CHS revenue +18.6% as Energy recovers, but patronage slashed 90% on weak FY2025 earnings

Filed July 8, 2026 · Period ending May 31, 2026 · Compared to 10-Q Jul 9, 2025 · ~2 min read

Key Changes

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  Cash patronage authorized for FY2026 fell to $30M from $300M in FY2025 (90% cut), reflecting significantly lower patronage-sourced earnings in the prior fiscal year. Equity redemptions also reduced 70% to $90M from $300M.

  MD&A: Capital Allocation verify on EDGAR →
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  Energy segment swung from a $56.5M loss in Q3 FY2025 to a $10.1M profit in Q3 FY2026 (+$66.6M), driven by stronger crack spreads ($39.03/bbl vs $23.88) and recovery from the McPherson refinery turnaround, though largely offset by significantly higher RINs expense and unrealized hedging losses.

  MD&A: Energy Segment verify on EDGAR →
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  D6 ethanol RINs prices surged 95% and D4 biodiesel RINs 85% year-over-year in Q3 FY2026, driven by the EPA's March 2026 final renewable volume obligation (the highest blending mandate ever issued), creating significant compliance cost pressure for refiners.

  MD&A: RINs Pricing verify on EDGAR →