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Fluence Energy (FLNC) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 5, 2026 · Fluence Energy (FLNC) Q3 FY26 earnings results →

Q3 FY26 Revenue up 8% year over year to $650M · 7¢ of every $1 of revenue lost · operating margin -6.7%

Fluence Energy made $650M in Q3 FY26 (+8% Y/Y): Revenue from energy storage products and solutions $627M, Revenue from services $20.1M, Revenue from digital applications and solutions $2.5M. Operating margin -6.7%, net loss $44.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.

Revenue$650M
Year over year+8%
Operating margin-6.7%
Net earnings−$44.3M
Operating cash flow−$18.6M

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 $649.8M in Q3 FY26, up 8% year over year and up 40% from the previous quarter. Revenue from energy storage products and solutions was the largest line at 97% of revenue. Revenue from energy storage products and solutions added $43.5M year over year (up 7%), 92% of the total change.

Gross margin was 5.1%, down 9.7 points from Q3 FY25. Operating costs exceeded revenue by $43.5M, an operating margin of -6.7%. Operating expenses fell 1% while revenue rose 8%. The quarter ended with a net loss of $44.3M, wider than the previous quarter's $29.2M loss. Minority interests bore $11.5M of it: to shareholders the quarter was a loss of $32.8M.

Operating cash flow was −$18.6M. Non-cash charges added back $11.2M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items added $9.6M. Capital expenditures of $1.4M exceeded it, leaving free cash flow of −$20.0M.

Quarterly history

Fluence Energy revenue by quarterFluence Energy revenue by quarter$1.2BQ4 FY24$432MQ2 FY25$603MQ3 FY25$1.0BQ4 FY25$475MQ1 FY26$465MQ2 FY26$650MQ3 FY26
Fluence Energy net earnings by quarterFluence Energy net earnings by quarter$47.8MQ4 FY24−$41.9MQ2 FY25$6.3MQ3 FY25$17.9MQ4 FY25−$62.6MQ1 FY26−$29.2MQ2 FY26−$44.3MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 5, 2026$650M+8%-6.7%−$44.3M−$18.6M
Q2 FY2610-QMay 6, 2026$465M+8%-6.0%−$29.2M−$121M
Q1 FY2610-QFeb 4, 2026$475M+154%-14.8%−$62.6M−$227M
Q4 FY2510-KNov 25, 2025$1.0B-15%4.4%$17.9M$266M
Q3 FY2510-QAug 11, 2025$603M+25%1.9%$6.3M−$154M
Q2 FY2510-QMay 8, 2025$432M-31%-10.2%−$41.9M−$46.2M
Q4 FY2410-KNov 29, 2024$1.2B+82%6.2%$47.8M$10.5M

Charts

Fluence Energy: revenue growth, year over year and quarter over quarterFluence Energy: revenue growth, year over year and quarter over quarterY/YQ/Q+82%Q4 FY24-31%-65%Q2 FY25+25%+40%Q3 FY25-15%+73%Q4 FY25+154%-54%Q1 FY26+8%-2%Q2 FY26+8%+40%Q3 FY26
Latest (Q3 FY26): Y/Y +8%, Q/Q +40%.
Fluence Energy: where the cash came from (+) and went (−), TTM to Q3 FY26Fluence Energy: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow−$101MCash drawn (+) / kept (−)$94.9MOther financing$75.5MOther investing−$42.9MCapital spending−$14.5MExchange rates−$7.0MNet borrowing (+) / repaid (−)−$6.1MShares issued$3.9MTaxes on employees’ shares−$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Fluence Energy: profit against cash, quarter by quarterFluence Energy: profit against cash, quarter by quarterNet incomeOperating cash flow$67.7M$10.5MQ4 FY24−$57.0M−$211MQ1 FY25−$41.9M−$46.2MQ2 FY25$6.9M−$154MQ3 FY25$24.1M$266MQ4 FY25−$62.6M−$227MQ1 FY26−$29.2M−$121MQ2 FY26−$44.3M−$18.6MQ3 FY26
Latest (Q3 FY26): Net income −$44.3M, Operating cash flow −$18.6M.
Fluence Energy: diluted shares by fiscal yearFluence Energy: diluted shares by fiscal year70MFY22116MFY23184MFY24130MFY25
+86.9% since FY22: more shares outstanding (issuance, stock pay).
Fluence Energy in its industry: growth against margin (31 companies, SIC 3690)Fluence Energy in its industry: growth against margin (31 companies, SIC 3690)revenue growth, year over year →↑ operating marginmedian +4%median -38%ENSATKRSPBENRNOVTCHPTMVSTEOSEULBIAMPXBLNKNRGVBYRNDFLIENVXBEEMFLUXZrcn Inc.SESPPSIXPONLASETOGINVVESLDPPOLASTIGWHOZSCNEOVFLNC (+8%, -7%)
Miscellaneous Electrical Machinery, Equipment & Supplies; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Solar & energy storage money flowSolar & energy storage · Grid storage

Interactive views

The same charts as the app — open one to draw it.

💵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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About Fluence Energy

Fluence Energy, Inc., a Delaware corporation (the “Company”), was initially formed on June 21, 2021 and completed its initial public offering (the “IPO”) on November 1, 2021. We conduct our business operations through Fluence Energy, LLC and its direct and indirect subsidiaries. Fluence Energy, LLC was formed on June 30, 2017 as a joint venture between Siemens Industry, Inc. (“Siemens Industry”), an indirect subsidiary of Siemens AG (“Siemens”), and AES Grid Stability, LLC (“AES Grid Stability”), an indirect subsidiary of The AES Corporation (“AES”), and commenced operations on January 1, 2018.

In its own words, from its 10-K, filed Nov 25, 2025.

Fluence Energy against its Miscellaneous Electrical Machinery, Equipment & Supplies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: -6.7% against the peers' median 2.1%.

CompanyQuarterRevenueY/YOp. margin
FLNC Fluence EnergyQ3 FY26$650M+8%-6.7%
ENS EnerSysQ1 FY27$936M+5%16.2%
ATKR AtkoreQ3 FY26$795M+8%8.1%
SPB Spectrum Brands HoldingsQ3 FY26$753M+8%2.1%
ENR Energizer HoldingsQ3 FY26$734M+1%6.8%
NOVT NovantaQ2 2026$266M+10%6.8%
CHPT ChargePoint HoldingsQ2 FY27$116M+18%-29.3%
MVST Microvast HoldingsQ2 2026$87.3M-4%-2.0%
EOSE Eos Energy EnterprisesQ3 2026$82.7M+171%-95.9%

Source: Fluence Energy 10-Q on SEC EDGAR · CIK 1868941 · Miscellaneous Electrical Machinery, Equipment & Supplies

13F: who owns FLNC and who is buying

Largest holders of FLNC (13F)Largest holders of FLNC (13F)Siemens Pension Trust E V$431MSiemens AG$392MBlackRock$147MVanguard Group$122MTwo Sigma Investments, LP$106MVanguard Portfolio Management LLC$72.7MVanguard Capital Management LLC$71.4MDriehaus Capital Management LLC$71.1MMorgan Stanley$63.6MD. E. Shaw$63.5M
Funds' net buying of FLNC by quarter (13F)Funds' net buying of FLNC by quarter (13F)−$146M2024-09$87.1M2024-12$26.3M2025-03$16.9M2025-06−$22.2M2025-09$88.8M2025-12−$22.8M2026-03−$1.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FLNC

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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