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, reflecting strong operational execution and efficiency improvements.

• Adjusted EBITDA for Q4 2025 was $49.1 million, 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, idled facilities, and the end of a third-party marketing agreement.

• Four plants set ethanol production records in 2025, with seven plants achieving record yields; Advantage Nebraska and three Nebraska plants are fully operational and sequestering CO2.

• Added new CFO and legal leadership, and refreshed board with three new independent members to support governance and tax credit monetization.

Financial highlights

• Q4 2025 net income was $11.9 million, compared to a net loss of $54.9 million in Q4 2024.

• Adjusted EBITDA for Q4 2025 was $49.1 million, up from -$18.2 million in Q4 2024.

• Revenue for Q4 2025 was $428.8 million, down from $584.0 million in Q4 2024.

• SG&A expenses reduced by $2.8 million year-over-year; Q4 2025 SG&A was $22.9 million.

• Interest expense for Q4 2025 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 in the low $90 million range for 2026, over $25 million lower than 2024.

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

• Interest expense for 2026 forecasted at $30–$35 million.