OPAL Fuels (OPAL) Financial Statements & Analysis

OPAL Fuels (OPAL) Income Statement

OPAL Fuels reported revenue of $348.98M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 16.3% from $299.97M a year earlier. Net income was $14.75M, up 33.7% year over year, a net margin of 4.2%. Gross margin was 30.4% and operating margin 1.4%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $83.40M, up 3.7% from the same quarter a year earlier.

OPAL Fuels Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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OPAL Fuels Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Revenue & Gross Profit
Revenue	348.98	299.97	256.11	235.53	166.12	117.71	119.70
Cost of Revenue	242.79	199.85	183.90	162.79	115.07	90.08	90.97
Gross Profit	106.18	100.12	72.21	72.74	51.06	27.62	28.73
Operating Expenses
Research & Development	0.00	0.00	4.87	6.44	0.00	0.00	0.00
Selling, General & Administrative	63.98	53.12	51.26	51.39	29.38	20.47	17.80
Operating Expenses	101.39	90.12	70.69	70.96	40.03	28.81	23.78
Operating Income	4.79	10.00	1.52	1.78	11.03	-1.19	4.96
Other Income/Expense
Interest Income	1.25	1.92	2.93	0.00	1.27	0.15	0.01
Interest Expense	27.52	21.53	10.66	6.64	-6.94	-7.86	6.25
Other Income/Expense	-21.12	15.03	125.51	30.80	29.74	-1.15	-10.20
Income
Income Before Tax	-16.34	5.42	127.02	32.58	40.77	-25.37	-5.25
Income Tax Expense	-52.75	-8.91	0.00	0.00	0.00	0.00	0.00
Net Income	14.75	11.03	29.95	11.32	0.00	-25.36	-5.25
Net Income - Continuous Operations	14.75	14.33	29.95	11.32	0.21	-25.36	-5.25
Net Income - Discontinued Operations	-	-	-	-	-	-	-
EBITDA	34.43	45.51	150.74	53.31	21.68	7.15	9.03
EBIT	11.19	26.95	1.52	39.53	11.03	-1.19	-
Depreciation & Amortization	23.24	17.89	14.69	13.79	10.65	8.34	7.85
Earnings Per Share
Basic EPS	-	-	1.00	-	41908.00	-1.00	-
Diluted EPS	-	-	1.00	-	41908.00	-1.00	-
Basic Shares Outstanding	28.14	27.62	27.15	25.77	0.00	25.17	25.17
Diluted Shares Outstanding	29.25	27.69	27.49	26.06	0.00	25.17	25.17

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About OPAL Fuels Financial Statements

What was OPAL Fuels's revenue in fiscal 2025?

OPAL Fuels reported revenue of $348.98M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 16.3% from $299.97M a year earlier.

Is OPAL Fuels profitable?

Yes. OPAL Fuels earned net income of $14.75M in fiscal 2025, a net margin of 4.2%. In fiscal 2024 it earned $11.03M.

What is OPAL Fuels's operating margin?

OPAL Fuels's operating income was $4.79M on revenue of $348.98M in fiscal 2025, an operating margin of 1.4%, compared with 3.3% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition