REX American Resources (REX) Q4 2026 earnings summary

Executive summary

• Fiscal 2025 marked a record year with net income per share of $2.50, strong operational performance, and strategic growth, including record ethanol sales volumes and robust export demand.

• Major progress was made on the One Earth Energy facility expansion, aiming to increase capacity from 150M to 200M gallons per year, and on carbon capture initiatives to reduce carbon intensity and leverage tax credits.

• The company maintained a strong balance sheet with $375.8 million in cash and equivalents and no bank debt at year-end 2025.

Financial highlights

• Net sales and revenue for fiscal 2025 were $650.5 million, with gross profit of $93.7 million and net income attributable to shareholders of $83 million.

• Ethanol sales volumes reached an all-time high of 290 million gallons in 2025 at an average selling price of $1.741 per gallon.

• Diluted EPS for 2025 reached a record $2.50, up from $1.65 in 2024; Q4 EPS was $1.32, up from $0.31 in Q4 2024.

• Q4 2025 net income benefited from $28.1 million in 45Z tax credits recognized for the full year.

• Cash, cash equivalents, and short-term investments totaled $375.8 million as of January 31, 2026.

Outlook and guidance

• Expanded production capacity at One Earth Energy is expected to come online in 2026, supporting further growth.

• Carbon capture and sequestration project at One Earth Energy is substantially complete, pending regulatory approvals, with potential to store 560,000 tons of carbon annually.

• Continued eligibility for 45Z tax credits through 2029 and anticipated benefits from 45Q and 45Z programs could reach $36M and $150M annually, respectively, after CCS implementation.

• Management expects another year of strong performance in 2026, driven by expanded capacity, favorable market conditions, and ongoing operational excellence.