CHS INC

CHS Inc.

CHS Inc. is an integrated agricultural cooperative owned by farmers, ranchers and member cooperatives, with an issuance of preferred stock. The company operates three primary reportable segments—Energy, Grains and Agronomy—supported by corporate and services activities that provide financing, hedging, trading, transportation and related services. Cooperative earnings are allocated to members as patronage dividends.

Key facts (as of August 31, 2026)

• Total revenues: $39.2 billion for the year ended August 31, 2026 (aggregate of all segments, after intersegment eliminations).
• Net income attributable to CHS: $1.1 billion.
• Total employees: 10,422 (full-time, part-time, temporary and seasonal).
• Collective bargaining: 9 agreements covering about 8.6% of U.S. employees, expiring at various dates through June 30, 2030.
• Customer mix: agricultural producers, member cooperatives, elevators, grain dealers, grain processors, food manufacturers, renewable fuel producers, livestock producers, feed mills, export customers and other domestic and international market participants.
• Structure: cooperative governance with patronage allocation to members and limited patronage to nonmembers; financing subsidiary (CHS Capital, LLC) and hedging/trading subsidiary (CHS Hedging, LLC); ownership and equity-method investments including Ventura Foods and Ardent Mills; equity investment in CF Nitrogen.

Segments

Energy

• Focus: Wholesale and retail energy products, including refined fuels, propane and lubricants, supported by pipelines and a distribution network.
• Brand and retail footprint: Approximately 75% of refined fuels are sold under the Cenex brand; Cenex-branded retail stores operate in more than 1,000 communities.
• Key assets and operations:
  • Laurel refinery (Laurel, MT): ~70,000 barrels per day capacity.
  • McPherson refinery (McPherson, KS): ~120,000 barrels per day capacity.
  • Terminals and facilities: 9 refined product terminals; 11 propane terminals; 3 asphalt terminals; 1 lubricants blending/packaging facility.
  • Pipelines and networks: participation in multiple pipeline systems including Cenex Pipeline, Front Range Pipeline, Jayhawk Pipeline, Conway Pipeline, Kaw Pipe Line and Osage Pipe Line.
  • Corporate HQ for Cenex Zip Trip in Spokane, WA.
• Distribution: Refined fuels distributed to member cooperatives and a network of Cenex-branded stores; products moved by rail, pipeline and other modes to western and central U.S. markets and beyond.
• Revenue (Energy): $11.4 billion in 2026 (after intersegment eliminations).

Grains

• Focus: Grain origination, global grain marketing and processing, including oilseeds and renewable fuels activities.
• Market position: The nation’s largest cooperative marketer of grain and oilseed by volume.
• Key assets and operations:
  • Global grain marketing and origination from U.S. producers and elevator operators; ownership/operation of export terminals, river terminals and elevators; offices in Europe, the Pacific Rim, Latin America and South America.
  • Joint ventures: TEMCO, LLC (50% owned with Cargill) for U.S. exports to Asia.
  • Processing capacity: Oilseed crush capacity of approximately 153 million bushels annually; annual output includes about 3.2 million short tons of meal and flour and about 2.1 billion pounds of edible and inedible oils.
  • Renewable fuels: Production of 267 million gallons of fuel-grade ethanol, 71 million pounds of inedible corn oil and 645,000 tons of DDGS annually; marketing agreements add 300+ million gallons of ethanol and roughly 4 million tons of DDGS annually.
  • Animal nutrition: Manufacturing of feed and related products via owned plants and partners.
• Revenue (Grains): $21.6 billion in 2026 (after intersegment eliminations).

Agronomy

• Focus: Wholesale and retail agronomy products and services, including crop nutrients, crop protection products and seed; nitrogen production participation through CF Nitrogen.
• CF Nitrogen:
  • CHS holds an approximate 7.86% membership interest and has a long-term supply agreement to purchase up to 1.1 million tons of granular urea and 580,000 tons of UAN annually through 2097. The CF Nitrogen investment is accounted for using the hypothetical liquidation at book value method.
  • CHS’s investment in CF Nitrogen was about $2.5 billion as of August 31, 2026.
  • CF Nitrogen facilities: six production facilities in Donaldsonville, LA; Port Neal, IA; Medicine Hat, AB; Yazoo City, MS; Woodward, OK; Verdigris, OK. Natural gas is the principal feedstock.
• Products and services: Wholesale crop nutrients (nitrogen, potassium, ammonium phosphates), wholesale crop protection, proprietary and third-party seed, retail agronomy products; bulk chemical rail terminal in Brooten, MN; fertilizer storage and logistics including Galveston port facilities.
• Revenue (Agronomy): $6.1 billion in 2026 (after intersegment eliminations).

Corporate and Services

• CHS Capital: Provides financing to member cooperatives and producers, including operating, term and revolving loans.
• CHS Hedging: Registered futures commission merchant (FCM) and clearing member; provides commodity risk management.
• CHS Market Advisors: Trading advisor and provider of market research and analysis for agricultural and energy markets.
• Transportation: Owns and leases a fleet to move refined fuels, propane, anhydrous ammonia and other products.
• Joint ventures and equity investments:
  • Ventura Foods: 50/50 joint venture with Mitsui; equity-method investment reported at $530.9 million as of August 31, 2026.
  • Ardent Mills: 12% equity-method stake; investment valued at $245.7 million as of August 31, 2026. CHS supplies certain wheat and durum products to Ardent Mills.
• Other corporate activities: food-related businesses and related services.

Facilities and geography (highlights)

• Energy: Laurel, MT and McPherson, KS refineries; 11 propane terminals; multiple asphalt and other terminals; Cenex Zip Trip HQ; Cenex branded retail network in 1,000+ communities.
• Grains: 13 U.S. grain locations; 5 export terminals in Brazil; operations in Europe (including Hungary and Romania), South America and Asia; global grain marketing and processing facilities.
• Agronomy: Deepwater port operations in Galveston, TX; fertilizer terminal operations in Argentina; multiple U.S. storage and distribution facilities.
• Corporate footprint: 33-acre corporate campus in Inver Grove Heights, MN (corporate HQ) and offices in Washington, D.C. and Kansas City, MO; transportation terminals and repair facilities across several states; agri-operations in roughly 350 community locations.

Patronage and taxation

• CHS allocates earnings to member patrons as patronage dividends, paid in cash and/or capital equity certificates. Nonpatronage earnings are taxed at federal and state corporate rates and are retained in capital reserves.
• CHS also receives patronage from member cooperatives that pay patronage refunds when eligible.

Governance and risk

• Governance and risk management include a Corporate Risk Committee, an Enterprise Risk Management framework and executive oversight for cybersecurity and IT risk (including CIO and CISO roles).
• The company manages regulatory and environmental compliance across its global operations.

Summary

CHS Inc. is a diversified, member-owned agricultural cooperative with three core operating segments—Energy, Grains and Agronomy—supported by financing, hedging, trading, transportation and other corporate services. Operations include refineries, extensive grain origination and marketing networks, agronomy inputs and participation in nitrogen production, along with multiple joint ventures and equity investments. For fiscal year 2026, CHS reported total revenues of $39.2 billion, net income of $1.1 billion and a workforce of 10,422 employees.