Chs Inc (NASDAQ: CHSCO)

CHS Inc. is a leading integrated agricultural cooperative, providing a comprehensive range of grain, food, agronomy, and energy resources to businesses and consumers globally. The company operates as a cooperative owned by farmers and ranchers, along with member cooperatives across the United States. CHS Inc. also has preferred shareholders who own shares of its five series of preferred stock, all of which are listed and traded on the Nasdaq Global Select Market. The company's operations span the entire agricultural value chain, from initial agricultural inputs to the sale of processed agricultural outputs.

CHS Inc. generates revenue through a diverse portfolio of products and services, including fuels, farm supplies, crop nutrients, crop protection products, grain and oilseed, processed grain and oilseed, renewable fuels, and food products. The company's customer base includes individual agricultural producers, local cooperatives, and other companies, both domestically and internationally. For the year ended August 31, 2025, CHS Inc. reported total revenues of $35.5 billion and net income attributable to CHS of $597.9 million.

• Energy: The Energy segment is the nation's largest cooperative energy company based on revenues and identifiable assets. It includes petroleum refining and pipelines, supply, marketing, and distribution of refined fuels (gasoline, diesel fuel, and other energy products), blending, sale, and distribution of lubricants, and wholesale supply of propane and other natural gas liquids. The segment processes crude oil into refined petroleum products at refineries in Laurel, Montana, and McPherson, Kansas, and sells these products under the Cenex brand to member cooperatives and other independent retailers through a network of nearly 1,200 sites. The segment also operates various terminals and owns a fleet of liquid and pressure trailers and tractors for transportation services.

• Ag: The Ag segment encompasses global grain and processing, ag retail, and wholesale agronomy businesses. It facilitates the production, purchase, sale, and eventual use of grain and other agricultural products within the United States and internationally. The segment includes global grain marketing operations, oilseed processing, renewable fuels production, ag retail operations, and wholesale agronomy businesses. It provides products and services such as seed, crop nutrients, crop protection products, animal feed, animal health products, refined fuels, and propane. The segment also produces and markets renewable fuels, including ethanol and dried distillers grains with solubles (DDGS), and processed soy and canola oils, soybean meal, canola meal, and soyflour.

• Nitrogen Production: The Nitrogen Production segment consists of an approximate 8.38% membership interest in CF Industries Nitrogen, LLC (CF Nitrogen), a strategic venture with CF Industries Holdings, Inc. The segment includes a supply agreement with CF Nitrogen that entitles CHS to purchase up to 1.1 million tons of granular urea and 580,000 tons of urea ammonium nitrate (UAN) annually. CF Nitrogen produces nitrogen-based products, including methanol, UAN, urea, and related products.

• Corporate and Other: This segment includes various other business operations, primarily financing and hedging businesses. It also encompasses nonconsolidated food production and distribution joint ventures, such as Ventura Foods, LLC, and nonconsolidated wheat milling joint ventures, such as Ardent Mills, LLC. Additionally, it includes CHS Capital, LLC, which provides loans to member cooperatives and individual producers, and CHS Hedging, LLC, which offers commodity risk management services.

CHS Inc. holds a significant position within the agricultural cooperative industry, competing with some of the world's largest integrated petroleum companies, smaller domestic refiners, and marketers in the midwestern and northwestern United States. The company's competitive advantages include its extensive network of member cooperatives, strategic investments in joint ventures, and a diverse portfolio of products and services. CHS Inc. also benefits from its ability to source products from CF Nitrogen production facilities under its supply agreement, providing strategic access to essential fertilizer products.

The company's customer base is diverse and includes member and nonmember producers, member cooperatives, elevators, grain dealers, grain processors, and crop nutrient and crop protection retailers. CHS Inc. also sells its edible soy and canola oils and soyflour to food companies, and its inedible oils may be sold to energy companies. The soybean meal and canola meal produced are sold to integrated livestock producers and feed mills, while the ethanol and DDGS are sold throughout the United States and to international customers.