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Highwater Ethanol LLC earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Sep 11, 2026
Q2 2026 Revenue up 12% year over year to $39.1M · 28¢ of every $1 of revenue kept as net profit · operating margin 14.5%
Highwater Ethanol LLC made $39.1M in Q2 2026 (+12% Y/Y): Ethanol $29.2M, Corn oil $4.6M, Distillers grains $3.6M. Operating margin 14.5%, net earnings $10.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 11, 2026.
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What changed this quarter
Revenue was $39.1M in Q2 2026, up 12% year over year and up 2% from the previous quarter. Ethanol was the largest line at 75% of revenue. Ethanol added $3.0M year over year (up 11%), 70% of the total change.
Gross margin was 19.1%, up 12.1 points from Q2 2025. Operating profit was $5.7M, a 14.5% margin (up 10.2 points year over year). Of the extra revenue versus Q2 2025, 98% reached operating profit, above the 4% margin then. Operating expenses grew 89% against revenue growth of 12%. Net earnings were $10.8M, up 546% year over year. The effective tax rate was 0.0%. Non-operating items added $5.2M, 48% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $16.0M (up 608% year over year), 148% of net earnings. Non-cash charges added back $1.6M of depreciation and amortization. Working capital and other items added $3.6M. Capital expenditures of $4.0M left free cash flow of $12.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Sep 11, 2026 | $39.1M | +12% | 14.5% | $10.8M | $16.0M |
| Q1 2026 | 10-Q | Jun 12, 2026 | $38.4M | +9% | 12.5% | $8.3M | $3.3M |
| Q1 2026 | 10-Q | Mar 4, 2026 | $34.4M | +4% | 6.1% | $5.6M | $4.3M |
| Q3 2025 | 10-K | Jan 22, 2026 | $38.0M | +20% | 11.8% | $15.1M | $11.0M |
| Q2 2025 | 10-Q | Sep 12, 2025 | $34.9M | -7% | 4.3% | $1.7M | $2.3M |
| Q1 2025 | 10-Q | Jun 11, 2025 | $35.1M | +8% | -1.9% | −$480K | −$57K |
| Q3 2024 | 10-K | Jan 21, 2025 | $31.6M | -35% | 4.7% | $2.1M | $5.8M |
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About Highwater Ethanol LLC
Highwater Ethanol, LLC (“we,” “our,” “Highwater Ethanol” or the “Company”) was formed as a Minnesota limited liability company on May 2, 2006 for the purpose of constructing, owning, and operating a 50 million gallon per year nameplate ethanol plant near Lamberton, Minnesota. Since August 2009, we have been engaged in the production of ethanol and distillers grains at the plant. In October 2019, our air permit application to the Minnesota Pollution Control Agency to allow for 70.2 million gallons of denatured ethanol per 12-month rolling average was approved. Our ethanol production levels for the fiscal year ended October 31, 2025 were at an annual rate of approximately 70.2 million gallons.
In its own words, from its 10-K, filed Jan 22, 2026.
Highwater Ethanol LLC against its Industrial Organic Chemicals peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +5%. Operating margin: 14.5% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Highwater Ethanol LLC | Q2 2026 | $39.1M | +12% | 14.5% |
| LYB LyondellBasell Industries N.V. | Q3 2026 | $8.5B | +10% | 12.6% |
| WLK Westlake | Q3 2026 | $3.0B | +5% | 1.4% |
| IFF International Flavors & Fragrances | Q3 2026 | $1.9B | +4% | 8.2% |
| Union Carbide | Q3 2026 | $1.5B | +38% | 29.6% |
| NEU Newmarket | Q3 2026 | $717M | +4% | 20.0% |
| GPRE Green Plains | Q3 2026 | $496M | -2% | 18.7% |
| SXT Sensient Technologies | Q3 2026 | $456M | +11% | 15.9% |
| WLKP Westlake Chemical Partners LP | Q3 2026 | $314M | +2% | 30.4% |
Source: Highwater Ethanol LLC 10-Q on SEC EDGAR · CIK 1371451 · Industrial Organic Chemicals