Green Plains (GPRE) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q1 2026 was $71.5 million, up from a loss of $24.2 million in Q1 2025, reflecting strong operational execution, favorable market conditions, and $55.2 million in Section 45Z tax credits.

• Net income reached $33.5 million ($0.42 per diluted share), a turnaround from a net loss of $72.9 million in Q1 2025, driven by tax credits and improved segment margins.

• Revenues were $445.8 million, down from $601.5 million year-over-year, mainly due to lower ethanol volumes, prices, and the sale of the Obion facility.

• Plants operated at 97% capacity, with record production at York and Superior, and no recordable injuries in the quarter.

• Operational excellence, strong product demand, cost structure improvements, and the carbon program were key drivers of improved results.

Financial highlights

• Gross margin was $88 million, up from $3 million in Q1 2025, driven by stronger ethanol margins, higher corn oil demand, and 45Z contributions.

• Operating income improved to $44.8 million from a loss of $62.3 million in Q1 2025.

• Consolidated ethanol crush margin was $64.6 million, up from $(14.7) million last year.

• SG&A expenses were $19.5 million, trending lower year-over-year, with a full-year target of ~$90 million.

• Cash and cash equivalents were $95.7 million at quarter-end, with total cash (including restricted) over $200 million after April receipts.

Outlook and guidance

• Full-year 2026 EBITDA contribution from Section 45Z credits is projected at $200–$225 million, with Advantage Nebraska expected to contribute $60–$165 million.

• Sustaining CapEx for 2026 projected at $15–$25 million, focused on maintenance, safety, and regulatory projects.

• Management expects continued strong operational execution, margin protection, and sustainable cash flow generation for the remainder of 2026.