Filing Flows › Opal Fuels (OPAL) › Q4 2025
Opal Fuels (OPAL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 16, 2026
Opal Fuels (OPAL) reported revenue of $99.8M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +20% from the quarter before. Operating margin was 6.6%, net earnings $16.2M (16.2% of revenue).
Opal Fuels, Q4 2025: revenue $99.8M (+25% year over year), operating margin 6.6%, net earnings $16.2M, operating cash flow −$3.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $99.8M | +20% | +25% |
| Operating profit | $6.6M | +84% | — |
| Net earnings | $16.2M | +42% | — |
| Operating cash flow | −$3.5M | -119% | — |
What changed
Revenue was $99.8M in Q4 2025, up 25% year over year and up 20% from the previous quarter. Fuel Station services was the largest line at 65% of revenue.
Operating profit was $6.6M, a 6.6% margin (up 7.0 points year over year). Total costs grew 16% against revenue growth of 25%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $2.3M.
Operating cash flow was −$3.5M. Non-cash charges added back $5.7M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items used $27.0M. Capital expenditures of $9.8M exceeded it, leaving free cash flow of −$13.4M.
Questions
What was Opal Fuels' revenue in the fourth quarter 2025?
Opal Fuels (OPAL) reported revenue of $99.8M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +20% from the quarter before.
Was Opal Fuels profitable in the fourth quarter 2025?
Operating profit was $6.6M (6.6% of revenue) and net earnings $16.2M.
Source: Opal Fuels 10-K on SEC EDGAR.