Free cash flow turned positive at $29.6M in 2026Q2, but the OCF/NI conversion ratio of 0.70 and a massive $103.3M working capital drain in the same quarter highlight severe cash flow instability.
Green Plains Inc. (GPRE) cash flow statement — 21-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Nov'07 | Nov'06 | Nov'05 |
|---|
| Cash from Operations | 105.47M | 101.64M | -29.96M | 56.35M | 69.71M | 4.25M | 98.89M | -9.53M | 38.97M | -159.82M | 82.99M | 10.23M | 221.55M | 107.34M | -10.65M | 108.89M | 34.82M | 53.43M | -44.5M | -9.21M | 558.44K | -181.16K |
| Operating CF Margin % | - | 4.86% | -1.22% | 1.71% | 1.9% | 0.15% | 5.14% | -0.39% | 1.01% | -4.44% | 2.43% | 0.34% | 6.85% | 3.53% | -0.31% | 3.06% | 1.63% | 4.1% | -23.57% | -38.04% | - | - |
| Operating CF Growth % | 291.94% | 439.21% | -153.18% | -19.17% | 1541.76% | -95.71% | 1137.51% | -124.46% | 124.38% | -292.58% | 711.53% | -95.38% | 106.41% | 1107.76% | -109.78% | 212.76% | -34.83% | 220.06% | -383.34% | -1748.66% | 408.26% | - |
| Net Income | 197.46M | -121.28M | -81.19M | -76.3M | -103.38M | -44.15M | -89.65M | -148M | 36.73M | 81.63M | 30.49M | 15.23M | 159.5M | 43.39M | 11.76M | 38.21M | 48.16M | 20.15M | -6.9M | -7.14M | 918.12K | -397.75K |
| Depreciation & Amortization | 94.18M | 98.43M | 90.59M | 98.24M | 92.7M | 91.95M | 78.24M | 72.13M | 98.26M | 107.36M | 84.23M | 65.95M | 60.36M | 51M | 52.83M | 50.08M | 38.81M | 29.41M | 4.7M | 1.03M | 13.2K | 1.69K |
| Stock-Based Compensation | 6.24M | 0 | 8.27M | 13.03M | 9.07M | 6.06M | 7.92M | 9.69M | 11.42M | 12.16M | 7.29M | 5.11M | 3.44M | 3.93M | 4.29M | 3.43M | 2.12M | 1.21M | 509K | 3.6B | 143.25K | 0 |
| Deferred Taxes | -34.37M | -52.98M | 3.94M | -6.86M | 4.51M | 1.23M | -13.34M | -17.25M | -25.26M | -162.59M | 4.91M | -27.51M | 23.54M | 27.49M | 10.7M | 22.71M | 16.52M | 0 | 0 | 38.8K | -38.8K | 0 |
| Other Non-Cash Items | -210.04M | 78.42M | -20.12M | 1.82M | 16.42M | 13.84M | 74.87M | 31.36M | -131.11M | 39.12M | 14.54M | 9.37M | 9.16M | 7.42M | -39.36M | 3.48M | 248K | 55K | -126.31M | -3.6B | -32.38K | 50K |
| Working Capital Changes | 51.28M | 99.06M | -31.46M | 26.4M | 50.39M | -64.69M | 40.85M | 42.55M | 48.92M | -237.5M | -58.47M | -57.92M | -34.45M | -25.9M | -50.88M | -9.02M | -71.05M | 2.6M | 81.55M | -6.31M | -444.95K | 164.9K |
| Change in Receivables | 9.32M | 19.27M | -455K | 14.16M | 8.52M | -64.09M | 57.06M | -21.76M | 39.7M | 3.62M | -36.89M | 41.92M | -28.14M | -25.45M | 7.54M | -17.06M | -30.02M | 13.49M | -32.27M | -3.06B | 0 | 0 |
| Change in Inventory | -23.16M | 66.66M | -12.74M | 53.47M | -23.43M | -20.54M | -21.63M | 50.02M | 31.28M | -268.22M | -42.01M | -78.41M | -90.91M | 22.76M | -63.74M | -38.84M | -83.5M | -35.72M | -1.03M | -6.9M | 0 | 0 |
| Change in Payables | 54.23M | -16.19M | -27.91M | -34.57M | 75.31M | 17.19M | -22.77M | -1.78M | -49.93M | 6.5M | 49.08M | -33.21M | 73.02M | 20.56M | 15.04M | 23.41M | 74.64M | 18.83M | 13.32M | 5.3B | 630.68K | 0 |
| Cash from Investing | -35.89M | 162.13M | -62.05M | -106.9M | -105.25M | -236.28M | -11.45M | 30.64M | 507.46M | -128.48M | -572.6M | -183.2M | -78.59M | -147.58M | 81.45M | -54.52M | -62.57M | -17.78M | -73M | -103.08M | -11.83M | -28.85M |
| Capital Expenditures | -34.38M | -37.2M | -95.08M | -108.09M | -212.37M | -187.19M | -110.58M | -75.48M | -44.19M | -46.47M | -58.17M | -63.42M | -59.55M | -19.76M | -26.78M | -42.48M | -20.03M | -13.79M | -79.87M | -100.21M | -36.61M | -788.54K |
| CapEx % of Revenue | 1.88% | 1.78% | 3.87% | 3.28% | 5.8% | 6.62% | 5.75% | 3.12% | 1.14% | 1.29% | 1.71% | 2.14% | 1.84% | 0.65% | 0.77% | 1.2% | 0.94% | 1.06% | 42.3% | 414.06% | - | - |
