FuelCell Energy (FCEL) Cash Flow: Operating & Free Cash Flow

FuelCell Energy Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for FuelCell Energy, Inc. (FCEL) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021	Oct 2020	Oct 2019	Oct 2018	Oct 2017
Operating Activities
Net Income	-191.37	-156.78	-108.06	-147.23	-101.03	-89.11	-77.57	-47.33	-53.90
Depreciation & Amortization	40.40	36.19	25.38	21.27	19.87	19.38	12.35	8.65	8.52
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.04	0.00
Stock Based Compensation	11.09	11.76	11.95	6.79	4.29	1.87	2.80	3.24	4.59
Change in Working Capital	-49.79	-57.85	-53.01	-1.51	-31.94	-15.14	4.25	48.25	-38.14
Change in Accounts Receivable	-58.39	-30.99	-20.85	8.97	-8.78	-11.86	0.35	48.73	-51.28
Change in Inventory	15.87	-29.25	4.69	-28.06	-18.76	-2.11	-6.43	31.71	-7.97
Change in Accounts Payable	-2.76	-1.00	3.00	6.33	1.99	-7.06	-0.17	-19.85	25.02
Change in Other Working Capital	2.61	3.39	-39.85	-2.09	-1.53	5.89	10.49	-12.35	-3.91
Other Operating Activities	2.61	13.76	-16.52	8.61	36.50	46.22	27.59	6.55	7.09
Net Cash from Operating Activities	-125.29	-152.91	-140.25	-112.17	-70.44	-36.78	-30.57	16.32	-71.85
Investing Activities
Capital Expenditures	-22.54	-59.55	-92.36	-46.65	-73.23	-31.91	-33.83	-51.26	-32.08
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.63
Purchases of Investments	-660.97	-835.74	-299.09	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	772.37	835.24	199.09	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	-0.61	-35.47	0.00	0.00
Net Cash from Investing Activities	88.86	-60.05	-192.37	-46.65	-73.23	-32.52	-69.30	-51.26	-31.44
Financing Activities
Debt Repayment	-14.44	11.41	52.67	-9.54	-102.64	57.64	21.20	-3.53	9.31
Common Stock Issued	185.69	92.68	97.50	183.55	526.82	173.19	43.57	10.46	39.48
Common Stock Repurchased	0.00	0.00	0.00	-1.89	-0.34	0.00	0.00	0.00	0.00
Dividends Paid	-3.20	-3.20	-3.20	-3.20	-3.20	-6.48	-1.84	-4.18	-4.16
Other Financing Activities	1.17	21.27	4.10	11.62	-4.36	-2.69	-3.28	24.97	27.66
Net Cash from Financing Activities	169.26	122.15	151.07	180.58	411.91	221.67	59.66	27.72	72.29
Summary
Effect of Forex Changes on Cash	0.08	0.11	0.08	-0.93	-0.08	-0.09	-0.24	0.01	0.13
Net Change in Cash	132.91	-90.69	-181.47	20.83	268.16	152.27	-40.46	-7.21	-30.87
Cash at Beginning of Period	208.88	299.58	481.04	460.21	192.05	39.78	80.24	87.45	118.32
Cash at End of Period	341.79	208.88	299.58	481.04	460.21	192.05	39.78	80.24	87.45
Free Cash Flow	-147.83	-212.46	-232.61	-158.82	-143.67	-68.69	-64.40	-34.94	-103.92
Supplemental Disclosures
Interest Paid	7.25	6.80	3.09	1.56	5.77	-	-	-	-
Income Taxes Paid	0.15	0.02	0.01	0.00	0.01	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 31, 2026. Data sources and methodology

Frequently Asked Questions About FuelCell Energy Cash Flow

What is FuelCell Energy's free cash flow?

FuelCell Energy had negative free cash flow of $147.83M in fiscal 2025 (fiscal year ended Oct 31, 2025), operating cash flow of −$125.29M minus $22.54M of capital expenditures.

How much does FuelCell Energy spend on capital expenditures?

FuelCell Energy spent $22.54M on capital expenditures in fiscal 2025, compared with $59.55M a year earlier.

Does FuelCell Energy pay dividends or buy back shares?

Yes. In fiscal 2025 FuelCell Energy returned $3.20M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition