Clean Energy Fuels Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Clean Energy Fuels Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	403	342	346	344	292	256	420	425	416	425
Cost of revenue	230	216
Gross profit	173	125
Selling, general and administrative	106	95.7	77.2	73.4	68.5	89.9	109	112	112	112
Operating income	-17.6	-134	3.9	9.93	-9.84	-95	-51.7	-76.4	-36.4	-160
Interest expense							6.31	22.9	32.2	52.7
Other non-operating income	-0.31	0.14	-0.57	1.99	3.03	0.91	0.1	0.17	0.11	2.45
Pre-tax income	-12.4	-83.3	-8.84	14.1	-11.2	-94	-59.4	-101	-81	-225
Income tax	1.34	-1.91	0.34	0.86	0.31	0.12	0.22	-0.42	2.69	-2.82
Net income to minority interests	-1.57	-2.15	-5.39	-7.16	-1.67	-1.01	-0.86	-0.6	-0.62	-0.61
Net income	-12.2	-79.2	-3.79	20.4	-9.86	-93.1	-58.7	-99.5	-83.1	-222
EBITDA	41.6	-77.8	55.7	59.6	37.8	-49.9	2.97	-30.7	8.38	-61.3
EPS, basic	-0.10	-0.53	-0.02	0.10	-0.05	-0.44	-0.26	-0.45	-0.37	-1.01
EPS, diluted	-0.10	-0.53	-0.02	0.10	-0.05	-0.44	-0.26	-0.45	-0.37	-1.01
Shares, basic (weighted)	119	150	181	205	201	213	222	223	223	221
Shares, diluted (weighted)	119	150	181	206	201	213	222	223	223	221

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	36.1	36.1	29.8	49.2	109	99.4	124	105	89.5	156
Short-term investments	73.7	141	65.6	56.9	29.5	130	140	158	128	0.55
Receivables	79.4	64	68.9	61.8	61.8	87.4	91.4	98.4	108	101
Inventory	29.5	35.2	35	29.9	28.1	31.3	37.1	45.3	43.4	43.9
Other current assets	14	7.79	8.44	11.1	9.4	37.6	60.6	41.5	26.1	41.1
Total current assets	262	305	226	294	263	410	472	470	414	350
Property, plant and equipment	484	367	351	324	291	262	264	332	365	324
Lease right-of-use assets			0	28.6	26	42.5	52.6	92.3	90.6	87.9
Goodwill	93	64.3	64.3	64.3	64.3	64.3	64.3	64.3	64.3	0
Intangible assets	38.7	3.59	2.21	1.23	0.46	5.5	5.92	6.37	6.37	9.9
Total assets	897	792	699	777	715	957	1,082	1,259	1,244	1,057
Accounts payable	23.6	17.9	19	27.4	17.3	24.4	44.4	57	33.3	26.2
Accrued liabilities	52.6	42.3	48.5	67.7	52.6	75.2	90.1	91.5	106	96.1
Deferred revenue	7.04	3.43	5.51	5.33	1.64	5.52	5.48	4.94	6.87	17.6
Short-term debt	5.94	140	4.71	56	3.59	12.8	0.09	0.04	0.04	0.05
Total current liabilities	89.2	203	80.3	163	79.8	126	148	164	155	151
Long-term debt	306	120	75	32.9	82.1	23.2	145	261	265	227
Lease liabilities				26.2	23.7	39.4	48.9	89.1	89	85.9
Other non-current liabilities	7.92	18.6	15	9.7	4	8.2	8.79	9.96	13.5	25.3
Total liabilities	404	342	174	234	192	202	355	526	524	492
Total debt	312	260	79.7	88.9	85.7	36.1	146	261	265	227
Paid-in capital	1,090	1,111	1,199	1,203	1,192	1,520	1,554	1,658	1,730	1,797
Retained earnings	-604	-684	-689	-668	-678	-771	-830	-929	-1,013	-1,235
Other comprehensive income	-17.7	-0.89	-2.14	-1.57	-0.21	-1.62	-3.72	-2.12	-4.3	-2.99
Shareholders' equity	469	427	508	533	514	747	720	727	713	559
Minority interests	24.8	22.7	17	9.62	9.34	8.34	7.48	6.88	6.26	5.65
Total equity	494	450	525	543	523	755	727	734	720	565
Total liabilities and equity	897	792	699	777	715	957	1,082	1,259	1,244	1,057
Shares outstanding	152	152	204	205	198	223	222	223	223	219

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-13.7	-81.4	-9.18	13.3	-11.5	-94.2	-59.6	-100	-83.7	-223
Depreciation and amortization	59.3	56.6	51.9	49.6	47.7	45.2	54.7	45.7	44.7	98.6
Stock-based compensation	8.09	8.12	5.31	3.88	2.96	15	26.5	23.3	10.8	8.87
Deferred income tax	0.91	-2.4	0	0.74	0.12	0.07	0.17	-0.52	2.63	-2.88
Change in receivables	30.2	6.88	-6.36	-63.4	53.8	-24.3	-1.07	-7.71	-8.18	-2.79
Change in inventory	-1.52	0.96	-1.07	3.44	0.11	-5.7	-9.32	-11.4	-0.06	-4.44
Change in payables	-0.66	-8.96	0.68	9.32	-9.34	6.62	9.32	14.8	-18.8	-1.59
Cash from operations	46.3	-4.32	38	12.3	61	41.3	66.7	43.8	64.6	85.5
Capital expenditures	-23.6	-36.3	-25.3	-27.1	-13.3	-23.1	-44.5	-101	-65	-25.7
Acquisitions	-1.55	0	0
Purchases of investments	-137	-340	-348	-171	-74.3	-324	-410	-491	-914	-855
Cash from investing	3.71	40.7	54.4	-1.5	24.2	-208	-149	-202	-77.7	63.1
Debt issued	7.41	9.77	17.2	15.3	65.9	4.4	160	300	0	0
Share buybacks	0	-8.85	0		-14.6	-2.92	-6.12	0	0	-7.94
Cash from financing	-55.7	-43.2	-95.2	7.69	-18.7	153	102	139	-1.94	-82.1
Exchange rate effect	0.88	0.89	0.27	0.14	0.2	0.01	-0.35	0.13	-0.36	-0.32
Net change in cash	-4.85	-5.91	-2.58	18.6	66.8	-13.5	19.5	-19	-15.4	66.2
Free cash flow	22.6	-40.6	12.7	-14.8	47.8	18.2	22.2	-57.2	-0.42	59.9
Interest paid	29.8	17	16.8	6.79	5.62	3.91	1.87	16.4	27.4	15
Income taxes paid	1.01	0.34	0.26	0.04	0.01	0.02	0.07	0.08	0.06	0.04

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-7.3%	Operating income / revenue.
EBITDA margin	3.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-21.4%	Pre-tax income / revenue.
Net margin	-21.3%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.5%	Cash from operations / revenue.
Return on equity (ROE)	-17.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.2%	Net income / average total assets.
Return on invested capital (ROIC)	-3.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	24.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.4%	Capital expenditures / revenue.
D&A / revenue	10.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-830.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	32.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	39.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-21.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-15.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.48x	Current assets / current liabilities.
Quick ratio	1.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.3%	Total debt / total assets.
Liabilities / assets	45.5%	Total liabilities / total assets.
Net debt	$91.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.80x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.67x	Operating income / interest expense.
Working capital	$193.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$543.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	1.41x	Revenue / average property, plant and equipment.
Receivables turnover	4.82x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Capex / operating cash flow	51.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.01	Revenue / diluted weighted shares.
FCF per share	$0.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.21	Cash from operations / diluted weighted shares.
Book value per share	$2.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.47	Tangible book value / shares outstanding.
Cash per share	$0.63	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$352.7M	Share price x shares outstanding.
Enterprise value	$443.8M	Market cap + total debt - cash - short-term investments.
P/S	0.80x	Market cap / revenue.
P/B	0.64x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.65x	Market cap / tangible book value, when positive.
P/FCF	15.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.57x	Market cap / cash from operations, when positive.
EV/Sales	1.00x	Enterprise value / revenue.
EV/EBITDA	28.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	-26.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Clean Energy Fuels Corp.'s revenue in fiscal 2025?

Clean Energy Fuels Corp. reported revenue of $424.8M for fiscal 2025, 2.2% higher than the year before.

Was Clean Energy Fuels Corp. profitable in fiscal 2025?

No. It reported a net loss of $222.0M.

How much free cash flow did Clean Energy Fuels Corp. generate in fiscal 2025?

Cash from operations of $85.5M minus capital expenditures of $25.7M left free cash flow of $59.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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