Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Fluence Energy, Inc. 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
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
561
681
1,199
2,218
2,699
2,263
Cost of revenue
553
750
1,261
2,077
2,357
1,967
Gross profit
7.92
-69.1
-62.4
141
341
296
Research and development
11.5
23.4
60.1
66.3
66.2
86.2
Selling and marketing
16.2
22.6
37.2
41.1
63.8
79.5
General and administrative
17.9
38.2
117
136
173
163
Interest expense
0.13
1.44
2.02
2.4
4.1
0.5
Other non-operating income
0.65
-0.27
-4.63
6.95
7.28
5.38
Pre-tax income
-40.3
-160
-288
-100
39.6
-45.1
Income tax
6.42
1.83
1.36
4.55
9.21
22.9
Net income to minority interests
-46.7
-162
-185
-35.2
7.65
-19.7
Net income
-46.7
-162
-104
-69.6
22.7
-48.3
EPS, basic
-1.50
-0.60
0.18
-0.37
EPS, diluted
-1.50
-0.60
0.13
-0.37
Shares, basic (weighted)
69.7
116
126
130
Shares, diluted (weighted)
69.7
116
184
130
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
95.1
36.8
357
346
449
691
Short-term investments
0
110
0
0
Receivables
57.4
86.8
103
216
273
Inventory
390
653
225
183
455
Other current assets
31.2
26.6
31.1
46.5
54.7
Total current assets
662
1,602
1,195
1,680
2,064
Property, plant and equipment
8.21
13.8
12.8
15.4
50.3
Lease right-of-use assets
0
2.4
2.86
8.19
11.3
Goodwill
4.73
9.18
24.9
26
27.5
28.6
Intangible assets
36.1
51.7
55.8
60
63.4
Other non-current assets
1.32
26.5
31.6
110
146
Total assets
718
1,746
1,352
1,902
2,357
Accounts payable
158
305
65.4
437
321
Accrued liabilities
186
184
176
338
246
Short-term debt
0
22.5
30.4
0
Total current liabilities
771
1,109
746
1,259
1,370
Long-term debt
0
28
0
Lease liabilities
0
1.01
1.33
5.49
5.04
Other non-current liabilities
2.38
2.11
17.3
29.1
37.4
Total liabilities
774
1,116
796
1,295
1,808
Total debt
0
50.6
30.4
0
Paid-in capital
543
581
635
628
Retained earnings
-279
-105
-174
-151
-200
Treasury stock
-5.01
-7.8
-9.46
-10.2
Other comprehensive income
-0.29
2.78
3.2
-1.84
11.6
Shareholders' equity
436
402
472
430
Minority interests
193
154
135
119
Total equity
-173
629
556
607
549
Total liabilities and equity
718
1,746
1,352
1,902
2,357
Shares outstanding
51.5
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-46.7
-162
-289
-105
30.4
-68
Depreciation and amortization
3.02
5.11
7.11
10.7
14.5
29.3
Stock-based compensation
0
0
44.1
26.9
23.9
19.5
Deferred income tax
1.9
-1.35
0.52
2.54
-6.72
6.35
Change in receivables
-25.1
-25.3
-29.2
-13.4
-115
-56.7
Change in inventory
-26.6
-367
-265
433
21.7
-279
Change in payables
63.1
73.9
151
-242
370
-119
Cash from operations
-14
-265
-282
-112
79.7
-146
Capital expenditures
-1.78
-4.29
-7.93
-2.99
-8.12
-14.9
Acquisitions
0
-18
-29.2
0
0
Purchases of investments
0
-110
0
0
Cash from investing
18.2
-22.3
-148
94.4
-19
-29.8
Stock issued
0
0
3.1
7.2
5.34
2.17
Share buybacks
0
0
-5.01
-2.78
Cash from financing
2.5
231
817
52.6
-8.68
357
Exchange rate effect
1.33
-0.55
5.4
-2.1
3.94
14.4
Net change in cash
8.03
-57
392
33
56
196
Free cash flow
-15.8
-270
-290
-115
71.6
-160
Interest paid
0
1.23
1.13
2.34
3.02
9.3
Income taxes paid
2.2
6.42
2.07
1.24
2.66
19
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 $7.85 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
9.3%
Gross profit / revenue.
Pre-tax margin
-3.6%
Pre-tax income / revenue.
Net margin
-3.1%
Net income / revenue.
FCF margin
-4.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-3.8%
Cash from operations / revenue.
Return on equity (ROE)
-21.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-3.1%
Net income / average total assets.
R&D / revenue
3.2%
Research and development expense / revenue.
Stock-based pay / revenue
0.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.6%
Capital expenditures / revenue.
D&A / revenue
1.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-16.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
23.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
32.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-13.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 5y
106.3%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y
-312.7%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-384.6%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-282.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-324.1%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-9.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-0.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
23.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
10.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
-29.2%
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
23.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.34x
Current assets / current liabilities.
Quick ratio
0.40x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.20x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.59
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
$19.05
Revenue / diluted weighted shares.
FCF per share
-$0.83
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.73
Cash from operations / diluted weighted shares.
Book value per share
$2.70
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.55x
Market cap / revenue.
P/B
3.88x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.16x
Market cap / tangible book value, when positive.
EV/Sales
0.42x
Enterprise value / revenue.
FCF yield
-8.0%
Free cash flow / market cap.
Earnings yield
-5.6%
Net income / market cap (the inverse of P/E).
What was Fluence Energy, Inc.'s revenue in fiscal 2025?
Fluence Energy, Inc. reported revenue of $2.26B for fiscal 2025, 16.1% lower than the year before.
Was Fluence Energy, Inc. profitable in fiscal 2025?
No. It reported a net loss of $48.3M.
How much free cash flow did Fluence Energy, Inc. generate in fiscal 2025?
Cash from operations of $145.5M minus capital expenditures of $14.9M left free cash flow of -$160.4M.
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.