REX net income jumps 43% on 45Z tax credits; carbon project timeline slips a year

Filed March 30, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 28, 2025 · ~2 min read

Key Changes

• high

  Net income rose to $83.0M (up 43% YoY) driven by $28.1M in new 45Z clean fuel tax credits and higher crush spreads. Effective tax rate swung from 23% provision to 7.3% benefit. Credits extended through 2029 under new federal law.

  MD&A: Financial Results verify on EDGAR →
• high

  EPA issued 2026-2027 renewable volume obligations at 15.0B gallons/year, providing regulatory certainty. However, EPA granted 140 full and 89 partial small-refinery exemptions in 2025, potentially reducing ethanol demand.

  Business: RFS Mandates view on EDGAR →
• medium

  One Earth carbon sequestration permit timeline delayed ~1 year: EPA draft permit now expected May 2026 (vs. Q2 2025 baseline), final decision Q3 2026. Project spending reached $58.4M; plant expansion spending jumped to $107.6M.

  MD&A: Carbon Projects verify on EDGAR →