FuelCell Energy (FCEL) financials
FuelCell Energy revenue and earnings by year
FuelCell Energy's revenue was $158 million in the fiscal year to October 31, 2025, up 41.0% from the year before. Net income was -$188 million, -118.8% of revenue. Since the fiscal year to October 31, 2016, revenue has grown 4.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 | Oct 2020 | Oct 2019 | Oct 2018 | Oct 2017 | Oct 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 158 | 112 | 123 | 130 | 70 | 71 | 61 | 89 | 96 | 108 |
| Revenue growth | 41.0% | -9.1% | -5.4% | 87.5% | -1.8% | 16.7% | -32.1% | -6.5% | -11.6% | — |
| Gross profit | -26 | -36 | -11 | -30 | -16 | -8 | -21 | 3 | 3 | -0 |
| Gross margin | -16.7% | -32.0% | -8.5% | -22.7% | -22.5% | -10.9% | -35.0% | 3.5% | 2.9% | -0.3% |
| Operating income | -192 | -158 | -136 | -144 | -65 | -39 | -67 | -45 | -45 | -46 |
| Operating margin | -121.6% | -141.3% | -110.3% | -110.1% | -93.3% | -55.3% | -110.2% | -49.9% | -47.0% | -42.8% |
| Net income | -188 | -126 | -108 | -143 | -101 | -89 | -78 | -47 | -54 | -51 |
| Net margin | -118.8% | -112.4% | -87.2% | -109.4% | -145.2% | -125.7% | -127.7% | -52.9% | -56.3% | -47.1% |
| Diluted EPS | -$7.42 | -$7.83 | -$7.92 | -$11.43 | -$9.30 | -$12.60 | -$54.60 | -$270.30 | -$411.90 | -$655.20 |
| Free cash flow | -148 | -212 | -233 | -159 | -144 | -69 | -64 | -35 | -104 | -88 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open FCEL in Markets.
How FuelCell Energy makes money
Revenue by segment in the quarter to July 31, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Product | $18.0M | 54.5% |
| Electricity Generation | $8.80M | 26.7% |
| Advanced Technologies | $3.78M | 11.4% |
| Services | $2.42M | 7.3% |
See also: FCEL returns
No forecast, no recommendation. This page describes FuelCell Energy from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.