Green Plains Inc

Latest Results (17.04.2026):

Green Plains Inc — Fourth Quarter 2025: Net income attributable to Green Plains was $11.9 million (EPS $0.17) for Q4 2025, with Adjusted EBITDA of $49.1 million. Revenues were $428.8 million (down from $584.0 million a year earlier) while consolidated ethanol crush margin improved to $44.4 million for the quarter. The results reflect significant 45Z production tax credit recognition and continued operational improvements across the ethanol fleet.

Key financials

Q4 2025 net income attributable to Green Plains was $11.9M (EPS $0.17) and Adjusted EBITDA was $49.1M; revenues were $428.8M versus $584.0M in Q4 2024.

45Z production tax credits impact

The quarter included roughly $27.6M of 45Z production tax credit value recorded as an income tax benefit and added back to Adjusted EBITDA; Green Plains recognized $54.2M of 45Z credits for full-year 2025 and expects at least $188M of 45Z-related Adjusted EBITDA in 2026 (net of discounts and operating expenses).

Operations and volumes

Ethanol production segment sold 178.8 million gallons in Q4 (down ~14.7% year-over-year); the company reported 97% utilization across its eight operating ethanol plants (based on revised stated capacity).

Carbon capture & low‑carbon progress

Carbon capture systems became fully operational at Central City, Wood River and York, NE during Q4 2025, materially lowering carbon intensity at those sites.

Liquidity and balance sheet

As of Dec 31, 2025 Green Plains had $230.1M in cash and restricted cash, $325.0M available under its revolving credit facility (subject to collateral), and total debt of $399.5M.

Capital actions & disposals

In 2025 the company completed a $200M privately negotiated convertible note exchange/subscription, sold the Obion, TN plant for $170M (used to eliminate $130.7M junior mezzanine debt), and completed other asset sales to bolster liquidity.

Outlook & accounting note

The company expects 2026 45Z-related Adjusted EBITDA of at least $188M but notes final results depend on production volumes and carbon intensity; it is also evaluating early adoption of ASU 2025-10 and assessing potential presentation impacts for government grants/credits.