Clean Energy Fuels (CLNE) financial statements
Clean Energy Fuels reported revenue of $425M in fiscal 2025, up 0.6% a year over 9 years.
Net income was -$222M and the operating margin -37.6%, against -4.4% in 2016.
Free cash flow was $60M, and the company returned $8M in net buybacks.
The diluted share count rose 85% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Clean Energy Fuels's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $403M | $342M | $346M | $344M | $292M | $256M | $420M | $425M | $416M | $425M |
| Cost of revenue | $230M | $216M | — | — | — | — | — | — | — | — |
| Gross profit | $173M | $125M | — | — | — | — | — | — | — | — |
| Selling, general and admin | $106M | $96M | $77M | $73M | $69M | $90M | $109M | $112M | $112M | $112M |
| Operating income | -$18M | -$134M | $4M | $10M | -$10M | -$95M | -$52M | -$76M | -$36M | -$160M |
| Interest expense | — | — | — | — | — | — | $6M | $23M | $32M | $53M |
| Pre-tax income | -$12M | -$83M | -$9M | $14M | -$11M | -$94M | -$59M | -$101M | -$81M | -$225M |
| Income tax | $1M | -$2M | $341,000 | $858,000 | $309,000 | $119,000 | $220,000 | -$423,000 | $3M | -$3M |
| Net income | -$12M | -$79M | -$4M | $20M | -$10M | -$93M | -$59M | -$99M | -$83M | -$222M |
| EPS (diluted) | -$0.10 | -$0.53 | -$0.02 | $0.10 | -$0.05 | -$0.44 | -$0.26 | -$0.45 | -$0.37 | -$1.01 |
| Diluted shares | 119M | 150M | 181M | 206M | 201M | 213M | 222M | 223M | 223M | 221M |
| Gross margin | 42.9% | 36.6% | — | — | — | — | — | — | — | — |
| Operating margin | -4.4% | -39.4% | 1.1% | 2.9% | -3.4% | -37.2% | -12.3% | -18.0% | -8.7% | -37.6% |
| Net margin | -3.0% | -23.2% | -1.1% | 5.9% | -3.4% | -36.4% | -14.0% | -23.4% | -20.0% | -52.3% |
Balance sheet
Fiscal years, from Clean Energy Fuels's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $110M | $178M | $95M | $106M | $139M | $229M | $264M | $263M | $217M | $156M |
| Receivables | $79M | $64M | $69M | $62M | $62M | $87M | $91M | $98M | $108M | $101M |
| Inventory | $30M | $35M | $35M | $30M | $28M | $31M | $37M | $45M | $43M | $44M |
| Total current assets | $262M | $305M | $226M | $294M | $263M | $410M | $472M | $470M | $414M | $350M |
| Property, plant and equipment | $484M | $367M | $351M | $324M | $291M | $262M | $264M | $332M | $365M | $324M |
| Goodwill | $93M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $0 |
| Total assets | $897M | $792M | $699M | $777M | $715M | $957M | $1.1B | $1.3B | $1.2B | $1.1B |
| Total current liabilities | $89M | $203M | $80M | $163M | $80M | $126M | $148M | $164M | $155M | $151M |
| Long-term debt | $306M | $120M | $75M | $33M | $82M | $23M | $145M | $261M | $265M | $227M |
| Total liabilities | $404M | $342M | $174M | $234M | $192M | $202M | $355M | $526M | $524M | $492M |
| Shareholders' equity | $469M | $427M | $508M | $533M | $514M | $747M | $720M | $727M | $713M | $559M |
| Net debt | $270M | $84M | $50M | $40M | -$23M | -$63M | $22M | $156M | $176M | $71M |
Cash flow
Fiscal years, from Clean Energy Fuels's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $46M | -$4M | $38M | $12M | $61M | $41M | $67M | $44M | $65M | $86M |
| Capital spending | $24M | $36M | $25M | $27M | $13M | $23M | $45M | $101M | $65M | $26M |
| Free cash flow | $23M | -$41M | $13M | -$15M | $48M | $18M | $22M | -$57M | -$418,000 | $60M |
| Stock-based compensation | $8M | $8M | $5M | $4M | $3M | $15M | $26M | $23M | $11M | $9M |
| Share buybacks (net) | — | — | — | — | -$15M | -$3M | -$6M | $0 | $0 | -$8M |
| Net borrowing | $7M | $10M | $17M | $15M | $66M | $4M | $160M | $300M | $0 | $0 |
| Free cash flow margin | 5.6% | -11.9% | 3.7% | -4.3% | 16.4% | 7.1% | 5.3% | -13.4% | -0.1% | 14.1% |
Questions
What was Clean Energy Fuels's revenue in 2025?
$425M in fiscal 2025, from its 10-K filing.
How much free cash flow does Clean Energy Fuels generate?
$60M in fiscal 2025 (operating cash flow minus capital spending).
From Clean Energy Fuels's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.