CHS reports $1.1 billion net income for fiscal 2026

ITEM 1. BUSINESS THE COMPANY

CHS Inc. (referred to herein as "CHS," "company," "we," "us" or "our") is the nation's leading integrated agricultural cooperative, providing grain, food, agronomy and energy resources to businesses and consumers on a global basis.¹ As a cooperative, we are owned by farmers, ranchers and member cooperatives (referred to herein as "members") across the United States. We also have preferred shareholders who own shares of our five series of preferred stock, which are listed and traded on the Global Select Market of The Nasdaq Stock Market LLC ("Nasdaq"). We buy grain and oilseeds from and provide products and services to our members (individual agricultural producers and local cooperatives) and other companies (nonmember customers) domestically and internationally. We provide a wide variety of products, ranging from agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products to agricultural outputs that include grain and oilseeds, processed grain and oilseeds, renewable fuels and food products. We also provide services such as hedging and financing. A portion of our operations are conducted through equity investments and joint ventures whose operating results are not fully consolidated with our results; rather, our share of the income or loss from those equity investments and joint ventures is included as a component of our net income using the equity method of accounting. For the year ended August 31, 2026, our total revenues were $39.2 billion and net income attributable to CHS was $1.1 billion.

We have aligned our segments based on how our businesses operate and the products and services they sell or commodities they buy. Effective September 1, 2025, we implemented a new product-line operating model, which is reflected in our Energy, Grains and Agronomy reportable segments. The Energy segment includes wholesale and retail activities within our refined fuels, propane and lubricants product lines. The Grains segment comprises grain origination as well as global grain marketing and processing activities through our feed grains, oilseeds, wheat, specialty grains and animal nutrition product lines.^{2 2}The Agronomy segment consists of our wholesale and retail agronomy activities within our crop nutrients and crop protection product lines² and includes our nitrogen production business, consisting of our equity method investment in CF Industries Nitrogen, LLC ("CF Nitrogen").

Our ag retail business, which was previously included in our former Ag segment, is now incorporated across the Energy, Grains and Agronomy segments based on products sold and their relevant product lines.

Our remaining operations are classified within Corporate and Services. This operating segment represents our financing and hedging businesses, which provide services to our members and consist of a financial services business and a U.S. Commodity Futures Trading Commission-regulated futures commission merchant, or FCM, for agricultural commodities hedging, and our transportation services. Our nonconsolidated joint venture investments in Ventura Foods, LLC ("Ventura Foods"), and Ardent Mills, LLC ("Ardent Mills"), are also included in Corporate and Services.³ All other nonconsolidated investments are included in our Energy, Grains and Agronomy segments.

As required under our bylaws and Minnesota cooperative law, our cooperative business earnings are allocated to our members and, to a limited extent, to nonmembers with whom we have agreed to do business on a patronage basis, based on the volume of business they do with us.^{4 4}We allocate these earnings to our patrons in the form of patronage dividends ("patronage"), which may be in cash, equities in the form of capital equity certificates or both.⁴ Patron equities may be redeemed over time at the discretion of our Board of Directors. Nonpatronage earnings derived from nonmembers are taxed at federal and state statutory corporate rates and retained as unallocated capital reserves.⁵ We also receive patronage from cooperatives in which we are a member, if those cooperatives have earnings to distribute and we qualify for patronage refunds from them.

Our origins date back to the late 1920s with the founding of our predecessor companies, which became Cenex, Inc., and Harvest States Cooperatives. CHS Inc. emerged as the result of the merger of Cenex and Harvest States Cooperatives in 1998 and is headquartered in Inver Grove Heights, Minnesota.⁶

Our website address is www.chsinc.com. Our periodic and current reports on Form 10-K, Form 10-Q, Form 8-K and other filings, including exhibits and supplemental schedules filed therewith, and amendments to those reports, filed with the Securities and Exchange Commission ("SEC") are available on our website free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The information contained on our website is not part of, and is not incorporated into, this Annual Report on Form 10-K or any other report we file with or furnish to the SEC. The SEC maintains a website (www.sec.gov) that contains reports and other information regarding issuers, where you may obtain a copy of all information we file publicly with the SEC.

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Table of Contents

ENERGY

Overview

Our Energy segment consists of our refined fuels, propane and lubricants product lines. We are the nation's largest cooperative energy company based on revenues and identifiable assets, with operations that include petroleum refining and pipelines; supply and marketing of refined fuels (gasoline, diesel fuel and other energy products); blending and sale of lubricants; and supply of propane and other natural gas liquids.

Our Energy segment processes crude oil into refined petroleum products at our refineries in Laurel, Montana, and McPherson, Kansas, and sells those products to member cooperatives and other independent retailers who own and operate a network of Cenex ® branded retail stores