Short answer
REX AMERICAN RESOURCES Corp (REX) filed its fiscal 2025 10-K annual report with the SEC on Mar 28, 2025. It reported revenue of $642M (−22.9% year over year) and net income of $58M.
- Top risk flagged: Regulatory risk from EPA Renewable Fuel Standard (RFS) volume uncertainty; 2026+ RVO proposal delayed past Nov 2024, finalization expected Dec 2025
FY2025 key financial metrics · XBRL
- Revenue
- $642M
- −22.9% YoY
- Net income
- $58M
- −4.5% YoY
- Gross margin
- 14.2%
- +2.5 pp YoY
- EPS (diluted)
- $3.30
- −4.9% YoY
- ROE
- 10.4%
- −1.5 pp YoY
- Operating cash flow
- $64M
- −49.8% YoY
Source: XBRL data from the REX AMERICAN RESOURCES Corp (REX) FY2025 10-K on SEC EDGAR. USD.
REX AMERICAN RESOURCES Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Majority-owned ethanol production through six plants, focusing on ethanol and by-products as a single reportable segment
- New emphasis: Carbon sequestration project at One Earth Energy with $220–230 million budget, including EPA Class VI permit pending, impacted by new Illinois legislation
- Strategic shift: Expansion of One Earth ethanol plant capacity from 150 to 175 million gallons/year, planning permit for 200 million gallons/year; focus on carbon intensity reduction for IRA tax credits
- Quantitative metric: Ethanol shipped ~727 million gallons in FY2024, with REX’s effective ownership ~294 million gallons; spent $59.9 million on sequestration and expansion projects
- Noteworthy fact: Illinois moratorium on new CO₂ pipeline permits until July 2026 delays carbon sequestration project permitting and ICC application withdrawn
Management Discussion & Analysis
- Operating cash flow $64.2M in FY24 vs $128.0M in FY23; net income $71.5M FY24 vs $75.9M FY23
- Capital expenditures $71.3M FY24 vs $37.7M FY23; focused on One Earth expansion ($34.9M) and carbon sequestration ($26.6M)
- Stock repurchases $15.5M FY24 plus $11.9M post-year; 222,510 shares remaining authorized; additional 1.5M shares approved for repurchase
- Revenue and profitability details not explicitly disclosed; no impairment losses recorded FY24, FY23, FY22
- Management expects sufficient liquidity for operations and capex but highlights risk if plant production, pricing, or costs vary materially
Risk Factors
- Regulatory risk from EPA Renewable Fuel Standard (RFS) volume uncertainty; 2026+ RVO proposal delayed past Nov 2024, finalization expected Dec 2025
- Macroeconomic exposure to corn price volatility exacerbated by the Russian-Ukraine conflict and 2022 drought impacting NuGen facility corn supply
- Operational risk in carbon sequestration project at One Earth plant; Illinois CO2 pipeline permitting moratorium until July 1, 2026 causing resubmission and delays
- Competitive disruption potential from cellulosic ethanol technologies favored by federal policies requiring costly plant conversions for corn-based ethanol producers
- Financial risk from minority equity ethanol plants limiting operational control and exposing REX to local operators’ conflicting interests on corn sourcing and pricing
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