CHS (CHSCL) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (1Q27E)	vs. 1Q26A	Next 12 Months	Change
Revenue	$39,231	$8,864	0.0%	$39,231	0.0%
Adj. EBITDA	$1,269	$291	(0.5%)	$1,270	0.1%
Free Cash Flow	$1,121	$135	129.7%	$602	(46.3%)
Net Debt, end of period	$1,789	$1,654		$1,188	(33.6%)
Net Debt / Adj. EBITDA	1.4x	1.3x		0.9x	-0.5x
Total Liquidity, end of period	$264	$398		$865	228.2%

The credit over the next year

CHS is a farm cooperative whose earnings swing on its two refineries: fiscal 2026 pretax income rose 84% to $1.13 billion mostly because the Group 3 crack spread jumped to an implied $57.92 a barrel in the August quarter, against $24.57 a year earlier. Over the next year the credit turns on how fast that crack spread and the heavy Canadian crude discount normalize, set against record renewable fuel credit (RIN) costs under the new 2026 and 2027 blending mandate. Grain volumes and fertilizer prices drive the much larger but thin-margin Ag revenue base and the CF Nitrogen income stream, which cushion a weaker farm economy.

Leverage falls from 1.4x to 0.9x over the next four quarters on the starting case.
Free cash flow of $602mm is projected over the next year, with no itemised debt due in that time.
Net debt shrinks from $1.79bn to $1.19bn.
Liquidity a year out is $865mm, against $264mm today.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$263.6
4.69% Private Placement Payable due 2027	58.0	100.0%	N/a	0.0x	Bullish
3.24% Private Placement Payable due 2028	95.0	100.0%	N/a	0.1x	Bullish
4.74% Private Placement Payable due 2028	95.0	100.0%	N/a	0.2x	Bullish
5.68% Private Placement Payable due 2030	150.0	100.0%	N/a	0.3x	Bullish
3.48% Private Placement Payable due 2031	100.0	100.0%	N/a	0.4x	Bullish
4.89% Private Placement Payable due 2031	100.0	100.0%	N/a	0.5x	Bullish
5.84% Private Placement Payable due 2032	150.0	100.0%	N/a	0.6x	Bullish
4.71% Private Placement Payable due 2033	100.0	100.0%	N/a	0.7x	Bullish
3.58% Private Placement Payable due 2033	65.0	100.0%	N/a	0.7x	Bullish
5.93% Private Placement Payable due 2034	150.0	100.0%	N/a	0.8x	Bullish
5.40% Private Placement Payable due 2036	125.0	100.0%	N/a	0.9x	Bullish
3.73% Private Placement Payable due 2036	115.0	100.0%	N/a	1.0x	Bullish
6.05% Private Placement Payable due 2037	150.0	100.0%	N/a	1.1x	Bullish
6.13% Private Placement Payable due 2039	250.0	100.0%	N/a	1.3x	Bullish
Cooperative Notes	300.0	100.0%	N/a	1.6x	Bullish
Total Debt	$2,052.7			1.6x
Net Debt	$1,789.1			1.4x

Last Twelve Months

Revenue	$39,231
Implied Costs	(37,962)
Adj. EBITDA	$1,269
(-) Interest Expense	(164)
(-) Capex	(463)
Memo: FCF	$1,121
Total Liquidity	$263.6

Next 12 months, starting case▶ Revenue $39.23bn → $39.23bn▶ Adj. EBITDA $1.27bn → $1.27bn▼ Free cash flow $1.12bn → $602mm▼ Net leverage 1.4x → 0.9x▲ Liquidity $264mm → $865mm

CHS

			8/31/26				Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	View	2022A	2023A	2024A	2025A	2026A	LTM	4Q27E LTM	4Q28E LTM
Unrestricted Cash			$263.6
Undrawn Revolver ($250mm facility)			N/a
Total Liquidity			$263.6

4.69% Private Placement Payable due 2027	4.69%	2027	58.0	100.0%	N/a	Bullish
3.24% Private Placement Payable due 2028	3.24%	2028	95.0	100.0%	N/a	Bullish
4.74% Private Placement Payable due 2028	4.74%	2028	95.0	100.0%	N/a	Bullish
5.68% Private Placement Payable due 2030	5.68%	2030	150.0	100.0%	N/a	Bullish
3.48% Private Placement Payable due 2031	3.48%	2031	100.0	100.0%	N/a	Bullish
4.89% Private Placement Payable due 2031	4.89%	2031	100.0	100.0%	N/a	Bullish
5.84% Private Placement Payable due 2032	5.84%	2032	150.0	100.0%	N/a	Bullish
4.71% Private Placement Payable due 2033	4.71%	2033	100.0	100.0%	N/a	Bullish
3.58% Private Placement Payable due 2033	3.58%	2033	65.0	100.0%	N/a	Bullish
5.93% Private Placement Payable due 2034	5.93%	2034	150.0	100.0%	N/a	Bullish
5.40% Private Placement Payable due 2036	5.40%	2036	125.0	100.0%	N/a	Bullish
3.73% Private Placement Payable due 2036	3.73%	2036	115.0	100.0%	N/a	Bullish
6.05% Private Placement Payable due 2037	6.05%	2037	150.0	100.0%	N/a	Bullish
6.13% Private Placement Payable due 2039	6.13%	2039	250.0	100.0%	N/a	Bullish
Total Secured Debt			$1,703.0				1.1x	0.9x	1.5x	2.3x	1.3x	1.3x	1.3x	1.3x
Net Secured Debt			$1,439.4				0.9x	0.8x	1.2x	1.9x	1.1x	1.1x	1.1x	1.1x

Cooperative Notes	N/a	N/a	300.0	100.0%	N/a	Bullish
Other debt, discounts and issuance costs	N/a	N/a	49.7
Total Debt			$2,052.7				1.3x	1.1x	1.8x	2.8x	1.6x	1.6x	1.6x	1.6x
Net Debt			$1,789.1				1.1x	1.0x	1.6x	2.4x	1.4x	1.4x	0.9x	0.5x
				Adj. EBITDA			$1,591	$1,883	$1,154	$742	$1,269	$1,269	$1,270	$1,270

Key Financials

	2022A	2023A	2024A	2025A	2026A	LTM	4Q27E LTM	4Q28E LTM
Revenue	$47,792	$45,590	$39,261	$35,463	$39,231	$39,231	$39,231	$39,231
Y/Y Growth		(4.6%)	(13.9%)	(9.7%)	10.6%		0.0%	0.0%
(-) Cost of Revenue	(45,665)	(43,214)	(37,510)	(34,326)	(37,443)	(37,443)	(37,443)	(37,443)
Gross Profit	$2,127	$2,376	$1,751	$1,137	$1,788	$1,788	$1,788	$1,788
Gross Margin	4.5%	5.2%	4.5%	3.2%	4.6%	4.6%	4.6%	4.6%
(-) SG&A	(998)	(1,033)	(1,167)	(1,046)	(1,196)	(1,196)	(1,195)	(1,195)
(+/-) Other Operating Costs, net of D&A	462	539	570	652	677	677	677	677
EBITDA	$1,591	$1,883	$1,154	$742	$1,269	$1,269	$1,270	$1,270
(+) Add-backs: stock comp, restructuring, impairments	--	--	--	--	--	--	--	--
Adj. EBITDA	$1,591	$1,883	$1,154	$742	$1,269	$1,269	$1,270	$1,270
Margin	3.3%	4.1%	2.9%	2.1%	3.2%	3.2%	3.2%	3.2%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$1,591	$1,883	$1,154	$742	$1,269	$1,269	$1,270	$1,270
(-) Interest Expense (Cash Only)	(114)	(139)	(101)	(148)	(167)	(164)	(173)	(173)
(-) Cash Taxes	(20)	(184)	(129)	(77)	(5)	(33)	(33)	(33)
(-) Capex	(354)	(565)	(809)	(729)	(463)	(463)	(463)	(463)
(+/-) Working Capital and Other	489	1,725	348	118	487	511	--	--
Memo: FCF	$1,592	$2,720	$464	($93)	$1,121	$1,121	$602	$602
% of Debt	77.6%	132.5%	22.6%	(4.5%)	54.6%	54.6%	29.3%	29.3%

Liquidity

Unrestricted Cash	$263.6
Undrawn Revolver	N/a
Total Liquidity	$263.6
(-) Debt due through 2028	(248.0)
(+/-) Free cash flow, last twelve months	1,120.7
Liquidity after maturities and a year of cash flow	$1,136.4

