Green Plains reported a significant turnaround in its fourth quarter of 2025, driven by improved ethanol production margins and the recognition of 45Z production tax credits. The company demonstrated strong operational cash flow and a return to profitability, signaling a positive shift in financial performance.
Net income attributable to Green Plains was $11.9 million, or $0.17 per diluted share, a significant improvement from a net loss of $54.9 million in the prior year period.
positiveAdjusted EBITDA increased to $49.1 million from a negative $18.2 million in the prior year, reflecting improved operational performance and tax credit benefits.
positiveConsolidated ethanol crush margin was $44.4 million, a substantial improvement from a negative $15.5 million in the prior year period.
positive45Z production tax credits provided a significant benefit, with $27.6 million recorded in the current quarter and $54.2 million for the full year.
positiveCarbon capture facilities are now fully operational at Central City, Wood River, and York, Nebraska facilities.
neutralStrong utilization in the quarter from the eight operating ethanol plants at 97%.
positiveConsolidated revenues decreased by 26.6% to $428.8 million in Q4 2025 compared to $584.0 million in Q4 2024, primarily due to lower ethanol volumes sold and the cessation of a third-party marketing agreement.
negativeAgribusiness and energy services segment revenues decreased by 73.9% year-over-year in Q4 2025.
negativeOperating loss in the Ethanol production segment was $8.1 million in Q4 2025, although this is an improvement from a loss of $40.1 million in the prior year.
attentionCorporate activities segment operating loss was $12.8 million in Q4 2025, largely unchanged from $12.9 million in the prior year.
attentionInventories decreased significantly from $227.4 million at the end of FY2024 to $148.1 million at the end of FY2025.
neutralMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Ethanol production | N/A | — | — | — |
Agribusiness and energy services | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Another quarter of strong operating cash flow shows the impact of the actions we have taken to strengthen the business.
Our continued focus on operational excellence is translating directly into improved financial performance across the company.
Our high-performing, disciplined operations are continuing to deliver strong results.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.