NFE (NFE) financial statements
NFE reported revenue of $1.2B in fiscal 2025, up 39.5% a year over 8 years.
Net income was -$1.8B and the operating margin -95.0%, against -30.4% in 2017.
Free cash flow was -$1.2B, and the company returned $3M in dividends.
The diluted share count rose 1235% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NFE's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $82M | $97M | $146M | $318M | $931M | $2.0B | $2.1B | $1.7B | $1.2B |
| Cost of revenue | $79M | $96M | $183M | $279M | $616M | $1.0B | $879M | $1.1B | $919M |
| Gross profit | $3M | $1M | -$38M | $40M | $315M | $968M | $1.2B | $632M | $261M |
| Selling, general and admin | $33M | $62M | $153M | $120M | $200M | $236M | $203M | $293M | $307M |
| Operating income | -$25M | -$58M | -$187M | -$155M | $239M | $737M | $936M | $528M | -$1.1B |
| Interest expense | $6M | $11M | $19M | $66M | $154M | $237M | $278M | $316M | $778M |
| Pre-tax income | -$31M | -$79M | -$204M | -$259M | $91M | $534M | $641M | -$174M | -$1.8B |
| Income tax | $526,000 | -$338,000 | $439,000 | $5M | $12M | -$123M | $103M | $70M | $61M |
| Net income | -$32M | -$78M | -$34M | -$182M | $97M | $194M | $548M | -$272M | -$1.8B |
| EPS (diluted) | — | — | -$1.62 | -$1.71 | $0.47 | $0.93 | $2.65 | -$1.26 | -$6.63 |
| Diluted shares | — | — | 21M | 107M | 202M | 210M | 206M | 219M | 278M |
| Gross margin | 4.2% | 1.2% | -26.0% | 12.4% | 33.8% | 48.9% | 57.3% | 37.2% | 22.1% |
| Operating margin | -30.4% | -60.4% | -128.7% | -48.8% | 25.7% | 37.3% | 45.4% | 31.1% | -95.0% |
| Net margin | -38.6% | -80.6% | -23.2% | -57.2% | 10.4% | 9.8% | 26.6% | -16.0% | -156.4% |
Balance sheet
Fiscal years, from NFE's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $118M | $78M | $27M | $602M | $188M | $675M | $155M | $493M | $226M |
| Receivables | — | $29M | $50M | $77M | $208M | $280M | $343M | $331M | $452M |
| Inventory | — | $16M | $63M | $23M | $37M | $39M | $116M | $103M | $119M |
| Total current assets | — | $154M | $211M | $762M | $585M | $1.4B | $983M | $1.6B | $1.3B |
| Property, plant and equipment | — | $94M | — | — | — | — | — | — | — |
| Goodwill | — | — | — | $0 | $760M | $777M | $793M | $783M | $0 |
| Total assets | — | $699M | $1.1B | $1.9B | $6.9B | $7.7B | $10.5B | $12.9B | $10.6B |
| Total current liabilities | — | $405M | $102M | $191M | $563M | $1.4B | $1.7B | $1.8B | $8.7B |
| Long-term debt | — | $0 | $619M | $1.2B | $3.8B | $4.5B | $6.5B | $8.4B | $1.1B |
| Total liabilities | — | $417M | $736M | $1.5B | $4.9B | $6.3B | $8.7B | $10.8B | $10.2B |
| Shareholders' equity | $279M | $283M | $85M | $367M | $1.8B | $1.3B | $1.6B | $1.9B | $183M |
| Net debt | -$118M | $194M | $592M | $638M | $3.7B | $3.9B | $6.6B | $8.4B | $8.0B |
Cash flow
Fiscal years, from NFE's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$55M | -$93M | -$234M | -$126M | $85M | $355M | $819M | $602M | -$583M |
| Capital spending | $29M | $181M | $377M | $157M | $669M | $1.2B | $2.9B | $2.1B | $651M |
| Free cash flow | -$84M | -$274M | -$611M | -$283M | -$585M | -$819M | -$2.1B | -$1.5B | -$1.2B |
| Stock-based compensation | $0 | $0 | $41M | $9M | $37M | $30M | $2M | $51M | $15M |
| Dividends paid | — | $0 | $0 | $34M | $89M | $99M | $724M | $65M | $3M |
| Net borrowing | -$6M | -$77M | -$5M | $605M | $2.0B | $511M | -$696M | -$3.8B | -$1.6B |
| Free cash flow margin | -101.8% | -283.1% | -420.1% | -88.8% | -62.8% | -41.4% | -102.0% | -90.0% | -104.6% |
| Dividends per share | — | — | — | $0.32 | $0.44 | $0.47 | $3.51 | $0.30 | $0.01 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NFE.
Open NFE in InvestinglyQuestions
What was NFE's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does NFE generate?
-$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From NFE's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.