Record FY 2025 earnings at REX American Resources (NYSE: REX)
Rhea-AI Filing Summary
REX American Resources reported record full-year 2025 earnings per share, driven by stronger margins and tax credits. Net income attributable to REX shareholders rose to $82.95 million for fiscal 2025, with diluted EPS increasing to $2.50 on 33.21 million diluted weighted average shares outstanding.
Full-year net sales and revenue were $650.49 million and gross profit was $93.71 million, both modestly higher than 2024, while Q4 2025 gross profit jumped to $28.91 million on $157.96 million of revenue. Q4 net income attributable to shareholders was $43.75 million, or $1.32 per diluted share. Results benefited from approximately $28.1 million of 45Z tax credits recognized in Q4 as a reduction to income tax expense.
The company is investing heavily in its One Earth Energy ethanol production expansion and carbon capture and sequestration project, with $166 million of capital expenditures to date and a total budget of $220–$230 million. As of January 31, 2026, REX held $375.8 million in cash, cash equivalents and short-term investments and had no bank debt, while repurchasing about 1.65 million shares for $32.9 million during fiscal 2025.
Positive
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Insights
Record EPS, strong balance sheet and heavy low‑carbon capex reshape REX’s earnings profile.
REX American Resources delivered record diluted EPS of $2.50 for fiscal 2025 versus $1.65 a year earlier, on modestly higher revenue of $650.5M. Q4 2025 earnings were especially strong, with $1.32 diluted EPS and gross profit expanding sharply as ethanol pricing improved and corn costs declined.
A key driver was about $28.1M of 45Z tax credits recognized in Q4 as a reduction to income tax expense, materially lifting after‑tax profitability. Even excluding that benefit, higher crush margins and equity income from unconsolidated plants supported results. Operating cash flow rose to $117.8M, funding significant growth investment and buybacks.
The company has already spent $166M on expanding One Earth Energy and developing carbon capture and sequestration, within a total budget of $220–$230M. Despite this, REX ended January 2026 with $375.8M in cash, cash equivalents and short‑term investments and no bank debt, giving considerable flexibility. Share repurchases of roughly $32.9M reduced diluted weighted average shares, amplifying EPS gains. Future performance will depend on sustaining favorable ethanol economics, continued access to 45Z credits, and successful permitting and execution of the carbon capture project.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.02. Results of Operations and Financial Condition |
On March 26, 2026, REX American Resources Corporation issued a press release announcing financial results for the three- and twelve-month periods ended January 31, 2026. The press release is furnished as Exhibit 99 to this report.
Item 9.01. Financial Statements and Exhibits
| (c) | Exhibits. The following exhibits are furnished with this report: | |
| 99 Press Release dated March 26, 2026* | ||
| 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||
| * | Filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REX AMERICAN RESOURCES CORPORATION | ||
| Date: March 26, 2026 | By: | /s/ DOUGLAS L. BRUGGEMAN |
| Name: Douglas L. Bruggeman | ||
| Title: Vice President - Finance, Chief Financial Officer and Treasurer | ||
Exhibit 99
REX American Resources Reports Record
High Full Fiscal Year 2025 Net Income
Per Share Attributable to REX Common Shareholders of $2.50
| § | Generated $1.32 of net income per share in fourth quarter and $2.50 of net income per share in Full Fiscal Year ‘25 | |
| § | Reported gross profit of $28.9 million for fourth quarter and $93.7 million for Full Fiscal Year ‘25 | |
| § | Reported net sales and revenue of $158.0 million for fourth quarter and $650.5 million for Full Fiscal Year ’25 | |
| § | Reported consolidated ethanol sales volumes of 70.1 million gallons for fourth quarter and 290.0 million gallons for Full Fiscal Year ’25 |
Dayton, OH - Thursday, March 26, 2025 - 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 full year and fiscal fourth quarter 2025.
REX American Resources’ Q4 and full fiscal year 2025 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 ethanol affiliates.
Full Fiscal Year 2025 Results
For the full fiscal year 2025, REX reported net sales and revenue of $650.5 million, compared with $642.5 million for full fiscal year 2024. The year-over-year net sales and revenue increase primarily reflects improved ethanol and corn oil pricing. Full fiscal year 2025 gross profit for the Company was $93.7 million, compared with $91.5 million in full fiscal year 2024, primarily reflecting better crush margins. Gross profit margin for fiscal year 2025 remained steady at 14% compared to fiscal year 2024. Full fiscal year 2025 income before income taxes and non-controlling interests was $88.6 million, compared with $92.9 million in the prior year period.
Net income attributable to REX shareholders in full fiscal year 2025 was $83.0 million, compared to $58.2 million in full fiscal year 2024. Full fiscal year diluted net income per share attributable to REX common shareholders was $2.50, compared to $1.65 per share in full fiscal year 2024. Per share results for full fiscal years 2025 and 2024 are based on 33,208,000 and 35,272,000 diluted weighted average shares outstanding, respectively.
Fourth Quarter 2025 Results
REX reported Q4 ’25 net sales and revenue of $158.0 million, compared to Q4 ‘24 net sales and revenue of $158.2 million. Fourth quarter 2025 gross profit for the Company was $28.9 million, compared with $17.6 million in Q4 ’24, a result of improved ethanol pricing and lower corn costs, the two largest drivers of gross profit. This led to Q4 ‘25 income before income taxes and non-controlling interests of $27.4 million, compared with $17.9 million in Q4 ’24.
During Q4 ’25, the Company recognized approximately $28.1 million in 45Z tax credits as a reduction to income tax expense. 45Z tax credits became available for production and sales beginning January 1, 2025.
Net income attributable to REX shareholders in Q4 ‘25 was $43.7 million, compared to $11.1 million in Q4 ’24. Q4 ‘25 diluted net income per share attributable to REX common shareholders was $1.32, compared to $0.31 per share in Q4 ’24. Per share results for Q4 ’25 and Q4 ’24 are based on 33,037,000 and 35,261,000 diluted weighted average shares outstanding, respectively.
Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects
REX is nearing completion of the expansion of ethanol production at the One Earth facility. The Company expects testing and commissioning to begin upon completion, with the facility becoming fully operational during fiscal 2026.
The Company’s carbon capture and sequestration project continues to await permitting for the Class VI injection well and associated carbon dioxide pipeline. REX remains actively engaged with the U.S. EPA and the Illinois Commerce Commission throughout both processes.
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 $166 million. The Company continues to budget a total of $220-$230 million for these projects.
Share Repurchases
During Fiscal Year 2025, the Company repurchased approximately 1,651,252 shares, for total consideration of $32.9 million. After these repurchases, a total of 2,357,186 shares remained available to purchase under existing board authorization.
Balance Sheet
As of January 31, 2026, REX had $375.8 million of cash, cash equivalents, and short-term investments available and no bank debt.
Management Commentary
“REX American delivered record earnings per share in fiscal 2025. We strengthened our record of profitable operations, advanced our ethanol production expansion, and continued working closely with government officials to drive progress on our carbon capture initiative,” said Zafar Rizvi, Chief Executive Officer of REX. “At the same time, we remain fully focused on our core operations and revenue-generating activities, while pursuing qualifications for the 45Z tax credit program to enhance profitability. The REX team continues to execute at a high level, positioning the company for sustainable growth and creating increasing value for our shareholders.”
Conference Call Information
REX will host a conference call at 11:00 a.m. ET today to discuss the Company’s full fiscal year and fourth 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 13758494. 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 such as the One Big Beautiful Bill, the impact of U.S. foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects of terrorism, wars and other conflicts, 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.
Investor Contacts
Douglas Bruggeman
Chief Financial Officer
Caldwell Bailey
ICR, Inc.
rexamerican@icrinc.com
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share amounts)
Unaudited
| Three Months Ended January 31, | Years Ended January 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net sales and revenue | $ | 157,959 | $ | 158,228 | $ | 650,487 | $ | 642,491 | ||||||||
| Cost of sales | 129,046 | 140,656 | 556,781 | 551,014 | ||||||||||||
| Gross profit | 28,913 | 17,572 | 93,706 | 91,477 | ||||||||||||
| Selling, general and administrative expenses | (12,257) | (6,171) | (32,616) | (27,148) | ||||||||||||
| Equity in income of unconsolidated affiliates | 6,200 | 2,299 | 12,485 | 9,385 | ||||||||||||
| Interest and other income, net | 4,536 | 4,208 | 14,997 | 19,158 | ||||||||||||
| Income before income taxes | 27,392 | 17,908 | 88,572 | 92,872 | ||||||||||||
| Benefit (provision) for income taxes | 20,213 | (3,805) | 6,502 | (21,386) | ||||||||||||
| Net Income | 47,605 | 14,103 | 95,074 | 71,486 | ||||||||||||
| Net Income attributable to noncontrolling interests | (3,856) | (3,004) | (12,123) | (13,319) | ||||||||||||
| Net income attributable to REX common shareholders | $ | 43,749 | $ | 11,099 | $ | 82,951 | $ | 58,167 | ||||||||
| Weighted average shares outstanding – basic and diluted | 33,037 | 35,261 | 33,208 | 35,272 | ||||||||||||
| Basic and diluted net income per share attributable to REX common shareholders | $ | 1.32 | $ | 0.31 | $ | 2.50 | $ | 1.65 | ||||||||
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
Unaudited
| January
31, 2026 | January
31, 2025 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 188,734 | $ | 196,255 | ||||
| Short-term investments | 187,048 | 162,820 | ||||||
| Accounts receivable | 14,682 | 21,511 | ||||||
