CHS Inc (CHSCM) Q1 2026 Earnings Report

CHS Inc. reported QQ1 2026 revenue of $8.864 billion, down 3.38% year-over-year and 9.24% quarter-over-quarter, reflecting ongoing cyclicality in agricultural and energy markets. Despite the revenue decline, CHS delivered a robust EBITDA of $480.4 million (EBITDA margin ~5.4%) and net income of $260.5 million, aided by substantial total other income of $147.6 million that contributed to a strong pre-tax figure of $272.2 million. Operating income stood at $124.6 million (operating margin ~1.41%), indicating resilient core profitability even as top-line pressures persisted. Cash flow remained challenged in the quarter, with negative operating cash flow of $337.8 million and negative free cash flow of $457.8 million driven largely by working capital dynamics (notably large inventory build and receivables movements). Net debt stood at approximately $3.23 billion, while total liquidity consisted of $457.5 million in cash and equivalents. The balance sheet remains asset-rich with total assets of ~$20.7 billion and a solid equity base of ~$11.2 billion, underscoring financial flexibility to weather near-term volatility. Management commentary would typically address segment mix dynamics (Energy, Ag, Nitrogen, Foods), capital allocation, and outlook for commodity cycles; however, transcript content is not provided here to quote directly. Overall, CHS’s diversified platform and strong earnings contributions from non-operating items enabled net income growth despite revenue headwinds, but near-term cash generation remains a focal concern for liquidity management and funding of ongoing capex activity.