GPRE · 10-K filed 10 Feb 2026 · year to 31 Dec 2025

Green Plains

32 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Eco-Energy, LLC

earns fromnamed as a risk

On April 14, 2025, a conforming amendment was entered into on the $350 million revolver to accommodate concentration risk with Eco-Energy, LLC.Business (Item 1)

Partners and platforms

Tallgrass Trailblazer CO2 Pipeline

depends onnamed as a risk

CCS equipment at our three Nebraska plants began operations during the fourth quarter of 2025, and is delivering biogenic carbon dioxide to the Tallgrass Trailblazer pipeline for permanent sequestration.Business (Item 1)

Summit Carbon Solutions

depends onnamed as a risk

In addition we have committed our four Iowa and Minnesota facilities to Summit Carbon Solutions, which publicly projects operations commencing in 2028.Business (Item 1)

CME Group

depends on

The company currently maintains a hedge exemption through the CME Group for corn traded on the CBOT exchange, increasing the allowable long and short futures positions that may be held during the spot and single/all month periods.Risk factors (Item 1A)

Also named by BGC, MS, SNEX

Equilon Enterprises LLC (Shell Fiber Conversion Technology)

In July 2023, we announced a technology collaboration with Equilon Enterprises LLC, which allows us to use FQT’s precision separation and processing technology with Shell Fiber Conversion Technology.Business (Item 1)

Other companies

POET Biorefining - Obion, LLC

$170 million

On September 25, 2025, the company closed on the sale and received proceeds of $170 million plus related working capital (the “Obion Transaction”).Business (Item 1)

Competitors

Brazil

competes with · 18%named as a risk

While Brazil’s tariffs on U.S. ethanol have fluctuated since 2017, they have been set at 18% since January 1, 2024.Risk factors (Item 1A)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

Places

Fairmont, Minnesota

operates in · 119 million gallonnamed as a risk

In January 2025, the company idled its 119 million gallon ethanol plant in Fairmont, Minnesota as a result of persistent margin pressures, and the majority of the staff was terminated.Business (Item 1)

Shenandoah, Iowa

operates in · 60 million poundsnamed as a risk

The facility has been idled since the first quarter of 2025 as the company focuses on optimizing its product mix to maximize current returns.Business (Item 1)

Canada

earns fromnamed as a risk

While the current administration’s efforts to counter trade barriers in certain countries may ultimately benefit the ethanol industry (such as Brazil, where U.S. ethanol has been subject to tariffs since 2020), the risk of reciprocal tariffs by other countries, including Canada and Mexico, may impede exported volumes.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Nebraska

operates in

As part of our carbon reduction strategy, we successfully commenced CCS operations at our three Nebraska biorefineries, which are connected to the Trailblazer CO2 Pipeline.Business (Item 1)

Also named by BKH, LNN

Hazards

Earthquake and flood

operates innamed as a risk

Certain of our ethanol plants and our related storage tanks, as well as certain of our fuel terminal facilities are located within recognized seismic and flood zones.Risk factors (Item 1A)

Drought and adverse weather

exposed to its pricenamed as a risk

Shifts in global markets, supply or demand changes, as well as adverse weather conditions, such as inadequate or excessive amounts of rain during the growing season, overly wet conditions, hail, derecho wind events, an early freeze or snowy weather during harvest could impact the supply of corn that is needed to produce ethanol.Risk factors (Item 1A)

Commodities and inputs

Natural gas

exposed to its price · $4,360named as a risk

Significant disruptions in natural gas supply could impair our ability to produce ethanol.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Corn

exposed to its price · $80,648named as a risk

Consequently, our results of operations and financial position may be adversely affected by increases in corn or natural gas prices or decreases in ethanol, distillers grains, Ultra-High Protein and renewable corn oil prices.Risk factors (Item 1A)

Also named by ADM, BF/B, CAG, CALM, CL, DE, FLO, FPI and 10 more

Ethanol

exposed to its price · $81,682named as a risk

Our revenues are dependent on market prices for ethanol which can be volatile as a result of a number of factors, including but not limited to: the price and availability of competing fuels and oxygenates for fuels; the domestic and global supply and demand for ethanol, gasoline and corn; the price of gasoline, crude oil and corn; global political or economic issues, including global conflicts and domestic and foreign government policies that impact the supply, demand and pricing of corn, crude oil, gasoline, ethanol and other liquid fuels.Risk factors (Item 1A)

Also named by LNN

Distillers grains

exposed to its price · $16,902named as a risk

Downward pressure on other commodity prices, such as corn, wheat, soybeans, soybean meal, and other feed ingredients, will generally cause the price of competing animal feed products to decline, resulting in downward pressure on the price of distillers grains.Risk factors (Item 1A)

Renewable corn oil

exposed to its price · $9,362named as a risk

In general, renewable corn oil prices follow the prices of heating oil and soybean oil but corn oil trades at a premium for its low CI score.Risk factors (Item 1A)

Soybean meal

competes withnamed as a risk

Rapid expansion of soybean crushing capacity to meet the soybean oil demands of the growing renewable diesel and biomass-based diesel industry could result in an oversupply of soybean meal, which could depress prices for various protein feed ingredients, and negatively impact our anticipated financial returns.Risk factors (Item 1A)

Also named by ADM, CALM, SEB, TSN

Regulators

U.S. Environmental Protection Agency (EPA)

subject to · 187named as a risk

In August and November 2025, the EPA granted or partially granted 187 SREs, largely clearing the backlog from 2016-2024.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Federal Energy Regulatory Commission (FERC)

subject to · $0.9 millionnamed as a risk

As part of the Consent Agreement, the company agreed to pay a civil penalty of $0.9 million, pay $23 thousand in restitution and interest, implement enhancements to its compliance program and be subject to certain trading restrictions.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Commodity Futures Trading Commission (CFTC)

subject tonamed as a risk

Since we use exchange-traded futures contracts as part of our business, we are subject to the Commodity Exchange Act and are required to comply with a wide range of requirements imposed by the CFTC, FERC, National Futures Association and the exchanges on which we trade.Risk factors (Item 1A)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

Alcohol and Tobacco Tax and Trade Bureau (TTB)

subject tonamed as a risk

TTB regulations apply when producing our undenatured ethanol.Risk factors (Item 1A)

Also named by BF/B, MNST, TAP

Laws and programs

Section 45Z Clean Fuel Production Credit

subject to · $54.2 millionnamed as a risk

Based on production and CI scores for the year ended December 31, 2025, the company recorded income tax benefit of $54.2 million, net of a valuation allowance, related to Section 45Z production tax credits at the six qualifying plants.Business (Item 1)

Also named by VLO

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

Imported ethanol is not subject to an import tariff under the United States-Mexico-Canada Agreement (USMCA), provided it satisfies the agreement’s rules of origin, which are required for preferential tariff treatment.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more

Inflation Reduction Act (IRA)

subject tonamed as a risk

Future modifications could adversely impact corn-based ethanol from accessing key tax incentives, or otherwise reduce potential benefits.Risk factors (Item 1A)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

Renewable Fuel Standard (RFS)

subject tonamed as a risk

Nearly all of our ethanol production is sold with D6 RINs that are used by our customers to comply with their blending obligations under the RFS.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

California Low Carbon Fuel Standard (LCFS)

subject tonamed as a risk

Likewise, international, national, state and/or regional LCFS programs like that of California, Oregon, Washington state or Canada could be favorable or harmful to U.S. corn ethanol, depending on how the laws and regulations are crafted, enforced, interpreted, repealed and/or modified.Risk factors (Item 1A)

Also named by CRC, CVX, DINO, DTE, MPC, PBF, SEB, UGI and 2 more

Section 45Q carbon capture tax credit

subject tonamed as a risk

After the 45Z tax credits have sunsetted, which is currently scheduled for 2029, the facilities with carbon capture that are owned by the company will be able to claim the 45Q tax credits, which are available for twelve years after the date of capture equipment construction completion.Risk factors (Item 1A)

Also named by TRGP

Section 301 investigation into Brazil

subject tonamed as a risk

Additionally, on July 15, 2025, The Office of the U.S. Trade Representative initiated a Section 301 investigation into Brazil’s unfair trading practices.Risk factors (Item 1A)

E15 summer Reid Vapor Pressure waiver

subject tonamed as a risk

Notwithstanding, for the past four consecutive years from 2022-2025, the President has directed the EPA to issue an emergency waiver to allow for the continued sale of E15 during the June 1 to September 15 period.Risk factors (Item 1A)

Technology

Fluid Quip Technologies (FQT) MSC technology

depends onnamed as a risk

Reliable production of Ultra-High Protein from both consistent operations of the biorefinery as well as the MSC™ technology is necessary to produce anticipated volumes.Risk factors (Item 1A)