CHS Inc. Swings to $113.4M Net Income in H1 2026 as Revenue Edges Up 0.7%

CHS Inc., an agricultural cooperative, reported net income of $113.4 million for the six months ending February 28, 2026, down 33% from $169.0 million in the same period a year earlier. Revenue rose 0.7% to $17.22 billion from $17.09 billion. Read more earnings reports.

The company swung to an operating loss of $120.6 million for the six-month period compared with a loss of $34.1 million a year earlier. Gross profit declined to $415.2 million from $477.0 million as cost of goods sold increased at a faster pace than revenue.

Second Quarter Performance

For the three months ending February 28, 2026, CHS posted a net loss of $147.1 million, widening from a loss of $75.8 million a year earlier. Revenue for the quarter climbed 7.2% to $8.35 billion from $7.80 billion.

The quarterly operating loss expanded to $241.8 million from $172.0 million in the prior-year period. Selling, general and administrative expenses rose to $267.6 million from $248.3 million, up 7.8%.

Balance Sheet

Total assets grew to $20.91 billion as of February 28, 2026, from $18.86 billion at the end of August 2025. The increase was driven primarily by inventory, which surged to $4.89 billion from $3.27 billion, an increase of $1.62 billion.

Cash and cash equivalents fell to $248.5 million from $327.8 million at the end of the prior fiscal year. Current liabilities climbed to $7.08 billion from $5.28 billion, driven by accounts payable increasing to $2.89 billion from $2.72 billion.

The company added $300.0 million in long-term debt during the period, moving from zero at fiscal year-end to $300.0 million as of February 28, 2026. Total stockholders' equity dipped slightly to $11.06 billion from $11.08 billion.

Cash Flow

Cash used in operations totaled $906.8 million for the six months ending February 28, 2026, an improvement from $1.33 billion used in the year-earlier period. Cash from financing activities generated $1.04 billion, offsetting the operational outflow and $205.3 million used in investing activities.