Financial Analysis

"Note 20 Acquisitions On January 2, 2025, we completed our acquisition of WCAS, a cooperative based in Ulen, Minnesota, that offers grain and agronomy services at locations in west-central Minnesota. The cash purchase price was $322.6 million, which includes $108.0 million for working capital. Prior to completing this acquisition, we also held a 50% ownership interest in Central Plains Ag Services (""CPAS""), a joint venture between CHS and WCAS that operates in eastern North Dakota and is now a wholly owned subsidiary of CHS. By acquiring WCAS and the remaining 50% ownership of CPAS, we were able to expand our grain and agronomy platforms in west-central Minnesota and eastern North Dakota, as well as add value for our owners. The acquisition-date fair value of the previous equity interest in CPAS was $28.9 million and is included in the measurement of consideration transferred. Allocation of the purchase price for this transaction resulted in $59.5 million for goodwill, which is nondeductible for tax purposes, and $62.5 million for definite-lived intangible assets. As this acquisition is not considered to have a material impact on our financial statements, pro forma results of operations are not presented. The acquisition resulted in fair value measurements that are not on a recurring basis and did not have a material impact on our consolidated results of operations. Purchase accounting has been finalized and the fair values assigned to the net assets acquired are as follows …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Environmental We are required to comply with various environmental laws and regulations incidental to our normal business operations. To meet our compliance requirements, we establish reserves for future costs of remediation associated with identified issues that are both probable and can be reasonably estimated. Estimates of environmental costs are based on current available facts, existing technology, undiscounted site-specific costs and currently enacted laws and regulations and are included in cost of goods sold and marketing, general and administrative expenses in our Consolidated Statements of Operations. Recoveries, if any, are recorded in the period in which recovery is received. Liabilities are monitored and adjusted as new facts or changes in law or technology occur. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we currently believe any resulting liabilities, individually or in the aggregate, will not have a material effect on our consolidated financial position, results of operations or cash flows during any fiscal year. Other Litigation and Claims We are involved as a defendant in various lawsuits, claims and disputes, which are in the normal course of our business. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we currently believe any resulting liabilities, individually or in the aggregate, will not have a material effect o …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Benefit Plans We have various pension and other defined benefits as well as defined contribution plans in which substantially all employees may participate. We also have nonqualified supplemental executive and Board retirement plans. We provide defined life insurance and health care benefits for certain retired employees and Board of Directors participants. The plan is contributory based on years of service and family status, with retiree contributions adjusted annually. Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status as of August 31, 2025 and 2024, is as follows: Qualified Pension Benefits Nonqualified Pension Benefits Other Benefits 2025 2024 2025 2024 2025 2024 (Dollars in thousands) Change in benefit obligation: Projected benefit obligation at beginning of period $ 760,763 $ 708,511 $ 26,443 $ 20,980 $ 24,787 $ 22,572 Service cost 43,727 37,391 3,027 1,968 844 650 Interest cost 34,898 35,928 1,154 1,043 1,140 1,144 Actuarial loss (gain): Experience study and mortality updates 8,394 2,988 365 244 (29) Other demographic experience* 20,025 18,647 2,862 3,217 (646) 1,465 Discount rate change (30,273) 21,372 (331) 626 (845) 681 Plan amendments (6,236) 223 (227) Benefits paid (57,776) (64,297) (1,829) (1,635) (1,624) (1,725) Projected benefit obligation at end of period $ 773,522 $ 760,763 $ 31,464 $ 26,443 $ 23,627 $ 24,787 Change in plan assets: Fair value of plan assets at beginning of period $ 781,412 $ 736,150 …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

Year ended August 31, 2025 ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 6,928,880 $ 706,153 $ $ 7,635,033 Ag 8,600,680 19,137,316 10,485 27,748,481 Corporate and Other 22,137 56,957 79,094 Total revenues $ 15,551,697 $ 19,843,469 $ 67,442 $ 35,462,608 Year ended August 31, 2024 ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 7,882,666 $ 883,829 $ $ 8,766,495 Ag 8,833,872 21,571,954 11,033 30,416,859 Corporate and Other 24,649 53,226 77,875 Total revenues $ 16,741,187 $ 22,455,783 $ 64,259 $ 39,261,229 Year ended August 31, 2023 ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 8,996,149 $ 1,100,764 $ $ 10,096,913 Ag 9,808,664 25,606,485 10,055 35,425,204 Corporate and Other 26,001 41,886 67,887 Total revenues $ 18,830,814 $ 26,707,249 $ 51,941 $ 45,590,004 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We determine fair values of derivative instruments and certain other assets, based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize use of observable inputs and minimize use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. ASC Topic 820 describes three levels within its hierarchy that may be used to measure fair value, and our assessment of relevant instruments within those levels is as follows: Level 1. Values are based on unadjusted quoted prices in active markets for identical assets or liabilities. These assets and liabilities may include exchange-traded derivative instruments, rabbi trust investments, segregated investments and marketable securities. Level 2. Values are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data fo …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Income Taxes CHS is a nonexempt agricultural cooperative and files a consolidated federal income tax return within our tax return period. We are subject to tax on income from nonpatronage sources, nonqualified patronage distributions and undistributed patronage-sourced income. Income tax expense (benefit) is primarily the current tax payable for the period and the change during the period in certain deferred tax assets and liabilities. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized under U.S. GAAP and such amounts recognized for federal and state income tax purposes, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The provision for income taxes (benefit from) for the years ended August 31, 2025, 2024 and 2023 is as follows: 2025 2024 2023 (Dollars in thousands) Current: Federal $ 48,229 $ 21,608 $ 66,672 State 7,181 23,750 36,925 Foreign (905) 30,338 3,735 Total current 54,505 75,696 107,332 Deferred: Federal (48,079) (63,605) 7,799 State 9,028 (15,686) (7,661) Foreign 1,323 (1,277) 185 Total deferred (37,728) (80,568) 323 Total $ 16,777 $ (4,872) $ 107,655 Domestic income before income taxes was $610.6 million, $1.0 billion and $2.0 billion for the years ended August 31, 2025, 2024 and 2023, respectively. Foreign income before income taxes was $4.1 million, $66.9 million and $55.4 million for the years ended …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements Adopted In November 2023, the Financial Accounting Standards Board (the ""FASB"") issued Accounting Standards Update (""ASU"") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances the disclosures required for operating segments in our annual and interim consolidated financial statements. This ASU was effective for our annual period ended on August 31, 2025, and has been applied retrospectively to all periods presented. The adoption of this guidance did not have a material impact on our financial statements, although it did result in expanded reportable segment disclosures, which are included in Note 14, Segment Reporting . Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which provides additional transparency for income tax disclosures. This ASU is effective for our annual reporting for fiscal 2026 on a prospective basis. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures , which requires additional disclosure about certain costs and expenses in the notes to financial statements. This ASU is effective for our annual reporting for fiscal 2028 on either a prospective or retrospective basis and for interim reporting periods be …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions We purchase and sell grain and other agricultural commodity products from certain equity investees, primarily CF Nitrogen, Ventura Foods, Ardent Mills, TEMCO, LLC and Producer Ag. Sales to and purchases from related parties for the years ended August 31, 2025, 2024 and 2023, are as follows: 2025 2024 2023 (Dollars in thousands) Sales $ 2,374,201 $ 2,396,916 $ 1,653,125 Purchases 1,830,832 1,590,955 1,697,780 Receivables due from and payables due to related parties as of August 31, 2025 and 2024, are as follows: 2025 2024 (Dollars in thousands) Due from related parties $ 225,421 $ 334,778 Due to related parties 130,416 113,081 The amounts due from related parties associated with grain sales to Producer Ag were $153.6 million and $208.6 million, as of August 31, 2025 and 2024, respectively. These sales have 90-day payment terms and outstanding amounts due to CHS from Producer Ag are classified as trade receivables on our Consolidated Balance Sheets. There are no material past-due amounts arising from these sales as of August 31, 2025. On October 10, 2025, we announced our mutual agreement with MKC to start the process of ending our joint venture in Producer Ag. As a cooperative, we are owned by farmers and ranchers and member cooperatives, which are referred to as members. We buy commodities from and provide products and services to our members. Individually, our members do not have a significant ownership in CHS.

RelatedPartyTransactionsDisclosureTextBlock

"Note 14 Segment Reporting We are an integrated agricultural cooperative, providing grain, food, agronomy and energy resources to businesses and consumers on a global basis. We provide a wide variety of products and services, from initial agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products, to agricultural outputs that include grain and oilseed, processed grain and oilseed, renewable fuels and food products. We define our operating segments in accordance with ASC Topic 280, Segment Reporting , and have three reportable segments: Energy, Ag and Nitrogen Production. This reflects the manner in which our chief operating decision maker (""CODM""), our Chief Executive Officer, evaluates performance and allocates resources in managing the business. The primary measure of segment profit or loss used by our CODM to regularly evaluate financial performance, make key operating decisions and determine resource allocation of and among each operating segment is Income before Income Taxes (""IBIT""). Our CODM regularly receives discrete financial information, including IBIT, that compares actual results to the prior period, current period budget and current period forecast by each reportable segment. We have identified our significant segment expenses as cost of goods sold (""COGS"") and marketing, general and administrative expenses (""MG&A""). Total assets is not a measure by which the CODM assesses our performance or allocates resources, and …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies Significant accounting policies are summarized below or within the related notes to our consolidated financial statements.

