Operational cash flow volatility is evident, with a $732.5 million working capital outflow in 2026Q2 contributing to a negative free cash flow margin of -5.4%.
CHS Inc. (CHSCL) cash flow statement — 25-year operating, investing & financing cash flows
| Metric | Aug'26 | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 |
|---|
| Cash from Operations | 1.58B | 635.79M | 1.27B | 3.28B | 1.95B | 757.81M | 1.09B | 1.14B | 1.07B | 932.99M | 1.26B | 570.01M | 1.43B | 2.48B | 718.64M | 301.32M | 149.96M | 1.74B | 805.76M | 372.62M | 454.94M | 276.53M | 333.29M | 216.51M | 68.38B |
| Operating CF Margin % | 4.04% | 1.79% | 3.24% | 7.2% | 4.07% | 1.97% | 3.83% | 3.57% | 3.28% | 2.92% | 4.16% | 1.65% | 3.35% | 5.57% | 1.77% | 0.82% | 0.59% | 6.75% | 2.5% | 2.16% | 3.16% | 2.32% | 3.06% | 2.34% | 6.24% |
| Operating CF Growth % | 149.14% | -50.05% | -61.24% | 68.72% | 156.86% | -30.3% | -4.62% | 6.33% | 14.91% | -26.16% | 121.66% | -60.07% | -42.39% | 244.79% | 138.49% | 100.93% | -91.36% | 115.39% | 116.24% | -18.09% | 64.52% | -17.03% | 53.94% | -99.68% | - |
| Net Income | 1.1B | 598M | 1.1B | 1.9B | 1.68B | 553.95M | 422.44M | 829.88M | 775.31M | 127.22M | 423.97M | 780.33M | 1.08B | 996.33M | 1.34B | 1.06B | 535.4M | 381.41M | 803.04M | 750.33M | 490.3M | 250.02M | 221.33M | 123.84M | 70.56B |
| Depreciation & Amortization | 677.14M | 651.43M | 481.72M | 464.62M | 461.97M | 461.73M | 477.38M | 473.21M | 478.05M | 480.22M | 447.49M | 355.42M | 267.17M | 241.79M | 253.27M | 251.17M | 202.92M | 196.35M | 210.41M | 140.6M | 126.78M | 110.33M | 108.4M | 111.35M | 12.64B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.82B |
| Deferred Taxes | -50.79M | -38.74M | -109.85M | -6.43M | 39.55M | -11.96M | 0 | -13.85M | -146.96M | -175.91M | -24.18M | 30.3M | -24.4M | 92.72M | 58.62M | 67.09M | 39.51M | 43.98M | 26.01M | 46.8M | 78.3M | 26.4M | 8.5M | 9M | 30.39B |
| Other Non-Cash Items | 45.68M | -110.49M | 123.04M | -66.55M | 13.82M | -55.47M | 90.74M | 100.76M | 6.65M | 605.78M | 84.24M | 64.49M | -46.98M | 6.02M | -14.67M | -134.41M | -43.41M | 105.25M | -6.41M | 73.65M | 50.28M | 610K | -4.94M | -27.68M | -19.63B |
| Working Capital Changes | -184.01M | -464.4M | -324.36M | 992.11M | -247.58M | -190.45M | 96.67M | -250.06M | 635K | -104.32M | 331.97M | -660.54M | 148.55M | 1.14B | -914.31M | -943.56M | -584.45M | 1.01B | -227.29M | -638.76M | -290.72M | -110.83M | 150.87M | 90.95M | -30.39B |
| Change in Receivables | -150.56M | 7M | -335.97M | 645.78M | -547.56M | -568.75M | 308.4M | -218.19M | 210.78M | 146.79M | 1.57M | 314.31M | 101.08M | -105.9M | -376.86M | -714.59M | 692.54M | 692.54M | -832.15M | -278.18M | -250.2M | -250.2M | -59.04M | -18.67M | -7.17B |
| Change in Inventory | -455.76M | -53.18M | 147.76M | 437.69M | -317.92M | -549.22M | 104.88M | 284.69M | -169.58M | -293.55M | 338.66M | 71.07M | -37.79M | 557.33M | -252.84M | -796.6M | -426.33M | 895.88M | -517.51M | -528.29M | -198.5M | -190.08M | 88.26M | -25.69M | -29.57B |
| Change in Payables | 359.13M | -276.11M | -213.79M | -127.4M | 555.45M | 1.01B | -330.95M | -38.23M | 227.97M | 197.44M | -129.26M | -558.12M | -164.62M | 171.88M | -48.04M | 870.31M | -664.16M | -664.16M | 828M | 277.72M | 328.96M | 328.96M | 121.65M | 135.31M | 6.35B |
| Cash from Investing | -802.37M | -880.6M | -1.43B | -950.19M | -457.08M | -101.67M | -243.71M | -661.28M | -79.52M | -405.04M | -3.75B | -1.91B | -1.34B | -534.96M | -694.2M | -550.97M | -289.59M | -289.94M | -663.71M | -495.29M | -265.35M | -91.9M | -181.28M | -173.25M | -15.55B |
| Capital Expenditures | 0 | -999.96M | -831.51M | -781.93M | -379.21M | -358.72M | -432.86M | -675.31M | -355.41M | -444.4M | -692.78M | -1.19B | -943.89M | -659.37M | -492.05M | -402.8M | -332.83M | -319.71M | -343.62M | -388.88M | -234.99M | -257.47M | 0 | 0 | 0 |
| CapEx % of Revenue | 1.35% | 2.82% | 2.12% | 1.72% | 0.79% | 0.93% | 1.52% | 2.12% | 1.09% | 1.39% | 2.28% | 3.43% | 2.21% | 1.48% | 1.21% | 1.09% | 1.32% | 1.24% | 1.07% | 2.26% | 1.63% | 2.16% | - | - | - |
| Acquisitions | 0 | -237.17M | 15.82M | 29.71M | 87.47M | 102.11M | 34.04M | -119.42M | 213.24M | -20.32M | -2.87B | -369.47M | -361.63M | -34.08M | -166.03M | -67.49M | -6.31M | -76.36M | -47M | -2.04M | 13.91M | 38.29M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -835.88M | -156.77M | -115.72M | -197.97M | -165.34M | 154.94M | 155.11M | 14.03M | 62.65M | 76.32M | -260.13M | -372.33M | -94.41M | 165.58M | 27.5M | -339.27M | -32.73M | 142.27M | -71.36M | -42.01M | 35.35M | -8.1M | -191.62M | -173.25M | -15.55B |
| Cash from Financing | -796.85M | -230.57M | -814.25M | -1.4B | -1.11B | -326.58M | -931.15M | -725.65M | -732.17M | -621.19M | 1.81B | 153.83M | 240.53M | -443.17M | -638.87M | 786.91M | -236.79M | -809.53M | -363.22M | 367.86M | -318.09M | -80.1M | -183.76M | 16.8M | -59.33B |
| Debt Issued (Net) | -502.81M | 525.54M | 74.22M | -202.42M | -785.17M | -41.84M | -605.06M | 0 | -484.9M | -288.77M | 2.35B | -186.82M | 51.42M | 216.94M | -124.18M | 974.68M | -22.3M | -490.97M | -6.88M | 576.3M | -97.69M | 31.52M | 0 | 0 | 0 |
| Equity Issued (Net) | -100.43M | -287.68M | -355.93M | -495.79M | -111.82M | -79.38M | -96.44M | 0 | 0 | 0 | 0 | 1.01B | 603.37M | -193.41M | -145.72M | -61.19M | -23.14M | -49.65M | 61.11M | 85.41M | -10.51M | 2.81M | 0 | 0 | 0 |
| Dividends Paid | -168.67M | -469.03M | -168.67M | -168.67M | -168.67M | -168.67M | -168.67M | -244.44M | -168.67M | -167.64M | -163.32M | -133.71M | -50.76M | -24.54M | -285.21M | -166.06M | -182.01M | -247.63M | -211.29M | -146.16M | -73.33M | -60.76M | -4.99M | -1.79M | -58.58B |
| Share Repurchases | -100.43M | -287.68M | -355.93M | -495.79M | -111.82M | -79.38M | -96.44M | -85.54M | -8.85M | -35.27M | -23.91M | -128.91M | -99.61M | -193.41M | -145.72M | -61.19M | -23.14M | -49.65M | 0 | 0 | -10.51M | 0 | 0 | 0 | 0 |
| Other Financing | -24.95M | 600K | -363.88M | -528.59M | -48.03M | -36.7M | -60.99M | -481.2M | -78.61M | -164.78M | -376.61M | -535.64M | -115.79M | -442.16M | -358.51M | 39.48M | 19.08M | -259.19M | -206.16M | -147.69M | -136.55M | -21.29M | -178.78M | 18.6M | -749M |
| Net Change in Cash | -12.44M | -474.6M | -970.73M | 941.11M | 360.99M | 325.49M | -82.68M | -244.26M | 269.24M | -97.93M | -674.5M | -1.18B | 324.68M | 1.49B | -623.66M | 543.02M | -377.94M | 636.06M | -221.17M | 245.19M | -128.49M | 104.53M | -31.76M | 60.06M | -6.5B |
| Free Cash Flow | 1.58B | -364.17M | 441.37M | 2.5B | 1.57B | 399.1M | 654.37M | 464.62M | 716.66M | 488.6M | 570.72M | -616.78M | 483.46M | 1.82B | 226.58M | -101.48M | -182.87M | 1.42B | 462.14M | -16.26M | 219.95M | 19.06M | 333.29M | 216.51M | 68.38B |
| FCF Margin % | 4.04% | -1.03% | 1.12% | 5.49% | 3.28% | 1.04% | 2.3% | 1.46% | 2.19% | 1.53% | 1.88% | -1.78% | 1.13% | 4.09% | 0.56% | -0.27% | -0.72% | 5.5% | 1.44% | -0.09% | 1.53% | 0.16% | 3.06% | 2.34% | 6.24% |
| FCF Growth % | 534.97% | -182.51% | -82.36% | 59.65% | 292.72% | -39.01% | 40.84% | -35.17% | 46.68% | -14.39% | 192.53% | -227.58% | -73.41% | 702.55% | 323.29% | 44.51% | -112.92% | 206.36% | 2942.03% | -107.39% | 1053.93% | -94.28% | 53.94% | -99.68% | - |
