Green Plains Inc.

Q2 reported net income attributable to Green Plains was $67.1 million, or $0.83 per diluted share, versus $0.42 per diluted share in Q1. Adjusted EBITDA was $93.3 million, up from $71.5 million in Q1 and $16.4 million in Q2 2025. Gross margin was $113 million, compared with $41.6 million in Q2 2025. The carbon business generated nearly $59 million of EBITDA in Q2, bringing first-half carbon EBITDA to approximately $114 million. Operating cash flow was nearly $87 million, cash and cash equivalents were over $243 million, and total debt was approximately $484 million. Management said it remains on track for roughly 95% capacity utilization for the full year, expects full-year SG&A of approximately $90 million, full-year interest expense of approximately $35 million, and sustaining CapEx near the top of the range at about $25 million for the year. For Q3, management said margins are only a touch below Q2 and the setup into the second half is solid.

Chris Osowski framed the quarter as evidence that Green Plains is a “fundamentally different company” with stronger operations, a growing carbon business, and a higher earnings floor. He emphasized that operational excellence is driving lower carbon intensity, better yields, and stronger free cash flow, while the company remains patient on monetizing 2026 credits to secure stable, predictable cash flows. His tone was confident and upbeat, but grounded in execution and capital discipline rather than near-term hype.

Ann Reis highlighted the financial step-up from both operations and 45Z, citing $67.1 million of net income, $0.83 per share, $93.3 million of adjusted EBITDA, and $113 million of gross margin. She noted nearly $87 million of operating cash flow, over $243 million of cash and cash equivalents, and approximately $484 million of total debt, while also calling out the final $41 million cash payment tied to 2025 45Z credits. On costs, she said SG&A was around $21 million, down 21% year over year, with full-year SG&A expected near $90 million, interest expense around $35 million, and sustaining CapEx about $25 million.

Analysts focused on spring and planned maintenance, export demand beyond 2026, corn oil yield strength, share repurchases, second-half ethanol margins, and the timing of 2026 credit monetization. Management said the maintenance was a normal part of plant upkeep, including the Madison molecular sieve bead change-out, and reaffirmed an annual utilization target of about 95% with Q3 expected to be above the spring outage period. On exports, Imre Havasi said volumes were strong, cited 2.4 billion gallons last year and 2.5 billion possible this year and next, and described long-term growth of roughly 1% to 2% maybe 5% annually. On capital allocation, Ann Reis said share repurchases are being considered along with debt reduction and reinvestment, but nothing has been announced; on 2026 credits, she said the company is still working through compliance and partner selection and is not ready to announce a monetization deal yet.