Green Plains Inc. reported stronger fourth-quarter earnings, supported by improved plant performance, higher ethanol production capacity, and continued progress in its carbon capture and sequestration (CCS) projects, Ethanol Producer Magazine reported.
Chris Osowski, president and CEO of Green Plains, said, “For the year, four of our plants reached historical production volumes and seven plants achieved record ethanol yields.” He added that protein and corn oil yields are also rising across the company’s operations, reflecting ongoing efforts to enhance efficiency and performance.
Osowski noted that several plants produced above their original capacity during the quarter and announced revised production levels. The company has increased its stated production capacity—excluding the Fairmont facility—to 730 million gallons per year, marking a 10% rise from the previous level. Capacity at Central City and Wood River has been raised to 120 million gallons annually each, while Mount Vernon is now set at 110 million gallons, Madison at 100 million, and Shenandoah at 80 million gallons. Otter Tail and Superior have each been moved to 70 million gallons, and York has been expanded from 50 million to 60 million gallons. Production at the Madison facility remains restricted by state regulations, and the company is working with Illinois authorities to secure higher permitted levels.
During the quarter, Green Plains launched CO2 compression equipment at its three Nebraska plants, with carbon capture operations now fully active at all facilities. The captured carbon dioxide is being stored in Wyoming through Tallgrass’ Trailblazer pipeline project.
The company also continues to benefit from the 45Z clean fuel production credit, which generated $27.7 million in the fourth quarter after discounts. Osowski said Green Plains has received its first payment from the transfer of credits and expects to announce tax credit sales agreements for 2026 in the near future.
Green Plains sold 178.8 million gallons of ethanol in the fourth quarter of 2025, down from 209.5 million gallons during the same period in 2024. However, the consolidated ethanol crush margin improved significantly to $44.4 million, compared with negative $15.5 million a year earlier.
Consolidated revenue fell by $155.2 million from the prior-year quarter, mainly due to lower ethanol sales volumes and the termination of a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC on April 1, 2025.
Despite the decline in revenue, net income attributable to Green Plains rose by $66.9 million, while adjusted EBITDA increased by $67.3 million year-on-year, driven largely by stronger margins in the ethanol production segment and the contribution of the 45Z production tax credits.
