GREEN PLAINS INC., 10-K filed on 2/10/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 06, 2026
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-32924    
Entity Registrant Name GREEN PLAINS INC.    
Entity Incorporation, State or Country Code IA    
Entity Tax Identification Number 84-1652107    
Entity Address, Address Line One 1811 Aksarben Drive    
Entity Address, City or Town Omaha    
Entity Address, State or Province NE    
Entity Address, Postal Zip Code 68106    
City Area Code 402    
Local Phone Number 884-8700    
Title of 12(b) Security Common Stock, par value $0.001 per share    
Trading Symbol GPRE    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 388.8
Entity Common Stock, Shares Outstanding   69,838,844  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated by reference in Part III herein. The company intends to file such Proxy Statement with the Securities and Exchange Commission no later than 120 days after the end of the period covered by this report on Form 10-K. 		   
Entity Central Index Key 0001309402    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Omaha, NE
Auditor Firm ID 185
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 182,319 $ 173,041
Restricted cash 47,813 36,354
Accounts receivable, net of allowances of $801 and $80, respectively 74,374 94,901
Inventories 148,095 227,444
Prepaid expenses and other 18,117 27,138
Derivative financial instruments 11,494 10,154
Total current assets 482,212 569,032
Property and equipment, net 957,256 1,042,460
Operating lease right-of-use assets 63,849 72,161
Deferred income taxes, net 33,837 0
Other assets 41,242 98,521
Total assets 1,578,396 1,782,174
Current liabilities    
Accounts payable 134,912 154,817
Accrued and other liabilities 66,828 53,712
Derivative financial instruments 7,901 9,500
Operating lease current liabilities 21,557 24,711
Short-term notes payable and other borrowings 33,584 140,829
Current maturities of long-term debt 3,924 2,118
Total current liabilities 268,706 385,687
Long-term debt 361,992 432,460
Operating lease long-term liabilities 43,648 49,190
Other liabilities 27,862 22,382
Carbon equipment liabilities 104,217 17,918
Total liabilities 806,425 907,637
Commitments and contingencies (Note 16)
Stockholders' equity    
Common stock, $0.001 par value; 150,000,000 shares authorized; ‎75,495,731 and 67,512,282 shares issued, and 69,828,077 ‎and 64,707,223 shares outstanding, respectively 76 68
Additional paid-in capital 1,267,839 1,213,646
Retained deficit (439,576) (318,298)
Accumulated other comprehensive income (loss) (618) 973
Treasury stock, 5,667,654 and 2,805,059 shares, respectively (61,474) (31,174)
Total Green Plains stockholders' equity 766,247 865,215
Noncontrolling interests 5,724 9,322
Total stockholders' equity 771,971 874,537
Total liabilities and stockholders' equity $ 1,578,396 $ 1,782,174
Treasury stock, common (in shares) 5,667,654 2,805,059
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowances $ 801 $ 80
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 150,000,000  
Common stock, issued (in shares) 75,495,731 67,512,282
Common stock, outstanding (in shares) 69,828,077 64,707,223
Treasury stock, common (in shares) 5,667,654 2,805,059
v3.25.4
Consolidated Statements Of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues $ 2,091,680 $ 2,458,796 $ 3,295,743
Costs and expenses      
Cost of goods sold (excluding depreciation and amortization expenses reflected below) 1,954,754 2,328,346 3,130,992
Selling, general and administrative expenses 122,713 118,045 133,350
Gain on sale of assets, net (31,535) (30,723) (5,265)
Depreciation and amortization expenses 98,434 90,587 98,244
Impairment of assets held for sale 14,562 0 0
Total costs and expenses 2,158,928 2,506,255 3,357,321
Operating loss (67,248) (47,459) (61,578)
Other income (expense)      
Interest income 4,180 7,560 11,707
Interest expense (76,668) (33,095) (37,703)
Other, net (4,081) 1,696 5,225
Total other income (expense) (76,569) (23,839) (20,771)
Loss before income taxes and income (loss) from equity method investees (143,817) (71,298) (82,349)
Income tax benefit (expense) 51,746 (6,212) 5,617
Income (loss) from equity method investees, net of income taxes (28,929) (3,679) 433
Net loss (121,000) (81,189) (76,299)
Net income attributable to noncontrolling interests 278 1,308 17,085
Net loss attributable to Green Plains $ (121,278) $ (82,497) $ (93,384)
Earnings per share      
Net loss attributable to Green Plains - basic (in dollars per share) $ (1.80) $ (1.29) $ (1.59)
Net loss attributable to Green Plains - diluted (in dollars per share) $ (1.80) $ (1.29) $ (1.59)
Weighted average shares outstanding      
Weighted-average shares outstanding - basic (in shares) 67,496,000 63,796,000 58,814,000
Weighted-average shares outstanding - diluted (in shares) 67,496,000 63,796,000 58,814,000
v3.25.4
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net loss $ (121,000) $ (81,189) $ (76,299)
Other comprehensive income (loss), net of tax      
Unrealized gains (losses) on derivatives arising during the period, net of tax benefit (expense) of $3,065, $1,919 and $(2,021), respectively (9,099) (6,082) 6,348
Reclassification of realized losses on derivatives, net of tax benefit of ($2,529), ($3,223) and ($5,438), respectively 7,508 10,215 17,083
Other comprehensive income, net of tax (1,591) 4,133 23,431
Comprehensive loss (122,591) (77,056) (52,868)
Comprehensive income attributable to noncontrolling interests 278 1,308 17,085
Comprehensive loss attributable to Green Plains $ (122,869) $ (78,364) $ (69,953)
v3.25.4
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Tax (expense) benefit on unrealized gains (losses) on derivatives arising during the period $ 3,065 $ 1,919 $ (2,021)
Tax expense (benefit) on reclassification of realized losses (gains) on derivatives $ (2,529) $ (3,223) $ (5,438)
v3.25.4
Consolidated Statements Of Stockholders' Equity - USD ($)
$ in Thousands
Total
Total Green Plains Stockholders' Equity
Common Stock
Additional Paid-in Capital
Retained (Deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non- Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022     62,101,000          
Beginning balance at Dec. 31, 2022 $ 1,061,066 $ 910,031 $ 62 $ 1,110,151 $ (142,417) $ (26,591) $ (31,174) $ 151,035
Treasury stock, beginning balance (in shares) at Dec. 31, 2022             2,805,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (76,299) (93,384)     (93,384)     17,085
Cash dividends and distributions declared (22,728)             (22,728)
Other comprehensive income (loss) before reclassification 6,348 6,348       6,348    
Amounts reclassified from accumulated other comprehensive loss 17,083 17,083       17,083    
Other comprehensive income, net of tax 23,431 23,431       23,431    
Investment in subsidiaries 572             572
Stock-based compensation (in shares)     226,000          
Stock-based compensation 4,014 3,655   3,655       359
Ending balance (in shares) at Dec. 31, 2023     62,327,000          
Ending balance at Dec. 31, 2023 990,056 843,733 $ 62 1,113,806 (235,801) (3,160) $ (31,174) 146,323
Treasury stock, ending balance (in shares) at Dec. 31, 2023             2,805,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (81,189) (82,497)     (82,497)     1,308
Cash dividends and distributions declared (5,165)             (5,165)
Other comprehensive income (loss) before reclassification (6,082) (6,082)       (6,082)    
Amounts reclassified from accumulated other comprehensive loss 10,215 10,215       10,215    
Other comprehensive income, net of tax 4,133 4,133       4,133    
Partnership Merger (in shares)     4,746,000          
Partnership Merger (36,725) 97,040 $ 5 97,035       (133,765)
Stock-based compensation (in shares)     439,000          
Stock-based compensation 3,575 3,575 $ 1 3,574       0
Investment in subsidiaries $ (148) (769)   (769)       621
Ending balance (in shares) at Dec. 31, 2024 64,707,223   67,512,000          
Ending balance at Dec. 31, 2024 $ 874,537 865,215 $ 68 1,213,646 (318,298) 973 $ (31,174) 9,322
Treasury stock, ending balance (in shares) at Dec. 31, 2024 2,805,059           2,805,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ (121,000) (121,278)     (121,278)     278
Cash dividends and distributions declared (1,256)             (1,256)
Other comprehensive income (loss) before reclassification (9,099) (9,099)       (9,099)    
Amounts reclassified from accumulated other comprehensive loss 7,508 7,508       7,508    
Other comprehensive income, net of tax (1,591) (1,591)       (1,591)    
Repurchase of common stock (in shares)             2,863,000  
Investment in subsidiaries 1,914             1,914
Share repurchase (30,300) (30,300)         $ (30,300)  
Stock-based compensation (in shares)     940,000          
Stock-based compensation 14,968 14,968 $ 1 14,967       0
Proventus disposition (4,534)             (4,534)
Issuance of warrants 24,131 24,131   24,131        
Modification of warrants 7,520 7,520   7,520        
Exercise of warrants (in shares)     7,050,000          
Exercise of warrants $ 7,582 7,582 $ 7 7,575        
Ending balance (in shares) at Dec. 31, 2025 69,828,077   75,502,000          
Ending balance at Dec. 31, 2025 $ 771,971 $ 766,247 $ 76 $ 1,267,839 $ (439,576) $ (618) $ (61,474) $ 5,724
Treasury stock, ending balance (in shares) at Dec. 31, 2025 5,667,654           5,668,000  
v3.25.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (121,000) $ (81,189) $ (76,299)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities      
Depreciation and amortization 98,434 90,587 98,244
Amortization of debt issuance costs and non-cash interest expense 9,967 2,277 2,693
Gain on the sale of assets, net (31,535) (30,723) (5,265)
Impairment of assets held for sale 14,562 0 0
Inventory lower of cost or net realizable value adjustment 1,463 2,143 2,627
Loss on extinguishment of debt 36,906 1,763 0
Deferred income taxes (52,985) 3,944 (6,855)
Stock-based compensation 17,122 8,274 13,032
Loss (income) from equity method investees, net of income taxes 28,929 3,679 (433)
Distribution from equity method investees 0 575 0
Other 9,943 165 2,203
Changes in operating assets and liabilities before effects of asset dispositions      
Accounts receivable 19,271 (455) 14,164
Inventories 66,657 (12,745) 53,472
Derivative financial instruments 8,740 13,980 (2,919)
Prepaid expenses and other assets 13,694 (5,165) (3,704)
Accounts payable and accrued liabilities (16,188) (27,907) (34,573)
Current income taxes 4,724 (285) 497
Other 2,160 1,117 (538)
Net cash provided by (used in) operating activities 110,864 (29,965) 56,346
Cash flows from investing activities      
Purchases of property and equipment, net (37,199) (95,084) (108,093)
Proceeds from the sale of assets, net 179,909 48,704 25,403
Proceeds for the sale of equity method investment 24,332 0 0
Investment in equity method investees, net (4,909) (15,672) (24,206)
Net cash provided by (used in) investing activities 162,133 (62,052) (106,896)
Cash flows from financing activities      
Proceeds from the issuance of long-term debt 30,000 0 0
Payments of principal on long-term debt (132,598) (61,697) (4,838)
Proceeds from short-term borrowings 397,942 758,095 1,190,999
Payments on short-term borrowings (505,644) (724,133) (1,223,785)
Net proceeds from product financing arrangement 3,395 0 0
Payments for repurchase of common stock (30,000) 0 0
Payments on extinguishment of non-controlling interest 0 (29,196) 0
Payments of dividends and distributions (721) (5,165) (22,728)
Payments of transaction costs 0 (5,951) 0
Payments of loan fees (9,220) (1,544) (16)
Payments related to tax withholdings for stock-based compensation (2,155) (4,699) (9,018)
Other financing activities (3,259) (3,060) (1,578)
Net cash used in financing activities (252,260) (77,350) (70,964)
Net change in cash and cash equivalents, and restricted cash 20,737 (169,367) (121,514)
Cash and cash equivalents, and restricted cash, beginning of period 209,395 378,762 500,276
Cash and cash equivalents, and restricted cash, end of period 230,132 209,395 378,762
Reconciliation of total cash and cash equivalents, and restricted cash      
Cash and cash equivalents 182,319 173,041 349,574
Restricted cash 47,813 36,354 29,188
Total cash and cash equivalents, and restricted cash 230,132 209,395 378,762
Non-cash financing activity      
Issuance of common stock as a result of the Merger 0 5 0
Extinguishment of non-controlling interest within additional paid-in capital 0 133,765 0
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Assets disposed of in sale 150,402 21,027 22,351
Less: liabilities relinquished (12,376) (3,295) (3,779)
Net assets disposed 138,026 17,732 18,572
Supplemental disclosures of cash flow      
Cash paid for income taxes, net 1,768 486 1,242
Cash paid for interest 35,152 31,314 35,161
Capital expenditures in long-term debt 34,523 0 0
Capital expenditures in accounts payable 2,548 5,502 7,001
Capital expenditures in other liabilities $ 104,217 $ 17,918 $ 0
v3.25.4
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Capital expenditures in other liabilities $ 104,217 $ 17,918 $ 0
Non-cash asset retirement obligation additions $ 16,035 $ 1,492 $ 3,013
v3.25.4
Basis of Presentation and Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Description of Business BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
References to the Company
References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries.
Consolidated Financial Statements
The consolidated financial statements include the company’s accounts, and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to Note 4 – Merger and Dispositions included herein for more information.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total assets, liabilities, or equity on the consolidated balance sheets, but separately disclose comparable balances of liabilities previously disclosed within other liabilities.
Use of Estimates in the Preparation of Consolidated Financial Statements
The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.
Description of Business
The company operates within two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.
•Ethanol Production. Our ethanol production segment includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil at nine biorefineries in Illinois, Indiana, Iowa, Minnesota and Nebraska. At capacity, our facilities are capable of processing approximately 287 million bushels of corn per year and producing approximately 850 million gallons of ethanol, 2.0 million tons of distillers grains and Ultra-High Protein, and 296 million pounds of renewable corn oil, a low-carbon feedstock for biodiesel and renewable diesel. We are one of the largest ethanol producers in North America.
•Agribusiness and Energy Services. Our agribusiness and energy services segment includes grain procurement, storage and commodity marketing. We market our ethanol through a 3rd party and also sell and distribute our ethanol plant co-products, including distillers grains and corn oil. We also buy and sell natural gas and other commodities in various markets.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and Cash Equivalents
Cash and cash equivalents include bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.
Restricted Cash
The company has restricted cash, which can only be used for funding letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.
Revenue Recognition
The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.
Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer.
The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss.
Sales of products are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.
Shipping and Handling Costs
The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.
Cost of Goods Sold
Cost of goods sold includes materials, direct labor, shipping, plant overhead and transportation costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals.
The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and
options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract are based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.
Derivative Financial Instruments
The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses.
By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments.
Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment.
Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value.
At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.
Concentrations of Credit Risk
The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, distillers grains, Ultra-High Protein and renewable corn oil, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs.
The company has master netting arrangements with various counterparties for ethanol sales and related marketing fees and the purchase and sale of natural gas. On the consolidated balance sheets, the associated net amount for each counterparty is reflected as either an accounts receivable or accounts payable. If the amount for each counterparty were reflected on a gross basis, the company's accounts receivable and accounts payable would increase by $5.9 million and $0.5 million at
December 31, 2025 and 2024, respectively.
Inventories
Corn held for ethanol production, ethanol, distillers grain, Ultra-High Protein, and renewable corn oil inventories are recorded at the lower of average cost or net realizable value, except fair-value hedged inventories.
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets:
Years
Buildings and improvements
10-40
Plant equipment
10-40
Other machinery and equipment
5-7
Land improvements
15-40
Railroad track and equipment
20-30
Computer hardware and software
3-5
Office furniture and equipment
5-7
Property and equipment is capitalized at cost. Land improvements, interest incurred during construction and other property improvements are capitalized and depreciated. Betterment of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency or improve the safety of our operations. Costs of repairs and normal maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets.
Intangible Assets
Our intangible assets consist primarily of customer relationships, intellectual property, and licenses. These intangible assets were capitalized at fair market value and are being amortized over their estimated useful lives.
Assets Held for Sale
In accordance with ASC 360, Property, Plant, Equipment, the company determined the carrying values of certain assets classified as held for sale were not recoverable and exceeded their fair values. The company then measured the impairment losses by comparing the book values with current third-party quoted market prices, resulting in a total impairment of $14.6 million, which is recorded within impairment of assets held for sale in the ethanol production segment on the consolidated statements of operations for the year ended December 31, 2025. After the impairment, we have $2.0 million of assets held for sale as of December 31, 2025, which were recorded in the ethanol production segment within property and equipment, net of accumulated depreciation and amortization on the consolidated balance sheets.
Impairment of Long-Lived Assets
The company reviews its long-lived assets, currently consisting of property and equipment, operating lease right-of-use assets, intangible assets and equity method investments, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required to determine the fair value of our long-lived assets and measure impairment, which includes projected cash flows. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in an impairment of the asset.
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The determination of goodwill takes into consideration the fair value of net tangible and intangible assets. The company’s goodwill is related to an acquisition within our ethanol production segment.
The company is required to perform impairment tests related to goodwill annually, which it performs as of October 1, or if an indicator of impairment occurs. Circumstances that may indicate impairment include a decline in the company’s future projected cash flows, a decision to suspend plant operations for an extended period of time, sustained decline in the company’s market capitalization or market prices for similar assets or businesses, or a significant adverse change in legal or regulatory matters or business climate. Significant management judgment is required to determine the fair value of goodwill and measure impairment, which include, but are not limited to, market capitalization, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in a write-down of the asset.
Leases
The company leases certain facilities, parcels of land, and equipment. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The term of the lease may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. For leases with initial terms greater than 12 months, the company records operating lease right-of-use assets and corresponding operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company did not incur any material short-term lease expense for the years ended December 31, 2025, 2024 or 2023.
Operating lease right-of-use assets represent the right to control an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on information available at commencement date to determine the present value of future payments.
The company elected to utilize a portfolio approach for lease classification, which allows for an entity to group together leases with similar characteristics provided that its application does not create a material difference when compared to accounting for the leases at a contract level. For railcar leases, the company elected to combine the railcars within each rider and account for each rider as an individual lease.
From a lessee perspective, the company combines both the lease and non-lease components and accounts for them as one lease. Certain of the company’s railcar agreements provide for maintenance costs to be the responsibility of the company as incurred or charged by the lessor. This maintenance cost is a non-lease component that the company combines with the monthly rental payment and accounts for the total cost as operating lease expense. In addition, the company has a land lease that contains a non-lease component for the handling and unloading services the landlord provides. The company combines the cost of services with the land lease cost and accounts for the total as operating lease expense.
Investments in Equity Method Investees
The company accounts for investments in which the company exercises significant influence using the equity method so long as the company (i) does not control the investee and (ii) is not the primary beneficiary of the entity. The company recognizes these investments as a separate line item in the consolidated balance sheets and its proportionate share of earnings on a separate line item in the consolidated statements of operations.
The company recognizes losses in the value of equity method investments when there is evidence of an other-than-temporary decrease in value. Evidence of a loss might include, but would not necessarily be limited to, the inability to recover the carrying amount of the investment or the inability of the equity method investee to sustain an earnings capacity that justifies the carrying amount of the investment. The current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. The company evaluates equity method investments for impairment if there is evidence an investment may be impaired. Distributions paid to the company from unconsolidated affiliates are classified as operating activities in the consolidated statements of cash flows until the cumulative distributions exceed the
company’s proportionate share of income from the unconsolidated affiliate since the date of initial investment. The amount of cumulative distributions paid to the company that exceeds the cumulative proportionate share of income in each period represents a return of investment, which is classified as an investing activity in the consolidated statements of cash flows.
On June 30, 2025, the company disposed of its 50% investment in GP Turnkey Tharaldson, which was accounted for on an equity method basis. Refer to Note 4 - Merger and Dispositions for further analysis. As of December 31, 2024, our equity method investments consisted primarily of our 50% investment in GP Turnkey Tharaldson, which totaled $51.6 million and is reflected in other assets on the consolidated balance sheet.
Product Financing Arrangement
During the second quarter of 2025, the company entered into a product financing arrangement with a financial institution in which it received up front payment for corn oil that the company has an obligation to repurchase in weekly increments through January of 2026. In accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"), this agreement was accounted for as a financing transaction and revenue is precluded. As of December 31, 2025, a liability of $3.4 million was recorded within accrued and other liabilities on the consolidated balance sheets.
Carbon Equipment Liabilities
The company engaged Tallgrass High Plains Carbon Storage, LLC and its affiliates to construct carbon sequestration equipment at its three Nebraska plants in order to maximize tax credit potential related to the production of low carbon fuels. The equipment build is in the final stages at two of our Nebraska plants as of December 31, 2025, and the company has executed a financing agreement in which the cost of the project will be paid monthly over 12 years commencing once the projects have reached substantial completion. Of the three projects, one has reached substantial completion and has been recorded within debt as of December 31, 2025. The total spend related to the other two Nebraska CCS construction projects has been recorded within carbon equipment liabilities on the consolidated balance sheets. While fully operational as of December 31, 2025, these two projects did not reach substantial completion until January of 2026. The amounts presented as carbon equipment liabilities will be reclassified and presented as debt on the consolidated balance sheets in January of 2026.
Financing Costs
Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes.
Selling, General and Administrative Expenses
Selling, general and administrative expenses consist of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities.
Stock-Based Compensation
The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the market price of the award on the date of the award agreement, or an estimated fair value for market-based awards, and is recognized over the service period on a straight-line basis, which is usually the vesting period.
Income Taxes
The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The company recognizes uncertainties in income taxes within the financial statements under a process by which the
likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements.
The company has determined that it qualifies for clean fuel production tax credits allowable under the IRA and OBBB. The credits are recognized as a tax benefit in the period in which production occurs, and the product is sold in a qualifying manner. The tax benefit recognized is determined based on the company's CI score to date and the expected sales price of the credits. The credits are recorded within income tax benefit (expense) on the consolidated statements of operations.
Recent Accounting Pronouncements
In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities. This ASU establishes a unified accounting model for business entities when recognizing, measuring, and presenting government grants. The ASU categorizes grants as either related to an asset or related to income. A grant related to income is recognized in earnings in a systematic and rational manner over the periods in which the entity recognizes the related expenses. Presentation of the grant on the income statement can be either as a component of other income or as a deduction from the related expenses. The standard is effective for annual periods beginning after December 15, 2028. However, the ASU permits early adoption. The company is considering early adopting the provisions of ASU 2025-10 effective in the first quarter of 2026 and is still assessing the impact on its financial statements, including the presentation of its Section 45Z production tax credits.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which provides clarity in assessing an entity's performance and prospects for future cash flows by disclosure of more detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 is effective for the company's fiscal year ended December 31, 2027. Early adoption is permitted. The company is currently evaluating the impact of this ASU.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the company's fiscal year ended December 31, 2025. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The company has adopted this ASU on a prospective basis.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Revenue Recognition
Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.
Revenue by Source
The following tables disaggregate revenue by major source (in thousands):
Twelve Months Ended December 31, 2025
Ethanol ProductionAgribusiness & Energy ServicesEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains83,613 11,785 — 95,398 
Renewable corn oil— — — — 
Other89,895 3,686 — 93,581 
Intersegment revenues860 259 (1,119)— 
Total revenues from contracts with customers174,368 15,730 (1,119)188,979 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol1,372,928 116,300 — 1,489,228 
Distillers grains201,674 16,830 — 218,504 
Renewable corn oil152,888 — — 152,888 
Other— 42,081 — 42,081 
Intersegment revenues— 22,402 (22,402)— 
Total revenues from contracts accounted for as derivatives1,727,490 197,613 (22,402)1,902,701 
Total Revenues$1,901,858 $213,343 $(23,521)$2,091,680 
Twelve Months Ended December 31, 2024
Ethanol ProductionAgribusiness & Energy ServicesEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains88,660 10,015 — 98,675 
Renewable corn oil— — — — 
Other55,613 8,685 — 64,298 
Intersegment revenues3,707 287 (3,994)— 
Total revenues from contracts with customers147,980 18,987 (3,994)162,973 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol1,522,215 329,768 — 1,851,983 
Distillers grains252,694 28,630 — 281,324 
Renewable corn oil136,671 3,346 — 140,017 
Other7,529 14,970 — 22,499 
Intersegment revenues— 25,406 (25,406)— 
Total revenues from contracts accounted for as derivatives1,919,109 402,120 (25,406)2,295,823 
Total Revenues$2,067,089 $421,107 $(29,400)$2,458,796 
Twelve Months Ended December 31, 2023
Ethanol ProductionAgribusiness & Energy ServicesEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains85,474 — — 85,474 
Renewable corn oil— — — — 
Other35,222 15,593 — 50,815 
Intersegment revenues4,555 239 (4,794)— 
Total revenues from contracts with customers125,251 15,832 (4,794)136,289 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol2,117,296 388,764 — 2,506,060 
Distillers grains377,357 34,818 — 412,175 
Renewable corn oil179,424 8,048 — 187,472 
Other25,213 28,534 — 53,747 
Intersegment revenues— 24,907 (24,907)— 
Total revenues from contracts accounted for as derivatives2,699,290 485,071 (24,907)3,159,454 
Total Revenues$2,824,541 $500,903 $(29,701)$3,295,743 
(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.
Major Customer
Revenues from Customer A represented 44% of total revenues for the year ended December 31, 2025, which are recorded within the ethanol production segment. Revenues from Customer B represented 13% of total revenues for the year ended December 31, 2024, which are recorded within the ethanol production segment. Revenues from Customer B and Customer C represented 15% and 10% of total revenues for the year ended December 31, 2023, respectively, which are recorded within the ethanol production segment.
Payment Terms
The company has standard payment terms, which vary depending upon the nature of the services provided, with the majority falling within 10 to 30 days after transfer of control or completion of services. In instances where the timing of revenue recognition differs from the timing of invoicing, the company has determined that contracts generally do not include a significant financing component.
Contract Liabilities
The company records unearned revenue when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of service agreements. Unearned revenue from service agreements, which represents a contract liability, is recorded for fees that have been charged to the customer prior to the completion of performance obligations. Unearned revenue is generally recognized in the subsequent period and is not material to the company. The company expects to recognize all of the unearned revenue associated with service agreements as of December 31, 2025 when the services are provided.
v3.25.4
Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Acquisitions and Dispositions AND DISPOSITIONS
Proventus LLC Disposition
On May 31, 2025, the company completed the sale of its 75% interest in Proventus LLC for net proceeds of $0.4 million. The company recorded a pretax loss on the sale of $4.0 million during year ended December 31, 2025 within gain on sale of assets, net on the consolidated statements of operations. Net assets sold at closing, consisting of property and equipment, totaled $9.0 million. As part of the transaction, the company removed $4.5 million of non-controlling interest in Proventus LLC, which was included in the calculation of the pretax loss disclosed above.
GP Turnkey Tharaldson LLC Disposition
On June 30, 2025, the company sold its 50% investment in GP Turnkey Tharaldson LLC. Proceeds from the disposal were $24.3 million. The balance of the equity method investment on the date of the disposal was $51.2 million. A pretax loss of $26.9 million was recorded during year ended December 31, 2025 within loss from equity method investees, net of income taxes on the consolidated statements of operations.
Green Plains Obion LLC Disposition
On August 27, 2025, Green Plains Inc. announced that its wholly owned subsidiary, Green Plains Obion LLC, entered into an asset purchase agreement for the sale of the ethanol plant located in Rives, Tennessee, to POET Biorefining - Obion, LLC. On September 25, 2025, the company closed on the sale and received proceeds of $170 million plus related working capital of $9.5 million (the “Obion Transaction”). A gain of $35.8 million was recorded in gain on sale of assets, net on the consolidated statements of operations. The proceeds from the sale were used to repay the outstanding balance of the junior secured mezzanine notes due 2026 and to supplement corporate liquidity.
The company incurred transaction costs of $5.2 million related to the Obion Transaction during year ended December 31, 2025. These costs consisted primarily of financial advisory services, legal services and other professional fees, and were recorded as a reduction of gain on sale of assets, net.
The assets sold and liabilities transferred as a result of the Obion Transaction were as follows (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories$19,529 
Prepaid expenses and other21 
Derivative financial instruments25 
Property and equipment127,088 
Operating lease right-of-use assets3,739 
Accounts payable(5,485)
Accrued and other liabilities(2,495)
Operating lease current liabilities(1,687)
Operating lease long-term liabilities(2,052)
Debt(657)
Total identifiable net assets disposed$138,026 
Green Plains Partners Merger
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company issued approximately 4.7 million shares of common stock to acquire all of the publicly held common units of the partnership not already owned by the company prior to the Merger at a fixed exchange ratio of 0.405 shares of the company's common stock, par value $0.001 per share, along with $2.50 of cash consideration for each partnership common unit. The total consideration as a result of the Merger was $143.1 million, which was comprised of $29.2 million in cash and $113.9 million of common stock exchanged. As a result of the Merger, the partnership's common units are no longer publicly traded.
The interests in the partnership owned by the company and its subsidiaries remained outstanding as limited partner interests in the surviving entity until the partnership was dissolved in the fourth quarter of 2024.
Since the company controlled the partnership prior to the Merger and continued to control the partnership after the Merger, the company accounted for the change in its ownership interest in the partnership as an equity transaction during the year ended December 31, 2024, which is reflected as a reduction of non-controlling interest with a corresponding increase to common stock and additional paid-in capital. No gain or loss was recognized in the consolidated statements of operations as a result of the Merger.
Prior to the effective time of the Merger on January 9, 2024, public unitholders owned a 49.2% limited partner interest,
the company owned a 48.8% limited partner interest and a 2.0% general partner interest in the partnership. The earnings of the partnership that were attributed to its common units held by the public for the year ended December 31, 2023 are reflected in net income attributable to non-controlling interest in the consolidated statements of operations. In 2024, the non-controlling interest attributed to the partnership common units held by the public of $133.8 million were recorded as a reduction of non-controlling interest with a corresponding increase to additional paid-in capital.
The company incurred transaction costs of $5.5 million related to the Merger during the year ended December 31, 2024 and $2.0 million during the year ended December 31, 2023. These costs were directly related to the Merger consisting primarily of financial advisory services, legal services and other professional fees, and were recorded as an offset to the issuance of common stock within additional paid-in capital.
Disposition of Birmingham Terminal
On September 30, 2024, the company completed the sale of the terminal located in Birmingham, Alabama and certain related assets and transfer of liabilities (the "Birmingham Transaction") for a sale price of $47.5 million, plus working capital of $1.2 million. The company recorded a pretax gain on the sale of $30.7 million. The proceeds from the sale were used to repay the outstanding balance of the Green Plains Partners term loan due July 20, 2026.
The assets sold and liabilities transferred of the Birmingham Transaction at closing on September 30, 2024 were as follows (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Prepaid expenses and other1,209
Property and equipment7,012
Operating lease right-of-use assets2,208
Goodwill10,598
Operating lease current liabilities(427)
Operating lease long-term liabilities(2,312)
Other liabilities(556)
Total identifiable net assets disposed$17,732
Disposition of the Atkinson Ethanol Plant
On September 7, 2023, the company completed the sale of the plant located in Atkinson, Nebraska and certain related assets and transfer of liabilities ("the Atkinson Transaction") for a sale price of $22.9 million, plus working capital of $1.1 million. Correspondingly, the company entered into a separate asset purchase agreement with the partnership for $2.1 million to acquire the storage assets and the associated railcar operating leases. The divested assets were reported within the company’s ethanol production, agribusiness and energy services and partnership segments. The company recorded a pretax gain on the sale of the Atkinson plant of $4.1 million recorded within corporate activities.
The assets sold and liabilities transferred of the Atkinson plant at closing on September 7, 2023 were as follows: (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories$3,164
Prepaid expenses and other423
Property, plant and equipment15,199
Operating lease right-of-use assets3,428
Accrued and other liabilities(162)
Operating lease current liabilities(1,332)
Operating lease long-term liabilities(2,096)
Other liabilities(189)
Total identifiable net assets disposed$18,435
v3.25.4
Fair Value Disclosures
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures FAIR VALUE DISCLOSURES
The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments:
Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date.
Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Fair value hedged inventories in the agribusiness and energy services segment as well as forward commodity purchase and sale contracts are valued at nearby futures values, plus or minus nearby basis values, which represent differences in local markets including transportation or commodity quality or grade differences.
Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities.
Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company’s exchange-traded futures and options contracts are cash-settled on a daily basis.
There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands):
Fair Value Measurements at December 31, 2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)		Total
Assets
Cash and cash equivalents$182,319 $— $— $182,319 
Restricted cash47,813 — — 47,813 
Inventories carried at market— 24,736 — 24,736 
Derivative financial instruments - assets— 6,927 — 6,927 
Property and equipment, net of accumulated depreciation and amortization (1)
— — 2,000 2,000 
Total assets measured at fair value$230,132 $31,663 $2,000 $263,795 
Liabilities
Accounts payable (2)
$— $28,598 $— $28,598 
Derivative financial instruments - liabilities— 7,901 — 7,901 
Other liabilities— 1 — 1 
Total liabilities measured at fair value$— $36,500 $— $36,500 
Fair Value Measurements at December 31, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)		Total
Assets
Cash and cash equivalents$173,041$—$—$173,041
Restricted cash36,354——36,354
Inventories carried at market—48,500—48,500
Derivative financial instruments - assets—10,154—10,154
Total assets measured at fair value$209,395$58,654$—$268,049
Liabilities
Accounts payable (2)
$—$23,208$—$23,208
Accrued and other liabilities (3)
—2,094—2,094
Derivative financial instruments - liabilities—4,791—4,791
Other liabilities (3)
—979—979
Total liabilities measured at fair value$—$31,072$—$31,072
(1)Property and equipment, net of accumulated depreciation and amortization includes $2.0 million of assets held for sale at December 31, 2025.
(2)Accounts payable is generally stated at historical amounts with the exception of $28.6 million and $23.2 million at December 31, 2025 and 2024, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.
(3)As of December 31, 2024, accrued and other liabilities includes $2.1 million and other liabilities includes $1.0 million of consideration related to potential earn-out payments recorded at fair value.
The fair value of the company’s debt was approximately $387.8 million compared with a book value of $399.5 million at December 31, 2025. The fair value of the company’s debt was approximately $518.6 million compared with a book value of $575.4 million at December 31, 2024. The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair value of its accounts receivable approximated book value, which was $74.4 million and $94.9 million at December 31, 2025 and 2024, respectively.
The fair values of tangible assets and goodwill acquired represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.
Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment, as well as gain on sale of assets, net, and restructuring costs.
During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein and renewable corn oil for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated.
The Chief Operating Decision Maker ("CODM") for the company is the Chief Executive Officer. The CODM utilizes EBITDA to assess segment performance, which is derived from revenue less cost of goods sold and selling, general and administrative expenses. The CODM manages and allocates resources to the operations of the Company's two segments. This enables the CEO to assess the Company’s overall level of available resources and determine how best to deploy these resources for capital expenditure, research and development projects, and other strategic opportunities that are in line with our long-term strategic goals. The CODM is regularly provided with consolidated expense information or forecasted expense information for the applicable reportable segment.
The following tables set forth certain financial data for the company’s operating segments (in thousands):
Year Ended December 31,
202520242023
Revenues
Ethanol production
Revenues from external customers$1,900,999$2,063,382$2,819,986
Intersegment revenues8593,7074,555
Total segment revenues1,901,8582,067,0892,824,541
Agribusiness and energy services
Revenues from external customers 190,681395,414475,757
Intersegment revenues22,66225,69325,146
Total segment revenues213,343421,107500,903
Revenues including intersegment activity2,115,2012,488,1963,325,444
Intersegment eliminations(23,521)(29,400)(29,701)
$2,091,680$2,458,796$3,295,743
Refer to Note 3 – Revenue, for further disaggregation of revenue by operating segment.
Year Ended December 31,
202520242023
Cost of goods sold
Ethanol production$1,804,279$1,983,460$2,705,917
Agribusiness and energy services173,996374,286454,776
Intersegment eliminations(23,521)(29,400)(29,701)
$1,954,754$2,328,346$3,130,992
Year Ended December 31,
202520242023
Gross margin  
Ethanol production (1)(2)
$97,579 $83,629 $118,624 
Agribusiness and energy services39,347 46,821 46,127 
$136,926 $130,450 $164,751 
Year Ended December 31,
202520242023
Depreciation and amortization
Ethanol production$90,553$82,784$92,712
Agribusiness and energy services (3)
4,7412,1852,360
Corporate activities (4)
3,1405,6183,172
$98,434$90,587$98,244
Year Ended December 31,
202520242023
Operating income (loss)
Ethanol production (1)(2)(5)
$(55,482)$(40,758)$(19,958)
Agribusiness and energy services (3)
20,66028,15628,100
Corporate activities (4)(6)(7)
(32,426)(34,857)(69,720)
$(67,248)$(47,459)$(61,578)
(1)Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the year ended December 31, 2025.
(2)Ethanol production includes an inventory lower of cost or net realizable value adjustment of $1.5 million, $2.1 million, and $2.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(3)Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the year ended December 31, 2025.
(4)Depreciation and amortization for corporate activities includes impairment of a research and development technology intangible asset of $3.5 million for the year ended December 31, 2024.
(5)Ethanol production includes impairment of assets held for sale of $14.6 million for the year ended December 31, 2025.
(6)Corporate activities include $16.1 million of restructuring costs for the year ended December 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.
(7)Corporate activities for the years ended December 31, 2025 and 2024 include a $31.5 million and $30.7 million gain on sale of assets, net, respectively.
During the year ended December 31, 2025, the company incurred restructuring costs related to severance, stock based compensation and other charges as a result of cost reduction initiatives that were recorded within the following line items in the consolidated statements of operations (in thousands):
Year Ended December 31, 2025
Ethanol productionAgribusiness and energy servicesCorporate activitiesSubtotal
Cost of goods sold$2,373 710 — $3,083 
Selling, general and administrative expenses4802,05016,05918,589 
Other, net2239411,5052,669 
Total restructuring costs$3,076 3,701 17,564 $24,341 
The following tables reconcile EBITDA, our segment measure of profit or loss, to net loss (in thousands). EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs.
Year Ended December 31, 2025
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$33,247 $25,661 $58,908 
Depreciation and amortization(90,553)(4,741)(95,294)
Interest expense(55,342)(5,990)(61,332)
Subtotal$(112,648)$14,930 $(97,718)
Unallocated corporate expenses (1)
(75,701)
Income tax benefit, net of equity method income taxes52,419
Net loss$(121,000)
Year Ended December 31, 2024
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$39,645 $31,935 $71,580 
Depreciation and amortization(82,784)(2,185)(84,969)
Interest expense(22,056)(4,722)(26,778)
Subtotal$(65,195)$25,028 $(40,167)
Unallocated corporate expenses (1)
(35,869)
Income tax expense, net of equity method income taxes(5,153)
Net loss$(81,189)
Year Ended December 31, 2023
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$78,561 $31,689 $110,250 
Depreciation and amortization(92,712)(2,360)(95,072)
Interest expense(23,545)(7,723)(31,268)
Subtotal$(37,696)$21,606 $(16,090)
Unallocated corporate expenses (1)
(65,826)
Income tax benefit, net of equity method income taxes5,617
Net loss$(76,299)
(1)Corporate expenses include selling, general administrative expenses, gain on sale of assets, net, depreciation and amortization, and interest expense, and during 2025 includes restructuring costs related to cost reduction initiatives and the departure of former CEO as well as losses on sale of equity method investment.
The following table sets forth capital expenditures by operating segment (in thousands):
Year Ended December 31,
202520242023
Capital expenditures
Ethanol production$36,718$89,230$107,468
Agribusiness and energy services164833512
Corporate activities3175,021494
$37,199$95,084$108,474
The following table sets forth total assets by operating segment (in thousands):
Year Ended December 31,
20252024
Total assets (1)
Ethanol production$1,133,246$1,234,635
Agribusiness and energy services278,222412,006
Corporate assets173,481143,716
Intersegment eliminations(6,553)(8,183)
$1,578,396$1,782,174
(1)Asset balances by segment exclude intercompany balances.
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Inventories are carried at the lower of average cost or net realizable value, except fair-value hedged inventories. As of December 31, 2025 and 2024, respectively, the company recorded a $1.5 million and $2.1 million lower of cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment.
The components of inventories are as follows (in thousands):
December 31,
20252024
Finished goods$24,891$72,863
Commodities held for sale24,73648,500
Raw materials26,65037,334
Work-in-process9,59713,569
Supplies and parts62,22155,178
$148,095$227,444
v3.25.4
Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment PROPERTY AND EQUIPMENT
The components of property and equipment are as follows (in thousands):
December 31,
20252024
Plant equipment$1,173,964$1,200,795
Buildings and improvements235,265218,660
Land and improvements94,045107,543
Railroad track and equipment21,76832,137
Construction-in-progress39,491174,151
Computer hardware and software30,51627,829
Office furniture and equipment2,9343,422
Leasehold improvements and other40,98627,516
Total property and equipment1,638,9691,792,053
Less: accumulated depreciation and amortization(681,713)(749,593)
Property and equipment, net$957,256$1,042,460
Interest capitalized during the years ended December 31, 2025, 2024 and 2023 totaled $4.4 million, $4.4 million and $3.6 million, respectively.
v3.25.4
Goodwill And Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill
The company has one reporting unit to which goodwill was assigned. We are required to perform impairment tests related to our goodwill annually, which we perform as of October 1, or if an indicator of impairment occurs. The company performed its annual goodwill assessments as of October 1, 2025 and 2024 using qualitative assessments, which resulted in no indication of goodwill impairment.
On September 30, 2024, goodwill of $10.6 million was disposed of in the Birmingham Transaction, which previously was recorded within the ethanol production segment. The carrying amount of goodwill attributable to the ethanol production segment for the years ended December 31, 2025 and 2024 was $18.5 million. The company records goodwill within other assets on the consolidated balance sheets.
Intangible Assets
The company recognized certain intangible assets in connection with the FQT acquisition during the fourth quarter of 2020. The components of the intangible assets are as follows (in thousands):
December 31,
20252024
Customer relationships and backlog$17,628 $17,628 
Intellectual property9,700 9,700 
Trade name1,300 1,300 
Total28,628 28,628 
Accumulated amortization(18,151)(15,962)
Total intangible assets, net$10,477 $12,666 
Weighted average remaining amortization period7.9 years8.9 years
The company recognized $2.2 million, $2.5 million, and $2.8 million of amortization expense associated with these intangible assets during the years ended December 31, 2025, 2024 and 2023, respectively. The company expects estimated amortization expense of $2.0 million, $1.8 million, $1.6 million, $1.5 million and $1.3 million for the years ended December 31, 2026, 2027, 2028, 2029 and 2030, respectively, as well as $2.3 million thereafter. The company’s intangible assets are recorded within other assets on the consolidated balance sheets.
v3.25.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
At December 31, 2025, the company’s consolidated balance sheet reflected unrealized losses of $0.6 million, net of tax, in accumulated other comprehensive income. The company expects these items will be reclassified as operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income will differ as commodity prices change.
Fair Values of Derivative Instruments
The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):
Asset Derivatives'
Fair Value at December 31,
Liability Derivatives'
Fair Value at December 31,
2025202420252024
Derivative financial instruments - forwards$6,927
(1)
$10,154$7,901$4,791
(2)
Other liabilities——115
Total$6,927$10,154$7,902$4,806
(1)At December 31, 2025, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $4.6 million, which include $0.6 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $1.1 million of net unrealized gains on derivative financial instruments designated as fair value hedging instruments and the balance representing economic hedges.
(2)At December 31, 2024, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $4.7 million, which include $0.5 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $3.0 million of unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
Refer to Note 5 - Fair Value Disclosures, which contains fair value information related to derivative financial instruments.
Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss
The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):
Location of Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income into Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Year Ended December 31,
202520242023
Revenues$(2,355)$9,832 $2,482
Cost of goods sold(7,682)(23,270)(25,003)
Net loss recognized in loss before income taxes$(10,037)$(13,438)$(22,521)
Gain (Loss) Recognized in
Other Comprehensive Income on Derivatives		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Year Ended December 31,
202520242023
Commodity Contracts$(12,164)$(8,001)$8,369 
A portion of the company's derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.
Derivatives Not Designated
as Hedging Instruments		Location of Gain (Loss)
Recognized in
Income on Derivatives		Amount of Gain (Loss) Recognized in Income on Derivatives
Year Ended December 31,
202520242023
Exchange-traded futures and optionsRevenues$(10,176)$4,246 $(2,552)
ForwardsRevenues(402)(4,446)4,842 
Exchange-traded futures and optionsCost of goods sold5,067 24,045 45,065 
ForwardsCost of goods sold(2,317)5,442 (4,265)
Net gain (loss) recognized in loss before income taxes$(7,828)$29,287 $43,090 
The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):
December 31, 2025December 31, 2024
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is IncludedCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged AssetsCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Inventories$24,736 $(8,938)$48,500 $8,166 
Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2025
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$(2,355)$(7,682)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—3,339
Exchange-traded futures designated as hedging instruments—(1,171)
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$(2,355)$(5,514)
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2024
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income$9,832$(23,270)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—6,398
Exchange-traded futures designated as hedging instruments—(6,039)
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$9,832$(22,911)
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2023
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$2,482$(25,003)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—(11,657)
Exchange-traded futures designated as hedging instruments—14,417
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$2,482$(22,243)
The notional volume of open commodity derivative positions as of December 31, 2025 are as follows (in thousands):
Exchange-Traded (1)
Non-Exchange-Traded (2)
Derivative InstrumentsNet Long & (Short)Long(Short)Unit of MeasureCommodity
Futures(7,970)BushelsCorn
Futures28,140 
(3)
BushelsCorn
Futures(2,975)
(4)
BushelsCorn
Futures(34,230)GallonsEthanol
Futures(82,152)
(3)
GallonsEthanol
Futures(1,163)MmBTUNatural Gas
Futures2,385
(3)
MmBTUNatural Gas
Futures(3,603)
(4)
MmBTUNatural Gas
Futures(13,680)PoundsSoybean Oil
Options3,953 PoundsSoybean Oil
Options983MmBTUNatural Gas
Forwards35,414— BushelsCorn
Forwards13,433(212,840)GallonsEthanol
Forwards38(220)TonsDistillers Grains
Forwards—(43,490)PoundsRenewable Corn Oil
Forwards4,962(552)MmBTUNatural Gas
(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.
(2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed.
(3)Notional volume of exchange-traded futures used for cash flow hedges.
(4)Notional volume of exchange-traded futures used for fair value hedges.
Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $11.9 million, $4.1 million, and $4.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, on energy trading contracts.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Long-Term Debt, Current and Noncurrent [Abstract]  
Debt DEBT
The components of long-term debt are as follows (in thousands):
December 31,
20252024
Corporate
2.25% convertible notes due 2027 (1)
$60,000$230,000
5.25% convertible notes due 2030 (2)
200,000— 
Green Plains SPE LLC
Junior secured mezzanine notes due 2026 (3)
—125,000
Green Plains Shenandoah
Term loan due 2035 (4)
70,12571,625
Green Plains York Carbon Capture
  Tallgrass Term loan due 2037
34,523—
Other9,84211,163
Total book value of long-term debt374,490437,788
Unamortized debt issuance costs(8,574)(3,210)
Less: current maturities of long-term debt(3,924)(2,118)
Total long-term debt$361,992$432,460
(1)The 2027 Notes had $0.4 million and $2.7 million of unamortized debt issuance costs as of December 31, 2025 and 2024, respectively.
(2)The 2030 Notes had $8.0 million of unamortized debt issuance costs as of December 31, 2025.
(3)The junior notes had $0.2 million of unamortized debt issuance costs as of December 31, 2024.
(4)The loan had $0.2 million and $0.3 million of unamortized debt issuance costs as of December 31, 2025 and 2024, respectively.
Scheduled long-term debt repayments excluding the effects of debt issuance costs, are as follows (in thousands):
Year Ending December 31,
Amount
2026$3,924
202763,952
20284,129
20294,339
2030204,441
Thereafter93,705
Total$374,490
The components of short-term notes payable and other borrowings are as follows (in thousands):
December 31,
20252024
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver
$25,000$133,500
Green Plains Commodity Management
$20.0 million hedge line
8,5847,329
$33,584$140,829
Corporate Activities
In March 2021, the company issued an aggregate $230.0 million of 2.25% Convertible Senior Notes due 2027 (the "2027
Notes"). The 2027 Notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year. The 2027 Notes are senior, unsecured obligations of the company. The 2027 Notes are convertible, at the option of the holders, into consideration consisting of, at the company’s election, cash, shares of the company’s common stock, or a combination of cash and stock (and cash in lieu of fractional shares). However, before September 15, 2026, the 2027 Notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 31.6206 shares of the company’s common stock per $1,000 principal amount of 2027 Notes (equivalent to an initial conversion price of approximately $31.62 per share of the company’s common stock), representing an approximately 37.5% premium over the offering price of the company’s common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, the company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the company’s calling the 2027 Notes for redemption.
On and after March 15, 2024, and prior to the maturity date, the company may redeem, for cash, all, but not less than all, of the 2027 Notes if the last reported sale price of the company’s common stock equals or exceeds 140% of the applicable conversion price on (i) at least 20 trading days during a 30 consecutive trading day period ending on the trading day immediately prior to the date the company delivers notice of the redemption; and (ii) the trading day immediately before the date of the redemption notice. The redemption price will equal 100% of the principal amount of the 2027 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a “fundamental change” (as defined in the indenture for the 2027 Notes), holders of the 2027 Notes will have the right, at their option, to require the company to repurchase their 2027 Notes for cash at a price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
On October 27, 2025, the company executed separate, privately negotiated exchange agreements with certain of the holders of its existing 2027 Notes to exchange (or the “exchange transactions”) $170 million aggregate principal amount of the 2027 Notes for $170 million of newly issued 5.25% Convertible Senior Notes due November 2030 (the “2030 Notes”). Additionally, the company completed separate, privately negotiated subscription agreements pursuant to which it issued $30 million of 2030 Notes for $30 million in cash (the “subscription transactions”). $200 million in aggregate principal amount of the 2030 Notes is now outstanding, and $60 million in aggregate principal amount of the 2027 Notes remains outstanding with existing terms unchanged.
The company used approximately $30 million of the net proceeds from the subscription transactions to repurchase approximately 2.9 million shares of its common stock from certain holders participating in the subscription transactions.
The 2030 Notes bear interest at a rate of 5.25% per year, payable on May 1 and November 1 of each year, beginning May 1, 2026. The notes are general senior, unsecured obligations of the company. The initial conversion rate of the 2030 Notes is 63.6132 shares of common stock per $1,000 principal amount of 2030 Notes (equivalent to an initial conversion price of approximately $15.72 per share of common stock, which represents a conversion premium of approximately 50% over the offering price of our common stock), and is subject to customary anti-dilution adjustments.
On May 7, 2025, the company entered into a secured $30 million revolving credit facility with Ancora Alternatives LLC, that matured on July 30, 2025. The facility bore interest at 10% on borrowings and had a 0.5% fee on the unused balance. Interest and fees were due on the 5th of each month. In conjunction with this facility, the company issued 1,504,140 warrants to purchase shares of its common stock at an exercise price of 0.01 per share. The fair value of these warrants was initially recorded as debt issuance costs and has been fully amortized and recorded within interest expense during the year ended December 31, 2025.
Ethanol Production Segment
On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon, issued $125.0 million of junior secured mezzanine notes due 2026 (the “Junior Notes”) with BlackRock, a holder of a portion of the company’s common stock.
The Junior Notes originally were scheduled to mature on February 9, 2026 and were secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. The proceeds of the Junior Notes were used to construct Ultra-High Protein processing systems at the Green Plains Obion and Green Plains Mount Vernon facilities. The Junior Notes accrued interest at an annual rate of 11.75%.
The Junior Notes were amended on May 7, 2025, which extended the maturity date from February 9, 2026 to May 15, 2026. A $2.5 million amendment fee was added to the balance of the Junior Notes, increasing the amount outstanding to
$127.5 million. The Junior Notes were secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. Further, warrants previously issued in conjunction with the Junior Notes were revised on May 7, 2025, and $7.5 million, the fair value of the revised warrants, was recorded as debt issuance costs. These costs were to be amortized through May 2026. As of July 31, 2025, the Junior Notes were also secured by a pledge of the membership interests in, the assets and the real property owned by Green Plains Madison LLC, Green Plains Superior LLC, Green Plains Fairmont LLC, Green Plains Otter Tail LLC, Green Plains Wood River and Green Plains York LLC, Green Plains Central City LLC, as well as the assets and membership interests of Fluid Quip Mechanical, LLC.
On August 10, 2025, the Junior Notes were amended to extend the maturity date to September 15, 2026, with an amendment fee of 2.5%, or $3.2 million, added to the principal balance of the Junior Notes, payable at the maturity date. The interest rate was increased by 0.5% after the amendment, and subject to an additional 0.5% each quarter on each scheduled interest payment date. The amendment added certain financial covenant requirements, including restrictions on additional debt and certain transfer of assets. Also as part of the amendment, the company executed a subscription agreement with certain funds and accounts under management by BlackRock pursuant to which the company agreed to issue, and certain funds and accounts under management by BlackRock purchased, 3,250,000 stock warrants at a strike price of $0.01 per share with a ten year exercise period. The amendment also included the right for such funds and accounts to exchange up to 750,000 warrants for a pro rata share of $6 million of outstanding principal of Junior Notes. The subscription agreement obligated the company to register for resale the shares of common stock underlying warrants issued to BlackRock. The entire outstanding principal balance, plus any accrued and unpaid interest was due upon maturity. Green Plains SPE LLC was required to comply with certain financial covenants regarding minimum liquidity at Green Plains and a maximum aggregate loan to value. The Junior Notes could have been retired or refinanced after 42 months with no prepayment premium. The Junior Notes had an unsecured parent guarantee from the company and had certain limitations on distributions, dividends or loans to the company unless there will not exist any event of default. The amendment to the Junior Notes was determined to be a substantial change under ASC 470, Debt, and triggered debt extinguishment treatment. In total, a loss on debt extinguishment of $36.9 million was recorded within interest expense during the year ended December 31, 2025. The loss includes the write-off of unamortized debt issuance costs at the retirement date of the Junior Notes, the fair value of the 3,250,000 warrants issued on August 10, 2025 and the 2.5% amendment fee. On September 25, 2025, proceeds from the Obion Transaction were used to fully retire the Junior Notes.
On September 3, 2020, Green Plains Wood River and Green Plains Shenandoah, wholly-owned subsidiaries of the company, entered into a $75.0 million loan agreement with MetLife Real Estate Lending LLC. The loan matures on September 1, 2035 and is secured by substantially all of the assets of the Shenandoah facility. During the second quarter of 2024, the agreement was modified to remove the Wood River facility from the assets considered to be secured under the loan agreement and Green Plains Wood River was removed as a counterparty to the loan agreement. The proceeds from the loan were used to add MSC™ technology at the Wood River and Shenandoah facilities as well as other capital expenditures.
The loan bears interest at a fixed rate of 5.02%, plus an interest rate premium, subject to quarterly adjustments, of 0.00% to 1.50% based on the leverage ratio of total funded debt to EBITDA of Shenandoah. Principal payments of $1.5 million per year began in October 2022. Prepayments were prohibited until September 2024. Financial covenants of the loan agreement include a minimum loan to value ratio of 50%, a minimum fixed charge coverage ratio of 1.25x, a total debt service reserve of six months of future principal and interest payments and a minimum working capital requirement at Green Plains of not less than $0.10 per gallon of nameplate capacity or $90.3 million. The loan is guaranteed by the company and has certain limitations on distributions, dividends or loans to Green Plains by Shenandoah unless immediately after giving effect to such action, there will not exist any event of default. At December 31, 2025, the interest rate on the loan was 6.52%.
On and after July 24, 2023, Green Plains York Capture Company LLC, a wholly-owned subsidiary of the company, entered into a series of agreements with Tallgrass High Plains Carbon Storage, LLC and its affiliates to finance, construct and operate carbon capture, transportation and sequestration assets associated with the Company’s York, Nebraska ethanol facility. Under the agreements, Green Plains York Capture Company LLC is obligated to repay Tallgrass all costs associated with the construction of the carbon capture and compression facilities over a 144-month delivery period. The payment structure is designed to provide Tallgrass with a 9% pretax, unlevered internal rate of return (IRR) on its investment. As of December 31, 2025, this project has met criteria for substantial completion and is classified as debt. The total estimated value of this debt recorded on the balance sheet is $34.5 million. Repayments commenced in January 2026. This debt is secured by substantially all real and personal property interests associated with the Green Plains York Capture Company LLC. Green Plains Inc. further supports the obligation through a Parent Guaranty, under which it unconditionally guarantees Green Plains York Capture Company LLC’s performance and payment obligations. Green Plains York Capture Company LLC may pre-repay the obligation early by providing Tallgrass at least ninety (90) days’ prior written notice and remitting the prepayment, which represents the amount required for Tallgrass to achieve its contracted 9% pretax, unlevered IRR on its investments.
The total spend related to the other two Nebraska CCS construction projects has been recorded within carbon equipment liabilities on the consolidated balance sheets. While fully operational as of December 31, 2025, these two projects did not reach substantial completion until January of 2026. The amounts presented as carbon equipment liabilities as of December 31, 2025 will be reclassified and presented as debt on the consolidated balance sheets in January of 2026.
Green Plains Partners had a term loan to fund working capital, capital expenditures and other general partnership purposes. Interest on the term loan was based on 3-month SOFR plus 8.26%. On September 30, 2024, the proceeds from the Birmingham Transaction were used to repay the outstanding principal and interest of the loan in full. Prepayments totaling $56.0 million and $3.0 million were made during the years ended December 31, 2024 and 2023, respectively.
The company also has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.
Agribusiness and Energy Services Segment
On March 25, 2022, Green Plains Finance Company, Green Plains Grain and Green Plains Trade (collectively, the “Borrowers”), all wholly owned subsidiaries of the company, together with the company, as guarantor, entered into a five-year, $350.0 million senior secured sustainability-linked revolving Loan and Security Agreement (the “Facility”) with a group of financial institutions. This transaction refinanced the separate credit facilities previously held by Green Plains Grain and Green Plains Trade. The Facility matures on March 25, 2027.
The Facility includes revolving commitments totaling $350.0 million and an accordion feature whereby amounts available under the Facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the Facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the Facility. The unused portion of the Facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. Additionally, the applicable margin and commitment fee are subject to certain increases or decreases of up to 0.10% and 0.025%, respectively, tied to the company’s achievement of certain sustainability criteria, including the reduction of GHG emissions, recordable incident rate reduction, increased renewable corn oil production and the implementation of technology to produce sustainable ingredients.
The Facility contains customary affirmative and negative covenants, as well as the following financial covenants to be calculated as of the last day of any month: the current ratio of the Borrowers shall not be less than 1.00 to 1.00; the collateral coverage ratio of the Borrowers shall not be less than 1.20 to 1.00; and the debt to capitalization ratio of the company shall not be greater than 0.60 to 1.00.
The Facility also includes customary events of default, including without limitation, failure to make required payments of principal or interest, material incorrect representations and warranties, breach of covenants, events of bankruptcy and other certain matters. The Facility is secured by the working capital assets of the Borrowers and is guaranteed by the company. At December 31, 2025, the interest rate on the Facility was 7.48%.
Green Plains Commodity Management has an uncommitted revolving credit facility to finance margins related to its hedging programs, which is secured by cash and securities held in its brokerage accounts. On June 18, 2025, the credit facility was amended, reducing the $40.0 million borrowing limit to $20.0 million. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At December 31, 2025, the interest rate on the facility was 5.46%.
Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of December 31, 2025.
Covenant Compliance
The company was in compliance with its debt covenants as of December 31, 2025.
Restricted Net Assets
At December 31, 2025, there were approximately $36.8 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
The company has an equity incentive plan, which reserved a total of 6.9 million shares of common stock for issuance pursuant to the plan, of which 1.2 million shares remain available for issuance as of December 31, 2025. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, performance share awards, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis.
Grants under the equity incentive plans may include stock options, stock awards, performance share awards or deferred stock units:
•Restricted Stock Awards – Restricted stock awards may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Stock awards granted to date vested immediately and over a period of time, and included sale restrictions. Compensation expense is recognized on the grant date if fully vested or over the requisite vesting period.
•Deferred Stock Units – Deferred stock units may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Deferred stock units granted to date vest over a period of time with underlying shares of common stock that are issuable after the vesting date. Compensation expense is recognized on the grant date if fully vested, or over the requisite vesting period.
•Performance Share Awards – Performance share awards may be granted to directors and employees that cliff-vest after a period of time as determined by the compensation committee. Performance share awards granted to date cliff-vest after a period of time, and include sale restrictions. Compensation expense is recognized over the requisite vesting period.
•Stock Options – Stock options may be granted that can be exercised immediately in installments or at a fixed future date. Certain options are exercisable regardless of employment status while others expire following termination. Options issued to date could have been exercised immediately or at future vesting dates, and expired five years to eight years after the grant date. Compensation expense for stock options that vest over time was recognized on a straight-line basis over the requisite service period.
Restricted Stock Awards and Deferred Stock Units
The restricted non-vested stock awards and deferred stock units activity for the year ended December 31, 2025 is as follows:
Non-Vested
Shares and
Deferred
Stock Units		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2024
735,513$23.45
Granted1,146,1275.74
Forfeited(187,203)14.82
Vested(611,204)19.76
Non-Vested at December 31, 2025
1,083,233$8.281.7
Performance Share Awards
On March 10, 2025, March 13, 2024, and March 9, 2023, the Compensation Committee of the Board granted performance shares to be awarded in the form of common stock to certain participants of the plan. These performance shares vest based on the level of achievement of certain performance goals, including the incremental value achieved from the company's carbon, high-protein and clean sugar initiatives, in addition to annual production levels and return on investment (ROI). Performance shares granted in 2025 and 2024 include certain market-based factors requiring a Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used by the company in applying the Monte Carlo valuation model for performance share grants and related valuation include a risk-free interest rate of 3.87% and 4.44%, dividend yields of 0%, expected volatility of 55.4% and 54.6%, and closing stock price on the date of grant of $5.48 and $20.21, resulting in an estimated fair value of $7.08 and $25.23 per share for 2025 and 2024, respectively. Off-cycle awards of performance shares occurred on August 19, 2025. A portion of the off-cycle awards contained certain market-based factors requiring a Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used in applying the Monte Carlo valuation model for off-cycle performance share awards include a risk free rate of 3.69%, dividend yields of 0%, expected volatility of 58.0%, and closing price on the date of grant of $8.34, resulting in an estimated fair value of $12.89 per share. Performance shares granted in 2023 do not contain market-based factors requiring a Monte Carlo valuation model. The performance shares were granted at a target of 100%, but each performance share can be reduced or increased depending on results for the performance period. If the company achieves the maximum performance goals, the maximum amount of shares available to be issued pursuant to the 2025, 2024 and 2023 awards are 922,822 performance shares which represents 200% of the 461,441 performance shares which remain outstanding. The actual number of performance shares that will ultimately vest is based on the actual performance targets achieved at the end of the performance period. This excludes 69,959 performance shares granted to the Chief Legal and Administration Officer and Corporate Secretary in 2023, 2024 and 2025, which vested at 100% of target on December 31, 2025 in accordance with the Employment Agreement, as amended.
On March 14, 2022, the Compensation Committee of the Board granted performance shares to be awarded in the form of common stock to certain participants of the plan. The performance shares were granted at a target of 100%, but each performance share was reduced or increased depending on results for the performance period. On March 14, 2025, based on the criteria discussed above, the 2022 performance shares vested at 30%, which resulted in the issuance of 14,259 shares of common stock.
On February 28, 2025, the company announced the departure of Todd Becker as President and Chief Executive Officer, effective March 1, 2025. In accordance with his separation agreement, 221,895 of remaining outstanding performance shares that were granted during 2022, 2023, and 2024 vested immediately at target.
The non-vested performance share award activity for the year ended December 31, 2025 is as follows:
Performance
Shares		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2024
538,572$27.82
Granted460,6567.22
Forfeited(161,671)23.84
Vested(376,116)22.51
Non-Vested at December 31, 2025
461,441$12.981.8
Green Plains Partners
Green Plains Partners had a long-term incentive plan (LTIP) intended to promote the interests of the partnership, its general partner and affiliates by providing unit-based incentive compensation awards to employees, consultants and directors to encourage superior performance. As a result of the Merger, the LTIP units available for issuance were converted to 1.2 million shares available for issuance under the company's equity incentive plan.
Stock-Based Compensation Expense
Compensation costs for the stock-based payment plan during the years ended December 31, 2025, 2024 and 2023, were approximately $17.1 million, $8.3 million and $13.0 million, respectively. At December 31, 2025, there was $7.5 million of unrecognized compensation costs from stock-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 1.9 years. The potential tax benefit related to stock-based payment is approximately 25.2% of these expenses.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.
The company computes diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities.
The basic and diluted EPS are calculated as follows (in thousands):
Year Ended December 31,
202520242023
Net loss attributable to Green Plains$(121,278)$(82,497)$(93,384)
Weighted average shares outstanding - basic and diluted67,496 63,796 58,814 
EPS - basic and diluted$(1.80)$(1.29)$(1.59)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)
9,259 7,696 8,419 
(1)The effect related to the company's convertible debt, warrants and certain stock-based compensation award has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
BlackRock Warrants
During the three months ended March 31, 2021, in connection with certain agreements, the company issued 2,000,000 warrants in a private placement to purchase shares of its common stock. The company entered into an amendment on its Junior Notes on May 7, 2025, and the warrants ("2029 warrants") were repriced from $22.00 to $0.01 and the maturity date extended from April 28, 2026 to December 31, 2029. The warrants were revalued on May 7, 2025, and the increase in fair value was recorded in additional paid-in capital.
On August 10, 2025, in conjunction with extending the maturity date of the Junior Notes, 3,250,000 warrants ("2035 warrants") were issued with an exercise price of $0.01 and a maturity date of August 10, 2035. Of the total, 2,500,000 of these warrants were equity-based and the fair value of the warrants was recorded in additional paid-in capital, and 750,000 were liability-based and the fair value of warrants was initially recorded in other liabilities.
On August 18, 2025, 1,250,000 of the 2029 warrants and 750,000 of the 2035 warrants were exercised. On September 8, 2025, the remaining 2,500,000 2035 warrants were fully exercised and the fair value of the liability-based warrants was reclassified from other liabilities to additional paid-in capital. The company recognized $2.0 million of expense due to the revaluation of liability-based warrants, which was recorded in other, net on the consolidated statements of operations during the year ended December 31, 2025. On October 3, 2025, the remaining 750,000 of 2029 warrants were exercised.
Ancora Warrants
On May 7, 2025, in connection with a revolving credit facility agreement, the company issued warrants in a private placement to purchase 1,504,140 shares of its common stock at an exercise price of 0.01 per share and expiration date of May 7, 2035. The company measured the fair value of the warrants as of the issuance date. These warrants were equity-based and recorded in additional paid-in capital. On August 29, 2025, all of the Ancora warrants were exercised and none remained outstanding.
Other Warrants
Other warrants issued in 2021 totaling 550,000 have a strike price of 22.00. On December 8, 2025, 275,000 of these warrants expired, and the other 275,000 warrants expire on February 9, 2026. Of the total, 275,000 of the warrants remain exercisable and outstanding, are treated as liability-based awards and are valued quarterly using the company’s stock price. These warrants could potentially dilute basic earnings per share in future periods.
Green Plains Partners Merger
As a result of the Merger, for the year ended December 31, 2024, the company issued approximately 4.7 million shares of common stock and recorded par value $0.001 per share, paid cash consideration of $29.2 million, extinguished the non-controlling interest attributed to the partnership common units held by the public of $133.8 million, and recorded transaction costs of $7.5 million within additional paid-in capital. Refer to Note 4 – Merger and Dispositions included herein for more information.
Treasury Stock
At December 31, 2025, the company holds 5.7 million shares of its common stock at a cost of $61.5 million. Treasury stock is recorded at cost and reduces stockholders’ equity in the consolidated balance sheets. When shares are reissued, the company will use the weighted average cost method for determining the cost basis. The difference between the cost and the issuance price is added or deducted from additional paid-in capital.
Share Repurchase Program
The company’s board of directors authorized a share repurchase program of up to $200.0 million. Under the program, the company may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by its management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. On October 27, 2025, in conjunction with the privately negotiated exchange and subscription agreements for the 2030 Notes, the company repurchased 2.9 million shares of its common stock
for a total of $30.0 million. The company did not repurchase any shares of common stock during 2024 or 2023. Since inception, the company has repurchased 10.3 million shares of common stock for approximately $122.8 million under the program.
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) are associated primarily with gains and losses on derivative financial instruments. Amounts reclassified from accumulated other comprehensive income (loss) are as follows (in thousands):
Year Ended December 31,
Statements of Operations
Classification
202520242023
Gains (losses) on cash flow hedges
Commodity derivatives$(2,355)$9,832$2,482(1)
Commodity derivatives(7,682)(23,270)(25,003)(2)
Total losses on cash flow hedges(10,037)(13,438)(22,521)(3)
Income tax benefit(2,529)(3,223)(5,438)(4)
Amounts reclassified from accumulated other comprehensive loss$(7,508)$(10,215)$(17,083) 
(1)Revenues
(2)Cost of goods sold
(3)Loss before income taxes and income from equity method investees
(4)Income tax benefit (expense)
At December 31, 2025 and 2024, the company’s consolidated balance sheets reflected unrealized losses of $0.6 million and unrealized gains of $1.0 million, net of tax, in accumulated other comprehensive loss, respectively.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates expected to be applicable to taxable income in the years those temporary differences are recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income during the period that includes the enactment date. A valuation allowance is recorded by the company when it is more likely than not that some portion or all of a deferred tax asset will not be realized.
The IRA was signed into law on August 16, 2022. The IRA includes significant law changes relating to tax, climate change, energy and health care. The IRA significantly expands clean energy related tax credits and permits more flexibility for taxpayers to use the credits with direct-pay and transferable credit options.
The OBBB was signed into law on July 4, 2025. The OBBB includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act, and expanding certain IRA incentives while accelerating the phase-out of others. Important business provisions of the OBBB include reinstatement of permanent expensing of domestic research and development costs, higher EBITDA cap on the deduction for interest expense and 100% bonus depreciation. In addition, the OBBB extends the tax credit for Clean Fuel Production under Section 45Z to December 31, 2029, and leaves credits generated from carbon capture under Section 45Q substantially unchanged. The company will benefit from the reinstatement of permanent expensing of domestic research and development costs and the higher EBITDA cap on the deduction for interest expense, as well as the extension of the tax credit for Clean Fuel Production under Section 45Z to December 31, 2029.
The Section 45Z clean fuel production credit is a general business credit under Section 38 that is allowed with respect to clean transportation fuel produced domestically after December 31, 2024, and before December 31, 2029. This credit, which was part of the IRA, and subsequently extended by the OBBB, incentivizes the production of clean fuels at our plants that reduce GHG emissions below a CI score of 50. The tax credit is calculated by multiplying the gallons of clean transportation
fuel produced times the CI emission factor times the applicable credit rate per gallon ($0.20 for non-SAF transportation fuel, or $1.00 if the taxpayer satisfies the prevailing wage requirements under Section 45). The company expects that it is more-likely-than-not that prevailing wage requirements will be met for 2025 for six facilities and has calculated the credit at the highest credit rate.
On September 16, 2025, the company entered into an agreement, pursuant to which the company agreed to supply production tax credits available under Section 45Z to a buyer from the production of the company's ethanol at its Nebraska facilities between January 1, 2025 and December 31, 2025. On December 10, 2025, the agreement was amended to add Section 45Z production tax credits produced at three more of the company's facilities. All credits generated during the year ended December 31, 2025, were sold in accordance with these agreements. The final proceeds are dependent on actual production and the final CI score at the company's facilities. Based on production and CI scores for the year ended December 31, 2025, the company recorded an income tax benefit of $54.2 million, net of a valuation allowance, related to 45Z production tax credits. The company expects to benefit from certain energy related tax credits in future years.
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed as described in more detail in Note 4 – Merger and Dispositions included herein. For income tax purposes, the total consideration given by the company in exchange for the remaining interest in the partnership, creates a tax basis in the acquired interest. Because the GAAP basis in the acquired interest is less than the total consideration, a new deferred tax asset was created. The company's valuation allowance on deferred tax assets increased by a corresponding amount, which did not have a material impact on the company's consolidated financial statements.
On July 30, 2025 the company settled our federal R&D tax credit audit covering years 2013 through 2018 with the IRS Independent Office of Appeals. The final settlement was in accordance with the agreement in-principle reached in November 2024. As a result of the settlement, the company released our reserve for unrecognized tax benefits and adjusted our R&D tax credit carry-forward to reflect the post settlement amount. The settlement did not have a material impact on the company's consolidated financial statements. The company’s federal income tax returns for the tax years ended December 31, 2022 through 2024 are still subject to audit.
In accordance with ASU 2023-09, income tax expense (benefit) consists of the following (in thousands):
Year Ended December 31,
2025
Current
Federal$1,181
State58
Foreign—
Total current1,239
Deferred
Federal(53,098)
State113
Foreign—
Total deferred(52,985)
Total income tax expense (benefit)$(51,746)
Income tax expense (benefit) consists of the following (in thousands):
Year Ended December 31,
20242023
Current
$2,268 $1,238 
Deferred3,944 (6,855)
Total income tax expense (benefit)$6,212 $(5,617)

In accordance with ASU 2023-09, the following table summarizes differences between income tax expense (benefit) at the statutory federal income tax rate and as presented on the consolidated statements of operations (in thousands):
Year Ended December 31,
2025
Tax expense at federal statutory rate$(35,841)21.0%
State income tax expense, net of federal benefit (1)
231 (0.1)
Foreign tax effects
——
Effect of changes in tax laws or rates
——
Effect of cross-border taxes
——
Tax Credits
Section 45Z production tax credits
(63,180)37.0%
Changes in valuation allowances
45,595(26.7)%
Nontaxable or nondeductible items
Stock compensation
2,798(1.6)%
Other
811 (0.5)%
Changes in unrecognized tax benefits
— —%
Other adjustments
Deferred tax asset adjustment
(2,487)1.4%
Other
327(0.2)%
Income tax expense (benefit)$(51,746)30.3%
(1)State taxes in Louisiana and New Jersey accumulated to over 50% of the tax effect in this category.
Differences between income tax expense (benefit) at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands):
Year Ended December 31,
20242023
Tax expense at federal statutory rate$(14,750)$(17,293)
State income tax expense (benefit), net of federal benefit1,123 (662)
Nondeductible compensation1,3882,787
Noncontrolling interests(150)(3,660)
Dissolution of MLP23,919—
R&D tax credit audit agreement in-principle(232)—
Increase (decrease) in valuation allowance(5,491)15,892
Stock compensation278(4,440)
Other1271,759
Income tax expense (benefit)$6,212 $(5,617)
Significant components of deferred tax assets and liabilities are as follows (in thousands):
December 31,
20252024
Deferred tax assets
Net operating loss carryforwards - Federal$55,667$26,104
Net operating loss carryforwards - State21,47415,777
Tax credit carryforwards - Federal74,50135,098
Tax credit carryforwards - State3701,359
Section 174 capitalized expenses38,84954,470
Interest expense carryforward32,75620,003
Investment in partnerships and joint ventures4,6573,807
Inventory valuation1,178983
Stock-based compensation1,8111,377
Accrued expenses10,7237,818
Lease obligations17,64018,693
Organizational and start-up costs331379
Other1,6581,580
Total261,615187,448
Valuation allowance(118,865)(77,657)
Total deferred tax assets142,750109,791
Deferred tax liabilities
Fixed assets(91,831)(98,485)
Derivative financial instruments(1,043)(78)
Right-of-use assets(16,039)(17,081)
Total deferred tax liabilities(108,913)(115,644)
Deferred income taxes, net$33,837$(5,853)
At December 31, 2025, the company has federal research and development credits of $28.5 million which will begin to expire in 2033 and federal 45Z production tax credits of $40.3 million, which are contracted for sale with a third-party. The company also has $0.3 million of state credits which will expire, subject to taxable income, beginning in 2026. The company has federal net operating losses of $55.7 million, which do not have an expiration date and state net operating losses of $21.5 million, some of which begin expiring in 2026. The company also has a capital loss carry-forward of $1.0 million which will expire in 2030.
The company has established a valuation allowance against its deferred tax assets due to uncertainty that it will realize these assets in the future. The valuation allowance on deferred tax assets was recognized as a result of negative evidence, including cumulative losses in recent years, outweighing the more subjective positive evidence. Management considers whether it is more likely than not that some or all of the deferred tax assets will be realized, which is dependent on the generation of future taxable income and other tax attributes during the periods those temporary differences become deductible. Scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies are considered to make this assessment. The company will continue to regularly assess the realizability of deferred tax assets. Changes in earnings performance and future earnings projections, among other factors, may cause the company to adjust its valuation allowance on deferred tax assets, which would impact the company’s results of operations in the period it is determined that these factors have changed.
The company has no unrecognized tax benefits at December 31, 2025. The company had $79.5 million of unrecognized tax benefits at December 31, 2024. Unrecognized tax benefits were recorded as a reduction of the deferred tax asset associated with the federal tax credit carryforwards. Interest and penalties associated with uncertain tax positions are accrued as part of income taxes payable. On July 30, 2025, the company settled our federal R&D tax credit audit covering tax years
2013 through 2018 with the IRS Independent Office of Appeals. As a result of the settlement, the company released its reserve for unrecognized tax benefits.
Income taxes paid, net of refunds, were as follows (in thousands):
Year Ended December 31,
2025
Federal
$76 
State
1,692 
Foreign
—
Total
$1,768 
State jurisdictions exceeding 5% of total income taxes paid, net of refunds
Texas
$1,283
New Jersey
109
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Lease Expense
The company leases certain facilities, parcels of land, and equipment, with remaining terms ranging from less than one year to 11.9 years. The land and facility leases include renewal options. The renewal options are included in the lease term only for those sites or locations in which they are reasonably certain to be renewed. Equipment renewals are not considered reasonably certain to be exercised as they typically renew with significantly different underlying terms.
The company may sublease certain of its railcars to third parties on a short-term basis. The subleases are classified as operating leases, with the associated sublease income being recognized on a straight-line basis over the lease term.
The components of lease expense are as follows (in thousands):
Year Ended December 31,
202520242023
Lease expense
Operating lease expense$29,474$29,061$27,773
Variable lease expense (benefit) (1)
1,2431,075(97)
Total lease expense$30,717$30,136$27,676
(1)Represents amounts incurred in excess of the minimum payments required for a certain building lease and for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade.
Supplemental cash flow information related to operating leases is as follows (in thousands):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$29,955$29,568$27,275
Right-of-use assets obtained in exchange for lease obligations
Operating leases22,02425,40328,471
Right-of-use assets and lease obligations derecognized due to lease modifications
Right-of-use assets (1)
3,7392,2083,428
Lease obligations (1)
3,7392,7393,428
(1)Amounts presented in 2025 are related to the Obion Transaction, amounts in 2024 are related to the Birmingham Transaction, while amounts in 2023 relate to the Atkinson Transaction. Derecognition of right-of-use assets and lease obligations for both dispositions is related to railcar operating leases.
Supplemental balance sheet information related to operating leases is as follows:
2025 2024
Weighted average remaining lease term3.8 years 4.0 years
Weighted average discount rate5.46% 5.36%
Aggregate minimum lease payments under the operating lease agreements for future fiscal years as of December 31, 2025 are as follows (in thousands):
Year Ending December 31,
Amount
2026$24,365
202720,092
202811,618
20298,087
20304,418
Thereafter3,738
Total72,318
Less: Present value discount(7,113)
Lease liabilities$65,205
Other Commitments
As of December 31, 2025, the company had contracted future purchases of grain, ethanol, distillers grains, and natural gas valued at approximately $202.2 million and future commitments for storage and transportation, valued at approximately $31.4 million.
The company has entered into contracts with Tallgrass High Plains Carbon Storage, LLC and its affiliates, related to the construction, development and operation of carbon capture and sequestration projects at our three Nebraska plants. As of December 31, 2025, one project has met criteria for substantial completion and is classified as debt and the two other projects are in the final stages and did not reach substantial completion until January of 2026. Payments associated with these contracts are due monthly over a period of twelve years, commencing after the capture facilities are considered substantially complete. Amounts due under the contracts are based on the achievement of certain project milestones and are subject to
termination of all or portions of the contracts. Certain of the future obligations to Tallgrass High Plains Carbon Storage, LLC are secured by a leasehold deed of trust, security agreement and assignment of rents and leases. As of December 31, 2025, the company had incurred $104.2 million of accumulated construction costs in relation to the two projects yet to reach substantial completion, presented as carbon equipment liabilities on the consolidated balance sheets.
Government Assistance
During the year ended December 31, 2023 the company received relief grants of $3.4 million from the USDA related to the Biofuel Producer Program. The grants received were recorded as other income and the company has no further reporting or other obligations related to the receipt of these grants.
Legal
The company is currently involved in litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
The company offers eligible employees a comprehensive employee benefits plan that includes health, dental, vision, life and accidental death, short-term disability and long-term disability insurance, and flexible spending accounts. The company also offers a 401(k) plan enabling eligible employees to save for retirement on a tax-deferred basis up to the limits allowed under the Internal Revenue Code. Effective January 1, 2025, the company decreased the employer match for employees with 5 years of service from 8% to 6% of eligible employee contributions, the same match for eligible employees with less than 5 years of service. Employee and employer contributions are 100% vested immediately. Employer contributions to the 401(k) plan for the years ended December 31, 2025, 2024 and 2023 were $3.0 million, $4.5 million and $3.9 million, respectively.
The company contributes to a defined benefit pension plan. Since January 2009, the benefits under the plan were frozen; however, the company remains obligated to ensure the plan is funded according to its requirements. As of December 31, 2025, the plan’s assets were $4.7 million and liabilities were $4.8 million. At December 31, 2025 and 2024, net liabilities of $0.1 million and $0.7 million, respectively, were included in other liabilities on the consolidated balance sheets.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTSIn January of 2026, the CCS construction projects at the company's Nebraska plants in Wood River and Central City reached substantial completion, joining the company's York, Nebraska plant which reached substantial completion in December of 2025. In accordance with the financing agreements for these projects, repayments have commenced in 2026. Monthly repayments are scheduled to continue for twelve years. Amounts classified as carbon equipment liabilities in the company's consolidated balance sheets as of December 31, 2025 will be reclassified as debt beginning in January 2026
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We promote a company-wide culture of cybersecurity risk management to ensure that cybersecurity risk considerations are an integral part of decision-making at all organizational levels. To protect the confidentiality, integrity and availability of our data and information systems, we have implemented cyber defenses and continuously enhance them to address evolving threats. Our information technology (IT) department actively monitors and evaluates our cybersecurity practices to ensure alignment with our business objectives and operational needs. Our cybersecurity program is comprehensive in scope and covers the systems supporting all our business operations.
Our program is built on industry-standard frameworks, including the National Institute of Standards and Technology, and the Cybersecurity and Infrastructure Security Agency. We also follow applicable federal and state statutory and regulatory guidance and have adopted internal policies and standards in alignment with these federal and state requirements. Furthermore, we collaborate with external experts, consultants and auditors in routinely evaluating and testing our information systems controls. We have regular CISA vulnerability scans and cyber table-top exercises to help us test and refine our formal Cyber Incident Response Plan.
We maintain a well-documented process to oversee cybersecurity risks associated with our third-party service providers. We evaluate our third parties prior to any engagements and review their System and Organization Controls reports to obtain reasonable assurance that their controls meet our security standards.
Our IT policies communicate our expectations for employees and contractors regarding the security of our IT systems. We perform annual cyber security and technology processes training programs and regular third-party phishing campaigns to raise awareness of potential threats.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We promote a company-wide culture of cybersecurity risk management to ensure that cybersecurity risk considerations are an integral part of decision-making at all organizational levels. To protect the confidentiality, integrity and availability of our data and information systems, we have implemented cyber defenses and continuously enhance them to address evolving threats. Our information technology (IT) department actively monitors and evaluates our cybersecurity practices to ensure alignment with our business objectives and operational needs. Our cybersecurity program is comprehensive in scope and covers the systems supporting all our business operations.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Audit Committee of the Board of Directors has oversight of management's efforts with respect to IT systems and cybersecurity. As part of this oversight, the company's IT leader meets on a quarterly basis with the Audit Committee and on an annual basis with the company's Board of Directors. During these update meetings, IT provides the Audit Committee and Board of Directors updates regarding any changes around our cyber defenses, ongoing IT initiatives, and emerging threats and plans to pro-actively counter these threats.
Management continuously monitors the effectiveness of our cybersecurity defenses and invests in regular, ongoing cybersecurity training for both our IT department and the organization overall. Our Director of IT Security brings over 25 years of cybersecurity experience, including an Information Technology Infrastructure background, Information Security Officer responsibilities, and experience managing multi-tier secure networks in the United States Air Force. Similarly, our Director of IT Infrastructure brings over 25 years of experience spanning a broad range of technologies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board of Directors has oversight of management's efforts with respect to IT systems and cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee of the Board of Directors has oversight of management's efforts with respect to IT systems and cybersecurity. As part of this oversight, the company's IT leader meets on a quarterly basis with the Audit Committee and on an annual basis with the company's Board of Directors. During these update meetings, IT provides the Audit Committee and Board of Directors updates regarding any changes around our cyber defenses, ongoing IT initiatives, and emerging threats and plans to pro-actively counter these threats.