| Inventory | 28,422 | 31,676 | ||||||
| Refundable income taxes | 12,374 | 6,445 | ||||||
| Prepaid expenses and other | 16,568 | 17,112 | ||||||
| Total current assets | 447,828 | 435,819 | ||||||
| Property and equipment, net | 272,029 | 210,683 | ||||||
| Operating lease right-of-use assets | 17,594 | 20,985 | ||||||
| Finance lease right-of-use assets | 17,558 | - | ||||||
| Other assets | 4,963 | 16,721 | ||||||
| Equity method investment | 37,759 | 35,800 | ||||||
| TOTAL ASSETS | $ | 797,731 | $ | 720,008 | ||||
| LIABILITIES AND EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable – trade | $ | 38,400 | $ | 28,337 | ||||
| Current operating lease liabilities | 6,921 | 5,746 | ||||||
| Current finance lease liabilities | 469 | - | ||||||
| Accrued expenses and other current liabilities | 29,587 | 16,360 | ||||||
| Total current liabilities | 75,377 | 50,443 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Deferred taxes | 4,065 | 3,562 | ||||||
| Long-term operating lease liabilities | 11,148 | 15,367 | ||||||
| Long-term finance lease liabilities | 2,731 | - | ||||||
| Long-term taxes payable | - | 4,334 | ||||||
| Other long-term liabilities | 2,405 | 2,700 | ||||||
| Total long-term liabilities | 20,349 | 25,963 | ||||||
| EQUITY: | ||||||||
| REX shareholders’ equity: | ||||||||
| Common stock | 329 | 344 | ||||||
| Paid-in capital | 66 | - | ||||||
| Retained earnings | 610,317 | 559,993 | ||||||
| Total REX shareholders’ equity | 610,712 | 560,337 | ||||||
| Noncontrolling interests | 91,293 | 83,265 | ||||||
| Total equity | 702,005 | 643,602 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 797,731 | $ | 720,008 | ||||
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
Unaudited
| Years Ended | ||||||||
| January
31, 2026 | January
31, 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net Income | $ | 95,074 | $ | 71,486 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation | 15,340 | 15,927 | ||||||
| Noncash operating lease expense | 6,398 | 5,788 | ||||||
| Amortization of finance lease right-of-use asset | 1,424 | - | ||||||
| Income from equity method investments | (12,485) | (9,385) | ||||||
| Dividends received from equity method investments | 10,526 | 8,521 | ||||||
| Interest income from investments | (4,842) | (5,576) | ||||||
| Deferred income tax | (3,472) | 9,802 | ||||||
| Stock-based compensation expense | 4,205 | 3,638 | ||||||
| Loss on disposal of real estate and property and equipment | 192 | 50 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 6,829 | 1,674 | ||||||
| Inventory | 3,254 | (4,692) | ||||||
| Prepaid expenses and other assets | (289) | (14,946) | ||||||
| Income tax refundable | (5,929) | (717) | ||||||
| Accounts payable – trade | 8,395 | (14,724) | ||||||
| Long-term taxes payable | (4,334) | 4,334 | ||||||
| Accrued expenses and other liabilities | (2,457) | (6,988) | ||||||
| Net cash provided by operating activities | 117,829 | 64,192 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Capital expenditures | (68,439) | (71,318) | ||||||
| Purchase of short-term investments | (296,386) | (372,341) | ||||||
| Maturity of short-term investments | 277,000 | 370,357 | ||||||
| Proceeds from disposal of real estate and property and equipment | 7 | 262 | ||||||
| Deposits | 127 | 180 | ||||||
| Net cash used in investing activities: | (87,691) | (72,860) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Treasury stock acquired | (33,383) | (14,741) | ||||||
| Capital contributions from minority investor | 9 | - | ||||||
| Payments to noncontrolling interests holders | (4,104) | (3,733) | ||||||
| Principal paid on finance lease liabilities | (181) | - | ||||||
| Net cash used in financing activities | (37,659) | (18,474) | ||||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (7,521) | (27,142) | ||||||
| CASH AND CASH EQUIVALENTS – Beginning of period | 196,255 | 223,397 | ||||||
| CASH AND CASH EQUIVALENTS – End of period | $ | 188,734 | $ | 196,255 | ||||
| Non-cash investing activities – Accrued capital expenditures | $ | 8,758 | $ | 1,152 | ||||
| Non-cash investing activities – Capital additions transferred from prepaid expenses | $ | 839 | $ | 217 | ||||
| Non-cash financing activities – Stock awards accrued | $ | 3,896 | $ | 2,037 | ||||
| Non-cash financing activities – Stock awards issued | $ | - | $ | 2,172 | ||||
| Non-cash financing activities – Stock repurchases accrued | $ | - | $ | 781 | ||||
| Operating right-of-use assets acquired and liabilities incurred upon lease commencement | $ | 3,007 | $ | 13,734 | ||||
| Finance right-of-use assets acquired and liabilities incurred upon lease commencement | $ | 3,381 | $ | - |
FAQ
How did REX (REX) perform financially in full fiscal year 2025?
What were REX (REX) fourth quarter 2025 earnings and revenue?
How much did 45Z tax credits contribute to REX (REX) results?
What is REX (REX) investing in at the One Earth Energy facility?
What does REX (REX) balance sheet look like as of January 31, 2026?
How much ethanol volume does REX (REX) sell and what is its capacity?
Filing Exhibits & Attachments
4 documentsPress Releases