| Acquisitions | -4.34M | 179.91M | 0 | 0 | -17.16M | -2.95M | 59.17M | 29.72M | -127.5M | -82.01M | -514.49M | -119.85M | -28.31M | -128.06M | -1.49M | -8.12M | -41.87M | -3.1M | 10M | -449.06K | 210.29K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2M | 0 | 33.03M | 1.2M | 16.9M | 78.72M | 39.95M | 76.4M | 679.15M | -83.89M | 58K | 68K | 9.26M | 245K | 109.71M | -3.92M | -665K | 278K | -4.01M | -2.42M | -3.5M | 0 |
| Cash from Financing | -56.15M | -243.04M | -77.35M | -70.96M | -25.14M | 518.19M | -82.53M | -69.41M | -540.6M | 250.74M | 408.95M | 132.33M | 10.53M | 57.99M | 8.51M | -112.58M | 171.18M | -8.16M | 179.2M | 81.12M | 48.57M | 34.2M |
| Debt Issued (Net) | -9.06M | -206.91M | -27.73M | -37.62M | 5.63M | 206.91M | -56.21M | 73.7M | -493.29M | 75.93M | 481.18M | 501K | 23.21M | 67.26M | 25.03M | -86.65M | 110.72M | -18.68M | 116.62M | 71.74M | -310.25K | 0 |
| Equity Issued (Net) | -30M | -30M | -4.7M | -9.02M | 0 | 355.98M | -11.48M | -63.97M | -2.98M | -6.67M | -4.25M | 153.45M | 0 | 0 | -10.45M | -28.2M | 79.73M | 0 | 60M | 9.72M | 48.88M | 34.2M |
| Dividends Paid | -3.23M | 0 | -5.17M | -22.73M | 0 | -9.25M | -9.68M | -31.69M | -41.27M | -39.38M | -37.28M | -19.8M | -8.91M | -2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -30M | -30M | -4.7M | -9.02M | 0 | 0 | -11.48M | -61.65M | -2.98M | -6.72M | -6M | -4M | 0 | 0 | -10.45M | -28.2M | 0 | 0 | 60M | 0 | 0 | 0 |
| Other Financing | -13.85M | -6.13M | -39.75M | -1.59M | -30.77M | -35.45M | -5.16M | -47.46M | -3.06M | 186.34M | -30.69M | -1.82M | -3.77M | -6.85M | -6.08M | 2.27M | -19.28M | 10.52M | 2.58M | -340.04K | 0 | 0 |
| Net Change in Cash | 13.44M | 20.74M | -169.37M | -121.51M | -60.68M | 286.15M | 4.91M | -13.39M | 5.83M | -37.56M | -80.66M | -40.64M | 153.48M | 17.74M | 79.3M | -58.22M | 143.43M | 27.48M | 61.8M | -31.17M | 37.29M | 5.17M |
| Free Cash Flow | 71.09M | 64.44M | -125.05M | -51.75M | -142.66M | -182.95M | -11.68M | -85.01M | -5.22M | -206.29M | 24.82M | -53.19M | 162M | 87.57M | -37.43M | 66.41M | 14.79M | 39.64M | -124.37M | -109.42M | -36.05M | -969.7K |
| FCF Margin % | 3.89% | 3.08% | -5.09% | -1.57% | -3.89% | -6.47% | -0.61% | -3.52% | -0.14% | -5.74% | 0.73% | -1.79% | 5.01% | 2.88% | -1.08% | 1.87% | 0.69% | 3.04% | -65.87% | -452.11% | - | - |
| FCF Growth % | 267.01% | 151.54% | -141.65% | 63.73% | 22.02% | -1465.81% | 86.26% | -1528.6% | 97.47% | -931.27% | 146.65% | -132.83% | 84.99% | 333.98% | -156.36% | 349.11% | -62.7% | 131.87% | -13.66% | -203.53% | -3617.52% | - |
| FCF per Share | 0.83 | 0.95 | -1.96 | -0.88 | -2.57 | -3.92 | -0.34 | -2.23 | -0.13 | -4.11 | 0.64 | -1.36 | 3.98 | 2.29 | -1.23 | 1.59 | 0.46 | 1.58 | -10.03 | -18.01 | -7.35 | -0.03 |
| FCF Conversion (FCF/Net Income) | 0.36x | -0.84x | 0.36x | -0.60x | -0.55x | -0.06x | -0.91x | 0.06x | 2.45x | -2.62x | 7.78x | 1.45x | 1.39x | 2.47x | -0.90x | 2.83x | 0.73x | 2.70x | 6.45x | 1.29x | 0.61x | 0.46x |
| Interest Paid | 0 | 35.15M | 31.31M | 35.16M | 30.89M | 29.37M | 0 | 35.84M | 0 | 0 | 38.24M | 32.75M | 34.76M | 30.63M | 33.28M | 35.22M | 25.83M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1.77M | 486K | 1.24M | 583K | 1.48M | 0 | 563K | 0 | 0 | 4.69M | 43.83M | 61.82M | 2.67M | 737K | 971K | 9K | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GPRE stock.
