Green Plains (NASDAQ:GPRE) returned to profitability in the fourth quarter of 2025, overcoming a double-digit decline in revenue by leveraging new federal tax incentives and achieving high utilization across its optimized ethanol fleet.
The Omaha-based biorefining leader reported fourth-quarter net income of $11.9 million, or $0.17 per diluted share, a dramatic turnaround from the $54.9 million loss in the same period last year.
The results significantly outperformed the Zacks Consensus Estimate of $0.07 per share.
While total revenues fell 26% to $428.8 million—reflecting lower ethanol market prices and a strategic shift away from third-party marketing—the company's focus on high-margin low-carbon products drove adjusted EBITDA to $49.1 million.
The quarterly performance was anchored by the first significant monetization of the 45Z Clean Fuel Production Credit.
Green Plains recorded $27.7 million in tax credit value during the quarter, following its September 2025 agreement with Freepoint Commodities to sell credits at scale.
Operationally, the company’s three Nebraska facilities in Central City, Wood River, and York are now fully integrated with carbon capture and sequestration (CCS) technology, helping the company achieve its goal of producing ethanol with a significantly lower carbon intensity (CI) score.