New Fortress Energy Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data New Fortress 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

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	97.3	112	189	452	1,323	2,368	2,391	2,359	1,504
Cost of revenue	78.7	95.7	183	279	616	1,010	879	1,065	919
Gross profit	18.6	16.6	5.77	173	707	1,358	1,511	1,294	585
Selling, general and administrative	33.3	62.1	153	120	200	236	203	293	307
Operating income	-25	-58.5	-187	-155	239	737	936	528	-1,120
Interest expense	6.46	11.2	19.4	65.7	154	237	278	316	778
Other non-operating income	0.3	0.78	2.81	-5.01	17.2	48	-10.4	-116	148
Pre-tax income	-31.1	-78.5	-204	-259	105	61.3	651	-174	-1,771
Income tax	0.53	-0.34	0.44	4.82	12.5	-123	103	70.3	61.4
Net income to minority interests	0	-0.11	-171	-81.8	-4.39	-9.69	0.99	6.65	11.7
Net income	-31.7	-78.1	-33.8	-182	97.1	194	548	-272	-1,845
EBITDA	-21.8	-54.5	-179	-122	338	881	1,097	688	-878
EPS, basic			-1.62	-1.71	0.49	0.93	2.66	-1.25	-6.63
EPS, diluted			-1.62	-1.71	0.47	0.93	2.65	-1.26	-6.63
Shares, basic (weighted)			20.9	107	199	210	206	218	278
Shares, diluted (weighted)			20.9	107	202	210	206	219	278

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	118	78.3	27.1	602	188	675	155	493	226
Receivables		28.5	49.9	76.5	208	280	343	331	452
Inventory		16	63.4	22.9	37.2	39.1	116	103	119
Other current assets		10.8	23.6	22.1	26.8	27.5	69.4	37.2	49.2
Total current assets		154	211	762	585	1,387	983	1,613	1,329
Property, plant and equipment		94
Lease right-of-use assets			0	141	286	356	538	600	395
Goodwill				0	760	777	793	783	0
Intangible assets		43.1	43.5	46.1	143	85.9	51.8	180	188
Other non-current assets		35.3	84.2	86	106	142	126	270	141
Total assets		699	1,124	1,908	6,876	7,705	10,513	12,923	10,556
Accounts payable		43.2	11.6	21.3	68.1	80.4	546	482	732
Accrued liabilities		67.5	54.9	90.4	244	1,162	486	435	598
Deferred revenue				7.12	28.7	12.7	65.3	14.4	14.1
Short-term debt		272	0	0	97.3	64.8	293	539	7,073
Total current liabilities		405	102	191	563	1,409	1,703	1,753	8,653
Long-term debt		0	619	1,240	3,758	4,477	6,511	8,362	1,105
Lease liabilities			0	84.3	219	291	391	472	318
Other non-current liabilities		12	14.9	15.6	58.5	49	55.6	167	92.3
Total liabilities		417	736	1,533	4,882	6,263	8,736	10,832	10,246
Total debt		272	619	1,240	3,855	4,542	6,803	8,901	8,179
Paid-in capital			0	595	1,924	1,170	1,039	1,674	1,776
Retained earnings		-158	-45.8	-230	-132	62.1	527	194	-1,651
Other comprehensive income		-0.01	-0.03	0.18	-2.09	55.4	72.1	7.5	54.1
Shareholders' equity			84.8	367	1,792	1,290	1,640	1,878	183
Minority interests			303	8.13	202	152	138	123	127
Total equity	279	283	387	375	1,994	1,442	1,778	2,001	310
Total liabilities and equity		699	1,124	1,908	6,876	7,705	10,513	12,923	10,556
Shares outstanding					207	209	205	267	285

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-31.7	-78.2	-204	-264	92.7	185	548	-245	-1,832
Depreciation and amortization	3.21	4.03	8.64	33.3	99.5	144	161	159	242
Stock-based compensation	0	0	41.2	8.74	37	30.4	1.57	50.6	14.5
Deferred income tax	0.52	-0.35	0.39	2.75	-8.83	-280	13.8	-3.33	25.8
Change in receivables	-3.11	-9.52	-19.8	-26.8	-124	-140	-41.6	67.7	-216
Change in inventory	-3.5	-4.81	-50.3	23.2	-11.2	-7.93	-42.3	-0.25	-38.4
Change in payables	-0.11	12.2	3.04	55.5	17.5	67.7	89.1	194	514
Cash from operations	-54.9	-93.2	-234	-126	84.8	355	819	602	-583
Capital expenditures	-28.7	-181	-377	-157	-669	-1,174	-2,920	-2,131	-651
Acquisitions	0	-4.03	0	0	-1,586	0	0
Cash from investing	-29.9	-184	-376	-158	-2,274	-82.7	-2,794	-1,584	466
Debt issued				2,095	2,435	2,032
Debt repaid	-5.83	-76.5	-5	-1,490	-461	-1,521	-696	-3,801	-1,607
Stock issued			0	292	0	0	0	387	0
Dividends paid		0	0	-33.7	-88.8	-99.1	-724	-65.3	-3.47
Cash from financing	14	260	603	819	1,817	322	1,425	1,719	-544
Net change in cash	-70.8	-17.5	-7.82	536	-365	591	-544	655	-609
Free cash flow	-83.6	-274	-611	-283	-585	-819	-2,101	-1,528	-1,234
Interest paid	5.73	7.52	6.77	27.3	154	161	106	90.3	352
Income taxes paid	0.01	0	0.03	0.06	17.3	151	52.9	27.9	109

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 $6.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.5%	Gross profit / revenue.
Operating margin	-86.3%	Operating income / revenue.
EBITDA margin	-70.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-144.8%	Pre-tax income / revenue.
Net margin	-149.4%	Net income / revenue.
FCF margin	-59.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-41.5%	Cash from operations / revenue.
Return on assets (ROA)	-17.6%	Net income / average total assets.
Return on invested capital (ROIC)	-10.6%	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	26.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	18.4%	Capital expenditures / revenue.
D&A / revenue	16.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-36.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-54.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-24.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	27.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-312.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-227.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-196.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-90.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-47.9%	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	-13.0%	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	-18.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.1%	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	40.8%	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	27.4%	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	9.9%	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	21.2%	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	0.16x	Current assets / current liabilities.
Quick ratio	0.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / assets	82.6%	Total debt / total assets.
Liabilities / assets	104.0%	Total liabilities / total assets.
Net debt	$8.70B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1.36x	Operating income / interest expense.
Working capital	-$7.29B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$744.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.
Inventory turnover	6.82x	Cost of revenue / average inventory.
Days inventory	54 days	365 x average inventory / cost of revenue.
Receivables turnover	4.58x	Revenue / average receivables.
Days sales outstanding	80 days	365 x average receivables / revenue.
Days payables	272 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-138 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$6.63	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	$4.44	Revenue / diluted weighted shares.
FCF per share	-$2.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.84	Cash from operations / diluted weighted shares.
Book value per share	-$1.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.61	Tangible book value / shares outstanding.
Cash per share	$0.56	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.95B	Share price x shares outstanding.
Enterprise value	$10.65B	Market cap + total debt - cash - short-term investments.
P/S	1.54x	Market cap / revenue.
EV/Sales	8.40x	Enterprise value / revenue.
FCF yield	-38.9%	Free cash flow / market cap.
Earnings yield	-97.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was New Fortress Energy Inc.'s revenue in fiscal 2025?

New Fortress Energy Inc. reported revenue of $1.50B for fiscal 2025, 36.2% lower than the year before.

Was New Fortress Energy Inc. profitable in fiscal 2025?

No. It reported a net loss of $1.84B.

How much free cash flow did New Fortress Energy Inc. generate in fiscal 2025?

Cash from operations of $583.4M minus capital expenditures of $650.8M left free cash flow of -$1.23B.

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.

Open interactive statements, quarterly figures and charts

Back to New Fortress Energy Inc.