SignificantAccountingPoliciesTextBlock

Equities Patronage and Equity Redemptions In accordance with our bylaws and by action of the Board of Directors, annual net earnings from patronage sources are distributed to consenting patrons following the close of each fiscal year and are based on amounts using financial statement earnings. The cash portion of the qualified patronage distribution, if any, is determined annually by the Board of Directors, with the balance issued in the form of qualified and/or nonqualified capital equity certificates. Total patronage distributions for fiscal 2025, to be paid in fiscal 2026, are estimated to be $229.1 million, with the qualified cash portion estimated to be $30.0 million, estimated qualified equity distributions of $55.0 million and estimated nonqualified equity distributions of $144.1 million. The following table presents estimated patronage distributions for the year ending August 31, 2025, and actual patronage distributions for the years ended August 31, 2024, 2023 and 2022: 2026 2025 2024 2023 (Dollars in millions) Patronage distributed in cash $ 30.0 $ 300.3 $ 366.0 $ 503.1 Patronage distributed in equity 199.1 360.2 877.3 670.9 Total patronage distributed $ 229.1 $ 660.5 $ 1,243.3 $ 1,174.0 Annual net earnings from patronage or other sources may be added to the unallocated capital reserve or, upon action by the Board of Directors, may be allocated to members in the form of nonpatronage equity certificates. The Board of Directors authorized, in accordance with our bylaw …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Environmental We are required to comply with various environmental laws and regulations applicable to our normal business operations. To meet our compliance requirements, we establish reserves for future costs of remediation associated with identified issues that are probable and can be reasonably estimated. Estimates of environmental costs are based on current available facts, existing technology, undiscounted site-specific costs and currently enacted laws and regulations and are included in cost of goods sold and marketing, general and administrative expenses in our Condensed Consolidated Statements of Operations. Recoveries, if any, are recorded in the period in which recovery is received. Liabilities are monitored and adjusted as new facts or changes in laws or technology occur. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we currently believe any resulting liabilities, individually or in aggregate, will not have a material effect on our consolidated financial position, results of operations or cash flows for any fiscal year. Other Litigation and Claims We are involved as a defendant in various lawsuits, claims and disputes, which are in the normal course of our business. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we currently believe any resulting liabilities, individually or in aggregate, will not have a material effect on our …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Benefit Plans We have various pension and other defined benefit and defined contribution plans, in which substantially all employees may participate. We also have nonqualified supplemental executive and Board of Directors retirement plans. Components of net periodic benefit costs for the three and nine months ended May 31, 2026 and 2025, are as follows: Three Months Ended May 31, Qualified Pension Benefits Nonqualified Pension Benefits Other Benefits 2026 2025 2026 2025 2026 2025 Components of net periodic benefit costs: (Dollars in thousands) Service cost $ 11,348 $ 10,932 $ 831 $ 757 $ 210 $ 211 Interest cost 9,027 8,725 335 289 281 285 Expected return on assets (12,579) (11,744) Prior service (credit) cost amortization (149) 50 (8) (12) (111) (111) Actuarial loss (gain) amortization 4,125 3,204 246 200 (299) (309) Net periodic benefit cost $ 11,772 $ 11,167 $ 1,404 $ 1,234 $ 81 $ 76 Nine Months Ended May 31, Qualified Pension Benefits Nonqualified Pension Benefits Other Benefits 2026 2025 2026 2025 2026 2025 Components of net periodic benefit costs: (Dollars in thousands) Service cost $ 34,043 $ 32,795 $ 2,494 $ 2,270 $ 630 $ 633 Interest cost 27,080 26,174 1,005 866 844 855 Expected return on assets (37,737) (35,232) Prior service (credit) cost amortization (446) 149 (23) (35) (334) (334) Actuarial loss (gain) amortization 12,374 9,611 737 599 (898) (926) Net periodic benefit cost $ 35,314 $ 33,497 $ 4,213 $ 3,700 $ 242 $ 228 Employer Contributions Contributions depend pr …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

