Green Plains Inc (GPRE)

Green Plains Reports First Quarter 2026 Financial ResultsMay 7, 2026 6:55 AM
Business Wire Results for the First Quarter of 2026: Net income attributable to Green Plains of $32.9 million, or EPS of $0.42 per diluted share Adjusted EBITDA of $71.5 million, inclusive of $16.3 million from the base business and $55.2 million in 45Z production tax credit value net of discounts and other costs No recordable safety incidents during the first quarter of 2026 Lowered selling, general and administrative expenses to $19.5 million for the first quarter of 2026 compared to both the prior quarter and first quarter of 2025 Achieved strong utilization in the quarter from the eight operating ethanol plants of 97% Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the first quarter of 2026. Net income attributable to the company was $32.9 million, or $0.42 per diluted share compared to net loss attributable to the company of $(72.9) million or ($1.14) per diluted share, for the same period in 2025. Revenues were $445.8 million for the first quarter of 2026 compared with $601.5 million for the same period last year. EBITDA was $71.5 million compared to ($41.5) million for the same period in the prior year. “The first quarter marked a meaningful inflection point compared to where the business stood a year ago. Our plants ran at a high level, ethanol margins improved, our co-products performed well, and our carbon program contributed significantly to earnings for the first full quarter with all three Nebraska facilities online,” said Chris Osowski, President and Chief Executive Officer. “Based on our first quarter performance and updated outlook for the remainder of the year, we are raising our guidance to $200 to $225 million of EBITDA associated with the generation of production tax credits.” “The financial foundation of the business is in a meaningfully better place than it was a year ago,” said Ann Reis, Chief Financial Officer. “Expenses continue to trend lower and the balance sheet gives us flexibility to invest in the business while maintaining strong liquidity. With our focus on operational excellence combined with the earnings from carbon we believe the company is well positioned for sustainable cash flow generation through the remainder of the year.” Results of Operations Green Plains’ ethanol production segment sold 174.2 million gallons of ethanol during the first quarter of 2026, compared with 195.3 million gallons for the same period in 2025. The consolidated ethanol crush margin was $64.6 million for the first quarter of 2026, compared with ($14.7) million for the same period in 2025. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, including intercompany marketing and agribusiness fees and excluding net nonethanol operating activities. Consolidated revenues decreased $155.7 million for the three months ended March 31, 2026, compared with the same period in 2025, primarily due to lower revenues within our ethanol production segment as a result of lower volumes sold primarily driven by the disposition of our Obion, Tennessee plant and lower weighted average selling prices on ethanol, as well as lower revenues in our agribusiness and energy services segment as a result of the company ceasing a third-party marketing agreement with Tharaldson Ethanol Plant I LLC effective April 1, 2025. Net income attributable to Green Plains increased $105.8 million and EBITDA increased $113.0 million for the three months ended March 31, 2026 compared with the same period in 2025 primarily due to recognition of $55.2 million of 45Z production tax credits net of discounts and other costs, higher margins in our ethanol production and agribusiness and energy services segments and lower selling, general and administrative expenses as a result of restructuring costs of $16.6 million incurred during the three months ended March 31, 2025. Interest expense increased $2.6 million for the three months ended March 31, 2026 compared with the same period in 2025 primarily due to higher debt balances associated with carbon sequestration equipment. During the first quarter of 2026, the company elected to early adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities. Concurrently, the company elected to change its accounting policy related to the recognition of Section 45Z clean fuel production tax credits. The change in accounting policy results in the recognition of Section 45Z clean fuel production tax credits by analogy under the income model of ASU 2025-10, which results in a reduction of cost of goods sold in the statements of operations and recognition as production tax credits on the consolidated balance sheets. The company previously recorded the credits under ASC 740, Accounting for Income Taxes, which resulted in recognition within income tax benefit in the statements of operations and deferred income taxes, net in the consolidated balance sheets. The company determined that the income model under ASU 2025-10 is preferable because it better reflects the financial benefit of Section 45Z clean fuel production tax credits netted against the costs to produce the low-carbon fuels that the tax legislation was meant to incentivize. The company determined that retrospective adjustment to prior period financials is required. No Section 45Z clean fuel production tax credits were recognized during the first or second quarters of 2025, so no adjustments were made in the statements of operations; however, the company has reclassified balances previously reported as deferred income taxes, net, and other long-term liabilities to production tax credits on the consolidated balance sheets as of December 31, 2025. Segment Information The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein, and renewable corn oil, in addition to CCS operations at our three Nebraska plants and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities. GREEN PLAINS INC. SEGMENT OPERATIONS (unaudited, in thousands)     Three Months Ended
March 31,     2026       2025     % Var. Revenues           Ethanol production $ 393,359     $ 497,772     (21.0)% Agribusiness and energy services   58,605       109,829     (46.6) Intersegment eliminations   (6,160 )     (6,086 )   1.2   $ 445,804     $ 601,515     (25.9)%             Gross margin           Ethanol production (1) $ 71,728     $ (5,692 )   * Agribusiness and energy services   16,218       8,731     85.8   $ 87,946     $ 3,039     *             Depreciation and amortization           Ethanol production $ 23,218     $ 21,035     10.4% Agribusiness and energy services   31       598     (94.8) Corporate activities   388       754     (48.5)   $ 23,637     $ 22,387     5.6%             Operating income (loss)           Ethanol production $ 39,422     $ (39,550 )   * Agribusiness and energy services   13,832       2,433     * Corporate activities (2)   (8,482 )     (25,143 )   (66.3)   $ 44,772     $ (62,260 )   *             Adjusted EBITDA           Ethanol production (3) $ 63,056     $ (19,416 )   * Agribusiness and energy services   14,011       3,156     * Corporate activities (2)   (5,564 )     (25,246 )   (78.0) EBITDA   71,503       (41,506 )   * Restructuring costs   —       16,587     (100.0) Proportional share of EBITDA adjustments to equity method investees   45       735     (93.9)   $ 71,548     $ (24,184 )   *   (1) Ethanol production includes $56.1 million of 45Z production tax credits net of discounts and other costs for the three months ended March 31, 2026, recorded as a reduction of cost of goods sold. (2) Corporate activities includes $10.3 million of restructuring costs recorded within selling, general and administrative expenses for the three months ended March 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO. (3) Ethanol production includes $55.2 million of 45Z production tax credits recorded net of discounts and other costs for the three months ended March 31, 2026. * Percentage variance not considered meaningful GREEN PLAINS INC. SELECTED OPERATING DATA (unaudited, in thousands)     Three Months Ended
March 31,   2026   2025   % Var.             Ethanol production           Ethanol (gallons) 174,196   195,328   (10.8 )% Distillers grains (equivalent dried tons) 362   417   (13.2 ) Ultra-High Protein (tons) 54   68   (20.6 ) Renewable corn oil (pounds) 58,476   64,263   (9.0 ) Corn consumed (bushels) 58,802   66,264   (11.3 )             Agribusiness and energy services (1)           Ethanol sold (gallons) 176,145   255,721   (31.1 )   (1) Includes gallons from the ethanol production segment. GREEN PLAINS INC. CONSOLIDATED CRUSH MARGIN (unaudited, in thousands)     Three Months Ended
