---
title: "Green Plains | 10-K: FY2025 Revenue Misses Estimate at USD 2.092 B"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/275512553.md"
datetime: "2026-02-10T21:24:43.000Z"
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---

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

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.

#### Consolidated Financials

-   **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.
-   **Cost of Goods Sold**: $1,954,754 thousand.
-   **Gross Margin**: $136,926 thousand.
-   **Operating Loss**: - $67,248 thousand.
-   **Net Loss**: - $121,000 thousand, an increase of $39.8 million compared to 2024.
-   **Adjusted EBITDA**: $94,011 thousand, an increase of $75.3 million compared to 2024.
-   **Interest Expense**: - $76,668 thousand, including $36.9 million of non-recurring interest expense.
-   **Income Tax Benefit**: $51,746 thousand, primarily due to the recognition of $54.2 million in 45Z production tax credits.
-   **Selling, General and Administrative Expenses**: $122,713 thousand.
-   **Depreciation and Amortization Expenses**: $98,434 thousand.

#### Ethanol Production Segment

-   **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.
-   **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.
-   **Gross Margin**: $97,579 thousand.
-   **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.
-   **EBITDA**: $33,247 thousand.
-   **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.
-   **Average Utilization Rate**: Approximately 82% (or 94% excluding the idled Fairmont, Minnesota plant).

#### Agribusiness and Energy Services Segment

-   **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.
-   **Cost of Goods Sold**: $173,996 thousand.
-   **Gross Margin**: $39,347 thousand.
-   **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.
-   **EBITDA**: $25,661 thousand.

#### Corporate Activities

-   **Restructuring Costs**: $17,564 thousand.
-   **Gain on Sale of Assets, Net**: $31,535 thousand.
-   **Loss on Sale of Equity Method Investment**: - $26,900 thousand.

#### Cash Flow Highlights

-   **Net Cash Provided by Operating Activities**: $110,864 thousand, compared to - $30,000 thousand in 2024.
-   **Net Cash Provided by Investing Activities**: $162,133 thousand, compared to - $62,100 thousand in 2024.
-   **Net Cash Used in Financing Activities**: - $252,260 thousand, compared to - $77,400 thousand in 2024.
-   **Cash and Cash Equivalents**: $182,319 thousand as of December 31, 2025.
-   **Restricted Cash**: $47,813 thousand as of December 31, 2025.
-   **Total Corporate Liquidity**: $138.5 million as of December 31, 2025.
-   **Net Capital Expenditures**: $37,200 thousand.

#### Outlook / Guidance

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.

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