UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 Form 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended
 August 31, 2025

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from to

 Commission file number: 001-36079
 CHS Inc.
 (Exact name of registrant as specified in its charter)
 Minnesota
 41-0251095

 (State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)

 5500 Cenex Drive
 Inver Grove Heights, Minnesota 55077
 (Address of principal executive offices, including zip code)

 ( 651) 355-6000
 (Registrant's telephone number, including area code)

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class
 Trading Symbol(s)
 Name of each exchange on which registered

 8% Cumulative Redeemable Preferred Stock
 CHSCP

 Class B Cumulative Redeemable Preferred Stock, Series 1
 CHSCO

 Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2
 CHSCN

 Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3
 CHSCM

 Class B Cumulative Redeemable Preferred Stock, Series 4
 CHSCL

 Securities registered pursuant to section 12(g) of the Act: None

 Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

 Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company

 If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. o

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

 Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).

 State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the Registrant's most recently completed second fiscal quarter:

 The Registrant has no voting or non-voting common equity (the Registrant is a member cooperative).

 Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date:

 The Registrant has no common stock outstanding.

 DOCUMENTS INCORPORATED BY REFERENCE
 None.

 Page
No.

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibit and Financial Statement Schedules

 Item 16.

 Form 10-K Summary

 Signatures

 ITEM 1. BUSINESS

 THE COMPANY

 CHS Inc. (referred to herein as "CHS," "company," "we," "us" or "our") is the nation's leading integrated agricultural cooperative, providing grain, food, agronomy and energy resources to businesses and consumers on a global basis. As a cooperative, we are owned by farmers and ranchers and member cooperatives (referred to herein as "members") across the United States. We also have preferred shareholders who own shares of our five series of preferred stock, all of which are listed and traded on the Global Select Market of The Nasdaq Stock Market LLC ("Nasdaq"). We buy commodities from and provide products and services to individual agricultural producers, local cooperatives and other companies (including our members and other nonmember customers), both domestically and internationally. We provide a wide variety of products and services, ranging 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. A portion of our operations are conducted through equity investments and joint ventures whose operating results are not fully consolidated with our results; rather, our share of the income or loss from those equity investments and joint ventures is included as a component of our net income using the equity method of accounting. For the year ended August 31, 2025, our total revenues were $35.5 billion and net income attributable to CHS was $597.9 million.

 We have aligned our segments based on an assessment of how our businesses operate and the products and services they sell. Our Energy segment derives its revenues through refining, wholesaling and retailing of petroleum products. Our Ag segment derives its revenues through origination and marketing of grain, including service activities conducted at export terminals; through wholesale agronomy sales of crop nutrient and crop protection products; from sales of soybean meal, refined soy oil and soyflour products; through the production and marketing of renewable fuels; and through retail sales of petroleum and agronomy products, processed sunflowers, feed and farm supplies. Our Ag segment also records equity income from our grain export joint venture and other investments. Our Nitrogen Production segment consists of our equity method investment in CF Industries Nitrogen, LLC ("CF Nitrogen"), and allocated expenses. Our other business operations, primarily our financing and hedging businesses, are included in Corporate and Other because of the nature of their products and services, as well as the relative amounts of revenue from those businesses. In addition, our nonconsolidated food production and distribution joint
 venture, Ventura Foods, LLC ("Ventura Foods"), and our nonconsolidated wheat milling joint venture, Ardent Mills, LLC
 ("Ardent Mills"), are included in Corporate and Other.

 As required under our bylaws and Minnesota cooperative law, our earnings from cooperative business are allocated to our members and to a limited extent to nonmembers with which we have agreed to do business on a patronage basis based on the volume of business they do with us. We allocate these earnings to our patrons in the form of patronage refunds, which are also called patronage dividends, and which may be in cash, patrons' equities in the form of capital equity certificates or both. Patrons' equities may be redeemed over time solely at the discretion of our Board of Directors. Earnings derived from nonmembers, which are not treated as patronage, are taxed at federal and state statutory corporate rates and are retained by us as unallocated capital reserves. We also receive patronage refunds from the cooperatives in which we are a member, if those cooperatives have earnings to distribute and if we qualify for patronage refunds from them.

 Our origins date back to the late 1920s with the founding of our predecessor companies, which became Cenex, Inc., and Harvest States Cooperatives. CHS Inc. emerged as the result of the merger of Cenex and Harvest States Cooperative in 1998 and is headquartered in Inver Grove Heights, Minnesota.

 Our website address is www.chsinc.com. Our periodic and current reports on Form 10-K, 10-Q, 8-K and other filings, including exhibits and supplemental schedules filed therewith, and amendments to those reports, filed with the Securities and Exchange Commission ("SEC") are available on our website free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The information contained on our website is not part of, and is not incorporated into, this Annual Report on Form 10-K or any other report we file with or furnish to the SEC. In addition, the SEC maintains a website that contains reports and other information regarding issuers, where you may obtain a copy of all information we file publicly with the SEC. The SEC website address is www.sec.gov.

 ENERGY

 We are the nation's largest cooperative energy company based on revenues and identifiable assets, with operations that include petroleum refining and pipelines; supply, marketing and distribution of refined fuels (gasoline, diesel fuel and other energy products); blending, sale and distribution of lubricants; and wholesale supply of propane and other natural gas liquids. Our Energy segment processes crude oil into refined petroleum products at our refineries in Laurel, Montana, and McPherson, Kansas, and sells those products under the Cenex brand to member cooperatives and other independent retailers through a network of nearly 1,200 sites, the majority of which are convenience stores marketing Cenex brand fuels and owned by our member cooperatives. For fiscal 2025, our Energy revenues, after elimination of intersegment revenues, were $7.6 billion and were primarily from gasoline, diesel fuel and propane.

 Operations

 Laurel refinery. Our Laurel, Montana, refinery processes medium- and high-sulfur crude oil into refined petroleum products that primarily include gasoline, diesel fuel, asphalt and petroleum coke. Our Laurel refinery sources approximately 96% of its crude oil supply from Canada, with the remaining balance obtained from domestic sources. We have access to Canadian and northwest Montana crude oil through our wholly-owned Front Range Pipeline, LLC, and other common carrier pipelines. Our Laurel refinery also has access to Wyoming crude oil via common carrier pipelines from the south.

 Our Laurel refinery processes approximately 65,000 barrels of crude oil per day to produce refined products that consist of approximately 38% gasoline, 43% diesel fuel and other distillates, 12% asphalt, 6% petroleum coke and 1% other products. Refined fuels produced at our Laurel refinery are available via railcars and via the Yellowstone Pipeline to western Montana terminals and to Spokane, Washington; south via common carrier pipelines to Wyoming terminals and Denver, Colorado; and east via our wholly-owned Cenex Pipeline, LLC, to Glendive, Montana, and to Minot, Prosper and Fargo, North Dakota.

 McPherson refinery. Our McPherson, Kansas, refinery processes approximately 60% low- and medium-sulfur crude oil and approximately 40% heavy-high-sulfur crude oil into gasoline, diesel fuel and other distillates, petroleum coke and other products. The refinery sources its crude oil through its own pipelines, as well as through joint venture and common carrier pipelines. Low- and medium-sulfur crude oil is sourced from Kansas, Colorado, North Dakota, Oklahoma and Texas, and heavy-high-sulfur crude oil is sourced from Canada and Wyoming.

 Our McPherson refinery processes approximately 115,000 barrels of crude oil per day to produce refined products that consist of approximately 50% gasoline, 43% diesel fuel and other distillates, 5% petroleum coke and 2% other products. These products are loaded into trucks at the McPherson refinery or shipped via common carrier pipelines to other markets.

 Other energy operations. We operate 10 refined product terminals, nine propane terminals, three asphalt terminals and one lubricants blending and packaging facility. We also own and lease a fleet of liquid and pressure trailers and tractors, which transport refined fuels, propane, anhydrous ammonia and other products.

 Products and Services

 Our Energy segment produces and sells (primarily wholesale) gasoline, diesel fuel, propane, asphalt, lubricants and other related products, and also provides transportation services. In addition to selling products refined at our Laurel and McPherson refineries, we purchase refined petroleum products from third parties as the need arises. For fiscal 2025, approximately 75% of the refined petroleum products we sold were produced at our Laurel and McPherson refineries and approximately 25% were obtained from third parties. The percentage of refined petroleum products we obtain from third parties is dependent on refinery production volumes and varies from year to year, primarily based on our planned major maintenance schedule.

 Sales and Marketing: Customers

 We market approximately 75% of our refined fuel products to members, with the balance sold to nonmembers. Sales are made wholesale to member cooperatives and through a network of independent retailers that operate convenience stores under the Cenex brand. We sold approximately 1.5 billion gallons of gasoline and approximately 1.7 billion gallons of diesel fuel in fiscal 2025. We also blend, package and wholesale auto and farm equipment lubricants to members and nonmembers. We are one of the nation's largest propane wholesalers based on revenues. Most of the propane sold in rural areas is for heating and agricultural use. Annual sales volumes of propane vary greatly depending on weather patterns and crop conditions.

 Industry: Competition

 The petroleum business is highly cyclical. Demand for crude oil and energy products is driven by the condition of local and worldwide economies, local and regional weather patterns and taxation relative to other energy sources, which can significantly affect the price of refined fuel products. Our Energy segment generally experiences higher volumes and revenues in certain operating areas, such as refined fuel products in the spring, summer and early fall when gasoline and diesel fuel use by our agricultural customers is highest and is subject to domestic supply and demand forces. Other energy products, such as propane, generally experience higher volumes and revenues during the winter heating and crop-drying seasons. More fuel-efficient equipment, reduced crop tillage, depressed prices for crops, weather conditions and government programs that encourage idle acres may all reduce demand for our energy products.

 Regulation. Governmental regulations and policies, particularly in the areas of taxation, energy and the environment, have a significant impact on our Energy segment. Our Energy segment operations are subject to laws and related regulations and rules designed to protect the environment that are administered by the U.S. Environmental Protection Agency ("EPA"), the U.S. Department of Transportation ("DOT"), the U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration, the Federal Energy Regulatory Commission and similar government agencies. These laws, regulations and rules govern, among other things, discharge of materials into the environment, including air and water; reporting storage of hazardous wastes and other hazardous materials; transportation, handling and disposal of wastes and other materials; labeling of pesticides and similar substances; and investigation and remediation of the release of hazardous materials. Failure to comply with these laws, regulations and rules could subject us to administrative penalties, injunctive relief, civil remedies and possible product recalls. Our hedging transactions and activities are subject to the rules and regulations of the exchanges we use and to governing bodies, such as the Chicago Mercantile Exchange ("CME"), the New York Mercantile Exchange ("NYMEX") and the U.S. Commodity Futures Trading Commission ("CFTC").

 Competition. The petroleum refining and wholesale fuels business is highly competitive. Among our competitors are some of the world's largest integrated petroleum companies, which have their own crude oil supplies and distribution and marketing systems. We also compete with smaller domestic refiners and marketers in the midwestern and northwestern United States, with foreign refiners who import products into the United States and with producers and marketers in other industries supplying other forms of energy and fuels to consumers. Given the commodity nature of the end products, profitability in the industry depends largely on margins, operating efficiency, product mix and costs of product distribution and transportation. Our retail gasoline competitors are much larger than CHS and have greater brand recognition and distribution outlets throughout the country and world than we do. We also are experiencing increased competition from regional and unbranded retailers.

 We market refined fuel products in five principal geographic regions. The first region includes the Midwest and Northern Plains. Competition at the wholesale level in this area includes major oil companies, as well as independent refiners and wholesale brokers and/or suppliers. This region has a robust spot market and is influenced by the large refinery center along the Gulf Coast. A second unique marketing region centers near Chicago, Illinois, and includes Illinois, Indiana and eastern Wisconsin. In this region, we principally compete with the major oil companies, as well as independent refiners and wholesale brokers and/or suppliers. Another market region includes Arkansas, Missouri and northern Texas. Competition in this region includes the major oil companies and independent refiners. This region is principally supplied by the Gulf Coast refinery center and is also driven by a strong spot market that reacts quickly to changes in the international and national supply balance. The fourth geographic region includes Colorado, Idaho, Montana, western North Dakota, western South Dakota, Utah and Wyoming. Competition at the wholesale level in this region includes the major oil companies and independent refiners. The fifth region includes much of Oregon and Washington. We compete with the major oil companies in this region, which is known for volatile prices and an active spot market.

 AG

 Our Ag segment includes global grain and processing, ag retail and wholesale agronomy businesses. These businesses work together to facilitate production, purchase, sale and eventual use of grain and other agricultural products within the United States and internationally. In fiscal 2025, revenues in our Ag segment were $27.7 billion after elimination of intersegment revenues.

 Operations

 Global grain and processing. We are the nation's largest cooperative marketer of grain and oilseed based on grain sales. Our global grain marketing operations purchase grain directly from agricultural producers and elevator operators primarily in the midwestern and western United States and indirectly through our ag retail business. Purchased grain is typically

 contracted for sale for future delivery at a specified location, and we are responsible for handling the grain and either arranging for or facilitating its transportation to that location. We own and operate export terminals, river terminals and elevators throughout the United States to handle and transport grain and grain products. We also maintain locations in Europe, the Pacific Rim, Latin America and South America for marketing, merchandising and/or sourcing grains and crop nutrients. We primarily conduct our global grain marketing operations directly, but do conduct some of our operations through joint ventures, including TEMCO, LLC ("TEMCO"), a 50%-owned joint venture with Cargill, Incorporated ("Cargill"), that focuses on exports, primarily to Asia.

 Our processing business includes our oilseed processing and renewable fuels production businesses. Oilseed processing is conducted at facilities that crush approximately 147 million bushels of soybeans and canola on an annual basis, producing approximately 3.1 million short tons of meal and flour and 1.9 billion pounds of edible and inedible oil annually. We purchase oilseeds to be processed from members, other CHS businesses and third parties that have tightly integrated connections with our global grain marketing operations and ag retail business. Our renewable fuels business annually produces 267 million gallons of fuel-grade ethanol, 71 million pounds of inedible corn oil and 645,000 tons of dried distillers grains with solubles ("DDGS"). Renewable fuels produced by our production plants are marketed by our global grain business, along with more than 300 million gallons of ethanol and 5.1 million tons of DDGS annually under marketing agreements with ethanol production plants.

 Ag retail. Our ag retail business operates approximately 400 agri-operations locations through 28 business units dispersed throughout the midwestern and western United States. Most of these locations purchase grain from farmers and sell agronomy, energy, feed and seed products to those same producers and others, although not all locations provide every product and service. We also manufacture animal feed through nine owned plants and three limited liability companies.

 Wholesale agronomy. Our wholesale agronomy business includes our wholesale crop nutrients and wholesale crop protection businesses. Our wholesale crop nutrients business delivers products directly to our customers and our ag retail business from the manufacturer or through our 11 warehouse terminals and other nonowned storage facilities located throughout the United States. To supplement what is purchased domestically, our Galveston, Texas, deepwater port and terminal receives fertilizer from vessels originating in Europe and Asia where significant volumes of urea are produced. The fertilizer is then shipped by rail to destinations within crop-producing regions of the United States. Our wholesale crop protection business operates out of our network of 28 warehouses from which we deliver products directly to our member cooperatives and independent retailers. We also operate a bulk chemical rail terminal in Brooten, Minnesota, where we handle and store crop protection products for some of the crop protection industry's largest chemical manufacturers. This facility has more than 6 million gallons of chemical storage capacity.

 Products and Services

 Our Ag segment provides member cooperatives and farmers with the inputs and services they need to produce grain and raise livestock. These include seed, crop nutrients, crop protection products, animal feed, animal health products, refined fuels and propane. We also buy and merchandise grain in both domestic and international markets. With a portion of the grain we purchase, we produce renewable fuels, including ethanol, and DDGS. We also produce refined soy and canola oils, soybean meal, canola meal and soyflour at our processing facilities.

 Sales and Marketing: Customers

 Our Ag segment provides products and services to a wide range of customers, primarily in the United States. These customers include member and nonmember producers, member cooperatives, elevators, grain dealers, grain processors and crop nutrient and crop protection retailers. We sell our edible soy and canola oils and soyflour to food companies and our inedible oils may be sold to energy companies. The soybean meal and canola meal we produce is sold to integrated livestock producers and feed mills. The ethanol and DDGS we produce are sold throughout the United States and to international customers.

 Industry: Competition

 Most of the business activities in our Ag segment are highly seasonal and, consequently, the operating results for our Ag segment vary throughout the year. For example, our ag retail business generally experiences higher volumes and revenues during the spring planting and fall harvest seasons and our agronomy business generally experiences higher volumes and revenues during the spring planting season. In addition, our Ag segment operations may be adversely affected by relative levels of supply and demand, both domestic and international, commodity price levels and transportation costs and conditions. Supply is affected by weather conditions, plant disease, insect damage, acreage planted, wars and civil unrest, and government regulations and policies. Demand may be affected by foreign governments and their programs, relationships of foreign

 countries with the United States, affluence of foreign countries, wars and civil unrest, currency exchange fluctuations and substitution of commodities. Demand may also be affected by changes in eating habits, population growth, per capita consumption of some products, federal and state policies, and renewable fuels production levels and state and federal incentives.

 Regulation. Our Ag operations are subject to laws and related regulations and rules designed to protect the environment that are administered by the EPA, DOT and similar government agencies. These laws, regulations and rules govern, among other things, discharge of materials into the environment, including air and water; reporting storage of hazardous wastes and other hazardous materials; transportation, handling and disposal of wastes and other materials; labeling of pesticides and similar substances; and investigation and remediation of the release of hazardous materials. In addition, environmental laws impose a liability on owners and operators for investigation and remediation of contaminated property and on a party that sends hazardous materials to those contaminated properties for treatment, storage, disposal or recycling. In some instances, that liability exists regardless of fault. Our global grain and processing and ag retail businesses are also subject to laws and related regulations and rules administered by the U.S. Department of Agriculture, the U.S. Food and Drug Administration and other federal, state, local and foreign governmental agencies that govern processing, packaging, storage, distribution, advertising, labeling, and quality and safety of feed and grain products. Failure to comply with these laws, regulations and rules could subject us to administrative penalties, injunctive relief, civil remedies and possible product recalls. The hedging transactions and activities of our global grain and processing and ag retail businesses are subject to the rules and regulations of the exchanges we use and to the governing bodies, such as the CME, the Chicago Board of Trade ("CBOT"), the MIAX Futures Exchange ("MIAX") and the CFTC.

 Competition. In our Ag segment, we have significant competition in the businesses in which we operate based principally on price, services, quality, patronage and alternative products. Our businesses depend on relationships with member cooperatives and private retailers; proximity to customers and producers; competitive pricing; and safety of food, feed and grain products. We compete with other large distributors of agricultural products, as well as with regional or local distributors, cooperatives, retailers and manufacturers.

 NITROGEN PRODUCTION

 Our Nitrogen Production segment consists of our approximate 8.38% membership interest (based on product tons) in CF Nitrogen, our strategic venture with CF Industries Holdings, Inc. ("CF Industries"), and allocated expenses. In connection with our investment in CF Nitrogen, we entered into a supply agreement with CF Nitrogen that entitles us to purchase up to 1.1 million tons of granular urea and 580,000 tons of urea ammonium nitrate ("UAN") annually for ratable delivery through fiscal 2096. We account for our CF Nitrogen investment using the hypothetical liquidation at book value method. On August 31, 2025, our investment was approximately $2.5 billion. See Note 6, Investments, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K for additional information.

 We believe our investment in CF Nitrogen positions CHS and our members for long-term, dependable fertilizer supply, supply chain efficiency and production economics. In addition, the ability to source products from CF Nitrogen production facilities under our supply agreement benefits our members and customers through strategically positioned access to essential fertilizer products.

 Operations

 CF Nitrogen has six production facilities located in Donaldsonville, Louisiana; Port Neal, Iowa; Medicine Hat, Alberta, Canada; Yazoo City, Mississippi; and Woodward and Verdigris, Oklahoma. Natural gas is the principal raw material and primary fuel source used in the ammonia production process. CF Nitrogen has access to competitively priced natural gas through a reliable network of pipelines connected to major natural gas trading hubs near its production facilities.

 Products and Services

 CF Nitrogen produces nitrogen-based products, including methanol, UAN, urea and related products.

 Sales and Marketing: Customers

 CF Nitrogen has three customers, which are CHS and two consolidated subsidiaries of CF Industries.

 Industry: Competition

 Regulation. CF Nitrogen is subject to laws and related regulations and rules designed to protect the environment administered by the EPA and similar government agencies. These laws, regulations and rules govern, among other things, discharge of materials into the environment, including air and water; reporting storage of hazardous wastes and other hazardous materials; handling and disposal of wastes and other materials; and investigation and remediation of the release of hazardous materials. In addition, environmental laws impose a liability on owners and operators for investigation and remediation of contaminated property and on a party that sends hazardous materials to those contaminated properties for treatment, storage, disposal or recycling. In some instances, that liability exists regardless of fault.

 Competition. CF Nitrogen competes primarily on delivered price and, to a lesser extent, on customer service and product quality. CF Nitrogen competes domestically with large companies in the fertilizer industry. There also is significant competition from products sourced from other regions of the world.

 CORPORATE AND OTHER

 CHS Capital. Our wholly-owned financing subsidiary, CHS Capital, LLC ("CHS Capital"), provides member cooperatives with loans that meet commercial agriculture needs. These loans include operating, term, revolving and other short- and long-term options. CHS Capital also provides loans to individual producers for crop inputs, feed and hedging-related margin calls. Producer operating loans are also offered in strategic geographic regions.

 CHS Hedging. Our wholly-owned commodity brokerage subsidiary, CHS Hedging, LLC ("CHS Hedging"), is a registered, CFTC-regulated futures commission merchant ("FCM") and a clearing member of the CBOT, CME, NYMEX and MIAX. CHS Hedging provides commodity risk management services primarily in the grains, oilseeds, fertilizer, livestock, dairy and energy markets. CHS Hedging is also the FCM for the majority of our commodity futures trading.

 CHS Market Advisors. Our wholly-owned commodity trading advisor ("CTA"), CHS Market Advisors, LLC ("CHS Market Advisors"), is registered with the CFTC and a member of the National Futures Association ("NFA"). It provides global research and analysis, fertilizer consulting and energy consulting to agricultural producers and agribusinesses. These services are designed to help customers navigate market volatility and make informed risk management decisions.

 Foods. Ventura Foods is a joint venture between CHS and Mitsui & Co., Ltd., with each company owning 50% interest. Ventura Foods produces and distributes edible oil-based products. We account for our investment in Ventura Foods using the equity method of accounting, and the investment balance was equal to $527.2 million on August 31, 2025. See Note 6, Investments, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K for additional information.

 Wheat milling. Ardent Mills, the largest flour miller in the United States, is a joint venture of CHS, Cargill and Conagra Brands, Inc. ("Conagra"). In connection with the Ardent Mills joint venture, CHS, Cargill and Conagra have various ancillary and noncompete agreements including, among other things, an agreement for us to supply Ardent Mills with certain wheat and durum products. We hold a 12% interest in Ardent Mills and account for our investment as an equity method investment due to our ability to exercise significant influence by appointing a member of the board of shareholders and board of managers of Ardent Mills. On August 31, 2025, our investment in Ardent Mills was $237.1 million. See Note 6, Investments, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K for additional information.

 HUMAN CAPITAL RESOURCES

 Our human capital resources objectives include identifying, attracting, retaining, developing, incentivizing and onboarding our current and new employees. We monitor our progress toward these objectives by measuring human capital metrics such as engagement, total and regrettable turnover, hiring statistics and overall cost of human resources delivery. In addition to these objectives, we also promote a culture focused on our value of inclusion, provide learning and development opportunities, help maintain the health and safety of our employees, encourage community involvement and offer competitive pay and benefits. Additional information regarding our employee population and human capital strategies is described below.

 Employee population. On August 31, 2025, we had 10,683 full-time, part-time, temporary and seasonal employees, primarily in the United States. Of that total, 2,047 were employed in our Energy segment, 5,604 were employed in our Ag segment and 3,032 were employed in Corporate and Other. In addition to those individuals directly employed by us, many individuals work for or support our joint ventures, including CF Nitrogen in our Nitrogen Production segment and Ventura

 Foods and Ardent Mills in our Corporate and Other category, and are not included in these totals. As of August 31, 2025, we had 11 collective bargaining agreements with unions covering approximately 8% of our employees in the United States and expiring on various dates through February 29, 2028. We believe our relations with our employees are strong. We value our employees and believe that employee passion for our work and employee engagement are key elements of our operating performance.

 Inclusion. The CHS value of inclusion compels us to create a work environment where excellence and growth stem from diverse thinking. Our goal is to foster an inclusive culture where everyone is welcomed, respected and empowered to succeed. We believe different perspectives and experiences enable innovation, collaboration, and drive growth. We live our value of inclusion by empowering both leaders and employees to model inclusive behaviors - creating openness, welcoming differences, and leading with bravery. Engagement is further strengthened through our five Employee Resource Groups (ERGs), which are voluntary, employee-led groups open to all employees. These groups promote an inclusive and cooperative work environment by creating opportunities to network and build relationships. Externally, we partner with organizations to create awareness about CHS and build a broad talent pipeline for agriculture. We know that we must attract the best new talent to serve global markets effectively.

 Learning and development. We are committed to investing in our employees to help them build knowledge, develop skills and achieve their career goals. In addition to regular performance evaluations and annual development plans that provide employees with feedback and growth opportunities, employees at CHS have access to learning tools, programs and other opportunities for growth. These include access to on-demand learning modules; internal and external training programs that cover topics such as continuous improvement, public speaking, professional sales skills and change management; participation in a mentoring program and development coaching; tuition and professional certification reimbursement; as well as other opportunities focused on developing current and future leaders of CHS.

 Health and safety. Safety is one of our core values. At CHS, safety is about more than just following the rules; it is about doing things the right way and remembering that no job is so critical that it warrants safety risks. In addition to safety programs designed specifically for individual facilities with operational hazards related to grain, feed, seed, agronomy, petroleum, warehouses and retail operations, we also provide certain employee groups with additional training opportunities such as a defensive driving program. Beyond developing defined safety programs and training opportunities, we monitor our incident rates in comparison to previous years and industry averages, as published by the Bureau of Labor Statistics. During fiscal 2025, our Occupational Safety and Health Administration ("OSHA") incident rate was 2.7 incidents per 100 full-time workers, as compared to an average of 2.9 incidents per 100 full-time workers during the three previous years, a reduction of 8%. Additionally, our lost-time injury rate was 1.0 incidents per 100 full-time workers, in line with our three-year average.

 Community involvement. As a cooperative, we are committed to making a measurable impact in our communities through our giving investments. In addition to our charitable foundation and annual giving campaign, which provide financial support to our communities, eligible employees also receive paid time off to make a difference in our communities through volunteer activities. During fiscal 2025, we gave approximately $8.7 million in charitable donations through our charitable foundation, corporate giving activities, and employee volunteer time-off program.

 Compensation and benefits. We have designed our compensation and benefits programs to attract and retain qualified employees and to motivate employees to optimize member-owner returns and to achieve our short- and long-term strategies. In addition to offering competitive compensation that includes annual variable pay linked to company and individual employee performance, we also offer a wide array of benefits programs for qualifying employees that include health insurance and wellness benefits; retirement benefits, including a company-matched 401(k) contribution, profit sharing and a pension; paid time off and paid leaves; adoption assistance; and employee assistance programs, including an employee support fund.

 CHS AUTHORIZED CAPITAL

 We are an agricultural membership cooperative organized under Minnesota cooperative law to do business with member and nonmember patrons.

 ITEM 1A. RISK FACTORS

 CAUTIONARY STATEMENT FOR PURPOSES OF THE SAFE HARBOR PROVISIONS
 OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

 This Annual Report on Form 10-K contains and our other publicly available documents may contain, and our officers, directors and other representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our businesses, financial condition and results of operations, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed or identified in our public filings made with the SEC, including in this "Risk Factors" discussion. Any forward-looking statements made by us in this Annual Report on Form 10-K are based only on information currently available to us and speak only as of the date on which the statement is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable law.

 Reference to this cautionary statement (the "Cautionary Statement") in the context of a forward-looking statement shall be deemed to be a statement that any one or more of the following factors may cause actual results to differ materially from those indicated in the forward-looking statement.

 The following risk factors are in addition to any other cautionary statements, written or oral, which may be made or referred to in connection with any particular forward-looking statement. The following risk factors should not be construed as exhaustive. Additional risks and uncertainties not currently known to us or that we currently view to be immaterial may also materially and adversely affect our business, financial condition or results of operations.

 Risks Related to Operating Our Business

 Our revenues, results of operations and cash flows could be materially and adversely affected by changes in commodity prices.

 Our revenues, results of operations and cash flows are affected by market prices for commodities such as crude oil, natural gas, ethanol, fertilizer, grain, oilseed, flour, and crude and refined vegetable oils. Commodity prices generally are affected by a wide range of factors beyond our control, including weather, plant disease, insect damage, drought, availability and adequacy of supply, availability of reliable rail and river transportation networks, industry labor availability, outbreaks of disease, inflation, increased or fluctuating tariffs, government regulation and policies, global trade disputes, international conflicts and general political and economic conditions. We are also exposed to fluctuating commodity prices as the result of our inventories of commodities, typically grain, fertilizer and petroleum products, and purchase and sale contracts at fixed or partially fixed prices. At any time, our inventory levels and unfulfilled fixed or partially fixed price contract obligations may be substantial. We have processes in place to monitor exposures to these risks and engage in strategies, such as hedging, to manage these risks. If these controls and strategies are not successful in mitigating our exposure to these fluctuations, we could be materially and adversely affected. For example, fluctuations in commodity prices may result in significant noncash losses being incurred on our commodity-based derivatives, which may in turn materially and adversely affect our operating results. In addition, 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. Similarly, increased or decreased sales volumes without a corresponding change in the purchase and/or selling prices of those products can affect revenues and operating earnings.

 In our energy operations, profitability depends largely on the margin between the cost of crude oil that we refine and the selling prices we obtain for our refined products. The prices for crude oil and for gasoline, diesel fuel and other refined petroleum products fluctuate widely. Factors influencing these prices, many of which are beyond our control, include:

 • levels of worldwide and domestic supplies;
 • capacities of domestic and foreign refineries;

 • ability of members of the Organization of Petroleum Exporting Countries ("OPEC") and other countries that are significant producers of oil to agree to and maintain oil price and production controls, and the price and level of imports;
 • disruption in supply;
 • political instability or conflict in oil-producing regions;
 • levels of energy conservation efforts;
 • level of demand from consumers, agricultural producers and other customers;
 • price and availability of alternative fuels;
 • availability of pipeline capacity; and
 • domestic and foreign governmental regulations and taxes.

 Many of these factors have resulted in significant volatility in crude oil, refined petroleum products and natural gas supplies and prices. We expect that volatility to continue in fiscal 2026. The long-term effects of this volatility and other conditions on the prices of crude oil, refined petroleum products and natural gas are uncertain and ever-changing. Increases in crude oil prices without a corresponding increase in the prices of our refined petroleum products, and decreases in crude oil prices with larger corresponding decreases in the prices of our refined petroleum products, would reduce our net income. Accordingly, we expect our margins and the profitability of our energy business to fluctuate, possibly significantly, over time. Our renewable fuels business produces ethanol, which is closely related to, or may be substituted for, petroleum products, and may be blended into gasoline to increase octane content. Therefore, the selling price of ethanol can be impacted by the selling prices of gasoline, diesel fuel and other octane enhancers. A significant decrease in the price of gasoline, diesel fuel or other octane enhancers could result in a significant decrease in the selling price of ethanol, which could adversely affect our revenues and operating earnings. In addition, we expect the volume of renewable fuels produced by our competitors to increase going forward. As the market for renewable fuels becomes more competitive, or if there are changes in the regulations, policies or standards affecting the demand for renewable fuels, our renewable fuels business may experience increased volatility in product margins, which could adversely affect our operating earnings.

 We are subject to political, economic, legal and other risks of doing business globally.

 We are a global business and are exposed to risks associated with having global operations. These risks include, but are not limited to, risks relating to terrorism, war or civil unrest; changes in a country's or region's social, economic or political conditions; changes in local labor conditions and regulations; changes in safety and environmental regulations; changes in regulatory or legal environments; expropriation or impoundment of assets; restrictions on currency exchange activities and currency exchange fluctuations; price and export controls or bans on commodities; taxes; doing business in countries or regions with inadequate infrastructure; and logistics challenges. In addition, some countries where we operate lack well-developed legal systems or have not adopted clear legal and regulatory frameworks. This lack of legal certainty exposes our operations to increased risks, including increased difficulty in enforcing our agreements in those jurisdictions and increased risk of adverse actions by local government authorities, such as unilateral or forced renegotiation, modification or nullification of existing agreements or expropriations.

 Ongoing wars and global conflicts may adversely affect our business, financial condition and results of operations.

 Conflicts in Ukraine, the Middle East, the Red Sea and other regions have resulted in significant uncertainty and instability in the global commodities markets, including agricultural commodities and crude oil. In response to the invasion of Ukraine, the United States and other North Atlantic Treaty Organization ("NATO") member states, as well as nonmember states, announced economic sanctions targeting Russia and certain Russian citizens and enterprises, including several large banks. Continuation of escalation could lead to additional economic and other sanctions imposed by the United States, NATO member states and other countries. Although we do not maintain operations in Russia, sanctions have caused inflationary pressures and impacted our ability to purchase fertilizer in the global market and put us at increased risk of inadvertently trading with a sanctioned partner.

 Global conflicts also increase the risk of cybersecurity incidents. It is possible that these attacks could have collateral effects on additional critical infrastructure and financial institutions globally, which could adversely affect our operations. Proliferation of malware from the war into systems unrelated to the war, or cyberattacks against U.S. companies in retaliation for U.S. sanctions or involvement in global conflicts could adversely affect our operations and heighten the risk of cyberattacks against the U.S. and global companies and infrastructure.

 In addition, these global conflicts could also draw military or other intervention from additional countries and/or additional sanctions imposed by governments that restrict business with specific persons, organizations or countries with respect to certain products or services. If such escalation should occur or such sanctions are imposed, supply chains, trade

 routes and markets currently served by us could be adversely affected, which in turn could materially and adversely affect our business operations and financial performance. Furthermore, the actions undertaken by various nations in response to these conflicts have had, and may continue to have, adverse impacts on global financial markets.

 We may also experience negative reactions from our members, shareholders, lenders, employees, customers or other stakeholders as a result of our action or inaction related to global conflicts. Even if the wars and global conflicts moderate or resolutions are reached, we expect that we will continue to experience ongoing financial and operational impacts resulting from these conflicts for the foreseeable future. Additionally, certain of the economic and other sanctions imposed, or that may be imposed, against participants in the wars and global conflicts and their citizens and enterprises may continue for a period of time after any resolution has been reached.

 Our business and operations and demand for our products are highly dependent on certain global and regional factors that are outside our control and could adversely impact our business.

 Demand for our products is affected by global and regional demographics and macroeconomic conditions, including population growth rates and changes in standards of living. A significant downturn in global economic growth or recessionary conditions in major geographic regions may lead to reduced demand for our products and services, which could have a material adverse effect on our business, financial condition, liquidity, results of operations and prospects. Weak global economic conditions and adverse conditions in financial and capital markets may adversely impact the financial condition and liquidity of some of our customers, suppliers, the financial institutions that serve as our lenders and other counterparties, which could have a material adverse effect on our customers' abilities to pay for our products and on our business, financial condition, liquidity, results of operations and prospects.

 The economic health of the agricultural industry is influenced by numerous factors, including farm income levels. Farm income is influenced by numerous factors outside our control, including commodity prices, crop yields, input costs, farmland values, government policies and subsidies, debt and financing costs, and weather and climate conditions. Declines in farm income, including those experienced recently as a result of trade policy or other global and regulatory factors, can reduce producers' cash flows, pressure farmland values, and limit investment in equipment and related products. Downturns in the agricultural industry of this nature have in the past resulted in, and may in the future result in, our members exiting their farming and other agricultural business activities, which could in the future materially and adversely affect our business, results of operations and financial condition.

 Additionally, planted acreage and consequently the volume of crop nutrient and crop protection products applied, is partially dependent on government programs, grain prices and the perception held by producers of demand for production, all of which are outside our control. Moreover, our business and operations may be affected by fluctuations in freight and logistics costs, disruptions in supply channels between parties and locations that include our suppliers, production and storage facilities, tolling and packaging partners, distributors and customers, and weather conditions, including those due to climate change, that are outside our control. The following are examples of factors that could impact our businesses.

 • Weather conditions during the spring planting season and early summer crop nutrient and crop protection application season affect agronomy product volumes and profitability.
 • Adverse weather conditions, such as drought, heavy snowfall or rainfall and any flooding that results, may cause transportation delays and increased transportation costs or damage physical assets, especially facilities in low-lying areas near coasts and riverbanks or situated in hurricane-prone and/or rain-susceptible regions.
 • Changes in weather patterns may shift periods of demand for products or regions in which our products are produced or distributed, which could require us to revise our procurement and distribution processes.
 • Significant changes in water levels (up or down, as a result of flooding, drought or otherwise), including recent low water levels in the U.S. river system and in the Panama Canal (which have delayed shipping in these locations resulting in an increase in shipping costs), may cause changes in agricultural activity, which could require changes to our operating and distribution activities, as well as significant capital improvements to our facilities.
 • Climate change may cause changes in weather patterns and conditions, including changes in rainfall and storm patterns and intensities, water shortages, changes in sea levels and changes in temperature levels, all of which could adversely impact our costs and business operations; the location, cost and competitiveness of commodity agricultural production; related storage and processing facilities; dock availability; and demand for agricultural commodities, and may result in incidents of stranded physical assets. The frequency and severity of the effects of climate change and changes in weather patterns have been increasing. These effects could significantly reduce demand for the products we sell to or buy from agricultural producers and local cooperatives, and therefore could adversely impact our results of operations, liquidity or capital resources.

 • We may experience increased insurance premiums and deductibles or decreases in available coverage for our assets in areas subject to adverse weather conditions.

 Additionally, there will likely be increased strains on and risks to the integrity, reliability and resilience of electrical grids and increased volatility and tightness in natural gas and electricity supplies across the world. These events could negatively affect the cost, reliability, and availability of our natural gas and electricity supplies and may cause sporadic outages disrupting our operations. Growing electrification and rapidly developing and increasing technology use (such as artificial intelligence, computer processing, cryptocurrency mining, cloud storage, data centers and power supplies required to support these activities) will also likely increase the intermittency and decrease the reliability of electricity supplies, particularly for grids highly dependent upon wind and solar power, which would exacerbate the foregoing challenges. Emerging sustainability, new regulations and other environmental priorities outside our control could also affect agricultural practices and future demand for agronomy products applied to crops and the volume of any such application. These priorities could also impact demand for our grain and energy products, and may require us to incur additional costs for increased due diligence and reporting. Accordingly, factors outside our control could materially and adversely affect our revenues, results of operations and cash flows.

 Inflation may result in increased costs, which could have a material and adverse effect on our results of operations.

 We have experienced and anticipate continued effects of inflation on costs such as labor, freight, natural gas and materials. In response to global inflationary pressures, the U.S. Federal Reserve and foreign equivalents have maintained higher interest rates, which has resulted in continued uncertainty and volatility in global financial markets and increased borrowing costs under certain of our credit facilities. Inflation and its impacts, many of which are beyond our control, could escalate in the future. To mitigate commodity cost increases, we have implemented various strategies that include, among other things, entering into contracted pricing with certain vendors, procuring commodities in periods of favorable market conditions and entering into various derivative instruments. These actions may, in part, mitigate these increased costs, but even by increasing our product prices and passing some or all of our increased costs to customers or implementing cost saving efforts, we may not be able to fully offset these increased costs. Additionally, increased prices may not be sustainable over time and may result in reduced sales volumes. Accordingly, inflationary pressures could have a material and adverse effect on our results of operations. There can be no guarantee that our efforts to mitigate commodity cost increases due to inflationary pressures will be effective or, if they are effective, that they will have a material impact on maintaining or reducing costs.

 We participate in highly competitive business markets and we may not be able to continue to compete successfully, which could have a material adverse effect on us.

 We operate in highly competitive business segments and our competitors may succeed in developing new or enhanced products that are better than ours, may be more successful in marketing and selling their products than we are, or may have more effective supply chain capabilities than we have. Competitive factors include price, service level, proximity to markets, access to transportation, product quality, marketing and risk management. In particular, competitive pressures may restrict our ability to increase prices and maintain those price increases, including price increases made in response to commodity and other cost increases. We may experience delays between the time that we take inflation-related pricing actions and the time that we realize the impact of those actions on our margins and results of operations. In our business segments, we compete with companies that are larger and better known than we are and have greater marketing, financial, personnel and other resources than we do. For example, in conjunction with the recent increase in demand for renewable diesel feedstocks, we have experienced added competition for soybean oil refining capacity from traditional petroleum companies. As a result, we may not be able to continue to compete successfully, which could have a material adverse effect on our business, financial condition, liquidity, results of operations and prospects.

 Our revenues, margins, results of operations and cash flows could be materially and adversely affected if our members were to do business with other companies rather than with us.

 We do not have an exclusive relationship with our members, and our members are not obligated to supply us with their products or purchase products from us. Our members often have a variety of distribution outlets and product sources available to them. If our members were to sell their products to other purchasers or purchase products from other sellers, our revenues, margins, results of operations and cash flows could be materially and adversely affected.

 If our customers choose alternatives to our refined petroleum products, our revenues, results of operations and cash flows could be materially and adversely affected.

 Numerous energy sources could serve as alternatives to our gasoline, diesel fuel and other refined petroleum products. If any of these alternative products become more economically viable or preferable to our customers for environmental or other reasons, demand for our energy products would decline. In addition, many governments have imposed, and in the future may impose, policies and regulations aimed at decreasing reliance on petroleum-based products, which could reduce demand for our energy products. In addition, a number of companies have announced their intention to phase out production of gasoline- and diesel-powered light-duty vehicles by the mid-2030s. While these phaseouts primarily impact light-duty vehicles outside our primary markets, they are expected to accelerate the decline in demand for gasoline, diesel fuel and other refined petroleum products. Declining demand for our energy products, particularly diesel fuel sold for farming and other heavy-duty equipment applications, could materially and adversely affect our revenues, results of operations and cash flows.

 Consolidation among producers of products we purchase and customers for products we sell could materially and adversely affect our revenues, results of operations and cash flows.

 Consolidation has occurred among the producers and manufacturers of products we sell and purchase, including crude oil, crop nutrients and grain, and it is highly likely this consolidation will continue in the future. Consolidation could allow producers to negotiate pricing, supply availability and other contract terms that are less favorable to us. In addition, consolidation may increase the likelihood that consumers or end users of these products enter into supply relationships with a smaller number of producers, resulting in potentially higher prices for the products we purchase.

 Consolidation has occurred among member cooperatives that are the primary wholesale customers of our products, which has resulted in a smaller wholesale and retail customer base for our products and has intensified the competition for these customers. It is highly likely this consolidation will continue in the future. Ongoing consolidation among distributors and brokers of food products and food retailers has altered the buying patterns of those businesses, as they have increasingly elected to work with product suppliers who can meet their needs nationwide or globally, rather than just regionally or locally. If these cooperatives, distributors, brokers and retailers elect to not purchase our products, our revenues, results of operations and cash flows could be materially and adversely affected.

 In seed, crop nutrient and crop protection markets, consolidation at both the producer and wholesale customer levels has increased potential for direct sales from input manufacturers to cooperative customers and/or individual agricultural producers, which would remove us from the supply chain and could have a material and adverse effect on our revenues, results of operations and cash flows.

 We are exposed to risk of nonperformance and nonpayment by counterparties.

 We are exposed to risk of nonperformance and nonpayment by counterparties, whether pursuant to contracts or otherwise. Risk of nonperformance and nonpayment by counterparties includes the inability or refusal of a counterparty to pay us; the inability or refusal to perform because of a counterparty's financial condition and liquidity, operational failures, labor issues, cybersecurity events, outbreaks of disease or for any other reason; and risk that the counterparty will refuse to perform a contract during a period of price fluctuations where contract prices are significantly different than current market prices. In the event we experience significant nonperformance or nonpayment by counterparties, our financial condition, results of operations and cash flows could be materially and adversely affected. For example, we store inventory in third-party warehouses, and the operators of these warehouses may not adequately store or secure our inventory, or they may improperly sell that inventory to someone else, which could expose us to loss of the value of that inventory. In the event we experience any such nonperformance by a third-party warehouse operator, our financial condition, results of operations and cash flows could be materially and adversely affected. As another example, if any of our counterparties experience a cybersecurity breach or system failure or does not respond or perform effectively in connection with such cybersecurity breach or system failure, their businesses could be negatively impacted, and it may result in disruption to our supply chain or distribution channels, which could have a material adverse effect on our business.

 Our business, profitability and liquidity may be adversely affected by deterioration in the credit quality of, or defaults by, third parties who owe us money.

 We extend credit to, make loans to and engage in other financing arrangements with individual producers, local cooperatives and other third parties around the world. We incur credit risk and the risk of losses if our borrowers and others to which we extend credit do not repay their loans or perform their obligations to pay us the money they owe. These parties may default on their obligations to us due to bankruptcy, lack of liquidity, operational failure or for other reasons. If these

 counterparties do not pay us back and we experience significant defaults on their payment obligations to us, our financial condition, results of operations or cash flows could be materially and adversely affected.

 We are also subject to the risk that our rights against borrowers and other third parties that owe us money may not be enforceable in all circumstances. For example, a borrower or third-party may declare bankruptcy. In addition, the credit quality of borrowers and other third parties whose obligations we hold could deteriorate due to a number of factors, including deterioration in the value of collateral posted by those parties to secure their obligations to us pursuant to purchase contracts, loan agreements or other contracts. If deterioration occurs, the material adverse effects of third parties not performing their repayment obligations may be exacerbated if the collateral held by us cannot be realized or is liquidated at prices not sufficient to recover the full amount owed to us. For example, certain loans and other financing arrangements we undertake with agricultural producers are typically secured by the counterparty's crops planted in the current year. There is a risk that the value of the crop will not be sufficient to satisfy the counterparty's repayment obligations under the financing arrangement as a result of weather; crop-growing conditions; other factors that influence the price, supply and demand for agricultural commodities; or for other reasons.

 In addition, disputes may arise as to the amount of collateral we are entitled to receive and the value of pledged assets. Termination of contracts and foreclosure on collateral may subject us to claims for improper exercise of our rights. Default rates, downgrades and disputes with counterparties as to the valuation of collateral increase significantly in times of market stress and illiquidity.

 With respect to our lending activity, we evaluate the collectability of commercial and producer loans on a specific identification basis based on the amount and quality of the collateral obtained and record specific loan loss reserves when appropriate. Consistent with accounting principles generally accepted in the United States ("U.S. GAAP"), we maintain a general reserve based on our best estimate of expected credit losses. For other forms of credit, we establish reserves as appropriate and consistent with U.S. GAAP. The reserves represent our best estimate based on current facts and circumstances. Future developments or changes in assumptions may cause us to record adjustments to the reserves that could materially and adversely affect our results of operations.

 Our risk management strategies may not be effective.

