Green Plains Inc. Reports 22.8% Revenue Decline in Q3 2025

Green Plains Inc. reported a significant decline in financial performance for the third quarter of 2025, with total revenues of $508.5 million, down 22.8% from $658.7 million in the same period last year. The decrease was attributed to lower sales volumes and prices for ethanol and related products, as well as the cessation of a third-party ethanol marketing agreement. The company recorded a net income of $11.9 million, a sharp decline from $48.2 million in the prior year, primarily due to increased interest expenses and restructuring costs. For the nine months ended September 30, 2025, revenues totaled $1.66 billion, down from $1.87 billion in 2024, while the net loss increased to $133.2 million from $27.6 million.

In terms of operational changes, Green Plains completed the sale of its ethanol plant in Rives, Tennessee, to POET Biorefining for $170 million, which resulted in a gain of $36 million. The proceeds were utilized to repay outstanding junior secured mezzanine notes, enhancing the company's liquidity. Additionally, the company has been focusing on carbon capture and sequestration initiatives, with equipment at its York, Nebraska facility commencing operations in October 2025. This aligns with the company's strategy to reduce carbon intensity and qualify for clean fuel production tax credits under the Inflation Reduction Act.

The company’s ethanol production segment saw revenues decrease by 16.1% to $473.9 million for the third quarter, driven by lower sales volumes and prices. The agribusiness and energy services segment experienced a more pronounced decline, with revenues falling 60% to $40.8 million, largely due to the end of the third-party marketing agreement. The overall gross margin for the company decreased to $52.2 million from $78.1 million year-over-year, reflecting the impact of reduced sales and increased costs.

Green Plains' total assets decreased to $1.53 billion as of September 30, 2025, down from $1.78 billion at the end of 2024. The company reported a total debt of $306.4 million, a reduction from $432.5 million, primarily due to the repayment of the junior notes. The company’s cash and cash equivalents stood at $135.9 million, alongside $75.7 million in restricted cash. Looking ahead, Green Plains anticipates continued challenges in the ethanol market but expects to benefit from tax credits and operational improvements as it positions itself for future growth in low-carbon fuel markets.