Segment Reporting (Tables)

12 Months Ended

Aug. 31, 2025

Segment information for the years ended August 31, 2025, 2024 and 2023, is presented in the tables below.


	Energy		Ag		Nitrogen Production		Total Reportable Segments		Corporate and Other		Reconciling Amounts		Total
Year ended August 31, 2025	(Dollars in thousands)
Revenues, including intersegment revenues	$	8,035,160	$	27,755,290	$	—	$	35,790,450	$	87,915	$	(415,757)	$	35,462,608
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	$	—	$	35,462,608
Cost of goods sold (a)	7,339,336		26,985,759		1,673		34,326,768		(974)		—		34,325,794
Marketing, general and administrative expenses	313,402		602,104		68,290		983,796		62,263		—		1,046,059
Interest expense	(6,103)		94,580		69,094		157,571		17,278		(28,770)		146,079
Other income	(4,968)		(90,460)		(3,654)		(99,082)		(30,119)		28,770		(100,431)
Equity (income) losses from investments	408		(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


	Energy		Ag		Nitrogen Production		Total Reportable Segments		Corporate and Other		Reconciling Amounts		Total
Year ended August 31, 2024	(Dollars in thousands)
Revenues, including intersegment revenues	$	9,339,079	$	30,432,758	$	—	$	39,771,837	$	94,113	$	(604,721)	$	39,261,229
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	$	—	$	39,261,229
Cost of goods sold (a)	8,041,588		29,478,231		138		37,519,957		(10,055)		—		37,509,902
Marketing, general and administrative expenses	321,053		697,301		71,392		1,089,746		77,223		—		1,166,969
Interest expense	(16,773)		61,982		61,942		107,151		22,027		(25,114)		104,064
Other income	(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)
Income before income taxes	$	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


	Energy		Ag		Nitrogen Production		Total Reportable Segments		Corporate and Other		Reconciling Amounts		Total
Year ended August 31, 2023	(Dollars in thousands)
Revenues, including intersegment revenues	$	10,761,503	$	35,456,969	$	—	$	46,218,472	$	82,107	$	(710,575)	$	45,590,004
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	$	—	$	45,590,004
Cost of goods sold (a)	8,718,224		34,501,163		1,693		43,221,080		(7,341)		—		43,213,739
Marketing, general and administrative expenses	307,197		577,904		72,135		957,236		75,529		—		1,032,765
Interest expense	7,672		71,115		60,090		138,877		31,487		(32,922)		137,442
Other income	(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)
Income before income taxes	$	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.

Schedule of Sales Based on Geographic Locations

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
	(Dollars in thousands)
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	$	35,462,608	$	39,261,229	$	45,590,004

(a) Revenues in North America are substantially all attributed to the United States.