Green Plains Inc. (GPRE) FY2025 10-K Annual Report
Green Plains Inc. (GPRE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Green Plains Inc. FY2025 10-K Analysis
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
Green Plains Inc. FY2025 Key Financial MetricsXBRL
Revenue
$189M
▲ +16.0% YoY
Net Income
-$121M
▼ -47.0% YoY
Gross Margin
72.5%
▼ -759bp YoY
Operating Margin
-35.6%
▼ -646bp YoY
Net Margin
-64.2%
▼ -1356bp YoY
ROE
-15.8%
▼ -629bp YoY
Total Assets
$1.6B
▼ -11.4% YoY
EPS (Diluted)
$-1.80
▼ -39.5% YoY
Operating Cash Flow
$111M
▲ +470.0% YoY
Source: XBRL data from Green Plains Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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