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Green Plains is rated Buy, supported by surging margins from favorable feedstock-product spreads and critical Section 45Z tax credits. GPRE's gross margin per corn bushel rose 274% YoY, driven by $1.11/bushel in tax credits and higher average sales prices. Legislative support, including EPA mandates and extended tax credits through 2029, underpins sustained demand for corn ethanol and value-added biofuels.

Green Plains, Inc. (NASDAQ:GPRE – Get Free Report)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $15.66 and traded as high as $16.51. Green Plains shares last traded at $16.02, with a volume of 1,216,610 shares trading hands.

Analyst Upgrades and Downgrades A number of equities research analysts have recently commented on GPRE shares. Oppenheimer reiterated an “outperform” rating and set a $20.00 target price on shares of Green Plains in a research note on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Green Plains in a research report on Friday, July 17th. Wall Street Zen upgraded shares of Green Plains from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Green Plains in a research report on Friday, August 7th. Finally, Zacks Research cut shares of Green Plains from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 6th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.43.

Read Our Latest Stock Analysis on GPRE

Green Plains Stock Performance The stock has a market capitalization of $1.12 billion, a P/E ratio of 10.08 and a beta of 1.17. The company has a 50 day simple moving average of $16.01 and a 200-day simple moving average of $15.66. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.99 and a quick ratio of 1.58. Green Plains (NASDAQ:GPRE – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The specialty chemicals company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.29. Green Plains had a return on equity of 14.52% and a net margin of 6.78%.The company had revenue of $446.22 million during the quarter, compared to the consensus estimate of $542.38 million. During the same quarter in the prior year, the company earned ($1.09) EPS. On average, equities analysts forecast that Green Plains, Inc. will post 2.04 EPS for the current year.

Hedge Funds Weigh In On Green Plains A number of institutional investors and hedge funds have recently added to or reduced their stakes in GPRE. MetLife Investment Management LLC raised its position in Green Plains by 3.3% during the 4th quarter. MetLife Investment Management LLC now owns 34,606 shares of the specialty chemicals company’s stock valued at $339,000 after purchasing an additional 1,095 shares during the last quarter. Rhumbline Advisers grew its position in shares of Green Plains by 1.3% in the 2nd quarter. Rhumbline Advisers now owns 100,159 shares of the specialty chemicals company’s stock worth $604,000 after buying an additional 1,246 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Green Plains by 11.7% in the 4th quarter. ProShare Advisors LLC now owns 12,275 shares of the specialty chemicals company’s stock worth $120,000 after buying an additional 1,290 shares during the last quarter. Quarry LP increased its stake in shares of Green Plains by 22.9% during the fourth quarter. Quarry LP now owns 9,304 shares of the specialty chemicals company’s stock valued at $91,000 after buying an additional 1,736 shares during the period. Finally, Intech Investment Management LLC increased its stake in shares of Green Plains by 8.5% during the third quarter. Intech Investment Management LLC now owns 28,547 shares of the specialty chemicals company’s stock valued at $251,000 after buying an additional 2,245 shares during the period.

About Green Plains (Get Free Report)

Green Plains Inc is a leading producer of fuel-grade ethanol and related co-products in the United States. Headquartered in Omaha, Nebraska, the company operates an integrated network of biorefineries that convert corn and other grains into renewable fuels. Through its production facilities, Green Plains supplies ethanol to domestic fuel markets and export channels, supporting efforts to reduce greenhouse gas emissions and promote cleaner-burning transportation options.

Beyond ethanol, Green Plains manufactures a range of co-products that add value throughout the agricultural supply chain.

Further Reading Five stocks we like better than Green Plains 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future Receive News & Ratings for Green Plains Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Green Plains and related companies with MarketBeat.com's FREE daily email newsletter.

Green Plains Inc. (NASDAQ: GPRE) today announced it will ring the Nasdaq Opening Bell on August 27, 2026, commemorating 20 years as a publicly traded company. Since listing on Nasdaq in 2006, Green Plains has evolved alongside changing markets and customer needs. Today, the company is focused on optimizing an asset-backed platform built to perform across market environments while expanding opportunities in low-carbon biofuels and value-added products.

"Twenty years on Nasdaq reflects the commitment of the people who have helped build Green Plains," said Chris Osowski, President and Chief Executive Officer. "The company has operated in the public markets for two decades, adapting and evolving to reach this milestone. We celebrate the dedication of our employees, the trust of our shareholders, and the strong relationships we've built with customers, farmer partners, and our local communities. While we're proud of how far we've come, we are even more excited about the opportunities ahead."

The Opening Bell ceremony will take place at Nasdaq MarketSite in New York City and will be broadcast live on Thursday, August 27 at https://www.nasdaq.com/news-and-insights/nasdaq-stock-market-bell-ceremonies.

About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on disciplined execution and leadership in low‑carbon biofuels and value-added products. The company operates a performance‑driven platform focused on maximizing yield, lowering carbon intensity, and delivering long‑term value through responsible capital deployment.

For more information, visit www.gpreinc.com.

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Green Plains Inc. (GPRE) Q2 2026 Earnings Call Transcript

OMAHA, Neb.--(BUSINESS WIRE)--Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the second quarter of 2026. Net income attributable to the company was $67.1 million, or $0.83 per diluted share compared to net loss attributable to the company of $72.2 million or $(1.09) per diluted share, for the same period in 2025. Revenues were $446.2 million for the second quarter of 2026 compared with $552.8 million for the same period last year. Core operating profitability strengthened with adjusted EBITDA of $93.3 million compared to $16.4 million for the same period in the prior year.

“The second quarter demonstrated the earnings capability of the Green Plains platform,” said Chris Osowski, President and Chief Executive Officer. “Even with lower utilization due to maintenance, we generated more than $67 million of net income. The combination of operational excellence, achieving multiple safety milestones, improved ethanol economics, strong commercial execution and our low-carbon platform is translating into meaningful financial results. ”

“Our financial profile continues to improve as we execute on our operating and capital allocation priorities,” said Ann Reis, Chief Financial Officer. “Stronger earnings from our plants and continued discipline on SG&A are generating meaningful cash flow, which we intend to direct toward reducing debt and building a more resilient balance sheet that is positioned for growth.”

Results of Operations

Green Plains’ ethanol production segment sold 160.7 million gallons of ethanol during the second quarter of 2026, compared with 193.6 million gallons for the same period in 2025. The consolidated ethanol crush margin was $95.1 million for the second quarter of 2026, compared with $26.3 million for the same period in 2025. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, including intercompany marketing and agribusiness fees and excluding net nonethanol operating activities.

Consolidated revenues decreased $106.6 million for the three months ended June 30, 2026, compared with the same period in 2025, primarily due to lower revenues within our ethanol production segment as a result of lower volumes sold primarily driven by the disposition of our Obion, Tennessee plant.

Net income attributable to Green Plains increased $139.4 million and adjusted EBITDA increased $76.9 million for the three months ended June 30, 2026 compared with the same period in 2025 primarily due to recognition of $58.7 million of 45Z production tax credits net of discounts and other costs, higher margins in our ethanol production and agribusiness and energy services segments and lower selling, general and administrative expenses as a result of restructuring costs of $2.5 million incurred during the three months ended June 30, 2025. Interest expense decreased $5.8 million for the three months ended June 30, 2026 compared with the same period in 2025 primarily due to prior year loan fees related to the issuance and modification of warrants in conjunction with access to a short-term line of credit and an amendment on our Junior Notes, offset by higher debt balances associated with carbon sequestration equipment. Income tax benefit was $5.5 million for the three months ended June 30, 2026, compared with income tax expense of $2.3 million for the same period in 2025 primarily due to the changes in the valuation allowance on deferred tax assets, offset by an increase in pre-tax book income from the generation of non-taxable 45Z production tax credits.