 Our business is affected by fluctuations in commodity prices, transportation costs, energy prices, foreign currency exchange rates and interest rates. We monitor position limits, accounts receivables and other exposures and engage in other strategies and controls to manage these risks. Our monitoring efforts may not be effective at detecting a significant risk exposure and our controls and strategies may not be effective in adequately managing against occurrence of a significant loss relating to a risk exposure. If our controls and strategies are not successful in mitigating or preventing our financial exposure to losses due to the fluctuations or failures mentioned above, it could significantly and adversely affect our operating results.

 Actual or perceived quality, safety or health risks associated with our products could subject us to significant liability and damage our business and reputation.

 If any of our food or animal feed products were to become adulterated or misbranded, we may need to recall those items and could experience product liability claims if either consumers or customers' livestock or pets were injured or were claimed to be injured as a result. A widespread product recall or a significant product liability judgment could cause our products to be unavailable for a period of time or could cause a loss of consumer or customer confidence in our products. Even if a product liability claim were unsuccessful or were not fully pursued, the negative publicity surrounding any assertion that our products caused illness or injury could adversely affect our business and reputation with existing and potential consumers and customers and our corporate and brand image. The growing use of social and digital media by consumers has greatly increased the speed and extent that information or misinformation and opinions can be shared. Negative posts or comments about us, our brands or our products on social or digital media could seriously damage our brands and reputation. Moreover, product liability claims or liabilities might not be covered by our insurance or by any rights of indemnity or contribution that we may have against others. In addition, general public perceptions regarding the quality, safety or health risks associated with particular food or animal feed products, such as concerns regarding genetically modified crops, could reduce demand and prices for some of the products associated with our businesses. To the extent that consumer preferences evolve away from products produced by CHS or our members for health or other reasons, such as the growing demand for organic food products and products that are sustainably grown and made, including low-carbon grain and oilseed, and we are unable to develop or procure products that satisfy new consumer preferences, there will be decreased demand for our products, which could have a material adverse effect on our business, financial condition, liquidity, results of operations and prospects.

 Our operations are subject to business interruptions, casualty losses and supply chain issues. We do not insure against all potential losses and could be seriously harmed by unanticipated liabilities.

 Our operations are subject to business interruptions due to unanticipated events such as explosions, fires, other natural disasters, war, terrorism, cyberattacks, industrial accidents, pipeline interruptions, transportation delays, equipment failures, crude oil or refined product spills, adverse weather conditions and labor disputes. The following statements are examples of potential interruptions or losses.

 • Our oil refineries and other facilities are potential targets for terrorist attacks that could halt or discontinue production.
 • Our inability to negotiate acceptable contracts with unionized workers in our operations could result in strikes or work stoppages.
 • Our corporate headquarters, the facilities we own and the inventories we carry could be damaged or destroyed by catastrophic events, adverse weather conditions or contamination.
 • Our transportation operations, equipment and services could experience disruptions such as adverse operating conditions on the inland waterway system or on the seas with respect to oceangoing vessels, including risks from piracy and other maritime security threats.
 • Someone may accidentally or intentionally introduce malware to our information technology systems or breach our computer systems or other cybersecurity resources.
 • Occurrence of a pandemic or epidemic disease could affect a substantial part of our workforce or our customers and interrupt our business operations.

 The effects of any of these events could be significant. We maintain insurance coverage against many, but not all, potential losses or liabilities arising from these operating hazards, but uninsured losses or losses above our coverage limits are possible. Uninsured losses and liabilities arising from operating hazards could have a material adverse effect on us. In addition, our insurance premiums could increase or insurance coverage may become unavailable to us, particularly if we experience insurable events.

 We may also be impacted by supply chain issues, due to factors largely beyond our control, which could escalate in future periods. Any such issues could result in higher costs or operational disruptions, which could have an adverse impact on our business, financial condition and results of operations.

 Our business and operations have been, and may in the future, be adversely affected by epidemics, pandemics, outbreaks of disease and other adverse public health developments.

 Epidemics, pandemics, outbreaks of novel diseases and other adverse public health developments in countries and states where we operate may arise at any time. Such developments could have an adverse effect on our business, financial condition and results of operations. In particular, restrictions on or disruptions of transportation, port closures or increased border controls or closures, or other impacts on domestic and global supply chains or distribution channels could increase our costs for raw materials and commodity costs, increase demand for raw materials and commodities from competing purchasers, limit our ability to meet customer demand or otherwise have a material adverse effect on our business, financial condition and results of operations or cash flows. Precautionary measures we may take in the future intended to limit the impact of any epidemic, pandemic, disease outbreak or other public health development, may result in additional costs. In addition, such epidemics, pandemics, disease outbreaks or other public health developments may adversely affect economies and financial markets throughout the world, which may affect our ability to obtain additional financing for our businesses and demand for our products and services. The impact of such developments may also exacerbate the other risks discussed in this Item 1A, any of which could have a material effect on us.

 We are subject to workforce factors that could adversely affect our business and financial condition.

 Like most companies in the agricultural industry, we are continuously challenged to hire, develop and retain a sufficient number of employees to operate our businesses throughout our operating geographies. We may have difficulty recruiting and retaining employees with adequate qualifications and experience. The challenge of hiring new employees is exacerbated by the rural nature of our business, which provides a smaller pool of skilled employable candidates. A number of other factors may adversely affect the labor force available to us, including socioeconomic and demographic changes, high employment levels, federal unemployment subsidies and other government regulations, unemployment programs and volatility in macroeconomic factors impacting the labor market. Increases in remote work opportunities have also amplified the competition for employees and contractors. To hire new employees, we may be forced to pay higher wages or offer other benefits that might impact our cost of labor. Furthermore, when we hire new employees, lengthy training and orientation periods might be required before they are able to achieve necessary productivity levels, and we may be unable to successfully

 transfer our other employees' institutional knowledge and skills to them or fail to execute on internal succession plans. In addition, a competitive labor market may lead to increased turnover rates within our employee base. Increased employee turnover results in significant time and expense relating to identifying recruiting, hiring, relocating and integrating qualified individuals. High employee turnover of key personnel may further deplete our institutional knowledge base and erode our competitiveness. These or other workforce factors could negatively impact our business, financial condition or results of operations.

 Technological improvements and sustainability initiatives could decrease demand for our agronomy and energy products.

 Technological advances in agriculture, as well as sustainability initiatives and practices, could decrease the demand for crop nutrients, energy and other crop input products and services we provide. Genetically engineered seeds that resist disease and insects, or that meet certain nutritional requirements, could affect the demand for our seed, crop nutrients and crop protection products. Demand for fuel we sell could decline as technology allows for more efficient usage of equipment or should alternative energy sources become more viable due to technological advances. Declining demand for our products could materially and adversely affect our revenues, results of operations and cash flows.

 Artificial Intelligence ("AI"), including generative AI, advancements are progressing at an unprecedented pace, which brings risks that could subject us to loss through various technical, legal, and opportunistic-related risks.

 We continue to advance in the development and integration of AI systems across our operations. AI systems may fail to perform as expected under certain conditions or become vulnerable to adversarial attacks that manipulate the AI's output. As AI becomes more integrated into our operations, the risks of system failure or malfunction increase, potentially disrupting our business processes. Additionally, use of AI may further expose computer systems to the risk of cyberattacks, and may create the need for rapid modifications to our cybersecurity program.

 AI systems rely heavily on vast amounts of data, which could include sensitive personal or proprietary information. If not managed and protected properly, AI systems could become targets for data breaches, exposing critical information to unauthorized access. Additionally, our service providers and vendors are also increasingly using and offering platforms powered by AI. While we advise our employees and contractors to refrain from providing confidential or sensitive information to any AI models or AI-powered platforms and limit our vendors' processing of any confidential or sensitive information in an AI model, we cannot predict how an AI model will process our data or if it will inadvertently provide our data to a third-party in its outputs. Any input of our confidential or sensitive data into an AI model for development or use purposes could result in inadvertent disclosure of this data at any time to an unknown third-party, which could subject us to litigation or regulatory actions or cause us to breach our contractual obligations. Additionally, datasets can inadvertently introduce bias if the data is not sufficiently diverse or representative leading to AI-driven decisions that may be unfair or discriminatory, potentially harming both individuals and our reputation.

 We utilize information technology systems to support our business. The ongoing multiyear implementation of an enterprisewide resource planning system, reliance on multiple legacy business systems as well as third-party data management providers and other vendors, security breaches or other disruptions to our information technology systems or assets could interfere with our operations, compromise the security of our customers' or suppliers' information and expose us to liability that could adversely impact our business and reputation.

 Our operations rely on certain key information technology ("IT") systems, many of which are legacy in nature or may depend on third-party services to provide critical connections of data, information and services for internal and external users.

 Over the past several years, we have been implementing a new enterprise resource planning system ("ERP"), and we expect this ERP implementation to continue for the next several years. This ERP implementation has required and will continue to require significant capital and human resources to deploy. Changes we have experienced in the implementation timeline and scope likely have impacted the capital and operating expense amounts required to complete the implementation, and there can be no assurance that the actual costs for completing the ERP implementation will not exceed our current estimates or that the ERP will not take longer to implement than we currently expect. In addition, potential flaws in implementing the ERP or in the failure of any portion/module of the ERP to meet our needs or provide appropriate controls may pose risks to our ability to operate successfully and efficiently and with an effective system of internal controls.

 There may be other challenges and risks to both our aging and current IT systems over time due to any number of causes, such as catastrophic events, availability of resources, power outages, security breaches or social engineering and

 cyberattacks. These challenges and risks could result in legal claims or proceedings, liability or penalties, disruption in operations, loss of valuable data, increased costs and damage to our reputation, all of which could adversely affect our business. In addition, IT investments in new technology that could result in greater operational efficiency may further expose our IT systems to the risk of cyberattacks, especially as use of AI increases sophistication and effectiveness of social engineering and cyberattacks.

 The third-party data management providers and other vendors we rely on and cloud-based services we utilize may have or may develop security problems or security vulnerabilities which may also affect our systems or data. We cannot guarantee a data security or privacy breach of their systems or other form of cyber-based attack will not occur in the future. The increase in hybrid working situations, where employees, including third-party employees, access technology infrastructure remotely, increases information technology and data security risks. Like many companies, we continue to experience an increase sophisticated attempts by external parties to access and/or disrupt our networks without authorization, such as denial of service attacks, attempted malware infections, scanning activity and phishing e-mails. We and vendors on our behalf monitor our information technology systems on a 24/7 basis in an effort to detect cyberattacks, security breaches or unauthorized access. There is no assurance the measures we have taken to protect our information systems will prevent or limit the impact of a future cybersecurity incident. We may incur significant costs protecting against or remediating cyber-based attacks or other cybersecurity incidents and may suffer representational harm. While we maintain a cybersecurity insurance policy that provides coverage for security incidents, we cannot be certain our coverage will be adequate for liabilities actually incurred, that insurance will continue to be available to us on financially reasonable terms or at all, or that any insurer will not deny coverage as to any future claim.

 In addition, we are subject to laws and regulations in the United States and other jurisdictions regarding privacy, data protection and data security, including those related to collection, storage, handling, use, disclosure, transfer and security of personal data. These laws and regulations pose increasingly complex compliance challenges and will require us to incur costs to achieve and maintain compliance; some of those costs may be significant. Any violation of such laws and regulations, including as a result of a security or privacy breach or adoption of emerging technologies, such as AI, could subject us to legal claims, regulatory penalties and reputational damage. Furthermore, the requirement to report material cybersecurity incidents within such a short time frame could mean there will be insufficient time to halt a breach before having to report it, potentially giving hackers an advantage, and failure to promptly disclose such material incidents as required by law may result in additional financial or regulatory consequences.

 Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social and governance practices may expose us to new or additional risks.

 Companies across all industries are facing increasing scrutiny from stakeholders related to their environmental, social and governance ("ESG") practices and disclosures, including practices and disclosures related to climate change, human capital management, diversity and inclusion, social and community impact, corporate culture and governance standards. At the same time, our stakeholders have evolving, varied and sometimes conflicting expectations regarding many aspects of our business, including our operations and ESG-related matters. If we fail or are perceived to fail, in any number of ESG matters, or to effectively respond to changes in, or new, legal, regulatory or reporting requirements concerning climate change or other sustainability concerns, we may be subject to regulatory fines and penalties, and our reputation may suffer.

 If we do not adapt or comply with evolving ESG expectations and standards, which are evolving, or if we are perceived to have not responded appropriately to the growing focus on ESG issues and opposition to ESG issues, regardless of whether there is a legal requirement to do so, we may suffer reputational damage and our business or financial condition could be materially and adversely affected. Conversely, if we comply with evolving stakeholder ESG expectations and standards, doing so could result in higher costs, disruption and diversion of management attention, increased strain on our resources and heightened legal and regulatory risk, and could also threaten our credibility with other stakeholders. This may result in increased scrutiny, protests and negative publicity with respect to our business and operations, which in turn could adversely affect our reputation, business and financial performance.

 Failures or delays in achieving our strategies or expectations related to climate change and other environmental matters could adversely affect our business, operations and reputation, and increase risk of litigation.

 Our ability to achieve any of our strategies or expectations related to climate change and other environmental matters is subject to numerous factors and conditions, many of which are outside our control. Examples of such factors include, but are not limited to, evolving regulatory and other standards, processes and assumptions; the pace of scientific and technological developments; increased costs and the availability of requisite financing; market trends that may alter business opportunities;

 conduct of third-party counterparties; constraint or disruptions to our supply chain; and changes in carbon markets or carbon taxes. We may be required to expend significant resources to achieve these strategies and expectations, which could significantly increase our operational costs. There can be no assurance of the extent to which any of our strategies or expectations will be achieved or that any future investments we make in furtherance of achieving these strategies or expectations will meet customer or investor expectations.

 While we continue to take steps toward mitigation of climate risk and impact on climate change, transitioning our business to adapt to and comply with evolving policy, legal, and regulatory changes may impose substantial operational and compliance burdens. As a result, climate change could negatively affect our business and operations. Collecting, measuring and analyzing information relating to such matters can be costly, time-consuming, dependent on third-party cooperation and unreliable. Furthermore, methodologies for measuring, tracking and reporting on such matters continue to change over time, which requires our processes and controls for such data to evolve. Additionally, we may face increased pressure from customers, consumers, investors, activists, lenders and other stakeholders to modify our products or operations away from ingredients or activities that are considered to have greater negative impact on climate change.

 Such changes to methodologies or lack of progress and failures or delays in our strategies, whether actual or perceived, in achieving our strategies or expectations related to climate change and other environmental matters could adversely affect our business, operations and reputation, and increase risk of litigation.

 Acquisitions, strategic alliances, joint ventures, mergers, divestitures and other nonordinary course-of-business events resulting from portfolio management actions and other evolving business strategies could affect future results.

 We monitor our business portfolio and organizational structure and have made and may continue to make acquisitions, strategic alliances, joint ventures, mergers, divestitures and changes to our organizational structure. With respect to acquisitions or mergers, future results will be affected by our ability to identify suitable acquisition or merger candidates, to adequately finance any acquisitions or mergers and to integrate acquired or merged businesses quickly and obtain the anticipated financial returns, including synergies. Our ability to successfully complete a divestiture will depend on, among other things, our ability to identify buyers that are prepared to acquire such assets or businesses on acceptable terms and to adjust and optimize our retained businesses following the divestiture. Additionally, we may fail to consummate proposed acquisitions, mergers, divestitures, joint ventures or strategic alliances after incurring expenses and devoting substantial resources, including management time, to such transactions or foregoing other strategic opportunities.

 Several parts of our business, including our nitrogen production business, our foods business and portions of our global grain marketing and wheat milling operations, are operated through joint ventures with third parties where we do not have majority control of the venture. By operating a business through a joint venture, we have less control over business decisions than we have in our subsidiaries and limited liability companies in which we have a controlling interest. In particular, we generally cannot act on major business initiatives in our joint ventures without the consent of the other party or parties in those ventures. Investments in joint ventures may, under certain circumstances, involve risks not present when a third-party is not involved, including the possibility that co-venturers might experience business or financial stresses that impact their ability to effectively operate the joint venture or might become bankrupt or fail to fund their share of the business; in which case the joint venture may be unable to access needed growth capital without funding from us and/or any other remaining co-venturers. Co-venturers may have economic, tax or other business interests or goals that are inconsistent with our business interests or goals and may be in a position to take actions contrary to our policies or objectives. Our co-venturers may take actions that are not within our control and that may expose our investments in joint ventures to the risk of lower values or returns. Disputes between us and co-venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and/or directors from focusing their time and efforts on our day-to-day business. In addition, we may in certain circumstances be liable for the actions of our co-venturers. Each of these matters could have a material adverse effect on us.

 We have made certain assumptions and projections regarding the future of the markets served by our joint venture investments that include projected raw materiality availability and pricing, production costs, market pricing and demand for the joint venture's products. These assumptions were an integral part of the economics used to evaluate these joint venture investment opportunities prior to consummation. To the extent that actual market performance varies from our models, our ability to achieve projected returns on our joint venture investments may be impacted in a materially adverse manner. For example, assumptions we made in connection with our investment in CF Nitrogen may not align with future demand for nitrogen-based products or the cost or availability of natural gas, the primary feedstock utilized for CF Nitrogen's nitrogen-based products. Supply of nitrogen products is affected primarily by available production capacity and operating rates, raw material costs and availability, energy prices, government policies and global trade. Demand for nitrogen products is affected by planted acreage, crop selection and fertilizer application rates, driven by population changes, economic growth, changes in dietary habits and non-food use of crops, such as production of ethanol and other biofuels. Demand also includes industrial uses

 of nitrogen, for example chemical manufacturing and emissions reductants such as diesel exhaust fluid (DEF). Many factors affecting supply and demand of global nitrogen products are out of our control and could significantly impact our business, financial condition, results of operations and cash flows.

 Risks Related to Laws and Regulations

 Government policies, mandates, regulations, trade agreements, domestic and foreign trade policies, including the imposition of tariffs and retaliatory tariffs, and other factors beyond our control could adversely affect our operations and profitability.

 Our business is subject to numerous government policies, mandates and regulations that may impact our operations or profitability. For example, those related to genetically modified organisms, traceability standards, sustainable practices, product safety and labeling, and renewable and low-carbon fuels may influence crop planting, production levels and location, trade flows, feedstock availability and competitiveness, volumes and types of imports and exports, and product viability. In our Energy segment, government policies, mandates and regulations designed to stop or impede development or production of petroleum-based products, such as those limiting or banning use of hydraulic fracturing, drilling or oilsands production or restricting the sale of new combustion-engine vehicles, could adversely affect our operations and profitability.

 We could be the target of claims of false or deceptive advertising under U.S. federal and state laws, as well as foreign laws, including consumer protection statutes of some states. The food industry has experienced heightened scrutiny and an increasing number of claims related to labeling and marketing practices. Changes in legal or regulatory requirements (such as new food safety requirements and revised nutrition facts labeling, including front-of-pack labeling and serving size regulations) or evolving interpretations of existing legal or regulatory requirements may result in increased compliance costs, capital expenditures and other financial obligations that could adversely affect our business or financial results. If we are found to be out of compliance with applicable laws and regulations in these areas, we could be subject to civil remedies, including fines, injunctions, termination of necessary licenses or permits, or recalls, as well as potential criminal sanctions, any of which could have a material adverse effect on our business. The EU deforestation-free regulation ("EUDR"), which is to become effective in December 2025, will require companies trading in certain commodities, including soybeans, as well as products derived from these commodities, to ensure these commodities and related products do not result from deforestation, forest degradation or breaches of local laws after December 31, 2020, to qualify for sale in the European Union. Failure to comply could have serious consequences, including civil, administrative and criminal penalties, as well as negative impacts on our reputation, business, cash flows and results of operations.

 In addition, changes in international trade agreements and trade disputes can adversely affect commodity trade flows by limiting or disrupting trade between countries or regions. In many countries around the world, historical free trade relationships are being challenged, and it is unclear what changes, if any, will be made to international trade agreements affecting our operations. Resulting volatility in commodity prices, historical trade flows planting patterns, particularly in the United States and South America, has reduced grain export volumes and increased business uncertainty. Changes in trade policy, withdrawals from or material modifications to relevant international trade agreements and continued uncertainty could depress economic activity and restrict our access to suppliers and customers, and we cannot predict the effects of future trade policies, disputes or agreements on our business. Tariffs and trade restrictions on products that we buy and/or sell could increase the cost of those products or adversely affect market access. These cost increases and market changes could adversely affect demand for our products and reduce margins, which could have a material adverse effect on our business and our earnings. In addition, the U.S. government can prevent or restrict us from doing business in or with other countries, such as the economic sanctions imposed by the U.S. government on Russia and certain of its citizens and enterprises in connection with Russia's war with Ukraine. These restrictions and those of other governments could limit our ability to gain access to business opportunities in various countries.

 The U.S. government recently implemented changes to its trade policies, including significant tariff increases on imports and potential changes to existing trade agreements, creating a dynamic and uncertain trade environment. Such measures can be adopted with little or no notice, and retaliatory actions by other countries may further increase costs and disrupt global supply chains. Higher tariffs or trade restrictions may raise the cost of inventory and products sold by our customers, vendors, partners, and suppliers, reducing demand, compressing margins, and impairing their financial performance and ability to meet obligations. This, in turn, could adversely impact our financial condition and results of operations. Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S. and global financial markets and economic conditions. Disruptions and volatility in the financial markets may lead to adverse changes in the availability, terms and cost of capital, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects.

 In particular, the changes in trade policies have had significant impacts on our sales into China. The Chinese government is currently limiting imports through a variety of measures. For example, in May 2025, China's General Administration of Customers suspended soybean imports from us and certain other U.S. companies in connection with the broader trade policy changes between the U.S. and China. A number of factors could encourage China to increase product capacity utilization or expand exports of nitrogen fertilizers, including changes in Chinese government policy, devaluation of the Chinese renminbi, the relaxation of Chinese environmental standards or decreases in Chinese producers' underlying costs such as the price of Chinese coal. Any inability to sell our products into China, including soybeans, could have a material adverse effect on our business, financial condition and results of operations.

 Changes in federal income tax laws or in our tax status, or changes to tax rules in jurisdictions in which we operate, could increase our tax liability and reduce our net income significantly.

 Current federal income tax laws, regulations and interpretations, including those specific to taxation of cooperatives, provide us certain income tax benefits such as allowing us to exclude income generated through business with or for a member (patronage-sourced income) from our taxable income to the extent it is distributed back to our members. We continue to monitor potential changes to federal income tax laws, regulations or interpretations to evaluate their potential impact on our business, tax position and financial results. The change in administration and regulatory leadership has created additional uncertainty with respect to federal tax policy. The current administration has proposed, and may propose further, changes that could alter, narrow or repeal provisions of federal tax law relevant to cooperatives. These changes, and any administrative or judicial challenges to them or further changes by future administrations, create uncertainty for our business and may affect our ability to receive anticipated tax credits or other benefits, which in turn could reduce the profitability of certain projects and increase our overall tax burden. If in the future, for example, we were to be subject to a corporate alternative minimum tax, or we were not eligible to be taxed as a cooperative, our tax liability would significantly increase and our net income would significantly decrease.

 We incur significant costs in complying with applicable laws and regulations. Any failure to comply with these laws and regulations, or to make capital or other investments necessary to comply with these laws and regulations, could expose us to unanticipated expenditures and liabilities.

 We are subject to numerous federal, state and local provisions regulating our business and operations. We incur and expect to incur significant capital and operating expenses to comply with these laws and regulations. We may be unable to pass on those expenses to customers without experiencing volume and margin losses. Ongoing changes in financial-market regulation have subjected derivatives users, such as CHS to increased CFTC oversight and compliance obligations, raising operating costs and potential exposure to fines or penalties for noncompliance. In addition, new laws and regulations or shifts in government policy may increase the likelihood of such legal and regulatory developments. If new laws or regulations become applicable to us or our businesses, our compliance costs could increase. Any of the above matters could have a material adverse effect on our business, financial condition, liquidity, results of operations and prospects.

 We establish reserves for the future cost of known compliance obligations, such as remediation of identified environmental issues. However, these reserves may prove inadequate to meet our actual liability. Moreover, amended, new or more stringent requirements, stricter interpretations of existing requirements or discovery of currently unknown compliance issues may require us to make material expenditures or subject us to liabilities that we currently do not anticipate. Furthermore, our failure to comply with applicable laws and regulations could subject us to administrative penalties and injunctive relief, civil remedies, including fines and injunctions, criminal fines and penalties, and recalls of our products. For example, we regularly maintain hedges to manage price risks associated with our commercial operations. These transactions typically take place on exchanges such as the CME. Our hedging transactions and activities are subject to the rules and regulations of the exchanges we use and governing bodies, including the CME, NYMEX, CBOT, MIAX and CFTC. All exchanges have broad powers to review required records, to investigate and enforce compliance and to punish noncompliance by entities subject to their jurisdiction. Failure to comply with such rules and regulations could lead to restrictions on our trading activities or subject us to enforcement action by the CFTC or a disciplinary action by the exchanges, which could lead to substantial fines or penalties or limitations on our related operations. In addition, any investigation or proceeding by an exchange or the CFTC, whether successful or unsuccessful, could result in substantial costs, diversion of resources, including management time, and potential harm to our reputation, all of which could have a material adverse effect on our business financial condition, liquidity, results of operations and prospects.

 We are subject to extensive anti-corruption, anti-bribery, anti-kickback and trade laws and regulations, and any noncompliance with those laws and regulations could have a material adverse effect on our business, financial condition and results of operations.

 We operate on a global basis and are subject to anti-corruption, anti-bribery and anti-kickback laws and regulations, including the Foreign Corrupt Practices Act of 1977 as amended ("FCPA"). The FCPA and other similar anti-corruption, anti-bribery and anti-kickback laws and regulations in other jurisdictions generally prohibit companies and their intermediaries or agents from making improper payments to government officials or any other persons for the purpose of obtaining or retaining business. We operate and sell our products in many parts of the world that have experienced governmental corruption to some degree, and in certain circumstances strict compliance with anti-corruption, anti-bribery and anti-kickback laws and regulations may conflict with local customs and practices. In addition, in certain countries, we engage third-party agents or intermediaries to act on our behalf and/or conduct all or a portion of our operations through joint venture partners, including in those countries with a high risk of corruption. If any of these third parties violate applicable anti-corruption, anti-bribery or anti-kickback laws or regulations, we may be liable for those violations. We have policies in place prohibiting employees from making or authorizing improper payments; we train our employees regarding compliance with anti-corruption, anti-bribery and anti-kickback laws and regulations; and we utilize procedures to identify and mitigate risks of such misconduct by our employees, third-party agents, intermediaries and joint venture partners. However, we cannot provide assurances that our employees, third-party agents, intermediaries or joint venture partners will comply with those policies, laws and regulations. If we are found liable for violations of the FCPA or other similar anti-corruption, anti-bribery or anti-kickback laws or regulations, either due to our own acts or out of inadvertence or due to the acts or inadvertence of others, we could suffer criminal or civil fines or penalties or other repercussions, including reputational harm, which could have a material adverse effect on our business, financial condition and results of operations.

 Due to the international scope of our operations, we are subject to a complex system of import- and export-related laws and regulations, including U.S. regulations issued by Customs and Border Protection, the Bureau of Industry and Security, the Office of Antiboycott Compliance, the Directorate of Defense Trade Controls and the Office of Foreign Assets Control, as well as the counterparts of these agencies in other countries. Any alleged or actual violation of these laws or regulations by us or our employees may subject us to government scrutiny, investigation, and civil and criminal penalties, and may limit our import and export abilities. Furthermore, embargoes and sanctions imposed by the United States and other governments restricting or prohibiting sales to specific persons or countries or based on product classification may expose us to potential criminal or civil sanctions. We cannot predict the nature, scope or effect of future regulatory requirements to which our operations might be subject or the way existing laws and regulations might be administered or interpreted.

 Environmental and energy laws and regulations may result in increased operating costs and capital expenditures, and may have a material and adverse effect on us.

 New and current environmental and energy laws and regulations, including relating to alternative energy sources and the risk of global climate change, new interpretations of existing laws and regulations, increased governmental enforcement, or other developments could require us to make additional unforeseen expenditures on technologies and/or other assets to continue our operations or cause unforeseen changes to our operations, either of which could adversely affect us. For example, in December 2015, 195 countries adopted a new international agreement known as the Paris Agreement. U.S. participation in the Paris Agreement and other greenhouse gas ("GHG") commitments may vary by administration.

 Accordingly, future emission reduction targets and other provisions of legislative or regulatory initiatives could be reintroduced by future administrations. In the absence of federal action, states and other jurisdictions may also continue to take legislative or regulatory steps aimed at climate change and minimizing GHG emissions. This creates ongoing uncertainty for our operations, compliance obligations, and potential costs.

 In addition, new legislation, regulatory programs, reporting requirements or customer or other stakeholder expectations could require substantial expenditures for installation and operation of systems and equipment or for substantial modifications to existing equipment, as well as increased compliance costs. We are or may be obligated to comply with new climate-related reporting requirements under SEC rules, laws of member states of the European Union implementing the EU Corporate Sustainability Reporting Directive ("CSRD") and other laws and regulations, which may require us to provide, at least annually, detailed public disclosures about the greenhouse gas emissions and other climate-related effects our activities produce, the climate-related operating and financial risks we face and the strategies we pursue to reduce and adapt to the impacts of climate change. If we fail to compile, assess and report the required operating and accounting information in a timely manner and in accordance with mandatory reporting standards, we could be exposed to fines and other sanctions and sustain harm to our reputation. Pursuant to the Energy Independence and Security Act of 2007, the EPA has promulgated the Renewable Fuel

 Standard ("RFS"), which requires refiners to blend renewable fuels, such as ethanol and biodiesel, with their petroleum fuels or purchase renewable energy credits, known as Renewable Identification Numbers ("RINs"), in lieu of blending. The EPA generally establishes new annual renewable fuel percentage standards for each compliance year, which affects the domestic market for ethanol. In June 2025, the EPA proposed standards for compliance years 2026 and 2027, which as of the date of this Report have not yet been adopted. The proposal includes a sizable increase in renewable fuel percentage standards from those in 2025 and, if implemented as proposed, could result in a significant increase in our compliance costs for these periods. We generate RINs through our blending activities, but we cannot generate enough RINs to meet the needs of our refining capacity, and RINs must be purchased on the open market. In recent years, the price of RINs has been extremely volatile. Continued RIN volatility could have a negative impact on our future refined fuels margins. In addition, certain states have established proposed laws around low-carbon fuel standards that require refiners to sell fuel with carbon intensity values at certain established benchmarks or purchase a sufficient number of credits on the open market to meet the benchmark.

 Federal, state and international authorities continue to adopt or propose new environmental, health, safety and climate-related requirements that could materially increase our compliance costs and operational burdens, including emerging contaminant regulation (such as PFAS), more stringent refinery and process safety rules, the EPA's "Good Neighbor Plan" for ozone emissions, new vehicle and fuel efficiency standards, and expanded reporting obligations under U.S. and EU climate disclosure regimes. At the same time, reductions in staffing or funding at regulatory agencies may delay the review of submissions and re-registrations, further prolonging the time to commercialize products or implement compliance measures. Many of these rules and initiatives are subject to ongoing litigation or could be revised or rescinded by future administrations, creating significant uncertainty. Compliance with these evolving standards could have a material and adverse effect on our results of operations and financial condition.

 Environmental liabilities and litigation could have a material adverse effect on us.

 Many of our current and former facilities have been in operation for many years. Over that time, we and other operators of those facilities have generated, used, stored and disposed of substances or wastes, including liquid fertilizers, chemicals and fuels stored in underground and aboveground tanks, that are or might be considered hazardous under applicable or future environmental laws. Any past or future actions in violation of applicable environmental laws could subject us to administrative penalties, fines, injunctions or other costs, such as capital expenditures. In addition, an owner or operator of contaminated property and a party that sends hazardous materials to such a site for treatment, storage, disposal or recycling can be liable for the cost of investigation and remediation under environmental laws. In some instances, such liability exists regardless of fault. Moreover, future or unknown past releases of hazardous substances could subject us to private lawsuits claiming damages, including for bodily injury or property damage, and to adverse publicity, which could have a material adverse effect on us. Liabilities, including legal costs, related to remediation of contaminated properties are not recognized by us until the related costs are considered probable and can be reasonably estimated.

 We have noted a trend in public and private lawsuits filed on behalf of states, counties, cities and utilities alleging harm to the general public and the environment, including waterways and watersheds, as a result of the use of agricultural chemicals, such as fertilizers. If we become a party to any such lawsuits, we could be required to pay damages or penalties or have other remedies imposed upon us, which could have a material and adverse effect on our results of operations and financial condition.

 We face increased climate-change-related litigation risk with respect to our operations. In particular, governmental and other entities in various U.S. states have filed lawsuits against companies in the coal, oil and gas industries, alleging damages as a result of climate change, with the plaintiffs in such lawsuits seeking damages and abatement under various tort theories. Additionally, governmental and other entities are increasingly filing lawsuits or initiating regulatory action based on allegations that certain public statements regarding ESG-related matters and practices by companies are false or misleading greenwashing that violate deceptive trade practices and consumer protection statutes. Similar issues can also arise relating to aspirational statements such as net-zero or carbon reduction targets that are made without adequate basis to support such statements. Although we are not currently a party to any of these lawsuits, they present a high degree of uncertainty regarding the extent to which we face increased risk of liability stemming from climate change or ESG disclosures and practices.

 Risks Related to Our Financial Position and Financing Our Business

 Our financial results are susceptible to seasonality.

 Many of our business activities are highly seasonal and operating results vary throughout the year. Our revenues generally trend lower during the second and fourth fiscal quarters and are highest during the first and third fiscal quarters. For

 example, in our Ag segment, our ag retail business generally experiences higher volumes and revenues during the fall harvest and spring planting seasons and our agronomy business generally experiences higher volumes and revenues during the spring planting season. Our global grain and processing operations are subject to fluctuations in volume and revenues based on producer harvests, world grain prices and demand, and international trade relationships. Our Energy segment generally experiences higher volumes and revenues in certain operating areas, such as refined products, 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 crop-drying seasons.

 If any of our long-lived assets become impaired, we could be required to record a significant impairment charge, which would negatively impact our results of operations.

 All our long-lived assets, including property, plant and equipment, goodwill, investments in unconsolidated affiliates and other identifiable intangibles, are evaluated for impairment in accordance with U.S. GAAP at least annually for goodwill and whenever events or changes in circumstances indicate the carrying amount of a long-lived asset or asset group may not be recoverable. The process of evaluating for impairment involves a number of judgments and estimates. If the judgments and estimates used in our analyses are not realized or change due to external factors, then actual results may not be consistent with these judgments and estimates, and our long-lived assets may become impaired in future periods. We have in the past, and may in the future, be required to write down the value of our long-lived assets. Any future impairment of our long-lived assets could require us to record a significant impairment charge, which would negatively impact our results of operations.

 Our business is capital-intensive and we rely on cash generated from our operations and external financing to fund our strategies and ongoing capital needs.

 We require significant capital, including access to credit markets from time to time, to operate our businesses and fund our strategies. Our working capital requirements are directly affected by the price of commodities, which may fluctuate significantly and quickly. We also require substantial capital to maintain and upgrade our extensive network of facilities to keep pace with competitive developments, technological advances, regulatory changes and changing safety standards. In addition, the expansion of our business and pursuit of acquisitions or other business opportunities has required, and may in the future require, significant amounts of capital. If we are unable to generate sufficient cash flow or maintain access to adequate external financing, including as a result of significant disruptions in the global credit markets, it could restrict our current operations and our growth opportunities, which could adversely affect our operating results and restrict our ability to repay our existing debts.

 Our access to capital could be affected by financial institutions' and other capital sources' policies concerning energy-related businesses.

 Public concern regarding the potential effects of climate change have directed increased attention toward the funding sources of energy-related businesses. As a result, some financial institutions, funds and other sources of capital have reduced or restricted lending to, or investing in, companies that operate in the energy industry. Limiting energy-related businesses' access to capital could make it more difficult for us to secure external financing, which could in turn restrict our current operations and growth opportunities, adversely affect our operating results and restrict our ability to repay our existing debts.

 Our cooperative structure limits our ability to access equity capital.

 As a cooperative, we may not sell common stock in our company. In addition, existing laws and our articles of incorporation and bylaws limit dividends on any preferred stock we may issue to 8% per annum. These limitations may restrict our ability to raise equity capital and may adversely affect our ability to compete with enterprises that do not face similar restrictions.

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 Not applicable.

 ITEM 1C. CYBERSECURITY

 Risk Management and Strategy

 We have established processes for identifying, assessing and managing material risks from cybersecurity threats associated with our key information technology systems. These processes have been integrated into our overall risk management strategies, as overseen by our Board of Directors, primarily through the Corporate Risk Committee and Audit Committee. These processes also include identifying and overseeing risks from cybersecurity threats associated with the use of third-party service providers. We conduct security assessments of certain third-party providers before engagement and have established monitoring procedures to mitigate risks related to data breaches or other security incidents originating from third parties. In addition, we conduct employee training on information security topics designed to address phishing and e-mail security, password security and data-handling security. We use e-mail security, endpoint security, logging and monitoring, remote access, application security and other tools to deter threat actors, block malicious/phishing e-mails and avoid IT system interruptions. From time to time, we engage third-party consultants, legal advisors, and audit firms to evaluate and test our risk management systems and assess and remediate cybersecurity threats and incidents as appropriate. Additionally, our Enterprise Risk Management ("ERM") team analyzes cybersecurity risks, emerging industry trends and identification of mitigation, as part of a holistic analysis of risks across CHS.

 Governance

 Management

 Under the oversight of the Corporate Risk Committee of our Board of Directors, the chief information officer ("CIO") and chief information security officer ("CISO") are primarily responsible for assessment and management of material cybersecurity risks, with the CIO being responsible for strategic direction and management of information technology systems and the CISO being responsible for security of such systems, as described further below. The CIO has more than 30 years of experience with global technology organizations across multiple industries. The CISO has more than 20 years of experience in information security, risk management and compliance and is a certified information systems security professional. The CIO and CISO are also supported by an incident response team ("IRT") comprised of selected members of senior management and responsible for providing cross-functional support and response facilitation for cybersecurity incidents.

 Our CISO oversees our cybersecurity incident response plan and related processes that are designed to assess and manage material risks from cybersecurity threats, including aligning programs with industry standards, conducting tabletop exercises, providing education/training and taking other preventive measures. Our CISO coordinates with legal counsel and third-party experts to assess and manage material risks from cybersecurity threats. Our CISO is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents pursuant to criteria set forth in our incident response plan and related processes. Our CISO or a delegate informs the IRT of cybersecurity incidents that may potentially be determined to be material pursuant to escalation criteria set forth in our incident response plan and related processes. The CISO, in collaboration with legal counsel, is primarily responsible for advising our chief executive officer ("CEO") and chief financial officer ("CFO") regarding cybersecurity disclosures in public filings. The CISO also notifies the Audit Committee chair of any material cybersecurity incident.

 As of the date of this Annual Report on Form 10-K, we have not detected any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition. For further discussion of the risks associated with cybersecurity incidents, refer to Item 1A. Risk Factors in this Annual Report on Form 10-K.

 Board of Directors

 The Corporate Risk Committee of our Board of Directors oversees our information technology systems, including information security, compliance and privacy. Additionally, the Audit Committee of our Board of Directors oversees adequacy and effectiveness of our controls and procedures, including those designed to assess, identify and manage material risks from cybersecurity threats and incidents. Further, at least bi-annually, our CIO and/or CISO report on cybersecurity matters to the Corporate Risk Committee, and updates are provided to our Board of Directors at regular board meetings. The CIO also provides updates annually or more frequently as appropriate to our Board of Directors. Our ERM team reports annually on the company's risks to our Board of Directors, which includes progress related to mitigation activities and risk conditions.

 ITEM 2. PROPERTIES

 We own or lease energy, agronomy, grain-handling and processing facilities and other real estate throughout the United States and internationally. Below is a summary of these locations by segment and related business, the majority of which are owned.
 Description
 Location(s)

 Refineries
 Laurel, Montana, and McPherson, Kansas

 Propane terminals
 9 locations in Colorado, Iowa, Minnesota, Missouri, North Dakota, Washington and Wisconsin

 Transportation terminals/repair facilities
 12 locations in Iowa, Kansas, Minnesota, Montana, North Dakota, South Dakota, Washington and Wisconsin

 Petroleum and asphalt terminals/storage facilities
 12 locations in Kansas, Montana, North Dakota and Wisconsin

 Pipelines:

 Cenex Pipeline, LLC
 Laurel, Montana, to Fargo, North Dakota

 Front Range Pipeline, LLC
 Canadian border to Laurel, Montana

 Jayhawk Pipeline, LLC
 Throughout Kansas, with branches in Nebraska, Oklahoma and Texas

 Conway Pipeline
 McPherson, Kansas, to Conway, Kansas

 Kaw Pipe Line Company
 Locations throughout Kansas

 Osage Pipe Line Company, LLC
 Oklahoma to Kansas (50% owned by CHS)

 Cenex Zip Trip corporate headquarters

 Spokane, Washington

 Convenience stores/gas stations
 39 locations in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota and Wyoming

 Lubricant plants/warehouses
 2 locations in Inver Grove Heights, Minnesota, and Kenton, Ohio

 Ag

 Global Grain and Processing

 Grain terminals
 13 locations in the United States in Illinois, Iowa, Louisiana, Minnesota, Mississippi and Texas
5 locations in Brazil
3 locations in Europe in Hungary and Romania

 Fertilizer terminal
 Argentina

 Grain marketing offices
 2 locations in the United States in Minnesota and Nebraska
17 locations in Latin and South America in Mexico, Argentina, Brazil and Uruguay
8 locations in Europe in Bulgaria, Hungary, Italy, Romania, Serbia, Spain, Switzerland and Ukraine
4 locations in Asia in China, Singapore, South Korea and Taiwan

 Oilseed processing facilities
 Fairmont, Hallock and Mankato, Minnesota

 Sunflower processing facilities
 Fargo and Grandin, North Dakota

 Storage and warehouse facility
 Joliette, North Dakota

 Ethanol plants
 Annawan and Rochelle, Illinois

 Ag Retail

 Agri-operations facilities
 Approximately 400 community locations in Colorado, Idaho, Illinois, Iowa, Kansas, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Washington and Wisconsin

 Feed manufacturing facilities
 9 locations in Iowa, Montana, North Dakota, Oregon and South Dakota

 Wholesale Agronomy

 Deepwater port
 Galveston, Texas

 Terminals
 11 locations in Illinois, Iowa, Kentucky, Louisiana, Minnesota, South Dakota and Texas

 Bulk chemical rail terminal facility
 Brooten, Minnesota

 Distribution warehouses
 28 locations in Arkansas, Idaho, Illinois, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Texas, Washington and Wisconsin

 Research and development center
 Randolph, Minnesota

 Description
 Location(s)

 Corporate and Other

 Corporate headquarters
 33-acre campus in Inver Grove Heights, Minnesota, consisting of a building with approximately 320,000 square feet of office space and two smaller buildings with approximately 13,400 and 9,000 square feet of space

 Office facilities
 Washington, District of Columbia, and Kansas City, Missouri

 ITEM 3. LEGAL PROCEEDINGS

 For a description of our material pending legal proceedings, please see Note 17, Commitments and Contingencies, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K.

 ITEM 4. MINE SAFETY DISCLOSURES

 Not applicable.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 As a cooperative, we do not have common stock that is traded or otherwise outstanding. We did not sell any equity securities during the three years ended August 31, 2025, that were not registered under the Securities Act of 1933.

 ITEM 6. [RESERVED]

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to provide a reader of our financial statements with a narrative from the perspective of our management regarding our financial condition and results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented in the following sections:

 • Overview
 • Business Strategy
 • Fiscal 2025 Highlights
 • Fiscal 2026 Outlook
 • Operating Metrics
 • Results of Operations
 • Liquidity and Capital Resources
 • Critical Accounting Policies
 • Recent Accounting Pronouncements

 Our MD&A should be read in conjunction with the accompanying audited financial statements and notes to those financial statements and the Cautionary Statement regarding forward-looking statements found in Part I, Item 1A of this Annual Report on Form 10-K.

 CHS Inc. is a diversified company that provides grain, food, agronomy and energy resources to businesses and consumers on a global scale. As a cooperative, we are owned by farmers, ranchers and member cooperatives across the United States. We also have preferred shareholders who own our five series of preferred stock, all of which are listed and traded on Nasdaq. We operate in the following three reportable segments:

 • Energy. Produces and provides petroleum products primarily for wholesale distribution and transportation.
 • Ag. Purchases and further processes or resells grain and oilseed originated by our ag retail and global grain and processing businesses, by our member cooperatives and by third parties. This segment also includes our renewable fuels business and serves as a wholesaler and retailer of agronomy products.
 • Nitrogen Production. Produces and distributes nitrogen fertilizer. This segment consists of our equity method investment in CF Nitrogen and allocated expenses.

 In addition, our financing and hedging businesses, along with our nonconsolidated food production and distribution and wheat milling joint ventures, have been aggregated within our Corporate and Other category.

 The consolidated financial statements include the accounts of CHS and all subsidiaries and limited liability companies in which we have control. The effects of all significant intercompany transactions have been eliminated.

 Corporate administrative expenses and interest are allocated to each reportable segment and Corporate and Other, based on direct use of services, such as information technology and legal, and other factors or considerations relevant to the costs incurred.

 Management's Focus. When evaluating our operating performance, management focuses on income before income taxes ("IBIT"). As a company that operates heavily in global commodities, there is significant unpredictability and volatility in pricing, costs and global trade volumes. Consequently, we focus on managing the margin we can earn and the resulting IBIT. We also focus on ensuring balance sheet strength through appropriate management of financial liquidity, leverage, capital allocation and cash flow optimization.

 Seasonality. 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. For example, in our Ag segment, our ag retail business generally experiences higher volumes and revenues during the fall harvest and spring planting seasons, which generally correspond to our first and third fiscal quarters, respectively. Additionally, our agronomy business generally experiences higher volumes and revenues during the spring planting season. Our global grain and processing operations are subject to fluctuations in volumes and revenues based on producer harvests, world grain prices, global demand and international trade relationships. Our Energy segment generally experiences higher volumes and revenues in

 certain operating areas, such as refined fuel products, 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. The graphs below depict the seasonality inherent in our businesses.

 Pricing and Volumes. Our revenues, assets and cash flows can be significantly affected by global market prices and sales volumes of commodities such as petroleum products, natural gas, grain, oilseed products and agronomy products. Changes in market prices for commodities we purchase without a corresponding change in the selling prices of those products can affect revenues and operating earnings. Similarly, increased or decreased sales volumes without a corresponding change in the purchase and selling prices of those products can affect revenues and operating earnings. Commodity prices and sales volumes are affected by a wide range of factors beyond our control, including weather; crop damage due to plant disease or insects; drought; availability/adequacy of supply of a commodity; availability of reliable rail, river, truck and ocean transportation networks; disease outbreaks; government regulations and policies; global trade disputes; wars and civil unrest; and general political and/or economic conditions.

