CHS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CHS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30,355	32,037	32,683	31,900	28,406	38,448	47,792	45,590	39,261	35,463
Cost of revenue	29,387	31,144	31,591	30,516	27,425	37,497	45,665	43,214	37,510	34,326
Gross profit	969	894	1,092	1,384	982	951	2,127	2,376	1,751	1,137
Selling, general and administrative	601	611	640	725	705	746	998	1,033	1,167	1,046
Operating income	292	-174	452	660	277	206	1,129	1,344	584	90.8
Interest expense	114	171	149	167	117	105	114	137	104	146
Interest income	38.4
Pre-tax income	402	-110	671	816	387	515	1,810	2,008	1,098	615
Income tax	19.1	-181	-104	-12.5	-36.7	-38.2	132	108	-4.87	16.8
Net income to minority interests	-0.22	-0.63	-0.6	-1.82	1.17	-0.38	-0.86	-0.31	0.34	0.08
Net income	383	71.6	776	830	422	554	1,679	1,900	1,102	598
EBITDA	740	306	930	1,133	755	668	1,591	1,883	1,154	742

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	290	181	451	211	141	413	794	1,765	795	328
Short-term investments								0	501	0
Receivables	2,881	1,892	2,460	2,731	2,366	2,861	3,548	3,106	3,550	3,687
Inventory	2,371	2,602	2,769	2,854	2,742	3,335	3,653	3,215	3,067	3,270
Other current assets	203	282	244	866	1,017	1,390	1,383	1,042	1,297	802
Total current assets	6,935	5,631	6,693	6,663	6,267	7,999	9,378	9,129	8,709	8,086
Property, plant and equipment	5,488	5,356	5,142	5,089	4,958	4,810	4,745	4,869	5,177	5,501
Lease right-of-use assets					258	253	243	255	219	239
Goodwill	144	138	138	172	172	172	180	180	180	239
Intangible assets	44.8	33.3	29.3	71.2	65	58.4	53.2	47	42.1	94.4
Other non-current assets	1,093	1,080	834	1,012	1,139	1,098	974	1,131	1,048	1,430
Total assets	17,312	15,819	16,381	16,447	15,994	17,576	18,825	18,957	18,715	18,864
Accounts payable	1,819	1,991	1,844	1,931	1,725	2,616	3,063	2,931	2,697	2,718
Accrued liabilities	422	455	511	555	502	623	784	773	784	696
Deferred revenue			172	208	139	214	542	240	249	180
Short-term debt	214	156	168	39.2	189	38.5	291	7.84	337	90.4
Total current liabilities	6,521	5,483	5,934	5,584	4,920	6,326	6,952	5,899	5,401	5,282
Long-term debt	2,083	2,023	1,763	1,750	1,602	1,580	1,668	1,820	1,824	1,745
Lease liabilities					204
Other non-current liabilities	354	277	337	496	653	653	743	786	728	756
Total liabilities	9,553	8,113	8,216	7,830	7,175	8,559	9,364	8,505	7,953	7,784
Total debt	2,175	2,142	1,919	1,755	1,751	1,580	1,668	1,820	2,117	1,785
Retained earnings	1,582	1,268	1,482	1,584	1,618	1,714	2,056	2,537	2,806	3,015
Other comprehensive income	-212	-180	-200	-227	-234	-216	-255	-265	-297	-306
Shareholders' equity	7,852	7,693	8,156	8,610	8,810	9,009	9,456	10,448	10,755	11,077
Minority interests	14.3	12.5	9.45	7.39	9.3	8.47	5.65	4.61	6.53	3.48
Total equity	7,759	7,706	8,165	8,618	8,819	9,017	9,461	10,452	10,762	11,080
Total liabilities and equity	17,312	15,819	16,381	16,447	15,994	17,576	18,825	18,957	18,715	18,864

