Short answer
Green Plains Inc. (GPRE) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $189M (+16.0% year over year) and net income of −$121M.
- Top risk flagged: Regulatory risk from Section 45Z Clean Fuel Production Credit: proposed Treasury regulations could materially impact credit value and eligibility after Dec 31, 2024
FY2025 key financial metrics · XBRL
- Revenue
- $189M
- +16.0% YoY
- Net income
- −$121M
- −47.0% YoY
- Operating margin
- -35.6%
- −6.5 pp YoY
- Gross margin
- 72.5%
- −7.6 pp YoY
- EPS (diluted)
- −$1.80
- −39.5% YoY
- ROE
- -15.8%
- −6.3 pp YoY
- Operating cash flow
- $111M
- +470.0% YoY
Source: XBRL data from the Green Plains Inc. (GPRE) FY2025 10-K on SEC EDGAR. USD.
Green Plains Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Production of low-carbon intensity ethanol and co-products from corn at nine Midwest biorefineries
- New deployment of carbon capture and sequestration (CCS) at three Nebraska plants operational in Q4 2025, connected to Trailblazer CO2 pipeline
- Strategic shift: Idling of Fairmont, MN plant and CST™ facility in Shenandoah, IA to optimize product mix and improve returns amid margin pressure
- Production tax credits (Section 45Z) generated at six plants in 2025, $54.2 million income tax benefit recorded; all eight plants projected to qualify in 2026
- Noteworthy: $170 million Obion plant sale in Tennessee completed, $35.8 million gain on sale used to repay Junior Notes and improve liquidity
Management Discussion & Analysis
- Total revenue $2.092B in 2025, down $367.1M YoY from $2.459B in 2024 due to lower ethanol volumes and ceased third-party marketing agreement
- Operating loss increased to $(67.2)M in 2025 from $(47.5)M in 2024; ethanol segment loss $(55.5)M vs. $(40.8)M, agribusiness income $20.7M vs. $28.2M
- Ethanol production segment revenues $1.901B down $165.2M; agribusiness revenues $213.3M down $207.8M, agribusiness segment worst performer by revenue and operating income
- Adjusted EBITDA $94.0M in 2025 up from $18.7M in 2024, driven by $54.2M recognition of 45Z production tax credits
- Operating cash flow $110.9M in 2025 vs. $(30.0)M in 2024; capital expenditures $37.2M; share repurchase $30.0M of stock in 2025 with $77.2M authorization remaining
- 2026 guidance: expect at least $188M adjusted EBITDA from 45Z credits; anticipate $15-25M maintenance capex plus growth spending; annual interest expense $30-35M expected
Risk Factors
- Regulatory risk from Section 45Z Clean Fuel Production Credit: proposed Treasury regulations could materially impact credit value and eligibility after Dec 31, 2024
- Geopolitical exposure to currency fluctuations affecting U.S. ethanol competitiveness in global markets, with Canada accounting for 37% of exports
- Supply chain risk from expanding U.S. soybean crushing capacity, increasing soybean oil stocks to 1.64 billion pounds as of Dec 31, 2025
- Competitive risk from growing soybean processing capacity increasing vegetable protein supply, compressing protein values impacting co-product returns
- Legal risk from EPA Small Refinery Exemptions litigation; Supreme Court ruling limits venue to D.C. Circuit but ongoing litigation may affect RFS implementation
Generated from the filing text; verify against the original. How to read a 10-K
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