Revenue declined 19.3% year-over-year to $446.2M in 2026Q2, yet gross margin expanded dramatically to 25.3% from -13.6% in 2025Q4, indicating a volatile but potent margin recovery.
Green Plains Inc. (GPRE) annual income statement — 21-year revenue, gross profit & net income history
| 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 | 1.83B | 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 % | -18.72% | -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 | 1.55B | 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 | 275.18M | 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 % | 15.07% | 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 | 84.09M | 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 | 90.75M | 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 | 191.09M | -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 % | 10.46% | -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 | 285.27M | 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 % | 15.62% | 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 % | 21976.23% | -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) | 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 |
| EBIT | 202.33M | -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 | -26.32M | -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 | 7.48M | 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 | 33.8M | 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 | -22.36M | -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 | 168.72M | -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 % | 9.24% | -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 | -30.39M | -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 % | -18.01% | 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 | 197.46M | -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 % | 10.81% | -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 % | 204.95% | -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) | 199.11M | -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 | 47K | 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) | 2.31 | -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 % | 182.31% | -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 | 85.5M | 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 | 69.73M | 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% | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Volatile gross margin expansion
Metrics are mathematically derived from official filings.
Revenue Decline Persists Amid Volatility
GPRE's revenue has declined in eight of the last nine quarters, with the latest 2026Q2 figure of $446.2M representing a 19.3% year-over-year drop, continuing a pattern of significant top-line contraction from the 2025 peak.
The consistent double-digit revenue declines suggest a challenging demand environment or strategic repositioning, potentially reflecting shifts in commodity prices or customer mix. This prolonged contraction warrants investigation into the sustainability of the core business model and whether recent margin improvement is masking underlying volume weakness.
Margin Rebound from Trough Levels
Gross margin has recovered sharply to 25.3% in 2026Q2 from a negative -13.6% in 2025Q4, indicating a significant operational or pricing shift, though the volatility suggests this recovery may be cyclical rather than structural.
The dramatic swing from negative to robust gross margins within two quarters implies a potential change in cost structure, commodity input prices, or product mix, which may be unsustainable without consistent volume support. The current 25.3% margin now exceeds peers like REX (14.4%) and ANDE (6.5%), but the historical instability raises questions about durability.
Operating Leverage Amplifies Margin Swings
Operating income surged to $67.9M in 2026Q2 on a 25.3% gross margin, demonstrating powerful operating leverage where incremental gross profit translates directly to the bottom line due to tightly managed overhead.
The operating margin expansion to 15.2% from a trough of -10.4% in 2025Q1 indicates that SG&A costs appear relatively fixed, allowing gross profit improvements to flow through to operating income. However, this high leverage also means any reversal in gross margin would rapidly erode profitability, creating significant earnings volatility.
SG&A Discipline Amid Revenue Pressures
SG&A expenses have been reduced significantly from a peak of $42.9M in 2025Q1 to $21.7M in 2026Q2, demonstrating management's cost-cutting discipline in response to revenue declines, though the data shows inconsistent quarterly reporting.
The reduction in overhead appears to be a defensive response to top-line weakness, helping to protect profitability during periods of margin compression. However, the zero values in certain quarters (2025Q3, 2024Q4) suggest inconsistent reporting or restructuring charges, making it difficult to assess the true underlying cost structure.
Margin Recovery Masking Structural Weakness
The impressive 2026Q2 EPS of $0.83, a 176% year-over-year increase, appears driven primarily by margin recovery rather than organic growth, raising questions about the sustainability of this profitability in a declining revenue environment.
Short-sellers would likely focus on the negative correlation between revenue growth and profitability: as revenue has contracted by roughly 19-27% in recent quarters, margins have expanded dramatically. This pattern suggests the earnings improvement may be a temporary benefit from lower input costs or favorable commodity spreads rather than fundamental business strength, creating significant downside risk if these tailwinds reverse.