CHS Inc. earned $267.4 million for its third fiscal quarter, up from $232.2 million a year earlier, as refineries cashed in on strong margins and a record bill for renewable energy credits ate up most of the gain. Revenues came to $11.6 billion, against $9.8 billion in the same quarter of fiscal 2025. The cooperative, the largest farmer-owned one in the United States, announced the results on July 8, 2026, for the quarter that ended May 31.
The company’s own explanation is short. Global market conditions lifted refining margins, but the cost of renewable energy credits, known as RINs, hit a record and took back much of what the refineries made.
“The diversity of our ag and energy businesses continues to be a key strength for CHS, as shifting policy and market conditions create both headwinds and tailwinds,” said Jay Debertin, president and CEO. He pointed to strong execution during spring planting, but said volatility keeps the picture hard for farmers and member cooperatives.
Segment by segment
Energy, which covers refined fuels, propane and lubricants, posted pretax earnings of $10.1 million. That is $66.6 million better than a year before. CHS credited higher refining margins, more U.S. energy exports and solid refinery operations, plus heavy seasonal diesel volumes. Gasoline demand was softer.
Agronomy was the biggest earner at $275.0 million before tax, up $27.6 million. The CF Nitrogen investment did well on favorable urea and UAN markets. Fertilizer sales volumes fell, which CHS blamed on a weak U.S. farm economy.
Grains stayed in the red. The segment lost $33.6 million before tax, a $0.7 million deterioration. Global grain margins narrowed and transportation costs rose, though corn exports were strong. Oilseed crush margins improved after U.S. biofuels policy changes shifted the feedstock market.
Corporate and Services, home to CHS Capital, CHS Hedging and the Ardent Mills and Ventura Foods joint ventures, earned $30.6 million. That is $70.2 million lower than the prior-year quarter, which had included a gain from Ventura Foods selling a business in 2025.
The company recast earlier segment figures this year after adopting an end-to-end product line operating model, so the year-over-year comparisons above use the restated numbers. CHS serves customers in 65 countries and reported revenues of $35.5 billion in fiscal year 2025.