March 31,   2026   2025                 Ethanol production operating income (loss) (1) $ 39,422   $ (39,550 ) Depreciation and amortization   23,218     21,035   Adjusted ethanol production operating income (loss)   62,640     (18,515 ) Intercompany fees and nonethanol operating activities, net (2)   1,976     3,848   Consolidated ethanol crush margin $ 64,616   $ (14,667 )   (1) Ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.5 million for the three months ended March 31, 2025. (2) Includes ($1.7) million and ($0.4) million for the three months ended March 31, 2026 and 2025, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities. Liquidity and Capital Resources As of March 31, 2026, Green Plains had $183.1 million in total cash and cash equivalents, and restricted cash, and $336.0 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. On April 17, 2026, the Revolver Facility was amended by the Second Amendment to the Loan and Security Agreement and the termination date was extended from March 25, 2027 to September 25, 2027 and the borrowing limit was reduced from $350 million to $300 million. Total debt outstanding at March 31, 2026 was $492.2 million, including $34.0 million outstanding debt under working capital revolvers and other short-term borrowing arrangements. Conference Call Information On May 7, 2026, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss first quarter 2026 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains website https://investor.gpreinc.com/events-and-presentations. Non-GAAP Financial Measures Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs and our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company. About Green Plains Inc. Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on disciplined execution and leadership in low-carbon biofuels and high-value ingredients. The company operates a performance-driven platform focused on maximizing yield, lowering carbon intensity, and delivering long-term value through responsible capital deployment. For more information, visit www.gpreinc.com. Forward-Looking Statements All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed or new technologies being deployed; the failure to realize the anticipated selling, general and administrative expense savings from restructuring; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels, distillers grains, Ultra-High Protein, and renewable corn oil; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company’s customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the One Big Beautiful Bill Act, tariffs, renewable fuel programs, tax credit programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC, and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. GREEN PLAINS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)     March 31,
2026   December 31,
2025   (unaudited)     ASSETS Current assets       Cash and cash equivalents $ 95,719   $ 182,319 Restricted cash   87,425     47,813 Accounts receivable, net   85,856     74,374 Inventories   139,409     148,095 Production tax credits   105,888     40,328 Prepaid expenses and other   17,698     18,117 Derivative financial instruments   10,279     11,494 Total current assets   542,274     522,540 Property and equipment, net   928,679     957,256 Operating lease right-of-use assets   65,254     63,849 Other assets   50,546     41,242 Total assets $ 1,586,753   $ 1,584,887         LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities       Accounts payable $ 88,591   $ 134,912 Accrued and other liabilities   68,291     66,828 Derivative financial instruments   35,359     7,901 Operating lease current liabilities   22,477     21,557 Short-term notes payable and other borrowings   34,000     33,584 Current maturities of long-term debt   69,316     3,924 Total current liabilities   318,034     268,706 Long-term debt   388,923     361,992 Operating lease long-term liabilities   44,045     43,648 Carbon equipment liabilities   12,869     104,217 Other liabilities   31,857     34,353 Total liabilities   795,728     812,916         Stockholders' equity       Total Green Plains stockholders' equity   785,176     766,247 Noncontrolling interests   5,849     5,724 Total stockholders' equity   791,025     771,971 Total liabilities and stockholders' equity $ 1,586,753   $ 1,584,887 GREEN PLAINS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per share amounts)     Three Months Ended
March 31,     2026       2025           Revenues $ 445,804     $ 601,515           Costs and expenses       Cost of goods sold (excluding depreciation and amortization expenses reflected below)   357,858       598,476   Selling, general and administrative expenses   19,537       42,912   Depreciation and amortization expenses   23,637       22,387   Total costs and expenses   401,032       663,775   Operating income (loss)   44,772       (62,260 )         Other income (expense)       Interest income   2,920       1,003   Interest expense   (11,485 )     (8,913 ) Other, net   152       (1,515 ) Total other expense   (8,413 )     (9,425 ) Income (loss) before income taxes and income (loss) from equity method investees   36,359       (71,685 ) Income tax expense   (2,916 )     (106 ) Income (loss) from equity method investees, net of income taxes   22       (850 ) Net income (loss)   33,465       (72,641 ) Net income attributable to noncontrolling interests   527       265   Net income (loss) attributable to Green Plains $ 32,938     $ (72,906 )         Earnings per share       Net income (loss) attributable to Green Plains - basic $ 0.48     $ (1.14 ) Net income (loss) attributable to Green Plains - diluted $ 0.42     $ (1.14 )         Weighted average shares outstanding       Basic   68,841       64,069   Diluted   84,135       64,069           GREEN PLAINS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands)     Three Months Ended March 31,     2026       2025   Cash flows from operating activities       Net income (loss) $ 33,465     $ (72,641 ) Noncash operating adjustments       Depreciation and amortization   23,637       22,387   Inventory lower of cost or net realizable value adjustment   —       2,519   Other   5,043       11,962   Net change in working capital   (101,646 )     (19,268 ) Net cash used in operating activities   (39,501 )     (55,041 )         Cash flows from investing activities       Purchases of property and equipment, net   (6,448 )     (16,710 ) Proceeds from the sale of assets   2,000       —   Investment in equity method investees   —       (4,000 ) Net cash used in investing activities   (4,448 )     (20,710 )         Cash flows from financing activities       Net payments - long term debt   (1,046 )     (480 ) Net proceeds (payments) - short-term borrowings   416       (3,436 ) Other   (2,409 )     (3,125 ) Net cash used in financing activities   (3,039 )     (7,041 )         Net change in cash and cash equivalents, and restricted cash   (46,988 )     (82,792 ) Cash and cash equivalents, and restricted cash, beginning of period   230,132       209,395   Cash and cash equivalents, and restricted cash, end of period $ 183,144     $ 126,603                   Reconciliation of total cash and cash equivalents, and restricted cash       Cash and cash equivalents $ 95,719     $ 98,610   Restricted cash   87,425       27,993   Total cash and cash equivalents, and restricted cash $ 183,144     $ 126,603   GREEN PLAINS INC. RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands)     Three Months Ended March 31,   2026   2025 Net income (loss) $ 33,465   $ (72,641 ) Interest expense   11,485     8,913   Income tax expense (benefit), net of equity method income taxes   2,916     (165 ) Depreciation and amortization (1)   23,637     22,387   EBITDA   71,503     (41,506 )         Restructuring costs   —     16,587   Proportional share of EBITDA adjustments to equity method investees   45     735   Adjusted EBITDA $ 71,548   $ (24,184 )   (1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260507361242/en/ Green Plains Inc. Contacts
Investors: Will Joekel, CFA | Vice President and Treasurer | 402.952.4946 | will.joekel@gpreinc.com
Media: 402.884.8700 | media@gpreinc.com Original: Green Plains Reports First Quarter 2026 Financial Results

