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How REX American Resources (REX) makes money

REX American Resources (REX) made $168M of revenue in the second quarter fiscal 2027 (Q2 FY27), +6% from a year earlier. Ethanol brought in $126M (75%); Dried Distillers Grains brought in $24.2M (14%); Distillers Corn Oil brought in $17.6M (10%). Of every dollar of revenue, 32¢ was left as gross profit, 29¢ was left as operating profit, 21¢ was left as net earnings.

Drawing the Sankey…

REX American Resources revenue by segment, Q2 FY27REX American Resources revenue by segment, Q2 FY27Ethanol$126MDried Distillers Grains$24.2MDistillers Corn Oil$17.6MModified Distillers Grains$811KOther$91KDerivative Financial Instrument G…$62K
REX American Resources: revenue by line, Q1 FY26 to Q2 FY27REX American Resources: revenue by line, Q1 FY26 to Q2 FY27EthanolDried Distillers Grai…Distillers Corn OilModified Distillers G…OtherDerivative Financial …Derivative Financial …Ethanol: $126M latest$126MDried Distillers Grains: $24.2M latest$24.2MDistillers Corn Oil: $17.6M latest$17.6MModified Distillers Grains: $811K latestOther: $91K latestDerivative Financial Instrument Gains Losses: $62K latestDerivative Financial Instrument Losses: $0 latestQ1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Distillers Corn Oil went from 6% of revenue in Q1 FY26 to 10% in Q2 FY27, the largest shift in the mix.
REX American Resources revenue by quarterREX American Resources revenue by quarter$158MQ4 FY25$158MQ1 FY26$159MQ2 FY26$176MQ3 FY26$158MQ4 FY26$156MQ1 FY27$168MQ2 FY27
REX American Resources: where each dollar of revenue goesREX American Resources: where each dollar of revenue goesCost of revenue68¢Gross profit32¢Operating expenses3¢Operating profit29¢Income tax4¢Net earnings21¢Operating cash flow24¢Free cash flow10¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Ethanol$126M74.6%—+2%
Dried Distillers Grains$24.2M14.3%—+14%
Distillers Corn Oil$17.6M10.4%—+41%
Modified Distillers Grains$811K0.5%—-35%
Other$91K0.1%—+203%
Derivative Financial Instrument Gains Losses$62K0.0%—-69%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$168M100.0%
Cost of revenue$115M68.4%
Gross profit$53.3M31.6%
Operating expenses$5.2M3.1%
Operating profit$48.1M28.6%
Income tax$7.5M4.4%
Net earnings$34.9M20.7%
Operating cash flow$40.1M23.8%
Free cash flow$16.8M10.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$168M+6%
Q1 FY27$156M-1%
Q4 FY26$158M-0.2%
Q3 FY26$176M+0.4%
Q2 FY26$159M+7%
Q1 FY26$158M-2%
Q4 FY25$158M-16%

From REX American Resources' 10-Q filed Sep 3, 2026 (on EDGAR).

Questions

How does REX American Resources make money?

REX American Resources (REX) made $168M of revenue in the second quarter fiscal 2027 (Q2 FY27), +6% from a year earlier. Ethanol brought in $126M (75%); Dried Distillers Grains brought in $24.2M (14%); Distillers Corn Oil brought in $17.6M (10%). Of every dollar of revenue, 32¢ was left as gross profit, 29¢ was left as operating profit, 21¢ was left as net earnings.

What is REX American Resources' biggest business?

Ethanol: $126M in the second quarter fiscal 2027, 75% of revenue, +2% from a year earlier.

What is REX American Resources' profit margin?

Net earnings were $34.9M, 20.7% of revenue, in the second quarter fiscal 2027; the operating margin was 28.6%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.