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Get filing alertsCHS reports $380.8M net income for 9 months, energy swings to profit, grains posts loss
Filed August 6, 2026 · Period ending August 6, 2026 · ~1 min read
Key Changes
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Net income of $380.8M for nine months ended May 31, 2026, down $20.4M from $401.2M prior year, as lower grain prices and compressed margins offset operational improvements.
Exhibit 99.1 view on EDGAR → -
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Energy segment swung to $28.8M pretax profit from $120.3M loss, improving $149.1M year-over-year on better refining margins and diesel demand, though elevated RIN costs largely offset gains.
Exhibit 99.1 view on EDGAR → -
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Grains segment posted $15.3M pretax loss versus $125.8M profit prior year, pressured by lower margins, trade dynamics, higher transportation costs, and global competition despite strong corn exports.
Exhibit 99.1 view on EDGAR → -
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Agronomy pretax profit rose $36.3M to $300.4M, driven by strong CF Nitrogen equity investment performance on favorable urea and UAN fertilizer conditions, partially offset by lower crop input volumes.
Exhibit 99.1 view on EDGAR → -
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Tax expense decreased $23.0M year-over-year, largely from ethanol plants claiming 45Z renewable fuel tax credits.
Exhibit 99.1 view on EDGAR →
Summary
CHS disclosed Q3 FY2026 financial results through virtual owner forum presentation materials, reporting $380.8 million net income for the nine months ended May 31, 2026, down 5% from the prior-year period.
The cooperative's energy segment delivered the most dramatic turnaround, swinging from a $120.3 million pretax loss to a $28.8 million profit—a $149 million improvement driven by better refining margins and strong diesel demand, though elevated renewable fuel credit (RIN) costs largely offset those gains.
The grains segment moved in the opposite direction, posting a $15.3 million pretax loss versus $125.8 million in earnings the prior year, pressured by compressed margins, trade dynamics, and higher transportation costs. Agronomy remained the profit leader at $300.4 million pretax, up $36 million on strong performance from the CF Nitrogen equity investment. For preferred shareholders, the results show a cooperative navigating compressed agricultural margins and volatile energy economics while maintaining profitability. The energy segment's return to profit is material but fragile—RIN costs remain a significant headwind that could reverse gains if regulatory or market conditions shift. The grains segment's swing to loss and management's acknowledgment of mark-to-market accounting impacts suggest near-term earnings volatility. The $23 million tax benefit from 45Z renewable fuel credits provides some cushion, but the overall earnings decline and mixed segment performance warrant monitoring as the fiscal year closes.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
CHS Inc. disclosed slide presentation materials for two virtual owner forums scheduled for August 6-7, 2026.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
CHS Inc. (“CHS”) will hold two virtual owners forums for its members via livestream: one on August 6, 2026, and one on August 7, 2026. Each of these virtual owners forums will include a slide presentation from members of CHS management and the CHS Board of Directors.
CHS is hosting two virtual owner forums for members on August 6 and 7, 2026, featuring presentations from management and the Board. The slide presentation materials have been furnished under Regulation FD disclosure requirements.
Event · Exhibit 99.1
CHS Inc. held virtual owner forums in August 2026, presenting Q3 FY2026 financial results and business updates to cooperative members.
Added in current filing · view on EDGAR →
Through the first nine months of the fiscal year, grains reported a pretax loss of $15.3 million, compared with pretax earnings of $125.8 million during the same period last year. • Results were pressured by lower margins, trade dynamics, higher transportation costs and global competition, though this was partially offset by strong corn exports and improved oilseed crush margins later in the year.
The grains segment reported a pretax loss of $15.3 million for the nine months ended May 31, 2026, a $141.1 million decline from pretax earnings of $125.8 million in the prior-year period. Lower margins, trade dynamics, higher transportation costs, and global competition pressured results, partially offset by strong corn exports and improved oilseed crush margins. Mark-to-market accounting adjustments adversely impacted earnings, with potential reversals as contracts are executed.
Added in current filing · view on EDGAR →
In agronomy, pretax profit for the first nine months was $300.4 million, compared with $264 million during the same period last year, an improvement of $36 million. • This was driven by strong performance of CF Nitrogen, our equity investment, due to favorable market conditions for urea and UAN fertilizer. However, this was partially offset by lower crop nutrients and crop protection volumes as producers made cautious purchasing decisions amid tight farm margins.
The agronomy segment generated $300.4 million in pretax profit for the nine months ended May 31, 2026, up $36.3 million from $264.1 million in the prior-year period. Strong performance from the CF Nitrogen equity investment, driven by favorable urea and UAN fertilizer market conditions, was partially offset by lower crop nutrients and crop protection volumes as producers made cautious purchasing decisions amid tight farm margins.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 7, 2026 · How we verify