Green Plains Inc. (GPRE) Form 10-Q — Nov 6, 2026
Green Plains reported Q3 2026 net income attributable to the company of $85.4 million ($1.23 basic EPS) versus $11.9 million a year earlier, with nine-month net income of $185.5 million versus a prior-year loss of $133.2 million. The turnaround was driven largely by Section 45Z clean fuel production tax credits: $76.7 million in the quarter and $210.7 million for the nine months, recorded as a reduction of cost of goods sold, alongside strong ethanol segment margins ($133.9 million gross margin in Q3 vs $69.1 million). Revenue actually declined slightly to $496.0 million in Q3 (from $508.5 million), so the earnings swing is margin- and credit-driven rather than volume-driven.
Key figures
- Eps
- Q3 basic $1.23, diluted $1.03; nine-month basic $2.68, diluted $2.27
- Revenue
- 495990000
- Net Income
- 185523000
- Total Debt
- 477700000
- Revenue Yoy
- Q3 2026 revenue of $496.0M vs $508.5M in Q3 2025 (-2.5%); nine-month $1.388B vs $1.663B
- Total Assets
- 1728128000
- Cash Position
- 159987000
- Shares Outstanding
- 70619488
- Restricted cash
- $65.1 million
- Segment EBITDA q3
- $128.6 million
- Q3 operating income
- $92.6 million
- Revolver commitment
- reduced to $300 million, maturity extended to September 25, 2027
- Ethanol production q3
- 174.9 mmg at 95.0% utilization
- Section45z credits q3
- $76.7 million
- Tax credit sale minimum
- $250 million of Section 45Z credits committed (up to $325 million plus $30 million option)
- Q3 net income attributable
- $85.4 million
- Customer A revenue share q3
- 71%
- Section45z credits nine months
- $210.7 million
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