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Opal Fuels (OPAL) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Opal Fuels (OPAL) Q2 2026 earnings results →
Q2 2026 Revenue up 4% year over year to $83.4M · 5¢ of every $1 of revenue lost · operating margin -3.6%
Opal Fuels made $83.4M in Q2 2026 (+4% Y/Y): Fuel Station Services $53.1M, RNG fuel $23.8M, Renewable Power Segment $6.5M. Operating margin -3.6%, net loss $4.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
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What changed this quarter
Revenue was $83.4M in Q2 2026, up 4% year over year and up 14% from the previous quarter. Fuel Station Services was the largest line at 64% of revenue. Fuel Station Services added $6.0M year over year (up 13%), 205% of the total change. Renewable Power Segment declined 22%.
Operating costs exceeded revenue by $3.0M, an operating margin of -3.6%. Total costs grew 6% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+14%). The quarter ended with a net loss of $4.1M, narrower than the previous quarter's $5.6M loss. Minority interests bore $2.6M of it: to shareholders the quarter was a loss of $1.5M. Net interest and other expense of $5.9M was the main reason.
Operating cash flow was $10.8M. Non-cash charges added back $5.2M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $7.7M. Capital expenditures of $28.3M exceeded it, leaving free cash flow of −$17.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $83.4M | +4% | -3.6% | −$4.1M | $10.8M |
| Q1 2026 | 10-Q | May 11, 2026 | $73.4M | -14% | -6.6% | −$5.6M | $12.9M |
| Q4 2025 | 10-K | Mar 16, 2026 | $99.8M | +25% | 6.6% | $16.2M | −$3.5M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $83.4M | -0.8% | 4.3% | $11.4M | $18.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $80.5M | +13% | -1.0% | $7.6M | −$7.9M |
| Q1 2025 | 10-Q | May 13, 2025 | $85.4M | +32% | -2.3% | $1.3M | $29.7M |
| Q4 2024 | 10-K | Mar 17, 2025 | $80.0M | -8% | -0.4% | −$5.4M | −$532K |
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About Opal Fuels
OPAL Fuels Inc. (including its subsidiaries, the “Company,” “OPAL,” “we,” “us” or “our”) is a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas ("RNG") and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. RNG is chemically identical to the natural gas used for cooking, heating homes and fueling natural gas engines, with one significant difference: RNG is produced by recycling methane emissions created by decaying organic waste as opposed to natural gas which is a fossil fuel pumped from the ground. We have participated in the biogas-to-energy industry for over 20 years.
In its own words, from its 10-K, filed Mar 16, 2026.
Opal Fuels against its Gas & Other Services Combined peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +4%. Operating margin: -3.6% against the peers' median -0.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| OPAL Opal Fuels | Q2 2026 | $83.4M | +4% | -3.6% |
| SRE Sempra | Q3 2026 | $3.2B | +1% | 35.3% |
| UGI UGI | Q3 FY26 | $1.3B | -4% | -3.3% |
| CLNE Clean Energy Fuels | Q3 2026 | $112M | +6% | 0.9% |
| MNTK Montauk Renewables | Q2 2026 | $54.0M | +20% | -0.1% |
Source: Opal Fuels 10-Q on SEC EDGAR · CIK 1842279 · Gas & Other Services Combined
13F: who owns OPAL and who is buying
More on OPAL
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results