Cybersecurity Risk Role of Management [Text Block]
The Audit Committee of the Board of Directors has oversight of management's efforts with respect to IT systems and cybersecurity. As part of this oversight, the company's IT leader meets on a quarterly basis with the Audit Committee and on an annual basis with the company's Board of Directors. During these update meetings, IT provides the Audit Committee and Board of Directors updates regarding any changes around our cyber defenses, ongoing IT initiatives, and emerging threats and plans to pro-actively counter these threats.
Management continuously monitors the effectiveness of our cybersecurity defenses and invests in regular, ongoing cybersecurity training for both our IT department and the organization overall. Our Director of IT Security brings over 25 years of cybersecurity experience, including an Information Technology Infrastructure background, Information Security Officer responsibilities, and experience managing multi-tier secure networks in the United States Air Force. Similarly, our Director of IT Infrastructure brings over 25 years of experience spanning a broad range of technologies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Management continuously monitors the effectiveness of our cybersecurity defenses and invests in regular, ongoing cybersecurity training for both our IT department and the organization overall. Our Director of IT Security brings over 25 years of cybersecurity experience, including an Information Technology Infrastructure background, Information Security Officer responsibilities, and experience managing multi-tier secure networks in the United States Air Force. Similarly, our Director of IT Infrastructure brings over 25 years of experience spanning a broad range of technologies.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Director of IT Security brings over 25 years of cybersecurity experience, including an Information Technology Infrastructure background, Information Security Officer responsibilities, and experience managing multi-tier secure networks in the United States Air Force. Similarly, our Director of IT Infrastructure brings over 25 years of experience spanning a broad range of technologies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Audit Committee of the Board of Directors has oversight of management's efforts with respect to IT systems and cybersecurity. As part of this oversight, the company's IT leader meets on a quarterly basis with the Audit Committee and on an annual basis with the company's Board of Directors. During these update meetings, IT provides the Audit Committee and Board of Directors updates regarding any changes around our cyber defenses, ongoing IT initiatives, and emerging threats and plans to pro-actively counter these threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Consolidated Financial Statements
Consolidated Financial Statements
The consolidated financial statements include the company’s accounts, and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to Note 4 – Merger and Dispositions included herein for more information.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total assets, liabilities, or equity on the consolidated balance sheets, but separately disclose comparable balances of liabilities previously disclosed within other liabilities.
Use of Estimates in the Preparation of Consolidated Financial Statements
Use of Estimates in the Preparation of Consolidated Financial Statements
The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.
Description of Business
Description of Business
The company operates within two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.
•Ethanol Production. Our ethanol production segment includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil at nine biorefineries in Illinois, Indiana, Iowa, Minnesota and Nebraska. At capacity, our facilities are capable of processing approximately 287 million bushels of corn per year and producing approximately 850 million gallons of ethanol, 2.0 million tons of distillers grains and Ultra-High Protein, and 296 million pounds of renewable corn oil, a low-carbon feedstock for biodiesel and renewable diesel. We are one of the largest ethanol producers in North America.
•Agribusiness and Energy Services. Our agribusiness and energy services segment includes grain procurement, storage and commodity marketing. We market our ethanol through a 3rd party and also sell and distribute our ethanol plant co-products, including distillers grains and corn oil. We also buy and sell natural gas and other commodities in various markets.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.
Restricted Cash
Restricted Cash
The company has restricted cash, which can only be used for funding letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.
Revenue Recognition
Revenue Recognition
The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.
Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer.
The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss.
Sales of products are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.
Shipping and Handling Costs
Shipping and Handling Costs
The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.
Cost of Goods Sold
Cost of Goods Sold
Cost of goods sold includes materials, direct labor, shipping, plant overhead and transportation costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals.
The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and
options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract are based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.
Derivative Financial Instruments
Derivative Financial Instruments
The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses.
By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments.
Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment.
Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value.
At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.
Concentrations of Credit Risk
Concentrations of Credit Risk
The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, distillers grains, Ultra-High Protein and renewable corn oil, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs.
The company has master netting arrangements with various counterparties for ethanol sales and related marketing fees and the purchase and sale of natural gas. On the consolidated balance sheets, the associated net amount for each counterparty is reflected as either an accounts receivable or accounts payable. If the amount for each counterparty were reflected on a gross basis, the company's accounts receivable and accounts payable would increase by $5.9 million and $0.5 million at
December 31, 2025 and 2024, respectively.
Inventories
Inventories
Corn held for ethanol production, ethanol, distillers grain, Ultra-High Protein, and renewable corn oil inventories are recorded at the lower of average cost or net realizable value, except fair-value hedged inventories.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets:
Years
Buildings and improvements
10-40
Plant equipment
10-40
Other machinery and equipment
5-7
Land improvements
15-40
Railroad track and equipment
20-30
Computer hardware and software
3-5
Office furniture and equipment
5-7
Property and equipment is capitalized at cost. Land improvements, interest incurred during construction and other property improvements are capitalized and depreciated. Betterment of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency or improve the safety of our operations. Costs of repairs and normal maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets.
Intangible Assets
Intangible Assets
Our intangible assets consist primarily of customer relationships, intellectual property, and licenses. These intangible assets were capitalized at fair market value and are being amortized over their estimated useful lives.
Assets Held for Sale
Assets Held for Sale
In accordance with ASC 360, Property, Plant, Equipment, the company determined the carrying values of certain assets classified as held for sale were not recoverable and exceeded their fair values. The company then measured the impairment losses by comparing the book values with current third-party quoted market prices
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The company reviews its long-lived assets, currently consisting of property and equipment, operating lease right-of-use assets, intangible assets and equity method investments, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required to determine the fair value of our long-lived assets and measure impairment, which includes projected cash flows. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in an impairment of the asset.
Goodwill
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The determination of goodwill takes into consideration the fair value of net tangible and intangible assets. The company’s goodwill is related to an acquisition within our ethanol production segment.
The company is required to perform impairment tests related to goodwill annually, which it performs as of October 1, or if an indicator of impairment occurs. Circumstances that may indicate impairment include a decline in the company’s future projected cash flows, a decision to suspend plant operations for an extended period of time, sustained decline in the company’s market capitalization or market prices for similar assets or businesses, or a significant adverse change in legal or regulatory matters or business climate. Significant management judgment is required to determine the fair value of goodwill and measure impairment, which include, but are not limited to, market capitalization, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in a write-down of the asset.
Leases
Leases
The company leases certain facilities, parcels of land, and equipment. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The term of the lease may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. For leases with initial terms greater than 12 months, the company records operating lease right-of-use assets and corresponding operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company did not incur any material short-term lease expense for the years ended December 31, 2025, 2024 or 2023.
Operating lease right-of-use assets represent the right to control an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on information available at commencement date to determine the present value of future payments.
The company elected to utilize a portfolio approach for lease classification, which allows for an entity to group together leases with similar characteristics provided that its application does not create a material difference when compared to accounting for the leases at a contract level. For railcar leases, the company elected to combine the railcars within each rider and account for each rider as an individual lease.
From a lessee perspective, the company combines both the lease and non-lease components and accounts for them as one lease. Certain of the company’s railcar agreements provide for maintenance costs to be the responsibility of the company as incurred or charged by the lessor. This maintenance cost is a non-lease component that the company combines with the monthly rental payment and accounts for the total cost as operating lease expense. In addition, the company has a land lease that contains a non-lease component for the handling and unloading services the landlord provides. The company combines the cost of services with the land lease cost and accounts for the total as operating lease expense.
Investments in Equity Method Investees
Investments in Equity Method Investees
The company accounts for investments in which the company exercises significant influence using the equity method so long as the company (i) does not control the investee and (ii) is not the primary beneficiary of the entity. The company recognizes these investments as a separate line item in the consolidated balance sheets and its proportionate share of earnings on a separate line item in the consolidated statements of operations.
The company recognizes losses in the value of equity method investments when there is evidence of an other-than-temporary decrease in value. Evidence of a loss might include, but would not necessarily be limited to, the inability to recover the carrying amount of the investment or the inability of the equity method investee to sustain an earnings capacity that justifies the carrying amount of the investment. The current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. The company evaluates equity method investments for impairment if there is evidence an investment may be impaired. Distributions paid to the company from unconsolidated affiliates are classified as operating activities in the consolidated statements of cash flows until the cumulative distributions exceed the
company’s proportionate share of income from the unconsolidated affiliate since the date of initial investment. The amount of cumulative distributions paid to the company that exceeds the cumulative proportionate share of income in each period represents a return of investment, which is classified as an investing activity in the consolidated statements of cash flows.
Product Financing Arrangement
Product Financing Arrangement
During the second quarter of 2025, the company entered into a product financing arrangement with a financial institution in which it received up front payment for corn oil that the company has an obligation to repurchase in weekly increments through January of 2026. In accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"), this agreement was accounted for as a financing transaction and revenue is precluded.
Financing Costs
Financing Costs
Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
Selling, general and administrative expenses consist of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities.
Stock-Based Compensation
Stock-Based Compensation
The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the market price of the award on the date of the award agreement, or an estimated fair value for market-based awards, and is recognized over the service period on a straight-line basis, which is usually the vesting period.
Income Taxes
Income Taxes
The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The company recognizes uncertainties in income taxes within the financial statements under a process by which the
likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements.
The company has determined that it qualifies for clean fuel production tax credits allowable under the IRA and OBBB. The credits are recognized as a tax benefit in the period in which production occurs, and the product is sold in a qualifying manner. The tax benefit recognized is determined based on the company's CI score to date and the expected sales price of the credits. The credits are recorded within income tax benefit (expense) on the consolidated statements of operations.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities. This ASU establishes a unified accounting model for business entities when recognizing, measuring, and presenting government grants. The ASU categorizes grants as either related to an asset or related to income. A grant related to income is recognized in earnings in a systematic and rational manner over the periods in which the entity recognizes the related expenses. Presentation of the grant on the income statement can be either as a component of other income or as a deduction from the related expenses. The standard is effective for annual periods beginning after December 15, 2028. However, the ASU permits early adoption. The company is considering early adopting the provisions of ASU 2025-10 effective in the first quarter of 2026 and is still assessing the impact on its financial statements, including the presentation of its Section 45Z production tax credits.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which provides clarity in assessing an entity's performance and prospects for future cash flows by disclosure of more detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 is effective for the company's fiscal year ended December 31, 2027. Early adoption is permitted. The company is currently evaluating the impact of this ASU.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the company's fiscal year ended December 31, 2025. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The company has adopted this ASU on a prospective basis.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Assets Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets:
Years
Buildings and improvements
10-40
Plant equipment
10-40
Other machinery and equipment
5-7
Land improvements
15-40
Railroad track and equipment
20-30
Computer hardware and software
3-5
Office furniture and equipment
5-7
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue by Major Source
The following tables disaggregate revenue by major source (in thousands):
Twelve Months Ended December 31, 2025
Ethanol ProductionAgribusiness & Energy ServicesEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains83,613 11,785 — 95,398 
Renewable corn oil— — — — 
Other89,895 3,686 — 93,581 
Intersegment revenues860 259 (1,119)— 
Total revenues from contracts with customers174,368 15,730 (1,119)188,979 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol1,372,928 116,300 — 1,489,228 
Distillers grains201,674 16,830 — 218,504 
Renewable corn oil152,888 — — 152,888 
Other— 42,081 — 42,081 
Intersegment revenues— 22,402 (22,402)— 
Total revenues from contracts accounted for as derivatives1,727,490 197,613 (22,402)1,902,701 
Total Revenues$1,901,858 $213,343 $(23,521)$2,091,680 
Twelve Months Ended December 31, 2024
Ethanol ProductionAgribusiness & Energy ServicesEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains88,660 10,015 — 98,675 
Renewable corn oil— — — — 
Other55,613 8,685 — 64,298 
Intersegment revenues3,707 287 (3,994)— 
Total revenues from contracts with customers147,980 18,987 (3,994)162,973 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol1,522,215 329,768 — 1,851,983 
Distillers grains252,694 28,630 — 281,324 
Renewable corn oil136,671 3,346 — 140,017 
Other7,529 14,970 — 22,499 
Intersegment revenues— 25,406 (25,406)— 
Total revenues from contracts accounted for as derivatives1,919,109 402,120 (25,406)2,295,823 
Total Revenues$2,067,089 $421,107 $(29,400)$2,458,796 
Twelve Months Ended December 31, 2023
Ethanol ProductionAgribusiness & Energy ServicesEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains85,474 — — 85,474 
Renewable corn oil— — — — 
Other35,222 15,593 — 50,815 
Intersegment revenues4,555 239 (4,794)— 
Total revenues from contracts with customers125,251 15,832 (4,794)136,289 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol2,117,296 388,764 — 2,506,060 
Distillers grains377,357 34,818 — 412,175 
Renewable corn oil179,424 8,048 — 187,472 
Other25,213 28,534 — 53,747 
Intersegment revenues— 24,907 (24,907)— 
Total revenues from contracts accounted for as derivatives2,699,290 485,071 (24,907)3,159,454 
Total Revenues$2,824,541 $500,903 $(29,701)$3,295,743 
(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.
v3.25.4
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Amounts Of Identifiable Assets Disposed And Liabilities Relinquished
The assets sold and liabilities transferred as a result of the Obion Transaction were as follows (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories$19,529 
Prepaid expenses and other21 
Derivative financial instruments25 
Property and equipment127,088 
Operating lease right-of-use assets3,739 
Accounts payable(5,485)
Accrued and other liabilities(2,495)
Operating lease current liabilities(1,687)
Operating lease long-term liabilities(2,052)
Debt(657)
Total identifiable net assets disposed$138,026 
The assets sold and liabilities transferred of the Birmingham Transaction at closing on September 30, 2024 were as follows (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Prepaid expenses and other1,209
Property and equipment7,012
Operating lease right-of-use assets2,208
Goodwill10,598
Operating lease current liabilities(427)
Operating lease long-term liabilities(2,312)
Other liabilities(556)
Total identifiable net assets disposed$17,732
The assets sold and liabilities transferred of the Atkinson plant at closing on September 7, 2023 were as follows: (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories$3,164
Prepaid expenses and other423
Property, plant and equipment15,199
Operating lease right-of-use assets3,428
Accrued and other liabilities(162)
Operating lease current liabilities(1,332)
Operating lease long-term liabilities(2,096)
Other liabilities(189)
Total identifiable net assets disposed$18,435
v3.25.4
Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Fair Value The company’s assets and liabilities by level are as follows (in thousands):
Fair Value Measurements at December 31, 2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)		Total
Assets
Cash and cash equivalents$182,319 $— $— $182,319 
Restricted cash47,813 — — 47,813 
Inventories carried at market— 24,736 — 24,736 
Derivative financial instruments - assets— 6,927 — 6,927 
Property and equipment, net of accumulated depreciation and amortization (1)
— — 2,000 2,000 
Total assets measured at fair value$230,132 $31,663 $2,000 $263,795 
Liabilities
Accounts payable (2)
$— $28,598 $— $28,598 
Derivative financial instruments - liabilities— 7,901 — 7,901 
Other liabilities— 1 — 1 
Total liabilities measured at fair value$— $36,500 $— $36,500 
Fair Value Measurements at December 31, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)		Total
Assets
Cash and cash equivalents$173,041$—$—$173,041
Restricted cash36,354——36,354
Inventories carried at market—48,500—48,500
Derivative financial instruments - assets—10,154—10,154
Total assets measured at fair value$209,395$58,654$—$268,049
Liabilities
Accounts payable (2)
$—$23,208$—$23,208
Accrued and other liabilities (3)
—2,094—2,094
Derivative financial instruments - liabilities—4,791—4,791
Other liabilities (3)
—979—979
Total liabilities measured at fair value$—$31,072$—$31,072
(1)Property and equipment, net of accumulated depreciation and amortization includes $2.0 million of assets held for sale at December 31, 2025.
(2)Accounts payable is generally stated at historical amounts with the exception of $28.6 million and $23.2 million at December 31, 2025 and 2024, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.
(3)As of December 31, 2024, accrued and other liabilities includes $2.1 million and other liabilities includes $1.0 million of consideration related to potential earn-out payments recorded at fair value.
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule Of Financial Data
The following tables set forth certain financial data for the company’s operating segments (in thousands):
Year Ended December 31,
202520242023
Revenues
Ethanol production
Revenues from external customers$1,900,999$2,063,382$2,819,986
Intersegment revenues8593,7074,555
Total segment revenues1,901,8582,067,0892,824,541
Agribusiness and energy services
Revenues from external customers 190,681395,414475,757
Intersegment revenues22,66225,69325,146
Total segment revenues213,343421,107500,903
Revenues including intersegment activity2,115,2012,488,1963,325,444
Intersegment eliminations(23,521)(29,400)(29,701)
$2,091,680$2,458,796$3,295,743
Refer to Note 3 – Revenue, for further disaggregation of revenue by operating segment.
Year Ended December 31,
202520242023
Cost of goods sold
Ethanol production$1,804,279$1,983,460$2,705,917
Agribusiness and energy services173,996374,286454,776
Intersegment eliminations(23,521)(29,400)(29,701)
$1,954,754$2,328,346$3,130,992
Year Ended December 31,
202520242023
Gross margin  
Ethanol production (1)(2)
$97,579 $83,629 $118,624 
Agribusiness and energy services39,347 46,821 46,127 
$136,926 $130,450 $164,751 
Year Ended December 31,
202520242023
Depreciation and amortization
Ethanol production$90,553$82,784$92,712
Agribusiness and energy services (3)
4,7412,1852,360
Corporate activities (4)
3,1405,6183,172
$98,434$90,587$98,244
Year Ended December 31,
202520242023
Operating income (loss)
Ethanol production (1)(2)(5)
$(55,482)$(40,758)$(19,958)
Agribusiness and energy services (3)
20,66028,15628,100
Corporate activities (4)(6)(7)
(32,426)(34,857)(69,720)
$(67,248)$(47,459)$(61,578)
(1)Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the year ended December 31, 2025.
(2)Ethanol production includes an inventory lower of cost or net realizable value adjustment of $1.5 million, $2.1 million, and $2.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(3)Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the year ended December 31, 2025.
(4)Depreciation and amortization for corporate activities includes impairment of a research and development technology intangible asset of $3.5 million for the year ended December 31, 2024.
(5)Ethanol production includes impairment of assets held for sale of $14.6 million for the year ended December 31, 2025.
(6)Corporate activities include $16.1 million of restructuring costs for the year ended December 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.
(7)Corporate activities for the years ended December 31, 2025 and 2024 include a $31.5 million and $30.7 million gain on sale of assets, net, respectively.
The following table sets forth capital expenditures by operating segment (in thousands):
Year Ended December 31,
202520242023
Capital expenditures
Ethanol production$36,718$89,230$107,468
Agribusiness and energy services164833512
Corporate activities3175,021494
$37,199$95,084$108,474
Schedule of Restructuring Reserve by Type of Cost
During the year ended December 31, 2025, the company incurred restructuring costs related to severance, stock based compensation and other charges as a result of cost reduction initiatives that were recorded within the following line items in the consolidated statements of operations (in thousands):
Year Ended December 31, 2025
Ethanol productionAgribusiness and energy servicesCorporate activitiesSubtotal
Cost of goods sold$2,373 710 — $3,083 
Selling, general and administrative expenses4802,05016,05918,589 
Other, net2239411,5052,669 
Total restructuring costs$3,076 3,701 17,564 $24,341 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following tables reconcile EBITDA, our segment measure of profit or loss, to net loss (in thousands). EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs.
Year Ended December 31, 2025
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$33,247 $25,661 $58,908 
Depreciation and amortization(90,553)(4,741)(95,294)
Interest expense(55,342)(5,990)(61,332)
Subtotal$(112,648)$14,930 $(97,718)
Unallocated corporate expenses (1)
(75,701)
Income tax benefit, net of equity method income taxes52,419
Net loss$(121,000)
Year Ended December 31, 2024
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$39,645 $31,935 $71,580 
Depreciation and amortization(82,784)(2,185)(84,969)
Interest expense(22,056)(4,722)(26,778)
Subtotal$(65,195)$25,028 $(40,167)
Unallocated corporate expenses (1)
(35,869)
Income tax expense, net of equity method income taxes(5,153)
Net loss$(81,189)
Year Ended December 31, 2023
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$78,561 $31,689 $110,250 
Depreciation and amortization(92,712)(2,360)(95,072)
Interest expense(23,545)(7,723)(31,268)
Subtotal$(37,696)$21,606 $(16,090)
Unallocated corporate expenses (1)
(65,826)
Income tax benefit, net of equity method income taxes5,617
Net loss$(76,299)
(1)Corporate expenses include selling, general administrative expenses, gain on sale of assets, net, depreciation and amortization, and interest expense, and during 2025 includes restructuring costs related to cost reduction initiatives and the departure of former CEO as well as losses on sale of equity method investment.
Schedule Of Total Assets For Operating Segments
The following table sets forth total assets by operating segment (in thousands):
Year Ended December 31,
20252024
Total assets (1)
Ethanol production$1,133,246$1,234,635
Agribusiness and energy services278,222412,006
Corporate assets173,481143,716
Intersegment eliminations(6,553)(8,183)
$1,578,396$1,782,174
(1)Asset balances by segment exclude intercompany balances.
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
The components of inventories are as follows (in thousands):
December 31,
20252024
Finished goods$24,891$72,863
Commodities held for sale24,73648,500
Raw materials26,65037,334
Work-in-process9,59713,569
Supplies and parts62,22155,178
$148,095$227,444
v3.25.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property and Equipment
The components of property and equipment are as follows (in thousands):
December 31,
20252024
Plant equipment$1,173,964$1,200,795
Buildings and improvements235,265218,660
Land and improvements94,045107,543
Railroad track and equipment21,76832,137
Construction-in-progress39,491174,151
Computer hardware and software30,51627,829
Office furniture and equipment2,9343,422
Leasehold improvements and other40,98627,516
Total property and equipment1,638,9691,792,053
Less: accumulated depreciation and amortization(681,713)(749,593)
Property and equipment, net$957,256$1,042,460
v3.25.4
Goodwill And Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of the FQT Intangible Assets The components of the intangible assets are as follows (in thousands):
December 31,
20252024
Customer relationships and backlog$17,628 $17,628 
Intellectual property9,700 9,700 
Trade name1,300 1,300 
Total28,628 28,628 
Accumulated amortization(18,151)(15,962)
Total intangible assets, net$10,477 $12,666 
Weighted average remaining amortization period7.9 years8.9 years
v3.25.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Financial Instruments
The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):
Asset Derivatives'
Fair Value at December 31,
Liability Derivatives'
Fair Value at December 31,
2025202420252024
Derivative financial instruments - forwards$6,927
(1)
$10,154$7,901$4,791
(2)
Other liabilities——115
Total$6,927$10,154$7,902$4,806
(1)At December 31, 2025, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $4.6 million, which include $0.6 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $1.1 million of net unrealized gains on derivative financial instruments designated as fair value hedging instruments and the balance representing economic hedges.
(2)At December 31, 2024, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $4.7 million, which include $0.5 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $3.0 million of unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):
Location of Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income into Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Year Ended December 31,
202520242023
Revenues$(2,355)$9,832 $2,482
Cost of goods sold(7,682)(23,270)(25,003)
Net loss recognized in loss before income taxes$(10,037)$(13,438)$(22,521)
Gain (Loss) Recognized in
Other Comprehensive Income on Derivatives		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Year Ended December 31,
202520242023
Commodity Contracts$(12,164)$(8,001)$8,369 
A portion of the company's derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.
Derivatives Not Designated
as Hedging Instruments		Location of Gain (Loss)
Recognized in
Income on Derivatives		Amount of Gain (Loss) Recognized in Income on Derivatives
Year Ended December 31,
202520242023
Exchange-traded futures and optionsRevenues$(10,176)$4,246 $(2,552)
ForwardsRevenues(402)(4,446)4,842 
Exchange-traded futures and optionsCost of goods sold5,067 24,045 45,065 
ForwardsCost of goods sold(2,317)5,442 (4,265)
Net gain (loss) recognized in loss before income taxes$(7,828)$29,287 $43,090 
The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):
December 31, 2025December 31, 2024
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is IncludedCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged AssetsCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Inventories$24,736 $(8,938)$48,500 $8,166 
Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2025
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$(2,355)$(7,682)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—3,339
Exchange-traded futures designated as hedging instruments—(1,171)
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$(2,355)$(5,514)
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2024
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income$9,832$(23,270)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—6,398
Exchange-traded futures designated as hedging instruments—(6,039)
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$9,832$(22,911)
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2023
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$2,482$(25,003)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—(11,657)
Exchange-traded futures designated as hedging instruments—14,417
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$2,482$(22,243)
Schedule of Open Position Derivative Financial Instruments
The notional volume of open commodity derivative positions as of December 31, 2025 are as follows (in thousands):
Exchange-Traded (1)
Non-Exchange-Traded (2)
Derivative InstrumentsNet Long & (Short)Long(Short)Unit of MeasureCommodity
Futures(7,970)BushelsCorn
Futures28,140 
(3)
BushelsCorn
Futures(2,975)
(4)
BushelsCorn
Futures(34,230)GallonsEthanol
Futures(82,152)
(3)
GallonsEthanol
Futures(1,163)MmBTUNatural Gas
Futures2,385
(3)
MmBTUNatural Gas
Futures(3,603)
(4)
MmBTUNatural Gas
Futures(13,680)PoundsSoybean Oil
Options3,953 PoundsSoybean Oil
Options983MmBTUNatural Gas
Forwards35,414— BushelsCorn
Forwards13,433(212,840)GallonsEthanol
Forwards38(220)TonsDistillers Grains
Forwards—(43,490)PoundsRenewable Corn Oil
Forwards4,962(552)MmBTUNatural Gas
(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.
(2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed.
(3)Notional volume of exchange-traded futures used for cash flow hedges.
(4)Notional volume of exchange-traded futures used for fair value hedges.
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Long-Term Debt, Current and Noncurrent [Abstract]  
Schedule of the Components of Long-Term Debt
The components of long-term debt are as follows (in thousands):
December 31,
20252024
Corporate
2.25% convertible notes due 2027 (1)
$60,000$230,000
5.25% convertible notes due 2030 (2)
200,000— 
Green Plains SPE LLC
Junior secured mezzanine notes due 2026 (3)
—125,000
Green Plains Shenandoah
Term loan due 2035 (4)
70,12571,625
Green Plains York Carbon Capture
  Tallgrass Term loan due 2037
34,523—
Other9,84211,163
Total book value of long-term debt374,490437,788
Unamortized debt issuance costs(8,574)(3,210)
Less: current maturities of long-term debt(3,924)(2,118)
Total long-term debt$361,992$432,460
(1)The 2027 Notes had $0.4 million and $2.7 million of unamortized debt issuance costs as of December 31, 2025 and 2024, respectively.
(2)The 2030 Notes had $8.0 million of unamortized debt issuance costs as of December 31, 2025.
(3)The junior notes had $0.2 million of unamortized debt issuance costs as of December 31, 2024.
(4)The loan had $0.2 million and $0.3 million of unamortized debt issuance costs as of December 31, 2025 and 2024, respectively.
Schedule of Maturities of Long-Term Debt
Scheduled long-term debt repayments excluding the effects of debt issuance costs, are as follows (in thousands):
Year Ending December 31,
Amount
2026$3,924
202763,952
20284,129
20294,339
2030204,441
Thereafter93,705
Total$374,490
Schedule of Short-term Notes Payable and Other Borrowings
The components of short-term notes payable and other borrowings are as follows (in thousands):
December 31,
20252024
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver
$25,000$133,500
Green Plains Commodity Management
$20.0 million hedge line
8,5847,329
$33,584$140,829
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Non-Vested Stock Award and DSU Activity
The restricted non-vested stock awards and deferred stock units activity for the year ended December 31, 2025 is as follows:
Non-Vested
Shares and
Deferred
Stock Units		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2024
735,513$23.45
Granted1,146,1275.74
Forfeited(187,203)14.82
Vested(611,204)19.76
Non-Vested at December 31, 2025
1,083,233$8.281.7
Schedule of Non-Vested Performance Share Award Activity
The non-vested performance share award activity for the year ended December 31, 2025 is as follows:
Performance
Shares		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2024
538,572$27.82
Granted460,6567.22
Forfeited(161,671)23.84
Vested(376,116)22.51
Non-Vested at December 31, 2025
461,441$12.981.8
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule Of Basic And Diluted Earnings Per Share
The basic and diluted EPS are calculated as follows (in thousands):
Year Ended December 31,
202520242023
Net loss attributable to Green Plains$(121,278)$(82,497)$(93,384)
Weighted average shares outstanding - basic and diluted67,496 63,796 58,814 
EPS - basic and diluted$(1.80)$(1.29)$(1.59)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)
9,259 7,696 8,419 
(1)The effect related to the company's convertible debt, warrants and certain stock-based compensation award has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Reclassification From Accumulated Other Comprehensive Income (Loss) Amounts reclassified from accumulated other comprehensive income (loss) are as follows (in thousands):
Year Ended December 31,
Statements of Operations
Classification
202520242023
Gains (losses) on cash flow hedges
Commodity derivatives$(2,355)$9,832$2,482(1)
Commodity derivatives(7,682)(23,270)(25,003)(2)
Total losses on cash flow hedges(10,037)(13,438)(22,521)(3)
Income tax benefit(2,529)(3,223)(5,438)(4)
Amounts reclassified from accumulated other comprehensive loss$(7,508)$(10,215)$(17,083) 
(1)Revenues
(2)Cost of goods sold
(3)Loss before income taxes and income from equity method investees
(4)Income tax benefit (expense)
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense
In accordance with ASU 2023-09, income tax expense (benefit) consists of the following (in thousands):
Year Ended December 31,
2025
Current
Federal$1,181
State58
Foreign—
Total current1,239
Deferred
Federal(53,098)
State113
Foreign—
Total deferred(52,985)
Total income tax expense (benefit)$(51,746)
Income tax expense (benefit) consists of the following (in thousands):
Year Ended December 31,
20242023
Current
$2,268 $1,238 
Deferred3,944 (6,855)
Total income tax expense (benefit)$6,212 $(5,617)
Schedule of Differences Between the Income Tax Expense (Benefit) Computed at the Statutory Federal income Tax Rate and as Presented on the Consolidated Statements of Operations
In accordance with ASU 2023-09, the following table summarizes differences between income tax expense (benefit) at the statutory federal income tax rate and as presented on the consolidated statements of operations (in thousands):
Year Ended December 31,
2025
Tax expense at federal statutory rate$(35,841)21.0%
State income tax expense, net of federal benefit (1)
231 (0.1)
Foreign tax effects
——
Effect of changes in tax laws or rates
——
Effect of cross-border taxes
——
Tax Credits
Section 45Z production tax credits
(63,180)37.0%
Changes in valuation allowances
45,595(26.7)%
Nontaxable or nondeductible items
Stock compensation
2,798(1.6)%
Other
811 (0.5)%
Changes in unrecognized tax benefits
— —%
Other adjustments
Deferred tax asset adjustment
(2,487)1.4%
Other
327(0.2)%
Income tax expense (benefit)$(51,746)30.3%
(1)State taxes in Louisiana and New Jersey accumulated to over 50% of the tax effect in this category.
Differences between income tax expense (benefit) at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands):
Year Ended December 31,
20242023
Tax expense at federal statutory rate$(14,750)$(17,293)
State income tax expense (benefit), net of federal benefit1,123 (662)
Nondeductible compensation1,3882,787
Noncontrolling interests(150)(3,660)
Dissolution of MLP23,919—
R&D tax credit audit agreement in-principle(232)—
Increase (decrease) in valuation allowance(5,491)15,892
Stock compensation278(4,440)
Other1271,759
Income tax expense (benefit)$6,212 $(5,617)
Schedule of Significant Components of Deferred Tax Assets and Liabilities
Significant components of deferred tax assets and liabilities are as follows (in thousands):
December 31,
20252024
Deferred tax assets
Net operating loss carryforwards - Federal$55,667$26,104
Net operating loss carryforwards - State21,47415,777
Tax credit carryforwards - Federal74,50135,098
Tax credit carryforwards - State3701,359
Section 174 capitalized expenses38,84954,470
Interest expense carryforward32,75620,003
Investment in partnerships and joint ventures4,6573,807
Inventory valuation1,178983
Stock-based compensation1,8111,377
Accrued expenses10,7237,818
Lease obligations17,64018,693
Organizational and start-up costs331379
Other1,6581,580
Total261,615187,448
Valuation allowance(118,865)(77,657)
Total deferred tax assets142,750109,791
Deferred tax liabilities
Fixed assets(91,831)(98,485)
Derivative financial instruments(1,043)(78)
Right-of-use assets(16,039)(17,081)
Total deferred tax liabilities(108,913)(115,644)
Deferred income taxes, net$33,837$(5,853)
Schedule of Income Taxes Paid
Income taxes paid, net of refunds, were as follows (in thousands):
Year Ended December 31,
2025
Federal
$76 
State
1,692 
Foreign
—
Total
$1,768 
State jurisdictions exceeding 5% of total income taxes paid, net of refunds
Texas
$1,283
New Jersey
109
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense are as follows (in thousands):
Year Ended December 31,
202520242023
Lease expense
Operating lease expense$29,474$29,061$27,773
Variable lease expense (benefit) (1)
1,2431,075(97)
Total lease expense$30,717$30,136$27,676
(1)Represents amounts incurred in excess of the minimum payments required for a certain building lease and for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade.
Schedule of Supplemental Cash Flow Information Related to Operating Leases
Supplemental cash flow information related to operating leases is as follows (in thousands):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$29,955$29,568$27,275
Right-of-use assets obtained in exchange for lease obligations
Operating leases22,02425,40328,471
Right-of-use assets and lease obligations derecognized due to lease modifications
Right-of-use assets (1)
3,7392,2083,428
Lease obligations (1)
3,7392,7393,428
(1)Amounts presented in 2025 are related to the Obion Transaction, amounts in 2024 are related to the Birmingham Transaction, while amounts in 2023 relate to the Atkinson Transaction. Derecognition of right-of-use assets and lease obligations for both dispositions is related to railcar operating leases.
Schedule of Supplemental Balance Sheet Information Related to Operating Leases
Supplemental balance sheet information related to operating leases is as follows:
2025 2024
Weighted average remaining lease term3.8 years 4.0 years
Weighted average discount rate5.46% 5.36%
Schedule of Aggregate Minimum Lease Payments
Aggregate minimum lease payments under the operating lease agreements for future fiscal years as of December 31, 2025 are as follows (in thousands):
Year Ending December 31,
Amount
2026$24,365
202720,092
202811,618
20298,087
20304,418
Thereafter3,738
Total72,318
Less: Present value discount(7,113)
Lease liabilities$65,205
v3.25.4
Basis of Presentation and Description of Business - Narrative (Details)
lb in Millions, gal in Millions, bu in Millions, T in Millions
 12 Months Ended
Dec. 31, 2025
ethanolPlant
segment
T
lb
gal
bu
Variable Interest Entity [Line Items]  
Number of operating segments | segment 2
Ethanol Production  
Variable Interest Entity [Line Items]  
Number of ethanol plants | ethanolPlant 9
Annual corn consumption capacity bushels | bu 287
Expected annual ethanol production | gal 850
Annual distillers grains production capacity, tons | T 2.0
Annual corn oil production pounds | lb 296
v3.25.4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Stockholders' equity $ 771,971 $ 874,537 $ 990,056 $ 1,061,066
Long-term debt 361,992 432,460    
Impairment of assets held for sale 14,562 0 0  
Assets held for sale 2,000      
Equity method investments   51,600    
Product financing liability 3,400      
Fair Value, Concentration of Risk, Maximum Amount of Loss        
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Fair value, concentration of risk, accounts payable $ 5,900 500    
GP Turnkey Tharaldson LLC        
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Equity method investment percentage 50.00%      
Additional Paid-in Capital        
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Stockholders' equity $ 1,267,839 1,213,646 1,113,806 1,110,151
Retained (Deficit)        
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Stockholders' equity $ (439,576) $ (318,298) $ (235,801) $ (142,417)
v3.25.4
Summary of Significant Accounting Policies - Schedule Of Estimated Useful Lives Of Assets (Details)
Dec. 31, 2025
Buildings and improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
Buildings and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Plant equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
Plant equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Other machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Other machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years
Land improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 15 years
Land improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Railroad track and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 20 years
Railroad track and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 30 years
Computer hardware and software | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Computer hardware and software | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Office furniture and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Office furniture and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years
v3.25.4
Revenue - Disaggregation Of Revenue By Major Source (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers $ 188,979 $ 162,973 $ 136,289
Total revenues from contracts accounted for as derivatives 1,902,701 2,295,823 3,159,454
Total Revenues 2,091,680 2,458,796 3,295,743
Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 1,489,228 1,851,983 2,506,060
Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 95,398 98,675 85,474
Total revenues from contracts accounted for as derivatives 218,504 281,324 412,175
Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 152,888 140,017 187,472
Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 93,581 64,298 50,815
Total revenues from contracts accounted for as derivatives 42,081 22,499 53,747
Operating Segments      
Disaggregation of Revenue [Line Items]      
Total Revenues 2,115,201 2,488,196 3,325,444
Eliminations      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers (1,119) (3,994) (4,794)
Total revenues from contracts accounted for as derivatives (22,402) (25,406) (24,907)
Total Revenues (23,521) (29,400) (29,701)
Eliminations | Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Eliminations | Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Eliminations | Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Eliminations | Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Eliminations | Intersegment revenues      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers (1,119) (3,994) (4,794)
Total revenues from contracts accounted for as derivatives (22,402) (25,406) (24,907)
Ethanol Production      
Disaggregation of Revenue [Line Items]      
Total Revenues 1,900,999 2,063,382 2,819,986
Ethanol Production | Operating Segments      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 174,368 147,980 125,251
Total revenues from contracts accounted for as derivatives 1,727,490 1,919,109 2,699,290
Total Revenues 1,901,858 2,067,089 2,824,541
Ethanol Production | Operating Segments | Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 1,372,928 1,522,215 2,117,296
Ethanol Production | Operating Segments | Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 83,613 88,660 85,474
Total revenues from contracts accounted for as derivatives 201,674 252,694 377,357
Ethanol Production | Operating Segments | Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 152,888 136,671 179,424
Ethanol Production | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 89,895 55,613 35,222
Total revenues from contracts accounted for as derivatives 0 7,529 25,213
Ethanol Production | Operating Segments | Intersegment revenues      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 860 3,707 4,555
Total revenues from contracts accounted for as derivatives 0 0 0
Ethanol Production | Eliminations      
Disaggregation of Revenue [Line Items]      
Total Revenues 859 3,707 4,555
Agribusiness & Energy Services      
Disaggregation of Revenue [Line Items]      
Total Revenues 190,681 395,414 475,757
Agribusiness & Energy Services | Operating Segments      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 15,730 18,987 15,832
Total revenues from contracts accounted for as derivatives 197,613 402,120 485,071
Total Revenues 213,343 421,107 500,903
Agribusiness & Energy Services | Operating Segments | Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 116,300 329,768 388,764
Agribusiness & Energy Services | Operating Segments | Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 11,785 10,015 0
Total revenues from contracts accounted for as derivatives 16,830 28,630 34,818
Agribusiness & Energy Services | Operating Segments | Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 3,346 8,048
Agribusiness & Energy Services | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 3,686 8,685 15,593
Total revenues from contracts accounted for as derivatives 42,081 14,970 28,534
Agribusiness & Energy Services | Operating Segments | Intersegment revenues      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 259 287 239
Total revenues from contracts accounted for as derivatives 22,402 25,406 24,907
Agribusiness & Energy Services | Eliminations      
Disaggregation of Revenue [Line Items]      
Total Revenues $ 22,662 $ 25,693 $ 25,146
v3.25.4
Revenue - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Minimum      
Disaggregation of Revenue [Line Items]      
Revenue, performance obligation, payment terms 10 days    
Maximum      
Disaggregation of Revenue [Line Items]      
Revenue, performance obligation, payment terms 30 days    
Revenue Benchmark | Customer A | Customer Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage 44.00%    
Revenue Benchmark | Customer B | Customer Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage   13.00% 15.00%
Revenue Benchmark | Customer C | Customer Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage     10.00%
v3.25.4
Acquisitions and Dispositions - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Aug. 27, 2025
Jun. 30, 2025
May 31, 2025
Sep. 30, 2024
Jan. 09, 2024
Jan. 08, 2024
Sep. 07, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 25, 2025
Business Combination [Line Items]                      
Equity method investments                 $ 51,600    
Common stock, par value (in dollars per share)               $ 0.001 $ 0.001    
Gain (loss) on disposal of assets               $ 31,535 $ 30,723 $ 5,265  
Partnership Merger                 (36,725)    
Common Stock                      
Business Combination [Line Items]                      
Partnership Merger                 5    
Proventus LLC | Discontinued Operations, Disposed of by Sale                      
Business Combination [Line Items]                      
Interest before disposal, percent     75.00%                
Pretax loss on sale     $ 4,000                
Property, plant and equipment     9,000                
Investment in subsidiaries     4,500                
Assets to be disposed of in the sale     $ 400                
GP Turnkey Tharaldson LLC | Discontinued Operations, Disposed of by Sale                      
Business Combination [Line Items]                      
Interest before disposal, percent   50.00%                  
Pretax loss on sale               26,900      
Equity method investments   $ 51,200                  
Assets to be disposed of in the sale   $ 24,300                  
Tennessee Ethanol Plant | Discontinued Operations, Disposed of by Sale                      
Business Combination [Line Items]                      
Property, plant and equipment                     $ 127,088
Proceeds from sale $ 170,000                    
Gain on sale of assets $ 35,800                    
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (loss) on disposal of assets                    
Transaction costs               $ 5,200      
Working capital $ 9,500                    
Birmingham Terminal | Discontinued Operations, Disposed of by Sale                      
Business Combination [Line Items]                      
Property, plant and equipment       $ 7,012              
Assets to be disposed of in the sale       47,500              
Working capital       1,200              
Gain (loss) on disposal of assets       $ 30,700              
Ord Ethanol Plant | Discontinued Operations, Disposed of by Sale                      
Business Combination [Line Items]                      
Property, plant and equipment             $ 15,199        
Assets to be disposed of in the sale             22,900        
Working capital             1,100        
Gain (loss) on disposal of assets             4,100        
Ord Ethanol Plant | Partnership Segment | Discontinued Operations, Disposed of by Sale                      
Business Combination [Line Items]                      
Assets to be disposed of in the sale             $ 2,100        
Green Plains Partners Merger                      
Business Combination [Line Items]                      
Shares issued               4,700,000      
Common stock, par value (in dollars per share)               $ 0.001      
Cash consideration per partnership common unit         $ 2.50            
Consideration transferred         $ 143,100            
Consideration paid for business acquisition               $ 29,200      
Common stock exchanged         $ 113,900            
Estimated fees               5,500 $ 2,000    
Partnership Merger               $ 133,800      
Green Plains Partners Merger | Green Plains Partners LP                      
Business Combination [Line Items]                      
Limited partner interest           48.80%          
General partnership interest           2.00%          
Green Plains Partners Merger | Common Stock                      
Business Combination [Line Items]                      
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Entity Shares Issued Per Acquiree Share         $ 0.405            
Green Plains Partners Merger | Public Unitholders | Green Plains Partners LP                      
Business Combination [Line Items]                      
Limited partner interest           49.20%          
v3.25.4
Acquisitions and Dispositions - Amounts Of Identifiable Assets Disposed And Liabilities Relinquished (Details) - Discontinued Operations, Disposed of by Sale - USD ($)
$ in Thousands
Sep. 25, 2025
Sep. 30, 2024
Sep. 07, 2023
Tennessee Ethanol Plant      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Inventories $ 19,529    
Prepaid expenses and other 21    
Derivative financial instruments 25    
Property, plant and equipment 127,088    
Operating lease right-of-use assets 3,739    
Operating lease current liabilities (1,687)    
Operating lease long-term liabilities (2,052)    
Accounts payable (5,485)    
Accrued and other liabilities (2,495)    
Debt (657)    
Total identifiable net assets disposed $ 138,026    
Birmingham Terminal      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Prepaid expenses and other   $ 1,209  
Property, plant and equipment   7,012  
Operating lease right-of-use assets   2,208  
Goodwill   10,598  
Operating lease current liabilities   (427)  
Operating lease long-term liabilities   (2,312)  
Other liabilities   (556)  
Total identifiable net assets disposed   $ 17,732  
Ord Ethanol Plant      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Inventories     $ 3,164
Prepaid expenses and other     423
Property, plant and equipment     15,199
Operating lease right-of-use assets     3,428
Accrued and other liabilities     (162)
Operating lease current liabilities     (1,332)
Operating lease long-term liabilities     (2,096)
Other liabilities     (189)
Total identifiable net assets disposed     $ 18,435
v3.25.4
Fair Value Disclosures - Schedule Of Assets And Liabilities Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Property and equipment, net of accumulated depreciation and amortization $ 2,000  
Liabilities    
Accounts payable 28,600 $ 23,200
Assets held for sale 2,000  
Fair Value, Recurring    
Assets    
Cash and cash equivalents 182,319 173,041
Restricted cash 47,813 36,354
Inventories carried at market 24,736 48,500
Derivative financial instruments - assets 6,927 10,154
Total assets measured at fair value 263,795 268,049
Liabilities    
Accounts payable 28,598 23,208
Accured and other liabilities   2,094
Derivative financial instruments - liabilities 7,901 4,791
Other liabilities 1 979
Total liabilities measured at fair value 36,500 31,072
Potential Earn-Out Payments    
Liabilities    
Accured and other liabilities   2,100
Other liabilities   1,000
Quoted Prices in ‎Active Markets for ‎Identical Assets (Level 1)    
Assets    
Property and equipment, net of accumulated depreciation and amortization 0  
Quoted Prices in ‎Active Markets for ‎Identical Assets (Level 1) | Fair Value, Recurring    
Assets    
Cash and cash equivalents 182,319 173,041
Restricted cash 47,813 36,354
Inventories carried at market 0 0
Derivative financial instruments - assets 0 0
Total assets measured at fair value 230,132 209,395
Liabilities    
Accounts payable 0 0
Accured and other liabilities   0
Derivative financial instruments - liabilities 0 0
Other liabilities 0 0
Total liabilities measured at fair value 0 0
Significant Other ‎Observable Inputs (Level 2)    
Assets    
Property and equipment, net of accumulated depreciation and amortization 0  
Significant Other ‎Observable Inputs (Level 2) | Fair Value, Recurring    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Inventories carried at market 24,736 48,500
Derivative financial instruments - assets 6,927 10,154
Total assets measured at fair value 31,663 58,654
Liabilities    
Accounts payable 28,598 23,208
Accured and other liabilities   2,094
Derivative financial instruments - liabilities 7,901 4,791
Other liabilities 1 979
Total liabilities measured at fair value 36,500 31,072
Fair Value, Inputs, Level 3    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Inventories carried at market 0 0
Derivative financial instruments - assets 0 0
Property and equipment, net of accumulated depreciation and amortization 2,000  
Total assets measured at fair value 2,000 0
Liabilities    
Accounts payable 0 0
Accured and other liabilities   0
Derivative financial instruments - liabilities 0 0
Other liabilities 0 0
Total liabilities measured at fair value $ 0 $ 0
v3.25.4
Fair Value Disclosures - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Fair value of debt $ 387.8 $ 518.6
Book value of debt 399.5 575.4
Fair value of accounts receivable $ 74.4 $ 94.9
v3.25.4
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.25.4
Segment Information - Summary Of Financial Data (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 2,091,680,000 $ 2,458,796,000 $ 3,295,743,000
Cost of goods sold 1,954,754,000 2,328,346,000 3,130,992,000
Gross Profit 136,926,000 130,450,000 164,751,000
Operating income (loss) (67,248,000) (47,459,000) (61,578,000)
Lower of cost or market adjustment 1,500,000 2,100,000 2,600,000
Gain (loss) on disposal of assets 31,535,000 30,723,000 5,265,000
Depreciation and amortization 98,434,000 90,587,000 98,244,000
Capital expenditures 37,199,000 95,084,000 108,474,000
Impairment of assets held for sale 14,562,000 0 0
Technology-Based Intangible Assets      
Segment Reporting Information [Line Items]      
Impairment of Intangible Assets (Excluding Goodwill) $ 3,500,000    
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Depreciation and amortization    
Operating Segments      
Segment Reporting Information [Line Items]      
Revenues $ 2,115,201,000 2,488,196,000 3,325,444,000
Depreciation and amortization 95,294,000 84,969,000 95,072,000
Eliminations      
Segment Reporting Information [Line Items]      
Revenues (23,521,000) (29,400,000) (29,701,000)
Cost of goods sold (23,521,000) (29,400,000) (29,701,000)
Corporate activities      
Segment Reporting Information [Line Items]      
Operating income (loss) (32,426,000) (34,857,000) (69,720,000)
Gain (loss) on disposal of assets 31,500,000 30,700,000  
Depreciation and amortization 3,140,000 5,618,000 3,172,000
Capital expenditures 317,000 5,021,000 494,000
Ethanol Production      
Segment Reporting Information [Line Items]      
Revenues 1,900,999,000 2,063,382,000 2,819,986,000
Ethanol Production | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 1,901,858,000 2,067,089,000 2,824,541,000
Cost of goods sold 1,804,279,000 1,983,460,000 2,705,917,000
Gross Profit 97,579,000 83,629,000 118,624,000
Operating income (loss) (55,482,000) (40,758,000) (19,958,000)
Depreciation and amortization 90,553,000 82,784,000 92,712,000
Capital expenditures 36,718,000 89,230,000 107,468,000
Margin on sale 22,600,000    
Impairment of assets held for sale 14,600,000    
Ethanol Production | Eliminations      
Segment Reporting Information [Line Items]      
Revenues 859,000 3,707,000 4,555,000
Agribusiness & Energy Services      
Segment Reporting Information [Line Items]      
Revenues 190,681,000 395,414,000 475,757,000
Agribusiness & Energy Services | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 213,343,000 421,107,000 500,903,000
Cost of goods sold 173,996,000 374,286,000 454,776,000
Gross Profit 39,347,000 46,821,000 46,127,000
Operating income (loss) 20,660,000 28,156,000 28,100,000
Depreciation and amortization 4,741,000 2,185,000 2,360,000
Capital expenditures 164,000 833,000 512,000
Tangible Asset Impairment Charges 3,100,000    
Agribusiness & Energy Services | Eliminations      
Segment Reporting Information [Line Items]      
Revenues $ 22,662,000 $ 25,693,000 $ 25,146,000
v3.25.4
Segment Information - Restructuring Costs (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring costs $ 24,341
Corporate activities  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 17,564
Ethanol Production | Operating Segments  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 3,076
Agribusiness & Energy Services | Operating Segments  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 3,701
Cost of goods sold  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 3,083
Cost of goods sold | Corporate activities  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 0
Cost of goods sold | Ethanol Production | Operating Segments  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 2,373
Cost of goods sold | Agribusiness & Energy Services | Operating Segments  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 710
Selling, general and administrative expenses  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 18,589
Selling, general and administrative expenses | Corporate activities  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 16,059
Selling, general and administrative expenses | Ethanol Production | Operating Segments  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 480
Selling, general and administrative expenses | Agribusiness & Energy Services | Operating Segments  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 2,050
Other, net  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 2,669
Other, net | Corporate activities  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 1,505
Other, net | Ethanol Production | Operating Segments  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs 223
Other, net | Agribusiness & Energy Services | Operating Segments  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs $ 941
v3.25.4
Segment Information - Summary of Reconciled EBITDA (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Depreciation and amortization expenses $ (98,434) $ (90,587) $ (98,244)
Interest expense (76,668) (33,095) (37,703)
Net loss (121,000) (81,189) (76,299)
Operating Segments      
Segment Reporting Information [Line Items]      
EBITDA 58,908 71,580 110,250
Depreciation and amortization expenses (95,294) (84,969) (95,072)
Interest expense (61,332) (26,778) (31,268)
Subtotal (97,718) (40,167) (16,090)
Unallocated corporate expenses (75,701) (35,869) (65,826)
Income tax benefit 52,419 (5,153) 5,617
Net loss (121,000) (81,189) (76,299)
Ethanol Production | Operating Segments      
Segment Reporting Information [Line Items]      
EBITDA 33,247 39,645 78,561
Depreciation and amortization expenses (90,553) (82,784) (92,712)
Interest expense (55,342) (22,056) (23,545)
Subtotal (112,648) (65,195) (37,696)
Agribusiness & Energy Services | Operating Segments      
Segment Reporting Information [Line Items]      
EBITDA 25,661 31,935 31,689
Depreciation and amortization expenses (4,741) (2,185) (2,360)
Interest expense (5,990) (4,722) (7,723)
Subtotal $ 14,930 $ 25,028 $ 21,606
v3.25.4
Segment Information - Summary Of Total Assets For Operating Segments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total assets $ 1,578,396 $ 1,782,174
Operating Segments | Ethanol Production    
Segment Reporting Information [Line Items]    
Total assets 1,133,246 1,234,635
Operating Segments | Agribusiness & Energy Services    
Segment Reporting Information [Line Items]    
Total assets 278,222 412,006
Corporate activities    
Segment Reporting Information [Line Items]    
Total assets 173,481 143,716
Eliminations    
Segment Reporting Information [Line Items]    
Total assets $ (6,553) $ (8,183)
v3.25.4
Inventories - Narrative (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]      
Lower of cost or market adjustment $ 1,500,000 $ 2,100,000 $ 2,600,000
v3.25.4
Inventories - Schedule Of Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Finished goods $ 24,891 $ 72,863
Commodities held for sale 24,736 48,500
Raw materials 26,650 37,334
Work-in-process 9,597 13,569
Supplies and parts 62,221 55,178
Inventories $ 148,095 $ 227,444
v3.25.4
Property and Equipment - Schedule Of Components Of Property And Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 1,638,969 $ 1,792,053
Less: accumulated depreciation and amortization (681,713) (749,593)
Property and equipment, net 957,256 1,042,460
Plant equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 1,173,964 1,200,795
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 235,265 218,660
Land and improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 94,045 107,543
Railroad track and equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 21,768 32,137
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment 39,491 174,151
Property and equipment, net 104,200  
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 30,516 27,829
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 2,934 3,422
Leasehold improvements and other    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 40,986 $ 27,516
v3.25.4
Property and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Capitalized interest $ 4.4 $ 4.4 $ 3.6
v3.25.4
Goodwill and Intangible Assets - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
reportingUnit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Goodwill [Line Items]        
Number of reporting units | reportingUnit 1      
Finite-lived intangible assets, accumulated amortization $ 18,151 $ 15,962    
Weighted average remaining amortization period 7 years 10 months 24 days 8 years 10 months 24 days    
Ethanol Production        
Goodwill [Line Items]        
Goodwill $ 18,500 $ 18,500    
Discontinued Operations, Disposed of by Sale | Birmingham Terminal        
Goodwill [Line Items]        
Goodwill       $ 10,598
Fluid Quip Technologies, LLC        
Goodwill [Line Items]        
Amortization of intangible assets 2,200 $ 2,500 $ 2,800  
Finite-lived intangible asset, expected amortization, year one 2,000      
Finite-lived intangible asset, expected amortization, year two 1,800      
Finite-lived intangible asset, expected amortization, year three 1,600      
Finite-lived intangible asset, expected amortization, year four 1,500      
Finite-lived intangible asset, expected amortization, year five 1,300      
Finite-lived intangible asset, expected amortization, after year five $ 2,300      
v3.25.4
Goodwill and Intangible Assets - Components of the FQT Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Total $ 28,628 $ 28,628
Accumulated amortization (18,151) (15,962)
Total intangible assets, net $ 10,477 $ 12,666
Weighted average remaining amortization period 7 years 10 months 24 days 8 years 10 months 24 days
Customer relationships and backlog    
Finite-Lived Intangible Assets [Line Items]    
Total $ 17,628 $ 17,628
Intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Total 9,700 9,700
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Total $ 1,300 $ 1,300
v3.25.4
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Accumulated other comprehensive loss $ 618 $ (973)  
Energy trading contracts, gain (loss) $ 11,900 $ 4,100 $ 4,800
v3.25.4
Derivative Financial Instruments - Schedule Of Fair Values Of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value $ 6,927 $ 10,154
Liability derivatives, fair value 7,902 4,806
Net unrealized gains on exchange traded futures and options contracts included in balance sheet 4,600  
Net unrealized loss on derivative financial instruments 1,100 3,000
Net Unrealized Gains On Exchange Traded Futures And Options Contracts Included In Balance Sheet 4,700  
Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Unrealized gain (loss) on derivatives 600 500
Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 6,927 10,154
Liability derivatives, fair value 7,901 4,791
Other Liabilities    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 0 0
Liability derivatives, fair value $ 1 $ 15
v3.25.4
Derivative Financial Instruments - Schedule Of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income $ (10,037) $ (13,438) $ (22,521)
Carrying Amount of the Hedged Assets 24,736 48,500  
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets $ (8,938) $ 8,166  
Hedged Asset, Statement of Financial Position [Extensible Enumeration] Inventories Carrying Amount Inventories Carrying Amount  
Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives $ (7,828) $ 29,287 43,090
Revenue      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (2,355) 9,832 2,482
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ (2,355) $ 9,832 $ 2,482
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues
Cost of goods sold      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income $ (7,682) $ (23,270) $ (25,003)
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ (5,514) $ (22,911) $ (22,243)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of goods sold (excluding depreciation and amortization expenses reflected below) Cost of goods sold (excluding depreciation and amortization expenses reflected below) Cost of goods sold (excluding depreciation and amortization expenses reflected below)
Commodity derivatives      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives $ (12,164) $ (8,001) $ 8,369
Commodity derivatives | Revenue | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives (10,176) 4,246 (2,552)
Commodity derivatives | Cost of goods sold | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives (2,317) 5,442 (4,265)
Commodity derivatives | Fair Value Hedging | Revenue      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings 0 0 0
Commodity derivatives | Fair Value Hedging | Cost of goods sold      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings 3,339 6,398 (11,657)
Commodity derivatives | Fair Value Hedging | Cost of goods sold | Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings   (6,039) 14,417
Forwards | Revenue | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives (402) (4,446) 4,842
Exchange Traded Futures and Options | Cost of goods sold | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives 5,067 24,045 45,065
Exchange Future | Fair Value Hedging | Revenue | Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings 0 $ 0 $ 0
Exchange Future | Fair Value Hedging | Cost of goods sold | Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings $ (1,171)    
v3.25.4
Derivative Financial Instruments - Schedule Of Open Position Derivative Financial Instruments (Details)
lb in Thousands, lb in Thousands, gal in Thousands, bu in Thousands, T in Thousands, MMBTU in Thousands
Dec. 31, 2025
bu
T
lb
MMBTU
gal
lb
Corn | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu (7,970)
Corn | Exchange Traded | Short | Cash Flow Hedges | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu (28,140)
Corn | Exchange Traded | Short | Fair Value Hedging | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu (2,975)
Corn | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu 0
Corn | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu (35,414)
Ethanol | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | gal (34,230)
Ethanol | Exchange Traded | Short | Cash Flow Hedges | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | gal (82,152)
Ethanol | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | gal (212,840)
Ethanol | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | gal (13,433)
Natural Gas | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives (1,163)
Natural Gas | Exchange Traded | Short | Fair Value Hedging | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives (3,603)
Natural Gas | Exchange Traded | Long | Options  
Derivative [Line Items]  
Volumes of open commodity derivatives (983)
Natural Gas | Exchange Traded | Long | Cash Flow Hedges | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives (2,385)
Natural Gas | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives (552)
Natural Gas | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives (4,962)
Soybean Oil | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | lb (13,680)
Soybean Oil | Exchange Traded | Long | Options  
Derivative [Line Items]  
Volumes of open commodity derivatives | lb (3,953)
Distillers Grains | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | T (220)
Distillers Grains | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | T (38)
Renewable Corn Oil | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | lb (43,490)
Renewable Corn Oil | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | lb 0
v3.25.4
Debt - Schedule Of The Components Of Long-Term Debt (Details) - USD ($)
Dec. 31, 2025
May 07, 2025
Dec. 31, 2024
Mar. 31, 2021
Feb. 09, 2021
Debt Instrument [Line Items]          
Total book value of long-term debt $ 374,490,000   $ 437,788,000    
Unamortized debt issuance costs 8,574,000   3,210,000    
Less: current maturities of long-term debt (3,924,000)   (2,118,000)    
Total long-term debt $ 361,992,000   432,460,000    
Convertible Notes | 2.25% Convertible Notes Due 2027 | Corporate Activities          
Debt Instrument [Line Items]          
Interest rate, stated percentage 2.25%     2.25%  
Debt instrument, face amount       $ 230,000,000.0  
Total book value of long-term debt $ 60,000,000   230,000,000    
Unamortized debt issuance costs $ (400,000)   (2,700,000)    
Convertible Notes | 5.25% convertible notes due 2030 | Corporate Activities          
Debt Instrument [Line Items]          
Interest rate, stated percentage 5.25%        
Total book value of long-term debt $ 200,000,000   0    
Unamortized debt issuance costs (8,000,000.0)        
Other Debt Obligations          
Debt Instrument [Line Items]          
Total book value of long-term debt 9,842,000   11,163,000    
Green Plains SPE LLC | $125.0 Million Junior Secured Mezzanine Notes Due 2026          
Debt Instrument [Line Items]          
Interest rate, stated percentage         11.75%
Debt instrument, face amount   $ 127,500,000      
Total book value of long-term debt 0   125,000,000    
Unamortized debt issuance costs     200,000    
Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement          
Debt Instrument [Line Items]          
Total book value of long-term debt 70,125,000   71,625,000    
Unamortized debt issuance costs 200,000   300,000    
Green Plains York Carbon Capture | Term Loan          
Debt Instrument [Line Items]          
Total book value of long-term debt $ 34,523,000   $ 0    
v3.25.4
Debt - Corporate Activities Narrative (Details)
 1 Months Ended
Oct. 27, 2025
USD ($)
$ / shares
shares
May 07, 2025
USD ($)
$ / shares
shares
Mar. 31, 2021
USD ($)
item
$ / shares
Dec. 31, 2025
USD ($)
Oct. 26, 2025
USD ($)
Aug. 10, 2025
$ / shares
Debt Instrument [Line Items]            
Principal amount       $ 374,490,000    
Exercise price of shares (in dollars per share) | $ / shares           $ 0.01
2.25% Convertible Notes Due 2027 | Convertible Notes | Corporate activities            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 170,000,000       $ 170,000,000  
Interest rate, stated percentage 525.00%          
Principal amount $ 60,000,000          
2.25% Convertible Notes Due 2027 | Convertible Notes | Corporate Activities            
Debt Instrument [Line Items]            
Debt instrument, face amount     $ 230,000,000.0      
Interest rate, stated percentage     2.25% 2.25%    
Debt conversion price | $ / shares     $ 31.62      
Conversion price percentage     37.50%      
Percent of excess of applicable conversion price     140.00%      
Debt instrument, convertible, threshold trading days | item     20      
Debt instrument, convertible, threshold consecutive trading days | item     30      
Redemption price, percentage     100.00%      
Percent of principal amount, cash price for repurchase     100.00%      
Debt instrument convertible rate     3.16206%      
