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FuelCell Energy FCEL Q4 2025 Annual earnings

Reported December 18, 2025 · Before market open

Revenue$55.0MBeat by $7.4M
EPS-$0.83Beat by $0.14
Revenue estimate$47.6M
EPS estimate-$0.97

Next report

Sep 2, 2026 (In 5 days)
Revenue estimate$38.8M
EPS estimate-$0.41

Financials

Q4 2025

Income statement

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Revenue$55.0M+11.5%
Gross profit-$6.6M+39.3%
Operating income-$28.3M+31.0%
Net income-$29.9M+27.9%
EPS (diluted)-$0.20+91.2%

Balance sheet

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Cash & equivalents$278.1M+87.7%
Total debt$28.7M+12.1%
Total equity$662.2M+0.8%
Total assets$932.1M-1.3%

Cash flow

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Operating cash flow-$22.9M—
CapEx$1.0M-90.4%
Free cash flow-$23.9M-408%

Valuation & ratios

Valuation

as of 10/31/25
See full
Market cap$289.04M+51.1%
Enterprise value$39.68M-42.3%
P/S1.8×+0.1×

Profitability

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Gross margin-16.7%-5.4pp
Operating margin-121.6%-14.9pp
Net margin-118.8%+7.2pp
FCF margin-91%-30.0pp

Returns & leverage

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Return on equity-28.5%+30.1pp
Debt / equity0×0.0×
Current ratio6.6×+0.6×

Segments

By product

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Electricity Generation$12.2M+1.9%
Service$7.3M+30.6%
Advanced Technologies$5.5M-13.3%

FAQ

When did FuelCell Energy report Q4 2025 earnings?
FuelCell Energy (FCEL) reported Q4 2025 earnings on December 18, 2025 before market open.
What were FuelCell Energy's Q4 2025 revenue and EPS?
FuelCell Energy reported revenue of $55.0M and eps of $-0.83 for Q4 2025.
Did FuelCell Energy beat estimates in Q4 2025?
Revenue beat the consensus estimate of $47.6M by $7.4M. EPS beat the consensus estimate of $-0.97 by $0.14.
How did FuelCell Energy's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 11.5% from $49.3M a year earlier and eps grew 60.5% from $-2.10.
Where can I find FuelCell Energy's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001104659-25-122295) and the 10-K periodic report (0001104659-25-122302) directly on SEC EDGAR. The filing index links above go to sec.gov.