Revenue growth remains in a contractionary phase with a 24.3% year-over-year decline in 2026Q1, while gross margins exhibit extreme volatility, ranging from -13.6% in 2025Q4 to 17.1% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 1.95B | 2.09B | 2.46B | 3.3B | 3.66B | 2.83B | 1.92B | 2.42B | 3.86B | 3.6B | 3.41B | 2.97B | 3.24B | 3.04B | 3.48B | 3.55B | 2.13B | 1.3B | 188.8M | 24.2M | 0 | 0 |
| Revenue Growth % | -21.02% | -14.93% | -25.39% | -10.02% | 29.56% | 46.96% | -20.42% | -37.37% | 7.33% | 5.43% | 15.02% | -8.35% | 6.4% | -12.54% | -2.16% | 66.61% | 63.55% | 590.77% | 680.1% | - | - | - |
| Cost of Goods Sold | 1.83B | 2.05B | 2.33B | 3.13B | 3.55B | 2.65B | 1.84B | 2.38B | 3.64B | 3.3B | 3.1B | 2.73B | 2.78B | 2.87B | 3.38B | 3.38B | 1.98B | 1.22B | 175.4M | 23.04M | 0 | 0 |
| COGS % of Revenue | - | 98.16% | 94.69% | 95% | 96.92% | 93.67% | 95.56% | 98.66% | 94.41% | 91.81% | 90.77% | 92.04% | 86.01% | 94.31% | 97.22% | 95.15% | 92.89% | 93.68% | 92.9% | 95.21% | - | - |
| Gross Profit | 113.08M | 38.49M | 130.45M | 164.75M | 112.68M | 179M | 85.43M | 32.29M | 215.72M | 294.58M | 314.8M | 235.99M | 644.19M | 173.02M | 96.77M | 172.23M | 151.57M | 82.43M | 13.4M | 1.16M | 0 | 0 |
| Gross Margin % | 5.81% | 1.84% | 5.31% | 5% | 3.08% | 6.33% | 4.44% | 1.34% | 5.59% | 8.19% | 9.23% | 7.96% | 19.91% | 5.69% | 2.78% | 4.85% | 7.11% | 6.32% | 7.1% | 4.79% | - | - |
| Gross Profit Growth % | - | -70.49% | -20.82% | 46.21% | -37.05% | 109.52% | 164.57% | -85.03% | -26.77% | -6.42% | 33.4% | -63.37% | 272.32% | 78.79% | -43.81% | 13.63% | 83.88% | 515.14% | 1055.17% | - | - | - |
| Operating Expenses | 76.95M | 122.71M | 177.91M | 226.33M | 211.63M | 153.49M | 208.13M | 174.86M | 87.01M | 244.54M | 223.11M | 174.91M | 88.52M | 65.17M | 79.02M | 73.22M | 60.47M | 44.92M | 5.42M | 8.94M | 2.15M | 729.55K |
| OpEx % of Revenue | - | 5.87% | 7.24% | 6.87% | 5.78% | 5.43% | 10.82% | 7.23% | 2.25% | 6.8% | 6.54% | 5.9% | 2.74% | 2.14% | 2.27% | 2.06% | 2.83% | 3.44% | 2.87% | 36.95% | - | - |
| Selling, General & Admin | 70M | 122.71M | 118.05M | 133.35M | 118.93M | 91.14M | 84.93M | 77.08M | 108.26M | 112.02M | 104.68M | 79.59M | 88.52M | 55.64M | 79.02M | 73.22M | 60.47M | 44.92M | 18.5M | 8.94M | 2.15M | 729.55K |
| SG&A % of Revenue | - | 5.87% | 4.8% | 4.05% | 3.25% | 3.22% | 4.42% | 3.19% | 2.8% | 3.12% | 3.07% | 2.68% | 2.74% | 1.83% | 2.27% | 2.06% | 2.83% | 3.44% | 9.8% | 36.95% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 59.86M | 92.98M | 92.7M | 62.35M | 123.19M | 97.78M | -21.25M | 137.03M | 118.44M | -457K | 3.43M | 68.71M | -2.4M | 0 | 0 | 0 | 5.42M | 0 | 0 | 0 |
| Operating Income | 36.13M | -84.22M | -47.46M | -61.58M | -98.95M | 25.51M | -122.7M | -142.57M | 89.95M | 23.75M | 91.69M | 61.08M | 286.27M | 107.85M | 64.89M | 99.01M | 91.11M | 37.51M | -5.2M | -7.78M | -2.15M | -730K |
| Operating Margin % | 1.86% | -4.03% | -1.93% | -1.87% | -2.7% | 0.9% | -6.38% | -5.9% | 2.33% | 0.66% | 2.69% | 2.06% | 8.85% | 3.55% | 1.87% | 2.79% | 4.27% | 2.88% | -2.75% | -32.16% | - | - |
