,254 | $ | 65,192 | $ | 78,299 | $ | 317,257 | |||||||||||||||||||
The Andersons, Inc.
Cash from Operations Before Working Capital Changes
A non-GAAP financial measure
(unaudited)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Cash (used in) provided by operating activities | $ | (124,223) | $ | 233,882 | $ | (29,976) | $ | 183,183 | |||||||||||||||
| Changes in operating assets and liabilities | |||||||||||||||||||||||
| Accounts receivable | 86,722 | 66,246 | (45,769) | 42,850 | |||||||||||||||||||
| Inventories | (249,841) | (129,572) | 152,208 | 391,784 | |||||||||||||||||||
| Commodity derivatives | (140,647) | (17,316) | (104,651) | 2,541 | |||||||||||||||||||
| Other current and non-current assets | (32,429) | 14,816 | (47,112) | (16,914) | |||||||||||||||||||
| Payables and other current and non-current liabilities | 128,527 | 231,247 | (249,191) | (405,399) | |||||||||||||||||||
| Total changes in operating assets and liabilities | (207,668) | 165,421 | (294,515) | 14,862 | |||||||||||||||||||
| Cash from operations before working capital changes | $ | 83,445 | $ | 68,461 | $ | 264,539 | $ | 168,321 | |||||||||||||||
Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The Company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other assets, and payables and accrued expenses from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company’s performance as it provides investors additional information about the company’s operations, allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.