Filing Flows › Opal Fuels (OPAL) › Q3 2025
Opal Fuels (OPAL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Opal Fuels (OPAL) reported revenue of $83.4M for the third quarter 2025 (Q3 2025), -0.8% from a year earlier and +4% from the quarter before. Operating margin was 4.3%, net earnings $11.4M (13.7% of revenue).
Opal Fuels, Q3 2025: revenue $83.4M (-0.8% year over year), operating margin 4.3%, net earnings $11.4M, operating cash flow $18.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $83.4M | +4% | -0.8% |
| Operating profit | $3.6M | — | — |
| Net earnings | $11.4M | +51% | — |
| Operating cash flow | $18.2M | — | +3% |
What changed
Revenue was $83.4M in Q3 2025, down 1% year over year and up 4% from the previous quarter. Fuel Station Services was the largest line at 62% of revenue. Renewable Power Segment lost $4.1M year over year (down 32%), 590% of the total change.
Operating profit was $3.6M, a 4.3% margin (down 10.3 points year over year). Total costs grew 11% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $1.4M, down 39% year over year.
Operating cash flow was $18.2M (up 3% year over year), 160% of net income including minority interests. Non-cash charges added back $5.6M of depreciation and amortization and $902K of share-based compensation. Capital expenditures of $27.5M exceeded it, leaving free cash flow of −$9.3M.
Questions
What was Opal Fuels' revenue in the third quarter 2025?
Opal Fuels (OPAL) reported revenue of $83.4M for the third quarter 2025 (Q3 2025), -0.8% from a year earlier and +4% from the quarter before.
Was Opal Fuels profitable in the third quarter 2025?
Operating profit was $3.6M (4.3% of revenue) and net earnings $11.4M.
Source: Opal Fuels 10-Q on SEC EDGAR.