GREEN PLAINS INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 05, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 $0.001 per share  
Trading Symbol GPRE  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   70,030,174
Entity Central Index Key 0001309402  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 95,719 $ 182,319
Restricted cash 87,425 47,813
Accounts receivable, net of allowances of $746 and $801, respectively 85,856 74,374
Inventories 139,409 148,095
Production tax credits 105,888 40,328
Prepaid expenses and other 17,698 18,117
Derivative financial instruments 10,279 11,494
Total current assets 542,274 522,540
Property and equipment, net of accumulated depreciation ‎and amortization of $684,410 and $681,713, respectively 928,679 957,256
Operating lease right-of-use assets 65,254 63,849
Other assets 50,546 41,242
Total assets 1,586,753 1,584,887
Current liabilities    
Accounts payable 88,591 134,912
Accrued and other liabilities 68,291 66,828
Derivative financial instruments 35,359 7,901
Operating lease current liabilities 22,477 21,557
Short-term notes payable and other borrowings 34,000 33,584
Current maturities of long-term debt 69,316 3,924
Total current liabilities 318,034 268,706
Long-term debt 388,923 361,992
Operating lease long-term liabilities 44,045 43,648
Carbon equipment liabilities 12,869 104,217
Other liabilities 31,857 34,353
Total liabilities 795,728 812,916
Commitments and contingencies (Note 12)
Stockholders' equity    
Common stock, $0.001 par value; 150,000,000 shares authorized; ‎75,702,894 and 75,495,731 shares issued, and 70,035,240 ‎and 69,828,077 shares outstanding, respectively 76 76
Additional paid-in capital 1,267,319 1,267,839
Retained deficit (406,638) (439,576)
Accumulated other comprehensive loss (14,107) (618)
Treasury stock, 5,667,654 shares (61,474) (61,474)
Total Green Plains stockholders' equity 785,176 766,247
Noncontrolling interests 5,849 5,724
Total stockholders' equity 791,025 771,971
Total liabilities and stockholders' equity $ 1,586,753 $ 1,584,887
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Accounts receivable, allowances $ 746 $ 801
Property and equipment, accumulated depreciation and amortization $ 684,410 $ 681,713
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 150,000,000 150,000,000
Common stock, issued (in shares) 75,702,894 75,495,731
Common stock, outstanding (in shares) 70,035,240 69,828,077
Treasury stock (in shares) 5,667,654 5,667,654
v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenues $ 445,804 $ 601,515
Costs and expenses    
Cost of goods sold (excluding depreciation and amortization expenses reflected below) 357,858 598,476
Selling, general and administrative expenses 19,537 42,912
Depreciation and amortization expenses 23,637 22,387
Total costs and expenses 401,032 663,775
Operating income (loss) 44,772 (62,260)
Other income (expense)    
Interest income 2,920 1,003
Interest expense (11,485) (8,913)
Other, net 152 (1,515)
Total other expense (8,413) (9,425)
Income (loss) before income taxes and income (loss) from equity method investees 36,359 (71,685)
Income tax expense (2,916) (106)
Income (loss) from equity method investees, net of income taxes 22 (850)
Net income (loss) 33,465 (72,641)
Net income attributable to noncontrolling interests 527 265
Net income (loss) attributable to Green Plains $ 32,938 $ (72,906)
Earnings per share    
Net loss attributable to Green Plains - basic (in dollars per share) $ 0.48 $ (1.14)
Net loss attributable to Green Plains - diluted (in dollars per share) $ 0.42 $ (1.14)
Weighted average shares outstanding    
Weighted-average shares outstanding - basic (in shares) 68,841,000 64,069,000
Weighted-average shares outstanding - diluted (in shares) 84,135,000 64,069,000
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 33,465 $ (72,641)
Other comprehensive loss, net of tax    
Unrealized losses on derivatives arising during the period, net of tax benefit of $3,260 and $725, respectively (9,569) (2,307)
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $1,335 and ($12), respectively (3,920) 37
Total other comprehensive loss, net of tax (13,489) (2,270)
Comprehensive income (loss) 19,976 (74,911)
Comprehensive income attributable to noncontrolling interests 527 265
Comprehensive income (loss) attributable to Green Plains $ 19,449 $ (75,176)
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Tax (expense) benefit on unrealized gains (losses) on derivatives arising during the period $ 3,260 $ 725
Tax (expense) benefit on reclassification of realized losses (gains) on derivatives $ 1,335 $ (12)
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income (loss) $ 33,465 $ (72,641)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 23,637 22,387
Amortization of debt issuance costs and non-cash interest expense 499 486
Inventory lower of cost or net realizable value adjustment 0 2,519
Deferred income taxes 2,873 713
Stock-based compensation 1,889 8,840
(Income) loss from equity method investees, net of income taxes (22) 850
Other (196) 1,073
Changes in operating assets and liabilities    
Accounts receivable (10,866) (2,202)
Inventories 8,717 38,360
Production tax credits 65,560 0
Derivative financial instruments 10,590 (8,082)
Prepaid expenses and other assets (3,630) 5,419
Accounts payable and accrued liabilities (44,491) (55,815)
Current income taxes 4,061 140
Other (467) 2,912
Net cash used in operating activities (39,501) (55,041)
Cash flows from investing activities    
Purchases of property and equipment, net (6,448) (16,710)
Investment in equity method investees 0 (4,000)
Net cash used in investing activities (4,448) (20,710)
Cash flows from financing activities    
Payments of principal on long-term debt (1,046) (480)
Proceeds from short-term borrowings 87,802 182,319
Payments on short-term borrowings (87,386) (185,755)
Payments related to tax withholdings for stock-based compensation (2,409) (1,372)
Other financing activities 0 (1,753)
Net cash used in financing activities (3,039) (7,041)
Net change in cash and cash equivalents, and restricted cash (46,988) (82,792)
Cash and cash equivalents, and restricted cash, beginning of period 230,132 209,395
Cash and cash equivalents, and restricted cash, end of period 183,144 126,603
Reconciliation of total cash and cash equivalents, and restricted cash    
Cash and cash equivalents 95,719 98,610
Restricted cash 87,425 27,993
Total cash and cash equivalents, and restricted cash 183,144 126,603
Supplemental disclosures of cash flow    
Cash paid (refunded) for income taxes, net (4,019) 29
Cash paid for interest 6,395 9,689
Capital expenditures in accounts payable 2,169 5,662
Capital expenditures in carbon equipment liabilities 12,869 28,509
Non-cash asset retirement obligation additions 0 4,691
Proceeds from Sale of Productive Assets $ 2,000 $ 0
v3.26.1
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
References to the Company
References to “Green Plains,” "we," "our" 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 method basis.
The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.
The accompanying consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 10, 2026.
The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. See the change in accounting policy note directly below for more information.
Change in Accounting Policy
During the first quarter of 2026, the company elected to early adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities. Concurrently, the company elected to change its accounting policy related to the recognition of Section 45Z clean fuel production tax credits. The change in accounting policy results in the recognition of Section 45Z clean fuel production tax credits by analogy under the income model of ASU 2025-10, which results in a reduction of cost of goods sold in the statements of operations and recognition as production tax credits on the consolidated balance sheets. The company previously recorded the credits under ASC 740, Accounting for Income Taxes, which resulted in recognition within income tax benefit in the statements of operations and deferred income taxes, net in the consolidated balance sheets. The company determined that the income model under ASU 2025-10 is preferable because it better reflects the financial benefit of Section 45Z clean fuel production tax credits netted against the costs to produce the low-carbon fuels that the tax legislation was meant to incentivize. The company determined that retrospective adjustment to prior period financials is required. No Section 45Z clean fuel production tax credits were recognized during the first or second quarters of 2025, so no adjustments were made in the statements of operations; however, the company has reclassified balances previously reported as deferred income taxes, net, and other long-term liabilities to production tax credits on the consolidated balance sheets as of December 31, 2025. The company has included a summary of reclassifications in the table below to disclose the reclassifications to the financial statements presented in this filing to conform them to the presentation under the new accounting policy. The impact for the change in accounting policy resulted in $65.6 million of production tax credits being recorded as a reduction of cost of goods sold in the first quarter of 2026, which would have previously been recognized as income tax benefit under our previous accounting policy election.
The impact of all adjustments made to the consolidated financial statements presented in this filing is summarized in the following table (in thousands):
Consolidated Balance Sheets as of December 31, 2025
As Adjusted
As Previously Reported
Effect of Change
Current assets
Production tax credits
$40,328 $— $40,328 
Total current assets
522,540 482,212 40,328 
Deferred income taxes, net
— 33,837 (33,837)
Total assets
$1,584,887 $1,578,396 $6,491 
Liabilities
Other liabilities
$34,353 $27,862 $6,491 
Total liabilities
$812,916 $806,425 $6,491 
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, accounting for income taxes and production tax credits, 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 at four plants, and renewable corn oil, in addition to CCS operations at our three Nebraska plants, 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.
Cash and Cash Equivalents
Cash and cash equivalents includes 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.
Production Tax Credits
Section 45Z clean fuel production tax credits are recorded in the period when production occurs and the company anticipates these credits will be sold in a qualifying manner. The credits are valued utilizing each qualifying facility’s CI score and the expected sales price of the credits, which is representative of fair value. The balance reported in the consolidated balance sheets represents the value of credits for which payment has not yet been collected.
Carbon Equipment Financing
The company engaged Tallgrass High Plains Carbon Storage, LLC ("Tallgrass") and its affiliates to construct carbon sequestration equipment at its three Nebraska plants in order to support the company's ability to generate available tax credits related to the production of low carbon fuels. All three projects have reached substantial completion, with spend related to the projects presented as debt on the consolidated balance sheets, except for an estimated $12.9 million of spend
that Tallgrass has yet to apply to our debt balances owed, which is presented as carbon equipment liabilities. The amounts remaining within carbon equipment liabilities are expected to be reclassified and presented as debt within the next twelve months. The company financed the cost of the project, which will be paid monthly over 12 years. See Note 7 - Debt for more information.
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, partially offset by Section 45Z production tax credits. 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, and repairs and maintenance. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals.
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 that complies with the qualified sale provision times the CI emission factor times the applicable credit rate per gallon ($0.20 for non-SAF transportation fuel, or $1.00, subject to adjustments based on GDP, if the taxpayer satisfies the prevailing wage requirements under Section 45Z). Based on production and CI scores for the three months ended March 31, 2026, the company recorded production tax credits net of discounts of $65.6 million related to Section 45Z production tax credits as a reduction of cost of goods sold. The company expects to benefit from certain energy related tax credits in future years.