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price. Revolver availability is not tagged in the filing; N/a means not found, not zero.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2022A	2023A	2024A	2025A	2026A	LTM	4Q27E LTM	4Q28E LTM
Revenue	$47,792	$45,590	$39,261	$35,463	$39,231	$39,231	$39,231	$39,231
Y/Y Growth		(4.6%)	(13.9%)	(9.7%)	10.6%		0.0%	0.0%
(-) Cost of Revenue	(45,665)	(43,214)	(37,510)	(34,326)	(37,443)	(37,443)	(37,443)	(37,443)
Gross Profit	$2,127	$2,376	$1,751	$1,137	$1,788	$1,788	$1,788	$1,788
Gross Margin	4.5%	5.2%	4.5%	3.2%	4.6%	4.6%	4.6%	4.6%
(-) SG&A	(998)	(1,033)	(1,167)	(1,046)	(1,196)	(1,196)	(1,195)	(1,195)
(+/-) Other Operating Costs, net of D&A	462	539	570	652	677	677	677	677
EBITDA	$1,591	$1,883	$1,154	$742	$1,269	$1,269	$1,270	$1,270
(+) Add-backs: stock comp, restructuring, impairments	--	--	--	--	--	--	--	--
Adj. EBITDA	$1,591	$1,883	$1,154	$742	$1,269	$1,269	$1,270	$1,270
Margin	3.3%	4.1%	2.9%	2.1%	3.2%	3.2%	3.2%	3.2%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$1,591	$1,883	$1,154	$742	$1,269	$1,269	$1,270	$1,270
(-) Interest Expense (Cash Only)	(114)	(139)	(101)	(148)	(167)	(164)	(173)	(173)
(-) Cash Taxes	(20)	(184)	(129)	(77)	(5)	(33)	(33)	(33)
(-) Capex	(354)	(565)	(809)	(729)	(463)	(463)	(463)	(463)
(+/-) Working Capital and Other	489	1,725	348	118	487	511	--	--
Memo: FCF	$1,592	$2,720	$464	($93)	$1,121	$1,121	$602	$602
% of Debt	77.6%	132.5%	22.6%	(4.5%)	54.6%	54.6%	29.3%	29.3%

Key Drivers

Driver	1Q26A	2Q26A	3Q26A	4Q26A	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	4Q28E	Sensitivity	Next 12m impact ($mm)
Group 3 2:1:1 crack spread $ per barrel (quarterly average)	26.61	17.04	39.03	57.92	26.61	17.04	39.03	57.92	26.61	17.04	39.03	57.92	$17.8mm on revenue	--
WTI less WCS heavy crude discount $ per barrel (quarterly average)	11.35	12.88	14.36	14.09	11.35	12.88	14.36	14.09	11.35	12.88	14.36	14.09	$-9.3mm on cost of revenue	--
D6 ethanol RIN price $ per RIN (quarterly average)	0.9987	1.2076	1.7985	2.2684	0.9987	1.2076	1.7985	2.2684	0.9987	1.2076	1.7985	2.2684	$50.0mm on cost of revenue	--
Grain and oilseed volumes millions of bushels handled per quarter	657.6	623.5	655.0	646.9	657.6	623.5	655.0	646.9	657.6	623.5	655.0	646.9	$8.3mm on revenue	--
Urea price, NOLA $ per short ton (quarterly average)	381.31	406.50	598.92	379.87	381.31	406.50	598.92	379.87	381.31	406.50	598.92	379.87	$1.7mm on revenue	--

CHS is a farm cooperative whose earnings swing on its two refineries: fiscal 2026 pretax income rose 84% to $1.13 billion mostly because the Group 3 crack spread jumped to an implied $57.92 a barrel in the August quarter, against $24.57 a year earlier. Over the next year the credit turns on how fast that crack spread and the heavy Canadian crude discount normalize, set against record renewable fuel credit (RIN) costs under the new 2026 and 2027 blending mandate. Grain volumes and fertilizer prices drive the much larger but thin-margin Ag revenue base and the CF Nitrogen income stream, which cushion a weaker farm economy.

Bottoms-Up Projections: starting case

$ in millions	1Q26A	2Q26A	3Q26A	4Q26A	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	4Q28E
Revenue	$8,864	$8,354	$11,582	$10,431	$8,864	$8,354	$11,582	$10,431	$8,864	$8,354	$11,582	$10,431
Y/Y Growth	(4.6%)	7.2%	18.6%	21.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$292	($69)	$274	$773	$291	($72)	$278	$773	$291	($72)	$278	$773
Margin	3.3%	(0.8%)	2.4%	7.4%	3.3%	(0.9%)	2.4%	7.4%	3.3%	(0.9%)	2.4%	7.4%
Free Cash Flow	($454)	($674)	$985	$1,264	$135	($222)	$90	$599	$135	($222)	$90	$599
Cash, end of period	375	249	498	264	398	176	266	865	1,000	778	868	1,467
Total Debt, end of period	1,830	2,133	2,134	2,053	2,053	2,053	2,053	2,053	2,053	2,053	2,053	2,053
Net Debt / Adj. EBITDA	1.9x	2.7x	2.2x	1.4x	1.3x	1.5x	1.4x	0.9x	0.8x	1.0x	0.9x	0.5x

Revenue is built from Grains, Energy, Agronomy, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q4 FY2026 (fiscal year ended August 31, 2026)

Slides Investor relations site

CHS lifted fiscal 2026 pretax earnings 84% to $1.13 billion on a sharp refining rebound, cut short-term debt, and plans a much larger capital program and $300 million of owner payouts in fiscal 2027.

Takeaways

Fiscal 2026 net income was $1.10 billion versus $598 million. Revenue rose to $39.2 billion from $35.5 billion, mostly on higher commodity prices. The fourth quarter alone carried most of the year: implied pretax earnings of about $739 million, led by about $526 million from Energy.
Energy swung to $555 million of pretax earnings from a $19 million loss on strong refining margins, partly offset by record renewable fuel credit (RIN) costs and hedging losses. Grains rose to $127 million on crush and ethanol margins. Agronomy slipped to $355 million as farmers deferred purchases. Corporate and Services fell to $92 million after a one-time Ventura Foods gain in 2025.
Operating cash flow jumped to $1.58 billion from $636 million, helped by payables and higher earnings. Capex was $463 million. Cash ended at $264 million.
Short-term notes payable fell to $449 million from $1.15 billion and the $2.8 billion revolver (to April 2028) was undrawn at year end. Long-term debt rose to $2.05 billion after drawing a $300 million term loan, now non-revolving and due October 2029. Total equities were $11.6 billion and covenants were met.
Fiscal 2027 cash calls step up. Capex is budgeted near $851 million, including a roughly $700 million Wisconsin soybean plant, plus development spend on a proposed $450 million Louisiana phosphate joint venture. Owner payouts rise to $300 million and preferred dividends run about $169 million.
The receivables securitization and repurchase facilities were extended only to August 2027, so they need annual renewal. The 7.50% Class B Series 4 preferred (CHSCL) dividend was declared as normal on November 3, 2026.

Debt and capital

Long-term debt of $2.05 billion at August 31, 2026, mostly $1.70 billion of fixed-rate private placement notes plus a $300 million term loan at 5.29%. Fair value was about $2.0 billion.
Maturities are light near term: about $59 million in fiscal 2027, $191 million in fiscal 2028, then $450 million in fiscal 2030 including the term loan.
The $300 million revolving term loan converted on October 29, 2026 to a non-revolving term loan due October 29, 2029.
Primary $2.8 billion unsecured revolver expires April 21, 2028 and was undrawn, versus $180 million drawn a year earlier.
Securitization facility had $964 million of availability with $175 million used. The $250 million repurchase facility was unused. Both were extended on August 26, 2026 to August 25, 2027, with pricing changes including removal of the credit spread adjustment.
Management said it may issue long-term debt from time to time to fund growth projects.
Interest expense rose to $163.6 million from $146.1 million.

Guidance

CHS gives no earnings guidance.
Fiscal 2027 capex is expected near $850.8 million, up from $463.3 million in fiscal 2026 (a large increase, driven by the Wisconsin soybean plant).
Fiscal 2027 major maintenance is expected near $41.8 million, down from $68.3 million, as refinery turnaround work eases.
Fiscal 2027 cash patronage of $150 million and equity redemptions of up to $150 million, about 150% above the fiscal 2026 distribution.
Fiscal 2027 preferred dividends expected near $168.7 million on about $2.3 billion of preferred stock.

Tone: Upbeat on results and owner payouts, with caution about the weak U.S. farm economy, trade volatility and policy-driven swings in fuel and grain margins.

Q3 FY2026 (quarter ended May 31, 2026)Slides
Q2 FY2026 (quarter ended February 28, 2026)Slides
Q1 FY2026 (quarter ended November 30, 2025)Slides

Summary written with AI from Press release and Form 10-K only. CHS does not hold a quarterly earnings call or webcast and does not publish earnings slides, so there is no call transcript or audio. The only company-published remarks are the annual meeting CFO report, which covers fiscal 2025 and is not used here.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Fourth quarter fiscal 2026

CHS earned $1.1bn in fiscal 2026, almost double the prior year, as refining margins lifted Energy and oilseed crush improved.

Results

The release covers the full fiscal year to August 31, 2026 and does not show fourth quarter figures on their own.
Fiscal 2026 revenue was $39.2bn, up from $35.5bn, mainly on higher commodity prices.
Net income attributable to CHS was $1,096mm versus $598mm, and pretax earnings were $1,129mm versus $615mm.
Fourth quarter pretax earnings work out to about $739mm (full year less the nine months in the third quarter release), versus about $182mm a year earlier.
Segment pretax earnings for the year: Energy $555mm (prior year a $19mm loss), Agronomy $355mm, Grains $127mm, Corporate and Services $92mm.

