OPAL Fuels Inc. (OPAL) Financial Statements
Industry: Gas & Other Services Combined
In fiscal 2025, OPAL Fuels reported revenue of $349.0M, up 16.3% from $300.0M the year before. Net income was $36.4M (a 10.4% net margin), or $0.15 per diluted share. Gross margin was 2.1% and operating margin was 2.1%. Operating activities generated $36.5M of cash, leaving -$34.2M of free cash flow. At fiscal year end, OPAL Fuels held $959.5M in total assets against $461.7M in total liabilities, including $24.4M of cash and equivalents.
Open the full interactive OPAL Fuels financials → Quarterly statements, key ratios, valuation history and price charts.
OPAL Fuels Key Stats
| Share Price | $1.68 |
|---|---|
| Market Cap | $49.8M |
| P/E Ratio | 11.2 |
| Revenue YoY Growth | +16.3% |
| 52-Week Range | $1.65 – $2.78 |
| Shares Outstanding | 29.6 million (basic, 2026 Q2) |
OPAL Fuels Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $0 | $235.5M | $256.1M | $300.0M | $349.0M |
| Cost of Goods Sold | — | $233.8M | $249.1M | $278.8M | $341.6M |
| Gross Profit | — | $1.8M | $7.0M | $21.2M | $7.4M |
| Operating Income | -$4.9M | $1.8M | $7.0M | $21.2M | $7.4M |
| Pre-Tax Income | -$16.2M | $32.6M | $127.0M | $5.4M | -$16.3M |
| Income Tax | — | $0 | $0 | -$8.9M | -$52.7M |
| Net Income | -$16.2M | $32.6M | $127.0M | $14.3M | $36.4M |
| Diluted EPS | -$0.64 | $0.12 | $0.69 | $0.02 | $0.15 |
OPAL Fuels Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $83.4M | $99.8M | $73.4M | $83.4M |
| Net Income | $11.4M | $16.2M | -$5.6M | -$4.1M |
| Diluted EPS | $0.05 | $0.55 | -$0.09 | -$0.05 |
OPAL Fuels Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $811,526 | $40.4M | $38.3M | $24.3M | $24.4M |
| Current Assets | $1.5M | $212.0M | $128.1M | $117.2M | $122.7M |
| Total Assets | $312.8M | $644.9M | $754.6M | $881.1M | $959.5M |
| Current Liabilities | $113,261 | $152.9M | $76.4M | $103.6M | $104.2M |
| Total Long-Term Debt | — | $170.4M | $209.1M | $307.5M | $361.3M |
| Total Liabilities | $40.8M | $267.0M | $297.1M | $416.0M | $461.7M |
| Shareholders' Equity | -$39.1M | -$800.6M | -$478.8M | -$148.4M | -$12.9M |
OPAL Fuels Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$1.9M | -$1.4M | $38.3M | $33.0M | $36.5M |
| Cash From Investing | -$311.2M | -$184.0M | -$74.1M | -$134.6M | -$77.3M |
| Cash From Financing | $313.9M | $220.6M | $5.9M | $83.5M | $41.6M |
| Free Cash Flow | — | -$132.8M | -$75.6M | -$94.2M | -$34.2M |
Figures from OPAL Fuels' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full OPAL Fuels financials page for every line item.
OPAL Fuels Company Profile
| Ticker | OPAL |
|---|---|
| Exchange | Nasdaq |
| Industry | Gas & Other Services Combined |
| Headquarters | Boston, Massachusetts |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer, smaller reporting company, emerging growth company |
| SEC CIK | 0001842279 |
Frequently Asked Questions
What was OPAL Fuels' revenue in fiscal 2025?
OPAL Fuels (OPAL) reported revenue of $349.0M for fiscal 2025.
What is OPAL Fuels' annual revenue history?
OPAL Fuels' annual revenue by fiscal year: 2021: $0; 2022: $235.5M; 2023: $256.1M; 2024: $300.0M; 2025: $349.0M.
What was OPAL Fuels' net income in fiscal 2025?
OPAL Fuels reported net income of $36.4M for fiscal 2025.
What was OPAL Fuels' earnings per share (EPS) in fiscal 2025?
OPAL Fuels' diluted EPS was $0.15 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did OPAL Fuels generate in fiscal 2025?
OPAL Fuels generated -$34.2M of free cash flow in fiscal 2025.
What was OPAL Fuels' revenue last quarter?
In its most recent reported quarter (2026 Q2), OPAL Fuels reported revenue of $83.4M.
How much debt does OPAL Fuels have?
OPAL Fuels reported $361.3M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of OPAL Fuels are outstanding?
OPAL Fuels reported a weighted average of 29.6 million basic shares outstanding in 2026 Q2.
What is OPAL Fuels' market cap?
Based on its latest closing price, OPAL Fuels (OPAL) has a market capitalization of about $49.8M.
When does OPAL Fuels' fiscal year end?
OPAL Fuels' fiscal year end, as registered with the SEC, is December 31.
Where is OPAL Fuels headquartered?
OPAL Fuels lists its business address in Boston, Massachusetts in its SEC filings.