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FuelCell Energy FCEL Q4 2025 Annual earnings

Reported December 18, 2025 · Before market open

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

Next report

Sep 8, 2026 (in 2 months)
Revenue estimate$40.6M
EPS estimate-$0.40

Financials

Q4 2025

Income statement

See full
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

See full
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

See full
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

See full
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

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

Segments

By product

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

Versus estimates

Revenue

Q2 2026$35.6MMiss by $4.9MQ1 2026$30.5MMiss by $11.6M
Q4 2025$55.0MBeat by $7.4M
Q3 2025$46.7MMiss by $672.3KQ2 2025$37.4MBeat by $5.0MQ1 2025$19.0MMiss by $14.9M

Diluted EPS

Q2 2026-$0.53Miss by $0.01Q1 2026-$0.52Beat by $0.16
Q4 2025-$0.83Beat by $0.14
Q3 2025-$0.95Beat by $0.64Q2 2025-$1.79Miss by $0.28Q1 2025-$1.42Beat by $0.10

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Questions, answered.

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 diluted 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 diluted 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.