"Notes Payable and Long-Term Debt Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with all debt covenants as of May 31, 2026. Notes payable as of May 31, 2026, and August 31, 2025, consisted of the following: May 31, 2026 August 31, 2025 (Dollars in thousands) Notes payable $ 638,910 $ 584,226 CHS Capital notes payable 950,846 568,231 Total notes payable $ 1,589,756 $ 1,152,457 Our primary line of credit is a five-year unsecured revolving credit facility with a syndicate of domestic and international banks. The credit facility provides a committed amount of $2.8 billion that expires on April 21, 2028. There were $190.0 million and $180.0 million in borrowings outstanding on this facility as of May 31, 2026, and August 31, 2025. We also maintain certain uncommitted bilateral facilities to support our working capital needs. We have a receivables and loans securitization facility (""Securitization Facility"") with certain unaffiliated financial institutions (""Purchasers""). Under the Securitization Facility, we and certain of our subsidiaries (""Originators"") sell trade accounts and notes receivable (""Receivables"") to Cofina Funding, LLC (""Cofina""), a wholly-owned, bankruptcy-remote, indirect subsidiary of CHS. Cofina in turn transfers the Receivables to the Purchasers, and this arrangement is accounted for as secured financing. We use th …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"The following table presents revenues recognized under ASC Topic 606, Revenue from Contracts with Customers (""ASC Topic 606""), disaggregated by operating segment, as well as the amount of revenues recognized under ASC Topic 815, Derivatives and Hedging (""ASC Topic 815"") and other applicable accounting guidance for the three and nine months ended May 31, 2026 and 2025. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 470, Debt , and ASC Topic 842, Leases , that fall outside the scope of ASC Topic 606. ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues Three Months Ended May 31, 2026 (Dollars in thousands) Energy $ 2,965,893 $ 342,086 $ $ 3,307,979 Grains 495,941 5,162,903 1,775 5,660,619 Agronomy 2,566,264 2,566,264 Corporate and Services 32,266 14,961 47,227 Total revenues $ 6,060,364 $ 5,504,989 $ 16,736 $ 11,582,089 Three Months Ended May 31, 2025* Energy $ 1,759,492 $ 155,604 $ $ 1,915,096 Grains 430,174 4,858,830 3,297 5,292,301 Agronomy 2,514,021 2,514,021 Corporate and Services 31,681 13,322 45,003 Total revenues $ 4,735,368 $ 5,014,434 $ 16,619 $ 9,766,421 ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues Nine Months Ended May 31, 2026 (Dollars in thousands) Energy $ 6,970,635 $ 793,790 $ $ 7,764,425 Grains 1,436,315 14,610,786 5,960 16,053,061 Agronomy 4,836,342 4,836,342 Corporate and Services 99,719 46,437 146,156 Total revenues $ 13,343,011 $ 15,404,576 $ 52,397 $ 28,799,984 Nine Months Ended May 31, 20 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction among the market participants on the measurement date. We determine fair values of derivative instruments and certain other assets based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize use of observable inputs and minimize use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. ASC Topic 820 describes three levels within its hierarchy that may be used to measure fair value. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are unobservable inputs that are supported by little or no market activity for the assets or liabilities. Categorization within the valuation hierarchy is based on the lowes …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Our effective tax rate for the three months ended May 31, 2026, was 5.2%, compared to 10.5% for the three months ended May 31, 2025. Our effective tax rate for the nine months ended May 31, 2026, was 2.2%, compared to 7.3% for the nine months ended May 31, 2025. Our income tax expense reflects the mix of full-year earnings projected across business units and current equity assumptions, along with benefits associated with certain tax credits. Income taxes and effective tax rates vary each year based on profitability, changes in tax law, income tax credits and patronage business activity. Our uncertain tax positions are affected by the tax years that are under audit or remain subject to examination by the relevant taxing authorities. Reserves are recorded against unrecognized tax benefits when we believe certain fully supportable tax return positions are likely to be challenged, and we may not prevail. If we were to prevail on all positions taken in relation to uncertain tax positions, $105.6 million and $96.5 million of the unrecognized tax benefits would benefit our effective tax rate as of May 31, 2026, and August 31, 2025, respectively. It is reasonably possible that the total amount of unrecognized tax benefits could change significantly in the next 12 months.

