Green Plains (GPRE) Q4 2025 earnings summary

Executive summary

• Achieved net income of $11.9 million ($0.17 per diluted share) in Q4 2025, reversing a net loss of $54.9 million in Q4 2024, with strong operational execution and record ethanol production at four plants.

• Adjusted EBITDA reached $49.1 million in Q4 2025, up from $(18.2) million in Q4 2024, driven by higher margins and 45Z tax credits.

• Revenue for Q4 2025 was $428.8 million, down 26.6% year-over-year due to asset sales and discontinued third-party marketing.

• Carbon capture and sequestration became fully operational at three Nebraska plants, generating cash flow and lowering CI scores.

• Added new leadership in finance and legal, and refreshed the board with three new independent members.

Financial highlights

• Q4 2025 net income was $11.9 million ($0.17 per diluted share), compared to a net loss of $54.9 million in Q4 2024.

• Adjusted EBITDA was $49.1 million, up from -$18.2 million in Q4 2024.

• Revenue for Q4 was $428.8 million, down from $584.0 million in Q4 2024.

• Q4 2025 consolidated ethanol crush margin was $44.4 million, up from $(15.5) million in Q4 2024.

• Interest expense for Q4 was $6.1 million, down $1.6 million from prior year.

Outlook and guidance

• Expecting at least $188 million of adjusted EBITDA from carbon-related activities in 2026, subject to production and CI factors.

• All plants are on track to qualify for 45Z credits in 2026, with an expected $38 million in 45Z generation from remaining facilities.

• SG&A run rate projected to improve by over $25 million in 2026 versus 2024.

• Sustaining capital expenditures for 2026 expected to total $15 million-$25 million.

• Anticipate $30 million-$35 million in interest expense for 2026.