FuelCell Energy, Inc. (FCEL) Income Statement
FCEL FY2025 at a glance
Fiscal year ended October 31, 2025 · U.S. dollarsFCEL revenue and net income
Where FCEL's revenue goes
FY2025Each bar shows an amount and its share of revenue. FCEL kept −118.8% of revenue as net income.
FCEL profit margins
FCEL growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +41.0% | +6.6% | +17.4% | −0.3% |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FCEL quarterly EPS vs estimates
FuelCell Energy beat the analyst EPS estimate in 3 of the last 8 quarters.
FCEL income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.2M | $112.1M | $123.4M | $130.5M | $69.6M | $70.9M | $60.8M | $89.4M | $95.7M | $108.3M |
| Cost of revenue | $184.6M | $148.1M | $133.9M | $160.1M | $85.2M | $78.6M | $82.0M | $86.3M | $92.9M | $108.6M |
| Gross profit | −$26.4M | −$35.9M | −$10.5M | −$29.6M | −$15.6M | −$7.7M | −$21.3M | $3.1M | $2.7M | −$357,000 |
| Research & development | $34.1M | $55.4M | $61.0M | $34.5M | $11.3M | $4.8M | $13.8M | $22.8M | $20.4M | $20.8M |
| Sales, general & admin | $60.7M | $64.6M | $64.5M | $79.6M | $37.9M | $26.6M | $31.9M | $24.9M | $25.9M | $25.1M |
| Total operating expenses | $94.8M | $120.0M | $125.5M | $114.1M | $49.3M | $31.4M | $45.7M | $47.7M | $46.3M | $46.0M |
| Operating income | −$121.2M | −$155.9M | −$136.1M | −$143.7M | −$64.9M | −$39.2M | −$66.9M | −$44.6M | −$44.9M | −$46.4M |
| Interest income | $8.3M | $13.7M | $15.8M | $3.4M | $34,000 | — | $10.6M | $9.1M | $9.2M | $5.0M |
| Interest expense | $10.4M | $9.7M | $7.2M | $6.4M | $7.4M | $15.3M | $10.6M | $9.1M | $9.2M | $5.0M |
| Income before taxes | −$191.2M | −$156.8M | −$107.5M | −$146.4M | −$101.0M | −$89.1M | −$77.5M | −$50.3M | −$53.9M | −$50.7M |
| Income taxes | $137,000 | $25,000 | $581,000 | $819,000 | $2,000 | $46,000 | $109,000 | −$3.0M | $44,000 | $519,000 |
| Net income | −$187.9M | −$126.0M | −$107.6M | −$142.7M | −$101.0M | −$89.1M | −$77.6M | −$47.3M | −$53.9M | −$51.0M |
| EBITDA | −$140.5M | −$110.9M | −$74.9M | −$118.7M | −$73.8M | −$54.4M | −$55.1M | −$33.2M | −$37.1M | −$41.2M |
| EPS (diluted) | −$5.14 | −$7.28 | −$9.36 | −$9.48 | −$4.87 | −$5.39 | −$186.12 | −$159.36 | −$417.17 | −$516.12 |
| Gross margin | −16.7% | −32.0% | −8.5% | −22.7% | −22.5% | −10.9% | −35.0% | 3.5% | 2.9% | −0.3% |
| Operating margin | −76.6% | −139.1% | −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% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.0M | $35.6M | $30.5M | $55.0M | $46.7M | $37.4M | $19.0M | $49.3M | $23.7M | $22.4M | $16.7M | $22.5M |
| Cost of revenue | $57.5M | $48.5M | $36.4M | $61.6M | $51.9M | $46.8M | $24.2M | $60.2M | $29.9M | $29.5M | $28.4M | $23.9M |
| Gross profit | −$24.5M | −$12.9M | −$5.9M | −$6.6M | −$5.1M | −$9.4M | −$5.2M | −$10.9M | −$6.2M | −$7.1M | −$11.7M | −$1.5M |
| Research & development | $8.5M | $7.7M | $7.0M | $5.5M | $7.6M | $9.9M | $11.1M | $11.6M | $12.8M | $16.6M | $14.4M | $18.0M |
| Sales, general & admin | $13.6M | $14.7M | $13.5M | $15.2M | $14.1M | $16.5M | $15.0M | $15.9M | $14.6M | $17.7M | $16.4M | $16.9M |
| Total operating expenses | $22.2M | $65.0M | $20.4M | −$49.4M | $90.2M | $26.4M | $27.6M | $30.1M | $27.4M | $34.3M | $30.8M | $34.9M |
