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Fuelcell Energy (FCEL) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 2, 2026 · Fuelcell Energy (FCEL) Q3 FY26 earnings results →

Q3 FY26 Revenue down 29% year over year to $33.0M · 137¢ of every $1 of revenue lost · operating margin -141.4%

Fuelcell Energy made $33.0M in Q3 FY26 (-29% Y/Y): Product $18.0M, Generation $8.8M, Advanced Technologies $3.8M. Operating margin -141.4%, net loss $45.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 2, 2026.

Revenue$33.0M
Year over year-29%
Operating margin-141.4%
Net earnings−$45.3M
Operating cash flow−$12.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $33.0M in Q3 FY26, down 29% year over year and down 7% from the previous quarter. Product was the largest line at 55% of revenue. Product lost $8.0M year over year (down 31%), 58% of the total change.

Operating costs exceeded revenue by $46.7M, an operating margin of -141.4%. Total costs fell 44% while revenue fell 29%. The fastest-growing cost line was Research & development (+11%). The quarter ended with a net loss of $45.3M, narrower than the previous quarter's $77.6M loss. Minority interests bore $816K of it: to shareholders the quarter was a loss of $44.5M.

Operating cash flow was −$12.2M. Non-cash charges added back $9.4M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $21.2M. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$13.5M.

Quarterly history

Fuelcell Energy revenue by quarterFuelcell Energy revenue by quarter$49.3MQ4 FY24$37.4MQ2 FY25$46.7MQ3 FY25$55.0MQ4 FY25$30.5MQ1 FY26$35.6MQ2 FY26$33.0MQ3 FY26
Fuelcell Energy net earnings by quarterFuelcell Energy net earnings by quarter−$39.6MQ4 FY24−$37.7MQ2 FY25−$91.9MQ3 FY25−$29.3MQ4 FY25−$26.1MQ1 FY26−$77.6MQ2 FY26−$45.3MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QSep 2, 2026$33.0M-29%-141.4%−$45.3M−$12.2M
Q2 FY2610-QJun 8, 2026$35.6M-5%-218.9%−$77.6M−$27.3M
Q1 FY2610-QMar 9, 2026$30.5M+61%-86.1%−$26.1M−$33.9M
Q4 FY2510-KDec 18, 2025$55.0M+12%-51.5%−$29.3M−$22.9M
Q3 FY2510-QSep 9, 2025$46.7M+97%-204.0%−$91.9M−$26.8M
Q2 FY2510-QJun 6, 2025$37.4M+67%-95.7%−$37.7M−$29.9M
Q4 FY2410-KDec 27, 2024$49.3M+120%-83.2%−$39.6M$5.8M

Charts

Fuelcell Energy: revenue growth, year over year and quarter over quarterFuelcell Energy: revenue growth, year over year and quarter over quarterY/YQ/Q+120%Q4 FY24+67%-24%Q2 FY25+97%+25%Q3 FY25+12%+18%Q4 FY25+61%-45%Q1 FY26-5%+17%Q2 FY26-29%-7%Q3 FY26
Latest (Q3 FY26): Y/Y -29%, Q/Q -7%.
Fuelcell Energy: where the cash came from (+) and went (−), TTM to Q3 FY26Fuelcell Energy: where the cash came from (+) and went (−), TTM to Q3 FY26Shares issued$588MCash drawn (+) / kept (−)−$500MOperating cash flow−$96.3MOther financing$42.6MNet borrowing (+) / repaid (−)−$17.9MOther investing−$12.1MCapital spending−$4.8MPartners$1.9MTaxes on employees’ shares−$755KExchange rates$135K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Fuelcell Energy: profit against cash, quarter by quarterFuelcell Energy: profit against cash, quarter by quarterNet incomeOperating cash flow−$39.6M$5.8MQ4 FY24−$32.4M−$45.7MQ1 FY25−$37.7M−$29.9MQ2 FY25−$91.9M−$26.8MQ3 FY25−$29.3M−$22.9MQ4 FY25−$26.1M−$33.9MQ1 FY26−$77.6M−$27.3MQ2 FY26−$45.3M−$12.2MQ3 FY26
Latest (Q3 FY26): Net income −$45.3M, Operating cash flow −$12.2M.
Fuelcell Energy: diluted shares by fiscal yearFuelcell Energy: diluted shares by fiscal year222MFY20335MFY2113MFY2214MFY2317MFY2426MFY25
-88.4% since FY20: buybacks shrank the count.
Fuelcell Energy in its industry: growth against margin (8 companies, SIC 3620)Fuelcell Energy in its industry: growth against margin (8 companies, SIC 3620)revenue growth, year over year →↑ operating marginmedian +21%median 12%BEWWDFPSPLUGEAFEROCSCIAFCEL (-29%, -100%)
Electrical Industrial Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Fuelcell Energy

This Annual Report on Form 10-K contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All statements other than statements of historical fact included in this Form 10-K, including statements regarding the Company’s future financial condition, future results of operations, plans, objectives, expectations, future performance, future business operations and business prospects, are forward-looking statements.

In its own words, from its 10-K, filed Dec 18, 2025.

Fuelcell Energy against its Electrical Industrial Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -29% against the peers' median +21%. Operating margin: -141.4% against the peers' median 12.4%.

CompanyQuarterRevenueY/YOp. margin
FCEL Fuelcell EnergyQ3 FY26$33.0M-29%-141.4%
BE Bloom EnergyQ3 2026$1.2B+138%18.2%
WWD WoodwardQ3 FY26$1.1B+21%17.4%
FPS Forgent Power SolutionsQ4 FY26$462M+94%19.9%
PLUG Plug PowerQ2 2026$178M+2%-36.0%
EAF Graftech InternationalQ3 2026$140M-3%-16.2%
EROC ERockQ2 2026$39.9M-42%-49.8%
SCIA SCI Engineered MaterialsQ3 2026$8.1M+52%12.4%

Source: Fuelcell Energy 10-Q on SEC EDGAR · CIK 886128 · Electrical Industrial Apparatus

13F: who owns FCEL and who is buying

Largest holders of FCEL (13F)Largest holders of FCEL (13F)BlackRock$155MLegal & General Group$87.1MVanguard Capital Management LLC$84.0MState Street$77.2MTwo Sigma Investments, LP$74.2MGeode Capital Management, LLC$50.7MEncompass Capital Advisors LLC$49.2MUBS Group AG$45.9MRenaissance Technologies LLC$45.8MAnatole Investment Management$42.0M
Funds' net buying of FCEL by quarter (13F)Funds' net buying of FCEL by quarter (13F)$12.9M2024-12$523K2025-03−$17.1M2025-06$49.1M2025-09−$7.3M2025-12$18.4M2026-03$578M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FCEL

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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