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Segment Reporting | 9 Months Ended
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May 31, 2026
Segment Reporting [Abstract] |
Segment Reporting | 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 goods sold ("COGS") and marketing, general and administrative expenses. Total assets is not a measure by which the CODM assesses our performance or allocates resources, and asset information is therefore not included within our segment reporting disclosures. •The Energy segment consists of our wholesale and retail activities within the refined fuels, propane and lubricants product lines. The refined fuels product line includes petroleum refining, pipelines and terminals and markets gasoline, diesel fuel and renewable fuels under the Cenex® brand to member cooperatives and other independent retailers. The lubricants product line includes the blending, sale and distribution of primarily Cenex® brand lubricants, and the propane product line markets propane and other natural gas liquids through wholesale and retail market channels. Previously, this segment included our transportation services business, which is now reported under Corporate and Services. •The Grains segment comprises our global grain marketing and processing activities as part of the feed grains, oilseeds, wheat, specialty grains and animal nutrition product lines. The Grains segment connects producers to domestic and global grain markets through a broad origination and distribution network. It markets commodities such as wheat, corn, ethanol, soybeans, oilseeds and specialty grains. The segment operates grain facilities and trading offices across five continents, serving processors, food manufacturers and renewable fuel producers. Further, the Grains segment produces ethanol and is one of the nation's largest suppliers of ethanol inputs into gasoline products, while also specializing in soybean and canola processing. These results were previously included within the former Ag segment. •The Agronomy segment consists of our wholesale and retail agronomy activities within the crop nutrients and crop protection product lines. The Agronomy segment provides crop inputs and agronomy services to farmers, member cooperatives and other retailers. It offers crop nutrients, crop protection products and seed, including both proprietary and third-party brands. The Agronomy segment also includes our Nitrogen Production business consisting of our equity method investment in CF Nitrogen. Our supply agreement with CF Nitrogen requires us to purchase a specified quantity of granular urea and urea ammonium nitrate annually from CF Nitrogen. These results were previously included within the former Ag and Nitrogen Production segments. •Our ag retail business, which was included in our former Ag segment, is now incorporated into the Energy, Grains and Agronomy segments based on the specific products sold and their relevant product lines. The Company's remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within Corporate and Services. Corporate and Services primarily represents our financing and hedging businesses, which provide services to our members and consist of a financial services business and a U.S. Commodity Futures Trading Commission-regulated futures commission merchant ("FCM") for agricultural commodities hedging. Our nonconsolidated investments in Ventura Foods, LLC, and Ardent Mills, LLC ("Ardent Mills"), are also included in our Corporate and Services category. All other nonconsolidated investments are included in our Energy, Grains and Agronomy segments. Corporate administrative expenses and interest are allocated to each reportable segment and Corporate and Services, based on direct use of services, such as information technology support and legal counsel, and other factors or considerations relevant to the costs incurred. Many of our business activities are highly seasonal and our operating results vary throughout the year. Our revenues and IBIT generally trend lower during the second fiscal quarter and increase in the third fiscal quarter. Our retail business, which offers products and services across the Energy, Grains and Agronomy segments, primarily experiences higher volumes and revenues during the fall harvest and spring planting seasons, which generally correspond to our first and third fiscal quarters, respectively, and our global grain and processing operations within Grains are subject to fluctuations in volume and revenues based on producer harvests, world grain prices, demand and international trade relationships. Additionally, our Agronomy segment generally experiences higher volumes and revenues during the spring planting season. Our Energy segment typically experiences higher volumes and revenues in certain operating areas, such as refined fuels, in the spring, summer and early fall when gasoline and diesel fuel use by agricultural producers is highest and is subject to global supply and demand forces. Other energy products, such as propane, generally experience higher volumes and revenues during the winter heating and fall crop-drying seasons. Our revenues, assets and cash flows can be significantly affected by global market prices for commodities such as petroleum products, natural gas, grain, oilseed, crop nutrients, edible oils and flour. Changes in market prices for commodities that we purchase without a corresponding change in the selling prices of those products can affect revenues and operating earnings. Commodity prices are affected by a wide range of factors beyond our control, including weather; crop damage due to plant disease or insects; drought; availability and adequacy of supply; demand variability; availability of reliable rail, river, truck and ocean transportation networks; outbreaks of disease; government regulations and policies; global trade disputes; global competition; wars and civil unrest; and general political and economic conditions. While our revenues and operating results are derived primarily from businesses and operations that are wholly owned or subsidiaries and limited liability companies in which we have a controlling interest, a portion of our business operations are conducted through companies in which we do not have a controlling interest or do not control the operations. We account for these investments primarily using the equity method of accounting, wherein we record our proportionate share of income or loss reported by the entity as equity income from investments, without consolidating the revenues and expenses of the entity in our Condensed Consolidated Statements of Operations. In our Agronomy segment, this primarily consists of our approximate 8.38% membership interest (based on product tons) in CF Nitrogen. In Corporate and Services, this principally includes our 50% ownership in Ventura Foods and our 12% ownership in Ardent Mills. See Note 5, Investments, for more information related to our equity method investments. Reconciling amounts represent the elimination of revenues between segments. Such transactions are executed at market prices to more accurately evaluate the profitability of the individual business segments. Segment information for the three and nine months ended May 31, 2026 and 2025, is presented in the tables below.
| Energy |  | Grains |  | Agronomy |  | Total Reportable Segments |  | Corporate and Services |  | Reconciling Amounts |  | Total |  |
Three Months Ended May 31, 2026 | (Dollars in thousands) |  |
Revenues, including intersegment revenues | $ | 3,324,889 |  |  | $ | 5,663,682 |  |  | $ | 2,566,572 |  |  | $ | 11,555,143 |  |  | $ | 90,965 |  |  | $ | (64,019) |  |  | $ | 11,582,089 |  |  |
Intersegment revenues | (16,910) |  |  | (3,063) |  |  | (308) |  |  | (20,281) |  |  | (43,738) |  |  | 64,019 |  |  | — |  |  |
Revenues, net of intersegment revenues | $ | 3,307,979 |  |  | $ | 5,660,619 |  |  | $ | 2,566,264 |  |  | $ | 11,534,862 |  |  | $ | 47,227 |  |  | $ | — |  |  | $ | 11,582,089 |  |  |
Cost of goods sold (a) | 3,203,359 |  |  | 5,612,504 |  |  | 2,334,384 |  |  | 11,150,247 |  |  | 21,222 |  |  | — |  |  | 11,171,469 |  |  |
Marketing, general and administrative expenses | 94,766 |  |  | 99,727 |  |  | 83,242 |  |  | 277,735 |  |  | 24,548 |  |  | — |  |  | 302,283 |  |  |
Interest expense | (111) |  |  | 20,736 |  |  | 29,785 |  |  | 50,410 |  |  | 8,796 |  |  | (9,481) |  |  | 49,725 |  |  |
Other losses (income) | 51 |  |  | (23,890) |  |  | (4,376) |  |  | (28,215) |  |  | (3,041) |  |  | 9,481 |  |  | (21,775) |  |  |
Equity income from investments | (185) |  |  | (14,894) |  |  | (151,815) |  |  | (166,894) |  |  | (34,932) |  |  | — |  |  | (201,826) |  |  |
Income (loss) before income taxes | $ | 10,099 |  |  | $ | (33,564) |  |  | $ | 275,044 |  |  | $ | 251,579 |  |  | $ | 30,634 |  |  | $ | — |  |  | $ | 282,213 |  |  |
Capital expenditures (b) | $ | 89,783 |  |  | $ | 43,433 |  |  | $ | 13,378 |  |  | $ | 146,594 |  |  | $ | 22,151 |  |  | $ | — |  |  | $ | 168,745 |  |  |
Depreciation and amortization | $ | 97,093 |  |  | $ | 46,337 |  |  | $ | 18,599 |  |  | $ | 162,029 |  |  | $ | 3,288 |  |  | $ | — |  |  | $ | 165,317 |  |  |
| Energy |  | Grains |  | Agronomy |  | Total Reportable Segments |  | Corporate and Services |  | Reconciling Amounts |  | Total |  |
Three Months Ended May 31, 2025 | (Dollars in thousands) |  |
Revenues, including intersegment revenues | $ | 1,917,878 |  |  | $ | 5,292,339 |  |  | $ | 2,514,360 |  |  | $ | 9,724,577 |  |  | $ | 86,835 |  |  | $ | (44,991) |  |  | $ | 9,766,421 |  |  |
Intersegment revenues | (2,782) |  |  | (38) |  |  | (339) |  |  | (3,159) |  |  | (41,832) |  |  | 44,991 |  |  | — |  |  |
Revenues, net of intersegment revenues | $ | 1,915,096 |  |  | $ | 5,292,301 |  |  | $ | 2,514,021 |  |  | $ | 9,721,418 |  |  | $ | 45,003 |  |  | $ | — |  |  | $ | 9,766,421 |  |  |
Cost of goods sold (a) | 1,889,165 |  |  | 5,238,387 |  |  | 2,285,473 |  |  | 9,413,025 |  |  | 23,585 |  |  | — |  |  | 9,436,610 |  |  |