During the first quarter of 2026, the company elected to early adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities. Concurrently, the company elected to change its accounting policy related to the recognition of Section 45Z clean fuel production tax credits. The change in accounting policy results in the recognition of Section 45Z clean fuel production tax credits by analogy under the income model of ASU 2025-10, which results in a reduction of cost of goods sold in the statements of operations and recognition as production tax credits on the consolidated balance sheets. The company previously recorded the credits under ASC 740, Accounting for Income Taxes, which resulted in recognition within income tax benefit in the statements of operations and deferred income taxes, net in the consolidated balance sheets. The company determined that the income model under ASU 2025-10 is preferable because it better reflects the financial benefit of Section 45Z clean fuel production tax credits netted against the costs to produce the low-carbon fuels that the tax legislation was meant to incentivize. The company determined that retrospective adjustment to prior period financials is required. No Section 45Z clean fuel production tax credits were recognized during the first or second quarters of 2025, so no adjustments were made in the statements of operations; however, the company has reclassified balances previously reported as deferred income taxes, net, and other long-term liabilities to production tax credits on the consolidated balance sheets as of December 31, 2025.

Segment Information

The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein, and renewable corn oil, in addition to CCS operations at our three Nebraska plants and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.

  GREEN PLAINS INC.

SEGMENT OPERATIONS

(unaudited, in thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

% Var.

2026

2025

% Var.

Revenues

Ethanol production

$

410,768

$

527,153

(22.1

)%

$

804,127

$

1,024,925

(21.5

)%

Agribusiness and energy services

39,546

31,531

25.4

98,151

141,360

(30.6

)

Intersegment eliminations

(4,090

)

(5,855

)

(30.1

)

(10,250

)

(11,941

)

(14.2

)

$

446,224

$

552,829

(19.3

)%

$

892,028

$

1,154,344

(22.7

)%

Gross margin

Ethanol production (1) (2)

$

104,229

$

33,490

*

$

175,957

$

27,798

*

Agribusiness and energy services

8,801

8,080

8.9

25,019

16,811

48.8

$

113,030

$

41,570

171.9

%

$

200,976

$

44,609

*

Depreciation and amortization

Ethanol production

$

22,673

$

22,918

(1.1

)%

$

45,891

$

43,953

4.4

%

Agribusiness and energy services (3)

31

3,860

(99.2

)

62

4,458

(98.6

)

Corporate activities

745

782

(4.7

)

1,133

1,536

(26.2

)

$

23,449

$

27,560

(14.9

)%

$

47,086

$

49,947

(5.7

)%

Operating income (loss)

Ethanol production (2) (4) (5)

$

70,977

$

(12,218

)

*

$

110,399

$

(51,768

)

*

Agribusiness and energy services (3)

6,699

849

*

20,531

3,282

*

Corporate activities (6) (7)

(9,802

)

(16,994

)

(42.3

)

(18,284

)

(42,137

)

(56.6

)

$

67,874

$

(28,363

)

*

$

112,646

$

(90,623

)

*

Adjusted EBITDA

Ethanol production (2) (4) (5)

$

94,454

$

8,992

*

$

157,510

$

(10,424

)

*

Agribusiness and energy services

6,924

5,028

37.7

20,935

8,184

155.8

Corporate activities (8)

(8,078

)

(42,903

)

(81.2

)

(13,642

)

(68,149

)

(80.0

)

EBITDA

93,300

(28,883

)

*

164,803

(70,389

)

*

Restructuring costs

—

2,520

*

—

19,106

*

Loss on sale of assets

—

4,044

*

—

4,044

*

Impairment of assets held for sale

—

10,724

*

—

10,724

*

Loss on sale of equity method investment

—

26,987

*

—

26,987

*

Proportional share of EBITDA adjustments to equity method investees

45

1,050

(95.7

)

90

1,828

(95.1

)

$

93,345

$

16,442

*

$

164,893

$

(7,700

)

*

(1)

Ethanol production includes $60.4 million and $116.5 million of Section 45Z production tax credits net of discounts and other costs for the three and six months ended June 30, 2026, recorded as a reduction of cost of goods sold.

(2)

Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the three and six months ended June 30, 2025.