Green Plains Inc. (GPRE) generated $101.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Green Plains Inc. (GPRE) generated $64.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Green Plains Inc. (GPRE) spent $37.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Green Plains Inc. (GPRE) spent $30.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital volatility eroding cash
Metrics are mathematically derived from official filings.
Earnings Quality Highly Volatile
The relationship between net income and operating cash flow is erratic, with the OCF/NI ratio swinging from -1.20 to 4.87 over the last ten quarters, suggesting significant non-cash items or working capital distortions are driving reported earnings.
In 2025Q4, operating cash flow of $58.1M was nearly five times the net income of $11.9M, indicating strong cash generation relative to reported profits, likely due to favorable non-cash adjustments. Conversely, in 2026Q1, a $32.9M net income was accompanied by a $39.5M operating cash outflow, highlighting severe cash flow volatility that undermines the predictability of earnings.
FCF Plagued by Deep Quarterly Swings
Free cash flow has been intensely volatile, ranging from a negative $71.8M in 2025Q1 to a positive $52.8M in 2025Q4, with the latest 2026Q2 FCF of $29.6M representing a rebound but failing to establish a stable positive trajectory.
The company's FCF margin mirrors this instability, swinging from -12.1% to 12.3% within a one-year span. This pattern suggests that any period of positive free cash flow is driven by episodic working capital releases or cost cuts rather than consistent operational performance, a conclusion supported by the prior finding of volatile gross margins.
Working Capital Swings Dominate Cash Flow
Massive working capital swings, such as the negative $103.3M drain in 2026Q2 and the $51.9M benefit in 2025Q2, appear to be the primary driver of operating cash flow volatility, overwhelming underlying operational cash generation.
The company's cash flow statement reveals a clear dependency on managing its operating cycle. The large negative working capital changes in recent quarters (over $100M in both 2026Q1 and 2026Q2) indicate significant inventory buildup or slower collections, which is consuming cash even as profitability improves. This dynamic warrants close monitoring as it directly constrains the cash available for debt service or growth.
Capital Intensity Eases But Remains a Drag
Capital expenditure as a percentage of revenue has moderated from a high of 4.7% in 2024Q4 to 3.8% in 2026Q2, but the absolute spend remains a material cash outflow that has prevented free cash flow from turning strongly positive.
The reduction in CapEx intensity is positive for near-term cash flow, but the $17.1M spent in 2026Q2, while lower than the $28.3M in 2024Q3, still represents a significant portion of operating cash flow. This suggests maintenance capital requirements are substantial, and any future growth would likely require an increase in this spending.
SBC and Acquisition Noise Obscures Core Cash
Stock-based compensation of $4.2M in 2026Q2 and net acquisition outflows like the $23.5M in 2025Q3 add complexity to assessing core cash generation, as they are non-operating or strategic items that can distort the underlying trend.
While SBC is a non-cash expense added back to calculate operating cash flow, it represents a real economic dilutive cost to shareholders. Furthermore, the periodic acquisition spending, such as the $23.5M in 2025Q3, complicates the analysis of sustainable cash flow from operations, making it harder to discern if the business is generating enough cash to fund its strategic moves without relying on external financing.