Green Plains Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Green Plains Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,411	3,289	2,984	2,417	1,924	2,827	3,663	3,296	2,459	2,092
Cost of revenue		3,021	2,807	2,385	1,812	2,625	3,550	3,131	2,328	1,955
Gross profit		268	177	32.3	112	202	113	165	130	137
Selling, general and administrative	105	108	108	77.1	84.9	91.1	119	133	118	123
Operating income	91.7	23.7	90	-143	-123	25.5	-98.9	-61.6	-47.5	-67.2
Interest expense	51.9	83.7	87.4	40.2	40	67.1	32.6	37.7	33.1	76.7
Interest income	1.54	1.59	2.96	4.33	0.66	0.58	5.28	11.7	7.56	4.18
Other non-operating income	-53.3	-78.9	-84.3	-30.4	-38.4	-68.5	0.25	-20.8	-23.8	-76.6
Pre-tax income	38.4	-43.2	20	-173	-161	-43	-98.7	-82.3	-71.3	-144
Income tax	7.86	-132	-20.1	-21.3	-50.4	1.85	4.75	-5.62	6.21	-51.7
Income from continuing operations		56.1	4.38	-168	-109	-66
Net income to minority interests	19.8	20.6	20.8	18.9	19.1	21.8	23.8	17.1	1.31	0.28
Net income	10.7	61.1	15.9	-167	-109	-66	-127	-93.4	-82.5	-121
EBITDA	176	127	188	-70.4	-44.5	117	-6.25	36.7	43.1	31.2
EPS, basic	0.28	1.56	0.39	-4.38	-3.14	-1.41	-2.29	-1.59	-1.29	-1.80
EPS, diluted	0.28	1.47	0.39	-4.38	-3.14	-1.41	-2.29	-1.59	-1.29	-1.80
Shares, basic (weighted)	38.3	39.2	40.3	38.1	34.6	46.7	55.5	58.8	63.8	67.5
Shares, diluted (weighted)	38.6	50.2	41.3	38.1	34.6	46.7	55.5	58.8	63.8	67.5
Dividend per share	0.40	0.48	0.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	304	267	252	246	234	426	445	350	173	182
Short-term investments						125	0
Receivables	147	151	88.5	107	55.6	120	109	94.4	94.9	74.4
Other current assets	17.1	17.8	0.37	13.7	16.5	16.5	19.8	23.9	27.1	18.1
Total current assets	1,001	1,206	1,207	668	642	1,118	929	733	569	523
Property, plant and equipment	1,179	1,177	815	827	802	894	1,029	1,022	1,042	957
Lease right-of-use assets			0	52.5	61.9	64	73.2	74	72.2	63.8
Goodwill	184	183	34.7	34.7	10.6	29.1	29.1
Intangible assets						22.8	18	15.1	12.7	10.5
Other non-current assets	144	219	91.8	81.6	73	84.4	91.8	111	98.5	41.2
Total assets	2,506	2,785	2,216	1,698	1,579	2,160	2,123	1,939	1,782	1,585
Accounts payable	192	205	136	157	140	146	234	187	155	135
Accrued liabilities	67.5	63.9	59	39.4	38.5	57	44.4	57	53.7	39.4
Deferred revenue										27.4
Short-term debt	35.1	67.9	54.8	133	98.1	35.3	1.84	1.83	2.12	3.92
Total current liabilities	595	886	834	542	453	472	487	385	386	269
Long-term debt	783	767	298	244	287	514	495	492	432	362
Lease liabilities			0	38.3	49.5	49.8	55.5	53.9	49.2	43.6
Other non-current liabilities	9.48	15.1	11.4	8.84	12.8	22.1	24.4	18.5	22.4	34.4
Total liabilities	1,527	1,726	1,153	833	802	1,058	1,062	949	908	813
Total debt	818	852	356	434	431	559	504	499	438	374
Paid-in capital	659	685	696	735	741	1,070	1,110	1,114	1,214	1,268
Retained earnings	283	325	325	148	39.4	-15.2	-142	-236	-318	-440
Treasury stock	-75.8	-55.2	-58.2	-120	-131	-91.6	-31.2	-31.2	-31.2	-61.5
Other comprehensive income	-4.14	-13.1	-16	-11.1	-2.17	-12.3	-26.6	-3.16	0.97	-0.62
Shareholders' equity	863	942	947	752	647	951	910	844	865	766
Minority interests	117	117	116	113	130	152	151	146	9.32	5.72
Total equity	979	1,059	1,063	865	739	1,102	1,061	990	875	772
Total liabilities and equity	2,506	2,785	2,216	1,698	1,579	2,160	2,123	1,939	1,782	1,585
Shares outstanding	38.4	41.1	41.1	36	35.7	53.6	59.3	59.5	64.7	69.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	30.5	81.6	36.7	-148	-89.7	-44.1	-103	-76.3	-81.2	-121
Depreciation and amortization	84.2	104	98.3	72.1	78.2	92	92.7	98.2	90.6	98.4
Stock-based compensation	9.49	12.2	11.4	9.69	7.92	6.06	9.07	13	8.27	17.1
Deferred income tax	4.91	-81.1	-24.5	-17.3	-13.3	1.23	4.52	-6.86	3.94	-53
Change in receivables	-36.9	7.34	43.4	-21.8	57.1	-64.1	8.52	14.2	-0.46	19.3
Change in inventory	-42	-36	27	50	-21.6	-20.5	-23.4	53.5	-12.7	66.7
Change in payables	49.1	-12.8	-53.6	-1.78	-22.8	17.2	75.3	-34.6	-27.9	-16.2
Cash from operations	101	-182	39	-9.53	98.9	4.25	69.7	56.3	-30	111
Capital expenditures	-58.1	-44.6	-40.5	-75.5	-111	-187	-212	-108	-95.1	-37.2
Acquisitions	-508	-61.7	-124		-21.3	0	0
Purchases of investments					0	-125	0	0
Sales and maturities of investments					0	0	125	0	0
Cash from investing	-573	-128	507	30.6	-11.5	-236	-105	-107	-62.1	162
Debt issued	524	571	83.1	158	33	368	45	0	0	30
Debt repaid	-107	-510	-576	-45.7	-13	-189	-1.75	-4.84	-61.7	-133
Stock issued		0.05	0.15	1.6	0	356	0	0
Share buybacks	-6.01	-6.72	-2.98	-61.6	-11.5	0	0	0	0	-30
Dividends paid	-37.3	-39.4	-41.3	-31.7	-9.68	-9.25	-22.6	-22.7	-5.17	-0.72
Cash from financing	425	216	-541	-69.4	-82.5	518	-25.1	-71	-77.4	-252
Net change in cash	-46.5	-94.4	5.84	-48.3	4.91	286	-60.7	-122	-169	20.7
Free cash flow	42.6	-227	-1.56	-85	-11.7	-183	-143	-51.7	-125	73.7
Interest paid	38.2	48.3	60.7	24.3	23.3	29.4	30.9	35.2	31.3	35.2
Income taxes paid	4.69	-3.77	-22.5	0.56	-60.6	1.48	0.58	1.24	0.49	1.77

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.0%	Gross profit / revenue.
Operating margin	7.4%	Operating income / revenue.
EBITDA margin	12.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.7%	Pre-tax income / revenue.
Net margin	6.8%	Net income / revenue.
FCF margin	7.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.4%	Cash from operations / revenue.
Effective tax rate	-83.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.5%	Net income / average total assets.
Return on invested capital (ROIC)	9.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-14.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-17.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-27.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-11.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.99x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.59x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.6%	Total debt / total assets.
Liabilities / assets	47.5%	Total liabilities / total assets.
Net debt	$271.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.17x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.85x	Operating income / interest expense.
Working capital	$311.7M	Current assets - current liabilities.
Tangible book value	$869.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.10x	Revenue / average total assets.
Fixed asset turnover	1.99x	Revenue / average property, plant and equipment.
Receivables turnover	23.0x	Revenue / average receivables.
Days sales outstanding	16 days	365 x average receivables / revenue.
Days payables	22 days	365 x average accounts payable / cost of revenue.
FCF conversion	102.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.47	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.65	Revenue / diluted weighted shares.
FCF per share	$1.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.82	Cash from operations / diluted weighted shares.
Book value per share	$12.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.41	Tangible book value / shares outstanding.
Cash per share	$2.64	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.05B	Share price x shares outstanding.
Enterprise value	$1.32B	Market cap + total debt - cash - short-term investments.
P/E	8.44x	Market cap / net income. Only when net income is positive.
P/S	0.57x	Market cap / revenue.
P/B	1.20x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.20x	Market cap / tangible book value, when positive.
P/FCF	8.21x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.80x	Market cap / cash from operations, when positive.
EV/Sales	0.72x	Enterprise value / revenue.
EV/EBIT	9.68x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.69x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.2%	Free cash flow / market cap.
Earnings yield	11.9%	Net income / market cap (the inverse of P/E).

What was Green Plains Inc.'s revenue in fiscal 2025?

Green Plains Inc. reported revenue of $2.09B for fiscal 2025, 14.9% lower than the year before.

Was Green Plains Inc. profitable in fiscal 2025?

No. It reported a net loss of $121.3M.

How much free cash flow did Green Plains Inc. generate in fiscal 2025?

Cash from operations of $110.9M minus capital expenditures of $37.2M left free cash flow of $73.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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