For the twelve months ended Jul 31, 2026, FuelCell Energy Inc. reported $154.14M of revenue and -$175.10M of net income.
FCEL revenue was $33.00M in fiscal Q3 2026 (ended Jul 31, 2026), down 29.4% from a year earlier and down 7.3% from the prior quarter. For the full fiscal 2025 it was $158.16M, up 41.0% from fiscal 2024. Compound annual growth was +17.4% over 5 years and -0.3% over 10 years. It rose in 3 of the last 10 fiscal years.
FCEL net income was -$44.47M in fiscal Q3 2026 (ended Jul 31, 2026), compared with -$91.66M a year earlier. For the full fiscal 2025 it was -$187.90M, compared with -$126.01M in fiscal 2024.
FCEL diluted EPS was -$0.64 in fiscal Q3 2026 (ended Jul 31, 2026). For the full fiscal 2025 it was -$7.42.
FCEL free cash flow was -$13.53M in fiscal Q3 2026 (ended Jul 31, 2026), compared with -$32.08M a year earlier. For the full fiscal 2025 it was -$143.89M, compared with -$200.63M in fiscal 2024.
| Line item | Oct 31, 2025 | Oct 31, 2024 | Oct 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Oct 31, 2020 | Oct 31, 2019 | Oct 31, 2018 | Oct 31, 2017 | Oct 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.16M | $112.13M | $123.39M | $130.48M | $69.58M | $70.87M | $60.75M | $89.44M | $95.67M | $108.25M |
| Cost of revenue | $184.57M | $148.05M | $133.93M | $160.06M | $85.22M | $78.60M | $82.02M | $86.34M | $92.93M | $108.61M |
| Gross profit | -$26.41M | -$35.92M | -$10.54M | -$29.57M | -$15.64M | -$7.72M | -$21.27M | $3.09M | $2.73M | -$357.0K |
| Research and development | $34.08M | $55.40M | $61.02M | $34.53M | $11.31M | $4.80M | $13.79M | $22.82M | $20.40M | $20.85M |
| Selling, general and admin | $60.74M | $64.60M | $64.53M | $79.62M | $37.95M | $26.64M | $31.87M | $24.91M | $25.92M | $25.15M |
| Operating income | -$192.35M | -$158.49M | -$136.08M | -$143.72M | -$64.90M | -$39.17M | -$66.93M | -$44.63M | -$44.94M | -$46.35M |
| Interest expense | $10.38M | $9.69M | $7.25M | $6.39M | $7.36M | $15.29M | $10.62M | $9.05M | $9.17M | $4.96M |
| Pre-tax income | -$191.24M | -$156.75M | -$107.47M | -$146.41M | -$101.02M | -$89.06M | -$77.46M | -$50.35M | -$53.86M | -$50.69M |
| Income tax | $137.0K | $25.0K | $581.0K | $819.0K | $2.0K | $46.0K | $109.0K | -$3.02M | $44.0K | $519.0K |
| Net income | -$187.90M | -$126.01M | -$107.57M | -$142.72M | -$101.06M | -$89.11M | -$77.57M | -$47.33M | -$53.90M | -$50.96M |
| EPS, basic | -$7.42 | -$7.83 | -$7.92 | -$11.43 | -$9.30 | -$12.60 | -$54.60 | -$270.30 | -$411.90 | -$655.20 |
| EPS, diluted | -$7.42 | -$7.83 | -$7.92 | -$11.43 | -$9.30 | -$12.60 | -$54.60 | -$270.30 | -$411.90 | -$655.20 |
| Diluted shares | 25.7M | 16.5M | 14.0M | 12.8M | 11.2M | 7.4M | 1.8M | 229,872.967 | 138,652.5 | 82,704.722 |
| Line item | Oct 31, 2025 | Oct 31, 2024 | Oct 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Oct 31, 2020 | Oct 31, 2019 | Oct 31, 2018 | Oct 31, 2017 | Oct 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $278.10M | $208.88M | $249.95M | $481.04M | $460.21M | $192.05M | $39.78M | $80.24M | $87.45M | $118.32M |
| Short-term investments | - | $109.12M | $103.76M | - | - | - | - | - | - | - |
| Receivables | $4.00M | $11.75M | $3.81M | $4.88M | $14.73M | $9.56M | $3.29M | $9.28M | $68.52M | $24.59M |