 Business Strategy

 Our business strategies focus on an enterprisewide effort to create an experience that empowers customers to make CHS their first choice, expand market access to add value for our owners and transform and evolve our core businesses by capitalizing on changing market dynamics. To execute these strategies, we are focused on implementing agile, efficient and sustainable technology platforms; building robust and efficient supply chains; hiring, developing and retaining high-performing, diverse and passionate teams; achieving operational excellence and continuous improvement; and maintaining a strong balance sheet.

 Fiscal 2025 Highlights

 • Our Ag segment performed well, although down from strong results in the prior year. This was mainly due to softening grain and oilseed product margins, lower oilseed crush margins, declining commodity prices and global market conditions.
 • Despite strong volumes, our Energy segment results declined significantly from the prior year. This was driven by decreased Western Canadian Select crude oil discounts, unfavorable crack spreads and expected lower sales of produced, higher-margin refined products as a result of our planned major maintenance at our McPherson, Kansas refinery in the third quarter of fiscal year 2025.
 • Equity method investments continued to provide solid contributions to CHS income, including strong results from our investments in CF Nitrogen and Ventura Foods.

 Fiscal 2026 Outlook

 Our segments operate in cyclical environments in which market conditions can change rapidly with significant positive or negative impacts on our results. We anticipate various macroeconomic factors will continue to drive uncertainty and instability in global energy and agricultural commodity markets, as well as global financial markets, which could have a significant impact on each of our segments during fiscal 2026. These factors include, among others, the ongoing war between Russia and Ukraine and further conflict in the Middle East, shifts in global trade flows for commodities, including global competitiveness giving rise to a weak export market for U.S.-sourced agricultural products, potential changes in U.S. trade policy, increased or fluctuating tariffs, a changing interest rate environment, and continued pricing pressures impacting costs of labor, freight and materials. These factors, or any form of them, could cause significant margin pressure and lower profitability. In addition to these broad macroeconomic factors, other factors could impact demand and pricing for agricultural inputs and outputs, as well as our ability to supply those inputs and outputs while remaining profitable. These include regional factors, such as unpredictable weather conditions, including those due to climate change. We currently expect global supply and demand factors impacting energy and agricultural commodities to be unfavorable for us in fiscal 2026. Further, in light of increasing uncertainty in the markets we serve, we are unable to predict how long the current environment will last or the significance of the financial and operational impacts to us; however, we currently expect the trend of reduced margins for energy and agricultural commodities to persist in fiscal 2026. Refer to Item 1A of this Annual Report on Form 10-K for additional consideration these risks may have on our business operations and financial performance.

 We will continue to execute our enterprise priorities for fiscal 2026, including maximizing our platforms through our integrated supply chains and capitalizing on domestic and global opportunities, as we navigate less favorable market conditions for energy and agricultural commodities.

 Operating Metrics

 Our Energy segment operations primarily include our refineries in Laurel, Montana, and McPherson, Kansas, which process crude oil to produce refined products, including gasolines, distillates and other products. To ensure the reliability of our refineries, we perform major maintenance activities every two to five years, which require a temporary shutdown of operations. These planned shutdowns allow us to extend the life, increase the capacity and improve the safety and efficiency of our refinery processing assets. They also minimize unplanned business interruptions and are essential to the long-term reliability and profitability of our Energy segment.

 During periods of maintenance, utilization rates, throughput volumes and refined fuel yields are lower, and we may purchase refined petroleum products from third parties to meet the needs of our customers. These third-party purchases may result in lower margins than for products produced by our refineries, which reduces our profitability. The following table provides information about our consolidated refinery operations:

 2025
 2024

 Refinery throughput volumes*
 (Barrels per day)

 Heavy, high-sulfur crude oil
 100,029
 108,713

 All other crude oil
 61,776
 69,137

 Other feedstocks and blendstocks
 13,032
 11,574

 Total refinery throughput volumes
 174,837
 189,424

 Refined fuel yields

 Gasolines
 81,030
 85,210

 Distillates
 76,297
 84,739

 *Lower refinery throughput volumes and refined fuel yields experienced during fiscal 2025 were primarily due to a planned shutdown to perform major
 maintenance at our McPherson, Kansas, refinery during the third quarter of fiscal 2025.

 We are subject to the Renewable Fuel Standard that requires refiners to blend renewable fuels (e.g., ethanol and biodiesel) into their finished transportation fuels or purchase renewable energy credits, known as renewable identification numbers ("RINs"), in lieu of blending. The U.S. Environmental Protection Agency ("EPA") generally establishes new annual renewable fuel percentage standards for each compliance year in the preceding year. We generate RINs through our blending activities, but we cannot generate enough RINs to meet the needs of our refining capacity; therefore, RINs must be purchased on the open market. The price of RINs can be volatile, with prices for D6 ethanol RINs and D4 biodiesel RINs increasing by 24% and 29%, respectively, during fiscal 2025, compared to the prior year, which negatively impacted our earnings. Estimates of our RIN expenses are calculated using an average RIN price each month.

 During the fourth quarter of fiscal 2025, we received notice from the EPA that our petitions seeking an extension of the small refinery exemption ("SRE") under the Renewable Fuels Standard for our Laurel, Montana, refinery were granted in full or in part for compliance years 2019 through 2024. This action by the EPA reduced our renewable volume obligation ("RVO") for production at our Laurel, Montana, refinery for those specific years and resulted in a benefit of approximately $90 million during the fourth quarter of fiscal year 2025. We may be eligible for exemptions for compliance years 2025 and beyond, but this is highly dependent on volumes of crude oil average throughput at that time and the EPA's evaluation of those potential future petitions. Further, we may incur future liabilities that partially or fully offset those benefits if the EPA reallocates the RVOs waived through the SRE process by increasing the blending requirements for larger refineries, including our McPherson, Kansas, refinery, in future years.

 In addition to our internal operational reliability, the profitability of our Energy segment is largely driven by crack spreads (i.e., the price differential between refined products and crude oil inputs) and Western Canadian Select ("WCS") crude oil discounts (i.e., the price discount for WCS crude oil relative to West Texas Intermediate ("WTI") crude oil), which are driven by supply and demand of refined products. Crack spreads and WCS crude oil discounts both decreased in fiscal 2025, compared to the prior year, contributing to significantly decreased IBIT for the Energy segment. The table below provides

 information about average market reference prices and differentials that impacted our Energy segment:

 2025
 2024

 Market indicators

 WTI crude oil (dollars per barrel)
 $
 68.08
 $
 79.41

 WTI - WCS crude oil discount (dollars per barrel)
 $
 11.57
 $
 17.24

 Group 3 2:1:1 crack spread (dollars per barrel)*
 $
 19.91
 $
 21.97

 Group 3 5:3:2 crack spread (dollars per barrel)*
 $
 19.12
 $
 20.60

 D6 ethanol RIN (dollars per RIN)
 $
 0.8428
 $
 0.6801

 D4 biodiesel RIN (dollars per RIN)
 $
 0.8823
 $
 0.6829

 *Group 3 refers to the oil refining and distribution system serving the Midwest markets from the Gulf Coast through the Plains states.

 Ag

 Our Ag segment operations work together to facilitate the production, purchase, sale and eventual use of grain and other agricultural commodities within the United States and internationally. Profitability in our Ag segment is mostly driven by throughput and production volumes, as well as commodity price spreads; however, revenues and cost of goods sold ("COGS") are largely affected by market-driven commodity prices outside our control. The table below provides information about average market prices for agricultural commodities, as well as sales and throughput volumes that impacted our Ag segment for the years ended August 31, 2025 and 2024:

 Market Source*
 2025
 2024

 Commodity prices

 Corn (dollars per bushel)
 Chicago Board of Trade
 $
 4.36
 $
 4.37

 Soybeans (dollars per bushel)
 Chicago Board of Trade
 $
 10.16
 $
 11.88

 Wheat (dollars per bushel)
 Chicago Board of Trade
 $
 5.40
 $
 5.76

 Urea (dollars per ton)
 Green Markets NOLA
 $
 368.95
 $
 332.46

 Urea ammonium nitrate (dollars per ton)
 Green Markets NOLA
 $
 285.44
 $
 238.84

 Ethanol (dollars per gallon)
 Chicago Platts
 $
 1.70
 $
 1.83

 Volumes

 Grain and oilseed (thousands of bushels)
 2,433,258
 2,382,219

 North American grain and oilseed port throughput (thousands of bushels)
 770,867
 664,025

 Wholesale crop nutrients (thousands of tons)
 7,311
 7,245

 Ethanol (thousands of gallons)
 565,835
 711,451

 *Market source information represents the average week-end or month-end price during the period.

 Results of Operations

 Consolidated Statements of Operations

 2025
 2024

 % of Revenues*
 % of Revenues*

 (In thousands)
 (In thousands)

 Revenues
 $
 100.0
 %
 $
 100.0
 %

 34,325,794
 96.8
 37,509,902
 95.5

 1,136,814
 3.2
 1,751,327
 4.5

 1,046,059
 2.9
 1,166,969
 3.0

 Operating earnings
 90,755
 0.3
 584,358
 1.5

 146,079
 0.4
 104,064
 0.3

 ( 100,431)
 (0.3)
 ( 137,630)
 (0.4)

 Equity income from investments
 ( 569,665)
 (1.6)
 ( 479,863)
 (1.2)

 614,772
 1.7
 1,097,787
 2.8

 Income tax (benefit) expense
 16,777
 —
 ( 4,872)
 —

 1.7
 2.8

 Net loss attributable to noncontrolling interests
 —
 —

 Net income attributable to CHS Inc.
 $
 597,917
 1.7
 %
 $
 1,102,319
 2.8
 %

 *Amounts less than 0.1% are shown as zero percent. Percentage subtotals may not sum due to rounding.

 The charts below detail revenues, net of intersegment revenues, and IBIT by segment for fiscal 2025. Our Nitrogen Production segment represents an equity method investment that records earnings and allocated expenses, but not revenues.

 (Loss) Income Before Income Taxes by Segment

 2025
 2024

 (Loss) Income before income taxes
 $
 ( 7,042)
 $
 429,053
 $
 (436,095)
 (101.6)
 %

 The following waterfall analysis and commentary presents the changes in our Energy segment IBIT for the year ended August 31, 2025, compared to the prior year:

 *See commentary related to these changes in the marketing, general and administrative expenses, interest expense, other income and equity income from investments sections of this Results of Operations.

 The change in Energy segment IBIT for fiscal 2025 reflects the following:
 • Significantly lower WCS crude oil discounts and crack spreads compared to the prior fiscal year, due to less favorable global market conditions, including higher U.S. refinery capacity utilization and global production, as well as additional export opportunities for Canadian crude oil, contributed to a $308.1 million decrease of IBIT.
 • Decreased refined fuels production volumes contributed to a $88.5 million decrease in IBIT, primarily due to planned major maintenance at our McPherson refinery which reduced the sales mix of higher-margin, produced refined fuels products relative to lower-margin, purchased refined fuels products.
 • The overall IBIT decrease was partially offset by an approximately $90 million favorable impact due to the small refinery exemption. During the fourth quarter of fiscal 2025, we received notice from the EPA that our petitions seeking an extension of the small refinery exemption under the Renewable Fuels Standard for our Laurel, Montana, refinery were granted in full or in part for compliance years 2019 through 2024. This action by the EPA reduced our renewable volume obligation for production at our Laurel, Montana, refinery for those specific years and resulted in a benefit during the fourth quarter of fiscal year 2025.
 • Higher costs for RINs, exclusive of the small refinery exemption, contributed to a $45.7 million decrease of IBIT.

 Ag

 2025
 2024

 $
 245,660
 $
 342,677
 $
 (97,017)
 (28.3)
 %

 The following waterfall analysis and commentary presents the changes in our Ag segment IBIT for the year ended August 31, 2025, compared to the prior year:

 *See commentary related to these changes in the marketing, general and administrative expenses, interest expense, other income and equity income from investments sections of this Results of Operations.

 The change in Ag segment IBIT for fiscal 2025 reflects the following:
 • Decreased margins for our grain and oilseed product category are primarily a result of unfavorable market conditions in North America, South America and Europe, costs associated with closing our Superior, Wisconsin, grain facility and the timing impact of mark-to-market adjustments, collectively contributed to a $118.8 million decrease in IBIT.
 • Decreased margins for our oilseed processing product category, due to a higher global supply of soybean and canola meal and oil, resulted in lower crush margins compared to the prior fiscal year and contributed to a $105.3 million decrease in IBIT.

 All Other Segments

 2025
 2024

 Nitrogen Production IBIT*
 $
 159,541
 $
 151,235
 $
 8,306
 5.5
 %

 Corporate and Other IBIT
 $
 216,613
 $
 174,822
 $
 41,791
 23.9
 %

 *See Note 6, Investments, of the notes to the consolidated financial statements included in this Annual Report on Form 10-K for additional information.

 Our Nitrogen Production segment IBIT increased slightly from the prior fiscal year due to higher equity income primarily attributed to favorable market conditions associated with urea. Corporate and Other IBIT increased largely as a result of a gain on the sale of a business, recognized by our equity investment Ventura Foods, during the year ended August 31, 2025.

 Revenues by Segment

 2025
 2024

 Revenues
 $
 7,635,033
 $
 8,766,495
 $
 (1,131,462)
 (12.9)
 %

 The following waterfall analysis and commentary presents the changes in our Energy segment revenues for the year ended August 31, 2025, compared to the prior year:

 The change in Energy segment revenues for fiscal 2025 reflects the following:
 • Global market conditions contributed to decreased selling prices for refined fuels that resulted in a $1.1 billion decrease in revenues.

 Ag

 2025
 2024

 Revenues
 $
 27,748,481
 $
 30,416,859
 $
 (2,668,378)
 (8.8)
 %

 The following waterfall analysis and commentary presents the changes in our Ag segment revenues for the year ended August 31, 2025, compared to the prior year:

 The change in Ag segment revenues for fiscal 2025 reflects the following:
 • Decreased selling prices across most of our Ag segment product categories due to global market conditions were experienced during fiscal 2025, including:
 $2.7 billion decrease for grain and oilseed;
 $453.5 million decrease for oilseed processing; and
 $111.3 million decrease associated with renewable fuels.
 • Increased volumes were realized across most of our Ag segment product categories, including:
 $590.7 million for wholesale and retail agronomy products as a result of more favorable weather conditions and strategic initiatives to grow the business and;
 $446.7 million for grain and oilseed as a result of higher demand due to lower prices.
 These increases were partially offset by decreased volumes of renewable fuels as a result of unfavorable global market conditions, which contributed to decreased revenues of $272.6 million.

 All Other Segments*

 2025
 2024

 Corporate and Other revenues
 $
 79,094
 $
 77,875
 $
 1,219
 1.6
 %

 *Our Nitrogen Production reportable segment represents an equity method investment that records earnings and allocated expenses, but not revenues.

 There were no significant changes to Corporate and Other revenues during fiscal 2025 compared to the prior year.

 Cost of Goods Sold by Segment

 2025
 2024

 $
 7,339,336
 $
 8,041,588
 $
 (702,252)
 (8.7)
 %

 The following waterfall analysis and commentary presents the changes in our Energy segment COGS for the year ended August 31, 2025, compared to the prior year:

 The change in Energy segment COGS for fiscal 2025 reflects the following:
 • Decreased costs for refined fuels, due to global market conditions, contributed to a $618.7 million decrease in COGS.
 • COGS was further decreased by an approximately $90 million favorable impact due to the small refinery exemption. During the fourth quarter of fiscal 2025, we received notice from the EPA that our petitions seeking an extension of the small refinery exemption under the Renewable Fuels Standard for our Laurel, Montana, refinery were granted in full or in part for compliance years 2019 through 2024. This action by the EPA reduced our renewable volume obligation for production at our Laurel, Montana, refinery for those specific years and resulted in a benefit during the fourth quarter of fiscal year 2025.
 • The overall COGS decrease was partially offset by increased costs for propane of $36.9 million, which were a result of higher product volumes and hedging impacts.

 Ag

 2025
 2024

 $
 26,985,759
 $
 29,478,231
 $
 (2,492,472)
 (8.5)
 %

 The following waterfall analysis and commentary presents the changes in our Ag segment COGS for the year ended August 31, 2025, compared to the prior year:

 The change in Ag segment COGS for fiscal 2025 reflects the following:
 • Decreased costs across most of our Ag segment product categories due to global market conditions were experienced during fiscal 2025, including:
 $2.5 billion decrease for grain and oilseed;
 $348.2 million decrease for oilseed processing; and
 $101.0 million decrease associated with renewable fuels.
 • Increased volumes were realized across most of our Ag segment product categories, including:
 $493.5 million for wholesale and retail agronomy products as a result of more favorable weather conditions and strategic initiatives to grow the business and;
 $441.6 million for grain and oilseed as a result of higher demand due to lower prices.
 These increases were partially offset by decreased volumes of renewable fuels as a result of unfavorable global market conditions, which contributed to decreased COGS of $258.3 million.

 All Other Segments

 2025
 2024

 Nitrogen Production COGS
 $
 1,673
 $
 $
 1,535
 1,112.3%

 Corporate and Other COGS
 $
 (974)
 $
 (10,055)
 $
 9,081
 90.3%

 There were no significant changes on a dollar basis to COGS for our Nitrogen Production segment or Corporate and Other during fiscal 2025 compared to the prior year.

 Marketing, General and Administrative Expenses

 2025
 2024

 $
 1,046,059
 $
 1,166,969
 $
 (120,910)
 (10.4)
 %

 Marketing, general and administrative expenses decreased during fiscal 2025 primarily due to lower expenses for performance-based incentive compensation associated with our lower profitability during the current fiscal year.

 Interest Expense

 2025
 2024

 $
 146,079
 $
 104,064
 $
 42,015
 40.4
 %

 Interest expense increased during fiscal 2025, as a result of a higher short-term notes payable balance, along with higher weighted-average interest rates, compared to the prior fiscal year.

 Other Income

 2025
 2024

 $
 100,431
 $
 137,630
 $
 (37,199)
 (27.0)
 %

 Other income decreased during fiscal 2025 primarily due to decreased interest income as a result of a smaller cash balance compared to the prior fiscal year.

 Equity Income from Investments

 2025
 2024

 Equity income from investments*
 $
 569,665
 $
 479,863
 $
 89,802
 18.7
 %

 *See Note 6, Investments, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K for additional information.

 Equity income from investments increased during fiscal 2025 compared to the prior year, primarily due to a gain on the sale of a business recognized by our equity investment Ventura Foods.

 Income Tax (Benefit) Expense

 2025
 2024

 Income tax (benefit) expense
 $
 16,777
 $
 (4,872)
 $
 21,649
 (444.4)
 %

 Increased income tax expense during fiscal 2025 resulted primarily from lower research and development tax credits, a change in a state law and a fluctuation between taxable and nontaxable patronage income. Effective tax rates for the years ended August 31, 2025 and 2024, were 2.7% and (0.4)%, respectively. Federal and state statutory rates of 24.3% and 24.5% were applied to nonpatronage business activity for the years ended August 31, 2025 and 2024, respectively. Income taxes and effective tax rates vary each year based on profitability and nonpatronage business activity.

 Comparison of Results of Operations for the Years Ended August 31, 2024 and 2023

 For a discussion of results of operations for fiscal 2024 compared to fiscal 2023, please refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended August 31, 2024, filed with the SEC on November 6, 2024.

 Liquidity and Capital Resources

 In assessing our financial condition, we consider factors such as working capital, internal benchmarking related to our applicable covenants and other financial information. The following financial information is used when assessing our liquidity and capital resources to meet our capital allocation priorities, which include maintaining the safety and compliance of our operations, paying interest on debt and preferred stock dividends, returning cash to our member-owners in the form of cash patronage and equity redemptions, and taking advantage of strategic opportunities that benefit our member-owners:

 August 31,

 2025
 2024

 $
 327,826
 $
 794,865

 Notes payable
 1,152,457
 306,831

 Long-term debt including current maturities
 1,835,833
 2,161,460

 Total equities
 11,080,174
 10,761,924

 Working capital
 2,803,865
 3,307,969

 Current ratio*
 1.5
 1.6

 *Current ratio is defined as current assets divided by current liabilities.

 Summary of Our Major Sources of Cash and Cash Equivalents

 We fund our current operations primarily through our cash flows from operations and with short-term borrowings through our committed and uncommitted revolving credit facilities, including our securitization facility with certain unaffiliated financial institutions ("Securitization Facility"). We fund certain of our long-term capital needs, primarily those related to acquisitions of property, plant and equipment, with cash flows from operations, our revolving term loan facility and by issuing long-term debt. See Note 9, Notes Payable and Long-Term Debt, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K for additional information on our short-term borrowings and long-term debt, including tables with summarized long-term debt outstanding. We will continue to consider opportunities to further diversify and enhance our sources and amounts of liquidity.

 Summary of Our Major Uses of Cash and Cash Equivalents

 Annually, our Board of Directors approves our capital expenditure budget. Our fiscal 2026 capital expenditure priorities include maintaining our assets through repairs and maintenance; complying with environmental, health and safety requirements; enhancing information technology capabilities; improving productivity; and growth. Our refining business requires continued investment in our refining process to maintain its safety, operational reliability and profitability. In addition, our Board of Directors approved our cash patronage and equity redemptions to be paid in fiscal 2026, based on fiscal 2025 financial performance. The following is a summary of our primary expected cash requirements for fiscal 2026:

 • Capital expenditures. We expect total capital expenditures for fiscal 2026 to be approximately $575.1 million, compared to capital expenditures of $728.6 million in fiscal 2025, as we continue to invest in capital expenditures projects to meet the evolving needs of our owners and customers and enhance value for the cooperative system during fiscal 2026.
 • Major maintenance. We expect total major maintenance for fiscal 2026 to be approximately $53.3 million, compared to major maintenance of $271.4 million in fiscal 2025. Decreased major maintenance expectation for fiscal 2026 is due to significantly reduced turnaround activities at our refineries compared to the turnaround at our McPherson refinery during fiscal 2025.
 • Preferred stock dividends. We had approximately $2.3 billion of preferred stock outstanding as of August 31, 2025. We expect to pay dividends on our preferred stock of approximately $168.7 million during fiscal 2026.
 • Patronage. Our Board of Directors authorized approximately $30.0 million of our fiscal 2025 patronage-sourced earnings to be paid to our member-owners during fiscal 2026.
 • Equity redemptions. Our Board of Directors authorized approximately $90.0 million of equity redemptions to be distributed in fiscal 2026 in the form of redemptions of qualified and nonqualified equity owned by individual producer-members and association members. The Board of Directors will continue to periodically evaluate the level of equity redemption activity throughout fiscal 2026 with respect to the amounts it has authorized for redemption during the fiscal year.

 We believe cash generated by operating and investing activities, along with available borrowing capacity under our credit facilities, will be sufficient to support our short-term (the next 12 months) and long-term (beyond the next 12 months) operations. Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with all our debt covenants and restrictions as of August 31, 2025. Based on our current 2026 projections, we expect continued covenant compliance.

 Working Capital

 We measure working capital as current assets less current liabilities as each amount appears on our Consolidated Balance Sheets. We believe this information is meaningful to investors as a measure of operational efficiency and short-term financial health. Working capital is not defined under U.S. GAAP and may not be computed the same as similarly titled measures used by other companies. Working capital as of August 31, 2025 and 2024, was as follows:

 2025
 2024

 Current assets
 $
 8,086,351
 $
 8,708,783
 $
 (622,432)

 Less current liabilities
 5,282,486
 5,400,814
 (118,328)

 Working capital
 $
 2,803,865
 $
 3,307,969
 $
 (504,104)

 As of August 31, 2025, working capital decreased by $504.1 million compared with August 31, 2024. Current asset balance changes decreased working capital by $622.4 million, primarily driven by a lower cash balance due to a decline in cash provided by operations during fiscal year 2025. Current liabilities balance changes increased working capital by $118.3 million, primarily due to a decrease in dividends and equity payable for lower cash patronage and equity redemptions expected to be distributed during fiscal year 2026 compared to fiscal year 2025.

 We finance our working capital needs through committed and uncommitted lines of credit with domestic and international banks. We believe our current cash balances and available capacity on our committed and uncommitted lines of credit will provide adequate liquidity to meet our working capital needs.

 Contractual Obligations

 Below is a summary of our estimated future contractual obligations as of August 31, 2025 that are expected to be paid within the next year (short-term) and thereafter (long-term).

 Payments Due by Period

 Short-Term
 Long-Term
 Total

 Long-term debt
 $
 80,778
 $
 1,703,751
 $
 1,784,529

 Interest payments related to long-term debt (1)

 91,232
 656,054
 747,286

 Finance lease (2)

 10,984
 54,763
 65,747

 Operating lease (2)

 75,886
 190,573
 266,459

 Purchase obligations (3)

 4,694,972
 1,154,109
 5,849,081

 Total
 $
 4,953,852
 $
 3,759,250
 $
 8,713,102

 (1) Based on interest rates and long-term debt balances as of August 31, 2025.
 (2) Finance and operating lease obligations are described in Note 19, Leases, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K. Operating and finance lease obligations reflected in this table include related interest expense.
 (3) Purchase obligations are legally binding and enforceable agreements to purchase goods or services that specify all significant terms, including fixed or minimum quantities to be purchased and fixed or estimated prices to be paid at the time of settlement.

 Cash Flows

 2025
 2024

 Net cash provided by operating activities
 $
 635,787
 $
 1,272,880
 $
 (637,093)

 Net cash used in investing activities
 ( 880,595)
 ( 1,431,588)
 550,993

 Net cash used in financing activities
 ( 230,567)
 ( 814,253)
 583,686

 Effect of exchange rate changes on cash and cash equivalents
 2,236
 (1,463)

 Net decrease in cash and cash equivalents and restricted cash
 $
 (474,602)
 $
 (970,725)
 $
 496,123

 Cash flows from operating activities can fluctuate significantly from period to period as a result of various factors, including seasonality and timing differences associated with purchases, sales, taxes and other business decisions. The $637.1 million decrease in cash provided by operating activities in fiscal 2025 primarily reflects decreased net income, as well as decreased cash provided by inventories during fiscal 2025.

 The $551.0 million decrease in cash used in investing activities in fiscal 2025 reflects increased proceeds from the sale and maturity of investments and lower expenditures for property, plant and equipment during fiscal 2025 compared to fiscal 2024.

 The $583.7 million decrease in cash used in financing activities in fiscal 2025 primarily reflects increased net proceeds from long-term debt and decreased cash outflows for patronage paid and equity redemptions during fiscal 2025 compared to fiscal 2024.

 Critical Accounting Policies

 Our consolidated financial statements are prepared in conformity with U.S. GAAP. Preparation of these consolidated financial statements requires use of estimates, as well as management's judgments and assumptions regarding matters that are subjective, uncertain or involve a high degree of complexity, all of which affect the results of operations and financial condition for the periods presented. We believe the following accounting policies are critical to our consolidated financial statements and may involve a higher degree of estimates, judgments and complexity.

 Inventory Valuation and Reserves

 Grain, processed grain, oilseed, processed oilseed and other minimally processed soy-based inventories are stated at net realizable value. All other inventories are stated at the lower of cost or net realizable value. The costs of certain energy inventories (wholesale refined products, crude oil and asphalt) are determined on the last-in, first-out ("LIFO") method; all other inventories of nongrain products purchased for resale are valued on the first-in, first-out ("FIFO") and average cost methods. Estimates are used in determining the net realizable values of grain and oilseed and processed grain and oilseed inventories. These estimates include using inputs that are generally based on exchange-traded prices and/or recent market bids and offers, including location-specific adjustments. If estimates regarding the valuation of inventories are less favorable than management's assumptions, write-downs of inventories may be required.

 Derivative Financial Instruments

 We enter into exchange-traded commodity futures and options contracts to hedge our exposure to price fluctuations on energy, grain and oilseed transactions to the extent considered practicable for minimizing risk. Futures and options contracts used for hedging are purchased and sold through regulated commodity exchanges. We also use over-the-counter instruments to hedge our exposure on fixed-price contracts. Fluctuations in inventory valuations, however, may not be completely hedged due in part to the absence of satisfactory hedging facilities for certain commodities and geographical areas and in part to our assessment of our exposure from expected price fluctuations. We also manage our risks by entering into fixed-price purchase contracts with preapproved producers and establishing appropriate limits for individual suppliers. Fixed-price sales contracts are entered into with customers of acceptable creditworthiness, as internally evaluated. The fair values of futures and options contracts are determined primarily from quotes listed on regulated commodity exchanges. Fixed-price purchase and sales contracts are with various counterparties, and the fair values of such contracts are determined from the market price of the underlying product. We are exposed to loss in the event of nonperformance by the counterparties to the contracts and, therefore, contract values are reviewed and adjusted to reflect potential nonperformance. Risk of nonperformance by counterparties includes the inability to perform because of a counterparty's financial condition and a risk that the counterparty will refuse to

 perform on a contract during periods of price fluctuations where contract prices are significantly different from current market prices.

 Pension and Other Postretirement Benefits

 Pension and other postretirement benefits costs and obligations depend on assumptions used in calculating such amounts. These assumptions include discount rates, health care cost trend rates, benefits earned, interest costs, expected return on plan assets, mortality rates and other factors. In accordance with U.S. GAAP, actual results that differ from the assumptions are accumulated and amortized over future periods and therefore generally affect recognized expenses and the recorded obligations in future periods. While our management believes the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect our pension and other postretirement obligations and future expenses.

 Deferred Tax Assets and Uncertain Tax Positions

 We assess whether a valuation allowance is necessary to reduce our deferred tax assets to the amount we believe is more likely than not to be realized. While we have considered future taxable income, as well as other factors, in assessing the need for the valuation allowance, in the event that we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to our deferred tax assets would be charged to income in the period such determination was made. We are also significantly impacted by utilization of tax credits, some of which were passed to us from the McPherson refinery, related to refinery upgrades that enable us to produce ultra-low-sulfur fuels. Our tax credit carryforwards are available to offset future federal and state tax liabilities with the tax credits becoming unavailable to us if not used by their expiration date. Our net operating loss carryforwards for tax purposes are available to offset future taxable income. If our loss carryforwards are not used, they will expire.

 Tax benefits related to uncertain tax positions are recognized in our financial statements if it is more likely than not the position would be sustained upon examination by a tax authority that has full knowledge of all relevant information. The benefits are measured using a cumulative probability approach. Under this approach, we record in our financial statements the greatest amount of tax benefits that have a more than 50% probability of being realized upon final settlement with the tax authorities. In determining these tax benefits, we assign probabilities to a range of outcomes that we feel we could ultimately settle on with the tax authorities using all relevant facts and information available at the reporting date. Due to the complexity of these uncertainties, the ultimate resolution may result in a benefit that is materially different than our current estimate.

 Long-Lived Assets

 Property, plant and equipment is depreciated or amortized over the expected useful lives of individual or groups of assets based on the straight-line method. Economic circumstances or other factors may cause management's estimates of expected useful lives to differ from actual useful lives.

 All long-lived assets, including property, plant and equipment, goodwill, investments in unconsolidated affiliates and other identifiable intangibles, are evaluated for impairment in accordance with U.S. GAAP, at least annually for goodwill, and whenever events or changes in circumstances indicate the carrying amount of a long-lived asset or asset group may not be recoverable. For goodwill, our annual impairment testing occurs in our fourth quarter. An impaired asset is written down to its estimated fair value based on the best information available. Fair value is generally measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows and our estimates may differ from actual results.

 We have other assets that we may be obligated to dismantle at the end of the corresponding lease terms subject to the lessor's discretion for which we have recorded an asset retirement obligation. Based on our estimates of the timing, cost and probability of removal, this obligation is not material.

 Recent Accounting Pronouncements

 See Note 1, Organization, Basis of Presentation and Significant Accounting Policies, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K for information concerning new accounting standards and the impact of implementation of those standards on our financial statements.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 Commodity Price Risk

 When we enter into a commodity purchase or sales commitment, we incur risks related to price changes and performance including delivery, quality, quantity and shipment period. In the event that market prices decrease, we are exposed to risk of loss for the market value of inventory and purchase contracts with fixed or partially fixed prices. Conversely, we are exposed to risk of loss on our fixed- or partially fixed-price sales contracts in the event that market prices increase.

 Our use of hedging reduces exposure to price volatility by protecting against adverse short-term price movements, but also limits the benefits of favorable short-term price movements. To reduce the price risk associated with fixed-price commitments, we generally enter into commodity derivative contracts, to the extent practical, to achieve a net commodity position within the formal position limits we have established and deemed prudent for each commodity. These contracts are primarily transacted through our FCM on regulated commodity futures exchanges, but may include over-the-counter derivative instruments when deemed appropriate. These contracts are recorded at fair values based on quotes listed on regulated commodity exchanges or the market prices of the underlying products listed on the exchanges, except that certain contracts are accounted for as normal purchase and normal sales transactions. For commodities where there is no liquid derivative contract, risk is managed through use of forward sales contracts, other pricing arrangements and, to some extent, futures contracts in highly correlated commodities. These contracts are economic hedges of price risk, but are not designated as hedging instruments for accounting purposes. Unrealized gains and losses on these contracts are recognized in cost of goods sold in our Consolidated Statements of Operations.
 When a futures position is established, the initial margin must be deposited with the applicable exchange or broker. The amount of margin required varies by commodity and is set by the applicable exchange at its sole discretion. If the market price relative to a short futures position increases, an additional margin deposit would be required. Similarly, a margin deposit would be required if the market price relative to a long futures position decreases. Conversely, if the market price increases relative to a long futures position or decreases relative to a short futures position, margin deposits may be returned by the applicable exchange or broker.
 Our policy is to manage our commodity price risk exposure according to internal policies and in alignment with our tolerance for risk. It is our policy that our profitability should come from operations, primarily derived from margins on products sold and grain merchandised, not from hedging transactions. At any one time, inventory and purchase contracts for delivery to us may be substantial. We have risk management policies and procedures that include established net physical position limits. These limits are defined for each commodity and business unit, and business units may include both trader and management limits as appropriate. The limits policy is overseen at a high level by our corporate middle office and compliance team, with day-to-day monitoring procedures being implemented within each individual business unit to ensure any limits overages are explained and exposures reduced, or a temporary limit increase is established if needed. The position limits are reviewed at least annually with our senior leadership and Board of Directors. We monitor current market conditions and may expand or reduce our net position limits or procedures in response to changes in those conditions.
 The use of hedging instruments does not protect against nonperformance by counterparties to cash contracts. We evaluate counterparty exposure by reviewing contracts and adjusting the values to reflect potential nonperformance. Risk of nonperformance by counterparties includes the inability to perform because of a counterparty's financial condition and the risk that the counterparty will refuse to perform on a contract during periods of price fluctuations where contract prices are significantly different from current market prices. We manage these risks by entering into fixed-price purchase and sales contracts with preapproved producers and by establishing appropriate limits for individual suppliers. Fixed-price contracts are entered into with customers of acceptable creditworthiness, as internally evaluated. Regarding our use of derivatives, we transact in exchange traded instruments or enter into over-the-counter derivatives that primarily clear through our FCM, which limits our counterparty exposure relative to hedging activities. Historically, we have not experienced significant events of nonperformance on open contracts. Accordingly, we only adjust the estimated fair values of specifically identified contracts for nonperformance. Although we have established policies and procedures, we make no assurances that historical nonperformance experience will carry forward to future periods.
 Based on our net fair market value calculation as of August 31, 2025, a 10% adverse change in market prices would not materially affect our results of operations. While we use commodity futures and forward contracts as economic hedges of price risk, and our operations have effective economic hedging requirements as a general practice, we cannot ensure that these risk management activities will offset all financial impact resulting from an adverse change in market prices. Factors that could impact the effectiveness of our hedging activities include the accuracy of our forecasts, volatility of the commodity markets and availability of hedging instruments. Utilization of derivatives and hedging activities is described more fully in Note 15,

 Derivative Financial Instruments and Hedging Activities, and Note 16, Fair Value Measurements, of the notes to our consolidated financial statements included in this Annual Report on Form 10-K.

 Interest Rate Risk

 Debt used to finance our working capital needs is represented by short-term notes payable, so our blended interest rate for all such notes approximates current market rates. The table below provides information about our outstanding debt that is sensitive to changes in interest rates. The table presents scheduled contractual principal payments and related weighted average interest rates for the fiscal years presented.
 Expected Maturity Date
 Total
 Fair Value
Liability

 2026
 2027
 2028
 2029
 2030

 Liabilities:

 Variable rate miscellaneous
short-term notes payable
 $
 584,226
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 584,226
 $
 584,226

 Average interest rate
 5.0
 %
 —
 —
 —
 —
 —
 5.0
 %
 —

 Variable rate CHS Capital short-term notes payable
 $
 568,231
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 568,231
 $
 568,231

 Average interest rate
 4.8
 %
 —
 —
 —
 —
 —
 4.8
 %
 —

 Fixed rate long-term debt
 $
 80,778
 $
 58,601
 $
 190,150
 $
 —
 $
 $
 1,305,000
 $
 1,784,529
 $
 1,848,616

 Average interest rate
 4.8
 %
 4.7
 %
 4.0
 %
 —
 5.7
 %
 5.2
 %
 5.1
 %
 —

 Foreign Currency Risk

 We were exposed to risk regarding foreign currency fluctuations during fiscal 2025 and in prior years even though a substantial amount of our international sales were denominated in U.S. dollars. In addition to specific transactional exposure, foreign currency fluctuations can impact the ability of foreign buyers to purchase U.S. agricultural products and competitiveness of U.S. agricultural products compared to the same products offered by alternative sources of world supply. From time to time, we enter into foreign currency hedge contracts to minimize the impact of currency fluctuations on our transactional exposures. The notional amount of our foreign exchange derivative contracts was $1.7 billion and $1.5 billion as of August 31, 2025 and 2024.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 The financial statements listed in Item 15(a)(1) of this Annual Report on Form 10-K are set forth beginning on page F-1. Financial statement schedules are included in Schedule II in Item 15(a)(2) of this Annual Report on Form 10-K.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 None.

 ITEM 9A. CONTROLS AND PROCEDURES

 Disclosure Controls and Procedures

 Under the supervision and with the participation of our management, including our CEO and CFO, we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act")), as of August 31, 2025. Based on that evaluation, our CEO and CFO concluded that, as of that date, our disclosure controls and procedures were effective.

 Management's Annual Report on Internal Control Over Financial Reporting

 Our management is responsible for establishing and maintaining adequate internal control over financial reporting.

 Our internal control system is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

 Also, projecting any evaluation of effectiveness to future periods is subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

 Management assessed the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework (2013). Based on management's assessment using this framework, management concluded that, as of August 31, 2025, our internal control over financial reporting was effective.

 This Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our independent registered public accounting firm pursuant to the Financial Reform Bill passed in July 2010 that permits us to provide only management's report in this Annual Report on Form 10-K.

 Changes in Internal Control Over Financial Reporting

 There have been no changes in internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended August 31, 2025, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 ITEM 9B. OTHER INFORMATION

 During the three months ended August 31, 2025, no director or officer of the company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) or Regulation S-K.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 Not applicable.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 BOARD OF DIRECTORS

 The table below provides certain information regarding each of our directors, as of August 31, 2025:
 Name
 Age
Region
 Director Since

 2018

 2010

 2019

 2017

 Christopher Edgington
 2024

 2011

 2016

 2013

 Tracy Jones
 2017

 2006

 2017

 2023

 2006

 2024

 2022

 2019

 2020

 As a cooperative, members of our Board of Directors are nominated and elected by our members as required by our bylaws. As described below under "Director Elections and Voting," to ensure geographic representation of our members, the Board of Directors represents eight regions in which our members are located. The members in each region nominate and elect the number of directors for that region as set forth in our bylaws.

 In April 2025, the Board of Directors approved the formation of a Nominating Committee effective as of the date of the annual meeting of members, which is currently scheduled for December 5, 2025. Thereafter, the Nominating Committee will nominate one or two candidates for each seat up for election at the annual meeting, which may be in addition to any candidates nominated by petition or from the floor. The initial members of the Nominating Committee will be elected by members at the 2025 annual meeting of members, who will vote on the committee member candidates selected by the Board of Directors. Each member of the Nominating Committee must be a Class A individual member of CHS or a member of a cooperative association member and cannot be an employee of any CHS member cooperative or current CHS director or employee. Accordingly, except for the Board's selection of Nominating Committee member candidates, neither management nor the incumbent directors have any control over the nominating process for directors.

 As described below under "Director Elections and Voting," to be eligible for service as a director, a nominee must, among other things, (i) be an active farmer or rancher, (ii) be a Class A individual member of CHS or a member of a cooperative association member and (iii) reside in the geographic region from which he or she is nominated. In general, our directors operate large commercial agricultural enterprises, which require expertise in all areas of management, including financial oversight. Nearly all directors also have experience serving on local cooperative association boards and all participate in a variety of agricultural and community organizations. Our directors complete a robust new director orientation and the National Association of Corporate Directors comprehensive Director Professionalism course and earn the Certificate of Director Education. In addition, our Board of Directors has adopted a Director Continuing Education Program, which encourages directors to participate in ongoing continuing education to further strengthen their knowledge and effectiveness. We provide learning opportunities during board meetings and other scheduled sessions, with prioritized topics of interest covered by management or outside experts. We also support directors in attending programs provided by third parties. We believe that each of our directors meets the aforementioned eligibility requirements and qualifications described under "Director Elections and Voting" to serve on the Board of Directors.

 David Beckman has been a member of the CHS Board of Directors since 2018. He is chair of the Audit Committee and a member of the Capital Committee. He is a former secretary of the Nebraska Cooperative Council and former board chair for Central Valley Ag Cooperative in York, Nebraska. He holds a bachelor's degree in agronomy from the University of Nebraska-Lincoln. Mr. Beckman's principal occupation has been farming for more than five years. In partnership with his family, he raises irrigated corn and soybeans and operates a custom hog-feeding operation in Nebraska.

 Clinton J. Blew, First Vice Chair, has been a member of the CHS Board of Directors since 2010. He serves on the Governance and Corporate Risk committees. Mr. Blew has also served as second vice chair of the Executive Committee of the Board. He is a former member of the board of directors of Mid Kansas Coop, Moundridge, Kansas, and is a member of the Arthur Capper Cooperative Center Advisory Council, CoBank board restructuring committee, Hutchinson Community College Ag Advisory Board, Kansas Livestock Association and Red Angus Association of America. He holds an applied science degree in farm and ranch management from Hutchinson (Kansas) Community College. Mr. Blew's principal occupation has been farming for more than five years, and he farms and ranches in a family partnership in Kansas.

 Hal Clemensen has been a member of the CHS Board of Directors since 2019. He is chair of the Government Relations Committee and vice chair of the Capital Committee. He is a former member of the Agtegra Cooperative board and previously served as a director of the South Dakota Value Added Agriculture Development Center, South Dakota Soybean Association and Redfield Farmers Union Oil Company and has served on the Avera Rural Cancer Advisory Board. He holds a bachelor's degree in agricultural economics and agricultural business from South Dakota State University. Mr. Clemensen's principal occupation has been farming for more than five years. He and his wife raise corn, soybeans and wheat in South Dakota.

 Scott Cordes, Second Vice Chair, has been a member of the CHS Board of Directors since 2017. He is a member of the Corporate Risk and Governance committees. He serves as a director and past chair of Security State Bank of Wanamingo. Previously, he served as a director of Cooperative Network, the Minneapolis Grain Exchange and National Futures Association. He holds a bachelor's degree in agricultural economics from the University of Minnesota. Mr. Cordes' principal occupation has been farming for more than five years. Prior to his current occupation, he was a CHS employee from 1995 to 2016, serving as president of CHS Hedging, LLC, a commodities brokerage subsidiary of CHS from 2000 to 2016. He co-owns and operates a Minnesota corn and soybean farm.

 Christopher Edgington has been a member of the CHS Board of Directors since 2024. He is a member of the Capital and Government Relations committees. He chairs Rural Development Partners and is former president of the National Corn Growers Association, former president of the Iowa Corn Promotion Board and former chair of Golden Oval Eggs. He holds a bachelor's degree in animal science from Iowa State University and is a graduate of the Iowa Corn I-Lead program. Mr. Edgington's principal occupation has been farming for more than five years. He and his family operate a multi-generational farm in Iowa, where they raise corn and soybeans and have a custom cattle-feeding enterprise.

 Jon Erickson has been a member of the CHS Board of Directors since 2011. He is a member of the Audit and Corporate Risk committees and previously served as second vice chair of the Executive Committee of the Board. He is an advisory board member for the Quentin Burdick Center for Cooperatives, a member of the Grand Farm board of directors, a board member of the State Historical Society of North Dakota Foundation, a council member of Rural Leadership North Dakota and a member of the North Dakota Farmers Union and North Dakota Stockmen's Association. He holds a bachelor's degree in agricultural economics from North Dakota State University. Mr. Erickson's principal occupation has been farming for more than five years. He raises grain and oilseed and operates a commercial Hereford-Angus cow-calf business in North Dakota.

 Mark Farrell has been a member of the CHS Board of Directors since 2016. He is vice chair of the CHS Foundation Board of Trustees and a member of the Governance Committee. Previously, he served as a director and president of the Premier Cooperative board and as a director of Mount Horeb Farmers Co-op and United Ethanol. He graduated from the University of Wisconsin-Madison Agricultural & Life Sciences Farm & Industry Short Course. Mr. Farrell's principal occupation has been farming for more than five years. He raises corn and soybeans in Wisconsin.

 Alan Holm, Assistant Secretary-Treasurer, has been a member of the CHS Board of Directors since 2013. Since 2021, he has been assistant secretary-treasurer of the Executive Committee of the Board. He is chair of the Capital Committee and vice chair of the Government Relations Committee. He also serves on the board for Citizens Bank of Minnesota and is former board chair of River Region Cooperative. He holds an associate degree in machine tool technology from Mankato (Minnesota) Technical College. Mr. Holm's principal occupation has been farming for more than five years. He raises corn, soybeans, sweet corn, peas and hay and owns and manages a cow-calf operation in Minnesota.

 Tracy Jones has been a member of the CHS Board of Directors since 2017. He is chair of the Governance Committee and a member of the Capital Committee. He has served on the DeKalb County Board and on the boards of CHS Elburn, the former Elburn Co-op, DeKalb County Farm Bureau, DeKalb Kane Cattlemen's Association and DeKalb County Corn Growers. He earned an associate degree in farm management from Kishwaukee College in Malta, Illinois. Mr. Jones' principal occupation

 has been farming for more than five years. He operates a fourth-generation Illinois family farm, that raises corn, soybeans and wheat and feeds cattle.

 David Kayser has been a member of the CHS Board of Directors since 2006. He serves as chair of the Corporate Risk Committee and is a member of the Governance Committee. Mr. Kayser is a previous director and chair of CHS Farmers Alliance and South Dakota Association of Cooperatives and former chair of the Mitchell (South Dakota) Technical College Foundation Board. Mr. Kayser's principal occupation has been farming for more than five years. He raises corn, soybeans and hay and operates a cow-calf and feeder-calf business in South Dakota.

 Russell Kehl, Secretary-Treasurer, has been a member of the CHS Board of Directors since 2017. Since 2019, Mr. Kehl has served as secretary-treasurer of the Executive Committee of the Board. He is vice chair of the Governance Committee and a member of the Capital Committee. He previously was a director of CHS SunBasin Growers and vice chair of the Columbia Basin Seed Association. Mr. Kehl's primary occupation has been farming for more than five years. He and his family operate a Washington farm that produces crops, primarily potatoes and dry beans, and includes a cow-calf herd. His family also owns and operates dry bean processing facilities that serve international and domestic customers, a custom farming business and a trucking and logistics company.

