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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.
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
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $8.7M | +16% | -6.0% | −$267K | −$1.7M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $6.5M | +17% | -24.1% | −$1.2M | −$894K |
| Q1 2026 | 10-Q | May 5, 2026 | $6.1M | -5% | -26.2% | −$1.4M | −$847K |
| Q4 2025 | 10-K | Mar 3, 2026 | $7.2M | +37% | -19.7% | −$1.2M | −$1.6M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $7.5M | -5% | 0.1% | $303K | $3.1M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $5.6M | -21% | -23.5% | −$689K | −$21K |
| Q1 2025 | 10-Q | May 12, 2025 | $6.4M | +29% | -14.9% | −$739K | $1.5M |
Charts
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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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%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FTEK Fuel Tech | Q3 2026 | $8.7M | +16% | -6.0% |
| MAIR Madison Air Solutions | Q3 2026 | $1.1B | +25% | 19.1% |
| DCI Donaldson | Q4 FY26 | $1.1B | +8% | 16.7% |
| CECO Ceco Environmental | Q2 2026 | $285M | +54% | -11.6% |
| PPIH Perma-Pipe International Holdings | Q2 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
13F: who owns FTEK and who is buying
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