South Dakota Soybean Processors LLC

sdsbp.com

What Do They Do?

Processes locally grown soybeans into meal and hulls for livestock-feed buyers, and produces soybean oil and related byproducts for food, biofuel and chemical industries.

How Do They Make Money?

Customers buy soybean meal, hulls, soybean oil and related products for food, feed, energy and industrial uses; sales are counted when goods ship or at another predetermined transfer point.

revenue

Segment	Share	Revenue	How money arrives
Soybean meal and hulls Sold outright	59% FY2022: 50%		Sold outright
Soybean oil and oil byproducts Sold outright	41% FY2022: 50%		Sold outright

Who Are Their Customers?

Livestock-feed buyers, including resellers, feed mills and livestock producers, buy meal and hulls; oil goes to refining companies or is sold directly to food and biofuel businesses.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$241.1M.

Operating income, FY2025

3% of revenue

▼ −25% vs FY2024 ($23.3M, 4%)

Net income, FY2025

4% of revenue

▼ −13% vs FY2024 ($20.3M, 4%)

Free cash flow, FY2025

−48% of revenue

▲ +106% (Loss) vs FY2024 (−$117.3M, −21%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +195%; vs $110.6M in Q2 FY2025
Net income: ▲ Now profitable; vs −$973.1K in Q2 FY2025

Soybean meal and hulls share of revenue vs 58.2% in Q2 FY2025

Shrinking. Revenue fell 15% in 4 years, from $590.2M in FY2021 to $503.8M in FY2025, about 4% a year.

Revenue over time

Soybean meal and hulls Soybean oil and oil byproducts

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Archer Daniels Midland, Bunge, Cargill, and Ag Processing

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