Key Takeaways
- Green Plains Inc. reported net income of $11.9 million in Q4 2025, compared with a net loss in Q4 2024.
- Adjusted EBITDA for the quarter reached $49.1 million, supported by higher ethanol margins and tax credits.
- The company recorded $54.2 million in 45Z production tax credits for full-year 2025.
- Multiple asset sales and financing actions during 2025 strengthened liquidity and reduced debt.
- Carbon capture facilities at three Nebraska sites began operations in the fourth quarter.
Green Plains Inc. Q4 2025 Financial Performance
Green Plains Inc. (NASDAQ: GPRE) announced financial results for the fourth quarter and full year ended December 31, 2025, reporting a return to quarterly profitability. Net income attributable to the company was $11.9 million, or $0.17 per diluted share, compared with a net loss of $54.9 million, or $(0.86) per diluted share, in the same period of 2024.
Adjusted EBITDA totaled $49.1 million for the quarter, compared with $(18.2) million in the prior-year period. The results included $27.7 million of 45Z production tax credit value recorded as an income tax benefit. Quarterly revenues were $428.8 million, down from $584.0 million a year earlier, reflecting lower ethanol volumes sold and the termination of a third-party ethanol marketing agreement effective April 1, 2025.
“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.”
Green Plains Inc. Full-Year 2025 Results and Strategic Actions
For the year ended December 31, 2025, Green Plains recorded $54.2 million of 45Z production tax credits, net of a valuation allowance, in accordance with U.S. GAAP. These credits were added back to Adjusted EBITDA to reflect their operating benefit. 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.
Balance Sheet and Portfolio Optimization
During 2025, Green Plains completed several transactions aimed at enhancing financial flexibility. These included a $200 million privately negotiated convertible note exchange, the sale of the Obion, Tennessee facility for $170 million plus working capital, and the divestment of its 50% investment in GP Turnkey Tharaldson LLC for $24.3 million. Proceeds were used to reduce debt and strengthen corporate liquidity.
“Our high-performing, disciplined operations are continuing to deliver strong results,” Osowski added. “Maintaining that focus will support sustainable performance and drive long-term value for our shareholders.”
Green Plains Operating Performance and Segment Results
Ethanol Production Segment
During the fourth quarter of 2025, Green Plains sold 178.8 million gallons of ethanol, compared with 209.5 million gallons in the same period of 2024. Despite lower volumes, the consolidated ethanol crush margin improved to $44.4 million, compared with $(15.5) million a year earlier. The improvement was driven by higher margins, renewable corn oil and Ultra-High Protein contributions, and the inclusion of 45Z production tax credits.
Agribusiness and Energy Services Segment
The agribusiness and energy services segment recorded lower revenues year over year, primarily due to reduced third-party ethanol marketing volumes. For the quarter, segment gross margin declined compared with the prior year, reflecting lower activity levels across commodity marketing and merchant trading operations.
Carbon Capture, Liquidity, and Capital Resources
In the fourth quarter of 2025, carbon capture facilities at the Central City, Wood River, and York, Nebraska plants began operations, significantly reducing the carbon intensity of those sites. As of December 31, 2025, Green Plains reported $230.1 million in cash, cash equivalents, and restricted cash, along with $325.0 million available under its committed revolving credit facility, subject to collateral-based borrowing conditions. Total debt outstanding at year-end was $399.5 million.
Read the entire financial results.
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