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Dec 31, 2025
Green Plains Q4 2025 Earnings Report
Green Plains reported its financial results for the fourth quarter and full year 2025, showing a significant increase in net income and adjusted EBITDA compared to the previous year.
Key Takeaways
Green Plains Inc. announced strong financial results for the fourth quarter and full year 2025, with net income attributable to the company reaching $11.9 million, or $0.17 per diluted share, a substantial improvement from a net loss in the prior year. Adjusted EBITDA also saw a significant increase to $49.1 million, driven by higher margins in the ethanol production segment and the benefit of 45Z production tax credits.
Net income attributable to Green Plains was $11.9 million, or $0.17 per diluted share, a significant turnaround from a net loss of $54.9 million in Q4 2024.
Adjusted EBITDA increased to $49.1 million, including $23.4 million in 45Z production tax credit value, compared to a negative $18.2 million in Q4 2024.
Revenues for the quarter were $428.8 million, a decrease from $584.0 million in the prior year, primarily due to lower ethanol volumes sold and the cessation of a third-party ethanol marketing agreement.
Carbon capture facilities at Central City, Wood River, and York, Nebraska facilities are fully operational, contributing to lower carbon intensity.
Revenue by Segment
Forward Guidance
Green Plains is actively marketing 2026 45Z production tax credits and expects to generate at least $188 million of 45Z-related Adjusted EBITDA in 2026, net of discounts and applicable operating expenses. The company is also considering early adopting ASU 2025-10, Accounting for Government Grants Received by Business Entities, effective in the first quarter of 2026.
Positive Outlook
- Actively marketing 2026 45Z production tax credits.
- Expects to generate at least $188 million of 45Z-related Adjusted EBITDA in 2026.
- Carbon capture facilities fully operational at Central City, Wood River and York, Nebraska facilities, lowering carbon intensity.
- Disciplined risk management strategy continues to support first quarter margins and cash flow.
- Considering early adopting ASU 2025-10 in Q1 2026 for government grants.
Challenges Ahead
- Final 45Z results will primarily depend on actual production volumes and carbon intensity factors at eligible plants.
- Still assessing the impact of ASU 2025-10 adoption on financial statements and 45Z production tax credit presentation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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