GPREHIGH SIGNALFINANCIAL10-K

Green Plains reported deepening losses with substantially higher net losses and operating losses while revenue declined nearly 15%, signaling deteriorating operational performance.

The company's financial performance has materially worsened with operating losses expanding meaningfully alongside declining revenues, indicating core business challenges. The combination of deteriorating profitability metrics with reduced top-line performance suggests significant operational headwinds that investors should monitor closely.

Comparing 2026-02-10 vs 2025-02-07View on EDGAR →
FINANCIAL ANALYSIS

Green Plains experienced a challenging financial period with revenue declining 15% to $2.1B while losses expanded substantially across both operating and net income metrics. The company reduced capital expenditures significantly from $95M to $37M, suggesting either operational constraints or strategic pullback in growth investments. On a positive note, the balance sheet showed some deleveraging with total debt declining 14.5% and current liabilities falling over 30%, though this occurred alongside an 11% reduction in total assets.

FINANCIAL STATEMENT CHANGES
Dividends Paid
Cash Flow
-86%
$5.2M$721K

Dividends cut 86% — significant signal of cash flow stress or capital reallocation priorities.

Capital Expenditure
Cash Flow
-60.9%
$95.1M$37.2M

Capex reduced 60.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
-47%
-$82.5M-$121.3M

Net income declined 47% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-41.7%
-$47.5M-$67.2M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Liabilities
Balance Sheet
-30.3%
$385.7M$268.7M

Current liabilities reduced — improved short-term financial position and working capital health.

Accounts Receivable
Balance Sheet
-21.6%
$94.9M$74.4M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Assets
Balance Sheet
-15.3%
$569.0M$482.2M

Current assets declined 15.3% — monitor working capital adequacy and short-term liquidity.

Revenue
P&L
-14.9%
$2.5B$2.1B

Revenue softened 14.9% — monitor whether this is cyclical or structural.

Total Debt
Balance Sheet
-14.5%
$437.8M$374.5M

Debt reduced 14.5% — deleveraging strengthens balance sheet and reduces financial risk.

Total Assets
Balance Sheet
-11.4%
$1.8B$1.6B

Total assets contracted 11.4% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-10
PRIOR — 2025-02-07
ADDED
As of February 6, 2026, there were 69,838,844 shares of the registrant s common stock outstanding.
58 1 T a b le of Contents Commonly Used Defined Terms Green Plains Inc.
Generally Accepted Accounting Principles Nasdaq The Nasdaq Global Market SEC Securities and Exchange Commission Securities Act Securities Act of 1933, as amended SOFR Secured Overnight Financing Rate Industry and Other Defined Terms: ATJ Alcohol-to-Jet BlackRock Funds and accounts managed by BlackRock the Board; our Board Board of Directors of Green Plains Inc.
BTU British Thermal Units CARB California Air Resources Board CCS Carbon capture and storage CFTC Commodity Futures Trading Commission CI Carbon Intensity COVID-19 Coronavirus Disease 2019 CST Clean Sugar Technology DOE Department of Energy E10 Gasoline blended with up to 10% ethanol by volume E15 Gasoline blended with up to 15% ethanol by volume E85 Gasoline blended with up to 85% ethanol by volume EIA U.S.
Department of Agriculture 3 T a b le of Contents Cautionary Statement Regarding Forward-Looking Statements The SEC encourages companies to disclose forward-looking information so investors can better understand future prospects and make informed investment decisions.
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REMOVED
As of February 4, 2025, there were 64,729,446 shares of the registrant s common stock outstanding.
Overview Green Plains is an Iowa corporation, founded in June 2004 as a producer of low-carbon fuels and has grown to be a leading biorefining company maximizing the potential of existing resources through fermentation and patented agribusiness technologies.
We continue the transition from a commodity-processing business to a value-added agricultural technology company creating lower carbon, high-value ingredients from existing resources.
To that end, we are currently executing on a number of initiatives to develop and implement proven agricultural, food and industrial biotechnology systems that allow for product diversification, new market opportunities and production of additional value-added low-carbon ingredients, such as Ultra-High Protein, low-CI dextrose, renewable corn oil and more, as well as offering these technologies to the broader biofuels industry.
We are a leader in deploying carbon capture technology to reduce the CI of our biofuels at several of our production facilities.
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