Marketing, general and administrative expenses | 84,169 |  |  | 85,744 |  |  | 69,488 |  |  | 239,401 |  |  | 19,449 |  |  | — |  |  | 258,850 |  |  |
Interest expense | (1,025) |  |  | 19,678 |  |  | 27,812 |  |  | 46,465 |  |  | 4,579 |  |  | (6,935) |  |  | 44,109 |  |  |
Other income | (427) |  |  | (10,525) |  |  | (16,774) |  |  | (27,726) |  |  | (6,607) |  |  | 6,935 |  |  | (27,398) |  |  |
Equity income from investments | (271) |  |  | (8,127) |  |  | (99,373) |  |  | (107,771) |  |  | (96,834) |  |  | — |  |  | (204,605) |  |  |
(Loss) income before income taxes | $ | (56,515) |  |  | $ | (32,856) |  |  | $ | 247,395 |  |  | $ | 158,024 |  |  | $ | 100,831 |  |  | $ | — |  |  | $ | 258,855 |  |  |
Capital expenditures (b) | $ | 295,131 |  |  | $ | 92,318 |  |  | $ | 16,351 |  |  | $ | 403,800 |  |  | $ | 433 |  |  | $ | — |  |  | $ | 404,233 |  |  |
Depreciation and amortization | $ | 87,645 |  |  | $ | 54,372 |  |  | $ | 15,585 |  |  | $ | 157,602 |  |  | $ | 1,768 |  |  | $ | — |  |  | $ | 159,370 |  |  |
(a) Cost of goods sold is presented net of intersegment cost of goods sold. (b) Includes amounts related to acquisition of property, plant and equipment and expenditures for major maintenance.
| Energy |  | Grains |  | Agronomy |  | Total Reportable Segments |  | Corporate and Services |  | Reconciling Amounts |  | Total |  |
Nine Months Ended May 31, 2026 | (Dollars in thousands) |  |
Revenues, including intersegment revenues | $ | 7,802,993 |  |  | $ | 16,059,992 |  |  | $ | 4,837,683 |  |  | $ | 28,700,668 |  |  | $ | 267,738 |  |  | $ | (168,422) |  |  | $ | 28,799,984 |  |  |
Intersegment revenues | (38,568) |  |  | (6,931) |  |  | (1,341) |  |  | (46,840) |  |  | (121,582) |  |  | 168,422 |  |  | — |  |  |
Revenues, net of intersegment revenues | $ | 7,764,425 |  |  | $ | 16,053,061 |  |  | $ | 4,836,342 |  |  | $ | 28,653,828 |  |  | $ | 146,156 |  |  | $ | — |  |  | $ | 28,799,984 |  |  |
Cost of goods sold (a) | 7,474,096 |  |  | 15,884,424 |  |  | 4,546,527 |  |  | 27,905,047 |  |  | 69,147 |  |  | — |  |  | 27,974,194 |  |  |
Marketing, general and administrative expenses | 262,221 |  |  | 278,453 |  |  | 234,303 |  |  | 774,977 |  |  | 63,035 |  |  | — |  |  | 838,012 |  |  |
Interest expense | 184 |  |  | 56,043 |  |  | 85,182 |  |  | 141,409 |  |  | 14,936 |  |  | (25,512) |  |  | 130,833 |  |  |
Other losses (income) | 405 |  |  | (83,986) |  |  | (21,166) |  |  | (104,747) |  |  | (12,353) |  |  | 25,512 |  |  | (91,588) |  |  |
Equity income from investments | (1,285) |  |  | (66,615) |  |  | (308,860) |  |  | (376,760) |  |  | (64,131) |  |  | — |  |  | (440,891) |  |  |
