Liquidity remains highly sensitive to working capital, as evidenced by a massive $101.6 million outflow in 2026Q1 that highlights the difficulty of maintaining consistent free cash flow.
| 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 | 117.18M | 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 % | 796.06% | 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 | -15.43M | -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 | 99.68M | 98.43M | 90.59M | 98.24M | 92.7M | 91.95M | 78.24M | 72.13M | 103.62M | 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 | 4.89M | 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 | -53.7M | -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 | 66M | 78.42M | -20.12M | 1.82M | 16.42M | 13.84M | 74.87M | 31.36M | -136.47M | 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 | 16.68M | 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 | 10.61M | 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 | 37.01M | 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 | -4.86M | -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 | 178.4M | 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 | -26.94M | -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 | 1.38% | 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 | 20.25M | 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 | 156.75M | 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 | -239.04M | -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) | -224.51M | -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) | -30.68M | -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 | 0 | 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 | -30.68M | -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 | 16.15M | -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 | 56.54M | 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 | 90.25M | 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 % | 4.64% | 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 % | 172.54% | 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 | 1.07 | 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) | -5.85x | -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 | 23.31M | 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 | 1.45M | 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 |
Commodity crush spread volatility
As reported in recent financial filings, GPRE's operating cash flow frequently diverges from net income, with the OCF/NI ratio fluctuating wildly from 15.45 in 2023Q4 to -1.20 in 2026Q1, suggesting that non-cash adjustments and derivative hedging activities significantly distort the company's true operational cash generation capabilities.
The extreme variance in the conversion ratio indicates that reported net income is a poor proxy for the company's actual cash-generating ability. Investors should monitor whether these discrepancies stem from persistent mark-to-market hedging impacts or underlying operational inefficiencies that prevent cash from flowing through to the bottom line.
Based on the provided cash flow data, GPRE's free cash flow trajectory is characterized by sharp, unpredictable swings, ranging from a positive $81.5 million in 2023Q4 to a negative $72.4 million in 2024Q1, reflecting the company's ongoing struggle to maintain consistent cash flow margins amidst commodity price cycles.
The inability to sustain positive free cash flow suggests that the company's biorefinery pivot has yet to yield the operational stability required to fund its own growth. This volatility warrants further investigation into whether the current cash burn is a temporary byproduct of capital-intensive upgrades or a structural failure to cover fixed costs.
According to historical cash flow statements, GPRE has maintained a consistent capital expenditure profile, with CapEx/Revenue ratios peaking at 4.7% in 2024Q4, indicating that the company is aggressively reinvesting in its asset base despite the absence of reliable, positive operating cash flow to support such spending.
The persistent allocation of capital toward plant upgrades appears to be a double-edged sword, as it simultaneously drains liquidity while failing to produce immediate margin expansion. Analysts should consider whether these investments are truly maintenance-focused or if they represent speculative growth spending that may not be justified by current market conditions.
As evidenced by the quarterly cash flow data, working capital changes are a primary driver of GPRE's liquidity, with a massive $101.6 million outflow in 2026Q1 following a $70.1 million inflow in 2023Q4, highlighting the company's extreme sensitivity to inventory and receivables management in a volatile commodity environment.
These dramatic shifts in working capital suggest that the company's cash position is highly vulnerable to the timing of corn procurement and ethanol sales. Investors should monitor these fluctuations closely, as they appear to mask the underlying operational performance and create significant short-term liquidity risks.
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.