OPAL Fuels Inc. (OPAL) Income Statement
OPAL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsOPAL revenue and net income
Where OPAL's revenue goes
2025Each bar shows an amount and its share of revenue. OPAL kept 4.2% of revenue as net income.
OPAL profit margins
OPAL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +16.3% | +14.0% | +24.3% | — |
| Gross profit | +6.1% | +13.4% | +30.9% | — |
| Operating income | −52.1% | +39.1% | — | — |
| Net income | +33.7% | +9.2% | — | — |
| EPS (diluted) | −21.3% | +15.5% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
OPAL quarterly EPS vs estimates
OPAL Fuels beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.45).
OPAL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $349.0M | $300.0M | $256.1M | $235.5M | $166.1M | $117.7M | $119.7M |
| Cost of revenue | $242.8M | $199.9M | $183.9M | $162.8M | $115.1M | $90.1M | $91.0M |
| Gross profit | $106.2M | $100.1M | $72.2M | $72.7M | $51.1M | $27.6M | $28.7M |
| Research & development | $14.9M | — | $4.9M | $6.4M | — | — | — |
| Sales, general & admin | $64.0M | $53.1M | $55.7M | $48.6M | $4.9M | $20.5M | $17.8M |
| Total operating expenses | $101.4M | $90.1M | $70.7M | $71.0M | $40.0M | $45.5M | $23.8M |
| Operating income | $4.8M | $10.0M | $1.5M | $1.8M | $11.0M | −$17.8M | $5.0M |
| Interest income | $1.2M | $1.9M | $4.1M | $3.3M | $769,000 | $15,000 | $5,000 |
| Interest expense | $27.5M | $21.5M | $10.7M | $6.6M | $7.5M | $7.7M | $6.2M |
| Income before taxes | −$16.3M | $5.4M | $127.0M | $32.6M | $40.8M | −$25.4M | −$5.2M |
| Income taxes | −$52.7M | −$8.9M | $108.1M | $29.2M | $8.4M | $4.5M | $5.9M |
| Net income | $14.8M | $11.0M | $29.9M | $11.3M | $210,000 | −$25.4M | −$5.2M |
| EBITDA | $34.4M | $45.5M | $150.7M | $53.3M | $58.2M | $7.1M | $9.0M |
| EPS (diluted) | $0.37 | $0.47 | −$3.47 | $0.24 | −$0.39 | −$1.01 | — |
| Gross margin | 30.4% | 33.4% | 28.2% | 30.9% | 30.7% | 23.5% | 24.0% |
| Operating margin | 1.4% | 3.3% | 0.6% | 0.8% | 6.6% | −15.2% | 4.1% |
| Net margin | 4.2% | 3.7% | 11.7% | 4.8% | 0.1% | −21.5% | −4.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $82.6M | $73.4M | $99.8M | $83.4M | $80.5M | $85.4M | $80.0M | $84.0M | $71.0M | $65.0M | $87.0M | $71.1M |
| Cost of revenue | $64.1M | $53.8M | $69.2M | $57.9M | $57.0M | $58.6M | $52.4M | $51.4M | $48.2M | $47.9M | $51.7M | $51.2M |
| Gross profit | $18.5M | $19.5M | $30.6M | $25.4M | $23.4M | $26.8M | $27.6M | $32.7M | $22.8M | $17.0M | $35.3M | $19.9M |
| Research & development | — | $1.8M | $2.8M | — | $3.5M | $6.1M | $8.6M | $6.8M | $2.9M | $785,000 | $4.9M | — |
| Sales, general & admin | $14.3M | $15.2M | $16.2M | $14.4M | $17.5M | $16.0M | $30.4M | $12.0M | $13.9M | $13.4M | $971,000 | $13.6M |
| Total operating expenses | $17.6M | $22.6M | $24.7M | $22.5M | $26.2M | $28.0M | $27.4M | $24.2M | $17.1M | $13.5M | $12.5M | $16.3M |
| Operating income | $954,000 | −$3.1M | $5.8M | $3.0M | −$2.8M | −$1.2M | $263,000 | $8.5M | $5.7M | $3.6M | $22.8M | $3.6M |
| Interest income | $2.1M | $760,000 | $306,000 | $286,000 | $270,000 | $385,000 | $343,000 | $428,000 | $484,000 | $666,000 | $486,000 | $563,000 |
| Interest expense | $8.6M | $6.6M | $7.2M | $7.2M | $6.6M | $6.5M | $6.0M | $5.5M | $5.5M | $4.6M | $5.3M | $3.0M |
| Income before taxes | −$8.9M | −$11.3M | −$274,000 | −$3.2M | −$6.1M | −$6.8M | −$5.4M | $8.2M | $1.9M | $677,000 | $20.1M | $227,000 |
| Income taxes | −$4.7M | −$5.7M | −$16.5M | −$14.6M | −$13.7M | −$8.0M | $14.3M | −$8.9M | $2.1M | $993,000 | $14.5M | $627,000 |
| Net income | $2.9M | $6.9M | $4.9M | $4.1M | $3.4M | $2.4M | $1.3M | $5.0M | $2.5M | $2.3M | $5.6M | $2.4M |
| EBITDA | $6.1M | $955,000 | $15.8M | $9.2M | $5.0M | $5.6M | $5.2M | $18.3M | $10.3M | $7.8M | $27.8M | $6.6M |
| EPS (diluted) | −$0.05 | $0.15 | $0.20 | −$0.10 | $0.03 | $0.24 | −$0.05 | $0.24 | $0.29 | −$0.01 | −$3.64 | $0.29 |
| Gross margin | 22.4% | 26.6% | 30.6% | 30.5% | 29.1% | 31.3% | 34.5% | 38.9% | 32.1% | 26.2% | 40.6% | 27.9% |
| Operating margin | 1.2% | −4.2% | 5.9% | 3.5% | −3.5% | −1.4% | 0.3% | 10.1% | 8.0% | 5.5% | 26.2% | 5.1% |
| Net margin | 3.5% | 9.4% | 4.9% | 4.9% | 4.2% | 2.8% | 1.6% | 5.9% | 3.5% | 3.5% | 6.4% | 3.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in OPAL's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
OPAL financial results
In fiscal year 2025 (ended December 31, 2025), OPAL Fuels reported revenue of $349.0 million, up 16.3% from the year before. It had net income of $14.8 million (up 33.7%), a net profit margin of 4.2%. Diluted earnings per share came to $0.37. Over five years revenue grew at an average rate of 24.3% a year.
See the OPAL stock overview for the latest quote and news, or the OPAL chart for price history and technical indicators.
OPAL income statement FAQ
What is OPAL Fuels's annual revenue?
OPAL Fuels reported total revenue of $349.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 16.3% from $300.0 million the previous year.
Is OPAL Fuels profitable?
Yes. OPAL Fuels reported net income of $14.8 million in fiscal 2025, a net profit margin of 4.2%; its operating margin was 1.4%.
What is OPAL Fuels's gross margin?
OPAL Fuels's gross margin was 30.4% in fiscal 2025: for every $100 of revenue, OPAL Fuels kept $30 after the direct cost of its products and services.
How much does OPAL Fuels spend on research and development?
OPAL Fuels spent $14.9 million on research and development in fiscal 2025, 4.3% of revenue.
How fast is OPAL Fuels growing?
Revenue grew 24.3% a year on average over the last five fiscal years, from $117.7 million to $349.0 million.
What are OPAL Fuels's earnings per share?
OPAL Fuels earned $0.37 per diluted share in fiscal 2025, compared with $0.47 a year earlier.
When will OPAL Fuels report its next earnings?
OPAL Fuels is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does OPAL Fuels's fiscal year end?
OPAL Fuels's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.