Free cash flow remains highly erratic, swinging from a positive $21.2M in 2025Q2 to a negative $15.3M in 2026Q1, reflecting the ongoing struggle to balance capital-intensive projects with operational cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 53.74M | 85.53M | 64.58M | 43.78M | 66.73M | 41.3M | 61.04M | 12.28M | 37.98M | -5.43M | 46.06M | -12.1M | -76M | -4.69M | -19.76M | -11.22M | -4.04M | 13.27M | -2.08M | 7.1M | -36.61M | 36.61M | -7.96M |
| Operating CF Margin % | - | 20.05% | 15.53% | 10.3% | 15.88% | 16.15% | 20.92% | 3.57% | 10.96% | -1.59% | 11.44% | -3.15% | -17.72% | -1.33% | -5.91% | -3.83% | -1.91% | 10.09% | -1.6% | 6.03% | -39.99% | 46.96% | -13.81% |
| Operating CF Growth % | -123.13% | 32.44% | 47.52% | -34.4% | 61.58% | -32.34% | 397.12% | -67.67% | 799.87% | -111.78% | 480.8% | 84.09% | -1519.19% | 76.24% | -76.13% | -177.92% | -130.41% | 739.28% | -129.23% | 119.4% | -200.01% | 559.99% | - |
| Net Income | -99.47M | -222.02M | -30.63M | -99.5M | -59.59M | -94.16M | -11.53M | 13.26M | -9.18M | -81.39M | -13.72M | -135.46M | -90.86M | -66.92M | -100.86M | -47.45M | -2.77M | -33.69M | -40.86M | -8.89M | -77.5M | 17.26M | 2.13M |
| Depreciation & Amortization | 45.78M | 41.32M | 44.74M | 45.67M | 54.67M | 45.18M | 47.68M | 52.86M | 51.85M | 56.61M | 59.26M | 55.22M | 49.06M | 42.32M | 36.26M | 30.41M | 22.49M | 16.99M | 9.62M | 7.11M | 5.76M | 3.95M | 3.81M |
| Stock-Based Compensation | 24.32M | 8.87M | 71.57M | 83.94M | 50.77M | 98.64M | 2.96M | 3.88M | 5.31M | 8.12M | 8.09M | 10.78M | 11.51M | 23.01M | 22.09M | 13.47M | 11.92M | 14.07M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 84K | -2.82M | 2.63M | -515K | 173K | 69K | 120K | 738K | -6.27M | 10.51M | -30M | 305K | -11.7M | -16.7M | 12.51M | -2.15M | -7.85M | 17.79M | 0 | 11.62T | -7.02M | 4.86M | 1.68M |
| Other Non-Cash Items | 106.92M | 253.43M | -6.9M | 22.85M | 11.46M | 7.3M | -31K | -2.47M | -1.22M | 847K | 1.53M | 57.95M | 4.4M | 1.67M | -1.54M | 76K | 198K | -783.27K | 11.36M | 8.68M | 79M | 385.72K | 165.08K |
| Working Capital Changes | -23.73M | 6.76M | -16.82M | -8.68M | 9.24M | -15.74M | 21.84M | -55.99M | -2.5M | -128K | 20.9M | -892K | -38.42M | 11.93M | 11.79M | -5.57M | -28.02M | -1.11M | 17.8M | -30.56K | -48.31M | 8.81M | -5.84M |
| Change in Receivables | -27.17M | -2.79M | -8.18M | -7.71M | -1.07M | -24.26M | 42.05M | -65.22M | -2.14M | 6.88M | 30.17M | 3.43M | -55.57M | -441K | 1.83M | -3.33M | -35.72M | -2.66T | 11.22T | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.72M | -4.43M | -57K | -11.39M | -9.32M | -5.7M | 108K | 3.44M | -1.06M | 963K | -1.52M | 5.41M | -979K | -637K | -1.88M | -14.62M | -4.6M | 5.86M | -706.84K | 154.8K | -610.78K | -581.08K | -465.55K |
| Change in Payables | -779K | -1.59M | -18.78M | 14.77M | 9.32M | 6.62M | -9.34M | 9.32M | 679K | -8.96M | -764K | -12.01M | 9.13M | -6.96M | -328K | 8.03M | 999K | 925.54K | 445.36B | 0 | 0 | 0 | 0 |
| Cash from Investing | -33.91M | 63.1M | -77.68M | -202.01M | -148.54M | -207.66M | 24.17M | -1.5M | 54.37M | 47.66M | 1.07M | -33.87M | -46.89M | -154.98M | -163.95M | -181.83M | -68.73M | -43.41M | -92.27M | -50.56M | -12.41M | -22.32M | -5.91M |
| Capital Expenditures | -21.33M | 0 | -65M | -121.28M | -53.5M | -28.91M | -13.27M | -27.09M | -25.26M | -36.31M | -23.64M | -51.41M | -88.63M | -86.73M | -192.89M | -85.8M | -50.53M | -30.5M | -78.03M | -57.42M | -12.41M | -22.32M | -6.31M |
| CapEx % of Revenue | 4.86% | 6.02% | 15.63% | 28.53% | 12.73% | 11.31% | 4.55% | 7.87% | 7.29% | 10.63% | 5.87% | 13.38% | 20.66% | 24.61% | 57.75% | 29.31% | 23.86% | 23.19% | 60.27% | 48.78% | 13.56% | 28.63% | 10.95% |
| Acquisitions | 1.19M | 0 | 0 | 0 | -89.7M | -78.92M | -650K | 7.58M | 871K | 150.16M | 648K | 1.12M | 33.59M | -4.06M | -1.17M | -1M | -20.47M | -10.36M | -19.27M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -60.19M | 63.1M | -57.22M | -68.77M | 3.05M | 344K | 10.54M | 8.38M | 1.05M | 1.79M | -4.61M | -1.7M | -6.13M | 13.45M | 35.67M | -56.99M | 2.42M | 3.03M | -7.44M | 0 | 0 | 0 | 400K |
| Cash from Financing | -82.14M | -82.11M | -1.94M | 139.12M | 101.65M | 152.83M | -18.66M | 7.68M | -95.21M | -43.16M | -55.62M | 407K | -25.79M | 290.72M | 53.62M | 377.83M | 62.62M | 60.94M | 62.69M | 110.46M | 21.2M | 13.18M | 8.4M |
| Debt Issued (Net) | -66.3M | -66.22M | -2.23M | 149.11M | 109.88M | -46.34M | -4.67M | 7.5M | -177.64M | -44.44M | -156.93M | -5.91M | -34.01M | 299.17M | 45M | 231.38M | -850K | -12.86M | 24.86M | -57.5K | -795.22K | -821.74K | -1.24M |
| Equity Issued (Net) | -7.64M | -7.97M | 64K | 242K | 1.36M | 201.54M | -12.96M | 309K | 83.44M | 10.77M | 103.59M | 7.2M | 2.3M | 677K | 8.97M | 1.48M | 42.56M | 73.81M | 32.48M | 110.52M | 21.99M | 14M | 9.64M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -7.55M | -7.94M | 0 | 0 | 0 | -2.92M | -14.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -8.2M | -7.92M | 226K | -10.23M | -9.6M | -2.37M | -1.02M | -123K | -1M | -9.49M | -2.28M | -883K | 5.92M | -9.13M | -350K | 144.97M | 20.9M | 0 | 5.35M | 0 | 0 | 0 | 0 |
| Net Change in Cash | -63.02M | 66.19M | -15.4M | -18.99M | 19.49M | -13.52M | 66.75M | 18.6M | -2.58M | -38K | -7.61M | -48.66M | -147.65M | 131.51M | -129.6M | 182.93M | -11.89M | 30.8M | -31.65M | 67M | -27.83M | 27.46M | -5.47M |
| Free Cash Flow | 18.91M | 59.85M | -418K | -77.5M | 13.23M | 12.39M | 47.77M | -14.81M | 12.72M | -41.73M | 22.42M | -63.51M | -164.63M | -91.42M | -212.65M | -97.02M | -54.57M | -17.23M | -80.11M | -50.32M | -49.03M | 14.29M | -14.27M |
| FCF Margin % | 4.31% | 14.03% | -0.1% | -18.23% | 3.15% | 4.85% | 16.37% | -4.3% | 3.67% | -12.22% | 5.57% | -16.53% | -38.38% | -25.94% | -63.67% | -33.14% | -25.76% | -13.1% | -61.87% | -42.75% | -53.55% | 18.33% | -24.76% |
| FCF Growth % | 221.13% | 14418.18% | 99.46% | -685.96% | 6.73% | -74.06% | 422.56% | -216.43% | 130.48% | -286.13% | 135.3% | 61.42% | -80.08% | 57.01% | -119.19% | -77.78% | -216.76% | 78.49% | -59.19% | -2.64% | -443.19% | 200.09% | - |
| FCF per Share | 0.09 | 0.27 | -0.00 | -0.35 | 0.06 | 0.06 | 0.24 | -0.07 | 0.07 | -0.28 | 0.19 | -0.69 | -1.76 | -0.97 | -2.43 | -1.38 | -0.87 | -0.31 | -1.77 | -1.25 | -1.55 | 0.62 | -0.75 |
| FCF Conversion (FCF/Net Income) | -0.19x | -0.39x | -0.78x | -0.44x | -1.14x | -0.44x | -6.19x | 0.60x | -10.02x | 0.07x | -3.79x | 0.09x | 0.85x | 0.07x | 0.20x | 0.24x | 1.60x | -0.40x | 0.05x | -0.80x | 0.47x | 2.12x | -3.74x |
| Interest Paid | 12.29M | 14.96M | 27.4M | 16.36M | 1.87M | 3.91M | 5.62M | 6.79M | 16.75M | 17.05M | 29.77M | 37.66M | 39.22M | 22.11M | 13.99M | 6.74M | 2.25M | 1.08M | 449.19K | 0 | 0 | 0 | 0 |
| Taxes Paid | 23K | 41K | 60K | 77K | 68K | 15K | 8K | 36K | 257K | 344K | 1.01M | 890K | 943K | 2.23M | 1.16M | 783K | 222K | 334K | 149.22K | 0 | 0 | 0 | 0 |
Regulatory credit price volatility
As reported in recent financial filings, CLNE consistently exhibits a significant disconnect between net income and operating cash flow, with the OCF/NI ratio frequently falling into negative territory, most notably reaching -2.30 in 2023Q4, which highlights the heavy reliance on non-cash adjustments to bridge the gap.
The persistent negative relationship between net income and operating cash flow suggests that the company's accounting earnings are heavily influenced by non-cash items rather than core operational profitability. Investors should monitor this divergence, as it indicates that the firm's ability to generate cash is not currently tracking with its reported bottom-line performance.
Based on the provided quarterly data, CLNE's free cash flow trajectory remains highly erratic, swinging from a positive $21.2M in 2025Q2 to a negative $15.3M in 2026Q1, reflecting the company's ongoing struggle to maintain consistent cash generation amidst its aggressive capital-intensive infrastructure expansion strategy.
The lack of a stable free cash flow trend suggests that the business model is currently unable to self-fund its operations without periodic reliance on external capital or credit-driven inflows. This volatility may indicate that the company's cash flow profile is highly sensitive to the timing of project completions and environmental credit realizations.
According to historical cash flow statements, CLNE maintains a high capital intensity, with CapEx/Revenue ratios peaking at 33.9% in 2023Q4, underscoring the substantial financial burden required to build and maintain its specialized natural gas fueling network and upstream renewable natural gas production facilities.
The elevated level of capital expenditure relative to revenue suggests that the company is in a perpetual state of infrastructure investment, which may continue to suppress free cash flow for the foreseeable future. Analysts should evaluate whether these investments are yielding the expected returns on invested capital or if they represent a structural necessity to remain competitive.
As evidenced by recent quarterly reports, working capital changes have been a major source of cash flow volatility, including a significant $27.4M outflow in 2026Q1, which suggests that the timing of collections and inventory management remains a primary driver of the company's short-term liquidity fluctuations.
The substantial swings in working capital indicate that the company's cash position is highly susceptible to the timing of customer payments and the accumulation of environmental credits. This variability makes it difficult to assess the underlying operational health of the business without adjusting for these lumpy, non-recurring working capital movements.
Quick answers to the most common questions about buying CLNE stock.
Clean Energy Fuels Corp. (CLNE) generated $85.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Clean Energy Fuels Corp. (CLNE) generated $59.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Clean Energy Fuels Corp. (CLNE) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Clean Energy Fuels Corp. (CLNE) spent $7.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.