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	383	71	775	828	424	554	1,678	1,900	1,103	598
Depreciation and amortization	447	480	478	473	477	462	462	540	570	651
Deferred income tax	28.2	-194	-147	-13.9	-41.8	-40.7	41.5	0.32	-80.6	-37.7
Change in receivables	1.57	147	211	-218	308	-569	-548	646	-336	7
Change in inventory	354	-333	-170	285	105	-549	-318	438	148	-53.2
Change in payables	-130	228	-78.4	-38.2	-331	1,007	555	-127	-214	-276
Cash from operations	1,261	955	1,074	1,140	1,087	758	1,947	3,284	1,273	636
Capital expenditures	-693	-444	-355	-443	-418	-318	-354	-565	-809	-729
Acquisitions	-11.9	0	0	-119	0.23	0		0	0	-237
Purchases of investments	-2,855	-16.6	-21.7	-5.09			0	0	-500	0
Sales and maturities of investments	39.2
Cash from investing	-3,747	-405	-79.5	-661	-244	-102	-457	-950	-1,432	-881
Debt repaid			-208	-154	-25.4	-547	-31.1	-283	-366	-332
Cash from financing	1,814	-618	-732	-726	-931	-327	-1,114	-1,395	-814	-231
Exchange rate effect	-5.22	-4.71	8.86	2.73	4.94	-4.06	-14.8	2.59	2.24	0.77
Net change in cash	-677	-73.3	272	-244	-82.7	325	361	941	-971	-475
Free cash flow	568	510	719	697	669	440	1,592	2,720	464	-92.8
Interest paid	147	160	149	172	119	102	114	139	101	148
Income taxes paid	5.18	14.6	13.4	19.9	6.84	-8.84	19.7	184	129	77.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $25.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	3.1%	Gross profit / revenue.
Operating margin	0.1%	Operating income / revenue.
EBITDA margin	2.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.5%	Pre-tax income / revenue.
Net margin	1.5%	Net income / revenue.
FCF margin	2.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.9%	Cash from operations / revenue.
Effective tax rate	-1.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	0.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.0%	Selling, general and administrative expense / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-35.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-18.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-84.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-56.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-20.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-35.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-22.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-45.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-29.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-50.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-31.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-10.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-120.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	3.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.47x	Current assets / current liabilities.
Quick ratio	0.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.3%	Total debt / total assets.
Liabilities / assets	46.1%	Total liabilities / total assets.
Net debt	$1.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.21x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.23x	Operating income / interest expense.
Working capital	$3.17B	Current assets - current liabilities.
Tangible book value	$11.20B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.80x	Revenue / average total assets.
Fixed asset turnover	6.91x	Revenue / average property, plant and equipment.
Inventory turnover	10.1x	Cost of revenue / average inventory.
Days inventory	36 days	365 x average inventory / cost of revenue.
Receivables turnover	8.24x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	50 days	Days inventory + days sales outstanding - days payables.
FCF conversion	161.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	36.6%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$318.8M	Share price x shares outstanding.
Enterprise value	$1.95B	Market cap + total debt - cash - short-term investments.
P/E	0.55x	Market cap / net income. Only when net income is positive.
P/S	0.01x	Market cap / revenue.
P/B	0.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.03x	Market cap / tangible book value, when positive.
P/FCF	0.34x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.22x	Market cap / cash from operations, when positive.
EV/Sales	0.05x	Enterprise value / revenue.
EV/EBIT	46.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.64x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.10x	Enterprise value / free cash flow, when both are positive.
FCF yield	292.6%	Free cash flow / market cap.
Earnings yield	181.1%	Net income / market cap (the inverse of P/E).

What was CHS INC's revenue in fiscal 2025?

CHS INC reported revenue of $35.46B for fiscal 2025, 9.7% lower than the year before.

Was CHS INC profitable in fiscal 2025?

Yes. Net income was $597.9M, a net margin of 1.7%.

How much free cash flow did CHS INC generate in fiscal 2025?

Cash from operations of $635.8M minus capital expenditures of $728.6M left free cash flow of -$92.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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