Income (loss) before income taxes | $ | 28,804 |  |  | $ | (15,258) |  |  | $ | 300,356 |  |  | $ | 313,902 |  |  | $ | 75,522 |  |  | $ | — |  |  | $ | 389,424 |  |  |
Capital expenditures (b) | $ | 159,047 |  |  | $ | 154,535 |  |  | $ | 35,764 |  |  | $ | 349,346 |  |  | $ | 51,292 |  |  | $ | — |  |  | $ | 400,638 |  |  |
Depreciation and amortization | $ | 302,510 |  |  | $ | 138,147 |  |  | $ | 57,860 |  |  | $ | 498,517 |  |  | $ | 10,264 |  |  | $ | — |  |  | $ | 508,781 |  |  |
| Energy |  | Grains |  | Agronomy |  | Total Reportable Segments |  | Corporate and Services |  | Reconciling Amounts |  | Total |  |
Nine Months Ended May 31, 2025 | (Dollars in thousands) |  |
Revenues, including intersegment revenues | $ | 6,035,646 |  |  | $ | 15,947,564 |  |  | $ | 4,723,898 |  |  | $ | 26,707,108 |  |  | $ | 268,050 |  |  | $ | (118,434) |  |  | $ | 26,856,724 |  |  |
Intersegment revenues | (9,238) |  |  | (106) |  |  | (734) |  |  | (10,078) |  |  | (108,356) |  |  | 118,434 |  |  | — |  |  |
Revenues, net of intersegment revenues | $ | 6,026,408 |  |  | $ | 15,947,458 |  |  | $ | 4,723,164 |  |  | $ | 26,697,030 |  |  | $ | 159,694 |  |  | $ | — |  |  | $ | 26,856,724 |  |  |
Cost of goods sold (a) | 5,911,503 |  |  | 15,629,652 |  |  | 4,416,731 |  |  | 25,957,886 |  |  | 92,036 |  |  | — |  |  | 26,049,922 |  |  |
Marketing, general and administrative expenses | 246,097 |  |  | 264,817 |  |  | 202,939 |  |  | 713,853 |  |  | 56,115 |  |  | — |  |  | 769,968 |  |  |
Interest expense | (4,558) |  |  | 38,476 |  |  | 74,777 |  |  | 108,695 |  |  | 8,381 |  |  | (20,114) |  |  | 96,962 |  |  |
Other income | (4,642) |  |  | (55,141) |  |  | (29,631) |  |  | (89,414) |  |  | (4,838) |  |  | 20,114 |  |  | (74,138) |  |  |
Equity income from investments | (1,735) |  |  | (56,097) |  |  | (205,796) |  |  | (263,628) |  |  | (155,342) |  |  | — |  |  | (418,970) |  |  |
(Loss) income before income taxes | $ | (120,257) |  |  | $ | 125,751 |  |  | $ | 264,144 |  |  | $ | 269,638 |  |  | $ | 163,342 |  |  | $ | — |  |  | $ | 432,980 |  |  |
Capital expenditures (b) | $ | 466,863 |  |  | $ | 279,880 |  |  | $ | 56,198 |  |  | $ | 802,941 |  |  | $ | 4,594 |  |  | $ | — |  |  | $ | 807,535 |  |  |
Depreciation and amortization | $ | 260,894 |  |  | $ | 152,582 |  |  | $ | 43,371 |  |  | $ | 456,847 |  |  | $ | 5,235 |  |  | $ | — |  |  | $ | 462,082 |  |  |
(a) Cost of goods sold is presented net of intersegment cost of goods sold. (b) Includes amounts related to acquisition of property, plant and equipment and expenditures for major maintenance.

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