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.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Revenue by Source
The following tables disaggregate revenue by major source (in thousands):
Three Months Ended March 31, 2026
Ethanol ProductionAgribusiness & Energy
Services		EliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains18,052 — — 18,052 
Other24,240 406 — 24,646 
Intersegment revenues— 71 (71)— 
Total revenues from contracts with customers42,292 477 (71)42,698 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol268,145 18,141 — 286,286 
Distillers grains47,205 2,364 — 49,569 
Renewable corn oil35,717 — — 35,717 
Other— 31,534 — 31,534 
Intersegment revenues— 6,089 (6,089)— 
Total revenues from contracts accounted for as derivatives351,067 58,128 (6,089)403,106 
Total Revenues$393,359 $58,605 $(6,160)$445,804 

Three Months Ended March 31, 2025
Ethanol ProductionAgribusiness & Energy
Services		EliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains19,389 3,560 — 22,949 
Other11,244 1,653 — 12,897 
Intersegment revenues314 68 (382)— 
Total revenues from contracts with customers30,947 5,281 (382)35,846 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol378,221 70,102 — 448,323 
Distillers grains57,534 6,081 — 63,615 
Renewable corn oil31,070 — — 31,070 
Other— 22,661 — 22,661 
Intersegment revenues— 5,704 (5,704)— 
Total revenues from contracts accounted for as derivatives466,825 104,548 (5,704)565,669 
Total Revenues$497,772 $109,829 $(6,086)$601,515 

(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 approximately 65% of total revenues for the three months ended March 31, 2026, recorded within the ethanol production segment. Revenues from Customer B, Customer C and Customer D represented approximately 13%, 12% and 10%, respectively, of total revenues for the three months ended March 31, 2025, recorded within the ethanol production segment.
v3.26.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2026
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. The company currently does not have any recurring Level 3 financial instruments.
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 March 31, 2026
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$95,719 $— $— $95,719 
Restricted cash87,425 — — 87,425 
Inventories carried at market— 12,601 — 12,601 
Production tax credits— 105,888 — 105,888 
Derivative financial instruments - assets— 10,279 — 10,279 
Other assets— 32 — 32 
Total assets measured at fair value$183,144 $128,800 $— $311,944 
Liabilities
Accounts payable (1)
$— $16,070 $— $16,070 
Derivative financial instruments - liabilities— 8,318 — 8,318 
Total liabilities measured at fair value$— $24,388 $— $24,388 
 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 
Production tax credits— 40,328 — 40,328 
Derivative financial instruments - assets— 6,927 — 6,927 
Property and equipment, net of accumulated depreciation and amortization (2)
— — 2,000 2,000 
Total assets measured at fair value$230,132 $71,991 $2,000 $304,123 
Liabilities
Accounts payable (1)
$— $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 
(1)Accounts payable is generally stated at historical amounts with the exception of $16.1 million and $28.6 million at March 31, 2026 and December 31, 2025, 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.
(2)Property and equipment, net of accumulated depreciation and amortization includes $2.0 million of assets held for sale at December 31, 2025.
As of March 31, 2026, the fair value of the company’s debt was approximately $559.3 million compared with a book value of $492.2 million. At December 31, 2025, the fair value of the company’s debt was approximately $387.8 million compared with a book value of $399.5 million. 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 $85.9 million and $74.4 million at March 31, 2026 and December 31, 2025, 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.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
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 at four plants, and renewable corn oil, in addition to CCS operations at our three Nebraska plants, 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, Ultra-High Protein, renewable corn oil, natural gas and other commodities.
Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees, overhead costs, gain on sale of assets, and restructuring costs not directly related to a specific operating segment.
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 Chief Executive Officer 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):
Three Months Ended
March 31,
20262025
Revenues
Ethanol production
Revenues from external customers$393,359 $497,458 
Intersegment revenues— 314 
Total segment revenues393,359 497,772 
Agribusiness and energy services
Revenues from external customers52,445 104,057 
Intersegment revenues6,160 5,772 
Total segment revenues58,605 109,829 
Revenues including intersegment activity451,964 607,601 
Intersegment eliminations(6,160)(6,086)
 $445,804 $601,515 
Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.
Three Months Ended
March 31,
20262025
Cost of goods sold
Ethanol production (1)
$321,631 $503,464 
Agribusiness and energy services42,387 101,098 
Intersegment eliminations(6,160)(6,086)
$357,858 $598,476 
Three Months Ended
March 31,
20262025
Gross margin
Ethanol production (1)
$71,728 $(5,692)
Agribusiness and energy services16,218 8,731 
$87,946 $3,039 
Three Months Ended
March 31,
20262025
Depreciation and amortization
Ethanol production$23,218 $21,035 
Agribusiness and energy services31 598 
Corporate activities388 754 
$23,637 $22,387 
Three Months Ended
March 31,
20262025
Operating income (loss)
Ethanol production$39,422 $(39,550)
Agribusiness and energy services13,832 2,433 
Corporate activities (2)
(8,482)(25,143)
$44,772 $(62,260)

(1)Ethanol production includes $56.1 million of Section 45Z production tax credits net of discounts and other costs for the three months ended March 31, 2026, recorded as a reduction of cost of goods sold.
(2)Corporate activities includes $10.3 million of restructuring costs for the three months ended March 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.
During the three months ended March 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):
Three Months Ended
March 31, 2025
Ethanol productionAgribusiness and energy servicesCorporate activitiesSubtotal
Cost of goods sold$2,260 459 — $2,719 
Selling, general and administrative expenses210 1,658 10,341 12,209 
Other, net— 154 1,505 1,659 
Total restructuring costs$2,470 2,271 11,846 $16,587 
The following tables reconcile EBITDA, our segment measure of profit or loss, to net income (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.
Three Months Ended March 31, 2026
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$63,056 $14,011 $77,067 
Depreciation and amortization(23,218)(31)(23,249)
Interest expense(4,709)(772)(5,481)
Subtotal$35,129 $13,208 $48,337 
Unallocated corporate expenses (1)
(11,956)
Income tax expense, net of equity method income taxes(2,916)
Net income$33,465
Three Months Ended March 31, 2025
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$(19,416)$3,156 $(16,260)
Depreciation and amortization(21,035)(598)(21,633)
Interest expense(4,820)(2,427)(7,247)
Subtotal$(45,271)$131 $(45,140)
Unallocated corporate expenses (1)
(27,666)
Income tax benefit, net of equity method income taxes165
Net loss$(72,641)
(1)Corporate expenses include selling, general administrative expenses, depreciation and amortization, interest expense, and during 2025 includes restructuring costs related to cost savings initiatives and the departure of our former CEO.
The following table sets forth total assets by operating segment (in thousands):
March 31,
2026		December 31,
2025
Total assets (1)
Ethanol production$1,220,927 $1,173,574 
Agribusiness and energy services247,655 278,222 
Corporate assets120,226 139,644 
Intersegment eliminations(2,055)(6,553)
$1,586,753 $1,584,887 
(1)Asset balances by segment exclude intercompany balances.
v3.26.1
Inventories
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories. There was a $1.5 million lower of cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment as of December 31, 2025.
The components of inventories are as follows (in thousands):
March 31,
2026		December 31,
2025
Finished goods$25,193 $24,891 
Commodities held for sale12,601 24,736 
Raw materials29,787 26,650 
Work-in-process9,656 9,597 
Supplies and parts62,172 62,221 
$139,409 $148,095 
v3.26.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
At March 31, 2026, the company’s consolidated balance sheet reflected unrealized losses of $14.1 million, net of tax, in accumulated other comprehensive loss. The company expects these items will be reclassified as operating income (loss) over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income (loss) 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		Liability Derivatives'
Fair Value
March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
Derivative financial instruments - forwards$10,279 $6,927 
(2)
$8,318 
(1)
$7,901 
Other assets32 — — — 
Other liabilities— — — 1 
Total$10,311 $6,927 $8,318 $7,902 
(1)At March 31, 2026, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $27.0 million, which include $15.4 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, and $0.5 million of net unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
(2)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.
Refer to Note 3 - 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):
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other
Comprehensive Income into Income		Three Months Ended
March 31,
20262025
Revenues$390 $(25)
Cost of goods sold4,865 (24)
Net income (loss) recognized in income (loss) before income taxes$5,255 $(49)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on
Derivatives		Three Months Ended
March 31,
20262025
Commodity contracts$(12,829)$(3,032)
A portion of the company’s derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange-traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.
Amount of Gain (Loss)
Recognized in Income on Derivatives
Derivatives Not Designated as
Hedging Instruments		Location of Gain (Loss) Recognized in Income
 on Derivatives		Three Months Ended
March 31,
20262025
Exchange-traded futures and optionsRevenues$(13,279)$2,892 
ForwardsRevenues3,522 2,332 
Exchange-traded futures and optionsCost of goods sold(10,991)(1,373)
ForwardsCost of goods sold2,178 (6,982)
Net gain (loss) recognized in income (loss) before income taxes$(18,570)$(3,131)
The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):
March 31, 2026December 31, 2025
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$12,601 $1,015 $24,736 $(8,938)
Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations (in thousands):
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31,
20262025
RevenueCost of
Goods Sold		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$390 $4,865 $(25)$(24)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair-value hedged inventories— (385)— 1,138 
Exchange-traded futures designated as hedging instruments— 1,106 — 231 
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$390 $5,586 $(25)$1,345 
The notional volume of open commodity derivative positions as of March 31, 2026 are as follows (in thousands):
Exchange-Traded (1)
Non-Exchange-Traded (2)
Derivative
Instruments		Net Long &
(Short)		Long(Short)Unit of
Measure		Commodity
Futures(31,775)BushelsCorn
Futures32,920 
(3)
BushelsCorn
Futures(2,845)
(4)
BushelsCorn
Futures(39,480)GallonsEthanol
Futures(97,020)
(3)
GallonsEthanol
Futures(1,023)MmBTUNatural Gas
Futures3,210 
(3)
MmBTUNatural Gas
Futures(30)
(4)
MmBTUNatural Gas
Forwards45,693 — BushelsCorn
Forwards15,967 (196,477)GallonsEthanol
Forwards3 (186)TonsDistillers Grains
Forwards— (48,089)PoundsRenewable Corn Oil
Forwards12,937 (20)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 $5.6 million and $2.6 million for the three months ended March 31, 2026 and 2025, respectively, on energy trading contracts.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt DEBT
The components of long-term debt are as follows (in thousands):
March 31,
2026		December 31,
2025
Corporate
2.25% convertible notes due 2027 (1)
$60,000 $60,000 
5.25% convertible notes due 2030 (2)
200,000 200,000 
Green Plains Shenandoah
Term loan due 2035 (3)
69,750 70,125 
Green Plains Central City Carbon Capture
Tallgrass Term loan due 203844,126 — 
Green Plains Wood River Carbon Capture
Tallgrass Term loan due 203848,387 — 
Green Plains York Carbon Capture
Tallgrass Term loan due 203734,389 34,523 
Other9,661 9,842 
Total book value of long-term debt466,313 374,490 
Unamortized debt issuance costs(8,074)(8,574)
Less: current maturities of long-term debt(69,316)(3,924)
Total long-term debt$388,923 $361,992 
(1)The 2.25% notes had $0.3 million and $0.4 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively.
(2)The 5.25% notes had $7.6 million and $8.0 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively.
(3)The loan had $0.2 million and $0.2 million of unamortized debt issuance costs as of both March 31, 2026 and December 31, 2025, respectively.
The components of short-term notes payable and other borrowings are as follows (in thousands):
March 31,
2026		December 31,
2025
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver (1)
$14,000 $25,000 
Green Plains Commodity Management
$20.0 million hedge line
20,000 8,584 
$34,000 $33,584 
(1)The revolver was amended on April 17, 2026, and the borrowing limit was reduced to $300.0 million.
Corporate Activities
In March 2021, we issued $230.0 million of unsecured 2.25% convertible senior notes due in 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 initial conversion rate is 31.6206 shares of our common stock per $1,000 principal amount of 2027 Notes (equivalent to an initial conversion price of approximately $31.62 per share of our common stock), representing an approximately 37.5% premium over the offering price of our 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, we may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including our calling the 2027 Notes for redemption. We may settle the 2027 Notes in cash, common stock or a combination of cash and common stock.
On October 27, 2025, the company executed separate, privately negotiated exchange agreements with certain of the holders of its existing 2027 Notes to exchange (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”). 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 2030 Notes are general 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. At March 31, 2026, the outstanding principal balances on the remaining 2027 Notes and the 2030 Notes were $60.0 million and $200.0 million, respectively.
Ethanol Production Segment
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 from 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 March 31, 2026, the interest rate on the loan was 6.52%.
On and after July 24, 2023, Green Plains Central City Capture Company LLC, Green Plains Wood River Capture Company LLC, and Green Plains York Capture Company LLC, (collectively, the "capture companies") which are all wholly-owned subsidiaries 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 Central City, Wood River, and York ethanol facilities in Nebraska. Under the agreements, the capture companies are 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. All projects met criteria for substantial completion and are classified as debt, except for an estimated $12.9 million of spend that Tallgrass has yet to apply to our debt balances owed, which is presented as carbon equipment liabilities. The amounts remaining within carbon equipment liabilities are expected to be reclassified and presented as debt within the next twelve months. The total estimated value of this debt recorded on the balance sheet is $126.9 million. Repayments commenced in January 2026. This debt is secured by substantially all real and personal property interests associated with the capture companies. Green Plains Inc. further supports the obligation through a guaranty, under which it unconditionally guarantees the capture companies' performance and payment obligations. The capture companies 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 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. As of March 31, 2026 the Facility was set to mature 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 March 31, 2026, the interest rate on the Facility was 6.83%.
On April 17, 2026, the Facility was further amended by the Second Amendment to the Loan and Security Agreement (the “Second Revolver Amendment”). The Second Revolver Amendment (i) extends the termination date of the Facility from March 25, 2027 to September 25, 2027 and (ii) reduces the size of the Facility commitment from $350 million to $300 million.
Green Plains Commodity Management has a $20.0 million uncommitted revolving credit facility to finance margins related to its hedging programs, which is secured by cash and securities held in its brokerage accounts that matures on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At March 31, 2026, the interest rate on the facility was 5.45%.
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 March 31, 2026.
Covenant Compliance
The company was in compliance with its debt covenants as of March 31, 2026.
Restricted Net Assets
At March 31, 2026, there were approximately $43.4 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.
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [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 1.0 million shares remain available for issuance. 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.
Restricted Stock Awards and Deferred Stock Units
The restricted non-vested stock awards and deferred stock units activity for the three months ended March 31, 2026 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, 20251,083,233 $8.28 
Granted324,026 13.30 
Forfeited(32,597)9.84 
Vested(302,779)11.47 
Non-Vested at March 31, 20261,071,883 $8.86 1.9
Performance Share Awards
On February 27, 2026, March 10, 2025, and March 13, 2024, 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, annual production levels and return on investment (ROI). Performance shares granted in 2026, 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 the 2026 performance share grants and related valuation include a risk-free interest rate of 3.52%, dividend yields of 0%, expected volatility of 60.9%, closing stock price on the date of grant of $14.27, resulting in an estimated fair value of $24.93 per share. 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 2026, 2025 and 2024 awards are 1,173,904 performance shares which represents 200% of the 586,952 performance shares that remain outstanding, excluding forfeited shares. 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.
On 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. 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. Excluding 2023 performance shares that vested at target in accordance with termination agreements, based on the criteria discussed above, on March 9, 2026, the 2023 performance shares vested at 0% due to missed performance objectives and as a result, no shares were issued.
The non-vested performance share award activity for the three months ended March 31, 2026 is as follows:
Performance
Shares		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2025461,441 $12.98 
Granted212,691 19.33 
Forfeited(41,116)34.66 
Vested(46,064)12.56 
Non-Vested at March 31, 2026586,952 $13.79 2.2
Stock-Based Compensation Expense
Compensation costs for the stock-based payment plan were $1.9 million and $8.8 million for the three months ended March 31, 2026 and 2025, respectively, with the decrease primarily driven by accelerated vesting for the company's former CEO in the prior period. At March 31, 2026, there was $14.2 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 2.2 years. The potential tax benefit related to stock-based payment is approximately 25.4% of these expenses.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
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):
Three Months Ended
March 31,
20262025
Net income (loss) attributable to Green Plains$32,938 $(72,906)
Weighted average shares outstanding - basic68,841 64,069 
EPS - basic$0.48 $(1.14)
EPS - diluted
Net income (loss) attributable to Green Plains$32,938 $(72,906)
2.25% convertible notes due 2027
313 — 
5.25% convertible notes due 2030
2,265 — 
Net income (loss) attributable to Green Plains - diluted$35,516 $(72,906)
Weighted average shares outstanding - basic68,841 64,069 
Effect of dilutive convertible debt:
2.25% convertible notes due 2027
1,897 — 
5.25% convertible notes due 2030
12,723 — 
Effect of dilutive stock-based compensation awards674 — 
Weighted average shares outstanding - diluted84,135 64,069 
EPS - diluted$0.42 $(1.14)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)
— 7,775 
(1)The effect related to the company’s convertible debt, warrants and certain stock-based compensation awards has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Components of stockholders’ equity for the three months ended March 31, 2026 and 2025 are as follows (in thousands):
Common StockAdditional
Paid-in
Capital		Retained DeficitAccumulated Other
Comprehensive Income (Loss)		Treasury StockTotal
Green Plains
Stockholders'
Equity		Non-
Controlling
Interests		Total
Stockholders'
Equity
SharesAmountSharesAmount
Balance, December 31, 202575,502 $76 $1,267,839 $(439,576)$(618)5,668 $(61,474)$766,247 $5,724 $771,971 
Net income— — — 32,938 — — — 32,938 527 33,465 
Distributions declared— — — — — — — — (402)(402)
Other comprehensive loss before reclassification— — — — (9,569)— — (9,569)— (9,569)
Amounts reclassified from accumulated other comprehensive loss— — — — (3,920)— — (3,920)— (3,920)
Other comprehensive loss, net of tax— — — — (13,489)— — (13,489)— (13,489)
Stock-based compensation201 — (520)— — — — (520)— (520)
Balance, March 31, 202675,703 $76 $1,267,319 $(406,638)$(14,107)5,668 $(61,474)$785,176 $5,849 $791,025 
Common StockAdditional
Paid-in
Capital		Retained DeficitAccumulated Other
Comprehensive Loss		Treasury StockTotal
Green Plains
Stockholders'
Equity		Non-
Controlling
Interests		Total
Stockholders'
Equity
SharesAmountSharesAmount
Balance, December 31, 202467,512 $68 $1,213,646 $(318,298)$973 2,805 $(31,174)$865,215 $9,322 $874,537 
Net loss— — — (72,906)— — — (72,906)265 (72,641)
Other comprehensive loss before reclassification— — — — (2,307)— — (2,307)— (2,307)
Amounts reclassified from accumulated other comprehensive loss— — — — 37 — — 37 — 37 
Other comprehensive loss, net of tax— — — — (2,270)— — (2,270)— (2,270)
Investment in subsidiaries— — — — — — — — 94 94 
Stock-based compensation688 — 7,468 — — — — 7,468 — 7,468 
Balance, March 31, 202568,200 $68 $1,221,114 $(391,204)$(1,297)2,805 $(31,174)$797,507 $9,681 $807,188 
Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands):
Three Months Ended
March 31,		Statements of
Operations
Classification
20262025
Gains (losses) on cash flow hedges
Commodity derivatives$390 $(25)
(1)
Commodity derivatives4,865 (24)
(2)
Total losses on cash flow hedges5,255 (49)
(3)
Income tax expense (benefit)(1,335)12 
(4)
Amounts reclassified from accumulated other comprehensive loss$3,920 $(37)
(1)Revenues
(2)Costs of goods sold
(3)Income (loss) before income taxes and income (loss) from equity method investees
(4)Income tax benefit
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period.
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 of 2017, 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 expects to benefit from the business provisions of the OBBB and the extension of certain energy credits under the IRA and not be negatively impacted by the phase-out of other energy credits. 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 company recorded income tax expense of $2.9 million for the three months ended March 31, 2026, compared with income tax expense of $0.1 million for the same period in 2025. The increase in income tax expense is primarily due to the increase in pre-tax book income, which was partially offset by the generation of non-taxable income from the Section 45Z production tax credits, and changes in the valuation allowance on deferred tax assets.
The effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
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 approximately 11.6 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 components of lease expense are as follows (in thousands):
Three Months Ended
March 31,
20262025
Lease expense
Operating lease expense$6,857$7,328
Variable lease expense (1)
604222
Total lease expense$7,461$7,550
(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):
Three Months Ended
March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$7,010 $7,372 
Right-of-use assets obtained in exchange for lease obligations
Operating leases8,027 282 
Supplemental balance sheet information related to operating leases is as follows:
March 31,
2026		December 31,
2025
Weighted average remaining lease term3.7 years3.8 years
Weighted average discount rate5.40 %5.46 %
Aggregate minimum lease payments under the operating lease agreements for the remainder of 2026 and in future years are as follows (in thousands):
Year Ending December 31,Amount
2026$19,211 
202722,111 
202813,637 
202910,181 
20304,597 
Thereafter3,739 
Total73,476 
Less: Present value discount(6,954)
Lease liabilities$66,522 
The company has two additional railcar operating leases commencing, with one during the second quarter of 2026 with undiscounted future lease payments of approximately $3.2 million and a lease terms of three years and another during the third quarter of 2026 with undiscounted future lease payments of approximately $0.9 million and a lease terms of five years. These amounts are not included in the tables above.
Other Commitments
As of March 31, 2026, the company had contracted future purchases of grain, ethanol, distillers grains and natural gas, valued at approximately $270.1 million and future commitments for storage and transportation, valued at approximately $36.6 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 March 31, 2026, the company had incurred $12.9 million of accumulated construction costs in relation to the projects, presented as carbon equipment liabilities on the consolidated balance sheet.
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.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [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 method basis.
The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.
The accompanying consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 10, 2026.
The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year.
Reclassifications
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. See the change in accounting policy note directly below for more information.
Change In Accounting Policy
Change in Accounting Policy
During the first quarter of 2026, the company elected to early adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities. Concurrently, the company elected to change its accounting policy related to the recognition of Section 45Z clean fuel production tax credits. The change in accounting policy results in the recognition of Section 45Z clean fuel production tax credits by analogy under the income model of ASU 2025-10, which results in a reduction of cost of goods sold in the statements of operations and recognition as production tax credits on the consolidated balance sheets. The company previously recorded the credits under ASC 740, Accounting for Income Taxes, which resulted in recognition within income tax benefit in the statements of operations and deferred income taxes, net in the consolidated balance sheets. The company determined that the income model under ASU 2025-10 is preferable because it better reflects the financial benefit of Section 45Z clean fuel production tax credits netted against the costs to produce the low-carbon fuels that the tax legislation was meant to incentivize. The company determined that retrospective adjustment to prior period financials is required. No Section 45Z clean fuel production tax credits were recognized during the first or second quarters of 2025, so no adjustments were made in the statements of operations; however, the company has reclassified balances previously reported as deferred income taxes, net, and other long-term liabilities to production tax credits on the consolidated balance sheets as of December 31, 2025. The company has included a summary of reclassifications in the table below to disclose the reclassifications to the financial statements presented in this filing to conform them to the presentation under the new accounting policy. The impact for the change in accounting policy resulted in $65.6 million of production tax credits being recorded as a reduction of cost of goods sold in the first quarter of 2026, which would have previously been recognized as income tax benefit under our previous accounting policy election.
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, accounting for income taxes and production tax credits, 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 at four plants, and renewable corn oil, in addition to CCS operations at our three Nebraska plants, 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.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents includes 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.
Production Tax Credits
Production Tax Credits
Section 45Z clean fuel production tax credits are recorded in the period when production occurs and the company anticipates these credits will be sold in a qualifying manner. The credits are valued utilizing each qualifying facility’s CI score and the expected sales price of the credits, which is representative of fair value. The balance reported in the consolidated balance sheets represents the value of credits for which payment has not yet been collected.
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, partially offset by Section 45Z production tax credits. 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, and repairs and maintenance. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals.
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 that complies with the qualified sale provision times the CI emission factor times the applicable credit rate per gallon ($0.20 for non-SAF transportation fuel, or $1.00, subject to adjustments based on GDP, if the taxpayer satisfies the prevailing wage requirements under Section 45Z). Based on production and CI scores for the three months ended March 31, 2026, the company recorded production tax credits net of discounts of $65.6 million related to Section 45Z production tax credits as a reduction of cost of goods sold. The company expects to benefit from certain energy related tax credits in future years.
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.
v3.26.1
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Adjustments to Financial Statements
The impact of all adjustments made to the consolidated financial statements presented in this filing is summarized in the following table (in thousands):
Consolidated Balance Sheets as of December 31, 2025
As Adjusted
As Previously Reported
Effect of Change
Current assets
Production tax credits
$40,328 $— $40,328 
Total current assets
522,540 482,212 40,328 
Deferred income taxes, net
— 33,837 (33,837)
Total assets
$1,584,887 $1,578,396 $6,491 
Liabilities
Other liabilities
$34,353 $27,862 $6,491 
Total liabilities
$812,916 $806,425 $6,491 
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue by Major Source
The following tables disaggregate revenue by major source (in thousands):
Three Months Ended March 31, 2026
Ethanol ProductionAgribusiness & Energy
Services		EliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains18,052 — — 18,052 
Other24,240 406 — 24,646 
Intersegment revenues— 71 (71)— 
Total revenues from contracts with customers42,292 477 (71)42,698 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol268,145 18,141 — 286,286 
Distillers grains47,205 2,364 — 49,569 
Renewable corn oil35,717 — — 35,717 
Other— 31,534 — 31,534 
Intersegment revenues— 6,089 (6,089)— 
Total revenues from contracts accounted for as derivatives351,067 58,128 (6,089)403,106 
Total Revenues$393,359 $58,605 $(6,160)$445,804 

Three Months Ended March 31, 2025
Ethanol ProductionAgribusiness & Energy
Services		EliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— 
Distillers grains19,389 3,560 — 22,949 
Other11,244 1,653 — 12,897 
Intersegment revenues314 68 (382)— 
Total revenues from contracts with customers30,947 5,281 (382)35,846 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol378,221 70,102 — 448,323 
Distillers grains57,534 6,081 — 63,615 
Renewable corn oil31,070 — — 31,070 
Other— 22,661 — 22,661 
Intersegment revenues— 5,704 (5,704)— 
Total revenues from contracts accounted for as derivatives466,825 104,548 (5,704)565,669 
Total Revenues$497,772 $109,829 $(6,086)$601,515 

(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.
v3.26.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities at Fair Value The company’s assets and liabilities by level are as follows (in thousands):
Fair Value Measurements at March 31, 2026
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$95,719 $— $— $95,719 
Restricted cash87,425 — — 87,425 
Inventories carried at market— 12,601 — 12,601 
Production tax credits— 105,888 — 105,888 
Derivative financial instruments - assets— 10,279 — 10,279 
Other assets— 32 — 32 
Total assets measured at fair value$183,144 $128,800 $— $311,944 
Liabilities
Accounts payable (1)
$— $16,070 $— $16,070 
Derivative financial instruments - liabilities— 8,318 — 8,318 
Total liabilities measured at fair value$— $24,388 $— $24,388 
 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 
Production tax credits— 40,328 — 40,328 
Derivative financial instruments - assets— 6,927 — 6,927 
Property and equipment, net of accumulated depreciation and amortization (2)
— — 2,000 2,000 
Total assets measured at fair value$230,132 $71,991 $2,000 $304,123 
Liabilities
Accounts payable (1)
$— $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 
(1)Accounts payable is generally stated at historical amounts with the exception of $16.1 million and $28.6 million at March 31, 2026 and December 31, 2025, 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.
(2)Property and equipment, net of accumulated depreciation and amortization includes $2.0 million of assets held for sale at December 31, 2025.
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule Of Financial Data
The following tables set forth certain financial data for the company’s operating segments (in thousands):
Three Months Ended
March 31,
20262025
Revenues
Ethanol production
Revenues from external customers$393,359 $497,458 
Intersegment revenues— 314 
Total segment revenues393,359 497,772 
Agribusiness and energy services
Revenues from external customers52,445 104,057 
Intersegment revenues6,160 5,772 
Total segment revenues58,605 109,829 
Revenues including intersegment activity451,964 607,601 
Intersegment eliminations(6,160)(6,086)
 $445,804 $601,515 
Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.
Three Months Ended
March 31,
20262025
Cost of goods sold
Ethanol production (1)
$321,631 $503,464 
Agribusiness and energy services42,387 101,098 
Intersegment eliminations(6,160)(6,086)
$357,858 $598,476 
Three Months Ended
March 31,
20262025
Gross margin
Ethanol production (1)
$71,728 $(5,692)
Agribusiness and energy services16,218 8,731 
$87,946 $3,039 
Three Months Ended
March 31,
20262025
Depreciation and amortization
Ethanol production$23,218 $21,035 
Agribusiness and energy services31 598 
Corporate activities388 754 
$23,637 $22,387 
Three Months Ended
March 31,
20262025
Operating income (loss)
Ethanol production$39,422 $(39,550)
Agribusiness and energy services13,832 2,433 
Corporate activities (2)
(8,482)(25,143)
$44,772 $(62,260)

(1)Ethanol production includes $56.1 million of Section 45Z production tax credits net of discounts and other costs for the three months ended March 31, 2026, recorded as a reduction of cost of goods sold.
(2)Corporate activities includes $10.3 million of restructuring costs for the three months ended March 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.
Schedule of Restructuring Reserve by Type of Cost
During the three months ended March 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):
Three Months Ended
March 31, 2025
Ethanol productionAgribusiness and energy servicesCorporate activitiesSubtotal
Cost of goods sold$2,260 459 — $2,719 
Selling, general and administrative expenses210 1,658 10,341 12,209 
Other, net— 154 1,505 1,659 
Total restructuring costs$2,470 2,271 11,846 $16,587 
Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated
The following tables reconcile EBITDA, our segment measure of profit or loss, to net income (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.
Three Months Ended March 31, 2026
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$63,056 $14,011 $77,067 
Depreciation and amortization(23,218)(31)(23,249)
Interest expense(4,709)(772)(5,481)
Subtotal$35,129 $13,208 $48,337 
Unallocated corporate expenses (1)
(11,956)
Income tax expense, net of equity method income taxes(2,916)
Net income$33,465
Three Months Ended March 31, 2025
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$(19,416)$3,156 $(16,260)
Depreciation and amortization(21,035)(598)(21,633)
Interest expense(4,820)(2,427)(7,247)
Subtotal$(45,271)$131 $(45,140)
Unallocated corporate expenses (1)
(27,666)
Income tax benefit, net of equity method income taxes165
Net loss$(72,641)
(1)Corporate expenses include selling, general administrative expenses, depreciation and amortization, interest expense, and during 2025 includes restructuring costs related to cost savings initiatives and the departure of our former CEO.
Schedule Of Total Assets For Operating Segments
The following table sets forth total assets by operating segment (in thousands):
March 31,
2026		December 31,
2025
Total assets (1)
Ethanol production$1,220,927 $1,173,574 
Agribusiness and energy services247,655 278,222 
Corporate assets120,226 139,644 
Intersegment eliminations(2,055)(6,553)
$1,586,753 $1,584,887 
(1)Asset balances by segment exclude intercompany balances.
v3.26.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
The components of inventories are as follows (in thousands):
March 31,
2026		December 31,
2025
Finished goods$25,193 $24,891 
Commodities held for sale12,601 24,736 
Raw materials29,787 26,650 
Work-in-process9,656 9,597 
Supplies and parts62,172 62,221 
$139,409 $148,095 
v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value 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		Liability Derivatives'
Fair Value
March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
Derivative financial instruments - forwards$10,279 $6,927 
(2)
$8,318 
(1)
$7,901 
Other assets32 — — — 
Other liabilities— — — 1 
Total$10,311 $6,927 $8,318 $7,902 
(1)At March 31, 2026, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $27.0 million, which include $15.4 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, and $0.5 million of net unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
(2)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.
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):
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other
Comprehensive Income into Income		Three Months Ended
March 31,
20262025
Revenues$390 $(25)
Cost of goods sold4,865 (24)
Net income (loss) recognized in income (loss) before income taxes$5,255 $(49)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on
Derivatives		Three Months Ended
March 31,
20262025
Commodity contracts$(12,829)$(3,032)
Amount of Gain (Loss)
Recognized in Income on Derivatives
Derivatives Not Designated as
Hedging Instruments		Location of Gain (Loss) Recognized in Income
 on Derivatives		Three Months Ended
March 31,
20262025
Exchange-traded futures and optionsRevenues$(13,279)$2,892 
ForwardsRevenues3,522 2,332 
Exchange-traded futures and optionsCost of goods sold(10,991)(1,373)
ForwardsCost of goods sold2,178 (6,982)
Net gain (loss) recognized in income (loss) before income taxes$(18,570)$(3,131)
The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):
March 31, 2026December 31, 2025
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$12,601 $1,015 $24,736 $(8,938)
Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations (in thousands):
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31,
20262025
RevenueCost of
Goods Sold		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$390 $4,865 $(25)$(24)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair-value hedged inventories— (385)— 1,138 
Exchange-traded futures designated as hedging instruments— 1,106 — 231 
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$390 $5,586 $(25)$1,345 
Schedule of Open Position Derivative Financial Instruments
The notional volume of open commodity derivative positions as of March 31, 2026 are as follows (in thousands):
Exchange-Traded (1)
Non-Exchange-Traded (2)
Derivative
Instruments		Net Long &
(Short)		Long(Short)Unit of
Measure		Commodity
Futures(31,775)BushelsCorn
Futures32,920 
(3)
BushelsCorn
Futures(2,845)
(4)
BushelsCorn
Futures(39,480)GallonsEthanol
Futures(97,020)
(3)
GallonsEthanol
Futures(1,023)MmBTUNatural Gas
Futures3,210 
(3)
MmBTUNatural Gas
Futures(30)
(4)
MmBTUNatural Gas
Forwards45,693 — BushelsCorn
Forwards15,967 (196,477)GallonsEthanol
Forwards3 (186)TonsDistillers Grains
Forwards— (48,089)PoundsRenewable Corn Oil
Forwards12,937 (20)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.
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Components of Long-Term Debt
The components of long-term debt are as follows (in thousands):
March 31,
2026		December 31,
2025
Corporate
2.25% convertible notes due 2027 (1)
$60,000 $60,000 
5.25% convertible notes due 2030 (2)
200,000 200,000 
Green Plains Shenandoah
Term loan due 2035 (3)
69,750 70,125 
Green Plains Central City Carbon Capture
Tallgrass Term loan due 203844,126 — 
Green Plains Wood River Carbon Capture
Tallgrass Term loan due 203848,387 — 
Green Plains York Carbon Capture
Tallgrass Term loan due 203734,389 34,523 
Other9,661 9,842 
Total book value of long-term debt466,313 374,490 
Unamortized debt issuance costs(8,074)(8,574)
Less: current maturities of long-term debt(69,316)(3,924)
Total long-term debt$388,923 $361,992 
(1)The 2.25% notes had $0.3 million and $0.4 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively.
(2)The 5.25% notes had $7.6 million and $8.0 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively.
(3)The loan had $0.2 million and $0.2 million of unamortized debt issuance costs as of both March 31, 2026 and December 31, 2025, respectively.
Schedule of Components of Short-term Notes Payable and Other Borrowings
The components of short-term notes payable and other borrowings are as follows (in thousands):
March 31,
2026		December 31,
2025
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver (1)
$14,000 $25,000 
Green Plains Commodity Management
$20.0 million hedge line
20,000 8,584 
$34,000 $33,584 
(1)The revolver was amended on April 17, 2026, and the borrowing limit was reduced to $300.0 million.
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Non-Vested Stock Award and Deferred Stock Unit Activity
The restricted non-vested stock awards and deferred stock units activity for the three months ended March 31, 2026 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, 20251,083,233 $8.28 
Granted324,026 13.30 
Forfeited(32,597)9.84 
Vested(302,779)11.47 
Non-Vested at March 31, 20261,071,883 $8.86 1.9
Schedule of Non-Vested Performance Share Award Activity
The non-vested performance share award activity for the three months ended March 31, 2026 is as follows:
Performance
Shares		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2025461,441 $12.98 
Granted212,691 19.33 
Forfeited(41,116)34.66 
Vested(46,064)12.56 
Non-Vested at March 31, 2026586,952 $13.79 2.2
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share
The basic and diluted EPS are calculated as follows (in thousands):
Three Months Ended
March 31,
20262025
Net income (loss) attributable to Green Plains$32,938 $(72,906)
Weighted average shares outstanding - basic68,841 64,069 
EPS - basic$0.48 $(1.14)
EPS - diluted
Net income (loss) attributable to Green Plains$32,938 $(72,906)
2.25% convertible notes due 2027
313 — 
5.25% convertible notes due 2030
2,265 — 
Net income (loss) attributable to Green Plains - diluted$35,516 $(72,906)
Weighted average shares outstanding - basic68,841 64,069 
Effect of dilutive convertible debt:
2.25% convertible notes due 2027
1,897 — 
5.25% convertible notes due 2030
12,723 — 
Effect of dilutive stock-based compensation awards674 — 
Weighted average shares outstanding - diluted84,135 64,069 
EPS - diluted$0.42 $(1.14)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)
— 7,775 
(1)The effect related to the company’s convertible debt, warrants and certain stock-based compensation awards has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.
v3.26.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders' Equity
Components of stockholders’ equity for the three months ended March 31, 2026 and 2025 are as follows (in thousands):
Common StockAdditional
Paid-in
Capital		Retained DeficitAccumulated Other
Comprehensive Income (Loss)		Treasury StockTotal
Green Plains
Stockholders'
Equity		Non-
Controlling
Interests		Total
Stockholders'
Equity
SharesAmountSharesAmount
Balance, December 31, 202575,502 $76 $1,267,839 $(439,576)$(618)5,668 $(61,474)$766,247 $5,724 $771,971 
Net income— — — 32,938 — — — 32,938 527 33,465 
Distributions declared— — — — — — — — (402)(402)
Other comprehensive loss before reclassification— — — — (9,569)— — (9,569)— (9,569)
Amounts reclassified from accumulated other comprehensive loss— — — — (3,920)— — (3,920)— (3,920)
Other comprehensive loss, net of tax— — — — (13,489)— — (13,489)— (13,489)
Stock-based compensation201 — (520)— — — — (520)— (520)
Balance, March 31, 202675,703 $76 $1,267,319 $(406,638)$(14,107)5,668 $(61,474)$785,176 $5,849 $791,025 
Common StockAdditional
Paid-in
Capital		Retained DeficitAccumulated Other
Comprehensive Loss		Treasury StockTotal
Green Plains
Stockholders'
Equity		Non-
Controlling
Interests		Total
Stockholders'
Equity
SharesAmountSharesAmount
Balance, December 31, 202467,512 $68 $1,213,646 $(318,298)$973 2,805 $(31,174)$865,215 $9,322 $874,537 
Net loss— — — (72,906)— — — (72,906)265 (72,641)
Other comprehensive loss before reclassification— — — — (2,307)— — (2,307)— (2,307)
Amounts reclassified from accumulated other comprehensive loss— — — — 37 — — 37 — 37 
Other comprehensive loss, net of tax— — — — (2,270)— — (2,270)— (2,270)
Investment in subsidiaries— — — — — — — — 94 94 
Stock-based compensation688 — 7,468 — — — — 7,468 — 7,468 
Balance, March 31, 202568,200 $68 $1,221,114 $(391,204)$(1,297)2,805 $(31,174)$797,507 $9,681 $807,188 
Schedule of Reclassification From Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands):
Three Months Ended
March 31,		Statements of
Operations
Classification
20262025
Gains (losses) on cash flow hedges
Commodity derivatives$390 $(25)
(1)
Commodity derivatives4,865 (24)
(2)
Total losses on cash flow hedges5,255 (49)
(3)
Income tax expense (benefit)(1,335)12 
(4)
Amounts reclassified from accumulated other comprehensive loss$3,920 $(37)
(1)Revenues
(2)Costs of goods sold
(3)Income (loss) before income taxes and income (loss) from equity method investees
(4)Income tax benefit
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense are as follows (in thousands):
Three Months Ended
March 31,
20262025
Lease expense
Operating lease expense$6,857$7,328
Variable lease expense (1)
604222
Total lease expense$7,461$7,550
(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):
Three Months Ended
March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$7,010 $7,372 
Right-of-use assets obtained in exchange for lease obligations
Operating leases8,027 282 
Schedule of Supplemental Balance Sheet Information Related to Operating Leases
Supplemental balance sheet information related to operating leases is as follows:
March 31,
2026		December 31,
2025
Weighted average remaining lease term3.7 years3.8 years
Weighted average discount rate5.40 %5.46 %
Schedule of Aggregate Minimum Lease Payments
Aggregate minimum lease payments under the operating lease agreements for the remainder of 2026 and in future years are as follows (in thousands):
Year Ending December 31,Amount
2026$19,211 
202722,111 
202813,637 
202910,181 
20304,597 
Thereafter3,739 
Total73,476 
Less: Present value discount(6,954)
Lease liabilities$66,522 
v3.26.1
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Dec. 31, 2025
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Total assets $ 1,586,753 $ 1,584,887
Total liabilities $ 795,728 812,916
Number of operating segments | segment 2  
Carbon equipment liabilities $ 12,869 $ 104,217
Effective Income Tax Rate Reconciliation, Tax Credit, Amount $ 65,600  
v3.26.1
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies - Accounting Policy Change (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Production tax credits $ 105,888 $ 40,328
Total current assets 542,274 522,540
Total assets 1,586,753 1,584,887
Liabilities    
Other liabilities 31,857 34,353
Total liabilities $ 795,728 812,916
As Previously Reported    
Current assets    
Production tax credits   0
Total current assets   482,212
Deferred income taxes, net   33,837
Total assets   1,578,396
Liabilities    
Other liabilities   27,862
Total liabilities   806,425
Effect of Change    
Current assets    
Production tax credits   40,328
Total current assets   40,328
Deferred income taxes, net   (33,837)
Total assets   6,491
Liabilities    
Other liabilities   6,491
Total liabilities   $ 6,491
v3.26.1
Revenue - Disaggregation of Revenue by Major Source (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers $ 42,698 $ 35,846
Total revenues from contracts accounted for as derivatives 403,106 565,669
Total Revenues 445,804 601,515
Ethanol    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 0 0
Total revenues from contracts accounted for as derivatives 286,286 448,323
Distillers grains    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 18,052 22,949
Total revenues from contracts accounted for as derivatives 49,569 63,615
Renewable corn oil    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts accounted for as derivatives 35,717 31,070
Other    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 24,646 12,897
Total revenues from contracts accounted for as derivatives 31,534 22,661
Ethanol Production    
Disaggregation of Revenue [Line Items]    
Total Revenues 393,359 497,458
Agribusiness & Energy Services    
Disaggregation of Revenue [Line Items]    
Total Revenues 52,445 104,057
Operating Segments    
Disaggregation of Revenue [Line Items]    
Total Revenues 451,964 607,601
Operating Segments | Ethanol Production    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 42,292 30,947
Total revenues from contracts accounted for as derivatives 351,067 466,825
Total Revenues 393,359 497,772
Operating Segments | Ethanol Production | Ethanol    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 0 0
Total revenues from contracts accounted for as derivatives 268,145 378,221
Operating Segments | Ethanol Production | Distillers grains    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 18,052 19,389
Total revenues from contracts accounted for as derivatives 47,205 57,534
Operating Segments | Ethanol Production | Renewable corn oil    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts accounted for as derivatives 35,717 31,070
Operating Segments | Ethanol Production | Other    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 24,240 11,244
Total revenues from contracts accounted for as derivatives 0 0
Operating Segments | Ethanol Production | Intersegment revenues    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 0 314
Total revenues from contracts accounted for as derivatives 0 0
Operating Segments | Agribusiness & Energy Services    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 477 5,281
Total revenues from contracts accounted for as derivatives 58,128 104,548
Total Revenues 58,605 109,829
Operating Segments | Agribusiness & Energy Services | Ethanol    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 0 0
Total revenues from contracts accounted for as derivatives 18,141 70,102
Operating Segments | Agribusiness & Energy Services | Distillers grains    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 0 3,560
Total revenues from contracts accounted for as derivatives 2,364 6,081
Operating Segments | Agribusiness & Energy Services | Renewable corn oil    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts accounted for as derivatives 0 0
Operating Segments | Agribusiness & Energy Services | Other    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 406 1,653
Total revenues from contracts accounted for as derivatives 31,534 22,661
Operating Segments | Agribusiness & Energy Services | Intersegment revenues    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 71 68
Total revenues from contracts accounted for as derivatives 6,089 5,704
Eliminations    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers (71) (382)
Total revenues from contracts accounted for as derivatives (6,089) (5,704)
Total Revenues (6,160) (6,086)
Eliminations | Ethanol    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 0 0
Total revenues from contracts accounted for as derivatives 0 0
Eliminations | Distillers grains    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 0 0
Total revenues from contracts accounted for as derivatives 0 0
Eliminations | Renewable corn oil    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts accounted for as derivatives 0 0
Eliminations | Other    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 0 0
Total revenues from contracts accounted for as derivatives 0 0
Eliminations | Intersegment revenues    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers (71) (382)
Total revenues from contracts accounted for as derivatives (6,089) (5,704)
Eliminations | Ethanol Production    
Disaggregation of Revenue [Line Items]    
Total Revenues 0 (314)
Eliminations | Agribusiness & Energy Services    
Disaggregation of Revenue [Line Items]    
Total Revenues $ (6,160) $ (5,772)
v3.26.1
Revenue - Narrative (Details) - Revenue Benchmark - Customer Concentration Risk
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Customer A    
Disaggregation of Revenue [Line Items]    
Concentration risk 65.00%  
Customer B    
Disaggregation of Revenue [Line Items]    
Concentration risk   13.00%
Customer C    
Disaggregation of Revenue [Line Items]    
Concentration risk   12.00%
Customer D    
Disaggregation of Revenue [Line Items]    
Concentration risk   10.00%
v3.26.1
Fair Value Disclosures - Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 95,719 $ 182,319
Restricted cash 87,425 47,813
Inventories carried at market 12,601 24,736
Production tax credits 105,888 40,328
Derivative financial instruments - assets 10,279 6,927
Property and equipment, net of accumulated depreciation and amortization (2)   2,000
Other assets 32  
Total assets measured at fair value 311,944 304,123
Liabilities    
Accounts payable 16,070 28,598
Derivative financial instruments - liabilities 8,318 7,901
Other liabilities   1
Total liabilities measured at fair value 24,388 36,500
Discontinued Operations, Held-for-Sale or Disposed of by Sale    
Assets    
Property and equipment, net of accumulated depreciation and amortization (2)   2,000
Quoted Prices in ‎ Active Markets for ‎Identical Assets (Level 1)    
Assets    
Cash and cash equivalents 95,719 182,319
Restricted cash 87,425 47,813
Inventories carried at market 0 0
Production tax credits 0 0
Derivative financial instruments - assets 0 0
Property and equipment, net of accumulated depreciation and amortization (2)   0
Other assets 0  
Total assets measured at fair value 183,144 230,132
Liabilities    
Accounts payable 0 0
Derivative financial instruments - liabilities 0 0
Other liabilities   0
Total liabilities measured at fair value 0 0
Significant Other ‎Observable Inputs (Level 2)    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Inventories carried at market 12,601 24,736
Production tax credits 105,888 40,328
Derivative financial instruments - assets 10,279 6,927
Property and equipment, net of accumulated depreciation and amortization (2)   0
Other assets 32  
Total assets measured at fair value 128,800 71,991
Liabilities    
Accounts payable 16,070 28,598
Derivative financial instruments - liabilities 8,318 7,901
Other liabilities   1
Total liabilities measured at fair value 24,388 36,500
Fair Value, Inputs, Level 3    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Inventories carried at market 0 0
Production tax credits 0 0
Derivative financial instruments - assets 0 0
Property and equipment, net of accumulated depreciation and amortization (2)   2,000
Other assets 0  
Total assets measured at fair value 0 2,000
Liabilities    
Accounts payable 0 0
Derivative financial instruments - liabilities 0 $ 0
Other liabilities 0  
Total liabilities measured at fair value $ 0  
v3.26.1
Fair Value Disclosures - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value Disclosures [Abstract]    
Fair value of debt $ 559.3 $ 387.8
Book value of debt 492.2 399.5
Fair value of accounts receivable $ 85.9 $ 74.4
v3.26.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of Reportable Segments 2
v3.26.1
Segment Information - Summary Of Financial Data of Operating Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting [Line Items]      
Revenues $ 445,804 $ 601,515  
Cost of goods sold 357,858 598,476  
Gross Profit 87,946 3,039  
Operating income (loss) 44,772 (62,260)  
Lower of cost or market adjustment     $ 1,500
Depreciation and amortization 23,637 22,387  
Operating Segments      
Segment Reporting [Line Items]      
Revenues 451,964 607,601  
Depreciation and amortization 23,249 21,633  
Eliminations      
Segment Reporting [Line Items]      
Revenues (6,160) (6,086)  
Cost of goods sold (6,160) (6,086)  
Corporate activities      
Segment Reporting [Line Items]      
Operating income (loss) (8,482) (25,143)  
Depreciation and amortization 388 754  
Ethanol Production      
Segment Reporting [Line Items]      
Revenues 393,359 497,458  
Ethanol Production | Operating Segments      
Segment Reporting [Line Items]      
Revenues 393,359 497,772  
Cost of goods sold 321,631 503,464  
Gross Profit 71,728 (5,692)  
Operating income (loss) 39,422 (39,550)  
Depreciation and amortization 23,218 21,035  
Ethanol Production | Eliminations      
Segment Reporting [Line Items]      
Revenues 0 (314)  
Agribusiness & Energy Services      
Segment Reporting [Line Items]      
Revenues 52,445 104,057  
Agribusiness & Energy Services | Operating Segments      
Segment Reporting [Line Items]      
Revenues 58,605 109,829  
Cost of goods sold 42,387 101,098  
Gross Profit 16,218 8,731  
Operating income (loss) 13,832 2,433  
Depreciation and amortization 31 598  
Reduction of cost of goods sold 56,100    
Agribusiness & Energy Services | Eliminations      
Segment Reporting [Line Items]      
Revenues $ (6,160) $ (5,772)  
v3.26.1
Segment Information - Restructuring Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   $ 16,587
Corporate activities    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   11,846
Ethanol Production | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   2,470
Agribusiness & Energy Services | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   2,271
Income Statement Location [Axis]: us-gaap:CostOfRevenue    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   2,719
Income Statement Location [Axis]: us-gaap:CostOfRevenue | Corporate activities    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   0
Income Statement Location [Axis]: us-gaap:CostOfRevenue | Ethanol Production | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   2,260
Income Statement Location [Axis]: us-gaap:CostOfRevenue | Agribusiness & Energy Services | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   459
Income Statement Location [Axis]: us-gaap:OperatingExpenses | Corporate activities    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs $ 10,300  
Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   1,659
Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense | Corporate activities    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   1,505
Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense | Ethanol Production | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   0
Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense | Agribusiness & Energy Services | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   154
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   12,209
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense | Corporate activities    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   10,341
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense | Ethanol Production | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   210
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense | Agribusiness & Energy Services | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs   $ 1,658
v3.26.1
Segment Information - Summary of Reconciled EBITDA (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Line Items]    
Depreciation and amortization $ (23,637) $ (22,387)
Interest expense (11,485) (8,913)
Operating Segments    
Segment Reporting [Line Items]    
EBITDA 77,067 (16,260)
Depreciation and amortization (23,249) (21,633)
Interest expense (5,481) (7,247)
Subtotal 48,337 (45,140)
Unallocated corporate expenses (11,956) (27,666)
Income tax benefit, net of equity method income taxes (2,916) 165
Net loss 33,465 (72,641)
Ethanol Production | Operating Segments    
Segment Reporting [Line Items]    
EBITDA 63,056 (19,416)
Depreciation and amortization (23,218) (21,035)
Interest expense (4,709) (4,820)
Subtotal 35,129 (45,271)
Agribusiness & Energy Services | Operating Segments    
Segment Reporting [Line Items]    
EBITDA 14,011 3,156
Depreciation and amortization (31) (598)
Interest expense (772) (2,427)
Subtotal $ 13,208 $ 131
v3.26.1
Segment Information - Summary Of Total Assets for Operating Segments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting [Line Items]    
Total assets $ 1,586,753 $ 1,584,887
Operating Segments | Ethanol Production    
Segment Reporting [Line Items]    
Total assets 1,220,927 1,173,574
Operating Segments | Agribusiness & Energy Services    
Segment Reporting [Line Items]    
Total assets 247,655 278,222
Corporate assets    
Segment Reporting [Line Items]    
Total assets 120,226 139,644
Eliminations    
Segment Reporting [Line Items]    
Total assets $ (2,055) $ (6,553)
v3.26.1
Inventories - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Inventory Disclosure [Abstract]  
Lower of cost or market adjustment $ 1.5
v3.26.1
Inventories - Schedule Of Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Finished goods $ 25,193 $ 24,891
Commodities held for sale 12,601 24,736
Raw materials 29,787 26,650
Work-in-process 9,656 9,597
Supplies and parts 62,172 62,221
Inventories $ 139,409 $ 148,095
v3.26.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Accumulated other comprehensive loss $ 14,107   $ 618
Energy trading contracts, gain (loss) $ 5,600 $ 2,600  
v3.26.1
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value $ 10,311 $ 6,927
Liability derivatives, fair value 8,318 7,902
Net unrealized loss on exchange traded futures and options contracts 27,000 4,600
Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Net unrealized losses on derivative financial instruments (15,400) 600
Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Net unrealized losses on derivative financial instruments 500  
Unrealized gains (losses) on derivative financial instruments designated as fair value instruments   (1,100)
Balance Sheet Location [Axis]: us-gaap:DerivativeAssetsCurrent    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 10,279 6,927
Balance Sheet Location [Axis]: us-gaap:DerivativeLiabilitiesCurrent    
Derivatives, Fair Value [Line Items]    
Liability derivatives, fair value 8,318 7,901
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 32 0
Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent    
Derivatives, Fair Value [Line Items]    
Liability derivatives, fair value $ 0 $ 1
v3.26.1
Derivative Financial Instruments - Gain (Loss) in Statement of Financial Performance (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income $ 5,255 $ (49)  
Carrying Amount of the Hedged Assets 12,601   $ 24,736
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets 1,015   $ (8,938)
Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives (18,570) (3,131)  
Commodity contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (12,829) (3,032)  
Income Statement Location [Axis]: us-gaap:CostOfRevenue      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 4,865 (24)  
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 5,586 1,345  
Income Statement Location [Axis]: us-gaap:CostOfRevenue | Commodity contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings (385) 1,138  
Income Statement Location [Axis]: us-gaap:CostOfRevenue | Exchange-traded futures and options | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives (10,991) (1,373)  
Income Statement Location [Axis]: us-gaap:CostOfRevenue | Forwards | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives 2,178 (6,982)  
Income Statement Location [Axis]: us-gaap:CostOfRevenue | Exchange Future      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 4,865 (24)  
Gain (loss) on fair value hedges recognized in earnings 1,106 231  
Income Statement Location [Axis]: us-gaap:Revenues      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 390 (25)  
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 390 (25)  
Income Statement Location [Axis]: us-gaap:Revenues | Commodity contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings 0 0  
Income Statement Location [Axis]: us-gaap:Revenues | Exchange-traded futures and options | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives (13,279) 2,892  
Income Statement Location [Axis]: us-gaap:Revenues | Forwards | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives 3,522 2,332  
Income Statement Location [Axis]: us-gaap:Revenues | Exchange Future      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 390 (25)  
Gain (loss) on fair value hedges recognized in earnings $ 0 $ 0  
v3.26.1
Derivative Financial Instruments - Open Position Derivative Financial Instruments (Details)
contract in Thousands
Mar. 31, 2026
contract
Corn | Exchange Traded | Long | Cash Flow Hedging | Futures  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 32,920
Corn | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) (31,775)
Corn | Exchange Traded | Short | Fair Value Hedging | Futures  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 2,845
Corn | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 45,693
Corn | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 0
Ethanol | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 39,480
Ethanol | Exchange Traded | Short | Cash Flow Hedging | Futures  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 97,020
Ethanol | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 15,967
Ethanol | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 196,477
Natural Gas | Exchange Traded | Long | Futures  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 1,023
Natural Gas | Exchange Traded | Long | Cash Flow Hedging | Futures  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 3,210
Natural Gas | Exchange Traded | Short | Fair Value Hedging | Futures  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 30
Natural Gas | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 12,937
Natural Gas | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 20
Distillers Grains in Tons | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 3
Distillers Grains in Tons | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 186
Corn Oil | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 0
Corn Oil | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Open commodity derivative positions, long (short) (in contracts) 48,089
v3.26.1
Debt - Components of Long-Term Debt (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Oct. 27, 2025
Oct. 26, 2025
Mar. 31, 2021
Debt Instrument [Line Items]          
Total book value of long-term debt $ 466,313,000 $ 374,490,000      
Unamortized debt issuance costs 8,074,000 8,574,000      
Less: current maturities of long-term debt (69,316,000) (3,924,000)      
Total long-term debt $ 388,923,000 361,992,000      
Convertible Notes | 2.25% Convertible Notes Due 2027 | Corporate Segment          
Debt Instrument [Line Items]          
Interest rate, stated percentage         2.25%
Convertible Notes | 2.25% Convertible Notes Due 2027 | Corporate activities          
Debt Instrument [Line Items]          
Interest rate, stated percentage 2.25%   5.25%    
Face amount     $ 170,000,000 $ 170,000,000 $ 230,000,000.0
Total book value of long-term debt $ 60,000,000 60,000,000      
Unamortized debt issuance costs $ 300,000 400,000      
Convertible Notes | Convertible Notes Due 2030 | Corporate Segment          
Debt Instrument [Line Items]          
Interest rate, stated percentage 5.25%        
Total book value of long-term debt $ 200,000,000 200,000,000      
Unamortized debt issuance costs $ (7,600,000) (8,000,000.0)      
$75.0 Million Loan Agreement | Green Plains Wood River and Green Plains Shenandoah          
Debt Instrument [Line Items]          
Interest rate, stated percentage 5.02%        
Face amount $ 75,000,000.0        
Total book value of long-term debt 69,750,000 70,125,000      
Unamortized debt issuance costs 200,000 200,000      
Other Debt Obligations          
Debt Instrument [Line Items]          
Total book value of long-term debt 9,661,000 9,842,000      
Secured Debt | Tallgrass Term loan due 2038 | Green Plains Wood River Capture Company LLC          
Debt Instrument [Line Items]          
Total book value of long-term debt 48,387,000 0      
Secured Debt | Tallgrass Term loan due 2038 | Green Plains Central City Capture Company LLC          
Debt Instrument [Line Items]          
Total book value of long-term debt 44,126,000 0      
Secured Debt | Tallgrass Term loan due 2037 | Green Plains York Capture Company LLC          
Debt Instrument [Line Items]          
Total book value of long-term debt $ 34,389,000 $ 34,523,000      
v3.26.1
Debt - Components of Short-term Notes Payable and Other Borrowings (Details) - USD ($)
Apr. 17, 2026
Apr. 16, 2026
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]        
Short-term notes payable and other borrowings     $ 34,000,000 $ 33,584,000
$350.0 million revolver (1)        
Debt Instrument [Line Items]        
Face amount     350,000,000.0  
Short-term notes payable and other borrowings     14,000,000 25,000,000
$350.0 million revolver (1) | Subsequent Event        
Debt Instrument [Line Items]        
Face amount $ 300,000,000.0 $ 350,000,000    
Green Plains Commodity Management | $20.0 million hedge line        
Debt Instrument [Line Items]        
Face amount     20,000,000.0  
Short-term notes payable and other borrowings     $ 20,000,000 $ 8,584,000
v3.26.1
Debt - Corporate Activities Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Oct. 27, 2025
USD ($)
$ / shares
Mar. 31, 2021
USD ($)
$ / shares
Mar. 31, 2021
USD ($)
$ / shares
Mar. 31, 2026
USD ($)
Oct. 26, 2025
USD ($)
2.25% Convertible Notes Due 2027 | Convertible Notes | Corporate Segment          
Debt Instrument [Line Items]          
Stated percentage   2.25% 2.25%    
Conversion price | $ / shares   $ 31.62 $ 31.62    
Applicable price percentage     37.50%    
Convertible Senior Notes Due 2030 | Convertible Debt          
Debt Instrument [Line Items]          
Face amount $ 30.0        
Stated percentage 5.25%        
Conversion ratio 0.0636132        
Conversion price | $ / shares $ 15.72        
Face amount, cash $ 30.0        
Premium conversion, percent 50.00%        
Outstanding principal       $ 200.0  
Corporate activities | 2.25% Convertible Notes Due 2027 | Convertible Notes          
Debt Instrument [Line Items]          
Face amount $ 170.0 $ 230.0 $ 230.0   $ 170.0
Stated percentage 5.25%     2.25%  
Convertible rate   3.16206%      
Outstanding principal       $ 60.0  
v3.26.1
Debt - Ethanol Production Segment Narrative (Details)
 3 Months Ended
Jul. 24, 2023
Mar. 31, 2026
USD ($)
$ / gal
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]      
Carbon equipment liabilities   $ 12,869,000 $ 104,217,000
$75.0 Million Loan Agreement | Green Plains Wood River and Green Plains Shenandoah      
Debt Instrument [Line Items]      
Face amount   $ 75,000,000.0  
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 (in dollars per gallon) | $ / gal   0.10  
Minimum working capital required for compliance   $ 90,300,000  
Interest rate of delayed draw loan   6.52%  
$75.0 Million Loan Agreement | Green Plains Wood River and Green Plains Shenandoah | Minimum      
Debt Instrument [Line Items]      
Unused capacity fee, percentage   0.00%  
$75.0 Million Loan Agreement | Green Plains Wood River and Green Plains Shenandoah | Maximum      
Debt Instrument [Line Items]      
Unused capacity fee, percentage   1.50%  
Medium-Term Note | Green Plains Central City Capture Company, Green Plains Wood River Capture Company LLC, Green Plains York Capture Company LLC | Tallgrass High Plains Carbon Storage, LLC      
Debt Instrument [Line Items]      
Term 144 months    
Internal rate of return 9.00%    
Outstanding principal   $ 126,900,000  
Prior written notice 90 days    
v3.26.1
Debt - Agribusiness and Energy Services Segment Narrative (Details) - USD ($)
 3 Months Ended
Mar. 25, 2022
Mar. 31, 2026
Apr. 17, 2026
Apr. 16, 2026
Dec. 31, 2025
Debt Instrument [Line Items]          
Short-term notes payable and other borrowings   $ 34,000,000     $ 33,584,000
Revolving Credit Facility | Agribusiness & Energy Services | Green Plains Commodity Management          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 20,000,000.0      
Revolving Credit Facility | Agribusiness & Energy Services | Secured Overnight Financing Rate (SOFR) | Green Plains Commodity Management          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage   1.75%      
$350.0 million revolver (1)          
Debt Instrument [Line Items]          
Face amount   $ 350,000,000.0      
Short-term notes payable and other borrowings   $ 14,000,000     $ 25,000,000
$350.0 million revolver (1) | Subsequent Event          
Debt Instrument [Line Items]          
Face amount     $ 300,000,000.0 $ 350,000,000  
$350.0 million revolver (1) | 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      
Stated percentage   6.83%      
$350.0 million revolver (1) | Credit Facility | Agribusiness & Energy Services          
Debt Instrument [Line Items]          
Debt instrument, term 5 years        
Maximum borrowing capacity $ 350,000,000.0        
Stated percentage   5.45%      
$350.0 million revolver (1) | Revolving Credit Facility | Agribusiness & Energy Services          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 350,000,000.0      
Additional amounts available under facility, accordion feature   $ 100,000,000.0      
$350.0 million revolver (1) | Revolving Credit Facility | Agribusiness & Energy Services | Minimum          
Debt Instrument [Line Items]          
Unused capacity fee, percentage   0.275%      
Change in control percentage benchmark   (0.025%)      
$350.0 million revolver (1) | Revolving Credit Facility | Agribusiness & Energy Services | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage   2.25%      
$350.0 million revolver (1) | Revolving Credit Facility | Agribusiness & Energy Services | Minimum | Base Rate          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage   1.25%      
$350.0 million revolver (1) | Revolving Credit Facility | Agribusiness & Energy Services | Maximum          
Debt Instrument [Line Items]          
Unused capacity fee, percentage   0.375%      
Change in control percentage benchmark   0.10%      
$350.0 million revolver (1) | Revolving Credit Facility | Agribusiness & Energy Services | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage   2.50%      
$350.0 million revolver (1) | Revolving Credit Facility | Agribusiness & Energy Services | 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      
v3.26.1
Debt - Restricted Net Assets Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Debt Disclosure [Abstract]  
Amount of restricted net assets $ 43.4
v3.26.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 14, 2025
Mar. 14, 2022
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares authorized     6,900,000    
Number of shares remaining available     1,000,000.0    
Compensation costs expensed     $ 1.9 $ 8.8  
Unrecognized compensation costs     $ 14.2    
Compensation expected to be recognized, weighted-average period in years     2 years 2 months 12 days    
Potential tax benefit, percentage     25.40%    
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Target percentage   100.00%      
Non-vested, shares outstanding (in shares)     586,952   461,441
Vested (in shares)     46,064    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate     3.52%    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate     0.00%    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate     60.90%    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price     $ 14.27    
Share Price     $ 24.93    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage 0.00%        
Performance Shares | Share-based Compensation Award, Tranche One          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Target percentage     100.00%    
Number of Shares authorized, achievement of maximum goals     1,173,904    
Achievement of maximum goals percentage     200.00%    
Non-vested, shares outstanding (in shares)     586,952    
v3.26.1
Stock-Based Compensation - Non-Vested Stock Award and Deferred Stock Unit Activity (Details)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Restricted Stock Awards And Deferred Stock Units  
Non-Vested ‎ Shares and ‎ Deferred Stock ‎Units  
Non-vested, beginning balance (in shares) | shares 1,083,233
Granted (in shares) | shares 324,026
Forfeited (in shares) | shares (32,597)
Vested (in shares) | shares (302,779)
Non-vested, ending balance (in shares) | shares 1,071,883
Weighted- ‎Average Grant- ‎Date Fair Value  
Non-vested, beginning balance (in dollars per share) | $ / shares $ 8.28
Granted (in dollars per share) | $ / shares 13.30
Forfeited (in dollars per share) | $ / shares 9.84
Vested (in dollars per share) | $ / shares 11.47
Non-vested, ending balance (in dollars per share) | $ / shares $ 8.86
Non-vested, weighted-average remaining vesting term (in years) 1 year 10 months 24 days
Performance Shares  
Non-Vested ‎ Shares and ‎ Deferred Stock ‎Units  
Non-vested, beginning balance (in shares) | shares 461,441
Granted (in shares) | shares 212,691
Forfeited (in shares) | shares (41,116)
Vested (in shares) | shares (46,064)
Non-vested, ending balance (in shares) | shares 586,952
Weighted- ‎Average Grant- ‎Date Fair Value  
Non-vested, beginning balance (in dollars per share) | $ / shares $ 12.98
Granted (in dollars per share) | $ / shares 19.33
Forfeited (in dollars per share) | $ / shares 34.66
Vested (in dollars per share) | $ / shares 12.56
Non-vested, ending balance (in dollars per share) | $ / shares $ 13.79
Non-vested, weighted-average remaining vesting term (in years) 2 years 2 months 12 days
v3.26.1
Stock-Based Compensation - Non-Vested Performance Share Award Activity (Details) - Performance Shares
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Performance ‎Shares  
Non-vested, beginning balance (in shares) | shares 461,441
Granted (in shares) | shares 212,691
Forfeited (in shares) | shares (41,116)
Vested (in shares) | shares (46,064)
Non-vested, ending balance (in shares) | shares 586,952
Weighted- ‎Average Grant- ‎Date Fair Value  
Non-vested, beginning balance (in dollars per share) | $ / shares $ 12.98
Granted (in dollars per share) | $ / shares 19.33
Forfeited (in dollars per share) | $ / shares 34.66
Vested (in dollars per share) | $ / shares 12.56
Non-vested, ending balance (in dollars per share) | $ / shares $ 13.79
Non-vested, weighted-average remaining vesting term (in years) 2 years 2 months 12 days
v3.26.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Oct. 27, 2025
Mar. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Net income (loss) attributable to Green Plains $ 32,938 $ (72,906)    
Net income (loss) attributable to Green Plains $ 35,516 $ (72,906)    
Weighted average shares outstanding - basic (in shares) 68,841,000 64,069,000    
Effect of dilutive stock-based compensation awards (in shares) 674,000 0    
Weighted average shares outstanding - diluted (in shares) 84,135,000 64,069,000    
EPS - basic (in dollars per share) $ 0.48 $ (1.14)    
EPS - diluted (in dollars per share) $ 0.42 $ (1.14)    
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (in shares) 0 7,775,000    
2.25% Convertible Notes Due 2027 | Convertible Notes | Corporate Segment        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Stated percentage       2.25%
Convertible Notes Due 2030 | Convertible Notes | Corporate Segment        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Convertible notes $ 2,265 $ 0    
Effect of dilutive convertible notes (in shares) 12,723,000 0    
Stated percentage 5.25%      
Corporate activities | 2.25% Convertible Notes Due 2027 | Convertible Notes        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Convertible notes $ 313 $ 0    
Effect of dilutive convertible notes (in shares) 1,897,000 0    
Stated percentage 2.25%   5.25%  
v3.26.1
Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance $ 771,971 $ 874,537
Treasury stock, beginning balance (in shares) 5,667,654  
Net income $ 33,465 (72,641)
Distributions declared (402)  
Other comprehensive loss before reclassification (9,569) (2,307)
Amounts reclassified from accumulated other comprehensive loss (3,920) 37
Total other comprehensive loss, net of tax (13,489) (2,270)
Investment in subsidiaries   94
Stock-based compensation $ (520) 7,468
Treasury stock, ending balance (in shares) 5,667,654  
Ending balance $ 791,025 807,188
Total Green Plains Stockholders' Equity    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 766,247 865,215
Net income 32,938 (72,906)
Other comprehensive loss before reclassification (9,569) (2,307)
Amounts reclassified from accumulated other comprehensive loss (3,920) 37
Total other comprehensive loss, net of tax (13,489) (2,270)
Stock-based compensation (520) 7,468
Ending balance $ 785,176 $ 797,507
Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Common stock, beginning balance (shares) 75,502,000 67,512,000
Beginning balance $ 76 $ 68
Stock-based compensation (in shares) 201,000 688,000
Common stock, ending balance (shares) 75,703,000 68,200,000
Ending balance $ 76 $ 68
Additional Paid-in Capital    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 1,267,839 1,213,646
Stock-based compensation (520) 7,468
Ending balance 1,267,319 1,221,114
Retained Deficit    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (439,576) (318,298)
Net income 32,938 (72,906)
Ending balance (406,638) (391,204)
Accumulated Other Comprehensive Income (Loss)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (618) 973
Other comprehensive loss before reclassification (9,569) (2,307)
Amounts reclassified from accumulated other comprehensive loss (3,920) 37
Total other comprehensive loss, net of tax (13,489) (2,270)
Ending balance (14,107) (1,297)
Treasury Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance $ (61,474) $ (31,174)
Treasury stock, beginning balance (in shares) 5,668,000 2,805,000
Treasury stock, ending balance (in shares) 5,668,000 2,805,000
Ending balance $ (61,474) $ (31,174)
Non- Controlling Interests    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 5,724 9,322
Net income 527 265
Distributions declared (402)  
Investment in subsidiaries   94
Stock-based compensation   0
Ending balance $ 5,849 $ 9,681
v3.26.1
Stockholders' Equity - Reclassification From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Commodity derivatives $ 445,804 $ 601,515
Income tax expense (benefit) 2,916 106
Net income (loss) 33,465 (72,641)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Income tax expense (benefit) (1,335) 12
Net income (loss) 3,920 (37)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total losses on cash flow hedges 5,255 (49)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Commodity contracts | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Commodity derivatives 390 (25)
Commodity derivatives $ 4,865 $ (24)
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense $ (2,916) $ (106)
v3.26.1
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
d
Dec. 31, 2025
USD ($)
Trading Activity, Gains and Losses, Net [Line Items]    
Contracted future purchases $ 270,100  
Future commitments for storage and transportation value 36,600  
Property and equipment, net of accumulated depreciation ‎and amortization of $684,410 and $681,713, respectively 928,679 $ 957,256
Three Year Lease Term    
Trading Activity, Gains and Losses, Net [Line Items]    
Lease payments not yet commenced $ 3,200  
Term of lease not yet commenced 3 years  
Five Year Lease Term    
Trading Activity, Gains and Losses, Net [Line Items]    
Lease payments not yet commenced $ 900  
Term of lease not yet commenced 5 years  
Tallgrass High Plains Carbon Storage, LLC    
Trading Activity, Gains and Losses, Net [Line Items]    
Number of plants constructed | d 3  
Construction in Progress    
Trading Activity, Gains and Losses, Net [Line Items]    
Property and equipment, net of accumulated depreciation ‎and amortization of $684,410 and $681,713, respectively $ 12,900  
Minimum    
Trading Activity, Gains and Losses, Net [Line Items]    
Operating lease remaining lease term 1 year  
Maximum    
Trading Activity, Gains and Losses, Net [Line Items]    
Operating lease remaining lease term 11 years 7 months 6 days  
v3.26.1
Commitments and Contingencies - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Operating lease expense $ 6,857 $ 7,328
Variable lease expense (benefit) 604 222
Total lease expense $ 7,461 $ 7,550
v3.26.1
Commitments and Contingencies - Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities : Operating cash flows from operating leases $ 7,010 $ 7,372
Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 8,027 $ 282
v3.26.1
Commitments and Contingencies - Supplemental Balance Sheet Information Related to Operating Leases (Details)
Mar. 31, 2026
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Weighted average remaining lease term 3 years 8 months 12 days 3 years 9 months 18 days
Weighted average discount rate 5.40% 5.46%
v3.26.1
Commitments and Contingencies - Aggregate Minimum Lease Payments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2023 $ 19,211
2027 22,111
2028 13,637
2029 10,181
2030 4,597
Thereafter 3,739
Total 73,476
Less: Present value discount (6,954)
Lease liabilities $ 66,522