(3)

Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the three and six months ended June 30, 2025.

(4)

Ethanol production includes $58.7 million and $113.9 million of 45Z production tax credits recorded net of discounts, other costs and selling, general and administrative expenses for the three and six months ended June 30, 2026, respectively.

(5)

Ethanol production includes impairment of assets held for sale of $10.7 million for the three and six months ended June 30, 2025.

(6)

Corporate activities includes $1.7 million and $12.0 million of restructuring costs for the three and six months ended June 30, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.

(7)

Corporate activities include a pretax loss on sale of assets of $4.0 million for the three and six months ended June 30, 2025.

(8)

Corporate activities include a pretax loss on sale of assets of $4.0 million and a pretax loss on sale of equity method investment of $27.0 million for the three and six months ended June 30, 2025, respectively.

* Percentage variance not considered meaningful

GREEN PLAINS INC.

SELECTED OPERATING DATA

(unaudited, in thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

% Var.

2026

2025

% Var.

Ethanol production

Ethanol (gallons)

160,700

193,571

(17.0

)%

334,896

388,899

(13.9

)%

Distillers grains (equivalent dried tons)

323

413

(21.8

)

685

830

(17.5

)

Ultra-High Protein (tons)

49

66

(25.8

)

103

134

(23.1

)

Renewable corn oil (pounds)

58,332

65,231

(10.6

)

116,808

129,494

(9.8

)

Corn consumed (bushels)

54,558

65,312

(16.5

)

113,360

131,576

(13.8

)

Agribusiness and energy services (1)

Ethanol sold (gallons)

180,760

225,703

(19.9

)

356,905

481,424

(25.9

)

(1) Includes gallons from the ethanol production segment.

GREEN PLAINS INC.

CONSOLIDATED CRUSH MARGIN

(unaudited, in thousands)

Three Months Ended

June 30,

2026

2025

Ethanol production operating income (loss) (1)

$

70,977

$

(12,218

)

Depreciation and amortization

22,673

22,918

Impairment of assets held for sale

—

10,724

Adjusted ethanol production operating income

93,650

21,424

Intercompany fees and nonethanol operating activities, net (2)

1,421

4,862

Consolidated ethanol crush margin

$

95,071

$

26,286

(1) For the three months ended June 30, 2025, ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million and an inventory lower of cost or net realizable value adjustment of $2.3 million.

(2) Includes certain nonrecurring decommissioning costs and nonethanol operating activities of ($1.9) million and $($1.0) million for the three months ended June 30, 2026 and 2025, respectively.

Liquidity and Capital Resources

As of June 30, 2026, Green Plains had $243.1 million in total cash and cash equivalents, and restricted cash, and $290.0 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. On April 17, 2026, the Revolver Facility was amended by the Second Amendment to the Loan and Security Agreement and the termination date was extended from March 25, 2027 to September 25, 2027 and the borrowing limit was reduced from $350 million to $300 million. Total debt outstanding at June 30, 2026 was $483.7 million, including $27.0 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.

Conference Call Information

On August 6, 2026, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss second quarter 2026 operating results. Domestic and international participants can access the conference call by dialing 833.461.5787 and 585.542.9983, respectively, and referencing conference ID 249495185. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains website https://investor.gpreinc.com/events-and-presentations.

Non-GAAP Financial Measures

Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs, loss on sale of assets, impairment of assets held for sale, loss on sale of equity method investment and our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on disciplined execution and leadership in low‑carbon biofuels and high‑value ingredients. The company operates a performance‑driven platform focused on maximizing yield, lowering carbon intensity, and delivering long‑term value through responsible capital deployment. For more information, visit www.gpreinc.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed or new technologies being deployed; the failure to realize the anticipated selling, general and administrative expense savings from restructuring; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels, distillers grains, Ultra-High Protein, and renewable corn oil; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company’s customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the One Big Beautiful Bill Act, tariffs, renewable fuel programs, tax credit programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the Securities and Exchange Commission (the “SEC”).

