Green Plains Inc (GPRE) reported strong second-quarter earnings, with adjusted EBITDA reaching $93.3 million, a significant increase from both the first quarter and the prior-year period. The company's net income attributable to Green Plains was $67.1 million, or $0.83 per diluted share, up from $0.42 per diluted share in the first quarter. Gross margin also saw a substantial rise, reaching $113 million compared to $41.6 million in the second quarter of 2025.
Chris Osowski highlighted the quarter's success despite planned maintenance downtime, noting that the company produced nearly 161 million gallons of ethanol and processed over 54 million bushels of corn. Capacity utilization was nearly 90%, with expectations to return above 90% in the coming periods. The carbon platform contributed nearly $59 million of EBITDA, up from $55.2 million in the first quarter, with first-half carbon EBITDA totaling approximately $114 million.
Green Plains generated nearly $87 million of operating cash flow during the quarter and ended June with more than $243 million in cash and cash equivalents. Total debt stood at approximately $484 million. The company is focusing on capital allocation priorities, including maintaining safe operations, strengthening the balance sheet, and pursuing growth opportunities. Osowski mentioned a debt-reduction strategy aimed at increasing financial flexibility and reducing leverage beyond 2029.
Senior Vice President Imre Havasi described the commercial environment as strong, supported by high crush margins, favorable corn values, and solid ethanol demand. The company expects the current margin structure to extend into the third quarter and potentially the early portion of the fourth quarter. Havasi also noted potential demand catalysts, including permanent year-round E15, low-carbon fuel markets, and sustainable aviation fuel, which could provide additional upside over time.