| FCF per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 1.45x | 1.06x | 1.15x | 1.73x | 1.16x | 1.37x | 2.57x | 1.72x | 1.38x | 7.30x | 2.98x | 0.73x | 1.32x | 2.50x | 0.57x | 0.31x | 0.30x | 4.55x | 1.00x | 0.50x | 0.93x | 1.11x | 1.51x | 1.75x | 0.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 148.87M | 160.04M | 147.09M | 130.57M | 166.52M | 261.67M | 155.89M | 73.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.41M | 14.57M | 5.18M | 54.23M | 23.36M | 23.23M | 27.67M | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CHSCL stock.
CHS Inc. (CHSCL) generated $1.58B in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
CHS Inc. (CHSCL) generated $1.58B in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CHS Inc. (CHSCL) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, CHS Inc. (CHSCL) returned $168.7M to shareholders via cash dividends and spent $100.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Seasonal working capital volatility
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Volatility
According to quarterly financial disclosures, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 3.87 in 2026Q2 to -1.30 in 2026Q1, suggesting that reported earnings are frequently decoupled from the actual cash generation of the underlying business operations.
The extreme variance in the OCF/NI ratio indicates that accrual-based accounting adjustments, likely related to commodity hedging and inventory valuation, significantly distort the perceived quality of earnings. Investors should monitor this divergence, as it implies that net income may not be a reliable proxy for the company's ability to fund its cooperative obligations.
Free Cash Flow Margin Instability
As reported in recent financial statements, CHSCL's free cash flow trajectory is characterized by deep periodic deficits, with FCF margins reaching -5.4% in 2026Q2, reflecting a persistent inability to generate consistent positive cash flow after accounting for necessary capital expenditures across its integrated energy and agricultural segments.
The recurring negative FCF suggests that the company's capital-intensive infrastructure requires constant reinvestment that often outpaces the cash generated from operations. This trend warrants further investigation into whether the current business model can maintain its competitive position without relying on external financing during cyclical downturns.
Working Capital Cycles Drive Liquidity
Based on the provided cash flow data, working capital changes are the primary driver of liquidity fluctuations, with a massive $732.5 million outflow in 2026Q2 alone, indicating that the company's cash position is highly sensitive to the seasonal procurement and inventory cycles inherent in agricultural commodity markets.
The significant swings in working capital suggest that CHSCL must manage substantial liquidity buffers to navigate the timing differences between grain origination and final product sales. This dependency on working capital efficiency implies that any disruption in supply chain velocity could rapidly strain the company's available cash reserves.
Capital Intensity Limits Cash Flexibility
As evidenced by the historical cash flow data, capital expenditures remain a consistent burden on cash flow, with CapEx/Revenue ratios averaging above 2% in recent periods, suggesting that the firm's integrated refining and logistics assets require significant ongoing maintenance to remain operational in a competitive landscape.
The persistent level of capital spending relative to revenue indicates that the company is locked into a high-maintenance asset base that limits its financial flexibility. This capital intensity appears to be a structural necessity, potentially constraining the cooperative's ability to pivot toward new growth initiatives without impacting its cash position.