The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC, and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

  GREEN PLAINS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30, 2026

December 31, 2025

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

185,384

$

182,319

Restricted cash

57,691

47,813

Accounts receivable, net

79,584

74,374

Inventories

128,563

148,095

Production tax credits

133,182

40,328

Prepaid expenses and other

17,051

18,117

Derivative financial instruments

23,997

11,494

Total current assets

625,452

522,540

Property and equipment, net

918,053

957,256

Operating lease right-of-use assets

63,798

63,849

Other assets

49,764

41,242

Total assets

$

1,657,067

$

1,584,887

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

94,688

$

134,912

Accrued and other liabilities

42,530

39,427

Unearned revenue

29,902

27,401

Derivative financial instruments

26,605

7,901

Operating lease current liabilities

23,508

21,557

Short-term notes payable and other borrowings

27,004

33,584

Current maturities of long-term debt

69,510

3,924

Total current liabilities

313,747

268,706

Long-term debt

387,176

361,992

Operating lease long-term liabilities

41,436

43,648

Carbon equipment liabilities

12,360

104,217

Other liabilities

32,503

34,353

Total liabilities

787,222

812,916

Stockholders' equity

Total Green Plains stockholders' equity

869,934

766,247

Noncontrolling interests

(89

)

5,724

Total stockholders' equity

869,845

771,971

Total liabilities and stockholders' equity

$

1,657,067

$

1,584,887

GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Revenues

$

446,224

$

552,829

$

892,028

$

1,154,344

Costs and expenses

Cost of goods sold (excluding depreciation and amortization expenses reflected below)

333,194

511,259

691,052

1,109,735

Selling, general and administrative expenses

21,707

27,605

41,244

70,517

Loss on sale of assets

—

4,044

—

4,044

Depreciation and amortization expenses

23,449

27,560

47,086

49,947

Impairment of assets held for sale

—

10,724

—

10,724

Total costs and expenses

378,350

581,192

779,382

1,244,967

Operating income (loss)

67,874

(28,363

)

112,646

(90,623

)

Other income (expense)

Interest income

1,449

634

4,369

1,637

Interest expense

(8,130

)

(13,899

)

(19,615

)

(22,812

)

Other, net

516

(39

)

668

(1,554

)

Total other expense

(6,165

)

(13,304

)

(14,578

)

(22,729

)

Income (loss) before income taxes and income (loss) from equity method investees

61,709

(41,667

)

98,068

(113,352

)

Income tax benefit (expense)

5,485

(2,294

)

2,569

(2,400

)

Income (loss) from equity method investees, net of income taxes

12

(28,266

)

34

(29,116

)

Net income (loss)

$

67,206

$

(72,227

)

$

100,671

$

(144,868

)

Net income attributable to noncontrolling interests

57

11

584

276

Net income (loss) attributable to Green Plains

$

67,149

$

(72,238

)

$

100,087

$

(145,144

)

Earnings per share

Net income (loss) attributable to Green Plains - basic

$

0.97

$

(1.09

)

$

1.45

$

(2.22

)

Net income (loss) attributable to Green Plains - diluted

$

0.83

$

(1.09

)

$

1.25

$

(2.22

)

Weighted average shares outstanding

Basic

69,112

66,491

68,977

65,287

Diluted

84,494

66,491

84,381

65,287

GREEN PLAINS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

Six Months Ended

March 31,

2026

2025

Cash flows from operating activities

Net income (loss)

$

100,671

$

(144,868

)

Noncash operating adjustments

Depreciation and amortization

47,086

49,947

Loss on sale of assets

—

4,044

Impairment of assets held for sale

—

10,724

Inventory lower of cost or net realizable value adjustment

—

2,255

Stock-based compensation

4,203

11,123

(Income) loss from equity method investees, net of income taxes

(34

)

29,116

Other

751

8,830

Net change in working capital

(105,910

)

32,583

Net cash provided by operating activities

46,767

3,754

Cash flows from investing activities

Purchases of property and equipment, net

(17,140

)

(27,853

)