 Anthony Rossman has been a member of the CHS Board of Directors since 2023. He is a member of the Audit Committee and the CHS Foundation Board of Trustees. Mr. Rossman previously served as president of the CHS ag retail producer board based in Rochester, Minnesota. He is active in emerging technology and sustainability initiatives for production agriculture and is a member of state corn and soybean growers associations. He holds a bachelor's degree in animal science from North Dakota State University. Mr. Rossman's principal occupation has been farming for more than five years. He operates and manages a crop and livestock operation in Minnesota and manages genetic alliances in the beef industry.

 Daniel Schurr, Chair, has been a member of the CHS Board of Directors since 2006. Since 2017, Mr. Schurr has served as chair of the Executive Committee of the Board. He serves on the Blackhawk Bank and Trust board and audit and loan committees and previously served on the Silos and Smokestacks National Heritage Area board. He holds a bachelor's degree in agricultural business with a minor in economics from Iowa State University. Mr. Schurr's principal occupation has been farming for more than five years. He raises corn and soybeans and operates a commercial trucking business in Iowa.

 Trent Sherven has been a member of the CHS Board of Directors since 2024. He is a member of the Audit Committee and the CHS Foundation Board of Trustees. He is a former member of the CHS SunPrairie producer board. He earned a bachelor's degree in math education from Minot State University and a master's degree in educational leadership from Arizona State University. Mr. Sherven's principal occupation has been farming for more than five years. He operates family farms in North Dakota, producing flax, peas and spring wheat.

 Jerrad Stroh has been a member of the CHS Board of Directors since 2022. He is vice chair of the Audit Committee and a member of the Corporate Risk Committee. He serves on the board of Cooperative Producers, Inc., and has completed the Nebraska Cooperative Council Director Certification Program. He earned a bachelor's degree in physics from Hastings College and a bachelor's degree in mechanical engineering from Washington University. Mr. Stroh's principal occupation has been farming for more than five years. He and his family raise corn and soybeans in Nebraska.

 Kevin Throener has been a member of the CHS Board of Directors since 2019. He chairs the CHS Foundation Board of Trustees and is a member of the Audit Committee. He has served on the board of directors of CHS Dakota Plains and has been a member of Full Circle Ag, James Valley Ag and Agtegra cooperatives. He is an advisory board member for the Quentin Burdick Center for Cooperatives and a member of the North Dakota Stockmen's Association. He attended North Dakota State University, majoring in agricultural systems management. Mr. Throener's principal occupation has been farming for more than five years. He and his wife and family raise corn, soybeans, alfalfa and cattle and operate a beef backgrounding and finishing business in North Dakota.

 Cortney Wagner has been a member of the CHS Board of Directors since 2020. She is vice chair of the Corporate Risk Committee and a member of the Government Relations Committee. She has served on the board of the Montana Council of Cooperatives. She holds a real estate license and previously worked in commercial investment and risk management. She earned an associate of arts degree from Williston State College and attended the University of North Dakota, majoring in business finance and psychology. Ms. Wagner's principal occupation has been farming for more than five years. She is a first-generation cattle and hay producer based in Montana.

 Director Elections and Voting

 Director elections are for three-year terms and are open to any qualified candidate. Qualifications for the office of director are as follows:

 • At the time of declaration of candidacy, the individual (except in the case of an incumbent) must have the written endorsement of a locally elected producer board that is part of the CHS system and located within the region from which the individual is to be a candidate.
 • At the time of the election, the individual must be less than 68 years old.

 The remaining qualifications set forth below must be met at all times commencing six months prior to the time of election and while the individual holds office:

 • The individual must be a Class A individual member of CHS or a member of a cooperative association member.
 • The individual must reside in the region from which he or she is to be elected.
 • The individual must be an active farmer or rancher. "Active farmer or rancher" means an individual whose primary occupation is that of a farmer or rancher, excluding anyone who is an employee of CHS or of a cooperative association member.
 The following positions on the Board of Directors will be up for election at the 2025 Annual Meeting of Members:
 Region
 Incumbent

 Region 1 (Minnesota)
 Al Holm

 Region 3 (North Dakota)

 Region 4 (South Dakota)

 Region 5 (Connecticut, Delaware, Illinois, Indiana, Kentucky, Ohio, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia and Wisconsin)

 Region 8 (Colorado, Kansas, Nebraska, New Mexico, Oklahoma and Texas)

 Voting rights, including those in regard to director elections, arise by virtue of membership in CHS, not because of ownership of any equity or debt instruments; therefore, our preferred shareholders cannot recommend nominees to our Board of Directors nor vote in regard to director elections unless they are also Class A or Class C members of CHS.

 EXECUTIVE OFFICERS

 The table below lists our executive officers as appointed by the CHS Board of Directors as of August 31, 2025:
 Name
 Age

 David Black
 Executive Vice President, Enterprise Transformation, and Chief Information Officer

 Richard Dusek
 Executive Vice President, Ag Retail, Distribution and Transportation

 Gary Halvorson
 Executive Vice President, Enterprise Customer Development

 Mary Kaul-Hottinger
 Executive Vice President, Chief Human Resources Officer

 Jay Debertin has been president and chief executive officer ("CEO") of CHS since 2017. Mr. Debertin joined CHS in 1984 in the energy division and held a variety of positions in its energy marketing operations before being named vice president of crude oil supply in 1998. In 2001, his responsibilities expanded to include crude oil supply, refining, pipelines and terminals, trading and risk management, and transportation. From 2005 to 2010, Mr. Debertin was executive vice president and chief operating officer for processing at CHS. From 2010 to 2017, he served as executive vice president and chief operating officer of energy and foods, where he led energy, transportation and processing at CHS. Mr. Debertin serves as chair of the board for Ventura Foods, LLC, and also serves on the board of directors for the Federal Reserve Bank of Minneapolis, Securian Financial and the National Council of Farmer Cooperatives. He earned a bachelor's degree in economics from the University of North Dakota and a master of business administration degree from the University of Wisconsin-Madison.

 David Black has been executive vice president, enterprise transformation, and chief information officer for CHS since December 2022. He is responsible for enterprise transformation, marketing, communications, innovation, facilities and CHS global information technology. Mr. Black leads enterprise transformation efforts, driving ongoing companywide efficiency and opportunities for profitable growth, as well as strategy, implementation, delivery and operation of information technology for all CHS businesses worldwide. He also oversees our owner and employee communications, advertising and public relations. Mr. Black serves on the boards of Ventura Foods and Cooperative Ventures, a venture capital fund joint venture between CHS and Growmark that focuses on innovative solutions and emerging technologies that positively impact farming. He is former board chair of Ag Gateway, a nonprofit consortium of 300-plus businesses, which strives to promote, enable and expand e-business in agriculture. Mr. Black joined CHS in 2014 and previously worked at Monsanto Company, where he served as vice president, information technology, overseeing all aspects of information technology for its global commercial businesses. During his 20 years with Monsanto, he also served as vice president, corporate strategy, and president, Monsanto Agro-Services, LLC, and was responsible for new business development. Mr. Black earned a bachelor's degree in computer science from Tarkio College.

 Richard Dusek has been executive vice president, ag retail, distribution and transportation, since November 2017. He leads CHS ag retail operations and wholesale distribution assets that serve as a critical channel for our core businesses, aligning an enterprise supply chain for energy, agronomy, animal nutrition and grain product lines to serve our owners, and driving growth and efficiency through a customer-focused solutions platform. Mr. Dusek also oversees the enterprise transportation function, which includes all modes serving our product lines. He is a former board member of The Fertilizer Institute and the Minneapolis Grain Exchange. He joined CHS in 1988 as a wheat trader. Prior to leading our ag retail business, Mr. Dusek held roles as vice president in our grain marketing and agronomy divisions. He earned a bachelor of science degree in agricultural economics from North Dakota State University and is a graduate of the Harvard Business School Advanced Management Program.

 John Griffith has been executive vice president, ag business and CHS Hedging, since January 2021. He leads CHS trading and risk management for global grain, oilseeds, crop nutrients and crop protection. Mr. Griffith also serves as board chair for CHS Hedging, a commodities brokerage subsidiary of CHS, and represents CHS on the CF Nitrogen Board of Managers. He also serves on the board of Producer Ag, LLC, a grain marketing joint venture between CHS and MKC, and on the board of CHS/MKC, LLC. He previously chaired the North American Export Grain Association board and served on the Minneapolis Grain Exchange board of directors. Mr. Griffith worked for CHS early in his career as a grain merchandiser and rejoined CHS at a leadership level in January 2013. Since that time, he has held various leadership roles within global grain marketing, including senior vice president, CHS global grain marketing and CHS Hedging, and vice president, grain marketing North America. He earned a bachelor's degree from St. John's University and a master of business administration degree from Rockhurst University.

 Gary Halvorson has been executive vice president, enterprise customer development, since December 2022. He is responsible for efforts across all product lines to deliver a focused and coordinated customer experience for owners and customers. Mr. Halvorson serves on the board of Cooperative Ventures, a venture capital fund joint venture between CHS and Growmark that focuses on innovative solutions and emerging technologies that positively impact farming. Mr. Halvorson has served on the National FFA Sponsors Board, the Agricultural Retailers Association board of directors and The Fertilizer Institute (TFI) board of directors. He joined CHS more than 20 years ago. Most recently, he led the CHS agronomy business. Prior to that, Mr. Halvorson held various leadership roles with CHS at locations in North Dakota before becoming general manager for CHS Ag Services in Warren, Minnesota. Mr. Halvorson also served as vice president of farm supply for the CHS ag retail business. He earned a bachelor's degree in business from Concordia University.

 Darin Hunhoff has been executive vice president, energy, since May 2017. He leads CHS energy operations including refineries, pipelines and terminals, as well as refined fuels, propane and lubricants product lines. In addition, he oversees sustainability at CHS, which is focused on a long-term view on people, communities, economic viability and environmental success, as well as the CHS strategic sourcing function. Mr. Hunhoff serves on the board for Ventura Foods, LLC, and Together for Good, a nonprofit organization focused on stabilizing families in crisis. He previously served on the board of directors for Ardent Mills. He has also been chief strategy officer for CHS and spent several years in energy leadership roles, including time as senior vice president of refined fuels and vice president of propane. He joined CHS more than 30 years ago as a petroleum specialist. Mr. Hunhoff earned a bachelor's degree in marketing and business management from Southwest Minnesota State University.

 Mary Kaul-Hottinger has been executive vice president, chief human resources officer, for CHS since January 2023, joining the organization in 2018. Ms. Kaul-Hottinger sets direction and strategy to help CHS achieve key priorities with a focus on helping the organization attract, develop and retain high-performing and diverse talent to drive business growth and the company's strategies. She also has responsibility for the company's community giving and employee volunteerism. Ms. Kaul-Hottinger has nearly four decades of experience in human resources. Before joining CHS, she served 11 years at Ecolab as vice president of human resources for Ecolab's global businesses, where she and her team supported multiple business units with more than 30,000 employees in the Americas, Europe, the Middle East, Africa and Asia Pacific. Prior to joining Ecolab in 2007, she served in human resources leadership roles supporting operating divisions at General Mills and Pillsbury. She also

 held human resources roles at Securian Financial, formerly Minnesota Life. Ms. Kaul-Hottinger serves as board co-chair of Together We Grow, a consortium of major agribusiness and food interests building the workforce of tomorrow, and on the board of directors for the Greater Twin Cities United Way. She earned a bachelor's degree in business administration from the University of St. Thomas.

 Olivia Nelligan is executive vice president, chief financial officer and chief strategy officer for CHS, joining the organization in January 2020. She leads all finance and strategic planning activities across CHS, being a key advisor to the CEO and the CHS Board of Directors. Before joining CHS, Ms. Nelligan held executive positions in multiple organizations. Her past experience includes serving as chief executive officer of Nasco, LLC, a private equity-owned company. Ms. Nelligan spent more than a decade with Kerry Group plc, serving as global chief financial and strategic planning officer of its Taste and Nutrition division. Ms. Nelligan serves on the board of directors for Ardent Mills, a strategic joint venture of CHS and a leading flour milling and food ingredient manufacturer, and for Dana Incorporated, a leader in the design and manufacture of propulsion and energy-management solutions that power vehicles and machines in mobility markets across the globe. She holds a bachelor's degree in civil law and a higher diploma in business and financial information systems from University College Cork, Ireland, and a master of business administration degree from the University of Wisconsin-Madison. She is a fellow of Chartered Accountants Ireland and an associate member of the Institute of Taxation in Ireland.

 Brandon Smith has been executive vice president, general counsel for CHS since March 2021. He provides counsel to CHS leadership and the Board of Directors on company strategy, government affairs, corporate governance, corporate compliance, federal securities reporting and compliance, and disclosure and investor communications. In addition to overseeing the legal, compliance and government affairs departments, Mr. Smith oversees the CHS corporate security, internal audit, corporate environment, health and safety, and enterprise risk management functions. He previously worked at Tenneco Inc., a multinational industrial company based in Lake Forest, Illinois, for more than 12 years in various legal and leadership roles, most recently as senior vice president, general counsel and corporate secretary. Prior to joining Tenneco, Mr. Smith worked for the Kirkland & Ellis LLP law firm in Chicago, Illinois. He earned a juris doctor degree from Cornell Law School and a bachelor's degree in business management from Hiram College.

 None of our directors, executive officers or control persons has been involved in any of the legal proceedings required to be disclosed in Item 401 of Regulation S-K, during the past five years.

 DELINQUENT SECTION 16(a) REPORTS

 Section 16(a) of the Exchange Act requires our executive officers, directors and persons who beneficially own more than 10% of any class of our preferred stock to file initial reports of ownership and reports of changes in ownership with the SEC. Such executive officers, directors and greater than 10% beneficial owners are required by the regulations of the SEC to furnish us with copies of all Section 16(a) reports they file.

 Based solely on a review of copies of reports on Forms 3 and 4 and amendments thereto filed electronically with the SEC during, and reports on Form 5 and amendments thereto filed electronically with the SEC with respect to the fiscal year ended August 31, 2025, and based further upon written representations received by us with respect to the need to file reports on Form 5, no persons filed late reports required by Section 16(a) of the Exchange Act during fiscal 2025.

 CODE OF ETHICS

 We have adopted a code of ethics within the meaning of Item 406(b) of Regulation S-K promulgated by the SEC. This code of ethics applies to all our directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer. It is part of our broader CHS Code of Conduct, which is posted on our website, www.chsinc.com. We intend to disclose any amendment to, or waiver from, a provision of the code of ethics that applies to our principal executive officer, principal financial officer or principal accounting officer on our website. The information contained on our website is not part of, and is not incorporated in, this report or any other report we file with or furnish to the SEC.

 AUDIT COMMITTEE MATTERS

 The Board of Directors has a separately designated standing Audit Committee for the purpose of overseeing our accounting and financial reporting processes and audits of our financial statements. In fiscal 2025, the Audit Committee was comprised of Mr. Beckman (Chair), Mr. Stroh (Vice Chair), Mr. Erickson, Mr. Throener, Mr. Rossman, Mr. Sherven (from December 6, 2024, to present) and Mr. Fritel (from September 1, 2024, to December 5, 2024), each of whom was an independent director during service on the Audit Committee. The Audit Committee has oversight responsibility to our member-owners relating to our financial statements and the financial reporting process, preparation of the financial reports and other financial information provided by us to any governmental or regulatory body, the systems of internal accounting and financial

 controls, the internal audit function and the annual independent audit of our financial statements. The Audit Committee assures that the corporate information gathering and reporting systems developed by management represent a good faith attempt to provide senior management and the Board of Directors with information regarding material acts, events and conditions within CHS. In addition, the Audit Committee is directly responsible for the appointment, compensation and oversight of the independent registered public accounting firm.

 We do not believe any member of the Audit Committee is an "audit committee financial expert" as defined in the Sarbanes-Oxley Act of 2002 and the rules and regulations thereunder. As a cooperative, members of our Board of Directors are nominated and elected by our members. To ensure geographic representation of our members, the Board of Directors represents eight regions in which our members are located. The voting members in each region nominate and elect the number of directors for that region as set forth in our bylaws. To be eligible for service as a director, a nominee must among other things, (i) be an active farmer or rancher, (ii) be a Class A individual member of CHS or member of a cooperative association and (iii) reside in the geographic region from which he or she is nominated. Neither management nor the incumbent directors have any control over the nominating process for directors. Because of the nomination procedure and the election process, we cannot ensure that an elected director serving on our Audit Committee will be an audit committee financial expert. However, many of our directors, including all Audit Committee members, are financially sophisticated and have experience or background in which they have had significant financial management or oversight responsibilities. The current Audit Committee includes directors who have served as presidents or chairs of local cooperative association boards. Members of the Board of Directors, including the Audit Committee, also operate large commercial enterprises requiring expertise in all areas of management, including financial oversight.

 ITEM 11. EXECUTIVE COMPENSATION

 Compensation Discussion and Analysis

 Executive Compensation

 This Compensation Discussion and Analysis describes the material elements of compensation awarded to each of the following executive officers ("Named Executive Officers") during the year ended August 31, 2025:

 Name

 CHS creates connections to empower agriculture for our producer and member cooperative owners and the communities in which we and our owners live and operate. Our executive compensation program is intentionally aligned with both operational objectives and long-term business strategy. The following discussion and analysis outlines the objectives and principles underlying our executive compensation and benefit programs and explains the compensation decisions impacting the CEO and other Named Executive Officers in fiscal 2025.

 Compensation Philosophy and Objectives

 The CHS executive compensation philosophy focuses on these key objectives:

 • Attract and retain exceptional talent who demonstrate the CHS capabilities and values and are engaged and committed to the long-term success of CHS by providing market-competitive compensation and benefit programs;
 • Align executive rewards to quantifiable annual and long-term performance goals that drive enterprise results and provide competitive returns to our member-owners;
 • Emphasize a culture of performance and accountability by linking executive performance goals to business strategy and differentiating rewards based on company and individual performance; and
 • Ensure compliance with government mandates and regulations.

 Our overall compensation philosophy and practices are grounded in our commitment to fair and equitable pay. This includes a regular review of employee compensation as well as compensation practices.

 Governance of Executive Compensation

 The Governance Committee and the Executive Committee of our Board of Directors have engaged a third-party consultant, Pay Governance LLC ("Pay Governance"), to advise on the executive compensation program applicable to our executives, including our Named Executive Officers.

 The Executive Committee oversees the design and administration of the CEO's compensation. Pay Governance provides guidance to the Executive Committee regarding market-competitive levels of base pay, short-term incentive, long-term incentive and the overall compensation package for our CEO. The data and analysis are shared with the Executive Committee, who consider these elements as part of the CEO pay review. The Executive Committee recommends to our Board of Directors pay actions relative to our CEO and approves annual and long-term incentive awards for our CEO based on individual performance and company performance against the preestablished financial goals. The Board of Directors makes final decisions regarding our CEO's base pay, short-term incentive pay and long-term incentive pay, as well as allocation of these components. There are no formal policies for allocation between long-term and short-term compensation other than the intention to be competitive with the external market for comparable positions and to be consistent with our compensation philosophy and objectives. Our CEO is not involved with selection of the third-party consultant and does not participate in or observe Executive Committee meetings that concern CEO compensation matters.

 The Governance Committee assists the Board of Directors in fulfilling its responsibilities regarding matters that relate to governing the organization, including reviewing and making recommendations to the Board with respect to establishment,

 material modification to, or amendment of incentive, bonus or other similar compensation plans in which Named Executive Officers are eligible participants. Annually, the Governance Committee recommends incentive plan goals applicable to the Named Executive Officers under the incentive compensation plans to which they and other employees are eligible. The Board of Directors makes final decisions regarding these incentive plan goals.

 Based on compensation market data provided by our human resources department (survey sources and methodology are explained below under "Components of Executive Compensation and Benefits") and with input from the third-party consultant if necessary, our CEO makes compensation decisions for the other Named Executive Officers and communicates them accordingly. The day-to-day design and administration of compensation and benefit plans are managed by our human resources, finance and legal departments.

 Components of Executive Compensation and Benefits

 Our executive compensation and benefit program consists of five components.

 Pay Component
 Description
 Objective

 Base Pay
 Competitive salary considering market benchmarks and internal pay structure and relative to individual skills, experience, knowledge and contributions

 Provide the fixed element of compensation for the core duties, scope and level of responsibilities of the job

 Short-Term Incentive
 Short-term performance-based variable pay incentive for achieving predetermined annual financial and individual performance goals

 Provide a direct link between pay and annual performance, including company financial performance, achievement of business goals, individual goals and CHS capabilities

 Long-Term Incentive
 Long-term performance-based variable pay incentive for achieving predetermined three-year Return on Invested Capital ("ROIC") goals

 Provide a direct link between executive pay and long-term business performance to align management and member-owner interests, while driving executive retention

 Profit Sharing

 Performance-based annual award for achieving predetermined enterprise-level financial goals

 Reward employees for company profitability

 Benefits

 Medical, dental, vision, life insurance, short-term disability and long-term disability, qualified and non-qualified retirement plans, and other benefits

 Provide competitive total rewards program to attract and retain executives

 Market Competitiveness of Executive Compensation

 Each component is designed to be competitive with the external market. In determining competitive compensation levels, we analyze independent compensation survey information, including comparable industries, markets, revenues and companies that compete with us for executive talent. In fiscal 2025, information from the following sources was considered:

 • Willis Towers Watson General Industry Executive (U.S.)
 • Willis Towers Watson Custom Peer Comparator Group Executive (U.S.; includes the portion of the 17 peer companies that elected to participate in the survey)
 • US Mercer Benchmark Database/Total Remuneration Survey (Executive)
 • Radford/Aon Global Compensation Database (Executive)

 The survey and database data include a range of competitive pay levels, including median market rates for base salary, short-term incentive, total cash compensation, long-term incentive and total direct compensation. Companies included in the surveys and databases vary by industry, revenue and number of employees and represent both public and private ownership, as well as nonprofit, government and mutual organizations.

 In determining competitive compensation levels for the CEO, various factors were considered including market data from surveys and publicly available proxy compensation data from a specific comparator group of peer companies. The comparator group consists of 17 public companies in the agriculture, energy, food and transportation industries. Our Board annually reviews the peer group comparator companies and adjusts as needed to ensure the comparator group represents a reasonable external perspective for pay benchmarking. After a thorough review and consultation with Pay Governance, the Board determined the peer group continues to be appropriate for executive compensation benchmarking and approved the same comparator group for 2025:

 2025 Comparator Group

 ADM
 C.H. Robinson

 HF Sinclair Corporation

 Marathon Petroleum

 Valero Energy

 Bayer
 Conagra Brands

 Hormel Foods

 Mosaic

 Bunge
 Corteva

 Ingredion Incorporated

 Nutrien

 CF Industries
 General Mills

 Kinder Morgan

 Phillips 66

 The objective is to provide our executives with an overall total compensation package that is competitive in comparable industries, companies and markets. We target around market median compensation levels for base pay, target total cash and target total direct compensation, and around the 75th percentile for actual total direct compensation when our performance is well above target goals and below market median levels if performance is below target goals.

 For the Named Executive Officers excluding the CEO in 2025, target total compensation was, on average, aligned to the desired competitive range around the market median. Actual total cash compensation, on average, was below market median due to actual earned short-term incentive awards achieved just above threshold and significantly below target. Actual total direct compensation was above market median, on average, due to high performance in the long-term incentive awards for the fiscal 2023-2025 performance period.

 For the CEO in 2025, target total cash compensation and target total direct compensation were aligned to the desired competitive range. From an actual pay perspective, company financial performance in fiscal 2025 was below target, resulting in actual total cash compensation below market median. Actual total direct compensation was near market median due to high performance in the long-term incentive awards for the three-year performance period ended in fiscal 2025.

 Target Pay Mix

 The objectives of our executive compensation program require a suitable mix of base pay, short-term incentive and long-term incentive that will engage the executive officers to achieve both short-term results as well as strategic results that benefit our member-owners' interests over the long term while maintaining alignment with the competitive talent market.

 The charts below illustrate the target pay mix of base salary, short-term incentive target pay and long-term incentive target pay based on the 2025 Grants of Plan-Based Awards values (see the Summary Compensation Table) for our CEO and the other Named Executive Officers as a group. The CEO has a proportionately higher target award opportunity for the long-term incentive resulting in target total compensation that is weighted more toward long-term business performance, which aligns with our overall executive compensation objectives and market practices.

 Base Pay

 Base pay of our Named Executive Officers represents a fixed element of compensation paid as a salary on a semimonthly basis. Salaries are generally set around the median level of market data collected through our benchmarking

 process against other equivalent positions of comparable companies. The individual's actual salary relative to the market median is based on a number of factors, which include, but are not limited to, scope and level of responsibilities, individual skills, experience and performance.

 Salaries for our Named Executive Officers are reviewed on an annual basis or at the time of significant changes in scope and level of responsibilities. Changes in salaries are determined through review of competitive market data, as well as individual performance and contribution, internal equity and other factors. Changes are not governed by preestablished weighting factors. Our CEO is responsible for the annual salary review process for the other Named Executive Officers. The Board of Directors Executive Committee is responsible for the annual salary review process for our CEO.

 Due to increasingly challenging conditions in our primary markets and market benchmarking indicating the Named Executive Officers are within our desired competitive range for base salary, the Board decided not to make any changes to the CEO's base salary for fiscal 2025, and the CEO decided the same for the other Named Executive Officers.

 Overview of Performance-Based Incentive Plans

 We operate our diversified global businesses to maximize value, in the near term and long term, for our member cooperatives, farmer-owners and customers. Our executive compensation program reflects this key objective by emphasizing performance-based incentive opportunities through the short-term and long-term incentive plans that are discussed in detail below, with awards earned commensurate with financial results. Actual payouts for the incentive cycles ended in fiscal 2025 reflect the team's ability to manage costs, maintain a strong balance sheet, and capitalize on opportunities when markets were advantageous, while navigating through a challenging commodity downturn, which are, collectively, captured in our primary financial measure of ROIC.

 Short-Term Incentive Pay

 Named Executive Officers participate in the same CHS Annual Variable Pay Plan ("Annual Variable Pay Plan" or "AVP") as other management and professional employees. Each Named Executive Officer was eligible to participate in the AVP for the entirety of fiscal 2025. Target AVP award levels are set with reference to various factors including internal equity and competitive market compensation levels and are intended to motivate our executives by providing short-term incentive awards for the achievement of annual goals. The target AVP award is 1.15x base salary for Named Executive Officers other than Mr. Debertin, who has a target AVP award of 1.5x base salary.

 For fiscal 2025, the AVP incentive was weighted 70% on enterprise-level financial performance and 30% on individual performance, and participants could earn a payout ranging from 50% of target for performance at the threshold level to 200% of target for performance at or above the maximum level. For a Named Executive Officer to earn any portion of the award, including any payout based on individual performance, CHS must achieve at least the predetermined threshold level of ROIC performance.

 • The financial performance component was based on preestablished ROIC goals at the enterprise level. The threshold, target and maximum ROIC goals approved by the Board of Directors for fiscal 2025 are set forth in the table below.
 • The individual performance component was based on demonstration of CHS capabilities and achievement of specific goals relating to areas such as business profitability, execution of strategic initiatives and/or talent management. In conjunction with the annual performance review process for our CEO, the Board of Directors reviews the individual goals and, in turn, determines and approves this portion of the short-term incentive award based upon completion or partial completion of the previously specified goals and principal job accountabilities. Likewise, our CEO uses a similar process for determining individual performance for the other Named Executive Officers.

 CHS financial performance goals and award opportunities under our fiscal 2025 AVP were as follows:

 Performance Level
 CHS ROIC Goal
 Target Award Multiple

 8.0%
 2.0x

 6.5%
 1.0x

 Threshold
 5.7%
 0.5x

 Below threshold
 <5.7%
 0.0x

 ROIC is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for other measures prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies.

 ROIC is a measurement of how efficiently we use capital and the level of return on that capital. It is calculated by dividing adjusted net operating profit after tax by average funded debt plus beginning equity. We define adjusted net operating profit after tax as earnings before taxes excluding the impact of certain nonrecurring business events, plus net interest generated from investing and financing activities, and the result is multiplied by the effective tax rate. For purposes of the fiscal 2025 AVP, we defined funded debt as the sum of the average of beginning and end of year long-term debt, including the current portion thereof, plus any guarantees thereof, using balances as of July 31, 2024 and 2025, respectively, and the total beginning of year equity as of July 31, 2024, respectively. Further, for purposes of the fiscal 2025 AVP, we excluded the impacts of a location exit and a severance accrual as nonrecurring events.

 ROIC results for fiscal 2025 were 5.7%, resulting in award payouts at 0.5x target for the financial performance component. Although adjusted net operating profit after tax decreased in fiscal 2025 from the strong results in the previous year due to the commodity cycle downturn, profitability was elevated compared to similar historical down cycles. The less favorable market conditions negatively impacted refining margins in our Energy segment, oilseed crush margins and grain margins in our Ag segment. Mr. Debertin, the other Named Executive Officers, and our other CHS employees were able to consistently execute to meet the needs of our customers and member-owners, including record or near record volumes in a number of our product lines.

 The CEO and each Named Executive Officer's individual performance was determined by the Board of Directors or the CEO, respectively, to have been successful against their individual goals; therefore, each Named Executive Officer achieved at least target payout for the 30% individual performance component. However, in light of the challenging operating environment that pressured financial results for fiscal 2025, the Board approved payouts with the individual performance component adjusted downward to yield overall achievement at threshold.

 As a result, short-term incentive awards that were earned under the AVP for fiscal 2025 for the Named Executive Officers are as follows:

 Name
 2025 AVP Payouts

 $
 1,506,965

 531,680

 491,087

 476,160

 460,290

 Long-Term Incentive Pay

 Each Named Executive Officer was eligible to participate in the CHS Inc. Executive Long-Term Incentive Plan ("ELTIP"). The purpose of the ELTIP is to align executive pay with long-term business performance, maximize long-term value for our member-owners and retain key executives. The ELTIP consists of three-year performance periods to ensure consideration is made for our long-term financial performance and strategic execution, with a new performance period beginning every fiscal year. Our Board of Directors approves the ELTIP goals for each three-year period.

 Like the AVP, target award levels for the ELTIP are set with regard to various factors including internal equity and market competitive considerations. The target ELTIP award is 1.25x base salary for Named Executive Officers other than Mr. Debertin. Mr. Debertin's target ELTIP award is 3.0x his base salary for performance periods beginning on or after September 1, 2021 (including the three-year ELTIP performance period ended in fiscal 2025) and increased to 5.0x his base salary for performance periods beginning on or after September 1, 2023.

 Changes to ELTIP awards granted in fiscal 2025 and beyond

 The Board approved changes to deferral, vesting, timing of grant and pro-ration provisions of the ELTIP to better align with competitive market practices, enhance plan agility and talent mobility, and reduce complexity, supporting a primary executive compensation program objective to attract and retain exceptional talent. The changes are summarized below:

 Provision
 For awards granted prior to fiscal 2025
 For awards granted in fiscal 2025 and beyond

 Deferral
 Earned awards are contributed to the Deferred Compensation Plan after the end of each performance period.
 Earned awards from the ELTIP are paid in cash unless the participant elects to defer all or a portion of the award.

 Vesting
 Awards vest over an additional 28-month period following the performance period end date.
 No additional vesting is required after completion of the three-year performance period.

 Timing of grant
 Participant must be eligible pursuant to the terms of the plan for a minimum of six months of the three-year performance period and on the date the performance period ends.
 Participant must be eligible pursuant to the terms of the plan on or before August 31 of the first year of the three-year performance period and on the date the performance period ends.

 Pro-ration of awards
 Award opportunity is pro-rated based upon full months of participation out of the three-year performance period.
 Award opportunity is determined as of August 31 of the first year of the three-year performance period; any earned award is paid in full.

 ELTIP awards granted before fiscal 2025

 For the three-year ELTIP period ended in fiscal 2025, the ELTIP performance measure was ROIC. As stated above in the AVP section, ROIC is a measurement of how efficiently we use capital and the level of return on that capital. It is calculated by dividing the adjusted net operating profit after tax by average funded debt plus total equity at the beginning of the year. We define adjusted net operating profit after tax as earnings before taxes excluding the impact of certain nonrecurring business events, plus net interest generated from investing and financing activities, and the result is multiplied by the effective tax rate. For purposes of the fiscal 2023-2025 performance period, we define funded debt as the sum of the average of long-term debt at the beginning and end of the year, including the current portion thereof, plus any guarantees thereof, using balances as of July 31, 2022, 2023, 2024 and 2025, respectively, and the total beginning of year equity as of July 31, 2022, 2023 and 2024, respectively. Further, for purposes of calculating adjusted net operating profit for the fiscal 2023-2025 performance period, we excluded the impacts of a location exit and a severance accrual as nonrecurring events.

 Award opportunities for the fiscal 2023-2025 ELTIP performance period are expressed as a multiple of a participant's average base salary as of August 31 for each of the three years in the performance period. We must meet a three-year period threshold level of ROIC performance for any participant to earn an award. As indicated in the table below, the threshold, target, maximum and superior maximum ROIC goals for the fiscal 2023-2025 performance period are as follows:

 Performance Level
 CHS Three-Year ROIC Goal
 Target Award Multiple

 Superior Maximum (1)

 12.0%
 4.0x (1)

 10.0%
 2.0x

 8.5%
 1.0x

 Threshold
 7.0%
 0.5x

 Below threshold
 <7.0%
 0.0x

 (1) The Superior Maximum performance level and target award multiple do not apply to the CEO; his maximum award is capped at 2.0x target.

 Business conditions in the agriculture and energy industries were favorable during the early years of the 2023-2025 performance period. Our ability to execute with strong operational performance in both the favorable and challenging environments resulted in ROIC of 16.4%, 9.5% and 5.7% in fiscal 2023, fiscal 2024 and fiscal 2025, respectively. Overall ROIC performance for the fiscal 2023-2025 performance period was 10.35%, resulting in above maximum performance level awards equal to approximately 2.35x the target for Named Executive Officers other than the CEO and a maximum performance level award equivalent to 2.0x the target for the CEO. ELTIP payments for the fiscal 2023-2025 ELTIP for the Named Executive Officers are as follows:

 Name
 2023-2025 ELTIP Awards

 $
 8,531,200

 2,003,461

 1,835,568

 1,828,989

 1,809,577

 The fiscal 2025 award grant values associated with the fiscal 2025-2027 ELTIP performance period, which continue to measure three-year ROIC, are provided in the "2025 Grants of Plan-Based Awards" table.

 Profit-Sharing

 Each Named Executive Officer was eligible to participate in our Profit-Sharing Plan, which is also available to other employees. The purpose of the Profit-Sharing Plan is to reward employees for our profitability. Annual profit-sharing contributions for executives are calculated as a percent of base pay and annual variable pay (total calendar year earnings) and are made to the CHS Inc. 401(k) Plan ("401(k) Plan") account and CHS Inc. Deferred Compensation Plan ("Deferred Compensation Plan") account of each Named Executive Officer. The profit-sharing amount varies in relation to CHS ROIC performance. The fiscal 2025 Profit-Sharing Plan ROIC goals and contribution as a percent of total earnings are displayed in the following table:

 Performance Level
 CHS ROIC Goal
 Profit-Sharing Award

 8.0%
 5%

 7.3%
 4%

 6.5%
 3%

 6.1%
 2%

 Threshold
 5.7%
 1%

 ROIC results for fiscal 2025 were 5.7%. Accordingly, each Named Executive Officer earned a 1% Profit-Sharing award.

 Retirement Benefits

 We provide the following retirement and deferral programs to Named Executive Officers:

 • CHS Inc. Pension Plan
 • CHS Inc. 401(k) Plan
 • CHS Inc. Supplemental Executive Retirement Plan
 • CHS Inc. Deferred Compensation Plan

 CHS Inc. Pension Plan

 The CHS Inc. Pension Plan ("Pension Plan") is a tax-qualified defined benefit pension plan. All Named Executive Officers participate in the Pension Plan. A Named Executive Officer is fully vested in the Pension Plan after three years of vesting service. The Pension Plan provides for a lump sum payment of the Named Executive Officer's account balance (or, alternatively, for a monthly annuity for the Named Executive Officer's lifetime if elected by the Named Executive Officer). The normal form of benefit for a single Named Executive Officer is a life annuity, and for a married Named Executive Officer, the normal form of benefit is a 50% joint and survivor annuity. Other annuity forms are also available on an actuarial equivalent basis. Compensation and benefits are governed by limits imposed by the Internal Revenue Code.

 A Named Executive Officer's benefit under the Pension Plan depends on pay credits to his or her account, which are based on the Named Executive Officer's total salary and annual variable pay for each year of employment, date of hire, age at date of hire, length of service, and investment credits, which are computed using the interest crediting rate and the Named Executive Officer's account balance at the beginning of the plan year.

 The amount of pay credits added to a Named Executive Officer's account each year is a percentage of the Named Executive Officer's eligible compensation, primarily consisting of base salary and annual variable. The pay credits percentage received is determined on a yearly basis, based on the years of benefit service completed as of December 31 of each year. A Named Executive Officer receives one year of benefit service for every calendar year of employment in which the Named Executive Officer completed at least 1,000 hours of service.

 Pay credits are earned according to the following schedules:

 Regular Pay Credits

 Regular Pay Credit

 Years of Benefit Service
 Pay Below Social Security Taxable Wage Base
 Pay Above Social Security Taxable Wage Base

 1-3 years
 3%
 6%

 4-7 years
 4%
 8%

 8-11 years
 5%
 10%

 12-15 years
 6%
 12%

 16 years or more
 7%
 14%

 Mid-Career Pay Credits

 Employees hired after age 40 qualify for the following minimum pay credit:

 Minimum Pay Credit

 Age at Date of Hire
 Pay Below Social Security Taxable Wage Base
 Pay Above Social Security Taxable Wage Base

 Age 40-44
 4%
 8%

 Age 45-49
 5%
 10%

 Age 50 or higher
 6%
 12%

 Investment Credits

 We credit a Named Executive Officer's account at the end of the calendar year with an investment credit based on the balance at the beginning of the year. The investment credit is based on the average return for one-year Treasury bills for the four-month period from August 1 through November 30 of the prior year. For fiscal 2025, the minimum interest rate under the Pension Plan was 4.65%, and the maximum was 10%.

 CHS Inc. 401(k) Plan

 The 401(k) Plan is a tax-qualified, defined contribution retirement plan. The Named Executive Officers are eligible to participate in the 401(k) Plan on the same basis as other eligible employees. Participants may contribute between 1% and 50% of their pay on a pretax and/or Roth basis. We match 100% of the first 1% and 50% of the next 5% of pay contributed each year (maximum 3.5%). Our Board of Directors may elect to reduce or eliminate matching contributions for any year or any portion thereof.

 CHS Inc. Supplemental Executive Retirement Plan and CHS Inc. Deferred Compensation Plan

 Because the Internal Revenue Code limits the benefits that may be paid from the Pension Plan and the 401(k) Plan, the CHS Inc. Supplemental Executive Retirement Plan ("SERP") and the Deferred Compensation Plan ("DCP") were established to provide certain employees participating in the qualified plans with supplemental benefits such that, in the aggregate, they equal the benefits they would have been entitled to receive under the qualified plan had these limits not been in effect. The SERP also includes compensation deferred under the DCP that is excluded under the qualified retirement plan. All Named Executive Officers are eligible to participate in the SERP.

 Compensation includes total salary and annual variable pay without regard to limitations on compensation imposed by the Internal Revenue Code. Company contributions under the Pension Plan and 401(k) Plan are not eligible for pay credits.

 Certain Named Executive Officers may have accumulated nonqualified plan balances or benefits that have been carried over from predecessor companies as a result of past mergers and acquisitions. Benefits from the SERP are primarily funded in a rabbi trust, with a balance as of August 31, 2025, of $39.2 million. Benefits from the plan do not qualify for special tax treatment under the Internal Revenue Code.

 The DCP allows eligible Named Executive Officers to voluntarily defer receipt of up to 75% of their base salary and up to 100% of their annual variable pay. The election must occur prior to the beginning of the calendar year in which the

 compensation will be paid. During the year ended August 31, 2025, all Named Executive Officers were eligible to participate in the DCP. Mr. Debertin and Ms. Nelligan participated in the elective portion of the DCP.

 Benefits from the DCP are primarily funded in a rabbi trust, with a balance as of August 31, 2025, of $176.1 million. Benefits from the plan do not qualify for special tax treatment under the Internal Revenue Code.

 Health and Welfare Benefits

 The Named Executive Officers are eligible to participate in benefits under our comprehensive health and welfare program on the same basis as other eligible full-time employees. The health and welfare program includes benefits such as medical, dental, vision, life insurance, short-term disability, spending accounts, travel accident and identity theft protection. Like nonexecutive full-time employees, participation in some of these benefit plans varies based on each Named Executive Officer's annual benefit elections.

 Additional Benefits

 Additional benefits such as executive long-term disability, executive physical examinations, limited financial and tax planning assistance and identity theft protection and cybersecurity services are also available to our Named Executive Officers. Named Executive Officers' spouses are also entitled to executive physical examinations, for which we only pay the $1,500 per person participation fee. In addition, commencing in fiscal 2025 with consideration to rising threats of personal security for corporate executives, we began covering certain physical security costs for our CEO. These additional benefits are provided as part of an overall executive rewards package that strives to be competitive and retain executive talent. More details can be found in the "All Other Compensation" section of the Summary Compensation Table.

 Incentive Compensation Recovery Policy

 The Incentive Compensation Recovery Policy ("Recovery Policy") effective as of December 1, 2023, complies with listing rule 5608 by Nasdaq and reflects what we believe are best practices. Specifically, the Recovery Policy applies to our current and former directors, employees and employees who are or were identified by us as an "officer," which for purposes of the Recovery Policy includes any person that performs policymaking functions for CHS or any subsidiary of CHS ("Recovery Party").

 The Recovery Policy provides that, in the event of a required restatement of our previously issued financial statements to reflect the correction of one or more errors that are material to those financial statements, we will require reimbursement or forfeiture of any excess incentive compensation received by any Covered Employee during the three completed fiscal years immediately preceding the earlier of (i) the date our Board of Directors (including a committee of our Board of Directors) concludes or reasonably should have concluded, that CHS is required to prepare an accounting restatement or (ii) the date a court, regulator or other legally authorized body directs CHS to prepare an accounting restatement. The amount of excess incentive compensation will be equal to the amount by which the Covered Recovery Party's incentive compensation for the relevant period exceeded the amount that would have been earned or awarded based on the restated financial results, as determined by our Board of Directors. The method used to recover the applicable excess incentive compensation will be determined by our Board of Directors, in its sole discretion, and may include requiring reimbursement of cash incentive compensation that was previously paid, forfeiting any incentive compensation contribution made under the Deferred Compensation Plan, offsetting the recovered amount from any compensation or incentive compensation that may be earned or awarded in the future or taking any other remedial or recovery action permitted by law.

 Detrimental Conduct Policy

 The Detrimental Conduct Policy effective as of December 1, 2023, applies to current and former officers and employees of CHS and its affiliated companies (each a "Covered Person").

 The Detrimental Conduct Policy also provides that, in the event our Board of Directors determines in good faith that a Covered Person has engaged in detrimental conduct, we may, (i) require the Covered Person to reimburse or forfeit all or a portion of the Covered Person's incentive compensation with such forfeited amounts to be determined by our Board of Directors, (ii) conduct disciplinary action up to and including termination and (iii) report such Covered Person to applicable governmental authorities for possible criminal prosecution. For purposes of the Detrimental Conduct Policy, detrimental conduct includes:

 • Deliberate and continued failure, after delivery of notice to such Covered Person by us, by a Covered Person to substantially perform his or her duties and responsibilities in a manner that has an adverse effect on us;

 • Knowing and willful violation of any law, government regulation or company code of conduct or policy;
 • Knowingly encouraging or directing others to violate any law, government regulation or company code of conduct or policy;
 • Fraud or dishonesty resulting or intended to result in personal enrichment at our expense;
 • Commission of any felony or gross misconduct in the performance of duties that results in economic harm to us;
 • Violation of any company policies regarding substance abuse and/or illegal drug use;
 • Knowingly encouraging or directing others to violate safety measures resulting, or intended to result, in harm to any person or destruction or damage to any property of ours or other parties;
 • Knowing and willful engagement in discrimination or harassment (whether sexual or otherwise) in violation of any of our policies prohibiting discrimination and/or harassment;
 • Knowingly encouraging or directing others to violate any CHS policies prohibiting discrimination and harassment (whether sexual or otherwise); and
 • Failing to cooperate with CHS in the investigation of any potential violations of the Code of Conduct or other applicable policies.

 Agreements With Named Executive Officers

 Mr. Debertin

 On May 22, 2017, Mr. Debertin was elected as our President and CEO, and in connection therewith entered into an employment agreement with us on that date (the "Employment Agreement"). The Employment Agreement, as amended, has a term expiring August 31, 2026, provided that the Employment Agreement will thereafter automatically renew for an additional one-year period, unless either party notifies the other in writing, at least 120 days in advance of the relevant renewal date, of its intent not to renew the agreement for the additional one-year period.

 Pursuant to the terms of the amended Employment Agreement Mr. Debertin is entitled to, among other things:

 • Annual base salary of $1,150,000, which has subsequently been increased by our Board of Directors to $1,450,000 and which is subject to further increase by our Board of Directors from time to time;
 • Target annual incentive compensation opportunity of 1.5x his annual base salary with a maximum opportunity equal to twice the target opportunity, based on achievement of performance goals set by our Board of Directors;
 • Target ELTIP award opportunity of 3x his average annual base salary over each three-year performance period applicable to that award opportunity, with a threshold opportunity equal to one-half of the target opportunity and a maximum opportunity equal to twice the target opportunity. Prior to the execution of Employment Agreement Amendment No. 2, the Employment Agreement provided Mr. Debertin with a target long-term incentive compensation award opportunity of 1.5x his average annual base salary over each three-year performance period applicable to that award opportunity with a maximum opportunity equal to three and one-third times his target award opportunity; and
 • Welfare benefit continuation for two years following the termination of his employment, if Mr. Debertin chooses to retire from the Company on or after August 31, 2025.

 Pursuant to an amendment in November 2023, in order to, among other things, recognize his outstanding performance and long tenure and to further emphasize performance-based incentive award opportunities that can be earned for long-term strategy execution as reflected in our results relative to goals set at the start of the multi-year performance period, we agreed to provide Mr. Debertin the following for ELTIP awards for the 2024-2026 performance period (and any ELTIP performance period thereafter):

 • Target ELTIP award opportunity of 5x his average annual base salary over each three-year performance period applicable to that award opportunity, with a threshold ELTIP award opportunity equal to one-half of the target ELTIP award opportunity and a maximum ELTIP award opportunity equal to twice the target ELTIP award opportunity; and
 • If Mr. Debertin's employment ends due to death or permanent disability (as defined in our ELTIP) or if he is employed for at least six months of such a performance period and his employment ends due to retirement approved (such approval not to be unreasonably withheld) by our Board of Directors, then upon completion and certification of performance results for such performance period, he will be eligible for a vested full grant participation in the applicable ELTIP award with the payout factor calculated at the same time as other participants.

 The Employment Agreement and the compensation payable thereunder is subject to the Recovery Policy and the Detrimental Conduct Policy, each of which is described above.

 The severance pay and benefits to which Mr. Debertin would be entitled under the Employment Agreement if we terminated his employment without cause or if he terminated his employment for "good reason" are described below under "Post Employment."

 Ms. Nelligan

 Ms. Nelligan's compensation is set forth in a letter agreement we entered into with her on January 7, 2020 (the "Nelligan Letter Agreement"). The Nelligan Letter Agreement provides that Ms. Nelligan's target award for purposes of the Annual Variable Pay Plan will be no less than 1.15x her annual base salary on August 31 of each year. The Nelligan Letter Agreement and the compensation payable thereunder is subject to the Recovery Policy and the Detrimental Conduct Policy, each of which is described above.

 The severance pay and benefits to which Ms. Nelligan would be entitled under the Nelligan Letter Agreement if we terminated her employment without cause or if she terminated her employment for "good reason" are described below under "Post Employment."

 Mr. Smith

 Mr. Smith's compensation is set forth in a letter agreement we entered into with him on January 1, 2021 (the "Smith Letter Agreement"). The Smith Letter Agreement provides Mr. Smith with an initial annual base salary of $570,000 and a hiring bonus in the gross amount of $1,500,000 ("Hiring Bonus"). The Smith Letter Agreement provides for the payment of the Hiring Bonus in three installments of $400,000 paid in previous years and a final installment of $300,000 paid in 2024.

 The Smith Letter Agreement provides that Mr. Smith's target award for purposes of the Annual Variable Pay Plan will be no less than 1.15x his annual base salary on August 31 of each year. The Smith Letter Agreement provides that Mr. Smith's initial target award for purposes of the ELTIP will be equal to 1.15x the average of his annual base salary on August 31 of each year in the applicable three-year performance period, and that any award he receives under the ELTIP will be prorated by the number of full months (credited to September 1, 2020) he is eligible for participation in the ELTIP during the respective three-year performance period.

 The Smith Letter Agreement and the compensation payable thereunder is subject to the Recovery Policy and the Detrimental Conduct Policy, each of which is described above.

 The severance pay and benefits to which Mr. Smith would be entitled under the Smith Letter Agreement if we terminated his employment without cause or if he terminated his employment for "good reason" are described below under "Post Employment."

 Tax Considerations

 Section 162(m) of the Internal Revenue Code ("Section 162(m)") generally limits us to a deduction for federal income tax purposes of no more than $1 million of compensation paid to certain current and former executive officers in a taxable year.

 We believe that Section 162(m) is only one of several relevant considerations in setting compensation. We also believe that Section 162(m) should not be permitted to compromise our ability to design and maintain executive compensation arrangements that, among other things, are intended to attract and retain highly qualified executives in a competitive environment. As a result, we retain the flexibility to provide compensation that we determine to be in our best interests and the best interests of our member-owners, even if that compensation ultimately is not deductible for tax purposes.

 Insider Trading Policy

 CHS is committed to promoting high standards of ethical business conduct and compliance with applicable laws, rules and regulations. As part of this commitment, we have an Insider Trading Policy governing the purchase, sale and/or other dispositions of our securities by our directors, officers, employees and third-party contractors, that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us. A copy of our Insider Trading Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

 Shareholder Advisory Votes on Executive Compensation

 Because we are not subject to Section 14A of the Securities Exchange Act of 1934, we are not required to, and do not, conduct shareholder advisory votes on executive compensation.

 Summary Compensation Table

 Name and Principal Position
 Year
 Salary
 Bonus (1)

 Nonequity Incentive Plan Compensation (2)

 Change in Pension Value and Nonqualified Deferred Compensation Earnings (3)
 All Other Compensation (4-10)
 Total

 Jay Debertin President and Chief Executive Officer
 2025
 $
 1,450,000
 $
 —
 $
 10,038,165
 $
 1,283,605
 $
 570,196
 $
 13,341,966

 2024
 1,428,900
 —
 12,607,328
 1,255,762
 483,074
 15,775,064

 2023
 1,348,088
 —
 10,685,281
 1,109,326
 458,759
 13,601,454

 Olivia Nelligan Executive Vice President, Chief Financial Officer and Chief Strategy Officer
 2025
 693,000
 —
 2,535,141
 142,660
 211,051
 3,581,852

 2024
 684,750
 —
 4,824,992
 212,287
 205,169
 5,927,198

 2023
 640,000
 —
 4,324,000
 146,672
 177,920
 5,288,592

 2025
 631,971
 —
 2,326,655
 115,672
 207,557
 3,281,855

 2024
 626,628
 300,000
 4,481,183
 190,030
 181,590
 5,779,431

 2023
 602,767
 400,000
 4,114,852
 138,124
 176,677
 5,432,420

 2025
 628,712
 —
 2,305,149
 233,157
 199,720
 3,366,738

 2024
 624,134
 —
 4,451,829
 477,198
 192,954
 5,746,115

 2023
 603,730
 —
 4,124,032
 228,585
 176,585
 5,132,932

 John Griffith Executive Vice President, Ag Business and CHS Hedging
 2025
 624,000
 —
 2,269,867
 259,824
 195,416
 3,349,107

 2024
 618,000
 —
 4,340,478
 364,125
 183,925
 5,506,528

 2023
 581,667
 —
 3,902,332
 230,942
 169,553
 4,884,494

 (1) Includes hiring bonus payments to Mr. Smith of $400,000 in 2023 and $300,000 in 2024.

 (2) Amounts include annual variable pay awards and long-term incentive awards.

 The actual annual variable pay award value was as follows in fiscal 2025, 2024 and 2023, respectively: Mr. Debertin, $1,506,965, $4,350,000 and $4,096,800; Ms. Nelligan, $531,680, $1,569,992 and $1,518,000; Mr. Smith, $491,087, $1,431,731 and $1,404,380; Mr. Hunhoff, $476,160, $1,402,657 and $1,403,920; and Mr. Griffith, $460,290, $1,392,144 and $1,380,000.

 The actual long-term incentive award value was as follows in fiscal 2025, 2024 and 2023, respectively: Mr. Debertin, $8,531,200, $8,257,328 and $6,588,481; Ms. Nelligan, $2,003,461, $3,255,000 and $2,806,000; Mr. Smith, $1,835,568, $3,049,452 and $2,710,472; Mr. Hunhoff, $1,828,989, $3,049,172 and $2,720,112; and Mr. Griffith, $1,809,577, $2,948,334 and $2,522,332.

 (3) This column represents both changes in pension value and above-market earnings on deferred compensation. Change in pension value is the aggregate change in the actuarial present value of the Named Executive Officer's benefit under his or her retirement program and nonqualified earnings, if applicable.

 The aggregate change in the actuarial present value was as follows in fiscal 2025, 2024 and 2023, respectively: Mr. Debertin, $1,283,605, $1,255,762 and $973,758; Ms. Nelligan, $142,660, $212,287 and $135,559; Mr. Smith, $115,672, $190,030 and $129,192; Mr. Hunhoff, $233,157, $477,198 and $210,620; and Mr. Griffith, $259,824, $364,125 and $228,368.

 Above-market earnings on deferred compensation represent earnings exceeding 120% of the Federal Reserve long-term rate as determined by the Internal Revenue Service ("IRS") on applicable funds and were as follows in fiscal 2025, 2024 and 2023, respectively: Mr. Debertin, $0, $0 and $135,568; Ms. Nelligan, $0, $0 and $11,113; Mr. Smith, $0, $0 and $8,932; Mr. Hunhoff, $0, $0 and $17,965; and Mr. Griffith, $0, $0 and $2,574.

 (4) Includes fiscal 2025 employer contributions to the Deferred Compensation Plan: Mr. Debertin, $474,025; Ms. Nelligan, $173,379; Mr. Smith, $156,440, Mr. Hunhoff, $153,691; and Mr. Griffith, $152,397.

 (5) Includes fiscal 2025 employer contribution to the 401(k) Plan: Mr. Debertin, $19,121; Ms. Nelligan, $20,308; Mr. Smith, $19,225; Mr. Hunhoff, $19,150; and Mr. Griffith, $18,065.

 (6) For fiscal 2025 includes $47,485 in expenses paid to enhance the security of his primary residence; also includes executive LTD, travel accident insurance, executive physical, reimbursement of participation fee for spouse executive physical, financial planning, companion travel and cybersecurity benefit for Mr. Debertin.

 (7) For fiscal 2025 includes executive LTD, travel accident insurance, wellness program incentive and cybersecurity benefit for Ms. Nelligan.

 (8) For fiscal 2025 includes executive LTD, travel accident insurance, financial planning, wellness program incentive and cybersecurity benefit for Mr. Smith.

 (9) For fiscal 2025 includes executive LTD, travel accident insurance, executive physical, financial planning, wellness program incentive, companion travel, and cybersecurity benefit for Mr. Hunhoff.

 (10) For fiscal 2025 includes executive LTD, travel accident insurance, executive physical, financial planning, wellness program incentive and cybersecurity benefit for Mr. Griffith.

 2025 Grants of Plan-Based Awards

 Estimated Future Payouts Under Nonequity Incentive Plan Awards

 Name and Principal Position
 Grant Date
 Threshold

 9/5/2024 (1)

 $
 1,087,500
 $
 2,175,000
 $
 4,350,000

 8/31/2025 (2)

 3,625,000
 7,250,000
 14,500,000

 9/5/2024 (3)

 398,475
 796,950
 1,593,900

 8/31/2025 (4)

 433,125
 866,250
 3,465,000

 9/5/2024 (3)

 363,383
 726,767
 1,453,533

 8/31/2025 (4)

 394,982
 789,964
 3,159,855

 9/5/2024 (3)

 361,509
 723,019
 1,446,038

 8/31/2025 (4)

 392,945
 785,890
 3,143,560

 9/5/2024 (3)

 358,800
 717,600
 1,435,200

 8/31/2025 (4)

 390,000
 780,000
 3,120,000

 (1) Represents range of possible awards under our fiscal 2025 Annual Variable Pay Plan for Mr. Debertin based on target award opportunity at 1.5x base salary.

 (2) Represents range of possible awards under our ELTIP for the fiscal 2025-2027 performance period for Mr. Debertin. Values for Mr. Debertin reflect the amendments to his long-term incentive compensation opportunity made pursuant to Employment Agreement Amendment No. 4, including ELTIP target award opportunity at 5.0x base salary.

 (3) Represents range of possible awards under our fiscal 2025 Annual Variable Pay Plan for the other NEOs based on target award opportunity at 1.15x base salary.

 (4) Represents range of possible awards under our ELTIP for the fiscal 2025-2027 performance period for the other NEOs. Values include ELTIP target award opportunity at 1.25x base salary.

 The material terms of annual variable pay and long-term incentive awards that are disclosed in the above table are described under "Compensation Discussion and Analysis" above.

 2025 Pension Benefits

 Name and Principal Position
 Plan Name
 Years of Credited Service
 Present Value of Accumulated Benefits

 (Years)

 Jay Debertin(1)

 41.2500
 $
 1,556,601

 SERP

 41.2500
 8,963,925

 5.5833
 88,088

 SERP

 5.5833
 646,911

 4.4167
 68,422

 SERP

 4.4167
 507,234

 Darin Hunhoff(2)

 33.2500
 909,508

 SERP

 33.2500
 2,065,749

 John Griffith(2)

 24.1667
 454,289

 SERP

 24.1667
 1,251,287

 (1) Mr. Debertin is eligible for normal retirement in both the Pension Plan and the SERP.
 (2) Mr. Hunhoff and Mr. Griffith are eligible for early retirement in both the Pension Plan and the SERP.

 The above table shows the present value of accumulated retirement benefits that Named Executive Officers are entitled to under the Pension Plan and the SERP.

 For a discussion of the material terms and conditions of the Pension Plan and the SERP, see "Compensation Discussion and Analysis" above.

 The present value of accumulated benefits is determined in accordance with the same assumptions outlined in Note 13, Benefit Plans, of the notes to the consolidated financial statements that are included in this Annual Report on Form 10-K:

 • A discount rate of 5.48% for the Pension Plan and 4.92% for the SERP;
 • Each Named Executive Officer is assumed to retire at age 65. The early retirement benefit under the cash balance plan formula is equal to the participant's account balance; and
 • Payments under the cash balance formula of the Pension Plan assume a lump sum payment. SERP benefits are payable as a lump sum.

 All Named Executive Officers' retirement benefits at normal retirement age will be equal to their accumulated benefits under the Pension Plan and the SERP, as described under "Compensation Discussion and Analysis" above.

 2025 Nonqualified Deferred Compensation

 Name and Principal Position
 Executive Contributions in Last Fiscal Year (1)
 Registrant Contributions in Last Fiscal Year (2)
 Aggregate Earnings in Last Fiscal Year (3)
 Aggregate Withdrawals/ Distributions (4)
 Aggregate Balance at Last Fiscal Year End (5)

 $
 2,271,667
 $
 8,720,213
 $
 3,853,838
 $
 —
 $
 59,270,801

Executive Vice President, Chief Executive Officer and Chief Strategy Officer
 219,450
 3,421,209
 1,533,860
 —
 14,881,158

 —
 3,198,603
 403,571
 —
 9,241,764

 —
 3,195,626
 2,033,483
 —
 21,523,020

 —
 3,097,150
 571,364
 790,832
 12,283,108

 (1) Includes contributions into the Deferred Compensation Plan by the Named Executive Officers representing deferred salary and deferred annual incentive pay from September 1, 2024, through August 31, 2025. Deferred salary contributions were reported as fiscal 2025 compensation in the Summary Compensation Table, and deferred annual incentive pay was reported as fiscal 2024 compensation in the Summary Compensation Table.

 (2) Includes contributions made by us into the Deferred Compensation Plan on behalf of Named Executive Officers representing retirement contributions for Profit-Sharing and 401(k) match on amounts exceeding IRS compensation limits (which were reported as fiscal 2025 compensation in the Summary Compensation Table) and ELTIP contributions (which were reported as fiscal 2024 compensation in the Summary Compensation Table) from September 1, 2024, through August 31, 2025.

 (3) Includes aggregate earnings on Named Executive Officer Deferred Compensation Plan accounts from September 1, 2024, through August 31, 2025, which are not required to be reported as compensation in the Summary Compensation Table. Deferred Compensation Plan earnings are based on investment elections made by the Named Executive Officer from 13 market-based notional investments and a fixed rate fund. The investment returns for fiscal 2025 were as follows:

 Fund Name
 Investment Return

 Vanguard Federal Money Market Fund
 4.49
 %

 Vanguard LifeStrategy Income Fund
 5.87
 %

 Vanguard LifeStrategy Conservative Growth Fund
 8.50
 %

 Vanguard LifeStrategy Moderate Growth Fund
 10.96
 %

 Vanguard LifeStrategy Growth Fund
 13.50
 %

 Vanguard International Value Fund
 12.78
 %

 PRIMECAP Fund Admiral
 9.17
 %

 International Growth Fund Admiral
 14.29
 %

 Institutional Index Fund Institutional Plus
 15.85
 %

 Extended Market Index Institutional
 15.91
 %

 Total International Stock Index Fund Institutional Shares
 15.94
 %

 Janus Henderson Triton Fund Class N
 4.20
 %

 American Century Small Cap Value Fund R6 Class
 1.22
 %

 Fixed Rate Fund
 5.00
 %

 (4) Includes payments of previously deferred amounts made in accordance with elections by the Named Executive Officer and in accordance with Section 409A under the Internal Revenue Code. Payments under the Deferred Compensation Plan may be made at a specified date elected by the Named Executive Officer or deferred until retirement, disability or death.

 (5) Represents the aggregate balance of non-qualified deferred compensation as of August 31, 2025. Amounts vary by Named Executive Officer in accordance with individual pension plan provisions and voluntary employee deferrals and withdrawals over time. To the extent that an executive was an NEO for a reported year, these amounts, other than the portion attributable to earnings, were disclosed as compensation in the year of the NEO's deferral or registrant's contribution, as applicable.

 For a discussion of the material terms and conditions of the Deferred Compensation Plan, see "Compensation Discussion and Analysis" above.

 Post Employment

 Pursuant to the terms of his Employment Agreement, Mr. Debertin, our President and CEO, is entitled to severance in the event that his employment is terminated by us without cause or by him with "good reason." Specifically, severance under the Employment Agreement would consist of:

 • Annual incentive compensation Mr. Debertin would have been entitled to receive for the year in which his termination occurred as if he had continued until the end of that fiscal year, determined based on our actual performance for that fiscal year relative to the performance goals applicable to Mr. Debertin (with that portion of the annual incentive compensation based on completion or partial completion of previously specified personal goals equal to 30% of the target annual incentive), prorated for the number of days in the fiscal year through Mr. Debertin's termination date and generally payable in a cash lump sum at the time that incentive awards are payable to other participants;
 • Two times Mr. Debertin's base salary plus two times his target annual incentive compensation, payable in three equal installments with the first installment payable 60 days following termination and the second and third installments payable on the first and second anniversary dates of termination, respectively; and
 • Health and welfare benefits continuation for two years following termination.

 The Nelligan Letter Agreement provides for severance in the event Ms. Nelligan's employment is terminated by us without cause or by her with "good reason" in the amount of one year of base pay and prorated annual variable pay, payable as a lump sum.

 The Smith Letter Agreement provides for severance in the event Mr. Smith's employment is terminated by us without cause or by him with "good reason" in the amount of one year of base pay and prorated annual variable pay, payable as a lump sum.

 During fiscal 2025, Mr. Hunhoff and Mr. Griffith were covered by a broad-based employee severance program that provides executives with a lump sum payment of 26 weeks of pay, plus one week of pay per year of service, with a 12-month cap, in the event their positions are eliminated. Also, according to the terms of the Annual Variable Pay Plan, Mr. Hunhoff and Mr. Griffith would receive prorated annual variable pay in the event their positions are eliminated.

 The severance pay that the Named Executive Officers would have been entitled to in the specific events noted above, in each case, as of the last business day of fiscal 2025 is as follows:

 Name
 Severance Pay Amount

 Jay Debertin (1)(2)

 $
 7,289,912

 Olivia Nelligan (3)

 1,489,950

 Brandon Smith (3)

 1,358,738

 Darin Hunhoff (3)

 1,327,550

 John Griffith (3)

 1,173,600

 (1) Includes the value of health and welfare benefits based on current monthly rates.

 (2) For purposes of calculating the prorated portion of Mr. Debertin's unpaid annual variable pay award for the fiscal year in which the termination occurred, assumes an annual variable pay award at target performance for the entire fiscal year.

 (3) Assumes an annual variable pay award at target performance for the entire fiscal year.

 No other severance benefits are offered to our Named Executive Officers, except up to 12 months of career transition services and government mandated benefits such as COBRA. Except as otherwise set forth above, the method of payment would be a lump sum. Named Executive Officers not covered by employment agreements are not offered special postretirement health and welfare benefits that are not offered to other similarly situated (i.e., age and service) salaried employees. The compensation payable to the Named Executive Officers is subject to the Recovery Policy and the Detrimental Conduct Policy, as applicable.

 CEO Pay Ratio

 The following pay ratio and supporting information compares the annual total compensation of our CEO to our median employee, as required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The pay ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K promulgated by the SEC. For fiscal 2025:

 • The median employee's compensation, calculated in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K promulgated by the SEC, was $79,563. This calculation includes a reasonable assumption regarding the median employee's achievement of individual performance for a portion of the annual incentive award based on historical performance.
 • The annual total compensation of our CEO, as reported in the Summary Compensation Table set forth above, was $13,341,966.
 • The ratio of the annual total compensation of our CEO to the median employee was 168:1.

 Instruction 2 to Item 402(u) of Regulation S-K requires identification of a median employee only once every three years, provided that there were no changes to our employee population or employee compensation arrangement that we reasonably believe would significantly affect our pay ratio disclosure. Accordingly, we used the same median employee identified as of June 1, 2024, since we believe that there were no significant changes to our employee population or the employee compensation program that would significantly impact our fiscal 2025 pay ratio. Similarly, there were no significant changes to the median employee's compensation arrangements during the fiscal year that would significantly impact the pay ratio disclosure. For more detail on how we identified the median employee, please refer to the pay ratio disclosure in our Form 10-K for fiscal year ended August 31, 2024.

 In adopting the pay ratio rule, the SEC expressly sought to provide flexibility to each company to determine the methodology that best suits its own facts and circumstances. Our pay ratio should not be compared to other companies' pay ratios, because it is based on a methodology specific to us, and certain material assumptions, adjustments and estimates have been made in calculation of the ratio.

 Director Compensation

 Our Board of Directors met seven times during the fiscal year ended August 31, 2025. Each director (other than the Board chair) is a member of two Board committees. At a minimum, each Board committee meets during each of the Board's five regular meetings.

 Changes to director compensation beginning January 1, 2025

 The Board engaged a third-party consultant, Pay Governance, to conduct a benchmarking study of our peers and advise on potential changes to our director compensation program. Based on the comprehensive analysis and recommendations, the Board approved the following changes to director compensation effective January 1, 2025:
 • Increase annual retainer
 • Increase per diem meeting fees
 • Increase committee and board leadership premiums
 • Replace director retirement contribution with performance-based compensation to eliminate the guaranteed threshold contribution amount and better align a portion of director compensation with the interests of member-owners and other CHS stakeholders and to provide CHS directors some directional pay similarities to stock-based awards granted to directors at public companies.

 In addition to the changes described above, the Board approved elimination of health insurance and other benefits for directors and their dependents effective December 31, 2024. Elimination of benefits from the director compensation package better aligns to market practices. The annual retainer and other pay elements, as listed above, were increased to maintain a competitive total pay package.

 For fiscal 2025, each non-employee director was provided compensation as follows:

 Compensation component

 September 1, 2024, through
 December 31, 2024

 From January 1, 2025, forward

 Annual retainer, paid in monthly payments

 Equivalent to $98,500 per year, paid in 12 monthly installments of $8,208.33

 Equivalent to $137,500 per year, paid in 12 monthly installments of $11,458.33

 Additional annual compensation for board leadership, as applicable, paid in monthly payments

 Paid monthly:
 $24,000 annual for the chair,
 $9,000 annual for the first vice chair and secretary-treasurer,
 $9,000 annual for all Board committee chairs, and
 $6,000 annual for members of the Executive Committee who are not eligible for other premiums

 Paid monthly:
 $30,000 annual for the chair,
 $10,000 annual for the first vice chair and secretary-treasurer,
 $10,000 annual for all Board committee chairs, and
 $6,000 annual for members of the Executive Committee who are not eligible for other premiums

 Per diem meeting fee, plus actual expenses and travel allowance for each day spent at meetings other than regular Board meetings and the CHS Annual Meeting

 $500/day

 $600/day

 Meeting fee for conference calls or other short virtual meetings other than regular Board meetings

 $250/partial day

 $300/partial day

 Participation in medical, dental and vision plans
 Directors and their eligible dependents could participate at no cost to the director
 Directors and their eligible dependents are no longer eligible to participate

 The number of days spent at meetings other than regular Board meetings and the CHS Annual Meeting may not exceed 55 days annually for purposes of the per diem meeting fee, except the Board chair is exempt from this limit. There is no cap on meeting fees permitted for conference calls or other short virtual meetings.

 For performance periods beginning with fiscal 2025 and beyond, the Board approved a new performance-based compensation plan for directors. This performance-based compensation plan replaces the director retirement contribution described below in the Director Deferred Compensation Plan section. The directors' performance-based compensation plan provides the opportunity for a director to receive compensation based on our three-year ROIC performance, with ROIC defined in the same manner as for the ELTIP. Driven by our unique cooperative structure, we believe that using the ROIC performance metric for this purpose aligns the interests of our directors with the interests of our management and member-owners. The ROIC performance goal levels are established and approved by our Board of Directors prior to each three-year performance period.

 The amounts paid to our Board of Directors are subject to the Recovery Policy.

 Director Retirement and Health Care Benefits

 Members of our Board of Directors were eligible for certain retirement and health care benefits through December 31, 2024, based on their election date.

 Directors elected prior to September 1, 2011, participated in a defined benefit retirement plan that provides for a monthly benefit for the director's lifetime, beginning at age 60. Benefits are immediately vested, and the monthly benefit is determined according to the following formula: $250 times years of service on the Board (up to a maximum of 15 years). Under no event will the benefit payment be payable for less than 120 months. Payment is made to the retired director's beneficiary in the event of the director's death before 120 payments are made. Effective August 31, 2011, future accruals under the director retirement plan were frozen. Retirement benefits are funded by a rabbi trust, with a balance of $7.1 million as of August 31, 2025.

 Directors and their eligible dependents were eligible to participate in our medical, dental and vision plans through December 31, 2024. We paid 100% of the premium for each director and their eligible dependents while the director was actively serving on the Board. Directors who departed the Board before September 1, 2024, and prior to Medicare eligibility were eligible to continue participation in our medical plan, along with their eligible dependents, with premiums paid up to 100% by CHS depending on the director's years of service to the Board. Directors who were participating in CHS medical coverage as of September 1, 2024 and leave the Board before reaching age 65 with at least six years of service are eligible to receive a payment of $37,000 per year until the exiting director reaches age 65 or is deceased.

 Director Deferred Compensation Plan

 Directors are eligible to participate in the Deferred Compensation Plan. Each participating director may elect to defer up to 100% of his or her monthly director fees into the Deferred Compensation Plan. This must be done prior to the beginning of the calendar year in which the fees will be earned, or in the case of newly elected directors, upon election to the Board. During fiscal 2025, the following directors deferred Board fees pursuant to the Deferred Compensation Plan: Mr. Beckman, Mr. Clemensen, Mr. Edgington, Mr. Fritel, Mr. Johnsrud, Mr. Kehl and Mr. Throener.

 In addition to any voluntary director deferrals, for performance periods beginning prior to fiscal 2025, the company may also credit a retirement contribution to each director's Deferred Compensation Plan. The fiscal 2025 credit to each director's retirement plan account was based on the following ROIC performance goals for the performance period spanning fiscal years 2023-2025:

 Performance Level
 Amount Credited*
 CHS Three-Year ROIC Goal

 Superior Maximum

 $100,000
 12.0%

 $50,000
 10.0%

 $25,000
 8.5%

 *The amount credited for the fiscal 2023-2025 performance period was required to be mathematically interpolated when results occurred between the superior performance, maximum and target ROIC performance levels. If results had been less than the target ROIC performance level, the amount credited would have been $25,000.

 Actual ROIC performance for the fiscal 2023-2025 performance period was 10.35% and, accordingly, $58,753 (approximately 2.35x target amount) was credited for fiscal 2025 to each director's retirement plan account under the Deferred Compensation Plan, except $39,168 was credited for newly elected directors Mr. Edgington and Mr. Sherven, and $8,333 was credited for former directors Mr. Fritel and Mr. Johnsrud. These amounts are reflected in the Director Compensation table.

 Upon leaving our Board of Directors during fiscal 2025, a director's credit for that partial fiscal year is the target amount ($25,000) prorated through the end of the month in which the director departs. Directors who joined our Board of Directors during fiscal 2025 received credit for that partial fiscal year based on the actual ROIC performance for the

 performance period ending in fiscal 2025, prorated from the first of the month following the month in which the director joined our Board of Directors to the end of the fiscal year.

 Benefits are funded in a rabbi trust. The Deferred Compensation Plan rabbi trust balance reported elsewhere in this Annual Report on Form 10-K includes amounts deferred by the directors.

 2025 Director Compensation

 Name
 Fees Earned or Paid in Cash (1)
 Change in Pension Value and Nonqualified Deferred Compensation Earnings (2)
 All Other Compensation (3)
 Total

 $162,917
 $—
 $66,245
 $229,162

 149,000
 —
 69,293
 218,293

 Chris Edgington
 105,925
 —
 39,687
 145,612

 Clinton Blew
 165,167
 —
 69,293
 234,460

 139,400
 —
 59,397
 198,797

 171,900
 —
 66,250
 238,150

 153,600
 —
 66,256
 219,856

 139,267
 —
 70,459
 209,726

 152,167
 —
 66,314
 218,481

 152,650
 —
 69,814
 222,464

 157,567
 —
 69,408
 226,975

 147,350
 —
 66,452
 213,802

 136,800
 —
 60,342
 197,142

 156,867
 —
 68,685
 225,552

 148,750
 —
 59,536
 208,286

 Tracy Jones
 145,567
 —
 67,098
 212,665

 120,675
 —
 39,811
 160,486

 Steve Fritel
 40,083
 —
 32,251
 72,334

 David Johnsrud
 37,833
 —
 9,007
 46,840

 (1) Of this amount, the following directors deferred the succeeding amounts to the Deferred Compensation Plan: Mr. Beckman, $12,000; Mr. Clemensen, $28,000; Mr. Edgington, $23,100; Mr. Fritel, $23,400; Mr. Johnsrud, $8,000; Mr. Kehl, $34,000; and Mr. Throener, $12,000.

 (2) This column represents both changes in pension value and above-market earnings on deferred compensation. Change in pension value is the aggregate change in the actuarial present value of the director's benefit under their retirement program and nonqualified earnings, if applicable. The change in pension value will vary by director based on several factors, including age, service, pension benefit elected (lump sum or annuity), discount rate and mortality factor used to calculate the benefit due. Future accruals under the plan were frozen as of August 31, 2011, as stated above. The following directors had the following changes in pension values during fiscal 2025: Mr. Blew, $(291); Mr. Kayser, $(8,063); Mr. Schurr, $(4,651); and Mr. Fritel, $(12,051). Negative values are not reflected in the sum reported in this column.

 Above-market earnings represent earnings exceeding 120% of the Federal Reserve long-term rate on applicable funds as determined by the IRS. No directors had above-market earnings during fiscal 2025.

 (3) All other compensation includes health insurance premiums through December 31, 2024, travel accident insurance and related companion travel expenses for trips made with a director on CHS business. Total amounts vary primarily due to the variations in health insurance premiums, which are due to the number of dependents covered.

 All other compensation also includes fiscal 2025 director retirement contributions to the Deferred Compensation Plan of $58,753 for each director, except for newly elected directors Mr. Edgington and Mr. Sherven, $39,168; and for former directors, Mr. Fritel and Mr. Johnsrud, $8,333.

 All other compensation also includes director retirement payment of $15,500 for Mr. Fritel from the director defined benefit retirement plan (explained above for directors elected prior to September 1, 2011).

 Compensation Committee Interlocks and Insider Participation

 Our Board of Directors does not have a compensation committee. The Executive Committee performs the equivalent functions of a compensation committee with respect to our CEO, and the Governance Committee performs the equivalent functions of a compensation committee, other than with respect to our CEO.

 During fiscal 2025, the members of the Executive Committee were Messrs. Schurr (chair), Blew (first vice chair), Cordes (second vice chair), Holm and Kehl, and the members of the Governance Committee were Messrs. Jones (chair), Kehl (vice chair), Blew, Cordes, Farrell and Kayser. During fiscal 2025, no executive officer of CHS served on the compensation committee (or other board committee performing equivalent functions) or board of directors of any other entity that had any executive officer who also served on the Executive Committee, the Governance Committee or our Board of Directors. None of the directors who served as a member of the Executive Committee or Governance Committee during fiscal 2025 are, or have been, officers or employees of CHS, other than Mr. Cordes, who was an employee of CHS Hedging until 2016.

 See Item 13, Certain Relationships and Related Transactions, and Director Independence, of this Annual Report on Form 10-K for directors, including Messrs. Clemensen, Cordes, Edgington, Erickson, Fritel, Holm, Johnsrud, Jones, Kayser, Kehl, Rossman, Throener, Sherven and Schurr who were a party to related-person transactions.

 Compensation Committee Report

 The Executive Committee (the committee of our Board of Directors that performs the equivalent functions of a compensation committee with respect to our CEO) and the Governance Committee (the committee of our Board of Directors that performs the equivalent functions of a compensation committee, other than with respect to our CEO) have each reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K promulgated by the SEC with management and, based on such review and discussions, the Executive Committee and the Governance Committee each recommended to our Board of Directors that the Compensation Discussion and Analysis be included in this Annual Report on Form 10-K.

 Respectfully submitted,

 Executive Committee
 Daniel Schurr, Chair

 Governance Committee
 Tracy Jones, Chair

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 Beneficial ownership of our equity securities by each member of our Board of Directors, each of our Named Executive Officers and all members of our Board of Directors and executive officers as a group as of October 15, 2025, is shown below. Except as indicated in the footnotes to the following table, each person has sole voting and investment power with respect to all shares attributable to such person.
 Title of Class

 8% Cumulative Redeemable
Preferred Stock
 Class B Cumulative Redeemable Preferred Stock

 Name of Beneficial Owner
 Amount of
Beneficial Ownership
 % of Class (1)
 Amount of
Beneficial Ownership
 % of Class (2)

 Directors:
 (Shares)

 (Shares)

 —
 *
 —
 *

 —
 *
 —
 *

 —
 *
 —
 *

 Scott Cordes (3)

 —
 *
 14,850
 *

 Christopher Edgington
 —
 *
 —
 *

 —
 *
 —
 *

 3,000
 *
 —
 *

 —
 *
 —
 *

 Tracy Jones
 —
 *
 —
 *

 —
 *
 *

 —
 *
 —
 *

 —
 *
 —
 *

 —
 *
 —
 *

 —
 *
 —
 *

 —
 *
 —
 *

 —
 *
 —
 *

 —
 *
 —
 *

 Named Executive Officers:

 Jay Debertin (3)

 1,200
 *
 —
 *

 —
 *
 —
 *

 *
 —
 *

 —
 *
 —
 *

 —
 *
 —
 *

 All other executive officers
 —
 *
 —
 *

 Directors and executive officers as a group
 4,876
 *
 15,480
 *

 *Less than 1%.

 (1) As of October 15, 2025, there were 12,272,003 shares of 8% Cumulative Redeemable Preferred Stock outstanding.

 (2) As of October 15, 2025, there were 78,659,066 shares of Class B Cumulative Redeemable Preferred Stock outstanding with 21,459,066, 16,800,000, 19,700,000 and 20,700,000 attributed to Series 1, Series 2, Series 3 and Series 4, respectively.

 (3) Includes shares held by spouse, children and Individual Retirement Accounts.

 We have no compensation plans under which our equity securities are authorized for issuance.

 To our knowledge, there is no person or group who is a beneficial owner of more than 5% of any class or series of our preferred stock.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 Because our directors must be active patrons of CHS or of an affiliated association, transactions between us and our directors are customary and expected. Transactions include the sales of commodities to us and the purchases of products and services from us, as well as patronage refunds and equity redemptions received from us. During the year ended August 31, 2025, the value of those transactions between a particular director (and any immediate family member of a director, which includes any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and any person [other than a tenant or employee] sharing the household of such director) and us in which the total amount involved exceeded $120,000 is shown below.
 Transaction Type

 Name
 Transactions with CHS
 Cash Patronage Dividends

 $
 213,900
 $

 Chris Edgington
 2,508,062
 8,239

 Steve Fritel
 299,172

 David Johnsrud
 2,474,385
 28,027

 Tracy Jones
 3,467,123
 23,527

 829,630
 10,813

 15,452,990
 42,328

 1,874,348
 7,559

 1,808,674
 25,430

 2,344,240
 17,415

 Clemensen Farms, Inc., which is owned by our director Hal Clemensen, had crop input loans with CHS Capital ("Clemensen Loans") during the year ended August 31, 2025. The Clemensen Loans have interest rates ranging from 0.0% per annum to 8.75% per annum, and mature in February 2026. The largest aggregate amount of principal outstanding under the Clemensen Loans during the year ended August 31, 2025 was $210,424, which was also the outstanding balance on August 31, 2025. During the year ended August 31, 2025, principal payments of $166,403 were made, all of which related to loans originated for the 2024 crop year. No interest payments were made during the year ended August 31, 2025.

 Jones Farm Partnership, which is owned by our director Tracy Jones, had crop input loans with CHS Capital ("Jones Loans") during the year ended August 31, 2025. The Jones Loans have interest rates ranging from 1.9% per annum to 4.25% per annum, and mature in January 2026. The largest aggregate amount of principal outstanding under the Jones Loans during the year ended August 31, 2025 was $805,009, and the balance on August 31, 2025 was $721,530. During the year ended August 31, 2025, principal payments of $805,009 and interest payments of $20,163 were made, all of which related to loans originated for the 2024 crop year.

 Our director David Kayser had a crop input loan with CHS Capital ("Kayser Loan") during the year ended August 31, 2025. The Kayser Loan has an interest rate of 1.9% per annum, and matures in January 2026. The largest aggregate amount of principal outstanding under the Kayser Loan during the year ended August 31, 2025 was $140,000, and the balance on August 31, 2025 was $100,000. During the year ended August 31, 2025, principal payments of $140,000 and interest payments of $2,179 were made, all of which related to loans originated for the 2024 crop year.

 Kehl Farms, LLC, which is owned by our director Russell Kehl, had crop input loans with CHS Capital ("Kehl Loans") during the year ended August 31, 2025. The Kehl Loans have interest rates ranging from 1.9% per annum to of 10.7% per annum, and mature in March 2026. The largest aggregate amount of principal outstanding under the Kehl Loans during the year ended August 31, 2025 was $7,682,122, which was also the outstanding balance on August 31, 2025. During the year ended August 31, 2025, principal payments of $7,196,701 and interest payments of $439,802 were made, all of which related to loans originated for the 2024 crop year.

 Our director Anthony Rossman had a crop input loan with CHS Capital ("Rossman Loan") during the year ended August 31, 2025. The Rossman Loan has an interest rate of 1.9% per annum, and matures in January 2026. The largest aggregate amount of principal outstanding under the Rossman Loan during the year ended August 31, 2025 was $337,937, and the balance on August 31, 2025 was $316,922. During the year ended August 31, 2025, principal payments of $36,267 and interest payments of $2,265 were made, all of which related to loans originated for the 2024 and 2025 crop years.

 Our director Kevin Throener had crop input loans with CHS Capital ("Throener Loans") during the year ended August 31, 2025. The Throener Loans have interest rates ranging from 1.9% per annum to 4.25% per annum, and mature in January 2026. The largest aggregate amount of principal outstanding under the Throener Loans during the year ended August 31, 2025 was $366,284, which was also the outstanding balance on August 31, 2025. During the year ended August 31, 2025, principal payments of $250,000 and interest payments of $2,077 were made, all of which related to loans originated for the 2024 crop year.

 Our director Trent Sherven had a crop input loan with CHS Capital ("Sherven Loan") during the year ended August 31, 2025. The Sherven Loan has an interest rate of 2.7% per annum, and matures in January 2026. The largest aggregate amount of principal outstanding under the Sherven Loan during the year ended August 31, 2025 was $165,359, and the balance on August 31, 2025, was $140,163. During the year ended August 31, 2025, principal payments of $165,359 and interest payments of $4,397 were made, all of which related to loans originated for the 2024 crop year.

 The terms of these financing arrangements were provided pursuant to financing programs widely available to our qualified customers.

 Our wholly-owned subsidiary, CHS Hedging, LLC, is a clearing broker, and from time to time our directors and their affiliates may place orders and clear trades with CHS Hedging in the ordinary course of business. CHS Hedging handles such trades on substantially the same terms and conditions as other similarly situated individuals who are not directors.

 Review, Approval or Ratification of Related Party Transactions

 Pursuant to its amended and restated charter, our Audit Committee has responsibility for review and approval of all transactions between CHS and any related parties or affiliates of CHS, including its officers and directors, other than transactions in the ordinary course of business and on market terms.

 Related persons include any of our directors or executive officers and any of their immediate family members, as defined by the SEC. In evaluating related person transactions, the committee members apply the same standards they apply to their general responsibilities as members of the Audit Committee. The committee will approve a related person transaction when, in its good faith judgment, the transaction is in the best interest of CHS. To identify related person transactions, each year we require our directors and officers to complete a questionnaire identifying any transactions with CHS in which the officers or directors or their immediate family members have an interest. We also review our business records to identify potentially qualifying transactions between a related party and us. In addition, we have a written policy addressing related persons (included in our Code of Conduct) that describes our expectation that all directors, officers and employees who may have a potential or apparent conflict of interest will notify our legal department of any such transactions.

 Director Independence

 We are a Minnesota cooperative corporation managed by a Board of Directors made up of 17 members. Nomination and election of the directors is done by eight separate regions. In addition to meeting other requirements for directorship, candidates must reside in the region from which they are elected. Directors are elected for three-year terms. The terms of directors are staggered and no more than seven director positions are elected at an annual meeting of members. Nominations for director elections are made by the voting members at each regional caucus held during our annual meeting of members. Neither the Board of Directors nor management of CHS participates in the nomination process. Accordingly, for fiscal year 2025, we had no nominating committee. Please see Part III of Item 10 for further detail regarding our newly established Nominating Committee.

 The following directors satisfy the definition of director independence set forth in the rules of Nasdaq:
 Independent Directors

 Further, although we do not need to rely upon an exemption for the Board of Directors as a whole, we are exempt pursuant to Nasdaq rules from Nasdaq director independence requirements as they relate to the makeup of the Board of Directors as a whole and the makeup of the committee performing the functions of a compensation committee. Nasdaq

 exemption applies to cooperatives that are structured to comply with relevant state law and federal tax law and that do not have a publicly traded class of common stock. All of the members of our Audit Committee are independent. All members of our Governance Committee and Executive Committee (the committees of our Board of Directors that perform the equivalent functions of a compensation committee) are independent other than Mr. Cordes and Mr. Jones.

 Independence of CEO and Board Chair Positions

 Our bylaws prohibit any employee of CHS from serving on the Board of Directors. Accordingly, our CEO may not serve as chair of the Board or in any CHS Board capacity. We believe this leadership structure creates independence between the Board and management and is an important feature of appropriate checks and balances in the governance of CHS.

 Board of Directors' Role in Risk Oversight

 It is senior management's responsibility to identify, assess and manage our exposures to risk. Our Board of Directors plays an important and significant role in overseeing the overall risk management approach, including the review and, where appropriate, approval of guidelines and policies that govern our risk management process. Our management and Board of Directors have jointly identified multiple broad categories of risk exposure, each of which could impact operations and affect results at an enterprise level. Each such significant enterprise level risk is reviewed periodically by management with the Board of Directors and/or a committee of the Board as appropriate. The review includes an analysis by management of the continued applicability of the risk, our performance in managing or mitigating the risk and possible additional or emerging risks to consider. As additional areas of risk are identified, our Board of Directors and/or a committee of the Board provide a review and oversight of management's actions to identify, assess and manage that risk. We continue to develop a formal enterprise risk management program intended to support integration of the risk assessment and management discipline and controls into major decision-making and business processes. The Corporate Risk Committee is involved in reviewing and approving the enterprise risk management framework and is responsible for overseeing its effectiveness on an ongoing basis. When appropriate, the Corporate Risk Committee meets jointly with the Audit Committee to discuss common financial or other risks across CHS that may have potential material impact to our financial statements.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 The following table shows the aggregate fees billed to us by PricewaterhouseCoopers LLP for services rendered during the years ended August 31, 2025 and 2024:
 2025
 2024

 Audit fees (1)

 $
 5,559
 $
 5,370

 Audit-related fees (2)

 Tax fees (3)

 All other fees (4)

 Total
 $
 5,921
 $
 6,002

 (1) Includes fees for audit of annual financial statements and reviews of the related quarterly financial statements and certain statutory audits.

 (2) Includes fees for agreed-upon and audit procedures for regulatory filings, greenhouse gas limited assurance and internal control and system audit procedures.

 (3) Includes fees related to tax compliance, tax advice and tax planning.

 (4) Includes fees for the annual license fee for accounting and disclosure software.

 In accordance with the CHS Inc. Audit Committee Charter, as amended, our Audit Committee adopted the following policies and procedures for approval of engagement of an independent registered public accounting firm for audit, review or attest services and for preapproval of certain permissible nonaudit services, all to ensure auditor independence.

 Our independent registered public accounting firm will provide audit, review and attest services only at the direction of, and pursuant to engagement fees and terms approved by our Audit Committee. Our Audit Committee approves in advance all nonaudit services to be performed by the independent auditors and the fees and compensation to be paid to the independent auditors. Our Audit Committee approved 100% of the services listed above in advance.

 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

 (a)(1) FINANCIAL STATEMENTS

 The following financial statements are filed as part of this Annual Report on Form 10-K.

 Page No.

 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 238)

 Consolidated Balance Sheets as of August 31, 2025 and 2024

 Consolidated Statements of Operations for the years ended August 31, 2025, 2024 and 2023

 Consolidated Statements of Comprehensive Income for the years ended August 31, 2025, 2024 and 2023

 Consolidated Statements of Changes in Equities for the years ended August 31, 2025, 2024 and 2023

 Consolidated Statements of Cash Flows for the years ended August 31, 2025, 2024 and 2023

 Notes to Consolidated Financial Statements

 (a)(2) FINANCIAL STATEMENT SCHEDULES

 SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
 Balance at
Beginning
of Year
 Additions:
Charged to Costs
and Expenses*
 Deductions:
Write-offs, Net
of Recoveries
 Balance at
End
of Year

 Allowances for doubtful accounts

 2025
 $
 79,809
 $
 4,850
 $
 ( 2,947)
 $
 81,712

 2024
 76,627
 8,359
 ( 5,177)
 79,809

 2023
 127,917
 2,348
 ( 53,638)
 76,627

 Valuation allowance for deferred tax assets

 2025
 $
 166,590
 $
 47,387
 $
 ( 8,340)
 $
 205,637

 2024
 182,466
 6,745
 ( 22,621)
 166,590

 2023
 189,685
 9,705
 ( 16,924)
 182,466

 *Net of reserve adjustments.

 (a)(3) EXHIBITS

 EXHIBIT INDEX
 2.1
 Second Amended and Restated Limited Liability Company Agreement dated as of December 18, 2015 between CHS Inc. and CF Industries Sales, LLC. (Incorporated by reference to our Current Report on Form 8-K, filed December 21, 2015). (**)

 3.1
 Amended and Restated Articles of Incorporation of CHS Inc. (Incorporated by reference to our Current Report on Form 8-K, filed December 7, 2021).

 3.2
 Amended and Restated Bylaws of CHS Inc. (Incorporated by reference to our Current Report on Form 8-K, filed December 11, 2023).

 4.1
 Amended and Restated Resolution Creating a Series of Preferred Equity to be Designated 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 1 to our Registration Statement on Form S-2 (File No. 333-101916), filed January 14, 2003).

 4.2
 Form of Certificate Representing 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 2 to our Registration Statement on Form S-2 (File No. 333-101916), filed January 23, 2003).

 4.3
 Unanimous Written Consent Resolution of the Board of Directors Amending the Amended and Restated Resolution Creating a Series of Preferred Equity to be Designated 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 2 to our Registration Statement on Form S-2 (File No. 333-101916), filed January 23, 2003).

 4.4
 Unanimous Written Consent Resolution of the Board of Directors Amending the Amended and Restated Resolution Creating a Series of Preferred Equity to be Designated 8% Cumulative Redeemable Preferred Stock to change the record date for dividends. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2003, filed July 2, 2003).

