CHS Reports $597.9 Million Net Income for Fiscal Year 2025

Company to Return $120 Million to Owners in 2026

CHS Inc., a global agribusiness and the largest farmer-owned cooperative in the United States, reported a net income of $597.9 million for the fiscal year ended August 31, 2025, compared to $1.1 billion for fiscal year 2024. The company said its performance across agriculture and energy segments reflected evolving market dynamics, with both sectors experiencing strong volumes but lower margins amid shifting global conditions.

Consolidated revenues for the year were $35.5 billion, down from $39.3 billion in the previous year, largely due to lower commodity prices. Despite strong demand, the Energy segment’s results declined as reduced discounts on heavy Canadian crude oil, tighter refining margins, and planned maintenance at the company’s refinery in McPherson, Kansas, weighed on performance. The Ag segment delivered solid volumes, particularly in crop protection and crop nutrients, but earnings declined from the prior year due to less favorable oilseed crush margins and global factors affecting U.S. grain exports and competitiveness. Equity method investments, including CHS’s stakes in CF Nitrogen and Ventura Foods, posted strong results and helped offset some of the broader market pressures.

“In a year shaped by unfavorable market conditions, including international trade and tariffs, CHS delivered strong volumes across our businesses, demonstrating the resilience of our operations and the cooperative system,” said Jay Debertin, president and CEO of CHS Inc. “We had a solid year, and it allows us to return $120 million in cash patronage and equity redemptions to our farmer-owners and member cooperatives in fiscal year 2026, reflecting our dedication to sharing profits and empowering agriculture.”

The company’s Energy segment reported a pretax loss of $7.0 million, a decrease of $436.1 million from the prior year. This decline was primarily driven by significantly lower discounts on heavy Canadian crude oil, as additional export opportunities reduced price advantages, along with decreased refining margins resulting from high U.S. supply and global production of refined fuels. Planned maintenance at the McPherson refinery also temporarily limited production of higher-margin refined products.

In the Ag segment, CHS posted pretax earnings of $245.7 million, down $97.0 million compared to the previous year. The cooperative cited lower grain and oilseed margins due to unfavorable global market dynamics and a higher global supply of soybean and canola meal and oil, which led to reduced crush margins. However, the company noted higher sales volumes for crop protection and crop nutrients products, supported by favorable growing conditions and strong execution in its ag retail business following recent strategic investments.

The Nitrogen Production segment reported pretax earnings of $159.5 million, an $8.3 million increase from the previous year, driven by strong performance from CF Nitrogen, CHS’s joint venture with CF Industries, benefiting from favorable urea market conditions. Meanwhile, the Corporate and Other segment earned $216.6 million pretax, up $41.8 million year-over-year, reflecting robust financial results from the company’s Ventura Foods joint venture.

Commenting on the outlook, Debertin said, “CHS has a strategic path forward and is committed to advocating on behalf of U.S. agriculture while building even stronger supply chains in grain, agronomy, and energy to serve our owners. In a challenging market environment, we're focused on delivering value through operational excellence and cost management to support our growth initiatives on behalf of our owners.”

Despite facing softer market conditions and narrower margins in key business areas, CHS underscored the strength and stability of its cooperative model. The planned $120 million return to owners in 2026 highlights the company’s continued commitment to reinvesting in the agricultural economy and supporting the long-term sustainability and success of its farmer-owners and member cooperatives.