Revenue: As of FY2025, the actual value is USD 2.092 B, missing the estimate of USD 2.22 B.EPS: As of FY2025, the actual value is USD -1.8, beating the estimate of USD -1.8368.EBIT: As of FY2025, the actual value is USD 5.24 M.<h4>Consolidated Financials</h4><ul><li>Total Revenues: $2,091,680 thousand, a decrease of $367.1 million compared to 2024, primarily due to lower ethanol volumes sold and the cessation of a third-party ethanol marketing agreement.</li><li>Cost of Goods Sold: $1,954,754 thousand.</li><li>Gross Margin: $136,926 thousand.</li><li>Operating Loss: - $67,248 thousand.</li><li>Net Loss: - $121,000 thousand, an increase of $39.8 million compared to 2024.</li><li>Adjusted EBITDA: $94,011 thousand, an increase of $75.3 million compared to 2024.</li><li>Interest Expense: - $76,668 thousand, including $36.9 million of non-recurring interest expense.</li><li>Income Tax Benefit: $51,746 thousand, primarily due to the recognition of $54.2 million in 45Z production tax credits.</li><li>Selling, General and Administrative Expenses: $122,713 thousand.</li><li>Depreciation and Amortization Expenses: $98,434 thousand.</li></ul><h4>Ethanol Production Segment</h4><ul><li>Segment Revenue: $1,901,858 thousand, a decrease of $165.2 million compared to 2024, mainly due to lower ethanol, distillers grains, and renewable corn oil volumes sold.</li><li>Cost of Goods Sold: $1,804,279 thousand, a decrease of $179.2 million compared to 2024, primarily due to lower corn volumes processed, lower freight costs, and reduced repair/maintenance and chemical costs.</li><li>Gross Margin: $97,579 thousand.</li><li>Operating Loss: - $55,482 thousand, an increase of $14.7 million compared to 2024, and includes impairment of assets held for sale of $14.6 million.</li><li>EBITDA: $33,247 thousand.</li><li>Production Volumes: Ethanol: 764,940 thousand gallons; Distillers grains: 1,625 thousand equivalent dried tons; Ultra-High Protein: 265 thousand tons; Renewable corn oil: 266,411 thousand pounds; Corn processed: 258,568 thousand bushels.</li><li>Average Utilization Rate: Approximately 82% (or 94% excluding the idled Fairmont, Minnesota plant).</li></ul><h4>Agribusiness and Energy Services Segment</h4><ul><li>Segment Revenue: $213,343 thousand, a decrease of $207.8 million compared to 2024, mainly due to the cessation of a third-party ethanol marketing agreement.</li><li>Cost of Goods Sold: $173,996 thousand.</li><li>Gross Margin: $39,347 thousand.</li><li>Operating Income: $20,660 thousand, a decrease of $7.5 million compared to 2024, and includes impairment of property and equipment of $3.1 million.</li><li>EBITDA: $25,661 thousand.</li></ul><h4>Corporate Activities</h4><ul><li>Restructuring Costs: $17,564 thousand.</li><li>Gain on Sale of Assets, Net: $31,535 thousand.</li><li>Loss on Sale of Equity Method Investment: - $26,900 thousand.</li></ul><h4>Cash Flow Highlights</h4><ul><li>Net Cash Provided by Operating Activities: $110,864 thousand, compared to - $30,000 thousand in 2024.</li><li>Net Cash Provided by Investing Activities: $162,133 thousand, compared to - $62,100 thousand in 2024.</li><li>Net Cash Used in Financing Activities: - $252,260 thousand, compared to - $77,400 thousand in 2024.</li><li>Cash and Cash Equivalents: $182,319 thousand as of December 31, 2025.</li><li>Restricted Cash: $47,813 thousand as of December 31, 2025.</li><li>Total Corporate Liquidity: $138.5 million as of December 31, 2025.</li><li>Net Capital Expenditures: $37,200 thousand.</li></ul><h4>Outlook / Guidance</h4>Green Plains Inc. anticipates generating at least $188 million of 45Z-related adjusted EBITDA for the year ended December 31, 2026. The company projects annualized interest expense of approximately $30 million to $35 million for 2026. Capital spending for maintenance, environmental, health, and safety is estimated at $15 million to $25 million in 2026, with additional capital for growth projects.

Green Plains | 10-K: FY2025 Revenue Misses Estimate at USD 2.092 B