GPRE earnings analysis
What we found in GPRE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Green Plains reported better-than-expected Q1 2026 earnings with an EPS of $0.42, significantly surpassing the estimate of $0.09. Revenue was lower at $445.8 million, reflecting a 25.9% year-over-year decline, mainly due to decreased ethanol production and sales. However, adjusted EBITDA rose to $71.5 million from a loss of $41.5 million in the previous year, benefiting from government tax credits and improved margins.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant EPS Beat
- EPS of $0.42 exceeded estimates of $0.09 by 366.67%.
- Improved Adjusted EBITDA
- Q1 adjusted EBITDA of $71.5 million, up from a loss of $41.5 million YOY.
- Reduction in Cost of Goods Sold
- COGS decreased significantly by 40.2% to $357.9 million due to $56.1 million in production tax credits.
- Operating Income Turnaround
- Operating income improved to $44.8 million from a loss of $62.3 million a year ago.
- Utilization Rate Increase
- Utilization rate for plants at 97%, compared to 92% in Q1 2025.
- Ethanol Production Tax Credits
- The company recorded $55.2 million in production tax credits, contributing positively to margins.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenues Declined Year-over-Year
- Total revenue fell to $445.8 million, down 25.9% from $601.5 million in Q1 2025.
- Significant Segment Revenue Declines
- Ethanol production revenues dropped by 21.0%, while Agribusiness and Energy Services fell 46.6%.
- Operational Headwinds from Plant Dispositions
- Revenue decline attributed to the closure of the Obion, Tennessee plant, affecting volume sales.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.42
- Gross margin
- 19.7%
- Operating margin
- 10.0%
- Segment
- Ethanol Production: $393.4M
- Segment
- Agribusiness and Energy Services: $58.6M
What they said about what is next.
Guidance raised for FY 2026 EBITDA to $200 to $225 million, based on anticipated production tax credits.
The filing reads better than the one before it.
What came before.
- 10-Q · November 5, 2025
- Green Plains reported Q3 revenue of $508.487M, down from $658.735M a year ago, with gross margin around 10.3% and operating income of $33.869M. Diluted EPS was $0.17 for the quarter, while nine-month results show a net…
- 10-Q · May 3, 2024
- Green Plains reported Q1 revenue of $597,214,000 and a net loss attributable to Green Plains of $51,412,000 (diluted EPS $(0.81)). Results reflect steep revenue declines versus the year-ago quarter and an operating loss…
- 10-Q · October 31, 2023
- Green Plains reported Q3 revenue of $892.8M and delivered a GAAP operating profit of $21.2M and diluted EPS of $0.35, a material improvement vs. Q3 2022. Revenue declined vs. prior-year but profitability recovered…
- 10-Q · August 4, 2023
- Green Plains reported Q2 revenue of $857.6M (below prior-year $1,012.4M) but above consensus, while reporting an operating loss of $42.5M and diluted EPS of $(0.89). Liquidity was stressed in H1: operating cash used was…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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