Green Plains to Participate in the BMO Farm to Market Chemicals ConferenceMay 4, 2026 4:15 PM
Business Wire Green Plains Inc. (NASDAQ: GPRE) today announced that Ann Reis, Chief Financial Officer and Will Joekel, Vice President & Treasurer, will participate in a fireside chat at the BMO Farm to Market Chemicals Conference on Wednesday, May 13 at 2:00 p.m. Eastern Time (1:00 p.m. Central Time). Additionally, the company will be participating in meetings with institutional investors during the conference. The live webcast, as well as the replay, will be available on the Investors page of the Green Plains website at https://investor.gpreinc.com/events-and-presentations/default.aspx. About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on disciplined execution and leadership in low-carbon biofuels and high-value ingredients. The company operates a performance-driven platform focused on maximizing yield, lowering carbon intensity, and delivering long-term value through responsible capital deployment. For more information, visit www.gpreinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504604259/en/ Green Plains Inc. Contacts
Investors: Will Joekel, CFA | Vice President and Treasurer | 402.952.4946 | will.joekel@gpreinc.com
Media: 402.884.8700 | media@gpreinc.com Original: Green Plains to Participate in the BMO Farm to Market Chemicals Conference

Green Plains to Host First Quarter 2026 Earnings Conference Call on May 7, 2026April 23, 2026 4:15 PM
Business Wire
Green Plains Inc. (NASDAQ:GPRE) will release first quarter 2026 financial results prior to the market opening on May 7, 2026, and then host a conference call beginning at 9 a.m. Eastern time (8 a.m. Central time) to discuss first quarter 2026 performance and outlook.


Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation can be accessed on the Green Plains website at https://investor.gpreinc.com.


About Green Plains Inc.


Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on disciplined execution and leadership in low-carbon biofuels and high-value ingredients. The company operates a performance-driven platform focused on maximizing yield, lowering carbon intensity, and delivering long-term value through responsible capital deployment.


