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Sep 30
Green Plains Q3 2025 Earnings Report
Green Plains reported its financial results for the third quarter of 2025, highlighting strong Adjusted EBITDA and operating results, the sale of its Obion facility, and the elimination of near-term junior mezzanine debt.
Key Takeaways
Green Plains delivered strong Adjusted EBITDA and operating results in the third quarter of 2025, despite a decrease in net income primarily due to non-recurring interest expense. The company successfully sold its Obion facility, using the proceeds to eliminate junior mezzanine debt, and refinanced its convertible notes, strengthening its balance sheet. Operational performance was robust, with plants running at 101% utilization, and the startup of three carbon capture facilities in Nebraska was completed on schedule.
Net income attributable to Green Plains decreased to $11.9 million, or $0.17 per diluted share, primarily due to $35.7 million in non-recurring interest expense.
Adjusted EBITDA was $52.6 million, a slight decrease from $53.3 million in the prior year, benefiting from $26.5 million in 45Z production tax credit value.
The company completed the sale of its Tennessee ethanol plant, generating a $36.0 million gain on sale of assets, and used the proceeds to eliminate near-term junior mezzanine debt.
Ethanol production segment sold 197.3 million gallons of ethanol, and the consolidated ethanol crush margin increased to $59.6 million.
Green Plains
Green Plains
Green Plains Revenue by Segment
Revenue by Segment
Ethanol production Revenue
CapyFin.comAgribusiness and energy services Revenue
CapyFin.com Forward Guidance
Green Plains expects to generate $40 to $50 million of 45Z-related Adjusted EBITDA in 2025, net of discounts and applicable operating expenses. The company is focused on continuous improvement, strengthening liquidity, and maximizing carbon opportunities.
Positive Outlook
- Expects to generate $40 to $50 million of 45Z-related Adjusted EBITDA in 2025.
- First production tax credit monetization agreement is in place.
- Meaningful 45Z tax benefits are already contributing to results.
- Stronger balance sheet positions the company for continuous improvement.
- Startup of three carbon capture facilities demonstrates execution capability.
Challenges Ahead
- Final 45Z results depend on actual production volumes and carbon intensity factors.
- The company assumes no obligation to update or revise forward-looking statements.
- Future events are inherently subject to significant business, economic, competitive, regulatory, and other risks.
- Many risks, contingencies, and uncertainties are difficult to predict and beyond the company's control.
- Actual events and results could differ materially from those contained in forward-looking statements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income