Letter from the CEO
May 01, 2026
As we enter 2026, we reflect on a year defined by progress, resilience, and an unwavering commitment to our member-owners. United Cooperative remains focused on delivering the products, services, and infrastructure needed to support the evolving demands of our agricultural communities.
Throughout 2025, our employees demonstrated exceptional dedication to operational excellence and customer service. Their efforts—combined with the continued trust of our members—drove strong performance across all core business areas. We sincerely thank our employees, members, and partners for their role in another successful year.
We also continued to invest in infrastructure to meet growing demand. Significant projects were completed or initiated in Waupun, Mayville, Ripon, Hillsboro, Center Valley, and Coleman. These improvements enhance our capacity, efficiency, and long-term ability to serve our members.
Agriculture continues to require adaptability. Despite weather variability and supply chain challenges, the 2025 growing season delivered strong yields and favorable harvest conditions. Our upgraded facilities allowed us to efficiently manage increased volumes, ensuring a smooth experience for our customers. We extend our gratitude to our seasonal workforce and suppliers who played an essential role in this success.
As grain production in Wisconsin continues to increase, we remain committed to expanding storage and improving logistics. In support of this growth, we completed construction of our soybean crush plant in Waupun, creating new market opportunities and adding value throughout the soybean supply chain.
As we begin 2026, we are excited to expand our reach through the acquisition of Alcivia agronomy locations. This addition strengthens our ability to serve more producers across the region while enhancing our agronomy capabilities. We are proud to welcome new employees and customers to United Cooperative and look forward to building strong relationships rooted in service and trust.
Celebrating 90 years of service, United Cooperative continues to invest in long-term sustainability and growth. As the agricultural landscape evolves with economic pressures, technological advancements, and global market shifts, we encourage our members to partner with our experienced sales teams to make informed, profitable decisions.
Supporting our communities remains a priority. In 2025, we contributed over $100,000 to initiatives focused on rural health and safety, agricultural youth, and food security. We also awarded 40 students with $1,000 scholarships, bringing our total support to more than 600 students and over $600,000 since the program began in 2008.
Financially, United Cooperative delivered strong results. Revenues reached $1.26 billion, with our core businesses generating $66.5 million in profits. Ethanol investments contributed an additional $38.6 million, and patronage from regional cooperatives totaled $6.8 million. Altogether, total net margin before taxes was $111.9 million.
Based on this performance, we are returning $58.6 million in patronage to our members. Half of this amount—$29.3 million—will be distributed in cash this May, with the remaining $29.3 million retained as equity credits. We also plan to revolve stock in October, retire stock at age 77, and honor estate redemptions as requested.
As we move forward, we remain committed to innovation, reliability, and service. Together, we will continue strengthening our cooperative and supporting the farmers who feed our communities.
Thank you for your continued patronage in 2026. We look forward to a successful and prosperous year ahead.
Cooperatively yours,
David Cramer