Green Plains Inc.GPRE
Green Plains Inc. Segments Disclosure
SEGMENT INFORMATION
(1)Asset balances by segment exclude intercompany balances.
The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.
Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment, as well as gain on sale of assets, net, and restructuring costs.
During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein and renewable corn oil for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated.
The Chief Operating Decision Maker ("CODM") for the company is the Chief Executive Officer. The CODM utilizes EBITDA to assess segment performance, which is derived from revenue less cost of goods sold and selling, general and administrative expenses. The CODM manages and allocates resources to the operations of the Company's two segments. This enables the CEO to assess the Company’s overall level of available resources and determine how best to deploy these resources for capital expenditure, research and development projects, and other strategic opportunities that are in line with our long-term strategic goals. The CODM is regularly provided with consolidated expense information or forecasted expense information for the applicable reportable segment.
The following tables set forth certain financial data for the company’s operating segments (in thousands):
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues | |||||||||||||||||
| Ethanol production | |||||||||||||||||
| Revenues from external customers | $ | 1,900,999 | $ | 2,063,382 | $ | 2,819,986 | |||||||||||
| Intersegment revenues | 859 | 3,707 | 4,555 | ||||||||||||||
| Total segment revenues | 1,901,858 | 2,067,089 | 2,824,541 | ||||||||||||||
| Agribusiness and energy services | |||||||||||||||||
| Revenues from external customers | 190,681 | 395,414 | 475,757 | ||||||||||||||
| Intersegment revenues | 22,662 | 25,693 | 25,146 | ||||||||||||||
| Total segment revenues | 213,343 | 421,107 | 500,903 | ||||||||||||||
| Revenues including intersegment activity | 2,115,201 | 2,488,196 | 3,325,444 | ||||||||||||||
| Intersegment eliminations | (23,521) | (29,400) | (29,701) | ||||||||||||||
| $ | 2,091,680 | $ | 2,458,796 | $ | 3,295,743 | ||||||||||||
Refer to Note 3 – Revenue, for further disaggregation of revenue by operating segment.
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Cost of goods sold | |||||||||||||||||
| Ethanol production | $ | 1,804,279 | $ | 1,983,460 | $ | 2,705,917 | |||||||||||
| Agribusiness and energy services | 173,996 | 374,286 | 454,776 | ||||||||||||||
| Intersegment eliminations | (23,521) | (29,400) | (29,701) | ||||||||||||||
| $ | 1,954,754 | $ | 2,328,346 | $ | 3,130,992 | ||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Gross margin | |||||||||||||||||
Ethanol production (1)(2) | $ | 97,579 | $ | 83,629 | $ | 118,624 | |||||||||||
| Agribusiness and energy services | 39,347 | 46,821 | 46,127 | ||||||||||||||
| $ | 136,926 | $ | 130,450 | $ | 164,751 | ||||||||||||
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Ethanol production | $ | 90,553 | $ | 82,784 | $ | 92,712 | |||||||||||
Agribusiness and energy services (3) | 4,741 | 2,185 | 2,360 | ||||||||||||||
Corporate activities (4) | 3,140 | 5,618 | 3,172 | ||||||||||||||
| $ | 98,434 | $ | 90,587 | $ | 98,244 | ||||||||||||
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Operating income (loss) | |||||||||||||||||
Ethanol production (1)(2)(5) | $ | (55,482) | $ | (40,758) | $ | (19,958) | |||||||||||
Agribusiness and energy services (3) | 20,660 | 28,156 | 28,100 | ||||||||||||||
Corporate activities (4)(6)(7) | (32,426) | (34,857) | (69,720) | ||||||||||||||
| $ | (67,248) | $ | (47,459) | $ | (61,578) | ||||||||||||
(1)Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the year ended December 31, 2025.
(2)Ethanol production includes an inventory lower of cost or net realizable value adjustment of $1.5 million, $2.1 million, and $2.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(3)Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the year ended December 31, 2025.
(4) for corporate activities includes impairment of a research and development technology intangible asset of $3.5 million for the year ended December 31, 2024.
(5)Ethanol production includes impairment of assets held for sale of $14.6 million for the year ended December 31, 2025.
(6)Corporate activities include $16.1 million of restructuring costs for the year ended December 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.
(7)Corporate activities for the years ended December 31, 2025 and 2024 include a $31.5 million and $30.7 million gain on sale of assets, net, respectively.
During the year ended December 31, 2025, the company incurred restructuring costs related to severance, stock based compensation and other charges as a result of cost reduction initiatives that were recorded within the following line items in the consolidated statements of operations (in thousands):
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Ethanol production | Agribusiness and energy services | Corporate activities | Subtotal | ||||||||||||||||||||
| Cost of goods sold | $ | 2,373 | 710 | — | $ | 3,083 | |||||||||||||||||
| Selling, general and administrative expenses | 480 | 2,050 | 16,059 | 18,589 | |||||||||||||||||||
| Other, net | 223 | 941 | 1,505 | 2,669 | |||||||||||||||||||
| Total restructuring costs | $ | 3,076 | 3,701 | 17,564 | $ | 24,341 | |||||||||||||||||
The following tables reconcile EBITDA, our segment measure of profit or loss, to net loss (in thousands). EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs.
| Year Ended December 31, 2025 | |||||||||||||||||
| Ethanol production | Agribusiness and energy services | Subtotal | |||||||||||||||
| EBITDA | $ | 33,247 | $ | 25,661 | $ | 58,908 | |||||||||||
| Depreciation and amortization | (90,553) | (4,741) | (95,294) | ||||||||||||||
| Interest expense | (55,342) | (5,990) | (61,332) | ||||||||||||||
| Subtotal | $ | (112,648) | $ | 14,930 | $ | (97,718) | |||||||||||
Unallocated corporate expenses (1) | (75,701) | ||||||||||||||||
| Income tax benefit, net of equity method income taxes | 52,419 | ||||||||||||||||
| Net loss | $ | (121,000) | |||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| Ethanol production | Agribusiness and energy services | Subtotal | |||||||||||||||
| EBITDA | $ | 39,645 | $ | 31,935 | $ | 71,580 | |||||||||||
| Depreciation and amortization | (82,784) | (2,185) | (84,969) | ||||||||||||||
| Interest expense | (22,056) | (4,722) | (26,778) | ||||||||||||||
| Subtotal | $ | (65,195) | $ | 25,028 | $ | (40,167) | |||||||||||
Unallocated corporate expenses (1) | (35,869) | ||||||||||||||||
| Income tax expense, net of equity method income taxes | (5,153) | ||||||||||||||||
| Net loss | $ | (81,189) | |||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| Ethanol production | Agribusiness and energy services | Subtotal | |||||||||||||||
| EBITDA | $ | 78,561 | $ | 31,689 | $ | 110,250 | |||||||||||
| Depreciation and amortization | (92,712) | (2,360) | (95,072) | ||||||||||||||
| Interest expense | (23,545) | (7,723) | (31,268) | ||||||||||||||
| Subtotal | $ | (37,696) | $ | 21,606 | $ | (16,090) | |||||||||||
Unallocated corporate expenses (1) | (65,826) | ||||||||||||||||
| Income tax benefit, net of equity method income taxes | 5,617 | ||||||||||||||||
| Net loss | $ | (76,299) | |||||||||||||||
(1)Corporate expenses include selling, general administrative expenses, gain on sale of assets, net, depreciation and amortization, and interest expense, and during 2025 includes restructuring costs related to cost reduction initiatives and the departure of former CEO as well as losses on sale of equity method investment.
The following table sets forth capital expenditures by operating segment (in thousands):
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Capital expenditures | |||||||||||||||||
| Ethanol production | $ | 36,718 | $ | 89,230 | $ | 107,468 | |||||||||||
| Agribusiness and energy services | 164 | 833 | 512 | ||||||||||||||
| Corporate activities | 317 | 5,021 | 494 | ||||||||||||||
| $ | 37,199 | $ | 95,084 | $ | 108,474 | ||||||||||||
The following table sets forth total assets by operating segment (in thousands):
Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Total assets (1) | |||||||||||
| Ethanol production | $ | 1,133,246 | $ | 1,234,635 | |||||||
| Agribusiness and energy services | 278,222 | 412,006 | |||||||||
| Corporate assets | 173,481 | 143,716 | |||||||||
| Intersegment eliminations | (6,553) | (8,183) | |||||||||
| $ | 1,578,396 | $ | 1,782,174 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 18, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.