v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Reportable segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), who is the Company’s Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on Income before income taxes. The operating and reportable segment structure provides alignment between business strategies and operating results. The Company’s operations include two reportable business segments that are distinguished primarily on the basis of products and services offered as well as the management structure.

The Agribusiness segment includes commodity merchandising, the operation of terminal grain elevator facilities, and the manufacturing and distribution of plant nutrient products. The Renewables segment produces and sells ethanol and co-products, while also managing a merchandising portfolio that includes ethanol, feed products, and renewable feedstocks. Other includes corporate income and expenses, costs for shared support functions that support the operating segments, and various elimination and consolidation adjustments.

The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent, or more, of total revenues.
Three months ended June 30, 2026Three months ended June 30, 2025
(in thousands)AgribusinessRenewablesTotalAgribusinessRenewablesTotal
Sales and merchandising revenues$2,113,093 $984,567 $3,097,660 $2,414,827 $721,042 $3,135,869 
Cost of sales and merchandising revenues1,966,315 907,615 2,873,930 2,282,765 694,688 2,977,453 
Operating, administrative and general expenses122,098 34,099 156,197 114,012 8,951 122,963 
Interest expense13,330 2,341 15,671 11,331 725 12,056 
Other income, net (a)
8,520 24,469 32,989 12,180 746 12,926 
Segment income (loss)$19,870 $64,981 $84,851 $18,899 $17,424 $36,323 
less: Corporate expenses17,514 11,488 
Income before income taxes$67,337 $24,835 
(a) Other income, net for each reportable segment includes:
Agribusiness - patronage income, property insurance recoveries, amongst other items.
Renewables - clean fuel production credits, patronage income, amongst other items.
Six months ended June 30, 2026Six months ended June 30, 2025
(in thousands)AgribusinessRenewablesTotalAgribusinessRenewablesTotal
Sales and merchandising revenues$4,033,060 $1,691,866 $5,724,926 $4,408,114 $1,386,853 $5,794,967 
Cost of sales and merchandising revenues3,752,376 1,588,236 5,340,612 4,157,454 1,326,225 5,483,679 
Operating, administrative and general expenses243,518 44,399 287,917 238,501 18,734 257,235 
Interest expense27,018 5,400 32,418 24,157 1,423 25,580 
Other income, net (a)
17,127 50,741 67,868 21,221 1,834 23,055 
Segment income$27,275 $104,572 $131,847 $9,223 $42,305 $51,528 
less: Corporate expenses30,618 23,480 
Income before income taxes$101,229 $28,048 
(a) Other income, net for each reportable segment includes:
Agribusiness - patronage income, property insurance recoveries, amongst other items.
Renewables - clean fuel production credits, patronage income, amongst other items.

Three months ended June 30, 2026Three months ended June 30, 2025
(in thousands)AgribusinessRenewablesOtherTotalAgribusinessRenewablesOtherTotal
Depreciation and amortization (a)
$21,894 $11,876 $864 $34,634 $20,399 $12,018 $654 $33,071 
Purchases of property, plant and equipment and capitalized software38,506 31,310 5,756 75,572 38,886 9,940 2 48,828 
Interest income (b)
868 31 72 971 1,359 728 2 2,089 
(a) Depreciation and amortization disclosed by reportable segment is included within both Cost of sales and merchandising revenues and Operating, administrative and general expenses within the Consolidated Statement of Operations.
(b) Interest income is recorded in Other income, net within the Consolidated Statement of Operations.
Six months ended June 30, 2026Six months ended June 30, 2025
(in thousands)AgribusinessRenewablesOtherTotalAgribusinessRenewablesOtherTotal
Depreciation and amortization (a)
$43,384 $23,643 $1,719 $68,746 $42,084 $23,909 $1,418 $67,411 
Purchases of property, plant and equipment and capitalized software66,144 51,390 9,750 127,284 74,153 20,736 487 95,376 
Interest income (b)
1,652 63 111 1,826 3,259 1,331 11 4,601 
(a) Depreciation and amortization disclosed by reportable segment is included within both Cost of sales and merchandising revenues and Operating, administrative and general expenses within the Consolidated Statement of Operations.
(b) Interest income is recorded in Other income, net within the Consolidated Statement of Operations.
(in thousands)June 30,
2026		December 31,
2025		June 30,
2025
Identifiable assets
Agribusiness$2,482,297 $2,847,954 $2,214,334 
Renewables759,285 617,253 707,722 
Other232,699 247,625 524,435 
Total assets$3,474,281 $3,712,832 $3,446,491 

Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Revenues from external customers by geographic region
United States$2,499,465 $2,426,004 $4,468,589 $4,558,292 
Canada143,979 133,191 282,416 269,416 
Mexico63,350 89,452 139,519 158,472 
Other390,866 487,222 834,402 808,787 
   Total$3,097,660 $3,135,869 $5,724,926 $5,794,967 

Substantially all of the Company's long-lived assets are located within the United States. The Company had approximately $46.9 million, $47.8 million, and $48.5 million of long-lived assets in other countries at June 30, 2026, December 31, 2025, and June 30, 2025, respectively, with substantially all of the foreign long-lived assets located within Canada for all periods presented.