Why

Energy gained $574mm on much stronger refining margins and high refinery output, partly offset by record renewable fuel credit (RIN) costs and unrealized hedging losses.
Grains rose $83mm on strong oilseed crush margins in the second half and good ethanol margins, offset in part by trade volatility and weaker retail margins.
Agronomy fell $21mm as farmers deferred purchases and margins tightened, though the CF Nitrogen joint venture performed well.
Corporate and Services fell $122mm because joint venture earnings were lower and the prior year included a Ventura Foods gain on a business sale.

Balance sheet and guidance

The release gives no balance sheet, cash, debt or cash flow figures.
CHS plans to return $300mm to owners in fiscal 2027, $150mm as cash patronage and up to $150mm as equity redemptions, versus $120mm planned a year ago.
Announced growth projects include a roughly $450mm phosphate plant in Louisiana in a joint venture with OCP North America and a roughly $700mm soybean plant in Evansville, Wisconsin, both expected to start in late 2028 or 2029.

What to watch

Whether refining margins hold up against record RIN compliance costs, since Energy drove most of the fiscal 2026 gain.
Agronomy volumes and margins in a weak U.S. farm economy, and how much CF Nitrogen keeps offsetting them.
Cash needs from the $300mm owner distributions plus the roughly $1.15bn of announced phosphate and soybean projects.

From the company's press release filed Nov 4, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Nov 4, 20268-K for Nov 4, 2026: Results · Press release
Jul 8, 20268-K for Jul 8, 2026: Results · Press release
Apr 8, 20268-K for Apr 8, 2026: Results · Press release
Jan 7, 20268-K for Jan 7, 2026: Results · Press release
Nov 5, 20258-K for Nov 5, 2025: Results · Press release
Jul 9, 20258-K for Jul 9, 2025: Results · Press release
Apr 2, 20258-K for Apr 2, 2025: Results · Press release
Jan 8, 20258-K for Jan 8, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Nov 3, 20268-K for Nov 3, 2026: Other event
Oct 5, 20268-K for Oct 2, 2026: Director or officer change
Aug 26, 20268-K for Aug 26, 2026: Material agreement; New debt
Aug 6, 20268-K for Aug 6, 2026: Regulation FD
Jul 8, 20268-K for Jul 8, 2026: Other event
Apr 7, 20268-K for Apr 7, 2026: Other event
Apr 3, 20268-K for Mar 30, 2026: Director or officer change
Jan 6, 20268-K for Jan 6, 2026: Other event
Dec 8, 20258-K for Dec 5, 2025: Director or officer change; Regulation FD
Dec 5, 20258-K for Dec 5, 2025: Regulation FD
Nov 4, 20258-K for Nov 4, 2025: Other event
Sep 9, 20258-K for Sep 9, 2025: Regulation FD
Sep 3, 20258-K for Sep 3, 2025: Other event
Aug 29, 20258-K for Aug 27, 2025: Material agreement; New debt
Jul 18, 20258-K for Jul 18, 2025: Regulation FD
Apr 1, 20258-K for Apr 1, 2025: Other event
Jan 7, 20258-K for Jan 7, 2025: Other event
Dec 9, 20248-K for Dec 6, 2024: Director or officer change; Regulation FD
Dec 6, 20248-K for Dec 6, 2024: Regulation FD
Nov 5, 20248-K for Nov 5, 2024: Other event

Other filings 8

Mar 3, 202510-K/A for Aug 31, 2024
Mar 2, 202310-K/A for Aug 31, 2022
Mar 3, 202210-K/A for Aug 31, 2021
Mar 1, 202110-K/A for Aug 31, 2020
Mar 30, 2017424B3
Mar 28, 2017S-1/A
Jan 27, 2017S-1
Apr 1, 2016424B3

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Jan 6, 2027Results. Quarterly results for the period ending 2026-11-30. The date is an estimate: last year's filing date moved forward a year.
2027Maturity. 4.69% Private Placement Payable due 2027: $58mm outstanding comes due.
2028Maturity. 3.24% Private Placement Payable due 2028: $95mm outstanding comes due.
2028Maturity. 4.74% Private Placement Payable due 2028: $95mm outstanding comes due.

Recent 8-K filings

Nov 4, 2026Reported results
Nov 3, 2026Other event
Oct 5, 2026Director or officer change
Aug 26, 2026Entered into a material agreement; Took on new debt or an obligation
Aug 6, 2026Regulation FD disclosure
Jul 8, 2026Reported results
Jul 8, 2026Other event