For more information, visit www.gpreinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423201742/en/
Green Plains Inc. Contacts

Investors: Will Joekel, CFA | Vice President and Treasurer | 402.952.4946 | will.joekel@gpreinc.com

Media: | 402.884.8700 | media@gpreinc.com


Original: Green Plains to Host First Quarter 2026 Earnings Conference Call on May 7, 2026

Green Plains to Participate in the BofA Securities 2026 Global Agriculture and Materials ConferenceFebruary 19, 2026 4:15 PM
Business Wire
Green Plains Inc. (NASDAQ: GPRE) today announced that Chris Osowski, President and Chief Executive Officer, will be participating in a fireside chat at the BofA Securities 2026 Global Agriculture and Materials Conference on Thursday, Feb. 26 at 11:15 a.m. Eastern Time (10:15 a.m. Central Time). Additionally, the company will be participating in meetings with institutional investors during the conference.


The live webcast, as well as the replay, will be available on the Investors page of the Green Plains website at https://investor.gpreinc.com/events-and-presentations/default.aspx.


About Green Plains Inc.


Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company driving the transition to a low-carbon economy through the production of renewable fuels and sustainable, high-impact ingredients. Leveraging agricultural, biological, and fermentation expertise, the company transforms renewable crops into low-carbon energy and feedstocks. Green Plains is a leader in low-carbon intensity (CI) biofuels production and continues to explore opportunities to expand its output. With a strong commitment to innovation and operational excellence, Green Plains is delivering long-term value to stakeholders. For more information, visit www.gpreinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219166593/en/
Green Plains Inc. Contacts

Investors: Will Joekel, CFA | Vice President and Treasurer | 402.952.4946 | will.joekel@gpreinc.com

Media: 402.884.8700 | media@gpreinc.com


Original: Green Plains to Participate in the BofA Securities 2026 Global Agriculture and Materials Conference

Green Plains Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 5, 2026 6:55 AM
Business Wire
Results for the Fourth Quarter 2025 and Future Outlook:



Net income attributable to Green Plains of $11.9 million, or EPS of $0.17 per diluted share



Adjusted EBITDA of $49.1 million, inclusive of $23.4 million in 45Z production tax credit value net of discounts and other costs



Actively marketing 2026 45Z production tax credits



Carbon capture fully operational at Central City, Wood River and York, Nebraska facilities



Achieved strong utilization in the quarter from the eight operating ethanol plants of 97%, calculated using revised stated capacity



Disciplined risk management strategy continues to support first quarter margins and cash flow



Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the fourth quarter and full year 2025. Net income attributable to the company was $11.9 million, or $0.17 per diluted share for the fourth quarter compared to net loss attributable to the company of $54.9 million, or $(0.86) per diluted share, for the same period in 2024. Adjusted EBITDA was $49.1 million for the quarter compared to $(18.2) million for the same period in 2024. The results for the quarter include $27.7 million of 45Z production tax credit value net of discounts recorded as income tax benefit. Revenues for the quarter were $428.8 million compared with $584.0 million for the same period in the prior year.


“Another quarter of strong operating cash flow shows the impact of the actions we have taken to strengthen the business,” said Chris Osowski, President and Chief Executive Officer of Green Plains. “Our continued focus on operational excellence is translating directly into improved financial performance across the company.”


“Our high-performing, disciplined operations are continuing to deliver strong results,” added Osowski. “Maintaining that focus will support sustainable performance and drive long-term value for our shareholders.”


45Z production tax credits based on 2025 production were recorded as a benefit to income tax for the year ended December 31, 2025 of $54.2 million, net of a valuation allowance, in accordance with ASC 740 under U.S. GAAP and were added back to Adjusted EBITDA to reflect the operating benefit of the credits. Based on current production outlook and eligible gallons the company expects to generate at least $188 million of 45Z-related Adjusted EBITDA in 2026, net of discounts and applicable operating expenses. Final results will primarily depend on actual production volumes and carbon intensity factors at eligible plants. The company is considering early adopting ASU 2025-10, Accounting for Government Grants Received by Business Entities, effective in the first quarter of 2026 and is still assessing the impact on its financial statements including the presentation of its 45Z production tax credits.


Full Year Highlights:



In the fourth quarter of 2025, carbon capture facilities in Central City, Wood River and York, Nebraska started up, significantly lowering the carbon intensity of these sites



On October 27, 2025, successfully completed $200 million in privately negotiated convertible note exchange and subscription transactions enhancing financial flexibility



On September 25, 2025, completed the sale of Obion, Tennessee plant for $170 million plus working capital, using the proceeds to eliminate $130.7 million junior mezzanine debt and strengthen corporate liquidity



On September 17, 2025, executed tax credit monetization agreement for the Advantage Nebraska sites, along with an amendment on December 10, 2025 to expand program to three additional facilities



Completed the sale of our 50% investment in GP Turnkey Tharaldson LLC as of June 30, 2025, for $24.3 million



On April 22, 2025 the company announced that Eco-Energy, LLC had been selected as its exclusive ethanol marketer



On April 15, 2025 the company entered into a Cooperation Agreement with Ancora Holdings Group, LLC and announced the refreshment of its Board of Directors through appointments of three independent new Board members



Results of Operations


Green Plains’ ethanol production segment sold 178.8 million gallons of ethanol during the fourth quarter of 2025, compared with 209.5 million gallons for the same period in 2024. The consolidated ethanol crush margin was $44.4 million for the fourth quarter of 2025, compared with $(15.5) million for the same period in 2024. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes renewable corn oil and Ultra-High Protein, plus marketing and agribusiness fees, nonrecurring decommissioning costs, and nonethanol operating activities, as well as 45Z production tax credits.


