Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Major Source

The following tables disaggregate revenue by major source (in thousands):


			Three Months Ended June 30, 2026
			Ethanol Production						Agribusiness & Energy Services						Eliminations						Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol			$	—					$	—					$	—					$	—
Distillers grains			15,794						—						—						15,794

Other			29,662						414						—						30,076
Intersegment revenues			—						51						(51)						—
Total revenues from contracts with customers			45,456						465						(51)						45,870
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol			281,299						31,696						—						312,995
Distillers grains			42,153						260						—						42,413
Renewable corn oil			41,860						—						—						41,860
Other			—						3,086						—						3,086
Intersegment revenues			—						4,039						(4,039)						—
Total revenues from contracts accounted for as derivatives			365,312						39,081						(4,039)						400,354
Total Revenues			$	410,768					$	39,546					$	(4,090)					$	446,224


			Six Months Ended June 30, 2026
			Ethanol Production						Agribusiness & Energy Services						Eliminations						Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol			$	—					$	—					$	—					$	—
Distillers grains			33,846						—						—						33,846

Other			53,902						820						—						54,722
Intersegment revenues			—						122						(122)						—
Total revenues from contracts with customers			87,748						942						(122)						88,568
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol			549,444						49,837						—						599,281
Distillers grains			89,358						2,624						—						91,982
Renewable corn oil			77,577						—						—						77,577
Other			—						34,620						—						34,620
Intersegment revenues			—						10,128						(10,128)						—
Total revenues from contracts accounted for as derivatives			716,379						97,209						(10,128)						803,460
Total Revenues			$	804,127					$	98,151					$	(10,250)					$	892,028


			Three Months Ended June 30, 2025
			Ethanol Production						Agribusiness & Energy Services						Eliminations						Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol			$	—					$	—					$	—					$	—
Distillers grains			23,708						2,945						—						26,653

Other			39,057						479						—						39,536
Intersegment revenues			199						61						(260)						—
Total revenues from contracts with customers			62,964						3,485						(260)						66,189
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol			373,039						16,220						—						389,259
Distillers grains			53,749						3,232						—						56,981
Renewable corn oil			37,401						—						—						37,401
Other			—						2,999						—						2,999
Intersegment revenues			—						5,595						(5,595)						—
Total revenues from contracts accounted for as derivatives			464,189						28,046						(5,595)						486,640
Total Revenues			$	527,153					$	31,531					$	(5,855)					$	552,829


			Six Months Ended June 30, 2025
			Ethanol Production						Agribusiness & Energy Services						Eliminations						Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol			$	—					$	—					$	—					$	—
Distillers grains			43,097						6,505						—						49,602
Other			50,301						2,132						—						52,433
Intersegment revenues			513						129						(642)						—
Total revenues from contracts with customers			93,911						8,766						(642)						102,035
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol			751,260						86,322						—						837,582
Distillers grains			111,283						9,313						—						120,596
Renewable corn oil			68,471						—						—						68,471
Other			—						25,660						—						25,660
Intersegment revenues			—						11,299						(11,299)						—
Total revenues from contracts accounted for as derivatives			931,014						132,594						(11,299)						1,052,309
Total Revenues			$	1,024,925					$	141,360					$	(11,941)					$	1,154,344

(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.