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Fuel Tech (FTEK) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Fuel Tech (FTEK) Q3 2026 earnings results →

Q3 2026 Revenue up 16% year over year to $8.7M · 3¢ of every $1 of revenue lost · operating margin -6.0%

Fuel Tech made $8.7M in Q3 2026 (+16% Y/Y): FUEL CHEM $4.9M, Air Pollution Control $3.7M. Operating margin -6.0%, net loss $267K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$8.7M
Year over year+16%
Operating margin-6.0%
Net earnings−$267K
Operating cash flow−$1.7M

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 $8.7M in Q3 2026, up 16% year over year and up 34% from the previous quarter. FUEL CHEM was the largest line at 57% of revenue. Air Pollution Control added $1.0M year over year (up 38%), 88% of the total change.

Gross margin was 45.0%, down 3.9 points from Q3 2025. Operating costs exceeded revenue by $523K, an operating margin of -6.0%. Operating expenses grew 21% against revenue growth of 16%. The fastest-growing cost line was Research & development (+71%). The quarter ended with a net loss of $267K, narrower than the previous quarter's $1.2M loss. Non-operating items added $256K, -96% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$1.7M. Non-cash charges added back $184K of depreciation and $63K of share-based compensation. Working capital and other items used $1.6M. Capital expenditures of $106K exceeded it, leaving free cash flow of −$1.8M.

Quarterly history

Fuel Tech revenue by quarterFuel Tech revenue by quarter$6.4MQ1 2025$5.6MQ2 2025$7.5MQ3 2025$7.2MQ4 2025$6.1MQ1 2026$6.5MQ2 2026$8.7MQ3 2026
Fuel Tech net earnings by quarterFuel Tech net earnings by quarter−$739KQ1 2025−$689KQ2 2025$303KQ3 2025−$1.2MQ4 2025−$1.4MQ1 2026−$1.2MQ2 2026−$267KQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$8.7M+16%-6.0%−$267K−$1.7M
Q2 202610-QAug 4, 2026$6.5M+17%-24.1%−$1.2M−$894K
Q1 202610-QMay 5, 2026$6.1M-5%-26.2%−$1.4M−$847K
Q4 202510-KMar 3, 2026$7.2M+37%-19.7%−$1.2M−$1.6M
Q3 202510-QNov 4, 2025$7.5M-5%0.1%$303K$3.1M
Q2 202510-QAug 5, 2025$5.6M-21%-23.5%−$689K−$21K
Q1 202510-QMay 12, 2025$6.4M+29%-14.9%−$739K$1.5M

Charts

Fuel Tech: revenue growth, year over year and quarter over quarterFuel Tech: revenue growth, year over year and quarter over quarterY/YQ/Q+29%Q1 2025-21%-13%Q2 2025-5%+35%Q3 2025+37%-3%Q4 2025-5%-16%Q1 2026+17%+7%Q2 2026+16%+34%Q3 2026
Latest (Q3 2026): Y/Y +16%, Q/Q +34%.
Fuel Tech: where the cash came from (+) and went (−), TTM to Q3 2026Fuel Tech: where the cash came from (+) and went (−), TTM to Q3 2026Cash drawn (+) / kept (−)$6.8MOperating cash flow−$5.0MCapital spending−$948KOther investing−$879KBuybacks−$45KExchange rates$2K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Fuel Tech: profit against cash, quarter by quarterFuel Tech: profit against cash, quarter by quarterNet incomeOperating cash flow−$1.9M−$1.6MQ4 2024−$739K$1.5MQ1 2025−$689K−$21KQ2 2025$303K$3.1MQ3 2025−$1.2M−$1.6MQ4 2025−$1.4M−$847KQ1 2026−$1.2M−$894KQ2 2026−$267K−$1.7MQ3 2026
Latest (Q3 2026): Net income −$267K, Operating cash flow −$1.7M.
Fuel Tech: diluted shares by fiscal yearFuel Tech: diluted shares by fiscal year25MFY202030MFY202130MFY202230MFY202331MFY202431MFY2025
+25.3% since FY2020: more shares outstanding (issuance, stock pay).
Fuel Tech in its industry: growth against margin (5 companies, SIC 3564)Fuel Tech in its industry: growth against margin (5 companies, SIC 3564)revenue growth, year over year →↑ operating marginmedian +24%median 7%MAIRDCICECOPPIHFTEK (+16%, -6%)
Industrial & Commercial Fans & Blowers & Air Purifing Equip; dot size is quarterly revenue; dashed lines are the industry's medians.

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 Fuel Tech

As used in this Annual Report on Form 10-K, the terms “we,” “us,” or “our,” refer to Fuel Tech, Inc. and our wholly owned subsidiaries. We are a leading technology company engaged in the worldwide development, commercialization and application of sustainable state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services. These technologies enable our customers to operate efficiently in a cost-effective and environmentally sustainable manner.

In its own words, from its 10-K, filed Mar 3, 2026.

Fuel Tech against its Industrial & Commercial Fans & Blowers & Air Purifing Equip peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +24%. Operating margin: -6.0% against the peers' median 7.1%.

CompanyQuarterRevenueY/YOp. margin
FTEK Fuel TechQ3 2026$8.7M+16%-6.0%
MAIR Madison Air SolutionsQ3 2026$1.1B+25%19.1%
DCI DonaldsonQ4 FY26$1.1B+8%16.7%
CECO Ceco EnvironmentalQ2 2026$285M+54%-11.6%
PPIH Perma-Pipe International HoldingsQ2 FY27$59.6M+24%7.1%

Source: Fuel Tech 10-Q on SEC EDGAR · CIK 846913 · Industrial & Commercial Fans & Blowers & Air Purifing Equip

Guidance and outlook

Fuel Tech: what its forward-looking statements are about (10-Q filed 2026-11-03)Fuel Tech: what its forward-looking statements are about (10-Q filed 2026-11-03)Other3Backlog2Demand1Capital spending1
7 statements; tone +0.14 (−1 all cautious, +1 all confident); 0 hedged.
Fuel Tech: outlook statements against the filing beforeFuel Tech: outlook statements against the filing beforeConfident1

13F: who owns FTEK and who is buying

Largest holders of FTEK (13F)Largest holders of FTEK (13F)Grace & White$2.5MRenaissance Technologies LLC$2.4MVanguard Capital Management LLC$2.2MVanguard Group$1.8MPeapod Lane Capital LLC$1.2MGeode Capital Management, LLC$1.2MBlackRock$1.1MUS Bancorp$674KGSA Capital Partners LLP$652KTwo Sigma Investments, LP$372K
Funds' net buying of FTEK by quarter (13F)Funds' net buying of FTEK by quarter (13F)$89K2024-09−$757K2024-12−$108K2025-03−$1.5M2025-06$3.0M2025-09$488K2025-12−$27K2026-03−$464K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FTEK

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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