Consolidated revenues decreased $155.2 million for the three months ended December 31, 2025, compared with the same period in 2024, primarily as a result of lower ethanol volumes sold, as well as the company ceasing a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC effective April 1, 2025.


Net income attributable to Green Plains increased $66.9 million and adjusted EBITDA increased $67.3 million for the three months ended December 31, 2025, compared with the same period last year, primarily as a result of higher margins in our ethanol production segment as well as the benefit of 45Z production tax credits in the current year. Interest expense decreased $1.6 million for the three months ended December 31, 2025, primarily as a result of lower debt balances when compared with the same period in 2024. Income tax benefit was $28.5 million for the three months ended December 31, 2025 compared with income tax expense of $(7.0) million for the same period in 2024, primarily due to the recognition of 45Z production tax credits during the fourth quarter of 2025.


Segment Information


The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.




GREEN PLAINS INC.




SEGMENT OPERATIONS




(unaudited, in thousands)








 








 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 






 






% Var.






 






 






2025






 






 






 






2024






 






 






% Var.








Revenues






 






 






 






 






 






 






 






 






 






 






 








Ethanol production






$






403,021






 






 






$






471,348






 






 






(14.5)%






 






$






1,901,858






 






 






$






2,067,089






 






 






(8.0)%








Agribusiness and energy services






 






31,194






 






 






 






119,302






 






 






(73.9)






 






 






213,343






 






 






 






421,107






 






 






(49.3)








Intersegment eliminations






 






(5,366






)






 






 






(6,628






)






 






(19.0)






 






 






(23,521






)






 






 






(29,400






)






 






(20.0)








 






$






428,849






 






 






$






584,022






 






 






(26.6)%






 






$






2,091,680






 






 






$






2,458,796






 






 






(14.9)%








 






 






 






 






 






 






 






 






 






 






 






 








Gross margin






 






 






 






 






 






 






 






 






 






 






 








Ethanol production (1)






$






27,236






 






 






$






(10,431






)






 






*






 






$






97,579






 






 






$






83,629






 






 






16.7%








Agribusiness and energy services






 






12,915






 






 






 






16,582






 






 






(22.1)






 






 






39,347






 






 






 






46,821






 






 






(16.0)








 






$






40,151






 






 






$






6,151






 






 






*






 






$






136,926






 






 






$






130,450






 






 






5.0%








 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization






 






 






 






 






 






 






 






 






 






 






 








Ethanol production






$






22,732






 






 






$






20,262






 






 






12.2%






 






$






90,553






 






 






$






82,784






 






 






9.4%








Agribusiness and energy services (2)






 






31






 






 






 






678






 






 






(95.4)






 






 






4,741






 






 






 






2,185






 






 






117.0








Corporate activities (3)






 






756






 






 






 






506






 






 






49.4






 






 






3,140






 






 






 






5,618






 






 






(44.1)








 






$






23,519






 






 






$






21,446






 






 






9.7%






 






$






98,434






 






 






$






90,587






 






 






8.7%








 






 






 






 






 






 






 






 






 






 






 






 








Operating income (loss)






 






 






 






 






 






 






 






 






 






 






 








Ethanol production (1)






$






(8,088






)






 






$






(40,132






)






 






(79.8)%






 






$






(55,482






)






 






$






(40,758






)






 






36.1%








Agribusiness and energy services (2)






 






10,436






 






 






 






12,156






 






 






(14.1)






 






 






20,660






 






 






 






28,156






 






 






(26.6)








Corporate activities (3) (4) (5)






 






(12,842






)






 






 






(12,935






)






 






(0.7)






 






 






(32,426






)






 






 






(34,857






)






 






(7.0)








 






$






(10,494






)






 






$






(40,911






)






 






(74.3)%






 






$






(67,248






)






 






$






(47,459






)






 






41.7%








 






 






 






 






 






 






 






 






 






 






 






 








Adjusted EBITDA






 






 






 






 






 






 






 






 






 






 






 








Ethanol production (1)






$






15,007






 






 






$






(20,830






)






 






*






 






$






33,247






 






 






$






39,645






 






 






(16.1)%








Agribusiness and energy services






 






10,812






 






 






 






13,080






 






 






(17.3)






 






 






25,661






 






 






 






31,935






 






 






(19.6)








Corporate activities (5)






 






(11,821






)






 






 






(11,169






)






 






5.8






 






 






(57,225






)






 






 






(23,934






)






 






139.1








EBITDA






 






13,998






 






 






 






(18,919






)






 






*






 






 






1,683






 






 






 






47,646






 






 






(96.5)








Restructuring costs






 






2,526






 






 






 






—






 






 






*






 






 






24,341






 






 






 






—






 






 






*








(Gain) loss on sale of assets, net






 






427






 






 






 






—






 






 






*






 






 






(31,535






)






 






 






(30,723






)






 






2.6








Impairment of assets held for sale






 






3,838






 






 






 






—






 






 






*






 






 






14,562






 






 






 






—






 






 






*








Other expense (6)






 






—






 






 






 






—






 






 






*






 






 






2,025






 






 






 






—






 






 






*








45Z production tax credits (7)






 






27,640






 






 






 






—






 






 






*






 






 






54,161






 






 






 






—






 






 






*








Loss on sale of equity method investment






 






669






 






 






 






—






 






 






*






 






 






26,856






 






 






 






—






 






 






*








Proportional share of EBITDA adjustments to equity method investees






 






45






 






 






 






753






 






 






(94.0)






 






 






1,918






 






 






 






1,792






 






 






7.0








 






$






49,143






 






 






$






(18,166






)






 






*






 






$






94,011






 






 






$






18,715






 






 






*









(1)







Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the year-ended December 31, 2025, offset by impairment of assets held for sale of $3.8 million and $14.6 million for the three and twelve months ended December 31, 2025, respectively, and an inventory lower of cost or net realizable value adjustment of $1.5 million and $2.1 million for the years-ended December 31, 2025 and 2024, respectively.