IncomeTaxDisclosureTextBlock

"Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which provides additional transparency for income tax disclosures. This ASU is effective for our annual reporting for fiscal year 2026 on a prospective basis with an option for retrospective application. While the adoption of this ASU will not impact the recognition or measurement of income taxes, it will result in expanded and enhanced income tax disclosures. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires additional disclosure about certain costs and expenses in the notes to financial statements. This ASU is effective for our annual reporting for fiscal year 2028 on either a prospective or retrospective basis and for interim reporting periods beginning in fiscal year 2029. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . This ASU amends the criteria for recognizing and capitalizing costs related to internal-use software by replacing the previous project stage mo …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Revenues The following table presents revenues recognized under ASC Topic 606, Revenue from Contracts with Customers (""ASC Topic 606""), disaggregated by operating segment, as well as the amount of revenues recognized under ASC Topic 815, Derivatives and Hedging (""ASC Topic 815"") and other applicable accounting guidance for the three and nine months ended May 31, 2026 and 2025. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 470, Debt , and ASC Topic 842, Leases , that fall outside the scope of ASC Topic 606. ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues Three Months Ended May 31, 2026 (Dollars in thousands) Energy $ 2,965,893 $ 342,086 $ $ 3,307,979 Grains 495,941 5,162,903 1,775 5,660,619 Agronomy 2,566,264 2,566,264 Corporate and Services 32,266 14,961 47,227 Total revenues $ 6,060,364 $ 5,504,989 $ 16,736 $ 11,582,089 Three Months Ended May 31, 2025* Energy $ 1,759,492 $ 155,604 $ $ 1,915,096 Grains 430,174 4,858,830 3,297 5,292,301 Agronomy 2,514,021 2,514,021 Corporate and Services 31,681 13,322 45,003 Total revenues $ 4,735,368 $ 5,014,434 $ 16,619 $ 9,766,421 ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues Nine Months Ended May 31, 2026 (Dollars in thousands) Energy $ 6,970,635 $ 793,790 $ $ 7,764,425 Grains 1,436,315 14,610,786 5,960 16,053,061 Agronomy 4,836,342 4,836,342 Corporate and Services 99,719 46,437 146,156 Total revenues $ 13,343,011 $ 15,404,576 $ 52,397 $ 28,799,984 Nine Months Ended M …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Reporting We are an integrated agricultural cooperative, providing grain, food, agronomy and energy resources to businesses and consumers on a global basis. We provide a wide variety of products and services, from initial agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products, to agricultural outputs that include grain and oilseed, processed grain and oilseed, renewable fuels and food products. Effective September 1, 2025, we implemented a new product-line operating model, which changed the manner in which our chief operating decision maker (""CODM""), our Chief Executive Officer, evaluates performance and allocates resources in managing the business. As a result of this change, all prior period segment information has been recast to conform to the current year presentation. We define our operating segments in accordance with ASC Topic 280, Segment Reporting , and have three reportable segments: Energy, Grains and Agronomy. The primary measure of segment profit or loss used by our CODM to regularly evaluate financial performance, make key operating decisions and determine resource allocation of and among each operating segment is income before income taxes (""IBIT""). Our CODM regularly reviews discrete financial information, including IBIT, that compares actual results to the prior period, current period budget and current period forecast by each reportable segment. We have identified our significant segment expenses as cost of …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Equities Changes in Equities Changes in equities for the three months ended May 31, 2026 and 2025, are as follows: Equity Certificates Accumulated Other Comprehensive Loss Capital Equity Certificates Nonpatronage Equity Certificates Nonqualified Equity Certificates Preferred Stock Capital Reserves Noncontrolling Interests Total Equities (Dollars in thousands) Balances, February 28, 2026 $ 3,740,285 $ 26,268 $ 2,318,358 $ 2,264,038 $ (274,638) $ 2,982,635 $ 3,349 $ 11,060,295 Reversal of prior fiscal year patronage and redemption estimates 52,687 10,925 63,612 Distribution of 2025 patronage refunds 5 18 (10,947) (10,924) Redemptions of equities (46,335) (120) (6,232) (52,687) Preferred stock dividends (42,167) (42,167) Other, net (357) (494) 1,555 (17) 687 Net income 267,366 130 267,496 Other comprehensive income, net of tax 1,999 1,999 Estimated 2026 cash patronage refunds (37,584) (37,584) Estimated 2026 equity redemptions (45,146) (45,146) Balances, May 31, 2026 $ 3,701,139 $ 26,148 $ 2,311,650 $ 2,264,038 $ (272,639) $ 3,171,783 $ 3,462 $ 11,205,581 Equity Certificates Accumulated Other Comprehensive Loss Capital Equity Certificates Nonpatronage Equity Certificates Nonqualified Equity Certificates Preferred Stock Capital Reserves Noncontrolling Interests Total Equities (Dollars in thousands) Balances, February 28, 2025 $ 3,688,331 $ 27,035 $ 2,199,113 $ 2,264,038 $ (302,352) $ 2,832,758 $ 5,205 $ 10,714,128 Reversal of prior fiscal year patronage and redemption estimates 2 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing