Filing Flows › Opal Fuels (OPAL) › Q3 2026 › vs Q2 2026
Opal Fuels (OPAL) Q3 2026 vs Q2 2026 (quarter over quarter)
Opal Fuels's revenue fell $3.9M (-5%) from $83.4M in Q2 2026 to $79.5M in Q3 2026. The biggest changes: Fuel Station Services −$3.3M (-6%); RNG fuel −$1.3M (-6%); Renewable Power Segment +$748K (+11%). Operating margin 11.1% against 3.1% (+8.0 pts).
Opal Fuels, Q3 2026: revenue $79.5M (-5% year over year), operating margin 11.1%, net earnings $1.7M, operating cash flow $16.3M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 11.1% | 3.1% | +8.0 pts |
| Net margin | 2.1% | -4.2% | +6.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Fuel Station Services | $49.7M | $53.1M | −$3.3M | -6% |
| RNG fuel | $22.5M | $23.8M | −$1.3M | -6% |
| Renewable Power Segment | $7.3M | $6.5M | $748K | +11% |
| Revenue | $79.5M | $83.4M | −$3.9M | -5% |
| Operating profit | $8.8M | $2.6M | $6.3M | +243% |
| Costs & expenses | $70.7M | $80.8M | −$10.2M | -13% |
| Pre-tax earnings | $1.7M | −$3.3M | $5.0M | — |
| Other expense, net | $7.2M | $5.9M | $1.3M | +22% |
| Research & development | $2.7M | $3.3M | −$557K | -17% |
| SG&A | $12.4M | $14.3M | −$1.8M | -13% |
| Other operating costs | $55.5M | $63.3M | −$7.8M | -12% |
| Net earnings | $1.7M | −$3.5M | $5.1M | — |
| Depreciation & amortization | $5.0M | $4.8M | $217K | +4% |
| Share-based compensation | $2.3M | $2.1M | $211K | +10% |
| Working capital & other | $7.3M | $7.4M | −$41K | -0.6% |
| Operating cash flow | $16.3M | $10.8M | $5.5M | +51% |
| Capital expenditures | $18.3M | $28.3M | −$10.0M | -35% |
| Negative free cash flow (OCF − capex) | $2.0M | $17.6M | −$15.5M | -89% |
Questions
How much did Opal Fuels's revenue grow quarter over quarter in Q3 2026?
Opal Fuels's revenue fell $3.9M (-5%) from $83.4M in Q2 2026 to $79.5M in Q3 2026.
What drove Opal Fuels's revenue change in Q3 2026?
Fuel Station Services −$3.3M (-6%); RNG fuel −$1.3M (-6%); Renewable Power Segment +$748K (+11%).