Green Plains Inc. is primarily engaged in the manufacturing, marketing, and worldwide distribution of ethanol, serving both domestic and international markets. The ...
Green Plains Inc. is a U.S.-based biorefining company that has evolved from a conventional ethanol producer into a broader agricultural technology and sustainable ingredients platform. The company is headquartered at 1811 Aksarben Drive in Omaha, Nebraska, and was founded in 2004, initially operating under the name Green Plains Renewable Energy, ...Green Plains Inc. is a U.S.-based biorefining company that has evolved from a conventional ethanol producer into a broader agricultural technology and sustainable ingredients platform. The company is headquartered at 1811 Aksarben Drive in Omaha, Nebraska, and was founded in 2004, initially operating under the name Green Plains Renewable Energy, Inc. It adopted the name Green Plains Inc. in May 2014. The company’s common stock trades on Nasdaq under the ticker GPRE.
Green Plains’ core business is the processing of annually renewable agricultural commodities, particularly corn. Its ethanol-production operations convert corn through fermentation and related processing into fuel ethanol and industrial-grade alcohol. These facilities also generate coproducts such as distillers grains, corn oil, and higher-protein ingredients, including ultra-high-protein products. Distillers grains are primarily used as animal-feed ingredients, while corn oil can be sold into feed, industrial, and renewable-fuel markets. The company’s strategic direction emphasizes producing more sustainable and higher-value ingredients rather than relying exclusively on commodity ethanol margins.
The Agribusiness and Energy Services segment supports the company’s vertically integrated model. It includes grain procurement, grain handling, storage, drying, and commodity marketing. Green Plains purchases, markets, sells, and delivers ethanol, distillers grains, corn oil, raw grain, natural gas, and other related commodities across domestic and international markets. Grain services can also be provided directly to agricultural producers. This infrastructure helps connect farmers, processing plants, transportation networks, fuel markets, feed customers, and industrial users.
The Partnership division provides fuel-storage and transportation capabilities. The company has historically operated or managed a network of ethanol storage facilities, fuel terminals, and leased railcars, giving it logistical flexibility in moving ethanol and coproducts. Its physical assets and supply-chain relationships are important because ethanol economics depend not only on production costs, but also on corn prices, natural-gas costs, transportation expenses, blending demand, export conditions, renewable-fuel policies, and commodity-price volatility.
Green Plains is also investing in technology and process improvements intended to reduce carbon intensity and increase product yield. Its stated ag-tech and biorefining strategy includes advanced fermentation, patented agricultural and processing technologies, higher-protein feed ingredients, renewable fuels, and carbon-management opportunities. These initiatives may require significant capital expenditure, engineering development, commercialization effort, and customer adoption before their full economic benefits are realized.
Based on the supplied trailing-twelve-month data, Green Plains had approximately 642 full-time employees, indicating a workforce in the 501-1000 category. The supplied market snapshot showed a market capitalization of approximately $1.03 billion, enterprise value of approximately $1.39 billion, revenue-related valuation ratios including price-to-sales of about 0.56, and an enterprise-value-to-EBITDA multiple of about 5.87. Reported trailing-twelve-month figures included a gross margin of approximately 10.0%, EBITDA margin of approximately 12.9%, net margin of approximately 6.7%, return on equity of approximately 15.5%, and debt-to-equity of approximately 0.63. These metrics are cyclical and can change materially with ethanol prices, corn and energy costs, production volumes, inventory values, coproduct pricing, and policy conditions.
Chris G. Osowski is identified as the company’s chief executive officer. Green Plains’ principal opportunities include growing demand for lower-carbon fuels, sustainable feed ingredients, industrial alcohol, carbon reduction, and biotechnology-enabled products. Key risks include commodity-market volatility, adverse regulatory changes, execution risk in technology projects, financing requirements, operational disruptions, environmental obligations, and competitive pressure from other ethanol, biofuel, agricultural-processing, and renewable-ingredient producers.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.1B
-14.9%
-2.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-121.3M
-47.0%
+103.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+1.8%
-65.3%
+48.5%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-4.0%
-108.6%
+19.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-5.8%
-72.8%
+108.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$64.4M
+151.5%
+264.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+3.1%
+160.6%
+267.8%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
66.3%
-11.6%
-11.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.79x
+21.6%
+16.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, and welcome to the Green Plains Inc. Second Quarter 2026 Earnings Conference Call. Following the company's prepared remarks, instructions will be provided for Q&A. [Operator Instructions] I will now hand the call over to your host, Will Joekel, Vice President of Investor Relations and Treasurer. Please go ahead, Will.
Will Joekel: Thank you, and good morning. I would like to welcome everyone to the Green Plains Inc. Second Quarter 2026 Earnings Conference Call. Joining me on today's call are Chris Osowski, President and Chief Executive Officer; Ann Reis, Chief Financial Officer; Imre Havasi, Senior Vice President of Trading and Commercial Operations, along with the rest of our senior leadership team. There is a slide presentation available on the Investor page under the Events and Presentations link on our website. During this call, we will be making forward-looking statements, which are predictions, projections and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results can materially differ because of risk factors discussed in today's press release, comments made during this call and in the Risk Factors section of our Form 10-K, 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements. I'll now hand the call over to Chris.
Chris Osowski: Thanks, Will, and good morning, everyone. The second quarter marked another period of strong execution for Green Plains. The team delivered adjusted EBITDA of $93.3 million despite downtime for spring maintenance, up from $71.5 million in the first quarter and a significant improvement from $16.4 million in the second quarter of last year. Successfully executing our maintenance program while achieving our strongest quarterly performance in years, highlights the strength of our operations and our team. Green Plains today is a fundamentally different company than it was a year ago. We are focused on operational excellence across our platform. We have a growing carbon business that is delivering significant value, and we are benefiting from favorable demand fundamentals across ethanol, corn oil and protein markets. Together, those advantages are creating a business with a higher floor, stronger free cash flow and significantly more flexibility than we've had before. Before I discuss our outlook, I want to start with safety. Safety is the foundation for everything we do. A safe plant is a reliable plant and a reliable plant is what allows us to consistently deliver for our customers, our shareholders and our employees. During the quarter, our employees worked safely, and we continued to improve the risk profile of the fleet. Recently, our Superior, Iowa facility achieved highly protected status from FM, becoming our second facility to earn that recognition after Central City, Nebraska in Q1. …