GPRENasdaqIndustrial Organic ChemicalsUS GAAP · USD

Green Plains Inc.

Green Plains Inc. is a U.S.-based renewable fuels and agricultural technology company that converts locally sourced corn into ethanol and co-products such as distillers grains, Ultra-High Protein feed ingredients, and renewable corn oil. The company operates a network of Midwest biorefineries and also runs an agribusiness and energy services platform that handles grain procurement, commodity marketing, and natural gas services.

Ask about the company
Revenue2,092m USD
−14.9 %y/y
Operating profit (EBIT)-67.2m USD
−41.7 %y/y
EBIT margin-3.2%
−1.3 ppy/y
Net income-121m USD
−47.0 %y/y
Free cash flow73.7m USD
+158.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,0004,000m USD2020: 1,924 m USD2020: EBIT -123 m USD20202021: 2,827 m USD2021: EBIT 26 m USD20212022: 3,663 m USD2022: EBIT -99 m USD20222023: 3,296 m USD2023: EBIT -62 m USD20232024: 2,459 m USD2024: EBIT -47 m USD20242025: 2,092 m USD2025: EBIT -67 m USD20252,092-67
RevenueOperating profit (EBIT)

Business

Share of revenue
Ethanol Production75 %

Production, storage and transportation of ethanol plus co-products from nine Midwest biorefineries.

Agribusiness and Energy Services25 %

Grain handling, commodity marketing, merchant trading and natural gas services tied to plant operations.

Products

Reported · share of revenue
50.5%49.5%FY2025100 %
  • Distiller Grains50.5 %
  • Products and Services Other49.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Green Plains sells into fuel, feed, and industrial end markets rather than to a single customer type. Its ethanol goes to integrated energy companies, retailers, traders, resellers, and export buyers, while distillers grains and Ultra-High Protein are sold to domestic and international feed customers. Renewable corn oil is sold mainly to renewable diesel and biodiesel producers, with some sales to feedlot and poultry markets.

Fuel blenders and energy marketers

Buy ethanol under fixed and indexed pricing contracts for blending and resale.

Renewable diesel and biodiesel producers

Buy renewable corn oil as a low-carbon feedstock for renewable fuel production.

Feed and livestock customers

Buy distillers grains and Ultra-High Protein for animal nutrition and feed formulations.

Export and international buyers

Buy ethanol and co-products through direct and indirect export channels to access non-U.S. demand.

Third-party commodity and energy counterparties

Buy or sell grain, natural gas and other commodities through the agribusiness and energy services platform.

Strategy

Green Plains is focused on operational excellence, cost leadership and carbon reduction to improve the competitiveness of its ethanol platform. Management is also simplifying the portfolio through asset sales, liquidity improvement and debt reduction, while investing in carbon capture and sequestration to support low-carbon fuel economics and future tax credits.

Reduce carbon intensity across the ethanol fleetMedium term

Lower-CI products should improve market access and pricing in low-carbon fuel markets.

Improve operational excellence and cost leadershipShort term

Higher plant uptime and lower conversion costs are central to ethanol margin generation.

Preserve financial flexibilityShort term

Liquidity and lower leverage support capital spending, working capital needs and project execution.

Develop CCS-enabled low-carbon optionalityMedium term

CCS can support future tax benefits and differentiate the company in renewable fuels.

Geography

Green Plains operates nine biorefineries across the U.S. Midwest, with plants in Illinois, Indiana, Iowa, Minnesota and Nebraska. The company also markets products into domestic, Canadian and broader international markets, so its results depend on both local plant economics and export demand. Its physical footprint is concentrated near corn supply, while sales exposure extends to fuel, feed and renewable diesel markets beyond the Midwest.

Risks

Green Plains is exposed to commodity price volatility, plant operating risk and counterparty credit risk because its business depends on corn, ethanol, natural gas and freight spreads. The company also faces regulatory and execution risk around carbon capture projects and production tax credits, which can materially affect economics in a policy-driven market.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity spread and margin volatility1Carbon capture and sequestration execution risk2Asset utilization and idling risk3Production tax credit policy risk4Counterparty credit risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity spread and margin volatilityImpact: HighLikelihood: Medium

    Earnings depend on ethanol prices, corn input costs, natural gas and freight spreads.

    Exposure: Ethanol production and agribusiness trading

  2. Carbon capture and sequestration execution riskImpact: HighLikelihood: Medium

    CCS projects require construction, operating reliability and regulatory alignment to deliver expected benefits.

    Exposure: Three Nebraska CCS projects and seven committed facilities

  3. Asset utilization and idling riskImpact: HighLikelihood: Medium

    Plant idling or lower production reduces throughput, spreads fixed costs and can trigger impairments.

    Exposure: Midwest biorefineries

  4. Production tax credit policy riskImpact: MediumLikelihood: Medium

    45Z and later 45Q economics depend on current laws, regulations and sunset timing.

    Exposure: Operating ethanol plants and CCS-enabled facilities

  5. Counterparty credit riskImpact: MediumLikelihood: Medium

    Customers and suppliers may fail to perform on fixed-price forward contracts or prepayments.

    ExposureIntegrated oil companiesRefinersWholesalersEthanol counterparties

Accounting

Judgemental items
Derivative financial instruments and forward contracts

The company says the vast majority of revenues come from forward contracts accounted for as derivatives, so fair-value changes can materially affect reported revenue and earnings.

Impact: Revenue and operating income volatility

Impairment of assets held for sale

Asset sales and plant idling can require write-downs when carrying values exceed expected proceeds.

Impact: One-time charges and lower asset values

Income taxes and production tax credits

Deferred tax assets, valuation allowances and credit eligibility depend on future taxable income and evolving tax rules.

Impact: Tax expense and effective tax rate

Lease and commodity purchase commitments

Operating leases and contracted grain, storage and transportation purchases create fixed future obligations.

Impact: Liquidity planning and cash flow forecasting

CCS construction commitments

Accumulated commitments for CCS equipment affect capitalized costs and future cash outflows.

Impact: Capex, depreciation and project economics

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Last updated: 24/09/2026