| Operating Income Growth % | - | -77.46% | 22.93% | 37.77% | -487.91% | 120.79% | 13.94% | -258.49% | 278.79% | -74.1% | 50.12% | -78.66% | 165.43% | 66.22% | -34.47% | 8.68% | 142.91% | 821.27% | 33.2% | -261.88% | -194.66% | - |
| EBITDA | 135.81M | 14.21M | 43.13M | 36.67M | -6.25M | 117.46M | -44.45M | -70.44M | 188.21M | 131.11M | 175.91M | 127.03M | 346.64M | 158.85M | 117.71M | 149.09M | 129.91M | 66.92M | -500K | -6.76M | -2.14M | -728.31K |
| EBITDA Margin % | 6.98% | 0.68% | 1.75% | 1.11% | -0.17% | 4.15% | -2.31% | -2.91% | 4.88% | 3.65% | 5.16% | 4.28% | 10.71% | 5.22% | 3.39% | 4.2% | 6.09% | 5.13% | -0.26% | -27.91% | - | - |
| EBITDA Growth % | 350.34% | -67.04% | 17.62% | 686.66% | -105.32% | 364.24% | 36.9% | -137.43% | 43.55% | -25.47% | 38.49% | -63.35% | 118.21% | 34.95% | -21.05% | 14.76% | 94.14% | 13483.8% | 92.6% | -216.03% | -193.53% | - |
| D&A (Non-Cash Add-back) | 99.68M | 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 |
| EBIT | 53.71M | -67.15M | -38.2M | -44.65M | -66.06M | 24.14M | -121.14M | -132.74M | -56.2M | 47.01M | 90.2M | 61.83M | 290.34M | 105.64M | 62.68M | 98.54M | 90.72M | 38.29M | -4.12M | -7.79M | 1.24M | -398K |
| Net Interest Income | -73.14M | -72.49M | -25.54M | -26M | -27.36M | -66.57M | -39.33M | -35.87M | -84.49M | -82.11M | -50.31M | -39.16M | -39.27M | -33.06M | -37.33M | -36.34M | -25.83M | -17.82M | 0 | 0 | 0 | 0 |
| Interest Income | 6.1M | 4.18M | 7.56M | 11.71M | 5.28M | 575K | 659K | 4.33M | 2.96M | 1.6M | 1.54M | 1.21M | 635K | 294K | 191K | 310K | 313K | 225K | 0 | 0 | 1.79M | 0 |
| Interest Expense | 79.24M | 76.67M | 33.09M | 37.7M | 32.64M | 67.14M | 39.99M | 40.2M | 87.45M | 83.7M | 51.85M | 40.37M | 39.91M | 33.36M | 37.52M | 36.65M | 26.14M | 18.05M | -3.8M | 0 | 0 | 0 |
| Other Income/Expense | -99.96M | -88.53M | -27.52M | -20.34M | 318K | -67.81M | -17.34M | -27.57M | -84.31M | -28.77M | -53.34M | -39.61M | -35.84M | -35.57M | -39.73M | -37.11M | -25.05M | -17.26M | -2.8M | 350.69K | 3.4M | 331.79K |
| Pretax Income | -63.83M | -172.75M | -74.98M | -81.92M | -98.63M | -42.3M | -140.04M | -170.15M | 5.64M | -43.15M | 38.35M | 21.46M | 250.43M | 72.28M | 25.16M | 61.9M | 66.05M | 20.25M | -8M | -7.43M | 1.24M | -398K |
| Pretax Margin % | -3.28% | -8.26% | -3.05% | -2.49% | -2.69% | -1.5% | -7.28% | -7.04% | 0.15% | -1.2% | 1.12% | 0.72% | 7.74% | 2.38% | 0.72% | 1.74% | 3.1% | 1.55% | -4.24% | -30.71% | - | - |
| Income Tax | -48.94M | -51.75M | 6.21M | -5.62M | 4.75M | 1.84M | -50.38M | -21.32M | -16.73M | -124.78M | 7.86M | 6.24M | 90.93M | 28.89M | 13.39M | 23.69M | 17.89M | 91K | -6.6M | -294K | 326K | 0 |
| Effective Tax Rate % | 76.67% | 29.95% | -8.29% | 6.86% | -4.81% | -4.36% | 35.98% | 12.53% | -296.35% | 289.18% | 20.49% | 29.06% | 36.31% | 39.97% | 53.24% | 38.27% | 27.08% | 0.45% | 82.5% | 3.96% | 26.21% | 0% |
| Net Income | -15.43M | -121.28M | -82.5M | -93.38M | -127.22M | -65.99M | -108.78M | -166.86M | 15.92M | 61.06M | 10.66M | 7.06M | 159.5M | 43.39M | 11.78M | 38.42M | 48.01M | 19.79M | -6.9M | -7.14M | 918.12K | -398K |
| Net Margin % | -0.79% | -5.8% | -3.36% | -2.83% | -3.47% | -2.33% | -5.65% | -6.9% | 0.41% | 1.7% | 0.31% | 0.24% | 4.93% | 1.43% | 0.34% | 1.08% | 2.25% | 1.52% | -3.65% | -29.49% | - | - |
| Net Income Growth % | 85.16% | -47.01% | 11.66% | 26.6% | -92.78% | 39.33% | 34.81% | -1147.92% | -73.92% | 472.64% | 50.95% | -95.57% | 267.6% | 268.38% | -69.34% | -19.98% | 142.61% | 386.94% | 3.38% | -877.46% | 330.68% | - |
| Net Income (Continuing) | -14.89M | -121M | -81.19M | -76.3M | -103.38M | -44.15M | -89.65M | -148.83M | 25.2M | 81.63M | 30.49M | 15.23M | 159.5M | 43.39M | 11.76M | 38.21M | 48.16M | 20.15M | -8.05M | -7.14M | 918.12K | -398K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 829K | 11.54M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.85M | 5.72M | 9.32M | 146.32M | 151.03M | 151.52M | 129.81M | 113.38M | 116.17M | 116.95M | 116.68M | 161.08M | 0 | 0 | 0 | 245K | 9.39M | 9.24M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.18 | -1.80 | -1.29 | -1.59 | -2.29 | -1.41 | -3.14 | -4.38 | 0.39 | 1.47 | 0.28 | 0.18 | 3.96 | 1.26 | 0.39 | 1.01 | 1.51 | 0.79 | -0.56 | -1.18 | 0.19 | -0.01 |
| EPS Growth % | 77.51% | -39.53% | 18.87% | 30.57% | -62.41% | 55.1% | 28.31% | -1223.08% | -73.47% | 425% | 55.56% | -95.45% | 214.29% | 223.08% | -61.39% | -33.11% | 91.14% | 241.07% | 52.54% | -721.05% | 1457.14% | - |
| EPS (Basic) | - | -1.80 | -1.29 | -1.59 | -2.29 | -1.41 | -3.14 | -4.38 | 0.39 | 1.56 | 0.28 | 0.19 | 4.37 | 1.44 | 0.39 | 1.09 | 1.55 | 0.79 | -0.56 | -1.18 | 0.19 | -0.01 |
| Diluted Shares Outstanding | 84.14M | 67.5M | 63.8M | 58.81M | 55.54M | 46.65M | 34.63M | 38.11M | 41.25M | 50.24M | 38.57M | 39.03M | 40.73M | 38.3M | 30.46M | 41.81M | 32.35M | 25.07M | 12.4M | 6.07M | 4.91M | 28.51M |
| Basic Shares Outstanding | 68.84M | 67.5M | 63.8M | 58.81M | 55.54M | 46.65M | 34.63M | 38.11M | 40.32M | 44.68M | 38.32M | 37.95M | 36.47M | 30.18M | 30.3M | 35.28M | 31.03M | 24.89M | 12.4M | 6.07M | 4.88M | 28.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 259.15% | 64.5% | 349.6% | 280.22% | 5.58% | 5.59% | - | - | - | - | - | - | - | - |
Commodity crush spread volatility
As indicated by the most recent quarterly data, GPRE experienced a significant -24.3% year-over-year revenue decline, continuing a multi-quarter trend of top-line contraction that suggests structural challenges in maintaining throughput volumes or realizing favorable pricing within the highly competitive and volatile ethanol production market.
The consistent negative revenue growth across the last ten quarters highlights a business model struggling to find a stable demand floor. This persistent decline warrants further investigation into whether the company is intentionally sacrificing volume to optimize for higher-margin specialty products or if it is losing market share to larger, more diversified competitors.
Based on the provided financial statements, GPRE's gross margin has exhibited extreme volatility, swinging from a low of -13.6% in 2025Q4 to 17.1% in 2026Q1, which underscores the company's high sensitivity to the underlying commodity crush spread and limited ability to exert pricing power.
The razor-thin and erratic nature of these margins suggests that the company remains a price-taker in the ethanol market. Investors should monitor whether the transition toward specialty protein ingredients can eventually provide a buffer against the inherent cyclicality of corn and energy input costs.
According to the income statement history, GPRE's operating income frequently flips between positive and negative territory, with the most recent 2026Q1 operating margin of 12.8% appearing as an outlier compared to the persistent losses reported throughout the 2024 and 2025 fiscal periods.
The inability to consistently scale operating income relative to gross profit suggests that fixed overhead costs remain a significant burden during periods of margin compression. This lack of operating leverage implies that the company's profitability is currently driven more by external commodity price fluctuations than by internal operational efficiency.
As reported in financial filings, GPRE's net income has been characterized by wild swings, including a $72.9 million loss in 2025Q1 followed by a $32.9 million profit in 2026Q1, suggesting that non-operating items and derivative hedging activities may be significantly distorting the underlying earnings quality.
The frequent use of stock-based compensation and the impact of mark-to-market adjustments on hedging contracts make it difficult to discern the true cash-generating capability of the core business. Analysts should be cautious in relying on GAAP net income as a proxy for operational health given these recurring non-cash distortions.
While management frames the business as a transitioning biorefinery, the historical data shows that GPRE has struggled to achieve sustained profitability, with the company reporting negative net margins in six of the last ten quarters, casting doubt on the immediate viability of its specialty ingredient pivot.
Short-term observers may argue that the company's capital-intensive strategy is ill-timed given the current commodity cycle. The reliance on future technological adoption to offset core ethanol weakness appears to be a high-risk strategy that may leave the company vulnerable if the specialty protein market fails to scale as anticipated.
Quick answers to the most common questions about buying GPRE stock.
For fiscal year 2025, Green Plains Inc. (GPRE) reported total revenue of $2.09B.
Green Plains Inc. (GPRE) reported a net loss of $121.3M for the fiscal year ending 2025.
Green Plains Inc. (GPRE) reported an operating income of $-84.2M, resulting in an operating profit margin of -4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Green Plains Inc. (GPRE) generated $38.5M in gross profit for the year, representing a gross profit margin of 1.8%. This demonstrates the company's core pricing power and production efficiency.