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Green Plains (GPRE) investor relations material

Green Plains Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Green Plains Inc
Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Net income attributable to shareholders was $11.9 million, or $0.17 per diluted share, down from $48.2 million ($0.69 per share) year-over-year, mainly due to $35.7 million in non-recurring interest expense from extinguished junior mezzanine notes.

  • Adjusted EBITDA was $52.6 million, nearly flat year-over-year, including $25.0 million in 45Z production tax credit value net of discounts and costs.

  • Revenues for Q3 2025 were $508.5 million, a 22.8% decrease from $658.7 million in Q3 2024, primarily due to lower ethanol volumes and prices, and the end of a third-party marketing agreement.

  • Sale of the Obion, Tennessee plant generated $170 million plus working capital, with proceeds used to fully repay $130.7 million in junior mezzanine debt, strengthening the balance sheet.

  • Carbon capture facilities in York, Central City, and Wood River, Nebraska are now operational, providing a carbon intensity advantage and supporting low-carbon ethanol initiatives.

Financial highlights

  • Q3 2025 net income was $11.9 million ($0.17 per share), down from $48.2 million ($0.69 per share) in Q3 2024, due to $35.7 million in non-recurring interest expense and $2.7 million in restructuring charges.

  • Adjusted EBITDA was $52.6 million, nearly flat year-over-year compared to $53.3 million in Q3 2024.

  • Revenue for the quarter was $508.5 million, down 22.8% year-over-year, primarily due to exiting ethanol marketing for Tarleton and placing Fairmont on cold maintenance.

  • SG&A expenses were $29.3 million, up $2.6 million year-over-year due to one-time expenses.

  • Income tax benefit of $25.6 million, with 45Z clean fuel production tax credits recognized as deferred tax assets.

Outlook and guidance

  • On track for $15–$25 million of 45Z production tax credit monetization value in Q4 2025, with values expected to grow as the program expands and policy changes take effect in 2026.

  • All eight operating ethanol plants expected to qualify for Section 45Z clean fuel production credits by 2026, supporting long-term EBITDA growth.

  • Recurring interest costs projected to fall significantly in Q4 and into 2026, with forward interest expense for the next 12 months estimated at $30–$35 million.

  • Expects to generate $40–$50 million of 45Z-related Adjusted EBITDA in 2025, net of discounts and expenses, depending on production volumes and carbon intensity factors.

  • Disciplined risk management strategy expected to support Q4 margins and cash flow.

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Frequently asked questions

Green Plains Inc is a biorefining company focused on the production of low-carbon fuels and high-protein ingredients. The company operates ethanol production facilities and develops sustainable agricultural and food technology solutions, including renewable corn oil and feed products. The company is headquartered in Omaha, Nebraska, and its shares are listed on the NASDAQ.

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