REX American Resources Reports Record Fiscal Second Quarter 2026 Net Income Per Share Attributable to REX Common Shareholders of $1.06 vs. $0.22 in Fiscal Second Quarter 2025

September 2, 2026
PDF Version

Company receives Class VI injection well draft permit from U.S. EPA

  • Generated $1.06 of net income per share in Fiscal Q2 ’26 vs. $0.22 of net income per share in Fiscal Q2 ‘25
  • Reported gross profit of $53.3 million for Fiscal Q2 ’26 vs. $14.3 million in Fiscal Q2 ‘25
  • Reported Net Income to REX shareholders of $34.9 million in Fiscal Q2 ‘26 vs. $7.1 million in Fiscal Q2 ‘25

DAYTON, Ohio--(BUSINESS WIRE)--Sep. 2, 2026-- REX American Resources Corporation (“REX” or the “Company”) (NYSE: REX), a leading ethanol production company, today announced financial and operational results for the Company’s fiscal second quarter 2026.

REX American Resources’ fiscal second quarter 2026 results principally reflect its interests in six ethanol production facilities. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated affiliates. Investors can view REX’s updated investor presentation by visiting https://investors.rexamerican.com/news-events/events-presentations.

Second Quarter 2026 Results

REX reported Q2 ’26 net sales and revenue of $168.5 million, compared to Q2 ‘25 net sales and revenue of $158.6 million, primarily reflecting improved pricing. The Company reported production tax credit income of $18.4 million net of estimated monetization expenses in the second quarter of 2026. Second quarter 2026 gross profit for the Company was $53.3 million, compared with $14.3 million in Q2 ’25 reflecting improved crush margins and the benefits of the production tax credits. The Company reported interest and other income of $3.2 million in Q2 ’26, compared to $3.1 million in Q2 ’25. This led to Q2 ‘26 income before income taxes and noncontrolling interests of $48.1 million, compared with $12.1 million in Q2 ’25.

Net income attributable to REX shareholders in Q2 ‘26 was $34.9 million, compared to $7.1 million in Q2 ’25. Second quarter ‘26 diluted net income per share attributable to REX common shareholders was $1.06, compared to $0.22 per share in Q2 ’25. Per share results for Q2 ’26 and Q2 ’25 are based on 33,090,000 and 33,010,000 diluted weighted average shares outstanding, respectively.

The following table summarizes select operating data for our consolidated entities:

 

Three Months Ended

Six Months Ended

 

July 31,

July 31,

 

2026

2025

2026

2025

Avg. selling price per gallon of ethanol (net of hedging)

$1.78

$ 1.75

$ 1.72

$ 1.75

Gallons of ethanol sold (in millions)

70.6

70.6

141.7

141.5

Avg. selling price per ton of dried distillers grains

$166.55

$143.63

$161.03

$144.66

Tons of dried distillers grains sold

145,081

148,017

300,113

301,027

Avg. selling price per pound of distillers corn oil

$0.72

$0.54

$0.63

$0.50

Pounds of distillers corn oil sold (in millions)

24.3

23.1

48.2

44.5

Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects

REX is on-track to complete the construction phase of the expansion of ethanol production at the One Earth facility. The Company expects testing and commissioning to begin upon completion, with the expansion becoming operational during fiscal 2026.

On August 17, 2026, the Company’s carbon capture and sequestration project received draft permits from the U.S. Environmental Protection Agency (EPA) for three Class VI injection wells. The EPA is currently accepting public comments on the draft permits.

Capital expenditures to-date related to the One Earth Energy carbon capture and sequestration project and related expansion of ethanol production capacity at the Gibson City location totaled $191.2 million.

Balance Sheet

As of July 31, 2026, REX had $379.5 million of cash, cash equivalents, and short-term investments available and no bank debt.

Management Commentary

“During the second quarter of 2026 REX achieved several important milestones that further support and advance our long-term growth strategy,” said Zafar Rizvi, Chief Executive Officer of REX. “We continued to benefit from the Section 45Z tax credit program in the second quarter, which contributed $18.4 million directly to gross profit. Excluding the impact from 45Z tax credits, our quarterly gross profit from our core operations increased 144% over the same period in the prior year. In addition, we received notice from the U.S. EPA that our One Earth carbon capture and sequestration project had been issued draft permits on August 17th for three Class VI injection wells. We are pleased to have reached this important regulatory milestone and look forward to advancing the project in coordination with the EPA and Illinois regulators. The second quarter marked REX’s 24th consecutive profitable quarter and represented a record second quarter on an earnings-per-share basis for the company. REX’s long-term prospects remain strong, supported by the continued dedication, hard work, and execution of our team across all of our operations.”