Proceeds from the sale of assets

2,000

421

Investment in equity method investees

—

(4,909

)

Net cash used in investing activities

(15,140

)

(32,341

)

Cash flows from financing activities

Net payments - long term debt

(3,098

)

(962

)

Net payments - short-term borrowings

(6,580

)

(60,962

)

Net proceeds from product financing arrangement

—

37,146

Purchase of minority interests

(4,700

)

—

Other

(4,306

)

(3,310

)

Net cash used in financing activities

(18,684

)

(28,088

)

Net change in cash and cash equivalents, and restricted cash

12,943

(56,675

)

Cash and cash equivalents, and restricted cash, beginning of period

230,132

209,395

Cash and cash equivalents, and restricted cash, end of period

$

243,075

$

152,720

Reconciliation of total cash and cash equivalents, and restricted cash

Cash and cash equivalents

$

185,384

$

108,624

Restricted cash

57,691

44,096

Total cash and cash equivalents, and restricted cash

$

243,075

$

152,720

GREEN PLAINS INC.

RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES

(unaudited, in thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net income (loss)

$

67,206

$

(72,227

)

$

100,671

$

(144,868

)

Interest expense

8,130

13,899

19,615

22,812

Income tax (benefit) expense, net of equity method income taxes

(5,485

)

1,885

(2,569

)

1,720

Depreciation and amortization (1)

23,449

27,560

47,086

49,947

EBITDA

93,300

(28,883

)

164,803

(70,389

)

Restructuring costs

—

2,520

—

19,106

Loss on sale of assets

—

4,044

—

4,044

Impairment of assets held for sale

—

10,724

—

10,724

Loss on sale of equity method investment

—

26,987

—

26,987

Proportional share of EBITDA adjustments to equity method investees

45

1,050

90

1,828

Adjusted EBITDA

$

93,345

$

16,442

$

164,893

$

(7,700

)

(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.

More News From Green Plains Inc.

OMAHA, Neb.--(BUSINESS WIRE)--Green Plains Inc. (NASDAQ:GPRE) will release second quarter 2026 financial results prior to the market opening on August 6, 2026, and then host a conference call beginning at 9 a.m. Eastern time (8 a.m. Central time) to discuss the results and outlook. Domestic and international participants can access the conference call by dialing 833.461.5787 and 585.542.9983, respectively, and referencing conference ID 249495185. Participants are advised to call at least 10 min.

Posted by Defense World Staff on Mar 30th, 2026

Assenagon Asset Management S.A. grew its stake in Green Plains, Inc. (NASDAQ:GPRE – Free Report) by 825.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 436,228 shares of the specialty chemicals company’s stock after purchasing an additional 389,102 shares during the period. Assenagon Asset Management S.A. owned about 0.62% of Green Plains worth $4,275,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in GPRE. GAMMA Investing LLC grew its stake in shares of Green Plains by 192.2% during the third quarter. GAMMA Investing LLC now owns 4,547 shares of the specialty chemicals company’s stock worth $40,000 after buying an additional 2,991 shares during the last quarter. Quarry LP bought a new position in shares of Green Plains in the 3rd quarter valued at $67,000. WINTON GROUP Ltd acquired a new stake in shares of Green Plains during the 2nd quarter valued at $61,000. PNC Financial Services Group Inc. boosted its holdings in shares of Green Plains by 19.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,122 shares of the specialty chemicals company’s stock valued at $61,000 after acquiring an additional 1,619 shares in the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in Green Plains during the 3rd quarter worth $95,000.

Wall Street Analysts Forecast Growth A number of analysts have recently commented on the company. Oppenheimer lifted their price target on Green Plains from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. BMO Capital Markets raised their price objective on shares of Green Plains from $14.00 to $15.00 and gave the company a “market perform” rating in a report on Wednesday, March 25th. UBS Group lifted their target price on shares of Green Plains from $7.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Green Plains in a report on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of Green Plains from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Green Plains presently has a consensus rating of “Hold” and an average price target of $13.29.

Check Out Our Latest Stock Analysis on GPRE

Green Plains Price Performance Green Plains stock opened at $16.89 on Monday. The stock’s 50 day moving average is $14.08 and its 200 day moving average is $11.47. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.79 and a quick ratio of 1.24. The firm has a market cap of $1.18 billion, a P/E ratio of -8.94, a P/E/G ratio of 0.78 and a beta of 1.46. Green Plains, Inc. has a one year low of $3.14 and a one year high of $17.94.

Green Plains (NASDAQ:GPRE – Get Free Report) last released its earnings results on Thursday, February 5th. The specialty chemicals company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.10. Green Plains had a negative net margin of 5.80% and a negative return on equity of 8.70%. The business had revenue of $428.85 million during the quarter, compared to the consensus estimate of $536.56 million. During the same quarter in the prior year, the firm posted ($0.86) EPS. The company’s revenue for the quarter was down 26.6% compared to the same quarter last year. As a group, research analysts expect that Green Plains, Inc. will post -0.5 EPS for the current year.

Green Plains Company Profile (Free Report)

Green Plains Inc is a leading producer of fuel-grade ethanol and related co-products in the United States. Headquartered in Omaha, Nebraska, the company operates an integrated network of biorefineries that convert corn and other grains into renewable fuels. Through its production facilities, Green Plains supplies ethanol to domestic fuel markets and export channels, supporting efforts to reduce greenhouse gas emissions and promote cleaner-burning transportation options.

Beyond ethanol, Green Plains manufactures a range of co-products that add value throughout the agricultural supply chain.

Featured Articles Five stocks we like better than Green Plains Want to see what other hedge funds are holding GPRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Green Plains, Inc. (NASDAQ:GPRE – Free Report).

Receive News & Ratings for Green Plains Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Green Plains and related companies with MarketBeat.com's FREE daily email newsletter.

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Posted by Defense World Staff on Apr 19th, 2026

Green Plains, Inc. (NASDAQ:GPRE – Get Free Report) dropped 9.3% during trading on Friday . The stock traded as low as $14.64 and last traded at $14.4750. Approximately 105,461 shares traded hands during trading, a decline of 93% from the average daily volume of 1,538,664 shares. The stock had previously closed at $15.96.

Analyst Ratings Changes GPRE has been the subject of several recent research reports. Oppenheimer increased their price target on Green Plains from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Wall Street Zen cut Green Plains from a “buy” rating to a “hold” rating in a research report on Saturday, April 4th. UBS Group increased their price target on Green Plains from $7.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, February 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Green Plains in a research note on Thursday, January 22nd. Finally, BMO Capital Markets lifted their target price on Green Plains from $14.00 to $15.00 and gave the stock a “market perform” rating in a research note on Wednesday, March 25th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.29.

Get Our Latest Report on Green Plains

Green Plains Trading Down 7.1% The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.24 and a current ratio of 1.79. The business has a fifty day simple moving average of $15.24 and a 200 day simple moving average of $12.12. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -7.84, a price-to-earnings-growth ratio of 0.73 and a beta of 1.31.

Green Plains (NASDAQ:GPRE – Get Free Report) last announced its earnings results on Thursday, February 5th. The specialty chemicals company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.10. Green Plains had a negative net margin of 5.80% and a negative return on equity of 8.70%. The company had revenue of $428.85 million during the quarter, compared to analysts’ expectations of $536.56 million. During the same quarter in the previous year, the business posted ($0.86) earnings per share. Green Plains’s quarterly revenue was down 26.6% on a year-over-year basis. As a group, research analysts expect that Green Plains, Inc. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Green Plains Several institutional investors and hedge funds have recently modified their holdings of GPRE. GAMMA Investing LLC grew its stake in shares of Green Plains by 192.2% in the third quarter. GAMMA Investing LLC now owns 4,547 shares of the specialty chemicals company’s stock valued at $40,000 after acquiring an additional 2,991 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Green Plains in the second quarter valued at about $61,000. Quarry LP acquired a new position in shares of Green Plains in the third quarter valued at about $67,000. Aquatic Capital Management LLC acquired a new position in shares of Green Plains in the third quarter valued at about $95,000. Finally, Marex Group plc acquired a new position in shares of Green Plains in the fourth quarter valued at about $98,000.

Green Plains Company Profile (Get Free Report)

Green Plains Inc is a leading producer of fuel-grade ethanol and related co-products in the United States. Headquartered in Omaha, Nebraska, the company operates an integrated network of biorefineries that convert corn and other grains into renewable fuels. Through its production facilities, Green Plains supplies ethanol to domestic fuel markets and export channels, supporting efforts to reduce greenhouse gas emissions and promote cleaner-burning transportation options.

Beyond ethanol, Green Plains manufactures a range of co-products that add value throughout the agricultural supply chain.

Further Reading Five stocks we like better than Green Plains Receive News & Ratings for Green Plains Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Green Plains and related companies with MarketBeat.com's FREE daily email newsletter.

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The market expects Green Plains Renewable Energy (GPRE - Free Report) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis ethanol production, marketing and commodities company is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of +98.9%.

Revenues are expected to be $474 million, down 21.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 24.32% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Green Plains?For Green Plains, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Green Plains will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Green Plains would post earnings of $0.08 per share when it actually produced earnings of $0.17, delivering a surprise of +112.50%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Green Plains doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAmong the stocks in the Zacks Chemical - Specialty industry, Celanese (CE - Free Report) , is soon expected to post earnings of $0.84 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +47.4%. This quarter's revenue is expected to be $2.26 billion, down 5.5% from the year-ago quarter.

The consensus EPS estimate for Celanese has been revised 10.4% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +6.60%.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that Celanese will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

OMAHA, Neb.--(BUSINESS WIRE)--Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the first quarter of 2026. Net income attributable to the company was $32.9 million, or $0.42 per diluted share compared to net loss attributable to the company of $(72.9) million or ($1.14) per diluted share, for the same period in 2025. Revenues were $445.8 million for the first quarter of 2026 compared with $601.5 million for the same period last year. EBITDA.

Green Plains Inc. (GPRE) Q1 2026 Earnings Call Transcript

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Green Plains Renewable Energy (GPRE - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Green Plains Renewable Energy currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for GPRE that show why this ethanol production, marketing and commodities company shows promise as a solid momentum pick.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For GPRE, shares are up 2.42% over the past week while the Zacks Chemical - Specialty industry is flat over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 9.09% compares favorably with the industry's 2.29% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Shares of Green Plains Renewable Energy have increased 25.73% over the past quarter, and have gained 227.68% in the last year. On the other hand, the S&P 500 has only moved 9.17% and 27.78%, respectively.

Investors should also take note of GPRE's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now GPRE is averaging 1,618,008 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with GPRE.

Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. This revision helped boost GPRE's consensus estimate, increasing from $0.48 to $2.10 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that GPRE is a #1 (Strong Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Green Plains Renewable Energy on your short list.

Here are three stocks with buy rank and strong value characteristics for investors to consider today, May 21:

Green Plains Inc. (GPRE - Free Report) : This low-carbon fuels company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing by 337.5% over the last 60 days.

Green Plains has a price-to-earnings ratio (P/E) of 7.71 compared with 18.80 for the industry. The company possesses a Value Scoreof A.

DaVita Inc. (DVA - Free Report) : This hospitality company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing by 6.4% over the last 60 days.

DaVita has a price-to-earnings ratio (P/E) of 12.91 compared with 26.10 for the industry. The company possesses a Value Score of A.

TD SYNNEX Corporation (SNX - Free Report) : This technology distribution company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its next year earnings increasing 14.1% over the last 60 days.

TD SYNNEX Corporation has a price-to-earnings ratio (P/E) of 13.74 compared with 14.50 for the industry. The company possesses a Value Score of A.

See the full list of top ranked stocks here.

Learn more about the Value score and how it is calculated here.

Green Plains Inc. (GPRE) Shareholder/Analyst Call Prepared Remarks Transcript