Convertible Senior Notes Due 2030 | Convertible Debt            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 30,000,000          
Interest rate, stated percentage 525.00%          
Debt conversion price | $ / shares $ 15.72          
Cash amount $ 30,000,000          
Principal amount 200,000,000          
Proceeds from debt $ 30,000,000          
Shares repurchased (in shares) | shares 2,900,000          
Conversion of offering price percentage 50.00%          
Debt Instrument, Convertible, Conversion Ratio 0.0636132          
Ancora Alternatives LLC Credit Facility | Corporate activities | Revolving Credit Facility            
Debt Instrument [Line Items]            
Revolving credit facility   $ 30,000,000        
Interest rate   10.00%        
Commitment fee   0.50%        
Warrants issued (in shares) | shares   1,504,140        
Exercise price of shares (in dollars per share) | $ / shares   $ 0.01        
v3.25.4
Debt - Ethanol Production Segment, Partnership Segment, Covenant Compliance, and Restricted Net Assets Narrative (Details)
 12 Months Ended
Aug. 10, 2025
USD ($)
$ / shares
shares
May 07, 2025
USD ($)
$ / shares
Jul. 24, 2023
Jul. 20, 2021
Feb. 09, 2021
USD ($)
Sep. 03, 2020
USD ($)
$ / gal
Dec. 31, 2025
USD ($)
plant
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]                  
Restricted assets             $ 36,800,000    
Strike price (in dollars per share) | $ / shares   $ 22.00              
Loss on extinguishment debt             36,906,000 $ 1,763,000 $ 0
Principal amount             374,490,000    
Payment for Debt Extinguishment or Debt Prepayment Cost             0 29,196,000 0
Green Plains SPE LLC | $125.0 Million Junior Secured Mezzanine Notes Due 2026                  
Debt Instrument [Line Items]                  
Debt instrument, face amount   $ 127,500,000              
Debt maturity dates         Feb. 09, 2026        
Interest rate, stated percentage         11.75%        
Warrants and Rights Outstanding   7,500,000              
Debt Instrument, Amendment Fee 2.50%                
Debt Instrument, Interest Rate, Increase (Decrease) 0.50%                
Debt Instrument, Interest Rate, Increase (Decrease), Quarterly 0.50%                
Warrants issued (in shares) | shares 3,250,000                
Strike price (in dollars per share) | $ / shares $ 0.01                
Warrants and Rights Outstanding, Term 10 years                
Debt Conversion, Converted Instrument, Warrants or Options Issued | shares 750,000                
Class Of Warrant Or Right, Warrants Exchanged For Principal $ 6,000,000                
Debt Instrument, Retired Or Refinanced Term With No Prepayment Premium 42 months                
Loss on extinguishment debt             36,900,000    
Debt Conversion, Converted Instrument, Fair Value Warrants Or Options Issued | shares 3,250,000                
Debt Instrument, Fee Amount $ 3,200,000 $ 2,500,000              
Green Plains York Capture Company LLC | Medium-Term Note | Tallgrass High Plains Carbon Storage, LLC                  
Debt Instrument [Line Items]                  
Long-Term Debt, Term     144 months            
Debt Instrument, Internal Rate Of Return     9.00%            
Principal amount             $ 34,500,000    
Long-Term Debt, Early Repayment, Period For Written Notice     90 days            
Number Of Operational Plants Not Substantially Complete | plant             2    
Ethanol Production Segment                  
Debt Instrument [Line Items]                  
Debt interest rate             6.52%    
Ethanol Production Segment | Medium-Term Note                  
Debt Instrument [Line Items]                  
Payment for Debt Extinguishment or Debt Prepayment Cost               $ 56,000,000.0 $ 3,000,000.0
Ethanol Production Segment | Green Plains SPE LLC | $125.0 Million Junior Secured Mezzanine Notes Due 2026                  
Debt Instrument [Line Items]                  
Debt instrument, face amount         $ 125,000,000.0        
Ethanol Production Segment | Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement                  
Debt Instrument [Line Items]                  
Debt instrument, face amount           $ 75,000,000.0      
Debt maturity dates           Sep. 01, 2035      
Interest rate, stated percentage           5.02%      
Annual principal payments           $ 1,500,000      
Minimum loan to value ratio, percent           50.00%      
Fixed charge coverage ratio           1.25      
Debt service reserve term of future payments           6 months      
Minimum working capital required for compliance, per gallon | $ / gal           0.10      
Minimum working capital required for compliance           $ 90,300,000      
Ethanol Production Segment | Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement | Minimum                  
Debt Instrument [Line Items]                  
Interest rate premium           0.00%      
Ethanol Production Segment | Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement | Maximum                  
Debt Instrument [Line Items]                  
Interest rate premium           1.50%      
Partnership Segment | Credit Facility                  
Debt Instrument [Line Items]                  
Interest rate, basis spread on variable rate, percentage       8.26%          
v3.25.4
Debt - Schedule Of Maturities Of Long-Term Debt (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 3,924
2027 63,952
2028 4,129
2029 4,339
2030 204,441
Thereafter 93,705
Total $ 374,490
v3.25.4
Debt - Schedule Of Short-term Notes Payable And Other Borrowings (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Short-term notes payable and other borrowings $ 33,584,000 $ 140,829,000
Revolver350.0 Million    
Debt Instrument [Line Items]    
Short-term notes payable and other borrowings 25,000,000 133,500,000
Debt instrument, face amount 350,000,000.0  
$40.0 Million Hedge Line | Green Plains Commodity Management    
Debt Instrument [Line Items]    
Short-term notes payable and other borrowings 8,584,000 $ 7,329,000
Debt instrument, face amount $ 20,000,000.0  
v3.25.4
Debt - Agribusiness And Energy Services Segment (Details) - USD ($)
 12 Months Ended
Jun. 18, 2025
Mar. 25, 2022
Dec. 31, 2025
Jun. 17, 2025
Dec. 31, 2024
Debt Instrument [Line Items]          
Short-term notes payable and other borrowings     $ 33,584,000   $ 140,829,000
Agribusiness & Energy Services | Revolving Credit Facility          
Debt Instrument [Line Items]          
Facility's interest rate     0.0748    
Agribusiness & Energy Services | Green Plains Commodity Management | Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit, maximum borrowing capacity $ 20,000,000     $ 40,000,000  
Facility's interest rate     $ 0.0546    
Extension term 5 years        
Agribusiness & Energy Services | Green Plains Commodity Management | Revolving Credit Facility | SOFR          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage     1.75%    
Revolver350.0 Million          
Debt Instrument [Line Items]          
Debt instrument, face amount     $ 350,000,000.0    
Short-term notes payable and other borrowings     25,000,000   $ 133,500,000
Revolver350.0 Million | Agribusiness & Energy Services          
Debt Instrument [Line Items]          
Minimum current ratio required   1.00      
Minimum collateral coverage ratio required   1.20      
Maximum debt to capitalization ratio required   0.60      
Revolver350.0 Million | Agribusiness & Energy Services | Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, term   5 years      
Line of credit, maximum borrowing capacity   $ 350,000,000.0      
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility          
Debt Instrument [Line Items]          
Additional amounts available under facility, accordion feature   $ 100,000,000.0      
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Unused capacity fee, percentage   0.275%      
Change in control percentage benchmark   0.025%      
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Minimum | SOFR          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage   2.25%      
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Minimum | Base Rate          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage   1.25%      
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Maximum          
Debt Instrument [Line Items]          
Unused capacity fee, percentage   0.375%      
Change in control percentage benchmark   0.10%      
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Maximum | SOFR          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage   2.50%      
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Maximum | Base Rate          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage   1.50%      
Inventory Financing, $50.0 Million | Green Plains Grain          
Debt Instrument [Line Items]          
Short-term notes payable and other borrowings     $ 0    
v3.25.4
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Aug. 19, 2025
Mar. 14, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 06, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares or units authorized           6,900,000
Compensation costs expensed     $ 17.1 $ 8.3 $ 13.0  
Unrecognized compensation costs     $ 7.5      
Compensation expected to be recognized, weighted-average period in years     1 year 10 months 24 days      
Potential tax benefit, percentage     25.20%      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant     1,200,000      
Green Plains Partners Merger | Green Plains Partners Long-Term Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common Stock, Capital Shares Reserved for Future Issuance     1,200,000      
Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vested (in shares)     376,116      
Non-vested, shares outstanding     461,441 538,572    
Risk-free interest rate 3.69%   3.87% 4.44%    
Dividend yield     0.00%      
Expected volatility 58.00%   55.40% 54.60%    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price $ 8.34   $ 5.48 $ 20.21    
Share Price $ 12.89   $ 7.08 $ 25.23    
Performance Shares | Executive Officer            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vested (in shares)     221,895      
Performance Shares | Share-based Compensation Award, Tranche One            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted shares     100.00%      
Maximum amount of shares available to be issued     922,822      
Maximum amount of shares available to be issued (in percent)     200.00%      
Non-vested, shares outstanding     461,441      
Performance Shares | Share-based Compensation Award, Tranche One | Executive Officer            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted shares     100.00%      
Maximum amount of shares available to be issued     69,959      
Performance Shares | Share-based Compensation Award, Tranche Two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted shares     100.00%      
Issuance of common stock (in shares)   14,259        
Share-based Compensation Arrangement by Share-based Payment Award, Vested Target Percentage   30.00%        
Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expiration period     5 years      
Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expiration period     8 years      
v3.25.4
Stock-Based Compensation - Schedule Of Non-Vested Stock Award And DSU Activity (Details) - Restricted Stock Awards And Deferred Stock Units
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Non-Vested ‎Shares and ‎Deferred ‎Stock Units  
Outstanding at December 31, 2021 (in shares) | shares 735,513
Granted (in shares) | shares 1,146,127
Forfeited(in shares) | shares (187,203)
Vested (in shares) | shares (611,204)
Outstanding at December 31, 2022 (in shares) | shares 1,083,233
Weighted- ‎Average Grant- ‎Date Fair Value  
Outstanding, Weighted average grant date fair value at December 31, 2021 ($ per share) | $ / shares $ 23.45
Granted, Weighted average grant date fair value ($ per share) | $ / shares 5.74
Forfeited, Weighted average grant date fair value ($ per share) | $ / shares 14.82
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 19.76
Outstanding, Weighted average grant date fair value at December 31, 2022 ($ per share) | $ / shares $ 8.28
Non-vested, Weighted-Average Remaining Vesting Term (in years) 1 year 8 months 12 days
v3.25.4
Stock-Based Compensation - Schedule Of Non-Vested Performance Share Award Activity (Details) - Performance Shares
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Performance ‎Shares  
Outstanding at December 31, 2021 (in shares) | shares 538,572
Granted (in shares) | shares 460,656
Forfeited(in shares) | shares (161,671)
Vested (in shares) | shares (376,116)
Outstanding at December 31, 2022 (in shares) | shares 461,441
Weighted- ‎Average Grant- ‎Date Fair Value  
Outstanding, Weighted average grant date fair value at December 31, 2021 ($ per share) | $ / shares $ 27.82
Granted, Weighted average grant date fair value ($ per share) | $ / shares 7.22
Forfeited, Weighted average grant date fair value ($ per share) | $ / shares 23.84
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 22.51
Outstanding, Weighted average grant date fair value at December 31, 2022 ($ per share) | $ / shares $ 12.98
Non-vested, Weighted-Average Remaining Vesting Term (in years) 1 year 9 months 18 days
v3.25.4
Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net loss attributable to Green Plains $ (121,278) $ (82,497) $ (93,384)
Net loss attributable to Green Plains $ (121,278) $ (82,497) $ (93,384)
Weighted-average shares outstanding - basic (in shares) 67,496,000 63,796,000 58,814,000
Weighted-average shares outstanding - diluted (in shares) 67,496,000 63,796,000 58,814,000
EPS - basic $ (1.80) $ (1.29) $ (1.59)
EPS - diluted $ (1.80) $ (1.29) $ (1.59)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation 9,259,000 7,696,000 8,419,000
v3.25.4
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended 101 Months Ended
Oct. 27, 2025
May 07, 2025
Dec. 31, 2025
Dec. 31, 2022
Oct. 03, 2025
Sep. 08, 2025
Aug. 18, 2025
Aug. 10, 2025
May 06, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Warrants issued (in shares)         750,000     3,250,000        
Exercise price of shares (in dollars per share)               $ 0.01        
Warrants issued remaining (in shares)   550,000                    
Strike price (in dollars per share)   $ 22.00                    
Stockholders' equity     $ 771,971 $ 1,061,066           $ 874,537 $ 990,056  
Long-term debt     $ 361,992             $ 432,460    
Common stock, par value (in dollars per share)     $ 0.001             $ 0.001    
Amount of treasury hold shares     $ 61,474             $ 31,174    
Amount of authorized stock repurchase     200,000                  
Repurchase of common stock (in shares)       10,300,000                
Repurchase of common stock     30,300 $ 122,800                
Accumulated other comprehensive income (loss)     $ (618)             $ 973    
Treasury stock, common (in shares)     5,667,654             2,805,059    
Equity-Based Warrant                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Warrants issued (in shares)               2,500,000        
Liability-Based Warrant                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Warrants issued (in shares)               750,000        
Revaluation expense     $ 2,000                  
Warrant 2029                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Warrants issued (in shares)             1,250,000          
Warrant 2035                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Warrants issued (in shares)           2,500,000 750,000          
Warrants, Expiring December 2025                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Warrants issued remaining (in shares)   275,000                    
Warrants, Expiring February 2026                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Warrants issued remaining (in shares)   275,000                    
Private Placement                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Warrants issued (in shares)                       2,000,000
Exercise price of shares (in dollars per share)   $ 0.01             $ 22.00      
Green Plains Partners Merger                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Common stock, par value (in dollars per share)     $ 0.001                  
Business Combination, Accumulated Fees to Offset Equity Interests Issued and Issuable     $ 7,500                  
Ancora Alternatives LLC Credit Facility | Corporate activities | Revolving Credit Facility                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Exercise price of shares (in dollars per share)   $ 0.01                    
Warrants issued (in shares)   1,504,140                    
Convertible Debt | Convertible Senior Notes Due 2030                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Interest rate, stated percentage 525.00%                      
Shares repurchased (in shares) 2,900,000                      
Proceeds from debt $ 30,000                      
Common Stock                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Stockholders' equity     76 62           $ 68 62  
Additional Paid-in Capital                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Stockholders' equity     1,267,839 1,110,151           1,213,646 1,113,806  
Retained (Deficit)                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Stockholders' equity     $ (439,576) $ (142,417)           $ (318,298) $ (235,801)  
v3.25.4
Stockholders' Equity - Reclassification From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues $ 2,091,680 $ 2,458,796 $ 3,295,743
Cost of goods sold 1,954,754 2,328,346 3,130,992
Loss before income taxes and income (loss) from equity method investees (143,817) (71,298) (82,349)
Income tax benefit (51,746) 6,212 (5,617)
Net loss (121,000) (81,189) (76,299)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues (2,355) 9,832 2,482
Cost of goods sold (7,682) (23,270) (25,003)
Loss before income taxes and income (loss) from equity method investees (10,037) (13,438) (22,521)
Income tax benefit (2,529) (3,223) (5,438)
Net loss $ (7,508) $ (10,215) $ (17,083)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Tax Credit Carryforward [Line Items]    
Income tax benefit, net of valuation allowance for 45Z production tax credits $ 54,200  
Tax credit carryforwards - Federal 74,501 $ 35,098
Federal 45Z production tax credits 40,300  
Tax credit carryforwards - State 370 1,359
Net operating loss carryforwards - Federal 55,667 26,104
Net operating loss carryforwards - State 21,474 15,777
Capital loss carry-forward subject to expiration 1,000  
Unrecognized tax benefits   $ 79,500
Begin To Expire In 2033    
Tax Credit Carryforward [Line Items]    
Tax credit carryforwards - Federal 28,500  
Begin To Expire In 2022    
Tax Credit Carryforward [Line Items]    
Tax credit carryforwards - State $ 300  
v3.25.4
Income Taxes - Schedule Of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ 1,181    
State 58    
Foreign 0    
Total current 1,239 $ 2,268 $ 1,238
Deferred      
Federal (53,098)    
State 113    
Foreign 0    
Total deferred (52,985) 3,944 (6,855)
Income tax expense (benefit) $ (51,746) $ 6,212 $ (5,617)
v3.25.4
Income Taxes - ASU 2023-09 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Tax expense at federal statutory rate $ (35,841) $ (14,750) $ (17,293)
State income tax expense (benefit), net of federal benefit 231 1,123 (662)
Foreign tax effects 0    
Effect of changes in tax laws or rates 0    
Effect of cross-border taxes 0    
Tax Credits      
Section 45Z production tax credits 63,180    
Changes in valuation allowances 45,595 (5,491) 15,892
Nontaxable or nondeductible items      
Stock compensation 2,798 1,388 2,787
Other 811    
Changes in unrecognized tax benefits 0    
Other adjustments      
Deferred tax asset adjustment (2,487)    
Other 327    
Income tax expense (benefit) $ (51,746) $ 6,212 $ (5,617)
Percent      
Tax expense at federal statutory rate 21.00%    
State income tax expense, net of federal benefit (0.10%)    
Foreign tax effects 0.00%    
Effect of changes in tax laws or rates 0.00%    
Effect of cross-border taxes 0.00%    
Tax Credits      
Section 45Z production tax credits 37.00%    
Changes in valuation allowances (26.70%)    
Nontaxable or nondeductible items      
Stock compensation (1.60%)    
Other (0.50%)    
Changes in unrecognized tax benefits 0.00%    
Other adjustments      
Deferred tax asset adjustment 1.40%    
Other (0.20%)    
Income tax expense (benefit) 30.30%    
v3.25.4
Income Taxes - Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Tax expense at federal statutory rate $ (35,841) $ (14,750) $ (17,293)
State income tax expense (benefit), net of federal benefit 231 1,123 (662)
Nondeductible compensation 2,798 1,388 2,787
Noncontrolling interests   (150) (3,660)
Dissolution of MLP   23,919 0
R&D tax credit audit agreement in-principle   (232) 0
Increase (decrease) in valuation allowance 45,595 (5,491) 15,892
Stock compensation   278 (4,440)
Other   127 1,759
Income tax expense (benefit) $ (51,746) $ 6,212 $ (5,617)
v3.25.4
Income Taxes - Schedule Of Significant Components Of Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets    
Net operating loss carryforwards - Federal $ 55,667 $ 26,104
Net operating loss carryforwards - State 21,474 15,777
Tax credit carryforwards - Federal 74,501 35,098
Tax credit carryforwards - State 370 1,359
Section 174 capitalized expenses 38,849 54,470
Interest expense carryforward 32,756 20,003
Investment in partnerships and joint ventures 4,657 3,807
Inventory valuation 1,178 983
Stock-based compensation 1,811 1,377
Accrued expenses 10,723 7,818
Lease obligations 17,640 18,693
Organizational and start-up costs 331 379
Other 1,658 1,580
Total 261,615 187,448
Valuation allowance (118,865) (77,657)
Total deferred tax assets 142,750 109,791
Deferred tax liabilities    
Fixed assets (91,831) (98,485)
Derivative financial instruments (1,043) (78)
Right-of-use assets (16,039) (17,081)
Total deferred tax liabilities (108,913) (115,644)
Deferred income taxes, net   $ (5,853)
Deferred income taxes, net $ 33,837  
v3.25.4
Income Taxes - Income Tax Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 76    
State 1,692    
Foreign:      
Total Foreign 0    
Total 1,768 $ 486 $ 1,242
Texas      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State 1,283    
New Jersey      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State $ 109    
v3.25.4
Commitments and Contingencies - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Trading Activity, Gains and Losses, Net [Line Items]  
Contracted future purchases $ 202.2
Amount of future commitments for storage and transportation 31.4
Cash grant received $ 3.4
Minimum  
Trading Activity, Gains and Losses, Net [Line Items]  
Remaining lease term 1 year
Maximum  
Trading Activity, Gains and Losses, Net [Line Items]  
Remaining lease term 11 years 10 months 24 days
v3.25.4
Commitments and Contingencies - Components Of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Operating lease expense $ 29,474 $ 29,061 $ 27,773
Variable Lease, Cost (Benefit) 1,243 1,075 (97)
Total lease expense $ 30,717 $ 30,136 $ 27,676
v3.25.4
Commitments and Contingencies - Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from operating leases $ 29,955 $ 29,568 $ 27,275
Right-of-use assets obtained in exchange for lease obligations      
Right-of-use assets obtained in exchange for lease obligations: Operating leases 22,024 25,403 28,471
Right-of-use assets and lease obligations derecognized due to lease modifications      
Right-of-use assets 3,739 2,208 3,428
Lease obligations $ 3,739 $ 2,739 $ 3,428
v3.25.4
Commitments and Contingencies - Supplemental Balance Sheet Information Related To Operating Leases (Details)
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Weighted average remaining lease term 3 years 9 months 18 days 4 years
Weighted average discount rate 5.46% 5.36%
v3.25.4
Commitments and Contingencies - Schedule Of Aggregate Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 24,365
2027 20,092
2028 11,618
2029 8,087
2030 4,418
Thereafter 3,738
Total 72,318
Less: Present value discount (7,113)
Lease liabilities $ 65,205
v3.25.4
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, employer matching contribution, percent 6.00%    
Defined contribution plan, vesting percentage 100.00%    
Employer contributions to 401(k) plan $ 3.0 $ 4.5 $ 3.9
Defined benefit pension plan, assets 4.7    
Net liabilities included on the balance sheet 0.1 $ 0.7  
Defined benefit pension plan, liabilities $ 4.8    
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, employer matching contribution, percent 8.00%    
v3.25.4
Subsequent Events (Details)
 1 Months Ended
Jan. 31, 2026
Tallgrass High Plains Carbon Storage, LLC | Medium-Term Note | Subsequent Event | Green Plains York Capture Company LLC  
Subsequent Event [Line Items]  
Debt instrument, term 12 years