Conference Call Information

REX will host a conference call at 11:00 a.m. ET today to discuss the Company’s fiscal second quarter results and will also host a question and answer session. To access the conference call, interested parties may dial (877) 269-7751 (US) or (201) 389-0908 (international). Participants can also view an updated presentation, as well as listen to a live webcast of the call by going to the Investors section on the REX website at www.rexamerican.com. A replay will be available shortly after the live conference call and can be accessed by dialing (844) 512-2921 (US) or (412) 317-6671 (international). The passcode for the replay is 13762348. The replay will be available for 30 days after the call.

About REX American Resources Corporation
REX American Resources Corporation has interests in six ethanol production facilities, which in aggregate have production capacity totaling approximately 730 million gallons per year. REX’s effective ownership of annual volumes is approximately 300 million gallons. Further information about REX is available at www.rexamerican.com.

Forward-Looking Statements

This press release contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, distillers corn oil, gasoline and natural gas, commodity market risk, ethanol plants operating efficiently and according to forecasts and projections, logistical interruptions, success in permitting and developing the planned carbon sequestration facility near the One Earth Energy ethanol plant, changes in the international, national or regional economies, the impact of inflation, the ability to attract employees, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects of terrorism or acts of war and the effect of pandemics on the Company’s business operations, including impacts on supplies, demand, personnel and other factors. The Company does not intend to update publicly any forward-looking statements except as required by law.

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except per share amounts)

Unaudited

 

Three Months Ended

Six Months Ended

 

July 31,

July 31,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net sales and revenue

$

168,493

 

$

158,563

 

$

324,992

 

$

316,903

 

Production tax credit income

 

18,410

 

 

-

 

 

25,959

 

 

-

 

Cost of sales

 

133,603

 

 

144,244

 

 

268,580

 

 

288,242

 

Gross profit

 

53,300

 

 

14,319

 

 

82,371

 

 

28,661

 

Selling, general and administrative expenses

 

(15,622)

 

(6,201)

 

(25,350)

 

(12,145)

Equity in income of unconsolidated affiliates

 

7,195

 

 

891

 

 

10,761

 

 

1,897

 

Interest and other income, net

 

3,245

 

 

3,088

 

 

6,451

 

 

7,310

 

Income before income taxes

 

48,118

 

 

12,097

 

 

74,233

 

 

25,723

 

Provision for income taxes

 

(7,472)

 

(2,769)

 

(11,909)

 

(5,723)

Net income

 

40,646

 

 

9,328

 

 

62,324

 

 

20,000

 

Net income attributable to noncontrolling interests

 

(5,702)

 

(2,217)

 

(8,928)

 

(4,211)

Net income attributable to REX common shareholders

$

34,944

 

$

7,111

 

$

53,396

 

$

15,789

 

 

 

 

 

 

Weighted average shares outstanding – basic and diluted

 

33,090

 

 

33,010

 

 

33,019

 

 

33,388

 

 

 

 

 

 

Basic and diluted net income per share attributable to REX common shareholders

$

1.06

 

$

0.22

 

$

1.62

 

$

0.47

 

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands)

Unaudited

 

July 31,

 

January 31,

 

 

2026

 

 

2026

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

91,328

 

 

$

188,734

Short-term investments

 

288,186

 

 

 

187,048

Accounts receivable

 

23,479

 

 

 

14,682

Inventory

 

28,980

 

 

 

28,422

Refundable income taxes

 

8,602

 

 

 

12,374

Prepaid expenses and other

 

17,502

 

 

16,568

Total current assets

 

458,077

 

 

 

447,828

Property and equipment, net

 

293,962

 

 

 

272,029

Operating lease right-of-use assets

 

14,095

 

 

 

17,594

Finance lease right-of-use assets

 

16,609

 

 

 

17,558

Other assets

 

27,218

 

 

 

4,963

Equity method investment

 

46,515

 

 

37,759

TOTAL ASSETS

$

856,476

 

$

797,731

LIABILITIES AND EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable – trade

$

36,687

 

 

$

38,400

Current operating lease liabilities

 