 4.5
 Resolution Amending the Terms of the 8% Cumulative Redeemable Preferred Stock to Provide for Call Protection. (Incorporated by reference to our Current Report on Form 8-K, filed July 19, 2013).

 4.6
 Amended and Restated Resolution Creating Class B Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 2 to our Registration Statement on Form S-1 (File No. 333-190019), filed September 13, 2013).

 4.7
 Unanimous Written Consent Resolution of the Board of Directors of CHS Inc. Relating to the Terms of the Class B Cumulative Redeemable Preferred Stock, Series 1. (Incorporated by reference to our Registration Statement on Form 8-A (File No. 001-36079), filed September 20, 2013).

 4.8
 Form of Certificate Representing Class B Cumulative Redeemable Preferred Stock, Series 1. (Incorporated by reference to Amendment No. 2 to our Registration Statement on Form S-1 (File No. 333-190019), filed September 13, 2013).

 4.9
 Unanimous Written Consent Resolution of the Board of Directors Relating to the Terms of the Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2. (Incorporated by reference to our Registration Statement on Form 8-A (File No. 001-36079), filed March 5, 2014).

 4.10
 Form of Certificate Representing Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2. (Incorporated by reference to Amendment No. 1 to our Registration Statement on Form S-1 (File No. 333-193891), filed February 26, 2014).

 4.11
 Unanimous Written Consent Resolution of the Board of Directors Relating to the Terms of the Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3. (Incorporated by reference to our Registration Statement on Form 8-A (File No. 001-36079), filed September 10, 2014).

 4.12
 Form of Certificate Representing Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3. (Incorporated by reference to our Registration Statement on Form 8-A (File No. 001-36079), filed September 10, 2014).

 4.13
 Unanimous Written Consent Resolution of the Board of Directors Relating to the Terms of the Class B Cumulative Redeemable Preferred Stock, Series 4. (Incorporated by reference to our Registration Statement on Form 8-A (File No. 001-36079), filed January 14, 2015).

 4.14
 Form of Certificate Representing Class B Cumulative Redeemable Preferred Stock, Series 4. (Incorporated by reference to our Registration Statement on Form 8-A (File No. 001-36079), filed January 14, 2015).

 4.15
 Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. (Incorporated by reference to our Form 10-K for the year ended August 31, 2019, filed November 6, 2019).

 10.1
 Employment Agreement between CHS Inc. and Jay D. Debertin dated and effective May 22, 2017. (Incorporated by reference to our Current Report on Form 8-K, filed May 22, 2017). (+)

 10.1A
 Amendment No. 1 to Employment Agreement, dated as of November 5, 2020, between CHS Inc. and Jay D. Debertin. (Incorporated by reference to our Form 10-K for the year ended August 31, 2020, filed November 5, 2020). (+)

 10.1B
 Amendment No. 2 to Employment Agreement, dated as of November 3, 2021, between CHS Inc. and Jay D. Debertin. (Incorporated by reference to our Form 10-K for the year ended August 31, 2021, filed November 4, 2021). (+)

 10.1C
 Amendment No. 3 to Employment Agreement, dated as of November 1, 2022, between CHS Inc. and Jay D. Debertin (Incorporated by reference to our Form 10-K for the year ended August 31, 2022, filed November 2, 2022). (+)

 10.1D
 Amendment No. 4 to Employment Agreement, dated as of November 7, 2023, between CHS Inc. and Jay D. Debertin. (Incorporated by reference to our Form 10-K for the year ended August 31, 2023, filed November 8, 2023). (+)

 10.2
 CHS Inc. Supplemental Executive Retirement Plan (2024 Restatement). (Incorporated by reference to our Form 10-K for the year ended August 31, 2024, filed November 6, 2024). (+)

 10.3
 CHS Inc. FY26 Annual Variable Pay Plan Master Plan Document. (*)(+)

 10.4
 CHS Inc. Executive Long-Term Incentive Plan Document (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2024, filed July 10, 2024). (+)

 10.5
 CHS Inc. Nonemployee Director Retirement Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2010, filed July 8, 2010). (+)

 10.5A
 Amendment No. 1 to the CHS Inc. Nonemployee Director Retirement Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2011, filed November 14, 2011). (+)

 10.5B
 Amendment No. 2 to the CHS Inc. Nonemployee Director Retirement Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2012, filed November 7, 2012). (+)

 10.6
 Trust Under the CHS Inc. Nonemployee Director Retirement Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2010, filed July 8, 2010). (+)

 10.7
 Note Purchase and Private Shelf Agreement between CHS Inc. and Prudential Capital Group dated as of April 13, 2004. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2004, filed July 12, 2004).

 10.7A
 Amendment No. 1 to Note Purchase and Private Shelf Agreement dated April 9, 2007, among CHS Inc., Prudential Investment Management, Inc. and the Prudential Affiliate parties. (Incorporated by reference to our Form 10-Q for the quarterly period ended February 28, 2007, filed April 9, 2007).

 10.7B
 Amendment No. 2 to Note Purchase and Private Shelf Agreement and Senior Series J Notes totaling $50 million issued February 8, 2008. (Incorporated by reference to our Current Report on Form 8-K, filed February 11, 2008).

 10.7C
 Amendment No. 3 to Note Purchase and Private Shelf Agreement, effective as of November 1, 2010. (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2010, filed January 11, 2011).

 10.7D
 Amendment No. 4 to Note Purchase and Private Shelf Agreement dated as of June 9, 2011, between CHS Inc. and the purchasers of notes party thereto. (Incorporated by reference to our Form 10-K for the year ended August 31, 2015, filed November 23, 2015).

 10.7E
 Amendment No. 5 to Note Purchase and Private Shelf Agreement dated as of December 21, 2012, between CHS Inc. and the purchasers of notes party thereto. (Incorporated by reference to our Form 10-K for the year ended August 31, 2015, filed November 23, 2015).

 10.7F
 Amendment No. 6 to Note Purchase and Private Shelf Agreement dated as of September 4, 2015, between CHS Inc. and the purchasers of notes party thereto. (Incorporated by reference to our Current Report on Form 8-K, filed September 11, 2015).

 10.8
 CHS Inc. Deferred Compensation Plan Master Plan Document (2024 Restatement). (Incorporated by reference to our Form 10-K for the year ended August 31, 2024, filed November 6, 2024). (+)

 10.8A
 First Amendment of CHS Inc. Deferred Compensation Plan (2024 Restatement). (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2025, filed July 9, 2025). (+)

 10.9
 Beneficiary Designation Form for the CHS Inc. Deferred Compensation Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2009, filed November 10, 2009). (+)

 10.10
 New Plan Participants 2011 Plan Agreement and Election Form for the CHS Inc. Deferred Compensation Plan. (Incorporated by reference to our Registration Statement on Form S-8 (File No. 333-177326), filed October 14, 2011). (+)

 10.11
 Agreement Regarding Distribution of Assets, by and among CHS Inc., United Country Brands, LLC, Land O'Lakes, Inc. and Winfield Solutions, LLC, made as of September 4, 2007. (Incorporated by reference to our Form 10-K for the year ended August 31, 2007, filed November 20, 2007).

 10.12
 Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, and CHS Capital, LLC. (Incorporated by reference to our Form 10-K for the year ended August 31, 2011, filed November 14, 2011).

 10.12A
 Amendment No. 1 to Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, and CHS Capital, LLC. (Incorporated by reference to our Form 10-K for the year ended August 31, 2012, filed November 7, 2012).

 10.12B
 Amendment No. 2 to Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, and CHS Capital, LLC. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2017, filed July 14, 2017).

 10.12C
 Amendment No. 3 to Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, and CHS Capital, LLC. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2017, filed July 14, 2017).

 10.12D
 Amendment No. 4 to Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, and CHS Capital, LLC. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2017, filed July 14, 2017).

 10.12E
 Amendment No. 5 to Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, and CHS Capital, LLC. (Incorporated by reference to our Form 10-K for the year ended August 31, 2021, filed November 4, 2021).

 10.12F
 Amendment No. 6 to Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, and CHS Capital, LLC. (Incorporated by reference to our Form 10-K for the year ended August 31, 2021, filed November 4, 2021).

 10.13
 Amended and Restated Limited Liability Company Agreement, dated February 1, 2012, between CHS Inc. and Cargill, Incorporated. (Incorporated by reference to our Current Report on Form 8-K, filed February 1, 2012).

 10.13A
 Second Amended and Restated Limited Liability Company Agreement, dated April 1, 2023, between CHS Inc. and Cargill, Incorporated. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2023, filed July 13, 2023).

 10.14
 Note Purchase Agreement between CHS Inc. and certain accredited investors ($500,000,000) dated as of June 9, 2011. (Incorporated by reference to our Current Report on Form 8-K, filed June 13, 2011).

 10.14A
 Amendment No. 1 to Note Purchase Agreement dated as of September 4, 2015, between CHS Inc. and the purchasers of notes party thereto. (Incorporated by reference to our Current Report on Form 8-K, filed September 11, 2015).

 10.15
 Joint venture agreement among CHS Inc., Cargill, Incorporated and Conagra Foods, Inc., dated March 4, 2013. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2013, filed July 10, 2013).

 10.15A
 Amendment No. 1 to the joint venture agreement among CHS Inc., Cargill Incorporated and Conagra Foods, Inc., dated April 30, 2013. (Incorporated by reference to our Form 10-K for the year ended August 31, 2015, filed November 23, 2015).

 10.15B
 Amendment No. 2 to the joint venture agreement among CHS Inc., Cargill Incorporated and Conagra Foods, Inc., dated May 31, 2013. (Incorporated by reference to our Form 10-K for the year ended August 31, 2015, filed November 23, 2015).

 10.15C
 Amendment No. 3 to the joint venture agreement among CHS Inc., Cargill Incorporated and Conagra Foods, Inc., dated July 24, 2013. (Incorporated by reference to our Form 10-K for the year ended August 31, 2015, filed November 23, 2015).

 10.15D
 Amendment No. 4 to the joint venture agreement among CHS Inc., Cargill Incorporated and Conagra Foods, Inc., dated March 27, 2014. (Incorporated by reference to our Form 10-Q for the quarterly period ended February 28, 2014, filed April 3, 2014).

 10.15E
 Amendment No. 5 to the joint venture agreement among CHS Inc., Cargill Incorporated and Conagra Foods, Inc., dated May 25, 2014. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2014, filed July 9, 2014).

 10.16
 Resolutions Amending the Long-Term Incentive Plan. (Incorporated by reference to our Current Report on Form 8-K, filed September 3, 2013). (+)

 10.17
 Amended and Restated Supply Agreement dated as of December 18, 2015 between CHS Inc. and CF Industries Nitrogen LLC. (Incorporated by reference to our Current Report on Form 8-K, filed December 21, 2015). (**)

 10.18
 2023 Third Amended and Restated Credit Agreement (5-Year Revolving Loan), dated as of April 21, 2023, by and between CHS Inc., CoBank, ACB, for its own benefit as a lender and as the administrative agent and the bid agent for the benefit of the present and future lenders, Sumitomo Mitsui Banking Corporation, for its own benefit as a lender and as the syndication agent, and the other lenders thereto. (Incorporated by reference to our Current Report on Form 8-K, filed April 25, 2023).

 10.19
 2019 Amended and Restated Credit Agreement (5-Year Revolving Loan), dated as of July 16, 2019, by and between CHS Inc., CoBank, ACB, for its own benefit as a syndication party and as the administrative agent for the benefit of the present and future syndication parties, Co peratieve Rabobank U.A., New York Branch and Sumitomo Mitsui Banking Corporation, for their own benefit as syndication parties and as syndication agents, and the other syndication parties party thereto. (Incorporated by reference to our Current Report on Form 8-K, filed July 19, 2019).

 10.20
 2015 Credit Agreement (10-Year Term Loan) dated as of September 4, 2015, by and between CHS Inc., CoBank, ACB, as a syndication party and as the administrative agent for the benefit of all present and future syndication parties, and the other syndication parties party thereto. (Incorporated by reference to our Current Report on Form 8-K, filed September 11, 2015).

 10.20A
 Amendment No. 1 to 2015 Credit Agreement (10-Year Term Loan), dated as of June 30, 2016, by and between CHS Inc., CoBank, ACB, as a syndication party and as the administrative agent for the benefit of all present and future syndication parties, and the other syndication parties thereto. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2016, filed July 7, 2016).

 10.20B
 Amendment No. 2 to 2015 Credit Agreement (10-Year Term Loan), dated as of July 16, 2019, by and between CHS Inc., CoBank, ACB, for its own benefit as a syndication party and as the administrative agent for the benefit of the present and future syndication parties, and the other syndication parties party thereto. (Incorporated by reference to our Current Report on Form 8-K, filed July 19, 2019).

 10.20C
 Amendment No. 3 to 2015 Credit Agreement (10–Year Term Loan), dated as of February 19, 2021, by and between CHS Inc., CoBank, ACB, for its own benefit as a syndication party and as the administrative agent for the benefit of the present and future syndication parties, and the other syndication parties party thereto. (Incorporated by reference to our Current Report on Form 8-K filed, February 24, 2021).

 10.20D
 Amendment No. 4 to 2015 Credit Agreement (10-Year Term Loan), dated as of April 21, 2023, by and between CHS Inc., CoBank, ACB, for its own benefit as a lender and as the administrative agent for the benefit of the present and future lenders, and the other lenders party thereto. (Incorporated by reference to our Current Report on Form 8-K, filed April 25, 2023).

 10.20E
 Fifth Amendment, dated as of October 29, 2024, to that certain Credit Agreement (5-Year Term Revolver Loan) (previously referred to as the 2015 Credit Agreement (10-Year Term Loan)), dated as of September 4, 2015, as amended. (Incorporated by reference to our Current Report on Form 8-K, filed October 31, 2024).

 10.21
 Note Purchase Agreement, dated as of January 14, 2016, among CHS Inc. and each of the Purchasers signatory thereto. (Incorporated by reference to our Current Report on Form 8-K, filed January 21, 2016).

 10.22
 Note Purchase Agreement, dated as of August 14, 2020, among CHS Inc. and each of the Purchasers signatory thereto. (Incorporated by reference to our Current Report on Form 8-K, filed August 14, 2020).

 10.23
 Note Purchase Agreement, dated as of January 24, 2023, among CHS Inc. and each of the Purchasers signatory thereto. (Incorporated by reference to our Current Report on Form 8-K, filed January 25, 2023).

 10.24
 Note Purchase Agreement, dated April 18, 2024, among CHS Inc. and each of the Purchasers signatory thereto. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2024, filed July 10, 2024).

 10.25
 Sale and Contribution Agreement, dated as of July 22, 2016, by and among CHS Inc., CHS Capital, LLC and Cofina Funding, LLC. (Incorporated by reference to our Form 10-K for the year ended August 31, 2016, filed November 3, 2016).

 10.25A
 Omnibus Amendment No. 1, dated as of February 14, 2017, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto, the Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent, and U.S. Bank National Association, as custodian. (Incorporated by reference to our Current Report on 8-K, filed February 15, 2017).

 10.25B
 Omnibus Amendment No. 2, dated as of July 18, 2017, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto, the Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent, and U.S. Bank National Association, as custodian. (Incorporated by reference to our Form 10-K for the year ended August 31, 2017, filed November 9, 2017).

 10.25C
 Omnibus Amendment No. 3, dated as of September 4, 2018, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto, the Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent, and U.S. Bank National Association, as custodian. (Incorporated by reference to our Form 10-K for the year ended August 31, 2018, filed December 3, 2018).

 10.25D
 Omnibus Amendment No. 5, dated as of June 27, 2019, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, PNC Bank, National Association, as an alternate purchaser and as a purchaser agent, each of the other conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto and MUFG Bank Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2019, filed November 6, 2019).

 10.25E
 Omnibus Amendment No. 6, dated as of May 1, 2020, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, each of the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto and MUFG Bank Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2020, filed July 7, 2020).

 10.25F
 Omnibus Amendment No. 7, dated as of June 26, 2020, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, each of the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto and MUFG Bank Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2020, filed November 5, 2020).

 10.25G
 Omnibus Amendment No. 8, dated as of September 24, 2020, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, each of the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto and MUFG Bank Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2020, filed November 5, 2020).

 10.25H
 Omnibus Amendment No. 9, dated as of July 30, 2021, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, each of the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto and MUFG Bank Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2021, filed November 4, 2021).

 10.25I
 Omnibus Amendment No. 10, dated as of August 31, 2021, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, each of the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto and MUFG Bank Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2021, filed November 4, 2021).

 10.26
 Receivables Financing Agreement dated July 22, 2016, by and among CHS Inc., individually and as a Servicer, Cofina Funding, LLC, as Seller, Victory Receivables Corporation and Nieuw Amsterdam Receivables Corporation B.V., as Conduit Purchasers, Co peratieve Rabobank U.A., as a Committed Purchaser, Co peratieve Rabobank U.A., New York Branch, as Purchaser Agent, and the Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as a Committed Purchaser, Purchaser Agent and as Administrative Agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2016, filed November 3, 2016).

 10.26A
 Amended and Restated Receivables Purchase Agreement dated July 18, 2017, by and among CHS Inc., individually and as a Servicer, Cofina Funding, LLC, as Seller, Victory Receivables Corporation and Nieuw Amsterdam Receivables Corporation B.V., as Conduit Purchasers, Co peratieve Rabobank U.A., as a Committed Purchaser, Co peratieve Rabobank U.A., New York Branch, as Purchaser Agent, and the Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as a Committed Purchaser, Purchaser Agent and as Administrative Agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2017, filed November 9, 2017).

 10.26B
 First Amendment to Amended and Restated Receivables Purchase Agreement, dated as of June 28, 2018, by and among Cofina Funding, LLC, as Seller, CHS Inc., as Servicer, the Conduit Purchasers, Committed Purchasers and Purchaser Agents set forth on the signature pages thereto and MUFG Bank Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.), as Administrative Agent. (Incorporated by reference to our Current Report on Form 8-K, filed July 5, 2018).

 10.26C
 Eleventh Amendment to Amended and Restated Receivables Purchase Agreement, dated as of August 30, 2022, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as an originator, CHS Capital, LLC, as an originator, each of the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto and MUFG Bank Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2022, filed November 2, 2022).

 10.26D
 Twelfth Amendment and Restated Receivables Purchase Agreement, dated as of July 11, 2023, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer and as originator, CHS Capital, LLC, as an originator, each of the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto and MUFG Bank Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ. Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-Q for the quarterly report ended May 31, 2023, filed July 13, 2023). (^)

 10.26E
 Thirteenth Amendment and Restated Receivables Purchase Agreement, dated as of August 29, 2023, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer. (Incorporated by reference to our Form 10-K for the year ended August 31, 2023, filed November 8, 2023). (^)

 10.26F
 Fourteenth Amendment and Restated Receivables Purchase Agreement, dated as of August 28, 2024, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer. (Incorporated by reference to our Form 10-K for the year ended August 31, 2024, filed November 6, 2024). (^)

 10.26G
 Fifteenth Amendment and Restated Receivables Purchase Agreement, dated as of August 27, 2025, by and among Cofina Funding, LLC, as seller, CHS Inc., as servicer. (*)(^)

 10.27
 Performance Guaranty, dated as of July 22, 2016, executed by CHS Inc. in favor of The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2020. filed November 5, 2020).

 10.27A
 Reaffirmation of Performance Guaranty dated July 18, 2017, by and among CHS Inc., individually and as a Servicer, Cofina Funding, LLC, as Seller, Victory Receivables Corporation and Nieuw Amsterdam Receivables Corporation B.V., as Conduit Purchasers, Co peratieve Rabobank U.A., as a Committed Purchaser, Co peratieve Rabobank U.A., New York Branch, as Purchaser Agent, and the Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as a Committed Purchaser, Purchaser Agent and as Administrative Agent. (Incorporated by reference to our Form 10-K for the year ended August 31, 2017, filed November 9, 2017).

 10.28
 Master Framework Agreement, dated as of September 4, 2018 (the "Framework Agreement"), by and among MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.) and each other financial institution from time to time party thereto, as MFA Buyers, MUFG Bank, Ltd., as agent for the MFA Buyers, CHS Inc. and CHS Capital, LLC, as sellers, and CHS Inc., as agent for the sellers. (Incorporated by reference to our Form 10-K for the year ended August 31, 2018, filed December 3, 2018).

 10.28A
 Amendment No. 1 to the Framework Agreement, dated as of July 23, 2019. (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2019, filed January 8, 2020).

 10.28B
 Amendment No. 2 to the Framework Agreement, dated as of August 29, 2019. (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2019, filed January 8, 2020).

 10.28C
 Amendment No. 3 to the Framework Agreement, dated as of June 26, 2020. (Incorporated by reference to our Form 10-K for the year ended August 31, 2020, filed November 5, 2020).

 10.28D
 Amendment No. 4 to the Framework Agreement, dated as of September 24, 2020. (Incorporated by reference to our Form 10-K for the year ended August 31, 2020, filed November 5, 2020).

 10.28E
 Amendment No. 5 to the Framework Agreement, dated as of August 31, 2021. (Incorporated by reference to our Form 10-K for the year ended August 31, 2021, filed November 4, 2021).

 10.28F
 Amendment No. 6 to the Framework Agreement, dated as of August 30, 2022. (Incorporated by reference to our Form 10-K for the year ended August 31, 2022, filed November 2, 2022).

 10.29
 Master Framework Agreement, dated as of July 11, 2023 (the "Framework Agreement), by and among Co peratieve Rabobank, U.A., New York Branch, a Dutch co peratieve acting through its New York Branch, as buyer, CHS Inc. and CHS Capital, LLC, as sellers, and CHS Inc., as agent for the sellers. (Incorporated by reference to our Form 10-Q for the quarterly report ended May 31, 2023, filed July 13, 2023). (^)

 10.29A
 Amendment No. 1 to Master Framework Agreement, dated as of July 8, 2024 (the "Framework Agreement"), by and among Co peratieve Rabobank, U.A., New York Branch, a Dutch co peratieve acting through its New York Branch, as buyer, CHS Inc. and CHS Capital, LLC, as sellers, and CHS Inc., as agent for the sellers. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2024, filed July 10, 2024).

 10.29B
 Amendment No. 2 to Master Framework Agreement, dated as of August 28, 2024 (the "Framework Agreement"), by and among Co peratieve Rabobank, U.A., New York Branch, a Dutch co peratieve acting through its New York Branch, as buyer, CHS Inc. and CHS Capital, LLC, as sellers, and CHS Inc., as agent for the sellers. (Incorporated by reference to our Form 10-K for the year ended August 31, 2024, filed November 6, 2024).

 10.29C
 Amendment No. 3 to Master Framework Agreement, dated as of August 27, 2025 (the "Framework Agreement"), by and among Co peratieve Rabobank, U.A., New York Branch, a Dutch co peratieve acting through its New York Branch, as buyer, CHS Inc. and CHS Capital, LLC, as sellers, and CHS Inc., as agent for the sellers. (*)(^)

 10.30
 1996 SIFMA Master Repurchase Agreement, dated as of September 4, 2018, between CHS Inc. and the buyer under the Framework Agreement, including Annex I thereto (and as amended thereby). (Incorporated by reference to our Form 10-K for the year ended August 31, 2018, filed December 3, 2018).

 10.30A
 Amendment No. 1 to 1996 SIFMA Master Repurchase Agreement, dated as of June 26, 2020, between CHS Inc., as seller, and MUFG Bank Ltd., as buyer. (Incorporated by reference to our Form 10-K for the year ended August 31, 2020, filed November 5, 2020).

 10.31
 1996 SIFMA Master Repurchase Agreement, dated as of September 4, 2018, between CHS Capital, LLC and the buyer under the Framework Agreement, including Annex I thereto (and as amended thereby). (Incorporated by reference to our Form 10-K for the year ended August 31, 2018, filed December 3, 2018).

 10.31A
 Amendment No. 1 to 1996 SIFMA Master Repurchase Agreement, dated as of June 26, 2020, between CHS Capital, LLC, as seller, CHS Inc., as guarantor, and MUFG Bank Ltd., as buyer. (Incorporated by reference to our Form 10-K for the year ended August 31, 2020, filed November 5, 2020).

 10.32
 Guaranty, dated as of September 4, 2018, by CHS Inc. in favor of the buyer under the Framework Agreement. (Incorporated by reference to our Form 10-K for the year ended August 31, 2018, filed December 3, 2018).

 10.33
 Letter Agreement, dated January 7, 2020, between CHS Inc. and Olivia Nelligan. (Incorporated by reference to our Current Report on Form 8-K, filed January 21, 2020). (+)

 10.34
 Letter Agreement, dated January 1, 2021, between CHS Inc. and Brandon Smith. (Incorporated by reference to our Form 10-K for the year ended August 31, 2022, filed November 2, 2022). (+)

 19.1
 Insider Trading Policy. (Incorporated by reference to our Form 10-K for the year ended August 31, 2023, filed November 8, 2023).

 21.1
 Subsidiaries of the Registrant. (*)

 23.1
 Consent of Independent Registered Public Accounting Firm. (*)

 24.1
 Power of Attorney. (*)

 31.1
 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (*)

 31.2
 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (*)

 32.1
 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (*)

 32.2
 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (*)

 97.1
 CHS Inc. Incentive Compensation Recovery Policy. (Incorporated by reference to our Form 10-K for the year ended August 31, 2024, filed November 6, 2024).

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 (*) Filed herewith.

 (**) Portions of Exhibits 2.1 and 10.17 have been omitted pursuant to a confidential treatment order under the Exchange Act.

 (^) Portions of this exhibit have been redacted pursuant to Item 601(b)(10) of Regulation S-K.

 (+) Indicates management contract or compensatory plan or arrangement.

 (b) EXHIBITS

 The exhibits shown in Item 15(a)(3) of this Annual Report on Form 10-K are being filed herewith.

 (c) SCHEDULES

 None.

 ITEM 16. FORM 10-K SUMMARY

 None.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 5, 2025.

 CHS INC.

 By:
 /s/ Jay D. Debertin

 Jay D. Debertin

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on November 5, 2025:
 Signature
 Title

 /s/ Jay D. Debertin
(principal executive officer)

 Jay D. Debertin

 /s/ Olivia Nelligan
 Executive Vice President, Chief Financial Officer and Chief Strategy Officer (principal financial officer)

 /s/ Daniel Lehmann
 Senior Vice President Finance, Corporate Controller
and Chief Accounting Officer
(principal accounting officer)

 Daniel Lehmann

 *
 Chair of the Board of Directors

 *

 *

 *

 *

 Scott A. Cordes

 *

 Christopher Edgington

 *

 *

 *

 *

 Tracy G. Jones

 *

 David R. Kayser

 *

 Russell A. Kehl

 *

 *

 *

 *

 *

 *By
 /s/ Jay D. Debertin

 Jay D. Debertin
 Attorney-in-fact

 Report of Independent Registered Public Accounting Firm

 To the Board of Directors and Shareholders of CHS Inc.

 Opinion on the Financial Statements

 We have audited the accompanying consolidated balance sheets of CHS Inc. and its subsidiaries (the "Company") as of August 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income, of changes in equities and of cash flows for each of the three years in the period ended August 31, 2025, including the related notes and schedule of valuation and qualifying accounts and reserves for each of the three years in the period ended August 31, 2025, appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of August 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended August 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

 Basis for Opinion

 These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matters

 The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

 Valuation of Grain and Oilseed Inventories and Grain and Oilseed Forward Commodity Purchase and Sales Contracts

 As described in Notes 4, 15, and 16 to the consolidated financial statements, the Company's grain and oilseed inventories were $957.9 million as of August 31, 2025, and commodity derivatives in an asset and liability position were $130.5 million and $166.1 million, respectively, as of August 31, 2025, of which grain and oilseed make up the majority of forward commodity purchase and sales contracts. Management enters into various derivative instruments to manage the Company's exposure to movements primarily associated with agricultural and energy commodity prices. The net realizable value of grain and oilseed inventories and fair value of grain and oilseed forward commodity purchase and sales contracts are determined using inputs that are generally based on exchange traded prices and/or recent market bids and offers, including location-specific adjustments. Location-specific inputs are driven by local market supply and demand and are generally based on broker or dealer quotations or market transactions in either listed or over-the-counter markets.

 The principal considerations for our determination that performing procedures relating to the valuation of grain and oilseed inventories and grain and oilseed forward commodity purchase and sales contracts is a critical audit matter are (i) the significant judgment by management to determine the net realizable value of grain and oilseed inventories and the fair value of grain and oilseed forward commodity purchase and sales contracts and (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management's inputs related to exchange traded prices and/or recent market bids and offers, including location-specific adjustments.

 Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing management's process for determining the net realizable value of grain and oilseed inventories and the fair value of grain and oilseed forward commodity purchase and sales contracts; (ii) evaluating the appropriateness of the valuation models; (iii) testing the accuracy of the underlying data used in the valuations; and (iv) evaluating the reasonableness of inputs used by management related to the exchange traded prices and/or recent market bids and offers, including location-specific adjustments. Evaluating management's inputs related to the exchange traded prices and/or recent market bids and offers, including location-specific adjustments involved (i) comparing the exchange traded prices and/or recent market bids and location-specific inputs to third-party information; and (ii) comparing the location-specific adjustments to broker or dealer quotations or market transactions in either listed or over-the-counter markets.

 /s/ PricewaterhouseCoopers LLP
 Minneapolis, Minnesota
 November 5, 2025

 We have served as the Company's auditor since 1998.

 CONSOLIDATED BALANCE SHEETS

 August 31,

 2025
 2024

 ASSETS

 Current assets:

 $
 327,826
 $
 794,865

 Receivables
 3,686,585
 3,549,917

 Inventories
 3,270,350
 3,067,415

 Other current assets
 801,590
 1,296,586

 Total current assets
 8,086,351
 8,708,783

 Investments
 3,846,062
 3,780,967

 Property, plant and equipment
 5,501,294
 5,177,355

 Other assets
 1,430,142
 1,047,970

 Total assets
 $
 18,863,849
 $
 18,715,075

 LIABILITIES AND EQUITIES

 Current liabilities:

 Notes payable
 $
 1,152,457
 $
 306,831

 Current portion of long-term debt
 90,447
 337,266

 Accounts payable
 2,717,648
 2,697,290

 Accrued expenses
 695,965
 783,945

 Other current liabilities
 625,969
 1,275,482

 Total current liabilities
 5,282,486
 5,400,814

 Long-term debt
 1,745,386
 1,824,194

 Other liabilities
 755,803
 728,143

 Commitments and contingencies (Note 17)

 Equities:

 Preferred stock

 Equity certificates
 6,103,605
 5,982,369

 Accumulated other comprehensive loss
 ( 306,372)
 ( 296,542)

 Capital reserves
 3,015,424
 2,805,526

 Total CHS Inc. equities
 11,076,695
 10,755,391

 Noncontrolling interests
 3,479
 6,533

 Total equities
 11,080,174
 10,761,924

 Total liabilities and equities
 $
 18,863,849
 $
 18,715,075

 The accompanying notes are an integral part of the consolidated financial statements.

 CONSOLIDATED STATEMENTS OF OPERATIONS

 2025
 2024
 2023

 Revenues
 $
 $
 $

 34,325,794
 37,509,902
 43,213,739

 1,136,814
 1,751,327
 2,376,265

 1,046,059
 1,166,969
 1,032,765

 Operating earnings
 90,755
 584,358
 1,343,500

 146,079
 104,064
 137,442

 ( 100,431)
 ( 137,630)
 ( 112,131)

 Equity income from investments
 ( 569,665)
 ( 479,863)
 ( 689,590)

 614,772
 1,097,787
 2,007,779

 Income tax expense (benefit)
 16,777
 ( 4,872)
 107,655

 1,900,124

 Net income (loss) attributable to noncontrolling interests
 ( 314)

 Net income attributable to CHS Inc.
 $
 597,917
 $
 1,102,319
 $
 1,900,438

 The accompanying notes are an integral part of the consolidated financial statements.

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 2025
 2024
 2023

 $
 $
 $
 1,900,124

 Other comprehensive (loss) income, net of tax:

 Pension and other postretirement benefits

 ( 3,605)
 ( 22,048)
 ( 5,285)

 Cash flow hedges

 ( 255)
 ( 6,811)

 Foreign currency translation adjustment

 ( 7,211)
 ( 8,844)
 2,036

 Other comprehensive loss, net of tax
 ( 9,830)
 ( 31,147)
 ( 10,060)

 Comprehensive income
 588,165
 1,071,512
 1,890,064

 Comprehensive income (loss) attributable to noncontrolling interests
 ( 314)

 Comprehensive income attributable to CHS Inc.
 $
 588,087
 $
 1,071,172
 $
 1,890,378

 The accompanying notes are an integral part of the consolidated financial statements.

 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITIES

 Years Ended August 31, 2025, 2024 and 2023

 Equity Certificates

 Accumulated
Other
Comprehensive
Loss

 Capital
Equity
Certificates
 Nonpatronage
Equity
Certificates
 Nonqualified Equity Certificates
 Preferred
Stock
 Capital
Reserves
 Noncontrolling
Interests
 Total
Equities

 Balances, August 31, 2022

 $
 3,587,131
 $
 27,933
 $
 1,776,172
 $
 $
 ( 255,335)
 $
 2,055,682
 $
 5,645
 $
 9,461,266

 Reversal of prior year patronage and redemption estimates
 ( 8,803)
 —
 ( 153,858)
 —
 —
 1,162,661
 —
 1,000,000

 Distribution of 2022 patronage refunds

 516,415
 —
 154,548
 —
 —
 ( 1,174,020)
 —
 ( 503,057)

 Redemptions of equities
 ( 482,662)
 ( 331)
 ( 12,797)
 —
 —
 —
 —
 ( 495,790)

 Preferred stock dividends
 —
 —
 —
 —
 —
 —

 ( 1,821)
 ( 44)
 ( 518)
 —
 —
 1,677
 ( 720)
 ( 1,426)

 Net income (loss)
 —
 —
 —
 —
 —
 1,900,438
 ( 314)
 1,900,124

 Other comprehensive loss, net of tax
 —
 —
 —
 —
 ( 10,060)
 —
 —
 ( 10,060)

 Estimated 2023 patronage refunds

 706,125
 —
 169,159
 —
 —
 ( 1,240,284)
 —
 ( 365,000)

 Estimated 2023 equity redemptions

 ( 365,000)
 —
 —
 —
 —
 —
 —
 ( 365,000)

 Balances, August 31, 2023

 3,951,385
 27,558
 1,932,706
 ( 265,395)
 2,537,486
 4,611
 10,452,389

 Reversal of prior year patronage and redemption estimates
 ( 341,125)
 —
 ( 169,159)
 —
 —
 1,240,284
 —
 730,000

 Distribution of 2023 patronage refunds

 708,106
 —
 169,232
 —
 —
 ( 1,243,350)
 —
 ( 366,012)

 Redemptions of equities
 ( 342,298)
 ( 288)
 ( 13,339)
 —
 —
 —
 —
 ( 355,925)

 Preferred stock dividends
 —
 —
 —
 —
 —
 —

 ( 9)
 ( 106)
 —
 —
 ( 2,852)
 1,582
 ( 1,372)

 —
 —
 —
 —
 —
 1,102,319

 Other comprehensive loss, net of tax
 —
 —
 —
 —
 ( 31,147)
 —
 —
 ( 31,147)

 Estimated 2024 patronage refunds

 77,262
 —
 282,431
 —
 —
 ( 659,693)
 —
 ( 300,000)

 Estimated 2024 equity redemptions

 ( 300,000)
 —
 —
 —
 —
 —
 —
 ( 300,000)

 Balances, August 31, 2024

 3,753,343
 27,261
 2,201,765
 ( 296,542)
 2,805,526
 6,533
 10,761,924

 Reversal of prior year patronage and redemption estimates
 222,738
 —
 ( 282,431)
 —
 —
 659,693
 —
 600,000

 Distribution of 2024 patronage refunds

 76,004
 —
 284,164
 —
 —
 ( 660,526)
 —
 ( 300,358)

 Redemptions of equities
 ( 273,679)
 ( 311)
 ( 13,693)
 —
 —
 —
 —
 ( 287,683)

 Preferred stock dividends
 —
 —
 —
 —
 —
 —

 ( 379)
 ( 62)
 ( 249)
 —
 —
 10,616
 ( 3,132)
 6,794

 —
 —
 —
 —
 —
 597,917

 Other comprehensive loss, net of tax
 —
 —
 —
 —
 ( 9,830)
 —
 —
 ( 9,830)

 Estimated 2025 patronage refunds

 55,033
 —
 144,101
 —
 —
 ( 229,134)
 —
 ( 30,000)

 Estimated 2025 equity redemptions

 ( 90,000)
 —
 —
 —
 —
 —
 —
 ( 90,000)

 Balances, August 31, 2025

 $
 3,743,060
 $
 26,888
 $
 2,333,657
 $
 $
 ( 306,372)
 $
 3,015,424
 $
 3,479
 $
 11,080,174

 The accompanying notes are an integral part of the consolidated financial statements.

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 2025
 2024
 2023

 Cash flows from operating activities:

 $
 $
 $
 1,900,124

 Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 Depreciation and amortization, including amortization of deferred major maintenance
 651,426
 569,891
 539,521

 Equity income from investments, net of distributions received
 ( 60,961)
 64,332
 ( 81,272)

 Provision for current expected credit losses
 6,136
 5,631
 ( 15,624)

 Deferred taxes
 ( 38,744)
 ( 109,846)
 ( 6,429)

 ( 55,668)
 ( 35,427)
 ( 44,246)

 Changes in operating assets and liabilities, net of acquisitions:

 Receivables
 6,999
 ( 335,974)
 645,781

 Inventories
 ( 53,184)
 147,764
 437,692

 Accounts payable and accrued expenses
 ( 276,114)
 ( 213,788)
 ( 127,399)

 ( 142,098)
 77,638
 36,034

 Net cash provided by operating activities
 635,787
 1,272,880
 3,284,182

 Cash flows from investing activities:

 Acquisition of property, plant and equipment
 ( 728,575)
 ( 808,763)
 ( 564,522)

 Proceeds from disposition of property, plant and equipment
 34,438
 15,819
 29,645

 Expenditures for major maintenance
 ( 271,380)
 ( 22,748)
 ( 217,413)

 Proceeds from sale and maturity of investments
 513,305
 —
 —

 Purchases of investments
 —
 ( 500,179)
 —

 Changes in CHS Capital notes receivable, net
 ( 169,072)
 ( 100,184)
 ( 203,843)

 Business acquisitions, net of cash acquired
 ( 237,174)
 —
 —

 Other investing activities, net
 ( 22,137)
 ( 15,533)
 5,942

 Net cash used in investing activities
 ( 880,595)
 ( 1,431,588)
 ( 950,191)

 Cash flows from financing activities:

 Proceeds from notes payable and long-term debt
 19,038,369
 3,842,339
 7,183,395

 Payments on notes payable, long-term debt and finance lease obligations
 ( 18,512,827)
 ( 3,768,121)
 ( 7,385,813)

 Preferred stock dividends paid

 Redemptions of equities
 ( 287,683)
 ( 355,925)
 ( 495,790)

 Cash patronage dividends paid
 ( 300,358)
 ( 366,012)
 ( 503,057)

 Other financing activities, net
 2,134
 ( 25,535)

 Net cash used in financing activities
 ( 230,567)
 ( 814,253)
 ( 1,395,468)

 Effect of exchange rate changes on cash and cash equivalents
 2,236
 2,590

 (Decrease) increase in cash and cash equivalents and restricted cash
 ( 474,602)
 ( 970,725)
 941,113

 Cash and cash equivalents and restricted cash at beginning of period
 873,862
 1,844,587
 903,474

 Cash and cash equivalents and restricted cash at end of period
 $
 399,260
 $
 873,862
 $
 1,844,587

 Supplemental cash flow information:

 Cash paid for interest
 $
 147,583
 $
 100,542
 $
 139,424

 Cash paid for income taxes, net of refunds
 77,070
 129,065
 184,444

 Other significant noncash investing and financing transactions:

 Capital expenditures and major maintenance incurred but not yet paid
 $
 64,403
 $
 54,807
 $
 66,492

 Finance lease obligations incurred
 13,881
 8,772
 16,505

 Accrual of patronage dividends and equity redemptions
 120,000
 600,000
 730,000

 The accompanying notes are an integral part of the consolidated financial statements.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 Note 1 Organization, Basis of Presentation and Significant Accounting Policies

 Organization

 CHS Inc. (referred to herein as "CHS," "company," "we," "us" or "our") is the nation's leading integrated agricultural cooperative. As a cooperative, CHS is owned by farmers and ranchers and member cooperatives ("members") across the United States. We also have preferred shareholders who own shares of our five series of preferred stock, all of which are listed and traded on the Global Select Market of The Nasdaq Stock Market LLC ("Nasdaq"). See Note 12, Equities, for more detailed information.

 We buy commodities from and provide products and services to individual agricultural producers, local cooperatives and other companies (including member and other nonmember customers), both domestically and internationally. Those products and services include initial agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products, as well as agricultural outputs that include grains and oilseeds, processed grains and oilseeds, renewable fuels and food products. A portion of our operations are conducted through equity investments and joint ventures whose operating results are not fully consolidated with our results; rather, a proportionate share of the income or loss from those entities is included as a component in our net income under the equity method of accounting.

 Basis of Presentation

 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of CHS, all our subsidiaries and limited liability companies in which we have control. The effects of all significant intercompany transactions have been eliminated.

 The notes to our consolidated financial statements refer to our Energy, Ag, and Nitrogen Production reportable segments, as well as our Corporate and Other category, which represents an aggregation of individually immaterial operating segments and other business activities. The Nitrogen Production reportable segment consists of our investment in CF Industries Nitrogen, LLC ("CF Nitrogen"), and allocated expenses. See Note 14, Segment Reporting, for more information.

 Use of Estimates

 Preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis.

 Significant Accounting Policies

 Significant accounting policies are summarized below or within the related notes to our consolidated financial statements.

 Cash and Cash Equivalents and Restricted Cash

 Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of acquisition. The carrying value of cash and cash equivalents approximates the fair value due to the short-term nature of the instruments.

 Restricted cash is included in our Consolidated Balance Sheets within other current assets and primarily relates to customer deposits for futures and option contracts associated with regulated commodities held in separate accounts as required under federal and other regulations. Pursuant to the requirements of the Commodity Exchange Act, such funds must be carried in separate accounts that are designated as segregated customer accounts, as applicable. Restricted cash also includes funds held in escrow pursuant to applicable regulations limiting their use.

 The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported within our Consolidated Balance Sheets that aggregates to the amount presented in our Consolidated Statements of Cash Flows.
 August 31,

 2025
 2024
 2023

 $
 327,826
 $
 794,865
 $
 1,765,286

 Restricted cash included in other current assets
 71,434
 78,997
 79,301

 Total cash and cash equivalents and restricted cash
 $
 399,260
 $
 873,862
 $
 1,844,587

 Recent Accounting Pronouncements

 Adopted

 In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosures required for operating segments in our annual and interim consolidated financial statements. This ASU was effective for our annual period ended on August 31, 2025, and has been applied retrospectively to all periods presented. The adoption of this guidance did not have a material impact on our financial statements, although it did result in expanded reportable segment disclosures, which are included in Note 14, Segment Reporting.

 Not Yet Adopted

 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides additional transparency for income tax disclosures. This ASU is effective for our annual reporting for fiscal 2026 on a prospective basis. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements.

 In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which requires additional disclosure about certain costs and expenses in the notes to financial statements. This ASU is effective for our annual reporting for fiscal 2028 on either a prospective or retrospective basis and for interim reporting periods beginning in fiscal 2029. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements.

 In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This ASU amends the criteria for recognizing and capitalizing costs related to internal-use software by replacing the previous project stage model with a principles-based framework. Under this ASU, costs are capitalized when management has authorized and committed to funding a software project, and it is probable that the project will be completed and the software used as intended. This ASU is effective for our annual reporting for fiscal 2029 on either a prospective, retrospective or modified prospective transition method. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements.

 Note 2 Revenues

 We provide a wide variety of products and services, from agricultural inputs such as fuels, farm supplies and agronomy products, to agricultural outputs that include grain and oilseed, processed grains and oilseeds and food products, and renewable fuels production and marketing. We primarily conduct our operations and derive revenues within our Energy and Ag segments. Our Energy segment derives its revenues through refining, wholesaling and retailing of petroleum products. Our Ag segment derives its revenues through origination and marketing of grain, including service activities conducted at export terminals; through wholesale agronomy sales of crop nutrient and crop protection products; from sales of soybean meal, refined soy oil and soyflour products; through production and marketing of renewable fuels; and through retail sales of petroleum and agronomy products, processed sunflowers, and feed and farm supplies. Corporate and Other primarily consists of our financing and hedging businesses.

 Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which generally occurs when control of the goods has transferred to the customer in accordance with the underlying contract. For the majority of our contracts with customers, control transfers to customers at a point in time when goods and/or services have been delivered, as that is generally when legal title, physical possession and risks and rewards of ownership of the goods and/or services transfer to the customer. In limited arrangements, control transfers over time as the customer simultaneously

 receives and consumes the benefits of the service as we complete our performance obligation(s). Revenue is recognized as the transaction price we expect to be entitled to in exchange for transferring goods or services to a customer, excluding amounts collected on behalf of third parties. For physically settled derivative sales contracts that are outside the scope of the revenue guidance, we recognize revenue when control of the inventory is transferred. Revenues arising from our financing business are recognized in accordance with Accounting Standards Codification ("ASC") Topic 470, Debt ("ASC Topic 470") and fall outside the scope of ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606").

 Shipping and Handling Costs

 Shipping and handling amounts billed to a customer as part of a sales transaction under ASC Topic 606 are included in revenues, and the related costs are included in cost of goods sold. Shipping and handling is treated as a fulfillment activity, rather than a promised service, and therefore is not considered a separate performance obligation.

 Taxes Collected from Customers and Remitted to Governmental Authorities

 Revenues are recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant governmental authority.

 Contract Costs

 Commissions related to contracts with a duration of less than one year are expensed as incurred. We recognize incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets we otherwise would have recognized is one year or less.

 Disaggregation of Revenues

 The following table presents revenues recognized under ASC Topic 606, disaggregated by business, as well as the amount of revenues recognized under ASC Topic 815, Derivatives and Hedging ("ASC Topic 815"), and other applicable accounting guidance for the years ended August 31, 2025, 2024 and 2023. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 470 and ASC Topic 842, Leases ("ASC Topic 842"), that fall outside the scope of ASC Topic 606.
 Year ended August 31, 2025

 ASC Topic 606
 ASC Topic 815
 Other Guidance
 Total Revenues

 $
 6,928,880
 $
 706,153
 $
 —
 $
 7,635,033

 Ag
 8,600,680
 19,137,316
 10,485
 27,748,481

 Corporate and Other
 22,137
 —
 56,957
 79,094

 Total revenues
 $
 15,551,697
 $
 19,843,469
 $
 67,442
 $

 Year ended August 31, 2024

 ASC Topic 606
 ASC Topic 815
 Other Guidance
 Total Revenues

 $
 7,882,666
 $
 883,829
 $
 —
 $
 8,766,495

 Ag
 8,833,872
 21,571,954
 11,033
 30,416,859

 Corporate and Other
 24,649
 —
 53,226
 77,875

 Total revenues
 $
 16,741,187
 $
 22,455,783
 $
 64,259
 $

 Year ended August 31, 2023

 ASC Topic 606
 ASC Topic 815
 Other Guidance
 Total Revenues

 $
 8,996,149
 $
 1,100,764
 $
 —
 $
 10,096,913

 Ag
 9,808,664
 25,606,485
 10,055
 35,425,204

 Corporate and Other
 26,001
 —
 41,886
 67,887

 Total revenues
 $
 18,830,814
 $
 26,707,249
 $
 51,941
 $

 Less than 1% of revenues accounted for under ASC Topic 606 included within the table above are recorded over time and relate primarily to service contracts.

