Clean Energy Fuels Corp. (CLNE) Cash Flow Statement
Where CLNE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $85.5M +32.4% vs 2024
- Capital expenditures
- $59.9M 14.0% of revenue
- Free cash flow
- $25.6M 6.0% margin
- Returned to shareholders
- $7.9M 31% of free cash flow
- Change in cash
- $66.2M cash at year-end $157.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CLNE operating cash flow, capex and free cash flow
CLNE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $46.1M2016 | $85.5M2025 | +7.1%/yr | |
| Capital expenditures | $23.6M2016 | $59.9M2025 | +10.9%/yr | |
| Free cash flow | $22.4M2016 | $25.6M2025 | +1.5%/yr | |
| Free cash flow margin | 5.6%2016 | 6.0%2025 | +0.4 pts | |
| Stock-based compensation | $8.1M2016 | $8.9M2025 | +1.0%/yr | |
| Dividends paid | $02016 | $5.8M2021 | — | |
| Share buybacks (net) | $02016 | $7.9M2025 | — | |
| Capex / revenue | 5.9%2016 | 14.0%2025 | +8.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CLNE cash flow by activity
CLNE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CLNE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$222.0M | −$30.6M | −$99.5M | −$59.6M | −$94.2M | −$11.5M | $13.3M | −$9.2M | −$81.4M | −$13.7M |
| Depreciation & amortization | $98.6M | $44.7M | $45.7M | $54.7M | $45.2M | $47.7M | $49.6M | $51.9M | $56.6M | $59.3M |
| Stock-based compensation | $8.9M | $71.6M | $83.9M | $50.8M | $98.6M | $3.0M | $3.9M | $5.3M | $8.1M | $8.1M |
| Change in working capital | $6.8M | −$16.8M | −$8.7M | $9.2M | −$15.7M | $21.8M | −$56.0M | −$2.5M | −$128,000 | $20.9M |
| Other non-cash items | $193.3M | −$4.3M | $22.3M | $11.6M | $7.4M | $89,000 | $1.5M | −$7.5M | $11.4M | −$28.5M |
| Cash from operating activities | $85.5M | $64.6M | $43.8M | $66.7M | $41.3M | $61.0M | $12.3M | $38.0M | −$5.4M | $46.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$59.9M | −$80.0M | −$121.3M | −$53.5M | −$28.9M | −$13.3M | −$27.1M | −$25.3M | −$36.3M | −$23.6M |
| Investments (net) | $131.4M | −$77.7M | −$144.6M | −$148.5M | −$104.1M | $27.0M | $10.2M | $78.2M | −$72.1M | $28.9M |
| Acquisitions & other investing | −$8.5M | $80.0M | $63.8M | $53.5M | −$74.7M | $10.4M | $15.4M | $1.4M | $156.1M | −$4.2M |
| Cash from investing activities | $63.1M | −$77.7M | −$202.0M | −$148.5M | −$207.7M | $24.2M | −$1.5M | $54.4M | $47.7M | $1.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$5.8M | −$65.9M | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$7.9M | $0 | −$175,000 | −$6.1M | −$2.9M | −$14.6M | $309,000 | $83.4M | $1.3M | $101.3M |
| Net borrowing (repayment) | −$66.2M | −$2.2M | $149.1M | $109.9M | −$47.6M | −$5.7M | −$7.9M | −$195.9M | −$44.4M | −$156.9M |
| Shares issued | $0 | $64,000 | $223,000 | $1.4M | $204.5M | $1.7M | $309,000 | $83.4M | $0 | $0 |
| Other financing | −$8.0M | $226,000 | −$10.0M | −$3.5M | $4.8M | $65.9M | $15.0M | −$66.2M | $0 | $0 |
| Cash from financing activities | −$82.1M | −$1.9M | $139.1M | $101.6M | $152.8M | −$18.7M | $7.7M | −$95.2M | −$43.2M | −$55.6M |
| Summary | ||||||||||
| Net change in cash | $66.2M | −$15.4M | −$19.0M | $19.5M | −$13.5M | $66.8M | $18.6M | −$2.6M | −$38,000 | −$7.6M |
| Cash at end of period | $157.8M | $91.6M | $107.0M | $126.0M | $106.5M | $120.0M | $53.2M | $34.6M | $36.1M | $36.1M |
| Free cash flow | $25.6M | −$15.4M | −$77.5M | $13.2M | $12.4M | $47.8M | −$14.8M | $12.7M | −$41.7M | $22.4M |
| Free cash flow margin | 6.0% | −3.7% | −18.2% | 3.1% | 4.8% | 16.4% | −4.3% | 3.7% | −12.2% | 5.6% |
| Capex / revenue | 14.0% | 19.2% | 28.5% | 12.7% | 11.3% | 4.5% | 7.9% | 7.3% | 10.6% | 5.9% |
| Operating cash flow / net income | — | — | — | — | — | — | 0.93 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$15.2M | −$12.4M | −$43.0M | −$23.8M | −$20.4M | −$135.0M | −$30.2M | −$18.3M | −$16.5M | −$18.6M | −$18.8M | −$25.9M |
| Depreciation & amortization | $10.7M | $11.0M | $11.7M | $14.7M | $10.0M | $62.3M | $10.9M | $11.3M | $11.3M | $11.2M | $10.7M | $13.4M |
| Stock-based compensation | $2.3M | $2.0M | $2.5M | −$32.5M | $19.8M | $19.1M | $20.5M | $18.6M | $16.9M | $15.5M | $21.2M | $22.9M |
| Change in working capital | $11.4M | −$27.4M | −$5.8M | −$6.9M | $16.3M | $3.1M | −$3.8M | $80,000 | −$2.4M | −$10.7M | $17.2M | −$8.2M |
| Other non-cash items | $19.6M | $18.4M | $47.8M | $61.6M | $10.2M | $73.9M | $24.4M | $9.6M | $9.4M | $5.2M | $12.7M | $5.6M |
| Cash from operating activities | $28.8M | −$8.4M | $13.1M | $13.1M | $35.9M | $23.4M | $21.9M | $21.4M | $18.8M | $2.6M | $43.0M | $7.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.5M | −$7.1M | −$6.6M | −$6.6M | −$14.7M | −$18.6M | −$18.8M | −$24.7M | −$17.4M | −$19.0M | −$36.3M | −$27.2M |
| Investments (net) | −$9.6M | −$69.8M | $51.5M | $36.7M | −$14.0M | $7.4M | −$47.1M | −$26.6M | $15.9M | −$19.9M | −$105.3M | −$34.7M |
| Acquisitions & other investing | −$13.4M | −$12.8M | −$11.8M | $6.6M | $14.7M | $18.6M | $18.8M | $24.7M | $17.4M | $19.0M | $36.3M | $27.2M |
| Cash from investing activities | −$26.5M | −$89.6M | $33.1M | $36.7M | −$14.0M | $7.4M | −$47.1M | −$26.6M | $15.9M | −$19.9M | −$105.3M | −$34.7M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$175,000 | — |
| Share repurchases & issuance (net) | $1.2M | −$1.2M | −$37,000 | $0 | −$7.5M | −$391,000 | — | $304,000 | $0 | −$304,000 | $175,000 | −$160,000 |
| Net borrowing (repayment) | −$330,000 | −$336,000 | −$65.3M | −$297,000 | −$318,000 | −$256,000 | −$1.3M | −$309,000 | — | — | — | −$258,000 |
| Shares issued | $0 | $0 | $0 | $4,000 | $0 | $52,000 | $21,000 | $7,000 | $0 | $36,000 | $67,000 | $0 |
| Other financing | −$1.6M | −$404,000 | −$5.8M | −$474,000 | −$412,000 | −$1.3M | −$572,000 | −$955,000 | −$972,000 | $2.1M | $142.1M | −$418,000 |
| Cash from financing activities | −$712,000 | −$1.9M | −$71.1M | −$767,000 | −$8.3M | −$1.9M | −$1.9M | −$953,000 | −$972,000 | $1.8M | $142.1M | −$836,000 |
| Summary | ||||||||||||
| Net change in cash | $1.5M | −$100.1M | −$25.2M | $48.8M | $13.5M | $29.1M | −$27.4M | −$6.1M | $33.7M | −$15.6M | $79.9M | −$28.1M |
| Cash at end of period | $59.2M | $57.7M | $157.8M | $183.0M | $134.2M | $120.7M | $91.6M | $119.0M | $125.1M | $91.4M | $107.0M | $27.1M |
| Free cash flow | $25.3M | −$15.4M | $6.5M | $6.5M | $21.2M | $4.8M | $3.1M | −$3.4M | $1.4M | −$16.4M | $6.7M | −$19.4M |
| Free cash flow margin | 23.8% | −13.2% | 5.8% | 6.1% | 20.5% | 4.6% | 2.8% | −3.2% | 1.4% | −15.8% | 6.3% | −20.3% |
| Capex / revenue | 3.3% | 6.0% | 5.9% | 6.2% | 14.3% | 17.8% | 17.2% | 23.6% | 17.8% | 18.3% | 33.9% | 28.4% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CLNE cash generation
In fiscal 2025 (ended December 31, 2025), Clean Energy Fuels generated $85.5 million of cash from operations (up 32.4%) and spent $59.9 million on capital expenditures, leaving free cash flow of $25.6 million, 6.0% of revenue. It returned $7.9 million to shareholders through dividends ($0) and net share buybacks ($7.9 million). Cash and equivalents rose by $66.2 million over the year.
Related: CLNE income statement, CLNE balance sheet. See the CLNE stock overview for the latest quote and news.
CLNE cash flow FAQ
What is Clean Energy Fuels's free cash flow?
Clean Energy Fuels's free cash flow was $25.6 million in fiscal 2025: $85.5 million of operating cash flow minus $59.9 million of capital expenditures It was -$15.4 million a year earlier..
How much cash does Clean Energy Fuels generate from operations?
Clean Energy Fuels generated $85.5 million of cash from operating activities in fiscal 2025.
How much does Clean Energy Fuels spend on capital expenditures?
Clean Energy Fuels spent $59.9 million on capital expenditures in fiscal 2025, 14.0% of revenue, compared with $80.0 million the year before.
How much stock does Clean Energy Fuels buy back?
Clean Energy Fuels spent $7.9 million on net share repurchases in fiscal 2025.