7,014

 

 

 

6,921

Current finance lease liabilities

 

469

 

 

 

469

Accrued expenses and other current liabilities

 

22,368

 

 

29,587

Total current liabilities

 

66,538

 

 

75,377

LONG-TERM LIABILITIES:

 

 

 

Deferred taxes

 

7,443

 

 

 

4,065

Long-term operating lease liabilities

 

7,730

 

 

 

11,148

Long-term finance lease liabilities

 

2,606

 

 

2,731

Other long-term liabilities

 

545

 

 

2,405

Total long-term liabilities

 

18,324

 

 

20,349

EQUITY:

 

 

 

REX shareholders’ equity:

 

 

 

Common stock

 

332

 

 

 

329

Paid-in capital

 

11,157

 

 

 

66

Retained earnings

 

663,713

 

 

 

610,317

Treasury stock

 

(1,581)

 

 

-

Total REX shareholders’ equity

 

673,621

 

 

 

610,712

Noncontrolling interests

 

97,993

 

 

91,293

Total equity

 

771,614

 

 

702,005

TOTAL LIABILITIES AND EQUITY

$

856,476

 

$

797,731

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)

Unaudited

 

Six Months Ended

 

July 31,

 

July 31,

 

 

2026

 

 

2025

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net Income

$

62,324

 

 

$

20,000

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation

 

8,902

 

 

 

7,101

 

Noncash operating lease expense

 

3,499

 

 

 

3,197

 

Amortization of finance lease right-of-use assets

 

949

 

 

 

475

 

Stock-based compensation expense

 

6,005

 

 

 

1,022

 

Income from equity method investments

 

(10,761)

 

 

(1,897)

Dividends received from equity method investments

 

2,005

 

 

 

2,506

 

Interest income from investments

 

(4,338)

 

 

(2,999)

Loss on disposal of property and equipment – net

 

131

 

 

 

172

 

Deferred income taxes

 

7,362

 

 

 

4,293

 

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

(8,797)

 

 

(3,317)

Inventory

 

(558)

 

 

44

 

Prepaid expenses and other assets

 

(27,269)

 

(583)

Refundable income taxes

 

3,771

 

 

(2,022)

Accounts payable – trade

 

(1,278)

 

 

(9,896)

Long-term taxes payable

 

-

 

 

 

226

 

Accrued expenses and other liabilities

 

(3,924)

 

 

(5,514)

Net cash provided by operating activities

 

38,023

 

 

 

12,808

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Capital expenditures

 

(34,977)

 

(28,924)

Purchases of short-term investments

 

(320,800)

 

(90,671)

Maturities of short-term investments

 

224,000

 

 

 

187,000

 

Proceeds from disposal of real estate and property and

equipment

 

 

 

299

 

 

 

 

 

 

-

 

 

Deposits

 

(17)

 

 

128

 

Net cash (used in) provided by investing activities:

 

(131,495)

 

67,533

 

CASH FLOWS FROM FINANCING ACTIVITIES:

Treasury stock acquired

 

(1,581)

 

 

(33,382)

Noncontrolling interests distributions

 

(2,228)

 

 

(2,252)

Principal paid on finance lease liabilities

 

(125)

 

 

-

 

Net cash used in financing activities

 

(3,934)

 

 

(35,634)

 

 

 

 

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

 

(97,406)

 

 

44,707

 

CASH AND CASH EQUIVALENTS – Beginning of period

 

188,734

 

 

196,255

 

CASH AND CASH EQUIVALENTS – End of period

$

91,328

 

 

$

240,962

 

 

Non-cash investing activities – Accrued capital expenditures

$

4,923

 

$

694

 

Non-cash investing activities – Capital additions transferred from prepaid expenses

$

123

$

536

Non-cash financing activities – Stock awards accrued

$

1,958

 

$

559

 

Non-cash financing activities – Stock awards issued

$

7,044

 

$

2,036

 

Non-cash financing activities – Excise tax on stock repurchases accrued

$

-

$

258

Operating right-of-use assets acquired and liabilities incurred upon lease commencement

$

-

$

3,007

Finance right-of-use assets acquired and liabilities incurred upon lease commencement

$

-

$

3,381

 

Investor Contacts
Douglas Bruggeman
Chief Financial Officer

Caldwell Bailey
ICR, Inc.
rexamerican@icrinc.com

Source: REX American Resources Corporation