 Contract Assets and Contract Liabilities

 Contract assets relate to unbilled amounts arising from goods that have already been transferred to the customer where the right to payment is not conditional on the passage of time. This results in recognition of an asset, as the amount of revenue recognized at a certain point in time exceeds the amount billed to customers. Contract assets are recorded in receivables within our Consolidated Balance Sheets and were $ 11.8 million and $ 34.7 million as of August 31, 2025 and 2024, respectively.

 Contract liabilities relate to advance payments received from customers for goods and services that we have yet to provide. Contract liabilities of $ 179.6 million and $ 248.8 million as of August 31, 2025 and 2024, respectively, are recorded within other current liabilities on our Consolidated Balance Sheets, and are recognized as revenues within the next respective fiscal year.

 Note 3 Receivables

 Receivables as of August 31, 2025 and 2024, are as follows:
 2025
 2024

 Trade accounts receivable
 $
 2,122,697
 $
 2,232,203

 CHS Capital short-term notes receivable
 1,053,413
 944,861

 Other
 592,187
 452,662

 Gross receivables
 3,768,297
 3,629,726

 Less allowances and reserves
 81,712
 79,809

 Total receivables
 $
 3,686,585
 $
 3,549,917

 Trade Accounts Receivable

 Trade accounts receivable are recorded at net realizable value, which includes an allowance for expected credit losses in accordance with ASC Topic 326, Financial Instruments - Credit Losses ("ASC Topic 326"). The allowance for expected credit losses is based on our best estimate of expected credit losses in existing receivable balances and is determined using historical write-off experience, adjusted for various industry and regional data and current expectations of future credit losses. We have material receivables from related parties that are disclosed in Note 18, Related Party Transactions. No third-party customer accounted for more than 10% of the total receivables balance as of August 31, 2025 or 2024.

 CHS Capital Notes Receivable

 Notes Receivable

 CHS Capital, LLC ("CHS Capital"), our wholly-owned subsidiary, has short-term notes receivable from commercial and producer borrowers. The short-term notes receivable have maturity terms of 12 months or less and are reported at their outstanding unpaid principal balances, less an allowance for expected credit losses, as CHS Capital has the intent and ability to hold the applicable loans for the foreseeable future or until maturity or payoff. The carrying value of CHS Capital short-term notes receivable approximates fair value given the notes' short-term duration and use of market pricing adjusted for risk.

 Notes receivable from commercial borrowers are collateralized by various combinations of mortgages, personal property, accounts and notes receivable, inventories and assignments of certain regional cooperatives' capital stock. These loans are primarily originated in the states of Illinois, Minnesota, North Dakota, and Montana. CHS Capital also has loans receivable from producer borrowers that are collateralized by various combinations of growing crops, livestock, inventories, accounts receivable, personal property and supplemental mortgages and are primarily originated in the same states as the commercial notes, as well as South Dakota.

 In addition to the short-term balances included in the table above, CHS Capital had long-term notes receivable, with durations of generally not more than 10 years, totaling $ 123.8 million and $ 74.6 million as of August 31, 2025 and 2024, respectively. The long-term notes receivable are included in other assets on our Consolidated Balance Sheets. As of August 31,

 2025 and 2024, commercial notes represented 24 % and 18 %, respectively, and producer notes represented 76 % and 82 %, respectively, of total CHS Capital notes receivable.

 CHS Capital has commitments to extend credit to customers if there are no violations of any contractually established conditions. As of August 31, 2025, CHS Capital customers had additional available credit of $ 1.1 billion.

 Allowance for Loan Losses

 CHS Capital maintains an allowance for loan losses that is an estimate of current expected losses inherent in the loans receivable portfolio. In accordance with ASC Topic 326, the allowance for loan losses is based on our current expectation for future losses, which takes into consideration historical loss experience, third-party industry forecasts, as well as other quantitative and qualitative factors addressing operational risks and industry trends. Additions to the allowance for loan losses are reflected within marketing, general and administrative expenses in the Consolidated Statements of Operations. The portion of loans receivable deemed uncollectible is charged off against the allowance for loan losses. Recoveries of previously charged off amounts increase the allowance for loan losses. No significant amounts of CHS Capital notes were past due as of August 31, 2025 or 2024, and the allowance for loan losses related to CHS Capital notes were not material as of either date.

 Interest Income

 Interest income is recognized on the accrual basis using a method that computes simple interest on a daily basis. Accrual of interest on commercial loans receivable is discontinued at the time the receivable is 90 days past due unless the loan is well-collateralized and in process of collection. Past due status is based on contractual terms of the loan. Producer loans receivable are placed in nonaccrual status based on estimates and analysis due to the annual debt service terms inherent to CHS Capital producer loans. In all cases, loans are placed in nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful.

 Troubled Debt Restructurings

 Restructuring of a loan constitutes a troubled debt restructuring, or restructured loan, if the creditor, for economic reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would otherwise not consider. Concessions vary by program and borrower. Concessions may include interest rate reductions, term extensions, payment deferrals or acceptance of additional collateral in lieu of payments. In limited circumstances, principal may be forgiven. When a restructured loan constitutes a troubled debt restructuring, CHS includes these loans within its impaired loans. CHS Capital had no significant troubled debt restructurings during the years ended August 31, 2025, 2024 and 2023, and no third-party borrowers that accounted for more than 10% of the total CHS Capital notes receivable or total receivables as of August 31, 2025 or 2024.

 Loan Participations

 For the years ended August 31, 2025 and 2024, CHS Capital sold $ 48.8 million and $ 47.9 million of notes receivable, respectively, to various counterparties under a master participation agreement. The sales resulted in removal of notes receivable from the Consolidated Balance Sheets. CHS Capital has no retained interests in the transferred notes receivable, other than collection and administrative services. Proceeds from sales of notes receivable have been included in investing activities in the Consolidated Statements of Cash Flows. Fees received related to servicing notes receivable are recorded in other income in the Consolidated Statements of Operations. We consider the fees received adequate compensation for services rendered and, accordingly, have recorded no servicing asset or liability.

 Other Receivables

 Other receivables are comprised of certain other amounts recorded in the normal course of business, including receivables related to vendor rebates, value-added taxes, certain financing receivables and pre-crop financing, primarily to Brazilian farmers, to finance a portion of supplier production costs. We receive volume-based rebates from certain vendors during the year. These vendor rebates are accounted for in accordance with ASC 705, Cost of Sales and Services, based on the terms of the volume rebate program. For rebates that meet the definition of a binding arrangement and are both probable and estimable, we estimate the amount of the rebate we will receive and accrue it as a reduction of the cost of inventory and cost of goods sold over the period in which the rebate is earned. For pre-crop financing arrangements, we do not bear costs or operational risks associated with the related growing crops, although our ability to be paid depends on the crops being produced. The financing is collateralized by future crops, land and physical assets of the farmers, carries a local market interest rate and settles when the farmer's crop is harvested and sold. No significant troubled debt restructurings occurred during the

 years ended August 31, 2025, 2024 and 2023, and no third-party customer or borrower accounted for more than 10% of the total receivables balance as of August 31, 2025 or 2024.

 Note 4 Inventories

 Inventories as of August 31, 2025 and 2024, are as follows:
 2025
 2024

 Grain and oilseed
 $
 957,894
 $
 888,768

 694,655
 720,636

 Agronomy
 1,202,326
 1,126,916

 Processed grain and oilseed
 134,498
 124,686

 Other
 280,977
 206,409

 Total inventories
 $
 3,270,350
 $
 3,067,415

 Grain, processed grain, oilseed, processed oilseed and other minimally processed soy-based inventories are accounted for in accordance with ASC Topic 330, Inventory, and are stated at net realizable value. These inventories are agricultural commodity inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. The net realizable value of agricultural commodity inventories is determined using inputs that are generally based on exchange traded prices and/or recent market bids and offers, including location-specific adjustments. Location-specific inputs are driven by local market supply and demand and are generally based on broker or dealer quotations or market transactions in either listed or over-the-counter ("OTC") markets. Changes in the net realizable value of agricultural commodity inventories are recognized in earnings as a component of cost of goods sold.

 All other inventories are stated at the lower of cost or net realizable value. Costs for inventories produced or modified by us through a manufacturing process include fixed and variable production and raw material costs, and inbound freight costs for raw materials. Costs for inventories purchased for resale include the cost of products and freight incurred to place the products at our points of sale. The costs of certain energy inventories (wholesale refined products, crude oil and asphalt) are determined on the last-in, first-out ("LIFO") method; all other inventories of nongrain products purchased for resale are valued on the first-in, first-out ("FIFO") and average cost methods.

 As of both August 31, 2025 and 2024, we valued approximately 18 % of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the LIFO method, or net realizable value. If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $ 361.1 million and $ 456.3 million as of August 31, 2025 and 2024, respectively. There were no liquidations of LIFO inventories during fiscal 2025 or fiscal 2024.

 Note 5 Other Current Assets

 Other current assets as of August 31, 2025 and 2024, are as follows:
 2025
 2024

 Short-term investments
 $
 —
 $
 500,921

 Derivative assets (Note 15)
 177,231
 177,111

 Margin and related deposits
 183,817
 176,821

 Prepaid expenses
 204,826
 202,392

 Supplier advance payments
 104,866
 133,678

 Restricted cash (Note 1)
 71,434
 78,997

 Other
 59,416
 26,666

 Total other current assets
 $
 801,590
 $
 1,296,586

 Short-Term Investments

 Our short-term investments balance was comprised of time deposits with a maturity of greater than 90 days and less than 12 months at the date of acquisition.

 Margin and Related Deposits

 Many of our derivative contracts with futures and options brokers require us to make margin deposits of cash or other assets. Subsequent margin deposits may also be necessary when changes in commodity prices result in a loss on the contract value to comply with applicable regulations. Our margin and related deposit assets are generally held in separate accounts to support the associated derivative contracts and may be used to fund or partially fund the settlement of those contracts as they expire. Similar to our derivative financial instruments, margin and related deposits are reported on a gross basis.

 Prepaid Expenses and Supplier Advance Payments

 Prepaid expenses and supplier advance payments are typically for periods less than 12 months and include amounts paid in advance for products and services. Supplier advance payments are primarily for grain purchases from suppliers and amounts paid to crop nutrient and crop protection product suppliers to lock in future supply, pricing and discounts.

 Note 6 Investments

 Investments as of August 31, 2025 and 2024, are as follows:
 2025
 2024

 Equity method investments:

 CF Industries Nitrogen, LLC
 $
 2,535,119
 $
 2,544,530

 Ventura Foods, LLC
 527,227
 511,231

 Ardent Mills, LLC
 237,052
 234,021

 Producer Ag, LLC
 46,507
 15,274

 Other equity method investments
 361,171
 338,139

 Other investments
 138,986
 137,772

 Total investments
 $
 3,846,062
 $
 3,780,967

 Joint ventures and other investments in which we have significant ownership and influence but not control are accounted for in our consolidated financial statements using the equity method of accounting. Our significant equity method investments consist of CF Nitrogen, Ventura Foods, LLC ("Ventura Foods"), Ardent Mills, LLC ("Ardent Mills"), and Producer Ag, LLC ("Producer Ag"), which are summarized below. In addition to the recognition of our share of income from our equity method investments, our equity method investments are evaluated for indicators of other-than-temporary impairment on an ongoing basis in accordance with U.S. GAAP. We had approximately $ 705.2 million of cumulative undistributed earnings from our equity method investees included in the investments balance as of August 31, 2025.

 All equity securities that do not result in consolidation and are not accounted for under the equity method are measured at fair value with changes therein reflected in net income. We have elected to use the measurement alternative for equity investments that do not have readily determinable fair values and measure these investments at cost less impairment plus or minus observable price changes in orderly transactions. Our share in the income or loss of our equity method investments is recorded within equity income from investments in the Consolidated Statements of Operations. Other investments consist primarily of investments in cooperatives without readily determinable fair values and are generally recorded at cost, unless an impairment or other observable market price change occurs requiring an adjustment. Investments in other cooperatives are recorded in a manner similar to equity investments without readily determinable fair values, plus patronage dividends received in the form of capital stock and other equities. Patronage dividends are recorded as a reduction to cost of goods sold at the time qualified written notices of allocation are received.

 CF Nitrogen

 We have a $ 2.5 billion investment in CF Nitrogen, a strategic venture with CF Industries Holdings, Inc. The investment consists of an approximate 8.38 % membership interest (based on product tons) in CF Nitrogen. At the time we entered into the strategic venture, we also entered into a supply agreement that entitles us to purchase up to 1.1 million tons of granular urea and 580,000 tons of urea ammonium nitrate ("UAN") annually from CF Nitrogen for ratable delivery through fiscal 2096. Our purchases under the supply agreement are based on prevailing market prices and we receive semiannual cash distributions (in January and July of each year) from CF Nitrogen via our membership interest. These distributions are based on actual volumes purchased from CF Nitrogen under the strategic venture and will have the effect of reducing our investment to zero over 80 years on a straight-line basis. We account for this investment using the hypothetical liquidation at book value method, recognizing our share of the earnings and losses of CF Nitrogen as equity income from investments in our Nitrogen Production segment based on our contractual claims on the entity's net assets pursuant to the liquidation provisions of the CF Nitrogen Limited Liability Company Agreement, adjusted for the semiannual cash distributions. Cash distributions received from CF Nitrogen for the years ended August 31, 2025, 2024 and 2023, were $ 304.4 million, $ 308.4 million and $ 458.9 million, respectively.

 The following tables provide aggregate summarized financial information for CF Nitrogen for balance sheets as of August 31, 2025 and 2024, and statements of operations for the 12 months ended August 31, 2025, 2024 and 2023:

 2025
 2024

 Current assets
 $
 618,239
 $
 604,466

 Noncurrent assets
 4,683,477
 4,929,772

 299,564
 244,867

 2,352
 1,935

 2025
 2024
 2023

 Net sales
 $
 3,872,415
 $
 3,588,649
 $
 5,070,489

 1,297,379
 1,232,346
 2,194,363

 Net earnings
 1,243,399
 1,186,890
 2,173,715

 Earnings attributable to CHS Inc.
 294,944
 275,531
 394,678

 Ventura Foods

 We have a 50 % interest in Ventura Foods, a joint venture with Mitsui & Co., Ltd., that produces and distributes edible oil-based products. We account for Ventura Foods as an equity method investment, and our share of the results of this equity method investment is included in Corporate and Other.

 The following tables provide aggregate summarized financial information for our equity method investment in Ventura Foods for balance sheets as of August 31, 2025 and 2024, and statements of operations for the 12 months ended August 31, 2025, 2024 and 2023:
 2025
 2024

 Current assets
 $
 778,057
 $
 792,468

 Noncurrent assets
 906,266
 886,673

 437,391
 426,281

 218,208
 256,126

 2025
 2024
 2023

 Net sales
 $
 3,172,205
 $
 3,172,061
 $
 3,552,194

 480,805
 468,028
 547,107

 Net earnings
 281,288
 216,042
 406,271

 Earnings attributable to CHS Inc.
 140,644
 108,021
 203,136

 Ardent Mills and Producer Ag

 We have a 12 % interest in Ardent Mills, which is a joint venture with Cargill, Incorporated ("Cargill"), and Conagra Brands, Inc., and is the largest flour miller in the United States. In addition, we have a noncontrolling interest of approximately 57 % in Producer Ag, a grain marketing joint venture with Mid-Kansas Cooperative ("MKC"). On October 10, 2025, we announced our mutual agreement with MKC to start the process of ending our joint venture in Producer Ag. We account for Ardent Mills and Producer Ag as equity method investments. Our share of the results of Ardent Mills is included in Corporate and Other and our share of the results of Producer Ag is included in our Ag segment.

 The following tables provide aggregate summarized financial information for our equity method investments in Ardent Mills and Producer Ag for balance sheets as of August 31, 2025 and 2024, and statements of operations for the 12 months ended August 31, 2025, 2024 and 2023:
 2025
 2024

 Current assets
 $
 1,603,603
 $
 1,691,684

 Noncurrent assets
 1,866,372
 1,873,003

 920,154
 1,004,793

 568,130
 576,582

 2025
 2024
 2023

 Net sales
 $
 4,907,214
 $
 5,069,558
 $
 5,052,575

 724,579
 652,933
 723,299

 Net earnings
 433,331
 366,272
 421,752

 Earnings attributable to CHS Inc.
 86,560
 59,867
 51,633

 Our investments in other equity method investees are not significant in relation to our consolidated financial statements, either individually or in the aggregate.

 Note 7 Property, Plant and Equipment

 Major classes of property, plant and equipment, including finance lease assets, are summarized in the table below as of August 31, 2025 and 2024.
 2025
 2024

 Land and land improvements
 $
 490,418
 $
 404,465

 Buildings
 1,505,368
 1,394,911

 Machinery and equipment
 8,750,348
 8,223,650

 Computer software, office equipment and other
 570,834
 548,368

 Construction in progress
 853,263
 859,039

 Gross property, plant and equipment
 12,170,231
 11,430,433

 Less accumulated depreciation and amortization
 6,668,937
 6,253,078

 Total property, plant and equipment
 $
 5,501,294
 $
 5,177,355

 Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on the straight-line method by charges to operations at rates based on the expected useful lives of individual or groups of assets (generally 15 to 20 years for land improvements; 20 to 40 years for buildings; five to 20 years for machinery and equipment; and three to 10 years for computer software, office equipment and other). Expenditures for maintenance and minor repairs and renewals are expensed. We also capitalize and amortize eligible costs to acquire or develop internal-use software that are incurred during the application development stage. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the related accounts and resulting gains or losses are reflected in operations.

 Depreciation expense, including amortization of finance lease assets, for the years ended August 31, 2025, 2024 and 2023, was $ 546.6 million, $ 474.8 million and $ 457.9 million, respectively. Included in the depreciation amount for the year ended August 31, 2025 is $ 21.4 million due to closure of our Superior, Wisconsin, grain facility and the shortening of its useful life.

 Property, plant and equipment and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable in accordance with U.S. GAAP. This evaluation of recoverability is based on various indicators, including the nature, future economic benefits and geographic locations of the assets, historical or future profitability measures and other external market conditions. If these indicators suggest the carrying amounts of an asset or asset group may not be recoverable, potential impairment is evaluated using undiscounted, estimated future cash flows. Should the sum of the expected future net cash flows be less than the carrying value, an impairment loss would be recognized. An impairment loss would be measured as the amount by which the carrying value of the asset or asset group exceeds its fair value. No significant impairments were identified during fiscal years 2025, 2024 or 2023.

 We have other assets we may be obligated to dismantle at the end of the corresponding lease terms subject to the lessor's discretion for which we have recorded an asset retirement obligation. Based on our estimates of the timing, cost and probability of removal, this obligation is not material.

 Note 8 Other Assets

 Other assets as of August 31, 2025 and 2024, are as follows:
 2025
 2024

 Goodwill
 $
 239,441
 $
 179,976

 Customer lists, trademarks and other intangible assets
 94,414
 42,105

 Notes receivable (Note 3)
 145,795
 94,325

 Long-term derivative assets (Note 15)
 1,984
 2,853

 Prepaid pension and other benefits (Note 13)
 60,085
 75,935

 Capitalized major maintenance
 400,267
 223,119

 Cash value life insurance
 165,922
 152,772

 Operating lease right of use assets (Note 19)
 238,718
 218,844

 Other
 83,516
 58,041

 Total other assets
 $
 1,430,142
 $
 1,047,970

 Goodwill

 Goodwill represents the excess of cost over the fair value of identifiable assets and liabilities acquired in a business combination. Goodwill is assessed for impairment on an annual basis in the fourth quarter, either by first assessing qualitative factors to determine whether a quantitative goodwill impairment test is necessary or by proceeding directly to the quantitative test. The quantitative test may be required more frequently if triggering events or other circumstances occur that could indicate impairment. Goodwill is assessed for impairment at the reporting unit level, which has been determined to be our operating segments or one level below our operating segments in certain instances.

 No goodwill has been allocated to our Nitrogen Production segment, which consists of a single investment accounted for under the equity method of accounting and allocated expenses.

 No goodwill impairments were identified as a result of our annual goodwill analyses performed during the fiscal years 2025, 2024 or 2023. Management will continue to monitor the results and projected cash flows for each of our businesses to assess whether any reserves or impairments may be necessary in the future.

 There were no changes in the net carrying amount of goodwill for the year ended August 31, 2024. Changes in the net carrying amount of goodwill for the year ended August 31, 2025, by segment, are as follows:

 Ag
 Corporate
and Other
 Total

 Balances, August 31, 2024
 $
 9,458
 $
 159,944
 $
 10,574
 $
 179,976

 Goodwill acquired during the period
 —
 59,465
 —
 59,465

 Balances, August 31, 2025
 $
 9,458
 $
 219,409
 $
 10,574
 $
 239,441

 Goodwill of $ 59.5 million, acquired during the second quarter of fiscal 2025, was related to our acquisition of West Central Ag Services ("WCAS"), see Note 20, Acquisitions, for additional information related to the acquisition.

 Other Intangible Assets
 Intangible assets subject to amortization primarily include customer lists, trademarks and noncompete agreements and are amortized over their respective useful lives (ranging from two to 30 years). We have no material intangible assets with indefinite useful lives. All long-lived assets, including other identifiable intangible assets, are also assessed for impairment in accordance with U.S. GAAP and evaluated for impairment whenever triggering events or other circumstances indicate the carrying amount of an asset group or reporting unit may not be recoverable. Information regarding intangible assets is as follows:
 August 31, 2025
 August 31, 2024

 Carrying Amount
 Accumulated Amortization
 Net
 Carrying Amount
 Accumulated Amortization
 Net

 Customer lists
 $
 130,389
 $
 ( 54,603)
 $
 75,786
 $
 86,389
 $
 ( 46,480)
 $
 39,909

 Trademarks and other intangible assets
 29,551
 ( 10,923)
 18,628
 11,051
 ( 8,855)
 2,196

 Total intangible assets
 $
 159,940
 $
 ( 65,526)
 $
 94,414
 $
 97,440
 $
 ( 55,335)
 $
 42,105

 Intangible assets of $ 62.5 million, acquired during the second quarter of fiscal 2025, were related to our acquisition of WCAS, see Note 20, Acquisitions, for additional information related to the acquisition.

 Intangible asset amortization expense for the years ended August 31, 2025, 2024 and 2023, was $ 10.1 million, $ 6.9 million and $ 6.7 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows:

 2026
 $
 9,993

 2027
 9,938

 2028
 9,821

 2029
 8,186

 2030
 7,169

 49,307

 Total
 $
 94,414

 Capitalized Major Maintenance

 Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2025, 2024 and 2023, is summarized below:
 Balance at
Beginning of Year
 Cost
Deferred
 Amortization
 Balance at
End of Year

 2025
 $
 223,119
 $
 271,857
 $
 ( 94,709)
 $
 400,267

 2024
 289,377
 21,909
 ( 88,167)
 223,119

 2023
 147,521
 216,762
 ( 74,906)
 289,377

 Within our Energy segment, major maintenance activities are regularly performed at our Laurel, Montana, and McPherson, Kansas, refineries. Major maintenance activities are planned, require shutdowns of refinery processing units and include replacement or overhaul of equipment that has experienced decreased efficiency in resource conversion. Because major maintenance activities are performed to extend the life, increase the capacity and/or improve the safety or efficiency of refinery processing assets, we follow the deferral method of accounting for major maintenance activities. Expenditures for major maintenance activities are capitalized (deferred) when incurred and amortized on a straight-line basis over a period of two to five years, which is the estimated time lapse between major maintenance activities. Should the estimated time between major maintenance activities change, we may be required to amortize the remaining cost of the major maintenance activities over a shorter period, which would result in higher depreciation and amortization costs. Amortization expense related to the capitalized major maintenance costs is included in cost of goods sold in our Consolidated Statements of Operations.

 Selection of the deferral method, as opposed to expensing major maintenance activity costs when incurred, results in deferring recognition of major maintenance activity expenditures. The deferral method also results in classification of related cash outflows as investing activities in our Consolidated Statements of Cash Flows, whereas expensing these costs as incurred would result in classifying the cash outflows as operating activities. Repair, maintenance and related labor costs not associated with major maintenance activities are expensed as incurred and are included in operating cash flows.

 Note 9 Notes Payable and Long-Term Debt

 Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with our debt covenants as of August 31, 2025.

 Notes Payable

 Notes payable as of August 31, 2025 and 2024 consisted of the following:
 Weighted-Average Interest Rate

 2025
 2024
 2025
 2024

 Notes payable
 4.97 %
 3.64 %
 $
 584,226
 $
 163,136

 CHS Capital notes payable
 4.79 %
 4.34 %
 568,231
 143,695

 Total notes payable
 $
 1,152,457
 $
 306,831

 Our primary line of credit is a five -year unsecured revolving credit facility with a syndicate of domestic and international banks. The credit facility provides a committed amount of $ 2.8 billion that expires on April 21, 2028. There were $ 180.0 million borrowings outstanding on this facility as of August 31, 2025 and no borrowings outstanding as of August 31, 2024. We also maintain certain uncommitted bilateral facilities to support our working capital needs.

 In addition to our facilities referenced above, our international subsidiaries have lines of credit with $ 329.5 million and $ 162.7 million outstanding as of August 31, 2025 and 2024, respectively.

 CHS Capital Notes Payable

 We have a receivables and loans securitization facility ("Securitization Facility") with certain unaffiliated financial institutions ("Purchasers"). Under the Securitization Facility, we and certain of our subsidiaries ("Originators") sell trade accounts and notes receivable ("Receivables") to Cofina Funding, LLC ("Cofina"), a wholly-owned, bankruptcy-remote, indirect subsidiary of CHS. Cofina in turn transfers the Receivables to the Purchasers, and this arrangement is accounted for as secured financing. We use the proceeds from the sale of Receivables under the Securitization Facility for general corporate purposes, and settlements are made on a monthly basis. The amount available under the Securitization Facility fluctuates over time based on the total amount of eligible Receivables generated during the normal course of business. The Securitization Facility consists of a committed portion with a maximum availability of $ 850.0 million and an uncommitted portion with a maximum availability of $ 250.0 million. As of August 31, 2025, total availability under the Securitization Facility was $ 802.6 million, of which $ 296.0 million amount was utilized. As of August 31, 2024, no amount was utilized.

 We also have a repurchase facility ("Repurchase Facility"). Under the Repurchase Facility, we can obtain repurchase agreement financing for certain eligible receivables and notes receivables of the Originators. As of August 31, 2025, maximum availability under the Repurchase Facility was $ 250.0 million of which $ 159.7 million was utilized. As of August 31, 2024, no amount was utilized.

 On August 27, 2025, we amended both the Securitization and Repurchase Facilities to extend the terms of the facilities to August 26, 2026.

 CHS Capital sells loan commitments it has originated to Compeer Financial, PCA, d/b/a ProPartners Financial on a recourse basis. The total commitments under the program were $ 100.0 million; however, no amounts were borrowed under these commitments as of August 31, 2025 and 2024, respectively.

 CHS Capital borrows funds under short-term notes issued as part of a surplus funds program. Borrowings under this program are unsecured and are due upon demand. Borrowings under these notes totaled $ 112.5 million and $ 143.7 million as of August 31, 2025 and 2024, respectively.

 Long-Term Debt

 We repaid approximately $ 331.6 million and $ 366.1 million, respectively, of long-term debt consisting of scheduled debt maturities and optional prepayments during the years ended August 31, 2025 and 2024. Amounts included in long-term debt on our Consolidated Balance Sheets as of August 31, 2025 and 2024, are presented in the table below:
 2025
 2024

 3.85 % unsecured notes $ 80 million face amount, due in fiscal 2025

 $
 —
 $
 80,000

 3.80 % unsecured notes $ 100 million face amount, due in fiscal 2025

 —

 4.58 % unsecured notes $ 150 million face amount, due in fiscal 2025

 —

 4.82 % unsecured notes $ 80 million face amount, due in fiscal 2026

 80,000
 80,000

 4.69 % unsecured notes $ 58 million face amount, due in fiscal 2027

 58,000
 58,000

 3.24 % unsecured notes $ 95 million face amount, due in fiscal 2028

 95,000
 95,000

 4.74 % unsecured notes $ 95 million face amount, due in fiscal 2028

 95,000
 95,000

 5.68 % unsecured notes $ 150 million face amount, due in fiscal 2030

 3.48 % unsecured notes $ 100 million face amount, due in fiscal 2031

 4.89 % unsecured notes $ 100 million face amount, due in fiscal 2031

 5.84 % unsecured notes $ 150 million face amount, due in fiscal 2032

 3.58 % unsecured notes $ 65 million face amount, due in fiscal 2033

 65,000
 65,000

 4.71 % unsecured notes $ 100 million face amount, due in fiscal 2033

 5.93 % unsecured notes $ 150 million face amount, due in fiscal 2034

 3.73 % unsecured notes $ 115 million face amount, due in fiscal 2036

 115,000
 115,000

 5.40 % unsecured notes $ 125 million face amount, due in fiscal 2036

 125,000
 125,000

 6.05 % unsecured notes $ 150 million face amount, due in fiscal 2037

 6.13 % unsecured notes $ 250 million face amount, due in fiscal 2039

 250,000
 250,000

 Private placement debt
 1,783,000
 2,113,000

 6.85 % unsecured term loan from cooperative and other banks, due in fiscal 2026 (a)

 —
 1,000

 Term loan
 —
 1,000

 Finance lease liabilities (Note 19)
 55,198
 49,511

 Deferred financing costs
 ( 3,894)
 ( 4,562)

 Other, including notes and contracts with interest rates from 3.9 % to 9.0 %

 1,529
 2,511

 Total long-term debt
 1,835,833
 2,161,460

 Less current portion
 90,447
 337,266

 Long-term portion
 $
 1,745,386
 $
 1,824,194

 (a) Borrowings are variable under the agreement and bear interest at a base rate plus an applicable margin.

 As of August 31, 2025 and 2024, the fair values of our long-term debt were estimated to be $ 1.8 billion and $ 2.1 billion, respectively, based on quoted market prices of similar debt (a Level 2 fair value measurement based on the classification hierarchy of ASC Topic 820, Fair Value Measurement).

 We have a $ 300.0 million revolving term loan facility (the "Facility") which can be paid down and readvanced in an amount up to the referenced $ 300.0 million until October 29, 2026. On October 29, 2026, the total funded loan balance outstanding reverts to a nonrevolving term loan that is payable on October 29, 2029. There was no balance outstanding under this Facility as of August 31, 2025 and $ 1.0 million as of August 31, 2024.

 Long-term debt outstanding as of August 31, 2025, has aggregate maturities, excluding finance leases (see Note 19, Leases, for a schedule of minimum future lease payments under finance leases), as follows:

 2026
 $
 80,778

 2027
 58,601

 2028
 190,150

 2029
 —

 2030

 1,305,000

 Total
 $
 1,784,529

 Interest expense for the years ended August 31, 2025, 2024 and 2023, was $ 146.1 million, $ 104.1 million and $ 137.4 million, respectively, net of capitalized interest of $ 32.2 million, $ 25.7 million and $ 14.0 million, respectively.

 Note 10 Other Current Liabilities

 Other current liabilities as of August 31, 2025 and 2024, are as follows:
 2025
 2024

 Customer margin deposits and credit balances
 $
 94,148
 $
 95,369

 Customer advance payments
 233,804
 337,045

 Derivative liabilities (Note 15)
 178,017
 243,068

 Dividends and equity payable (Note 12)
 120,000
 600,000

 Total other current liabilities
 $
 625,969
 $
 1,275,482

 Note 11 Income Taxes

 CHS is a nonexempt agricultural cooperative and files a consolidated federal income tax return within our tax return period. We are subject to tax on income from nonpatronage sources, nonqualified patronage distributions and undistributed patronage-sourced income. Income tax expense (benefit) is primarily the current tax payable for the period and the change during the period in certain deferred tax assets and liabilities. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized under U.S. GAAP and such amounts recognized for federal and state income tax purposes, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.

 The provision for income taxes (benefit from) for the years ended August 31, 2025, 2024 and 2023 is as follows:
 2025
 2024
 2023

 Current:

 Federal
 $
 48,229
 $
 21,608
 $
 66,672

 State
 7,181
 23,750
 36,925

 Foreign
 ( 905)
 30,338
 3,735

 Total current
 54,505
 75,696
 107,332

 Deferred:

 Federal
 ( 48,079)
 ( 63,605)
 7,799

 State
 9,028
 ( 15,686)
 ( 7,661)

 Foreign
 1,323
 ( 1,277)

 Total deferred
 ( 37,728)
 ( 80,568)

 Total
 $
 16,777
 $
 ( 4,872)
 $
 107,655

 Domestic income before income taxes was $ 610.6 million, $ 1.0 billion and $ 2.0 billion for the years ended August 31, 2025, 2024 and 2023, respectively. Foreign income before income taxes was $ 4.1 million, $ 66.9 million and $ 55.4 million for the years ended August 31, 2025, 2024 and 2023, respectively.

 Deferred tax assets and liabilities as of August 31, 2025 and 2024, are as follows:
 2025
 2024

 Deferred tax assets:

 Accrued expenses
 $
 52,850
 $
 56,062

 Postretirement health care and deferred compensation
 56,082
 58,866

 Tax credit carryforwards
 92,421
 91,114

 Loss carryforwards
 114,433
 88,887

 Nonqualified equity
 560,521
 533,784

 Lease obligations
 56,944
 52,980

 Capitalized research and development
 115,499
 69,556

 Other
 9,497
 19,592

 Deferred tax assets valuation allowance
 ( 205,637)
 ( 166,590)

 Total deferred tax assets
 852,610
 804,251

 Net deferred tax assets
 $
 13,950
 $
 —

 Deferred tax liabilities:

 Pension costs
 $
 2,083
 $
 7,003

 Investments
 120,667
 130,171

 Property, plant and equipment
 601,539
 618,419

 Lease right of use assets
 56,250
 51,872

 Software costs
 58,121
 —

 Total deferred tax liabilities
 838,660
 807,465

 Net deferred tax liabilities
 $
 —
 $
 3,214

 We had total gross loss carryforwards of $ 378.7 million, as of August 31, 2025, of which $ 106.3 million will expire over periods ranging from fiscal 2026 to fiscal 2036. The remainder will carry forward indefinitely. Based on estimates of future taxable profits and losses in certain foreign tax jurisdictions, as well as consideration of other factors, we assessed whether a valuation allowance was necessary to reduce specific foreign loss carryforwards to amounts we believe are more likely than not to be realized as of August 31, 2025. If our estimates prove inaccurate, adjustments to the valuation allowances may be required in the future with gains or losses being charged to income in the period such determination is made. Our McPherson refinery's gross state tax credit carryforwards for income tax were approximately $ 116.3 million and $ 115.3 million

 as of August 31, 2025 and 2024, respectively. The refinery's valuation allowance on Kansas state credits is necessary due to the limited amount of taxable income generated in Kansas by the combined group on an annual basis. Our state tax credits of $ 116.3 million will begin to expire during fiscal 2026.

 The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2025, 2024 and 2023 is as follows:
 2025
 2024
 2023

 Statutory federal income tax rate
 21.0
 %
 21.0
 %
 21.0
 %

 State and local income taxes, net of federal income tax benefit
 2.4
 0.5
 1.1

 Patronage earnings
 ( 7.8)
 ( 12.6)
 ( 13.0)

 Domestic production activities deduction
 ( 12.9)
 ( 6.8)
 ( 3.2)

 Export activities at rates other than the U.S. statutory rate
 ( 3.3)
 1.4
 ( 0.2)

 Increase in unrecognized tax benefits
 2.8
 2.7
 —

 Valuation allowance
 2.8
 ( 0.1)
 —

 Tax credits
 ( 4.3)
 ( 6.2)
 —

 Other
 2.0
 ( 0.3)
 ( 0.3)

 Effective tax rate
 2.7
 %
 ( 0.4)
 %
 5.4
 %

 Primary drivers of fiscal 2025 income tax expense were decreased patronage deductions, compared to fiscal 2024, that was partially offset by the current Domestic Production Activities Deduction ("DPAD") benefit. Primary drivers of the fiscal 2024 income tax benefit were decreased nonpatronage earnings, recognition of research and development tax credits and the DPAD benefit.

 We file income tax returns in the U.S. federal jurisdiction, as well as various state and foreign jurisdictions. Our uncertain tax positions are affected by the tax years that are under audit or remain subject to examination by the relevant taxing authorities. Fiscal years 2017 and 2019 remain subject to examination for certain issues. In addition to the current fiscal year, fiscal years 2021 through 2024 remain open and subject to examination by the relevant taxing authorities.

 Reserves are recorded against unrecognized tax benefits when we believe certain fully supportable tax return positions are likely to be challenged and we may or may not prevail. If we determine that a tax position is more likely than not to be sustained upon audit, based on the technical merits of the position, we recognize the benefit by measuring the amount that is greater than 50% likely of being realized. We reevaluate the technical merits of our tax positions and recognize an uncertain tax benefit, or derecognize a previously recorded tax benefit, when there is (i) completion of a tax audit, (ii) effective settlement of an issue, (iii) a change in applicable tax law including a tax case or legislative guidance, or (iv) expiration of the applicable statute of limitations. Significant judgment is required in accounting for tax reserves. A reconciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods is presented as follows:
 2025
 2024
 2023

 Balance at beginning of period
 $
 65,115
 $
 125,853
 $
 124,959

 Additions attributable to current year tax positions
 3,440
 2,027
 —

 Additions attributable to prior year tax positions
 27,994
 32,569

 Reductions attributable to prior year tax positions
 —
 ( 85,513)
 —

 Reductions attributable to statute expiration
 —
 ( 9,821)
 —

 Balance at end of period
 $
 96,549
 $
 65,115
 $
 125,853

 If we were to prevail on all positions taken in relation to uncertain tax positions, $ 96.5 million of the unrecognized tax benefits would ultimately benefit our effective tax rate. It is reasonably possible that the total amount of unrecognized tax benefits could significantly change in the next 12 months.

 We recognize interest and penalties related to unrecognized tax benefits in our provision for income taxes. We recognized the expense of $ 9.5 million, and benefits of $ 2.1 million and $ 0.8 million for interest and penalties related to unrecognized tax benefits in our Consolidated Statements of Operations for the years ended August 31, 2025, 2024 and 2023, respectively, and a related $ 15.8 million and $ 6.2 million interest payable on our Consolidated Balance Sheets as of August 31, 2025 and 2024, respectively.

 In December 2021, the Organization for Economic Cooperation and Development (the "OECD") introduced a framework known as Pillar Two, aimed at ensuring large multinational enterprises pay a minimum 15% level of tax on income earned in each jurisdiction in which they operate. The OECD also issued administrative guidance, including transition rules and safe harbor provisions to support implementation of the global minimum tax. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions where we operate. We have assessed our potential exposure to Pillar Two income taxes. Based on this assessment, there was no material impact on our consolidated financial statements for fiscal 2025. We will continue to monitor and evaluate any potential future implications for our consolidated financial reporting.

 On July 4, 2025, H.R.1 - One Big Beautiful Bill (the "Bill") was enacted into law. The Bill provides for significant U.S. tax law changes and modifications including making permanent the Qualified Business Income Deduction. The Qualified Business Income Deduction contains specific provisions for agricultural and horticultural cooperatives similar to the former Domestic Production Activities Deduction. Prior to enactment of the Bill, the Qualified Business Income Deduction was set to sunset on December 31, 2025. Although there is no effect on the current year's financial statements, making the Qualified Business Income Deduction permanent may provide significant future income tax benefits to the Company.

 Note 12 Equities

 Patronage and Equity Redemptions

 In accordance with our bylaws and by action of the Board of Directors, annual net earnings from patronage sources are distributed to consenting patrons following the close of each fiscal year and are based on amounts using financial statement earnings. The cash portion of the qualified patronage distribution, if any, is determined annually by the Board of Directors, with the balance issued in the form of qualified and/or nonqualified capital equity certificates. Total patronage distributions for fiscal 2025, to be paid in fiscal 2026, are estimated to be $ 229.1 million, with the qualified cash portion estimated to be $ 30.0 million, estimated qualified equity distributions of $ 55.0 million and estimated nonqualified equity distributions of $ 144.1 million.

 The following table presents estimated patronage distributions for the year ending August 31, 2025, and actual patronage distributions for the years ended August 31, 2024, 2023 and 2022:
 2026
 2025
 2024
 2023

 (Dollars in millions)

 Patronage distributed in cash
 $
 30.0
 $
 300.3
 $
 366.0
 $
 503.1

 Patronage distributed in equity
 199.1
 360.2
 877.3
 670.9

 Total patronage distributed
 $
 229.1
 $
 660.5
 $
 1,243.3
 $
 1,174.0

 Annual net earnings from patronage or other sources may be added to the unallocated capital reserve or, upon action by the Board of Directors, may be allocated to members in the form of nonpatronage equity certificates. The Board of Directors authorized, in accordance with our bylaws, that 35 % of the earnings from patronage business for fiscal 2025 and 10% for fiscal 2024 and 2023 be added to our capital reserves.

 Redemptions of outstanding equity are at the discretion of the Board of Directors. Redemptions of capital equity certificates approved by the Board of Directors are divided into two pools, one for nonindividuals (primarily member cooperatives) who may participate in an annual redemption program for qualified equities held by them and another for individual members who are eligible for equity redemptions at age 70 or upon death. In accordance with authorization from the Board of Directors, we expect total redemptions related to the year ended August 31, 2025, which will be distributed in fiscal 2026, to be approximately $ 90.0 million. This amount is classified as a current liability on our August 31, 2025 Consolidated Balance Sheets. During the years ended August 31, 2025, 2024 and 2023, we redeemed in cash, outstanding owners' equities in accordance with authorization from the Board of Directors, in the amounts of $ 287.7 million, $ 355.9 million and $ 495.8 million, respectively.

 Preferred Stock

 As of August 31, 2025, the Board of Directors had not authorized the issuance of any preferred shares that were not outstanding. The following is a summary of our outstanding preferred stock as of August 31, 2025, all shares of which are listed on the Global Select Market of Nasdaq:
 Nasdaq Symbol
 Issuance Date
 Shares Outstanding
 Redemption Value
 Net Proceeds (a)
 Dividend Rate
 (b) (c)
 Dividend Payment Frequency
 Redeemable Beginning (d)

 (Dollars in millions)

 8% Cumulative Redeemable
 CHSCP
 (e)
 12,272,003
 $
 306.8
 $
 311.2
 8.00
 %
 7/18/2023

 Class B Cumulative Redeemable, Series 1
 CHSCO
 (f)
 21,459,066
 536.5
 569.3
 7.875
 %
 9/26/2023

 Class B Reset Rate Cumulative Redeemable, Series 2
 CHSCN
 3/11/2014
 16,800,000
 420.0
 406.2
 7.10
 %
 3/31/2024

 Class B Reset Rate Cumulative Redeemable, Series 3
 CHSCM
 9/15/2014
 19,700,000
 492.5
 476.7
 6.75
 %
 9/30/2024

 Class B Cumulative Redeemable, Series 4
 CHSCL
 1/21/2015
 20,700,000
 517.5
 501.0
 7.50
 %
 1/21/2025

 (a) Includes patron equities redeemed with preferred stock.

 (b) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 accumulated dividends at a rate of 7.10 % per year until March 31, 2024, and subsequently fixed at a rate of 7.10 %, based on the terms of the contract and application of the Adjustable Rate (LIBOR) Act.

 (c) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 accumulated dividends at a rate of 6.75 % per year until September 30, 2024, and subsequently fixed at a rate of 6.75 %, based on the terms of the contract and application of the Adjustable Rate (LIBOR) Act.

 (d) All series of preferred stock are redeemable for cash at our option, in whole or in part, at a per share price equal to the per share liquidation preference of $ 25.00 per share, plus all dividends accumulated and unpaid on that share to and including the date of redemption, beginning on the dates set forth in this column.

 (e) The 8% Cumulative Redeemable Preferred Stock was issued at various times from 2003 through 2010.

 (f) Shares of Class B Cumulative Redeemable Preferred Stock, Series 1 were issued on September 26, 2013; August 25, 2014; March 31, 2016; and March 30, 2017.

 Preferred Stock Dividends

 We made dividend payments on our preferred stock of $ 168.7 million during each of the years ended August 31, 2025, 2024 and 2023. The following is a summary of the annual dividends per share by series of preferred stock for the years ended August 31, 2025, 2024 and 2023:
 Nasdaq Symbol
 Annual Dividend Per Share

 8% Cumulative Redeemable
 CHSCP
 $
 2.00

 Class B Cumulative Redeemable, Series 1
 CHSCO
 1.97

 Class B Reset Rate Cumulative Redeemable, Series 2
 CHSCN
 1.78

 Class B Reset Rate Cumulative Redeemable, Series 3
 CHSCM
 1.69

 Class B Cumulative Redeemable, Series 4
 CHSCL
 1.88

 Accumulated Other Comprehensive Loss

 Changes in accumulated other comprehensive income (loss) by component, for the years ended August 31, 2025, 2024 and 2023 are as follows:
 Pension and Other Postretirement Benefits
 Cash Flow Hedges
 Foreign Currency Translation Adjustment
 Total

 Balance as of August 31, 2022, net of tax

 $
 ( 168,640)
 $
 8,843
 $
 ( 95,538)
 $
 ( 255,335)

 Other comprehensive income (loss), before tax:

 Amounts before reclassifications
 ( 13,596)
 ( 25,024)
 1,829
 ( 36,791)

 Amounts reclassified out
 16,044
 —
 16,137

 Total other comprehensive income (loss), before tax
 ( 13,503)
 ( 8,980)
 1,829
 ( 20,654)

 Tax effect
 8,218
 2,169
 10,594

 Other comprehensive income (loss), net of tax
 ( 5,285)
 ( 6,811)
 2,036
 ( 10,060)

 Balance as of August 31, 2023, net of tax

 ( 173,925)
 2,032
 ( 93,502)
 ( 265,395)

 Other comprehensive income (loss), before tax:

 Amounts before reclassifications
 ( 29,445)
 14,950
 ( 10,249)
 ( 24,744)

 Amounts reclassified out
 ( 15,287)
 1,227
 ( 13,880)

 Total other comprehensive income (loss), before tax
 ( 29,265)
 ( 337)
 ( 9,022)
 ( 38,624)

 Tax effect
 7,217
 7,477

 Other comprehensive income (loss), net of tax
 ( 22,048)
 ( 255)
 ( 8,844)
 ( 31,147)

 Balance as of August 31, 2024, net of tax

 ( 195,973)
 1,777
 ( 102,346)
 ( 296,542)

 Other comprehensive income (loss), before tax:

 Amounts before reclassifications
 ( 17,460)
 16,821
 ( 8,094)
 ( 8,733)

 Amounts reclassified out
 12,129
 ( 15,507)
 ( 2,519)

 Total other comprehensive income (loss), before tax
 ( 5,331)
 1,314
 ( 7,235)
 ( 11,252)

 Tax effect
 1,726
 ( 328)
 1,422

 Other comprehensive income (loss), net of tax
 ( 3,605)
 ( 7,211)
 ( 9,830)

 Balance as of August 31, 2025, net of tax

 $
 ( 199,578)
 $
 2,763
 $
 ( 109,557)
 $
 ( 306,372)

 Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges and foreign currency translation adjustments. Pension and other postretirement reclassifications, which include amortization of net actuarial loss, prior service credit and transition amounts, are recorded as cost of goods sold and marketing, general and administrative expenses (see Note 13, Benefit Plans, for further information). As described in Note 15, Derivative Financial Instruments and Hedging Activities, amounts reclassified from accumulated other comprehensive loss for cash flow hedges are recorded in cost of goods sold. Gains or losses on foreign currency translation reclassifications are recorded in other income.

 Note 13 Benefit Plans

 We have various pension and other defined benefits as well as defined contribution plans in which substantially all employees may participate. We also have nonqualified supplemental executive and Board retirement plans. We provide defined life insurance and health care benefits for certain retired employees and Board of Directors participants. The plan is contributory based on years of service and family status, with retiree contributions adjusted annually.

 Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status as of August 31, 2025 and 2024, is as follows:

 2025
 2024
 2025
 2024
 2025
 2024

 Change in benefit obligation:

 Projected benefit obligation at beginning of period
 $
 760,763
 $
 708,511
 $
 26,443
 $
 20,980
 $
 24,787
 $
 22,572

 Service cost
 43,727
 37,391
 3,027
 1,968

 Interest cost
 34,898
 35,928
 1,154
 1,043
 1,140
 1,144

 Actuarial loss (gain):

 Experience study and mortality updates
 8,394
 2,988
 ( 29)
 —

 Other demographic experience*
 20,025
 18,647
 2,862
 3,217
 ( 646)
 1,465

 Discount rate change
 ( 30,273)
 21,372
 ( 331)
 ( 845)

 Plan amendments
 ( 6,236)
 ( 227)
 —
 —
 —

 Benefits paid
 ( 57,776)
 ( 64,297)
 ( 1,829)
 ( 1,635)
 ( 1,624)
 ( 1,725)

 Projected benefit obligation at end of period
 $
 773,522
 $
 760,763
 $
 31,464
 $
 26,443
 $
 23,627
 $
 24,787

 Change in plan assets:

 Fair value of plan assets at beginning of period
 $
 781,412
 $
 736,150
 $
 —
 $
 —
 $
 —
 $
 —

 Actual (loss) gain on plan assets
 22,650
 67,559
 —
 —
 —
 —

 Company contributions
 30,000
 42,000
 1,829
 1,635
 1,624
 1,725

 Benefits paid
 ( 57,776)
 ( 64,297)
 ( 1,829)
 ( 1,635)
 ( 1,624)
 ( 1,725)

 Fair value of plan assets at end of period
 $
 776,286
 $
 781,412
 $
 —
 $
 —
 $
 —
 $
 —

 Funded status at end of period
 $
 2,764
 $
 20,649
 $
 ( 31,464)
 $
 ( 26,443)
 $
 ( 23,627)
 $
 ( 24,787)

 Amounts recognized on balance sheet:

 Noncurrent assets
 $
 11,969
 $
 20,649
 $
 —
 $
 —
 $
 —
 $
 —

 Accrued benefit cost:

 —
 —
 ( 4,890)
 ( 3,950)
 ( 1,630)
 ( 2,080)

 ( 9,205)
 —
 ( 26,574)
 ( 22,493)
 ( 21,997)
 ( 22,707)

 Ending balance
 $
 2,764
 $
 20,649
 $
 ( 31,464)
 $
 ( 26,443)
 $
 ( 23,627)
 $
 ( 24,787)

 Amounts recognized in accumulated other comprehensive loss (pretax):

 Prior service cost (credit)
 $
 ( 5,219)
 $
 1,216
 $
 ( 227)
 $
 ( 47)
 $
 ( 490)
 $
 ( 935)

 Net loss (gain)
 278,779
 269,122
 10,097
 8,001
 ( 14,662)
 ( 14,335)

 Ending balance
 $
 273,560
 $
 270,338
 $
 9,870
 $
 7,954
 $
 ( 15,152)
 $
 ( 15,270)

 *Other demographic experience is comprised of all demographic experience different than anticipated, including terminations, retirements, deaths, pay, etc.

 The accumulated benefit obligation of the qualified pension plans was $ 748.1 million and $ 727.9 million as of August 31, 2025 and 2024, respectively. The accumulated benefit obligation of the nonqualified pension plans was $ 31.3 million and $ 26.2 million as of August 31, 2025 and 2024, respectively.

 Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below:

 2025
 2024

 Projected benefit obligation
 $
 31,464
 $
 26,443

 Accumulated benefit obligation
 31,272
 26,173

 Components of net periodic benefit costs for the years ended August 31, 2025, 2024 and 2023, are as follows:

 2025
 2024
 2023
 2025
 2024
 2023
 2025
 2024
 2023

 Components of net periodic benefit costs:

 Service cost
 $
 43,727
 $
 37,391
 $
 38,579
 $
 3,027
 $
 1,968
 $
 1,840
 $
 $
 $

 Interest cost
 34,898
 35,928
 30,588
 1,154
 1,043
 1,140
 1,144
 1,035

 Expected return on assets
 ( 46,977)
 ( 47,860)
 ( 43,129)
 —
 —
 —
 —
 —
 —

 Prior service cost (credit) amortization
 ( 47)
 ( 114)
 ( 114)
 ( 445)
 ( 445)
 ( 445)

 Actuarial loss (gain) amortization
 12,815
 1,796
 1,872
 ( 1,192)
 ( 1,616)
 ( 1,615)

 Net periodic benefit cost (benefit)
 $
 44,662
 $
 27,433
 $
 28,059
 $
 4,933
 $
 3,277
 $
 2,712
 $
 $
 ( 267)
 $
 ( 355)

 Components of net periodic benefit costs and amounts recognized in other comprehensive loss (income) for the years ended August 31, 2025, 2024 and 2023, are as follows:

 2025
 2024
 2023
 2025
 2024
 2023
 2025
 2024
 2023

 Other comprehensive loss (income):

 Prior service cost
 $
 ( 6,236)
 $
 $
 $
 ( 227)
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —

 Net actuarial loss (gain)
 22,472
 23,309
 14,082
 2,896
 4,087
 1,282
 ( 1,519)
 2,145
 ( 1,865)

 Amortization of actuarial (gain) loss
 ( 12,815)
 ( 1,796)
 ( 1,872)
 ( 799)
 ( 380)
 ( 245)
 1,192
 1,616
 1,615

 Amortization of prior service (credit) costs
 ( 199)
 ( 178)
 ( 149)

 Total recognized in other comprehensive loss (income)
 $
 3,222
 $
 21,558
 $
 12,551
 $
 1,917
 $
 3,821
 $
 1,151
 $
 $
 4,206
 $

 E stimated amortization in fiscal 2026 from accumulated other comprehensive loss into net periodic benefit cost is as follows:
 Other
Benefits

 Amortization of prior service costs (credit)
 $
 ( 595)
 $
 ( 30)
 $
 ( 445)

 Amortization of actuarial loss (gain)
 16,498
 ( 1,197)

 Plan assumptions for the years ended August 31, 2025, 2024 and 2023, are as follows:

 2025
 2024
 2023
 2025
 2024
 2023
 2025
 2024
 2023

 Weighted-average assumptions to determine the net periodic benefit cost:

 Interest credit rate
 4.68
 %
 4.80
 %
 4.65
 %
 4.68
 %
 4.80
 %
 4.65
 %
 N/A
 N/A
 N/A

 Discount rate
 5.12
 %
 5.38
 %
 4.69
 %
 4.78
 %
 5.22
 %
 4.48
 %
 5.01
 %
 5.33
 %
 4.64
 %

 Expected return on plan assets
 5.64
 %
 5.64
 %
 4.88
 %
 N/A
 N/A
 N/A
 N/A
 N/A
 N/A

 Rate of compensation increase
 4.98
 %
 4.98
 %
 4.93
 %
 4.98
 %
 4.98
 %
 4.93
 %
 N/A
 N/A
 N/A

 Weighted-average assumptions to determine the benefit obligations:

 Interest credit rate
 4.31
 %
 4.68
 %
 4.80
 %
 4.31
 %
 4.68
 %
 4.80
 %
 N/A
 N/A
 N/A

 Discount rate
 5.61
 %
 5.09
 %
 5.38
 %
 4.97
 %
 4.78
 %
 5.23
 %
 5.41
 %
 5.01
 %
 5.33
 %

 Rate of compensation increase
 4.58
 %
 4.98
 %
 4.98
 %
 4.58
 %
 4.98
 %
 4.98
 %
 N/A
 N/A
 N/A

 A significant assumption for pension costs and obligations is the discount rate. We use a full-yield curve approach by applying the specific spot rates along the yield curve used in determination of the benefit obligation to the relevant projected cash flows. The discount rate reflects the rate at which the associated benefits could be effectively settled as of the measurement date. In estimating this rate, we look at rates of return on fixed-income investments of similar duration to the liabilities in the plans that receive high investment-grade ratings by recognized ratings agencies.

 An annual analysis of the risk versus the return of the investment portfolio is conducted to justify the expected long-term rate of return assumption. We generally use long-term historical return information for the targeted asset mix identified in asset and liability studies. Adjustments are made to the expected long-term rate of return assumption when deemed necessary, based upon revised expectations of future investment performance of the overall investment markets.

 For measurement purposes, an 8.5 % annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended August 31, 2025. The rate was assumed to decrease gradually to 4.5 % by 2035 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in the assumed health care cost trend rates would have the following effects:
 1% Increase
 1% Decrease

 Effect on total of service and interest cost components
 $
 $
 ( 170)

 Effect on postretirement benefit obligation
 1,700
 ( 1,700)

 Contributions depend primarily on market returns on the pension plan assets and minimum funding level requirements. During fiscal 2025, we made a discretionary contribution of $ 30.0 million to the pension plans. Based on the funded status of the qualified pension plans as of August 31, 2025, we do not currently believe we will be required to contribute to these plans in fiscal 2026, although we may voluntarily elect to do so. We expect to pay $ 6.5 million to participants of the nonqualified pension and postretirement benefit plans during fiscal 2026.

 Our retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows:

 2026
 $
 74,200
 $
 4,890
 $
 1,630

 2027
 74,300
 5,080
 1,870

 2028
 74,700
 4,770
 2,100

 2029
 76,700
 4,510
 2,010

 2030
 81,100
 4,490
 1,990

 2031-2035
 392,200
 21,730
 10,180

 We have trusts that hold the assets for the defined benefit plans. CHS has a qualified plan committee that sets investment guidelines with the assistance of external consultants. Investment objectives for the plans' assets are as follows:
 • Optimize the long-term returns on plan assets at an acceptable level of risk;
 • Maintain broad diversification across asset classes and among investment managers; and
 • Focus on long-term return objectives.

 Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans. The investment portfolio contains a diversified portfolio of investment categories, including equities, fixed-income securities and real estate. Securities are also diversified in terms of domestic and international securities, short- and long-term securities, growth and value equities, large and small cap stocks, as well as active and passive management styles. Our pension plans' investment policy strategy is such that liabilities match assets. This is being accomplished through the asset portfolio mix by reducing volatility and de-risking the plans. The plans' target allocation percentages range between 45 % and 80 % for fixed income securities and range between 20 % and 55 % for equity securities.

 The qualified plan committee believes that with prudent risk tolerance and asset diversification, the plans should be able to meet pension obligations in the future.

 Our pension plans' recurring fair value measurements by asset category as of August 31, 2025 and 2024, are presented in the tables below:

 2025

 Level 1
 Level 2
 Level 3
 Total

 $
 40,786
 $
 —
 $
 —
 $
 40,786

 Equities:

 Common/collective trust at net asset value (1)

 —
 —
 —
 172,659

 Fixed income securities:

 Common/collective trust at net asset value (1)

 —
 —
 —
 426,785

 Marketable securities
 28,079
 85,685
 —
 113,764

 Partnership and joint venture interests measured at net asset value (1)

 —
 —
 —
 22,292

 Total
 $
 68,865
 $
 85,685
 $
 —
 $
 776,286

 2024

 Level 1
 Level 2
 Level 3
 Total

 $
 12,416
 $
 —
 $
 —
 $
 12,416

 Equities:

 Common/collective trust at net asset value (1)

 —
 —
 —
 156,462

 Fixed income securities:

 Common/collective trust at net asset value (1)

 —
 —
 —
 464,611

 Marketable securities
 31,298
 93,763
 —
 125,061

 Partnership and joint venture interests measured at net asset value (1)

 —
 —
 —
 22,862

 Total
 $
 43,714
 $
 93,763
 $
 —
 $
 781,412

 (1) In accordance with ASC Topic 820-10, Fair Value Measurement, certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the "Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status" table above.

 Definitions for valuation levels are found in Note 16, Fair Value Measurements. We use the following valuation methodologies for assets measured at fair value:

 Common/collective trusts. Common/collective trusts primarily consist of equity and fixed income funds and are valued

 using other significant observable inputs, including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the trust, etc. Common/collective trust investments can be redeemed daily and without restriction. Redemption of the entire investment balance generally requires a 45- to 60-day notice period. The equity funds provide exposure to large-, mid- and small-cap U.S. equities, international large- and small-cap equities and emerging market equities. The fixed income funds provide exposure to U.S., international and emerging market debt securities.

 Marketable securities. Marketable securities are comprised primarily of investments in U.S. Treasury securities which are valued using quoted market prices and classified within Level 1, as well as various government agency obligations and corporate, foreign government and municipal issue fixed income marketable securities, which are valued using institutional bond or broker quotes along with various other market and industry inputs and classified within Level 2.

 Partnership and joint venture interests. The net asset value of shares held by the plan at year-end is used to value these assets as a practical expedient for fair value. The net asset value is based on the fair value of the underlying assets owned by the trust, minus its liabilities, then divided by the number of units outstanding. Redemptions of these interests generally require a 45- to 60-day notice period.

 During fiscal 2024, we ceased our participation in the Co-op Retirement Plan, which is a defined benefit plan constituting a multiple employer plan under the Internal Revenue Code of 1986, as amended, and a multiemployer plan under the accounting standards.

 We have other contributory defined contribution plans covering substantially all employees. Total contributions by us to these plans were $ 47.1 million, $ 43.5 million and $ 38.7 million, for the years ended August 31, 2025, 2024 and 2023, respectively.

 Note 14 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. We define our operating segments in accordance with ASC Topic 280, Segment Reporting, and have three reportable segments: Energy, Ag and Nitrogen Production. This reflects the manner in which our chief operating decision maker ("CODM"), our Chief Executive Officer, evaluates performance and allocates resources in managing the business. 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 receives 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 ("MG&A"). 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.

 Our Energy segment produces and provides primarily for the wholesale distribution of petroleum products and transportation of those products. Our Ag segment purchases and further processes or resells grain and oilseed originated by our ag retail business, by our member cooperatives and by third parties; serves as a wholesaler and retailer of crop inputs; and produces and markets ethanol. Our Nitrogen Production segment consists of our equity method investment in CF Nitrogen that records earnings and allocated expenses but not revenues. Our supply agreement with CF Nitrogen entitles us to purchase up to a specified quantity of granular urea and UAN annually from CF Nitrogen. Corporate and Other represents our financing and hedging businesses, which primarily consists of a U.S. Commodity Futures Trading Commission-regulated futures commission merchant ("FCM") for commodities hedging and financial services related to crop production. Our nonconsolidated investments in Ventura Foods and Ardent Mills are also included in our Corporate and Other category. All other nonconsolidated investments are included in our Energy and Ag segments.

 Corporate administrative expenses and interest are allocated to each reportable segment and Corporate and Other, based on direct use of services, such as information technology and legal, and other factors or considerations relevant to the costs incurred. Capital expenditures and depreciation and amortization are presented in the table below before allocations from Corporate and Other to each reportable segment in alignment with reporting received by the CODM.

 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. For example, in our Ag

 segment, our ag retail business generally experiences higher volumes and revenues during the fall harvest and spring planting seasons, which generally correspond to our first and third fiscal quarters, respectively. Our agronomy business generally experiences higher volumes and revenues during the spring planting season. Our global grain and processing operations are subject to fluctuations in volume and revenues based on producer harvests, world grain prices, demand and international trade relationships. Our Energy segment generally experiences higher volumes and revenues in certain operating areas, such as refined products, 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; 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 Consolidated Statements of Operations. In our Ag segment, this includes our approximate 57 % noncontrolling interest in Producer Ag. On October 10, 2025, we announced our mutual agreement with MKC to start the process of ending our joint venture with Producer Ag. In our Nitrogen Production segment, this consists of our approximate 8.38 % membership interest (based on product tons) in CF Nitrogen. In Corporate and Other, this principally includes our 50 % ownership in Ventura Foods and our 12 % ownership in Ardent Mills. See Note 6, 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 years ended August 31, 2025, 2024 and 2023, is presented in the tables below.
 Ag
 Nitrogen Production
 Total Reportable Segments
 Corporate
and Other
 Reconciling
Amounts
 Total

 Year ended August 31, 2025

 Revenues, including intersegment revenues
 $
 8,035,160
 $
 27,755,290
 $
 —
 $
 35,790,450
 $
 87,915
 $
 ( 415,757)
 $

 Intersegment revenues
 ( 400,127)
 ( 6,809)
 —
 ( 406,936)
 ( 8,821)
 415,757
 —

 Revenues, net of intersegment revenues
 $
 7,635,033
 $
 27,748,481
 $
 —
 $
 35,383,514
 $
 79,094
 $
 —
 $

 Cost of goods sold (a)

 7,339,336
 26,985,759
 1,673
 34,326,768
 ( 974)
 —
 34,325,794

 313,402
 602,104
 68,290
 983,796
 62,263
 —
 1,046,059

 ( 6,103)
 94,580
 69,094
 157,571
 17,278
 ( 28,770)
 146,079

 ( 4,968)
 ( 90,460)
 ( 3,654)
 ( 99,082)
 ( 30,119)
 28,770
 ( 100,431)

 Equity (income) losses from investments
 ( 89,162)
 ( 294,944)
 ( 383,698)
 ( 185,967)
 —
 ( 569,665)

 (Loss) income before income taxes
 $
 ( 7,042)
 $
 245,660
 $
 159,541
 $
 398,159
 $
 216,613
 $
 —
 $
 614,772

 Capital expenditures (b)
 $
 533,570
 $
 336,328
 $
 —
 $
 869,898
 $
 130,057
 $
 —
 $
 999,955

 Depreciation and amortization
 $
 352,348
 $
 243,098
 $
 —
 $
 595,446
 $
 55,980
 $
 —
 $
 651,426

 Ag
 Nitrogen Production
 Total Reportable Segments
 Corporate
and Other
 Reconciling
Amounts
 Total

 Year ended August 31, 2024

 Revenues, including intersegment revenues
 $
 9,339,079
 $
 30,432,758
 $
 —
 $
 39,771,837
 $
 94,113
 $
 ( 604,721)
 $

 Intersegment revenues
 ( 572,584)
 ( 15,899)
 —
 ( 588,483)
 ( 16,238)
 604,721
 —

 Revenues, net of intersegment revenues
 $
 8,766,495
 $
 30,416,859
 $
 —
 $
 39,183,354
 $
 77,875
 $
 —
 $

 Cost of goods sold (a)

 8,041,588
 29,478,231
 37,519,957
 ( 10,055)
 —
 37,509,902

 321,053
 697,301
 71,392
 1,089,746
 77,223
 —
 1,166,969

 ( 16,773)
 61,982
 61,942
 107,151
 22,027
 ( 25,114)
 104,064

 ( 11,283)
 ( 98,142)
 ( 9,176)
 ( 118,601)
 ( 44,143)
 25,114
 ( 137,630)

 Equity (income) losses from investments
 2,857
 ( 65,190)
 ( 275,531)
 ( 337,864)
 ( 141,999)
 —
 ( 479,863)

 $
 429,053
 $
 342,677
 $
 151,235
 $
 922,965
 $
 174,822
 $
 —
 $
 1,097,787

 Capital expenditures (b)
 $
 226,899
 $
 426,291
 $
 —
 $
 653,190
 $
 178,321
 $
 —
 $
 831,511

 Depreciation and amortization
 $
 343,962
 $
 178,400
 $
 —
 $
 522,362
 $
 47,529
 $
 —
 $
 569,891

 Ag
 Nitrogen Production
 Total Reportable Segments
 Corporate
and Other
 Reconciling
Amounts
 Total

 Year ended August 31, 2023

 Revenues, including intersegment revenues
 $
 10,761,503
 $
 35,456,969
 $
 —
 $
 46,218,472
 $
 82,107
 $
 ( 710,575)
 $

 Intersegment revenues
 ( 664,590)
 ( 31,765)
 —
 ( 696,355)
 ( 14,220)
 710,575
 —

 Revenues, net of intersegment revenues
 $
 10,096,913
 $
 35,425,204
 $
 —
 $
 45,522,117
 $
 67,887
 $
 —
 $

 Cost of goods sold (a)
 8,718,224
 34,501,163
 1,693
 43,221,080
 ( 7,341)
 —
 43,213,739

 307,197
 577,904
 72,135
 957,236
 75,529
 —
 1,032,765

 7,672
 71,115
 60,090
 138,877
 31,487
 ( 32,922)
 137,442

 ( 19,456)
 ( 88,061)
 —
 ( 107,517)
 ( 37,536)
 32,922
 ( 112,131)

 Equity (income) losses from investments
 7,833
 ( 48,725)
 ( 394,678)
 ( 435,570)
 ( 254,020)
 —
 ( 689,590)

 $
 1,075,443
 $
 411,808
 $
 260,760
 $
 1,748,011
 $
 259,768
 $
 —
 $
 2,007,779

 Capital expenditures (b)
 $
 421,416
 $
 308,690
 $
 —
 $
 730,106
 $
 51,829
 $
 —
 $
 781,935

 Depreciation and amortization
 $
 329,021
 $
 166,982
 $
 —
 $
 496,003
 $
 43,518
 $
 —
 $
 539,521

 (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.

 We have international sales, which are predominantly in our Ag segment. The following table presents our sales, based on the geographic location of the subsidiary making the sale, for the years ended August 31, 2025, 2024 and 2023:
 2025
 2024
 2023

 North America (a)

 $
 34,112,112
 $
 36,876,847
 $
 43,376,177

 South America
 355,951
 515,177
 378,021

 Europe, Middle East and Africa
 541,848
 693,454
 930,052

 Asia Pacific
 452,697
 1,175,751
 905,754

 Total
 $
 $
 $

 (a) Revenues in North America are substantially all attributed to the United States.

 T he Company had approximately $ 6.1 billion and $ 5.6 billion in tangible long-lived assets as of August 31, 2025 and 2024, respectively, with substantially all long-lived assets located within the United States.

 Note 15 Derivative Financial Instruments and Hedging Activities

 We enter into various derivative instruments to manage our exposure to movements primarily associated with agricultural and energy commodity prices and, to a lesser degree, foreign currency exchange rates. Except for certain cash-settled swaps related to future crude oil purchases and refined product sales, which are accounted for as cash flow hedges, our derivative instruments represent economic hedges of price risk for which hedge accounting under ASC Topic 815 is not applied. Rather, the derivative instruments are recorded on our Consolidated Balance Sheets at fair value with changes in fair value being recorded directly to earnings, primarily within cost of goods sold in our Consolidated Statements of Operations. See Note 16, Fair Value Measurements, for additional information. The majority of our exchange-traded agricultural commodity futures are settled daily through CHS Hedging, LLC, our wholly-owned FCM.

 Derivatives Not Designated as Hedging Instruments

 The following tables present the gross fair values of derivative assets, derivative liabilities and related margin deposits (cash collateral) recorded on our Consolidated Balance Sheets, along with related amounts permitted to be offset in accordance with U.S. GAAP. Although we have certain netting arrangements for our exchange-traded futures and options contracts and certain OTC contracts, we have elected to report our derivative instruments on a gross basis on our Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet - Offsetting.
 August 31, 2025

 Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting

 Gross Amounts Recognized
 Cash Collateral
 Derivative Instruments
 Net Amounts

 Derivative assets

 $
 130,491
 $
 —
 $
 10,715
 $
 119,776

 43,527
 —
 9,379
 34,148

 Total
 $
 174,018
 $
 —
 $
 20,094
 $
 153,924

 Derivative liabilities

 $
 166,122
 $
 $
 10,715
 $
 155,175

 11,771
 —
 9,379
 2,392

 Total
 $
 177,893
 $
 $
 20,094
 $
 157,567

 August 31, 2024

 Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting

 Gross Amounts Recognized
 Cash Collateral
 Derivative Instruments
 Net Amounts

 Derivative assets

 $
 165,709
 $
 —
 $
 2,522
 $
 163,187

 9,029
 —
 7,100
 1,929

 Total
 $
 174,738
 $
 —
 $
 9,622
 $
 165,116

 Derivative liabilities

 $
 221,803
 $
 1,601
 $
 2,522
 $
 217,680

 24,476
 —
 7,100
 17,376

 Total
 $
 246,279
 $
 1,601
 $
 9,622
 $
 235,056

 Derivative assets and liabilities with maturities of less than 12 months are recorded in other current assets and other current liabilities, respectively, on our Consolidated Balance Sheets. Derivative assets and liabilities with maturities greater than 12 months are recorded in other assets and other liabilities, respectively, on our Consolidated Balance Sheets. The amount of long-term derivative assets recorded on our Consolidated Balance Sheets as of August 31, 2025 and 2024, was $ 2.0 million and $ 2.9 million, respectively. The amount of long-term derivative liabilities recorded on our Consolidated Balance Sheets as of August 31, 2025 and 2024, was $ 1.7 million and $ 6.0 million, respectively.

 The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the years ended August 31, 2025, 2024 and 2023:
 Derivative Type
 Location of
(Loss) Gain
 2025
 2024
 2023

 $
 21,473
 $
 5,380
 $
 ( 360,937)

 39,681
 ( 31,874)
 ( 30,898)

 3,651
 ( 2,897)
 ( 530)

 Total

 $
 64,805
 $
 ( 29,391)
 $
 ( 392,365)

 Commodity Contracts

 When we enter into a commodity purchase or sales commitment, we incur risks related to price changes and performance, including delivery, quality, quantity and shipment period. In the event that market prices decrease, we are exposed to risk of loss for the market value of inventory and purchase contracts with fixed or partially fixed prices. Conversely, we are exposed to risk of loss on our fixed- or partially fixed-price sales contracts in the event that market prices increase.

 Our use of hedging reduces exposure to price volatility by protecting against adverse short-term price movements, but also limits the benefits of favorable short-term price movements. To reduce the price risk associated with fixed-price commitments, we generally enter into commodity derivative contracts, to the extent practical, to achieve a net commodity position within the formal position limits we have established and deemed prudent for each commodity. These contracts are primarily transacted through our FCM on regulated commodity futures exchanges, but may include OTC derivative instruments when deemed appropriate. These contracts are recorded at fair values based on quotes listed on regulated commodity exchanges or the market prices of the underlying products listed on the exchanges, except that certain contracts are accounted for as normal purchase and normal sales transactions. For commodities where there is no liquid derivative contract, risk is managed through use of forward sales contracts, other pricing arrangements and, to some extent, futures contracts in highly correlated commodities. These contracts are economic hedges of price risk, but are not designated as hedging instruments for accounting purposes. Unrealized gains and losses on these contracts are recognized in cost of goods sold in our Consolidated Statements of Operations.

 When a futures position is established, initial margin must be deposited with the applicable exchange or broker. The amount of margin required varies by commodity and is set by the applicable exchange at its sole discretion. If the market price relative to a short futures position increases, an additional margin deposit would be required. Similarly, a margin deposit would be required if the market price relative to a long futures position decreases. Conversely, if the market price increases relative to a long futures position or decreases relative to a short futures position, margin deposits may be returned by the applicable exchange or broker.

 Our policy is to manage our commodity price risk exposure according to internal policies and in alignment with our tolerance for risk. It is our policy that our profitability should come from operations, primarily derived from margins on products sold and grain merchandised, not from hedging transactions. At any one time, inventory and purchase contracts for delivery to us may be substantial. We have risk management policies and procedures that include established net physical position limits. These limits are defined for each commodity and business unit, and business units may include both trader and management limits as appropriate. The limits policy is overseen at a high level by our corporate middle office and compliance team, with day-to-day monitoring procedures being implemented within each individual business unit to ensure any limits overage is explained and exposures reduced, or a temporary limit increase is established if needed. The position limits are reviewed at least annually with our senior leadership and Board of Directors. We monitor current market conditions and may expand or reduce our net position limits or procedures in response to changes in those conditions.

 The use of hedging instruments does not protect against nonperformance by counterparties to cash contracts. We evaluate counterparty exposure by reviewing contracts and adjusting the values to reflect potential nonperformance. Risk of

 nonperformance by counterparties includes the inability to perform because of a counterparty's financial condition and the risk that the counterparty will refuse to perform on a contract during periods of price fluctuations where contract prices are significantly different from the current market prices. We manage these risks by entering into fixed-price purchase and sales contracts with preapproved producers and by establishing appropriate limits for individual suppliers. Fixed-price contracts are entered into with customers of acceptable creditworthiness, as internally evaluated. Regarding our use of derivatives, we transact in exchange traded instruments or enter into OTC derivatives that primarily clear through our FCM, which limits our counterparty exposure relative to hedging activities. Historically, we have not experienced significant events of nonperformance on open contracts. Accordingly, we only adjust the estimated fair values of specifically identified contracts for nonperformance. Although we have established policies and procedures, we make no assurances that historical nonperformance experience will carry forward to future periods.

 As of August 31, 2025 and 2024, we had outstanding commodity futures and options contracts that were used as economic hedges, as well as fixed-price forward contracts related to physical purchases and sales of commodities. The table below presents the notional volumes for all outstanding commodity contracts:

 2025
 2024

 Derivative Type
 Long
 Short
 Long
 Short

 (Units in thousands)

 Grain and oilseed (bushels)
 468,345
 702,025
 385,426
 517,883

 Energy products (barrels)
 10,059
 6,687
 8,438
 5,014

 Processed grain and oilseed (tons)
 1,168
 2,429
 3,600
 6,193

 Crop nutrients (tons)

 Natural gas (MMBtu)
 —
 2,350

 Foreign Exchange Contracts

 We conduct a substantial portion of our business in U.S. dollars, but we are exposed to risks relating to foreign currency fluctuations primarily due to global grain marketing transactions in South America, the Asia Pacific region and Europe, and purchases of products from Canada. We use foreign currency derivative instruments to mitigate the impact of exchange rate fluctuations. Although CHS has some risk exposure relating to foreign currency transactions, a larger impact with exchange rate fluctuations is the ability of foreign buyers to purchase U.S. agricultural products and the competitiveness of U.S. agricultural products compared to the same products offered by alternative sources of world supply. The notional amount of our foreign exchange derivative contracts was $ 1.7 billion and $ 1.5 billion as of August 31, 2025 and 2024, respectively.

 Derivatives Designated as Cash Flow Hedging Strategies

 Certain pay-fixed, receive-variable, cash-settled swaps are designated as cash flow hedges of future crude oil purchases in our Energy segment. We also designate certain pay-variable, receive-fixed, cash-settled swaps as cash flow hedges of future refined energy product sales. These hedging instruments and the related hedged items are exposed to significant market price risk and potential volatility. As part of our risk management strategy, we look to hedge a portion of our expected future crude oil needs and the resulting refined product output based on prevailing futures prices, management's expectations about future commodity price changes and our risk appetite. We may also elect to dedesignate certain derivative instruments previously designated as cash flow hedges as part of our risk management strategy. Amounts recorded in other comprehensive income for these dedesignated derivative instruments remain in other comprehensive income and are recognized in earnings in the period in which the underlying transactions affect earnings. As of August 31, 2025 and 2024, the aggregate notional amount of cash flow hedges was 5.1 million and 5.5 million barrels, respectively.

 The following table presents the fair value of our commodity derivative instruments designated as cash flow hedges and the line items on our Consolidated Balance Sheets in which they are recorded as of August 31, 2025 and 2024:
 Derivative Assets
 Derivative Liabilities

 Balance Sheet Location
 2025
 2024
 Balance Sheet Location
 2025
 2024

 Other current assets
 $
 5,197
 $
 5,226
 Other current liabilities
 $
 1,786
 $
 2,781

 The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2025, 2024 and 2023:
 2025
 2024
 2023

 $
 $
 ( 605)
 $
 ( 12,285)

 The following table presents the pretax gains (losses) relating to our existing cash flow hedges that were reclassified from accumulated other comprehensive loss into our Consolidated Statements of Operations for the years ended August 31, 2025, 2024 and 2023:
 Location of
Gain (Loss)
 2025
 2024
 2023

 $
 16,672
 $
 16,454
 $
 ( 14,853)

 Note 16 Fair Value Measurements

 ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

 We determine fair values of derivative instruments and certain other assets, based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize use of observable inputs and minimize use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. ASC Topic 820 describes three levels within its hierarchy that may be used to measure fair value, and our assessment of relevant instruments within those levels is as follows:

 Level 1. Values are based on unadjusted quoted prices in active markets for identical assets or liabilities. These assets and liabilities may include exchange-traded derivative instruments, rabbi trust investments, segregated investments and marketable securities.

 Level 2. Values are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. These assets and liabilities include interest rate, foreign exchange and commodity swaps; forward commodity contracts with a fixed-price component; and other OTC derivatives whose values are determined with inputs that are based on exchange traded prices, adjusted for location-specific inputs that are primarily observable in the market or can be derived principally from, or corroborated by, observable market data.

 Level 3. Values are generated from unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. These unobservable inputs would reflect our own estimates of assumptions that market participants would use in pricing related assets or liabilities. Valuation techniques might include the use of pricing models, discounted cash flow models or similar techniques.

 The following tables present assets and liabilities, included on our Consolidated Balance Sheets, that are recognized at fair value on a recurring basis and indicate the fair value hierarchy utilized to determine these fair values. Assets and liabilities are classified in their entirety based on the lowest level of input that is a significant component of the fair value measurement. The lowest level of input is considered Level 3. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect classification of fair value assets and liabilities within the fair value hierarchy levels.

 Recurring fair value measurements as of August 31, 2025 and 2024, are as follows:
 2025

 Quoted Prices in Active Markets
for Identical Assets
(Level 1)
 Significant Other Observable
Inputs
(Level 2)
 Significant
Unobservable
Inputs
(Level 3)
 Total

 Assets

 $
 3,153
 $
 132,535
 $
 —
 $
 135,688

 —
 43,527
 —
 43,527

 Segregated investments and marketable securities
 34,303
 135,675
 —
 169,978

 Other assets
 110,532
 —
 —
 110,532

 Total
 $
 147,988
 $
 311,737
 $
 —
 $
 459,725

 Liabilities

 $
 1,110
 $
 166,798
 $
 —
 $
 167,908

 —
 11,771
 —
 11,771

 Total
 $
 1,110
 $
 178,569
 $
 —
 $
 179,679

 2024

 Quoted Prices in Active Markets
for Identical Assets
(Level 1)
 Significant Other Observable
Inputs
(Level 2)
 Significant
Unobservable
Inputs
(Level 3)
 Total

 Assets

 $
 2,454
 $
 168,481
 $
 —
 $
 170,935

 —
 9,029
 —
 9,029

 Segregated investments and marketable securities
 15,069
 136,258
 —
 151,327

 Time deposits
 —
 500,921
 —
 500,921

 Other assets
 83,008
 —
 —
 83,008

 Total
 $
 100,531
 $
 814,689
 $
 —
 $
 915,220

 Liabilities

 $
 1,641
 $
 222,943
 $
 —
 $
 224,584

 —
 24,476
 —
 24,476

 Total
 $
 1,641
 $
 247,419
 $
 —
 $
 249,060

 Commodity and foreign exchange derivatives. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. Our forward commodity purchase and sales contracts with fixed-price components, select ocean freight contracts and other OTC derivatives are determined using inputs that are generally based on exchange-traded prices and/or recent market bids and offers, including location-specific adjustments, and are classified within Level 2. Location-specific inputs are driven by local market supply and demand and are generally based on broker or dealer quotations or market transactions in either listed or OTC markets. Changes in the fair values of these contracts are recognized in our Consolidated Statements of Operations as a component of cost of goods sold.

 Segregated investments and marketable securities, time deposits and other assets. Our segregated investments and marketable securities and other assets are comprised primarily of investments in U.S. Treasury securities, common stock, money market funds, various government agencies, time deposits and rabbi trust assets. U.S. Treasury securities, common stock and money market funds are valued using quoted market prices and classified within Level 1. Investments in various government agency obligations, time deposits and rabbi trust assets are valued using quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and classified within Level 2.

 Note 17 Commitments and Contingencies

 Environmental

 We are required to comply with various environmental laws and regulations incidental to our normal business operations. To meet our compliance requirements, we establish reserves for future costs of remediation associated with identified issues that are both probable and can be reasonably estimated. Estimates of environmental costs are based on current available facts, existing technology, undiscounted site-specific costs and currently enacted laws and regulations and are included in cost of goods sold and marketing, general and administrative expenses in our Consolidated Statements of Operations. Recoveries, if any, are recorded in the period in which recovery is received. Liabilities are monitored and adjusted as new facts or changes in law or technology occur. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we currently believe any resulting liabilities, individually or in the aggregate, will not have a material effect on our consolidated financial position, results of operations or cash flows during any fiscal year.

 Other Litigation and Claims

 We are involved as a defendant in various lawsuits, claims and disputes, which are in the normal course of our business. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we currently believe any resulting liabilities, individually or in the aggregate, will not have a material effect on our consolidated financial position, results of operations or cash flows during any fiscal year.

 Guarantees

 We are a guarantor for lines of credit and performance obligations of related, nonconsolidated companies. Our bank covenants allow maximum guarantees of $ 1.1 billion, of which $ 87.0 million were outstanding as of August 31, 2025. We have collateral for a portion of these contingent obligations. We have not recorded a liability related to the contingent obligations as we do not expect to pay out any cash related to them, and the fair values are considered immaterial. The underlying loans to the counterparties for which we provide these guarantees are current as of August 31, 2025.

 Credit Commitments

 CHS Capital has commitments to extend credit to customers if there are no violations of any contractually established conditions. As of August 31, 2025, CHS Capital customers had additional available credit of $ 1.1 billion.

 Unconditional Purchase Obligations

 Unconditional purchase obligations are commitments to transfer funds in the future for fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Our long-term unconditional purchase obligations primarily relate to pipeline and grain handling take-or-pay and throughput agreements and are not recorded on our Consolidated Balance Sheets. As of August 31, 2025, minimum future payments required under long-term commitments that are noncancelable and that third parties have used to secure financing for facilities that will provide contracted goods, are as follows:

 Payments Due by Period

 Total
 2026
 2027
 2028
 2029
 2030

 Long-term unconditional purchase obligations
 $
 385,899
 $
 89,462
 $
 69,350
 $
 59,039
 $
 56,335
 $
 38,516
 $
 73,197

 Total payments under these arrangements were $ 92.0 million, $ 84.6 million and $ 77.8 million for the years ended August 31, 2025, 2024 and 2023, respectively.

 Note 18 Related Party Transactions

 We purchase and sell grain and other agricultural commodity products from certain equity investees, primarily CF Nitrogen, Ventura Foods, Ardent Mills, TEMCO, LLC and Producer Ag. Sales to and purchases from related parties for the years ended August 31, 2025, 2024 and 2023, are as follows:
 2025
 2024
 2023

 Sales
 $
 2,374,201
 $
 2,396,916
 $
 1,653,125

 Purchases
 1,830,832
 1,590,955
 1,697,780

 Receivables due from and payables due to related parties as of August 31, 2025 and 2024, are as follows:
 2025
 2024

 Due from related parties
 $
 225,421
 $
 334,778

 Due to related parties
 130,416
 113,081

 The amounts due from related parties associated with grain sales to Producer Ag were $ 153.6 million and $ 208.6 million, as of August 31, 2025 and 2024, respectively. These sales have 90-day payment terms and outstanding amounts due to CHS from Producer Ag are classified as trade receivables on our Consolidated Balance Sheets. There are no material past-due amounts arising from these sales as of August 31, 2025. On October 10, 2025, we announced our mutual agreement with MKC to start the process of ending our joint venture in Producer Ag.

 As a cooperative, we are owned by farmers and ranchers and member cooperatives, which are referred to as members. We buy commodities from and provide products and services to our members. Individually, our members do not have a significant ownership in CHS.

 Note 19 Leases

 We assess arrangements at inception to determine whether they contain a lease. An arrangement is considered to contain a lease if it conveys the right to control the use of an asset for a period of time in exchange for consideration. The right to control the use of an asset must include both (i) the right to obtain substantially all economic benefits associated with an identified asset and (ii) the right to direct how and for what purpose the identified asset is used. Certain service agreements may provide us with the right to use an identified asset; however, most of these arrangements are not considered to represent a lease as we do not control how and for what purpose the identified asset is used.

 We lease property, plant and equipment used in our operations primarily under operating lease agreements and, to a lesser extent, under finance lease agreements. Our leases are primarily for railcars, equipment, vehicles and office space, many of which contain renewal options and escalation clauses. Renewal options are included as part of the right of use asset and liability when it is reasonably certain that we will exercise the renewal option; however, renewal options are generally not included as we are not reasonably certain to exercise such options.

 Right of use assets and liabilities for operating and finance leases are recognized under ASC Topic 842 at the lease commencement date for leases in excess of 12 months based on the present value of lease payments over the lease term. For measurement and classification of lease agreements, lease and nonlease components are grouped into a single lease component for all asset classes. Variable lease payments are excluded from measurement of right of use assets and liabilities and generally include payments for nonlease components such as maintenance costs, payments for leased assets beyond their noncancelable lease term and payments for other nonlease components such as sales tax. The discount rate used to calculate present value is our collateralized incremental borrowing rate or, if available, the rate implicit in the lease. The incremental borrowing rate is determined for each lease based primarily on its lease term. Certain lease arrangements include rental payments adjusted annually based on changes in an inflation index. Our lease arrangements generally do not contain residual value guarantees or material restrictive covenants.

 Lease expense is recognized on a straight-line basis over the lease term. The components of lease expense recognized in our Consolidated Statements of Operations as of August 31, 2025, 2024 and 2023, are as follows:
 2025
 2024
 2023

 Operating lease expense
 $
 95,551
 $
 84,826
 $
 77,588

 Finance lease expense:

 Amortization of assets
 12,831
 9,506
 8,966

 Interest on lease liabilities
 2,256
 1,964
 1,646

 Short-term lease expense
 30,078
 25,753
 20,068

 Variable lease expense

 Total net lease expense*
 $
 140,766
 $
 122,882
 $
 108,918

 *Income related to sublease activity is not material and has been excluded from the table above.

 Supplemental balance sheet information related to operating and finance leases as of August 31, 2025 and 2024, is as follows:
 Balance Sheet Location
 2025
 2024

 Operating leases

 Assets

 Operating lease right of use assets
 Other assets
 $
 238,718
 $
 218,844

 Liabilities

 Current operating lease liabilities
 Accrued expenses
 $
 70,801
 $
 61,796

 Long-term operating lease liabilities
 Other liabilities
 170,604
 161,494

 Total operating lease liabilities
 $
 241,405
 $
 223,290

 Finance leases

 Assets

 Finance lease assets
 Property, plant and equipment
 $
 71,773
 $
 63,229

 Liabilities

 Current finance lease liabilities
 Current portion of long-term debt
 $
 10,447
 $
 7,116

 Long-term finance lease liabilities
 Long-term debt
 44,751
 42,395

 Total finance lease liabilities
 $
 55,198
 $
 49,511

 Information related to the lease term and discount rate for operating and finance leases as of August 31, 2025 and 2024, is as follows:
 2025
 2024

 Weighted average remaining lease term (in years)

 Operating leases
 4.8
 5.1

 Finance leases
 7.1
 8.6

 Weighted average discount rate

 Operating leases
 4.19
 %
 3.85
 %

 Finance leases
 4.24
 %
 3.99
 %

 Supplemental cash flow and other information related to operating and finance leases as of August 31, 2025, 2024 and 2023, is as follows:
 2025
 2024
 2023

 Cash paid for amounts included in measurement of lease liabilities:

 Operating cash flows from operating leases
 $
 85,976
 $
 78,614
 $
 71,798

 Operating cash flows from finance leases
 2,256
 1,964
 1,646

 Financing cash flows from finance leases
 9,772
 7,716
 8,571

 Supplemental noncash information:

 Right of use assets obtained in exchange for lease liabilities
 $
 89,158
 $
 73,183
 $
 69,837

 Right of use asset modifications
 25,475
 12,277
 28,614

 Maturities of lease liabilities by fiscal year as of August 31, 2025, are as follows:
 August 31, 2025

 Finance Leases
 Operating Leases

 2026
 $
 10,984
 $
 75,886

 2027
 9,356
 61,124

 2028
 8,227
 44,889

 2029
 7,845
 30,063

 2030
 7,046
 19,854

 22,289
 34,643

 Total maturities of lease liabilities
 65,747
 266,459

 Less amounts representing interest
 10,549
 25,054

 Present value of future minimum lease payments
 55,198
 241,405

 Less current obligations
 10,447
 70,801

 Long-term obligations
 $
 44,751
 $
 170,604

 Note 20 Acquisitions

 On January 2, 2025, we completed our acquisition of WCAS, a cooperative based in Ulen, Minnesota, that offers grain and agronomy services at locations in west-central Minnesota. The cash purchase price was $ 322.6 million, which includes $ 108.0 million for working capital. Prior to completing this acquisition, we also held a 50 % ownership interest in Central Plains Ag Services ("CPAS"), a joint venture between CHS and WCAS that operates in eastern North Dakota and is now a wholly owned subsidiary of CHS. By acquiring WCAS and the remaining 50 % ownership of CPAS, we were able to expand our grain and agronomy platforms in west-central Minnesota and eastern North Dakota, as well as add value for our owners.

 The acquisition-date fair value of the previous equity interest in CPAS was $ 28.9 million and is included in the measurement of consideration transferred. Allocation of the purchase price for this transaction resulted in $ 59.5 million for goodwill, which is nondeductible for tax purposes, and $ 62.5 million for definite-lived intangible assets. As this acquisition is not considered to have a material impact on our financial statements, pro forma results of operations are not presented. The acquisition resulted in fair value measurements that are not on a recurring basis and did not have a material impact on our consolidated results of operations. Purchase accounting has been finalized and the fair values assigned to the net assets acquired are as follows:

 Cash
 $
 85,464

 Other current assets
 350,754

 Property, plant and equipment
 137,713

 Goodwill
 59,465

 Other intangible assets
 62,500

 Other noncurrent assets
 8,109

 ( 316,474)

 ( 37,075)

 Total net assets acquired

 $
 350,456

 Operating results for WCAS are included in our Consolidated Statements of Operations from the day of the acquisition on January 2, 2025, through August 31, 2025, including revenues and income before income taxes of $ 266.6 million and $ 10.6 million, respectively.