Andersons, Inc.
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 18, 2026
ANDE$54.48-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Activities | |||
| Net income | $119,301 | $170,700 | $132,529 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation and amortization | 133,323 | 127,804 | 125,106 |
| Bad debt expense, net | 4,664 | 17,637 | 11,519 |
| Stock-based compensation expense | 16,984 | 13,629 | 12,857 |
| Deferred income taxes | (6,009) | (2,911) | (1,596) |
| Asset impairment | 18,129 | — | 87,156 |
| Other | (8,219) | (3,595) | (16,341) |
| Changes in operating assets and liabilities, net of assets acquired and liabilities assumed: | |||
| Accounts and notes receivable | 104,572 | 35,777 | 468,968 |
| Inventories | (72,399) | 87,906 | 572,235 |
| Commodity derivatives | 6,000 | 15,005 | 111,506 |
| Other current and non-current assets | 4,732 | (28,050) | 6,529 |
| Payables and other current and non-current liabilities | (144,080) | (102,396) | (563,718) |
| Net cash provided by operating activities | 176,998 | 331,506 | 946,750 |
| Investing Activities | |||
| Purchases of property, plant and equipment and capitalized software | (233,123) | (149,187) | (150,443) |
| Property insurance proceeds | 28,124 | 12,137 | 7,499 |
| Proceeds from sale of businesses | 11,263 | — | 10,318 |
| Acquisition of businesses, net of cash acquired | — | (29,172) | (24,698) |
| Other | (1,579) | 3,148 | 3,445 |
| Net cash used in investing activities | (195,315) | (163,074) | (153,879) |
| Financing Activities | |||
| Net (payments) receipts under short-term lines of credit | 79,897 | (91,951) | (233,696) |
| Payments of long-term debt | (36,208) | (83,589) | (49,620) |
| Purchase of noncontrolling interest in a subsidiary | (425,000) | — | — |
| Distributions to noncontrolling interest owner | (33,768) | (102,295) | (46,418) |
| Dividends paid | (26,848) | (26,273) | (25,373) |
| Common stock repurchased | (15,366) | (2,295) | (1,747) |
| Proceeds from issuance of long-term debt | 14,700 | 67,000 | 100,000 |
| Other | (4,555) | (10,956) | (7,139) |
| Net cash used in financing activities | (447,148) | (250,359) | (263,993) |
| Effect of exchange rates on cash and cash equivalents | 1,977 | (156) | (293) |
| (Decrease) increase in Cash and cash equivalents | (463,488) | (82,083) | 528,585 |
| Cash and cash equivalents at beginning of year | 561,771 | 643,854 | 115,269 |
| Cash and cash equivalents at end of year | $98,283 | $561,771 | $643,854 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.