Green Plains Inc
NASDAQ:GPRE
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Green Plains Inc
Green Plains, Inc. engages in the production of fuel-grade ethanol and corn oil, the provision of grain handling, and storage commodity marketing and distribution services. The company is headquartered in Omaha, Nebraska and currently employs 859 full-time employees. The company went IPO on 2006-03-15. The firm is principally engaged in operating ethanol production facilities and corn processing, with a focus on the production of high protein feed ingredients. The firm operates through four segments: Ethanol Production, Agribusiness and Energy Services, Food and Ingredients, and Partnership. The Ethanol Production segment includes production of ethanol, including alcohol, distillers grains, protein and corn oil at ethanol plants in Illinois, Indiana, Iowa, Minnesota and Tennessee. The Agribusiness and Energy Services segment agribusiness and energy services segment includes grain procurement, and its commodity marketing business, which markets, sells and distributes ethanol, distiller’s grains, Ultra-High Protein and corn oil produced at its ethanol plants. Its limited partnership provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, and other assets.
Green Plains, Inc. engages in the production of fuel-grade ethanol and corn oil, the provision of grain handling, and storage commodity marketing and distribution services. The company is headquartered in Omaha, Nebraska and currently employs 859 full-time employees. The company went IPO on 2006-03-15. The firm is principally engaged in operating ethanol production facilities and corn processing, with a focus on the production of high protein feed ingredients. The firm operates through four segments: Ethanol Production, Agribusiness and Energy Services, Food and Ingredients, and Partnership. The Ethanol Production segment includes production of ethanol, including alcohol, distillers grains, protein and corn oil at ethanol plants in Illinois, Indiana, Iowa, Minnesota and Tennessee. The Agribusiness and Energy Services segment agribusiness and energy services segment includes grain procurement, and its commodity marketing business, which markets, sells and distributes ethanol, distiller’s grains, Ultra-High Protein and corn oil produced at its ethanol plants. Its limited partnership provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, and other assets.
Debt & Liquidity: Green Plains fully repaid $130 million of high-cost debt, refinanced most 2027 converts into a new $200 million note due in 2030, and now has no significant near-term debt maturities.
Operational Performance: Plants achieved over 101% capacity utilization, the highest in over a decade, driven by operational excellence and improved yields.
Financial Results: Q3 net income was $11.9 million, with adjusted EBITDA of $52.6 million; revenue fell 22.8% YoY due to asset sales and reduced marketing volumes.
Carbon Capture & Tax Credits: All Nebraska carbon capture systems are up and running, with $25 million in 45Z tax credits recognized in Q3 and another $15–25 million expected in Q4.
SG&A Progress: SG&A is trending down, with full company run rate expected in the low $90 million range by year-end, a significant decrease from prior years.
Outlook: Management expects attractive Q4 margins, continued strong free cash flow, and growing 45Z tax credit benefits in 2026 as decarbonization initiatives expand.