| Inventory | $86.20M | $113.70M | $84.46M | $90.91M | $67.07M | $50.97M | $54.52M | $53.58M | $74.50M | $73.81M |
| Current assets | $449.81M | $444.46M | $476.31M | $580.28M | $543.39M | $233.98M | $84.32M | $130.30M | $203.51M | $202.20M |
| Goodwill | - | $4.08M | $4.08M | $4.08M | $4.08M | $4.08M | $4.08M | $4.08M | $4.08M | $4.08M |
| Total assets | $932.15M | $944.12M | $955.52M | $939.72M | $875.25M | $523.54M | $333.45M | $340.42M | $383.79M | $340.73M |
| Current liabilities | $67.84M | $73.90M | $65.90M | $85.80M | $52.77M | $58.90M | $62.73M | $60.12M | $98.08M | $52.00M |
| Short-term debt | $15.85M | $15.92M | $10.07M | $13.20M | $10.09M | $21.37M | $21.92M | $17.60M | $28.28M | $5.01M |
| Long-term debt | $103.80M | $115.74M | $109.40M | $69.18M | $77.62M | $143.99M | $84.40M | $70.28M | $59.51M | $76.76M |
| Total debt | $119.64M | $131.66M | $119.47M | $82.38M | $87.71M | $165.35M | $106.32M | $87.88M | $87.79M | $81.77M |
| Total liabilities | $201.00M | $216.66M | $195.22M | $185.33M | $169.92M | $269.13M | $197.85M | $163.50M | $194.97M | $166.48M |
| Shareholders' equity | $662.18M | $667.61M | $700.45M | $691.50M | $642.44M | $194.55M | $75.74M | $82.19M | $101.26M | $114.40M |
| Line item | Oct 31, 2025 | Oct 31, 2024 | Oct 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Oct 31, 2020 | Oct 31, 2019 | Oct 31, 2018 | Oct 31, 2017 | Oct 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$125.29M | -$152.91M | -$140.25M | -$112.17M | -$70.44M | -$36.78M | -$30.57M | $16.32M | -$71.84M | -$46.59M |
| Capital expenditures | $18.60M | $47.72M | $39.35M | $21.08M | $6.35M | $382.0K | $2.15M | $10.03M | $12.35M | $7.73M |
| Free cash flow | -$143.89M | -$200.63M | -$179.60M | -$133.25M | -$76.79M | -$37.16M | -$32.72M | $6.29M | -$84.20M | -$54.32M |
| Investing cash flow | $88.86M | -$60.05M | -$192.37M | -$46.65M | -$73.23M | -$32.52M | -$69.30M | -$51.26M | -$31.44M | -$41.45M |
| Financing cash flow | $169.26M | $122.15M | $151.07M | $180.58M | $411.91M | $221.67M | $59.66M | $27.72M | $72.29M | $120.66M |
| Stock-based compensation | $11.09M | $11.76M | $11.95M | $6.79M | $4.29M | $1.87M | $2.80M | $3.24M | $4.58M | $3.42M |
| Depreciation and amortization | $40.40M | $36.19M | $25.38M | $21.27M | $19.87M | $19.38M | $12.35M | $8.65M | - | - |
| Line item | Oct 31, 2025 | Oct 31, 2024 | Oct 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Oct 31, 2020 | Oct 31, 2019 | Oct 31, 2018 | Oct 31, 2017 | Oct 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 41.0% | -9.1% | -5.4% | 87.5% | -1.8% | 16.7% | -32.1% | -6.5% | -11.6% | -33.6% |
| Gross margin | -16.7% | -32.0% | -8.5% | -22.7% | -22.5% | -10.9% | -35.0% | 3.5% | 2.9% | -0.3% |
| Operating margin | -121.6% | -141.3% | -110.3% | -110.1% | -93.3% | -55.3% | -110.2% | -49.9% | -47.0% | -42.8% |
| Net margin | -118.8% | -112.4% | -87.2% | -109.4% | -145.2% | -125.7% | -127.7% | -52.9% | -56.3% | -47.1% |
| Free cash flow margin | -91.0% | -178.9% | -145.6% | -102.1% | -110.4% | -52.4% | -53.9% | 7.0% | -88.0% | -50.2% |
| Return on equity | -28.4% | -18.9% | -15.4% | -20.6% | -15.7% | -45.8% | -102.4% | -57.6% | -53.2% | -44.5% |
| Return on assets | -20.2% | -13.3% | -11.3% | -15.2% | -11.5% | -17.0% | -23.3% | -13.9% | -14.0% | -15.0% |
| Current ratio | 6.63 | 6.01 | 7.23 | 6.76 | 10.30 | 3.97 | 1.34 | 2.17 | 2.07 | 3.89 |
| Debt to equity | 0.18 | 0.20 | 0.17 | 0.12 | 0.14 | 0.85 | 1.40 | 1.07 | 0.87 | 0.71 |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.00M | $35.59M | $30.53M | $55.02M | $46.74M | $37.41M | $19.00M | $49.33M | $23.70M | $22.42M | $16.69M | $22.46M |
| Cost of revenue | $57.50M | $48.52M | $36.39M | $61.65M | $51.88M | $46.84M | $24.20M | $60.24M | $29.90M | $29.49M | $28.42M | $23.93M |
| Gross profit | -$24.50M | -$12.93M | -$5.86M | -$6.63M | -$5.13M | -$9.44M | -$5.20M | -$10.92M | -$6.20M | -$7.07M | -$11.72M | -$1.46M |
| Research and development | $8.51M | $7.71M | $6.96M | $5.46M | $7.65M | $9.90M | $11.08M | $11.61M | $12.82M | $16.63M | $14.35M | $18.02M |
| Selling, general and admin | $13.65M | $14.71M | $13.47M | $15.18M | $14.07M | $16.47M | $15.03M | $15.95M | $14.60M | $17.66M | $16.40M | $16.89M |
| Operating income | -$46.66M | -$77.91M | -$26.29M | -$28.32M | -$95.36M | -$35.81M | -$32.85M | -$41.03M | -$33.62M | -$41.36M | -$42.48M | -$36.38M |
| Interest expense | $2.90M | $2.86M | $2.76M | $2.67M | $2.55M | $2.55M | $2.61M | $2.52M | $2.56M | $2.27M | $2.34M | $2.32M |
| Pre-tax income | -$45.28M | -$77.68M | -$26.05M | -$29.33M | -$91.86M | -$37.66M | -$32.39M | -$39.58M | -$35.12M | -$37.66M | -$44.40M | -$29.46M |
| Income tax | $0 | -$50.0K | $0 | $13.0K | $40.0K | $84.0K | $0 | $23.0K | $2.0K | - | - | $0 |
| Net income | -$44.47M | -$77.91M | -$22.86M | -$29.87M | -$91.66M | -$38.05M | -$28.33M | -$41.42M | -$32.66M | -$32.14M | -$19.79M | -$30.36M |
| EPS, basic | -$0.64 | -$1.45 | -$0.49 | - | -$3.78 | -$1.79 | -$1.42 | -$2.29 | -$1.99 | -$2.18 | -$1.37 | -$1.92 |
| EPS, diluted | -$0.64 | -$1.45 | -$0.49 | - | -$3.78 | -$1.79 | -$1.42 | -$2.29 | -$1.99 | -$2.18 | -$1.37 | -$1.92 |
| Diluted shares | 70.4M | 54.2M | 48.2M | - | 24.4M | 21.7M | 20.5M | - | 16.8M | 15.1M | 15.1M | - |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $658.08M | $373.17M | $311.78M | $278.10M | $174.66M | $116.06M | $98.07M | $208.88M | $159.35M | $158.79M | $297.47M | $249.95M |
| Short-term investments | - | - | - | - | - | $60.91M | $110.30M | $109.12M | $107.82M | $101.34M | - | $103.76M |
| Receivables | $7.17M | $7.68M | $6.22M | $4.00M | $9.95M | $10.03M | $9.24M | $11.75M | $11.16M | $7.16M | $3.35M | $3.81M |
| Inventory | $86.38M | $88.45M | $90.28M | $86.20M | $104.60M | $123.54M | $125.75M | $113.70M | $129.35M | $113.92M | $102.86M | $84.46M |
| Current assets | $833.30M | $543.93M | $494.76M | $449.81M | $370.40M | $384.46M | $411.24M | $444.46M | $459.97M | $425.84M | $445.23M | $476.31M |
| Goodwill | - | - | - | - | - | $4.08M | $4.08M | $4.08M | $4.08M | $4.08M | $4.08M | $4.08M |
| Total assets | $1.31B | $1.00B | $978.48M | $932.15M | $830.53M | $883.84M | $907.53M | $944.12M | $948.91M | $916.83M | $923.18M | $955.52M |
| Current liabilities | $96.08M | $63.30M | $62.13M | $67.84M | $69.03M | $68.35M | $64.87M | $73.90M | $66.54M | $65.00M | $53.89M | $65.90M |
| Short-term debt | $18.80M | $17.35M | $17.80M | $15.85M | $16.71M | $17.14M | $16.89M | $15.92M | $12.23M | $11.73M | $10.20M | $10.07M |
| Long-term debt | $134.78M | $116.83M | $120.41M | $103.80M | $106.36M | $109.37M | $112.30M | $115.74M | $112.74M | $116.19M | $107.22M | $109.40M |
| Total debt | $153.58M | $134.18M | $138.21M | $119.64M | $123.07M | $126.51M | $129.19M | $131.66M | $124.98M | $127.93M | $117.42M | $119.47M |
| Total liabilities | $268.41M | $215.01M | $214.48M | $201.00M | $205.46M | $205.05M | $202.44M | $216.66M | $203.95M | $204.87M | $181.15M | $195.22M |
| Shareholders' equity | $975.11M | $728.51M | $704.14M | $662.18M | $565.22M | $618.94M | $645.24M | $667.61M | $685.11M | $652.10M | $682.17M | $700.45M |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.20M | -$27.30M | -$33.94M | -$22.86M | -$26.83M | -$29.89M | -$45.71M | $5.84M | -$63.36M | -$37.12M | -$58.27M | -$15.83M |
| Capital expenditures | $1.32M | $1.70M | $773.0K | $1.01M | $5.25M | $5.28M | $7.06M | $10.54M | $13.40M | $13.21M | $10.56M | $11.25M |
| Free cash flow | -$13.53M | -$29.00M | -$34.71M | -$23.88M | -$32.08M | -$35.17M | -$52.77M | -$4.70M | -$76.76M | -$50.33M | -$68.83M | -$27.08M |
| Investing cash flow | -$7.15M | -$5.69M | -$2.98M | -$1.11M | $52.06M | $45.27M | -$7.36M | -$41.07M | $8.43M | -$114.30M | $86.89M | -$53.87M |
| Financing cash flow | $315.76M | $94.28M | $74.80M | $128.72M | $32.68M | $3.02M | $4.84M | $25.91M | $61.08M | $14.59M | $20.56M | $32.91M |
| Stock-based compensation | $2.45M | $2.63M | $2.39M | $2.43M | $1.69M | $4.82M | $2.14M | $2.54M | $3.35M | $3.00M | $2.88M | $2.96M |
| Depreciation and amortization | $9.39M | $10.84M | $10.52M | $9.82M | $9.75M | $10.89M | $9.95M | $8.80M | $9.24M | $9.55M | $8.60M | $6.72M |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -29.4% | -4.9% | 60.7% | 11.5% | 97.3% | 66.8% | 13.8% | 119.6% | -7.1% | -41.5% | -55.0% | -42.7% |
| Gross margin | -74.2% | -36.3% | -19.2% | -12.1% | -11.0% | -25.2% | -27.4% | -22.1% | -26.2% | -31.6% | -70.2% | -6.5% |
| Operating margin | -141.4% | -218.9% | -86.1% | -51.5% | -204.0% | -95.7% | -172.9% | -83.2% | -141.9% | -184.5% | -254.5% | -161.9% |
| Net margin | -134.7% | -218.9% | -74.9% | -54.3% | -196.1% | -101.7% | -149.1% | -84.0% | -137.8% | -143.4% | -118.6% | -135.2% |
| Free cash flow margin | -41.0% | -81.5% | -113.7% | -43.4% | -68.6% | -94.0% | -277.8% | -9.5% | -324.0% | -224.5% | -412.4% | -120.6% |
| Current ratio | 8.67 | 8.59 | 7.96 | 6.63 | 5.37 | 5.62 | 6.34 | 6.01 | 6.91 | 6.55 | 8.26 | 7.23 |
| Debt to equity | 0.16 | 0.18 | 0.20 | 0.18 | 0.22 | 0.20 | 0.20 | 0.20 | 0.18 | 0.20 | 0.17 | 0.17 |
Source: XBRL data FuelCell Energy Inc. files with the SEC, latest filing dated Sep 2, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-12, first reported Jan 8, 2016; 1-for-12, first reported Jun 17, 2019; 1-for-30, first reported Dec 27, 2024.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| FCEL | $154.14M | +1.1% | -$175.10M | -113.6% | $796.8M |
| ASML | €32.67B | +15.6% | €9.61B | 29.4% | $549.12B |
| TMO | $47.35B | +8.3% | $7.07B | 14.9% | $257.42B |
| LRCX | $26.13B | +33.4% | $8.45B | 32.3% | $250.38B |
| DE | $47.98B | +8.0% | $4.87B | 10.2% | $181.09B |
| DHR | $25.61B | +5.5% | $4.33B | 16.9% | $161.98B |
| ETN | $31.98B | +20.1% | $3.90B | 12.2% | $132.76B |
| JCI | $24.43B | +5.1% | $3.53B | 14.5% | $81.79B |
| ITW | $16.65B | +4.8% | $3.23B | 19.4% | $79.84B |