(2)







Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the twelve months ended December 31, 2025.








(3)







Depreciation and amortization for corporate activities includes an impairment of a research and development technology intangible asset of $3.5 million for the twelve months ended December 31, 2024.








(4)







Corporate activities includes $2.6 million and $16.1 million of restructuring costs for the three and twelve months ended December 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.








(5)







Corporate activities includes a loss on sale of assets of $0.4 million and net gain on sale of assets of $31.5 million for the three and twelve months ended December 31, 2025, respectively, and a loss on the sale of equity method investment of $0.7 million and $26.9 million for the same periods. Corporate activities include a net gain on sale of assets of $30.7 million for the twelve months ended December 31, 2024.








(6)







Other expense includes non-cash expense related to the revaluation of liability-based warrants recorded within other, net on the consolidated statements of operations for the twelve months ended December 31, 2025.








(7)







45Z production tax credits are recorded in income tax benefit on the consolidated statements of operations for the three and twelve months ended December 31, 2025.








 






 






 








* Percentage variances not considered meaningful












GREEN PLAINS INC.




SELECTED OPERATING DATA




(unaudited, in thousands)








 








 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






2025






 






2024






 






% Var.






 






2025






 






2024






 






% Var.








 






 






 






 






 






 






 






 






 






 






 






 








Ethanol production






 






 






 






 






 






 






 






 






 






 






 








Ethanol (gallons)






178,777






 






209,540






 






(14.7






)%






 






764,940






 






846,226






 






(9.6






)%








Distillers grains (equivalent dried tons)






378






 






469






 






(19.4






)






 






1,625






 






1,890






 






(14.0






)








Ultra-High Protein (tons)






60






 






54






 






11.1






 






 






265






 






248






 






6.9






 








Renewable corn oil (pounds)






64,572






 






73,376






 






(12.0






)






 






266,411






 






290,801






 






(8.4






)








Corn consumed (bushels)






60,391






 






71,221






 






(15.2






)






 






258,568






 






289,454






 






(10.7






)








 






 






 






 






 






 






 






 






 






 






 






 








Agribusiness and energy services (1)






 






 






 






 






 






 






 






 






 






 






 








Ethanol (gallons)






183,065






 






269,758






 






(32.1






)






 






874,962






 






1,050,602






 






(16.7






)









(1)







Includes gallons from the ethanol production segment.












GREEN PLAINS INC.




CONSOLIDATED CRUSH MARGIN




(unaudited, in thousands)











 








 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








 






 






 






 








 






 






 






 








Ethanol production operating loss (1)






$






(8,088






)






 






$






(40,132






)








Depreciation and amortization






 






22,732






 






 






 






20,262






 








45Z production tax credits (2)






 






27,640






 






 






 






—






 








Impairment loss on assets held for sale






 






3,838






 






 






 






—






 








Adjusted ethanol production operating income (loss)






 






46,122






 






 






 






(19,870






)








Intercompany fees and nonethanol operating activities, net (3)






 






(1,739






)






 






 






4,388






 








Consolidated ethanol crush margin






$






44,383






 






 






$






(15,482






)









(1)







Ethanol production includes an inventory lower of cost or net realizable value adjustment of $1.5 million and $2.1 million for the three months ended December 31, 2025 and 2024, respectively.








(2)







45Z production tax credits are recorded within income tax benefit for the three months ended December 31, 2025.








(3)







For the three months ended December 31, 2025 and 2024, includes $(5.0) million and $(0.3) million, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities.







Liquidity and Capital Resources


As of December 31, 2025, Green Plains had $230.1 million in total cash and cash equivalents, and restricted cash, and $325.0 million available under a committed revolving credit facility, subject to restrictions or other lending conditions based specifically on the availability of sufficient eligible collateral to support additional borrowings. Total debt outstanding at December 31, 2025 was $399.5 million, including $33.6 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.


Conference Call Information


On February 5, 2026, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter 2025 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains’ website https://investor.gpreinc.com/events-and-presentations.


Non-GAAP Financial Measures


Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs, net (gain) loss on sale of assets, loss on sale of equity method investment, impairment of assets held for sale, our proportional share of EBITDA adjustments of our equity method investees, 45Z production tax credits and other expense related to liability-based warrant expense. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.


About Green Plains Inc.


Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company driving the transition to a low-carbon economy through the production of renewable fuels and sustainable, high-impact ingredients. Leveraging agricultural, biological, and fermentation expertise, the company transforms renewable crops into low-carbon energy and feedstocks. Green Plains is a leader in low-carbon intensity (CI) biofuels production and continues to explore opportunities to expand its output. With a strong commitment to innovation and operational excellence, Green Plains is delivering long-term value to stakeholders. For more information, visit www.gpreinc.com.


