The Andersons (ANDE) Cash Flow: Operating & Free Cash Flow

The Andersons Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for The Andersons, Inc. (ANDE) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	95.71	170.70	101.19	166.98	271.73	-14.22	15.06	41.23	42.61
Depreciation & Amortization	133.32	127.80	125.11	134.74	178.93	188.64	146.17	90.30	86.41
Deferred Income Tax	-6.01	-2.91	-1.60	-20.01	-104.62	26.39	5.11	11.02	-63.23
Stock Based Compensation	16.98	13.63	12.86	11.19	11.04	10.18	16.23	6.62	6.10
Change in Working Capital	-101.18	8.24	595.52	-27.92	-267.85	-312.89	155.96	-152.10	-33.65
Change in Accounts Receivable	104.57	35.78	468.97	-391.40	-184.00	-128.50	1.49	-24.79	9.78
Change in Inventory	-72.40	87.91	572.24	56.86	-528.07	-139.50	-1.58	-44.06	16.14
Change in Accounts Payable	-144.08	-102.40	-563.72	230.29	667.82	70.28	134.34	-66.65	-79.86
Change in Other Working Capital	10.73	-3.60	118.04	-13.02	-223.59	-115.17	21.71	-16.61	-59.58
Other Operating Activities	38.16	-3.60	113.67	-13.02	-109.04	27.47	10.03	-32.58	37.05
Net Cash from Operating Activities	177.00	331.51	946.75	287.12	-51.05	-74.43	348.56	-35.52	75.29
Investing Activities
Capital Expenditures	-233.12	-149.19	-150.44	-139.74	-81.81	-104.89	-270.48	-309.58	-177.62
Acquisitions	0.00	-29.17	-14.38	-20.25	-11.43	29.77	-102.58	-3.33	-8.12
Purchases of Investments	0.00	0.00	-1.73	-2.11	-6.24	-3.06	-1.49	-1.09	-5.68
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	0.00	-29.77	18.09	0.00	1.07
Other Investing Activities	37.81	15.29	12.67	56.30	1.83	21.19	31.43	126.93	72.25
Net Cash from Investing Activities	-195.32	-163.07	-153.88	-52.90	487.25	-86.76	-325.03	-185.99	-113.49
Financing Activities
Debt Repayment	58.39	-83.59	-183.32	-601.32	-530.73	167.17	35.29	193.91	32.12
Common Stock Repurchased	-15.37	-2.30	-1.75	-12.72	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-26.85	-26.27	-25.37	-24.61	-23.75	-23.00	-22.12	-18.64	-18.15
Other Financing Activities	-463.32	-113.25	-53.56	-46.08	8.61	-7.87	-4.46	33.92	-3.47
Net Cash from Financing Activities	-447.15	-250.36	-263.99	-334.73	-248.77	136.30	8.71	209.19	10.50
Summary
Effect of Forex Changes on Cash	1.98	-0.16	-0.29	-0.66	-0.11	-0.88	0.07	0.00	0.00
Net Change in Cash	-463.49	-82.08	528.59	-101.18	187.32	-25.77	32.30	-12.33	-27.71
Cash at Beginning of Period	561.77	643.85	115.27	216.44	29.12	54.90	22.59	34.92	62.63
Cash at End of Period	98.28	561.77	643.85	115.27	216.44	29.12	54.90	22.59	34.92
Free Cash Flow	-56.13	182.32	796.31	147.38	-132.86	-179.32	78.09	-345.10	-102.34
Supplemental Disclosures
Interest Paid	46.00	31.10	47.00	56.70	38.20	-	-	-	-
Income Taxes Paid	16.20	31.50	-	88.70	51.70	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About The Andersons Cash Flow

What is The Andersons's free cash flow?

The Andersons had negative free cash flow of $56.13M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $177.00M minus $233.12M of capital expenditures.

How much does The Andersons spend on capital expenditures?

The Andersons spent $233.12M on capital expenditures in fiscal 2025, compared with $149.19M a year earlier. That equals 131.7% of operating cash flow.

Does The Andersons pay dividends or buy back shares?

Yes. In fiscal 2025 The Andersons returned $26.85M in dividends and $15.37M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition