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Financials · OPAL

OPAL Fuels Inc. (OPAL) financials

For the twelve months ended Sep 30, 2026, OPAL Fuels Inc. reported $336.02M of revenue and $3.13M of net income.

Revenue, TTM
$336.02M
Revenue growth, YoY
+2.1%
Net income, TTM
$3.13M
Net margin
0.9%
Free cash flow, TTM
-$18.62M
EPS, diluted, TTM
$0.11
Cash
$86.00M
Total debt
$414.69M
P/E
79.30
P/S
0.74
Market cap
$248.1M
Annual revenue$348.98M
FY2021FY2025
Annual net income$4.28M
FY2021FY2025
Annual free cash flow-$34.24M
FY2021FY2025

OPAL revenue and earnings growth

OPAL revenueQ3 2026$79.49M

Quarter YoY
-4.6%
QoQ
-4.7%
FY YoY
+16.3%

OPAL revenue was $79.49M in fiscal Q3 2026 (ended Sep 30, 2026), down 4.6% from a year earlier and down 4.7% from the prior quarter. For the full fiscal 2025 it was $348.98M, up 16.3% from fiscal 2024. It rose in each of the last 4 fiscal years. Fiscal 2025 is the highest of the 5 fiscal years on file.

OPAL net incomeQ3 2026-$942.0K

FY YoY
+663.5%

OPAL net income was -$942.0K in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$776.0K a year earlier. For the full fiscal 2025 it was $4.28M, up 663.5% from fiscal 2024. It rose in 2 of the last 3 fiscal years.

OPAL EPSQ3 2026-$0.03

FY YoY
+650.0%

OPAL diluted EPS was -$0.03 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.03 a year earlier. For the full fiscal 2025 it was $0.15, up 650.0% from fiscal 2024.

OPAL free cash flowQ3 2026-$2.01M

OPAL free cash flow was -$2.01M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$23.11M a year earlier. For the full fiscal 2025 it was -$34.24M, compared with -$95.85M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
Revenue$348.98M$299.97M$256.11M$235.53M$166.12M
Research and development$14.94M$19.11M$4.87M$6.44M-
Selling, general and admin$63.98M$53.12M$51.26M$51.39M$29.38M
Operating income$7.41M$21.22M$7.04M$7.56M$11.03M
Interest expense$27.52M$21.53M---
Pre-tax income-$16.34M$5.42M$127.02M$32.58M$40.77M
Income tax-$52.75M-$8.91M$0$0$0
Net income$4.28M$561.0K$18.94M$3.39M$0
EPS, basic$0.15$0.02$0.70$0.13$0.00
EPS, diluted$0.15$0.02$0.69$0.12$0.00
Diluted shares29.3M27.7M27.5M26.1M0

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
Cash and equivalents$24.41M$29.23M$47.24M$77.22M$42.05M
Short-term investments-$0$9.88M$64.98M$0
Receivables$61.81M$46.53M$27.62M$31.08M$25.39M
Current assets$139.14M$116.77M$128.07M$211.98M$86.97M
Goodwill$54.61M$54.61M$54.61M$54.61M$54.61M
Total assets$908.33M$881.08M$754.61M$644.86M$380.84M
Current liabilities$104.37M$103.60M$74.34M$152.91M$142.12M
Long-term debt-$285.00M$196.54M$88.31M$134.08M
Total debt$361.27M$285.00M$196.54M$88.31M$134.08M
Total liabilities$461.86M$416.05M$297.12M$267.04M$285.89M
Shareholders' equity-$64.22M-$156.24M-$477.85M-$774.16M$1.20M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
Operating cash flow$36.50M$31.39M$38.27M-$1.35M$18.86M
Capital expenditures$70.74M$127.24M$113.83M$131.41M$89.65M
Free cash flow-$34.24M-$95.85M-$75.56M-$132.76M-$70.79M
Investing cash flow-$77.32M-$134.55M-$74.15M-$184.03M-$117.20M
Financing cash flow$41.56M$83.50M$5.90M$220.55M$125.01M
Stock-based compensation$6.50M$6.45M$5.90M$1.47M$639.0K
Depreciation and amortization$22.47M$17.89M$14.56M$13.14M$10.65M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
Revenue growth, YoY16.3%17.1%8.7%41.8%-
Net income growth, YoY663.5%-97.0%458.4%--
EPS growth, YoY650.0%-97.1%475.0%--
Operating margin2.1%7.1%2.7%3.2%6.6%
Net margin1.2%0.2%7.4%1.4%0.0%
Free cash flow margin-9.8%-32.0%-29.5%-56.4%-42.6%
Return on equity----0.0%
Return on assets0.5%0.1%2.5%0.5%0.0%
Current ratio1.331.131.721.390.61
Debt to equity----111.55

Source: XBRL data OPAL Fuels Inc. files with the SEC, latest filing dated Nov 9, 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 are as filed. The filings show no stock split in these periods.

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.

OPAL peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
OPAL$336.02M+2.1%$3.13M0.9%$248.1M
WMB$15.43B+10.1%$3.07B19.9%$168.77B
ENBC$89.93B+40.0%C$6.73B7.5%$103.53B
NGG£17.69B-3.8%£3.24B18.3%$88.47B
EPD$64.40B+21.5%$6.59B10.2%$79.15B
KMI$18.34B+11.7%$3.60B19.6%$68.09B
TRPC$15.24B+10.7%C$3.52B23.1%$62.83B
TRGP$18.19B+4.7%$2.45B13.5%$58.71B
MPLX$13.21B+3.1%$4.34B32.9%$57.54B

OPAL FAQ

8 questions
  • What is OPAL revenue?
    OPAL Fuels Inc. (OPAL) reported $336.02M of revenue for the twelve months ended Sep 30, 2026. That is up 2.1% from the year before. Revenue for fiscal 2025 was $348.98M.
  • Is OPAL profitable?
    Yes. OPAL Fuels Inc. earned $3.13M in net income for the twelve months ended Sep 30, 2026, a net margin of 0.9%.
  • How much cash and debt does OPAL have?
    OPAL Fuels Inc. reported $86.00M in cash and cash equivalents and $414.69M of debt on its most recent balance sheet in SEC filings.
  • How fast is OPAL revenue growing?
    OPAL Fuels Inc.'s revenue changed +16.3% in fiscal 2025, to $348.98M.
  • What is OPAL free cash flow?
    OPAL Fuels Inc. generated -$18.62M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $62.21M less capital expenditures.
  • What is OPAL earnings per share?
    Diluted earnings per share were $0.11 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did OPAL last report financial results?
    The latest statements here come from OPAL Fuels Inc.'s 10-Q filed on Nov 9, 2026, covering the period ended Sep 30, 2026.
  • Where does this OPAL financial data come from?
    Quantisnow builds these statements from the structured XBRL data OPAL Fuels Inc. files with the SEC. It is provided for information only and is not investment advice.