Forward-Looking Statements


All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed or new technologies being deployed; the failure to realize the anticipated selling, general and administrative expense savings from restructuring; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels, distillers grains, Ultra-High Protein, and renewable corn oil; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company’s customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the One Big Beautiful Bill Act, tariffs, renewable fuel programs, tax credit programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the Securities and Exchange Commission (the “SEC”).


The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC, and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.



 



GREEN PLAINS INC.




CONDENSED CONSOLIDATED BALANCE SHEETS




(in thousands)








 








 






December 31,








 






 






2025






 






 






2024








 






(unaudited)






 






 








ASSETS








Current assets






 






 






 








Cash and cash equivalents






$






182,319






 






$






173,041








Restricted cash






 






47,813






 






 






36,354








Accounts receivable, net






 






74,374






 






 






94,901








Inventories






 






148,095






 






 






227,444








Derivative financial instruments






 






11,494






 






 






10,154








Prepaid expenses and other






 






18,117






 






 






27,138








Total current assets






 






482,212






 






 






569,032








Property and equipment, net






 






957,256






 






 






1,042,460








Operating lease right-of-use assets






 






63,849






 






 






72,161








Deferred income taxes, net






 






33,837






 






 






—








Other assets






 






41,242






 






 






98,521








Total assets






$






1,578,396






 






$






1,782,174








 






 






 






 








LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities






 






 






 








Accounts payable






$






134,912






 






$






154,817








Accrued and other liabilities






 






66,828






 






 






53,712








Derivative financial instruments






 






7,901






 






 






9,500








Operating lease current liabilities






 






21,557






 






 






24,711








Short-term notes payable and other borrowings






 






33,584






 






 






140,829








Current maturities of long-term debt






 






3,924






 






 






2,118








Total current liabilities






 






268,706






 






 






385,687








Long-term debt






 






361,992






 






 






432,460








Operating lease long-term liabilities






 






43,648






 






 






49,190








Carbon equipment liabilities






 






104,217






 






 






17,918








Other liabilities






 






27,862






 






 






22,382








Total liabilities






 






806,425






 






 






907,637








 






 






 






 








Stockholders' equity






 






 






 








Total Green Plains stockholders' equity






 






766,247






 






 






865,215








Noncontrolling interests






 






5,724






 






 






9,322








Total stockholders' equity






 






771,971






 






 






874,537








Total liabilities and stockholders' equity






$






1,578,396






 






$






1,782,174












GREEN PLAINS INC.




CONSOLIDATED STATEMENTS OF OPERATIONS




(unaudited, in thousands except per share amounts)








 








 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 






 








Revenues






$






428,849






 






 






$






584,022






 






 






$






2,091,680






 






 






$






2,458,796






 








 






 






 






 






 






 






 






 








Costs and expenses






 






 






 






 






 






 






 








Cost of goods sold (excluding depreciation and amortization expenses reflected below)






 






388,698






 






 






 






577,871






 






 






 






1,954,754






 






 






 






2,328,346






 








Selling, general and administrative expenses






 






22,861






 






 






 






25,616






 






 






 






122,713






 






 






 






118,045






 








Loss (gain) on sale of assets, net






 






427






 






 






 






—






 






 






 






(31,535






)






 






 






(30,723






)








Depreciation and amortization expenses






 






23,519






 






 






 






21,446






 






 






 






98,434






 






 






 






90,587






 








Impairment of assets held for sale






 






3,838






 






 






 






—






 






 






 






14,562






 






 






 






—






 








Total costs and expenses






 






439,343






 






 






 






624,933






 






 






 






2,158,928






 






 






 






2,506,255






 








Operating loss






 






(10,494






)






 






 






(40,911






)






 






 






(67,248






)






 






 






(47,459






)








 






 






 






 






 






 






 






 








Other income (expense)






 






 






 






 






 






 






 








Interest income






 






1,454






 






 






 






1,823






 






 






 






4,180






 






 






 






7,560






 








Interest expense






 






(6,093






)






 






 






(7,726






)






 






 






(76,668






)






 






 






(33,095






)








Other, net






 






146






 






 






 






424






 






 






 






(4,081






)






 






 






1,696






 








Total other income (expense)






 






(4,493






)






 






 






(5,479






)






 






 






(76,569






)






 






 






(23,839






)








Loss before income taxes and loss from equity method investees






 






(14,987






)






 






 






(46,390






)






 






 






(143,817






)






 






 






(71,298






)








Income tax benefit (expense)






 






28,508






 






 






 






(6,981






)






 






 






51,746






 






 






 






(6,212






)








Loss from equity method investees, net of income taxes






 






(627






)






 






 






(1,295






)






 






 






(28,929






)






 






 






(3,679






)








Net income (loss)






 






12,894






 






 






 






(54,666






)






 






 






(121,000






)






 






 






(81,189






)








Net income attributable to noncontrolling interests






 






954






 






 






 






269






 






 






 






278






 






 






 






1,308






 








Net income (loss) attributable to Green Plains






$






11,940






 






 






$






(54,935






)






 






$






(121,278






)






 






$






(82,497






)








 






 






 






 






 






 






 






 








Earnings per share






 






 






 






 






 






 






 








Net income (loss) attributable to Green Plains - basic






$






0.17






 






 






$






(0.86






)






 






$






(1.80






)






 






$






(1.29






)








Net income (loss) attributable to Green Plains - diluted






$






0.17






 






 






$






(0.86






)






 






$






(1.80






)






 






$






(1.29






)








 






 






 






 






 






 






 






 








Weighted average shares outstanding







 






 






 






 






 






 








Basic






 






69,482






 






 






 






63,961






 






 






 






67,496






 






 






 






63,796






 








Diluted






 






73,619






 






 






 






63,961






 






 






 






67,496






 






 






 






63,796






 












GREEN PLAINS INC.




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(unaudited, in thousands)








 








 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Cash flows from operating activities






 






 






 








Net loss






$






(121,000






)






 






$






(81,189






)








Noncash operating adjustments






 






 






 








Depreciation and amortization






 






98,434






 






 






 






90,587






 








Gain on sale of assets, net






 






(31,535






)






 






 






(30,723






)








Impairment of assets held for sale






 






14,562






 






 






 






—






 








Inventory lower of cost or net realizable value adjustment






 






1,463






 






 






 






2,143






 








Amortization of debt issuance costs and non-cash interest expense






 






9,967






 






 






 






2,277






 








Loss on extinguishment of debt






 






36,906






 






 






 






1,763






 








Deferred income taxes






 






(52,985






)






 






 






3,944






 








Stock-based compensation






 






17,122






 






 






 






8,274






 








Loss from equity method investees, net of income taxes






 






28,929






 






 






 






3,679






 








Other






 






9,943






 






 






 






740






 








Net change in working capital






 






99,058






 






 






 






(31,460






)








Net cash provided by (used in) operating activities






 






110,864






 






 






 






(29,965






)








 






 






 






 








Cash flows from investing activities






 






 






 








Purchases of property and equipment, net






 






(37,199






)






 






 






(95,084






)








Proceeds from the sale of assets, net






 






179,909






 






 






 






48,704






 








Proceeds for the sale of equity method investment






 






24,332






 






 






 






—






 








Investment in equity method investees






 






(4,909






)






 






 






(15,672






)








Net cash provided by (used in) investing activities






 






162,133






 






 






 






(62,052






)








 






 






 






 








Cash flows from financing activities






 






 






 








Net payments - long term debt






 






(102,598






)






 






 






(61,697






)








Net proceeds (payments) - short-term borrowings






 






(107,702






)






 






 






33,962






 








Payments on extinguishment of non-controlling interest






 






—






 






 






 






(29,196






)








Payments for repurchase of common stock






 






(30,000






)






 






 






—






 








Other






 






(11,960






)






 






 






(20,419






)








Net cash used in financing activities






 






(252,260






)






 






 






(77,350






)








 






 






 






 








Net change in cash and cash equivalents, and restricted cash






 






20,737






 






 






 






(169,367






)








Cash and cash equivalents, and restricted cash, beginning of period






 






209,395






 






 






 






378,762






 








Cash and cash equivalents, and restricted cash, end of period






$






230,132






 






 






$






209,395






 








 






 






 






 








 






 






 






 








Reconciliation of total cash and cash equivalents, and restricted cash






 






 






 








Cash and cash equivalents






$






182,319






 






 






$






173,041






 








Restricted cash






 






47,813






 






 






 






36,354






 








Total cash and cash equivalents, and restricted cash






$






230,132






 






 






$






209,395






 









GREEN PLAINS INC.




RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES




(unaudited, in thousands)








 








 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net income (loss)






$






12,894






 






 






$






(54,666






)






 






$






(121,000






)






 






$






(81,189






)








Interest expense






 






6,093






 






 






 






7,726






 






 






 






76,668






 






 






 






33,095






 








Income tax expense (benefit), net of equity method income taxes






 






(28,508






)






 






 






6,575






 






 






 






(52,419






)






 






 






5,153






 








Depreciation and amortization (1)






 






23,519






 






 






 






21,446






 






 






 






98,434






 






 






 






90,587






 








EBITDA






 






13,998






 






 






 






(18,919






)






 






 






1,683






 






 






 






47,646






 








 






 






 






 






 






 






 






 








Restructuring costs






 






2,526






 






 






 






—






 






 






 






24,341






 






 






 






—






 








Loss (gain) on sale of assets, net






 






427






 






 






 






—






 






 






 






(31,535






)






 






 






(30,723






)








Impairment of assets held for sale






 






3,838






 






 






 






—






 






 






 






14,562






 






 






 






—






 








Other expense (2)






 






—






 






 






 






—






 






 






 






2,025






 






 






 






—






 








45Z production tax credits (3)






 






27,640






 






 






 






—






 






 






 






54,161






 






 






 






—






 








Loss on sale of equity method investment






 






669






 






 






 






—






 






 






 






26,856






 






 






 






—






 








Proportional share of EBITDA adjustments to equity method investees






 






45






 






 






 






753






 






 






 






1,918






 






 






 






1,792






 








Adjusted EBITDA






$






49,143






 






 






$






(18,166






)






 






$






94,011






 






 






$






18,715






 









(1)







Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.








(2)







Other expense includes non-cash expense related to the revaluation of liability-based warrants recorded in other, net on the consolidated statements of operations for the twelve months ended December 31, 2025.








(3)







45Z production tax credits are recorded within income tax benefit on the consolidated statements of operations for the three and twelve months ended December 31, 2025.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205476923/en/
Green Plains Inc. Contacts

Investors: Will Joekel, CFA | Vice President and Treasurer | 402.952.4946 | will.joekel@gpreinc.com

Media: 402.884.8700 | media@gpreinc.com


Original: Green Plains Reports Fourth Quarter and Full Year 2025 Financial Results