| Operating income | −$46.7M | −$77.9M | −$26.3M | $42.8M | −$95.4M | −$35.8M | −$32.9M | −$41.0M | −$33.6M | −$41.4M | −$42.5M | −$36.4M |
| Interest income | $3.6M | $2.5M | $2.5M | $2.0M | $2.1M | $1.8M | $2.4M | $3.0M | $3.3M | $3.4M | $4.1M | $4.7M |
| Interest expense | $2.9M | $2.9M | $2.8M | $2.7M | $2.5M | $2.5M | $2.6M | $2.5M | $2.6M | $2.3M | $2.3M | $2.3M |
| Income before taxes | −$45.3M | −$77.7M | −$26.1M | −$29.3M | −$91.9M | −$37.7M | −$32.4M | −$39.6M | −$35.1M | −$37.7M | −$44.4M | −$29.5M |
| Income taxes | −$16,000 | −$50,000 | −$2.4M | $13,000 | $40,000 | $84,000 | −$3.3M | $23,000 | $2,000 | −$4.7M | −$23.8M | $1.7M |
| Net income | −$44.5M | −$77.6M | −$23.7M | −$29.9M | −$91.7M | −$38.0M | −$29.1M | −$41.4M | −$32.7M | −$32.1M | −$19.8M | −$30.4M |
| EBITDA | −$33.0M | −$66.8M | −$12.8M | −$16.8M | −$79.6M | −$24.2M | −$19.8M | −$28.3M | −$23.3M | −$25.8M | −$33.5M | −$20.4M |
| EPS (diluted) | −$0.67 | −$0.53 | −$0.52 | −$0.93 | −$1.02 | −$1.75 | −$1.44 | −$1.99 | −$1.94 | −$2.10 | −$1.25 | −$2.35 |
| 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% | 77.8% | −204.0% | −95.7% | −172.9% | −83.2% | −141.9% | −184.5% | −254.5% | −161.9% |
| Net margin | −134.7% | −218.1% | −77.5% | −54.3% | −196.1% | −101.7% | −153.3% | −84.0% | −137.8% | −143.4% | −118.6% | −135.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FCEL's financial statements (latest annual report filed December 18, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FCEL financial results
In fiscal year 2025 (ended October 31, 2025), FuelCell Energy reported revenue of $158.2 million, up 41.0% from the year before. It had a net loss of $187.9 million, a net profit margin of −118.8%. Diluted earnings per share came to −$5.14. Over five years revenue grew at an average rate of 17.4% a year.
See the FCEL stock overview for the latest quote and news, or the FCEL chart for price history and technical indicators.
FCEL income statement FAQ
What is FuelCell Energy's annual revenue?
FuelCell Energy reported total revenue of $158.2 million for fiscal year 2025, which ended on October 31, 2025. That was up 41.0% from $112.1 million the previous year.
Is FuelCell Energy profitable?
No. FuelCell Energy reported a net loss of $187.9 million in fiscal 2025, a net profit margin of −118.8%; its operating margin was −76.6%.
What is FuelCell Energy's gross margin?
FuelCell Energy's gross margin was −16.7% in fiscal 2025: for every $100 of revenue, FuelCell Energy kept $-17 after the direct cost of its products and services.
How much does FuelCell Energy spend on research and development?
FuelCell Energy spent $34.1 million on research and development in fiscal 2025, 21.5% of revenue.
How fast is FuelCell Energy growing?
Revenue grew 17.4% a year on average over the last five fiscal years, from $70.9 million to $158.2 million.
What are FuelCell Energy's earnings per share?
FuelCell Energy earned $-5.14 per diluted share in fiscal 2025, compared with $-7.28 a year earlier.
When does FuelCell Energy's fiscal year end?
FuelCell Energy's fiscal year ends in October. The latest annual report covers the year ended October 31, 2025 and was filed on December 18, 2025.