Revenue growth remains highly sensitive to market conditions, with a 12.1% year-over-year increase in 2026Q1 failing to offset structural margin volatility that saw gross margins swing from -32.5% in 2025Q1 to 18.0% in 2026Q1.
Clean Energy Fuels Corp. (CLNE) annual income statement — 22-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 442.32M | 426.5M | 415.87M | 425.16M | 420.16M | 255.65M | 291.72M | 344.06M | 346.42M | 341.6M | 402.66M | 384.32M | 428.94M | 352.48M | 334.01M | 292.72M | 211.83M | 131.5M | 129.47M | 117.72M | 91.55M | 77.96M | 57.64M |
| Revenue Growth % | 4.89% | 2.56% | -2.19% | 1.19% | 64.35% | -12.37% | -15.21% | -0.68% | 1.41% | -15.16% | 4.77% | -10.4% | 21.69% | 5.53% | 14.11% | 38.18% | 61.09% | 1.57% | 9.99% | 28.59% | 17.44% | 35.24% | - |
| Cost of Goods Sold | 357.99M | 408.53M | 332.28M | 389.29M | 362.42M | 260.79M | 233.09M | 261.73M | 264.77M | 312.44M | 314.81M | 313.7M | 357.85M | 267.08M | 289.94M | 216.68M | 141.89M | 82.92M | 98.77M | 85.66M | 74.05M | 72M | 48.77M |
| COGS % of Revenue | - | 95.79% | 79.9% | 91.56% | 86.26% | 102.01% | 79.9% | 76.07% | 76.43% | 91.46% | 78.18% | 81.63% | 83.43% | 75.77% | 86.81% | 74.03% | 66.98% | 63.06% | 76.28% | 72.77% | 80.88% | 92.37% | 84.61% |
| Gross Profit | 84.33M | 17.97M | 83.58M | 35.87M | 57.75M | -5.14M | 58.63M | 82.33M | 81.64M | 29.16M | 87.84M | 70.62M | 71.09M | 85.39M | 44.06M | 76.03M | 69.94M | 48.58M | 30.7M | 32.06M | 17.5M | 5.95M | 8.87M |
| Gross Margin % | 19.07% | 4.21% | 20.1% | 8.44% | 13.74% | -2.01% | 20.1% | 23.93% | 23.57% | 8.54% | 21.82% | 18.37% | 16.57% | 24.23% | 13.19% | 25.97% | 33.02% | 36.94% | 23.72% | 27.23% | 19.12% | 7.63% | 15.39% |
| Gross Profit Growth % | - | -78.51% | 133.05% | -37.9% | 1223.08% | -108.77% | -28.79% | 0.84% | 180.03% | -66.81% | 24.4% | -0.67% | -16.75% | 93.8% | -42.05% | 8.7% | 43.97% | 58.22% | -4.21% | 83.18% | 194.06% | -32.9% | - |
| Operating Expenses | 116.74M | 111.84M | 119.94M | 112.27M | 109.46M | 89.91M | 68.48M | 72.41M | 77.21M | 95.67M | 105.5M | 113.65M | 126.44M | 138.02M | 117.98M | 114.6M | 75.47M | 81.87M | 72.65M | 43.04M | 107.76M | -23.01M | 4.35M |
| OpEx % of Revenue | - | 26.22% | 28.84% | 26.41% | 26.05% | 35.17% | 23.47% | 21.04% | 22.29% | 28.01% | 26.2% | 29.57% | 29.48% | 39.16% | 35.32% | 39.15% | 35.63% | 62.26% | 56.11% | 36.56% | 117.71% | -29.52% | 7.55% |
| Selling, General & Admin | 106.06M | 111.84M | 111.83M | 112.27M | 109.46M | 89.91M | 68.52M | 73.44M | 77.21M | 95.67M | 105.5M | 113.65M | 126.44M | 138.02M | 117.98M | 86.85M | 63.26M | 47.51M | 62.42M | 35.93M | 20.86M | 17.11M | 11.11M |
| SG&A % of Revenue | - | 26.22% | 26.89% | 26.41% | 26.05% | 35.17% | 23.49% | 21.35% | 22.29% | 28.01% | 26.2% | 29.57% | 29.48% | 39.16% | 35.32% | 29.67% | 29.86% | 36.13% | 48.21% | 30.53% | 22.79% | 21.95% | 19.28% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 8.1M | 0 | 0 | 0 | -40K | -1.04M | -566K | 139K | -306K | 0 | 0 | -970K | 0 | 27.75M | 12.21M | 34.36M | 10.23M | 7.11M | 86.9M | 31.89M | -6.76M |
| Operating Income | -32.41M | -93.87M | -36.35M | -76.4M | -51.71M | -95.05M | -9.84M | 9.93M | 3.9M | -134.45M | -17.64M | -41.62M | -54.36M | -51.69M | -70.52M | -38.57M | -5.52M | -33.29M | -41.95M | -10.99M | -90.26M | 28.96M | 4.52M |
| Operating Margin % | -7.33% | -22.01% | -8.74% | -17.97% | -12.31% | -37.18% | -3.37% | 2.89% | 1.12% | -39.36% | -4.38% | -10.83% | -12.67% | -14.67% | -21.11% | -13.18% | -2.61% | -25.31% | -32.4% | -9.33% | -98.6% | 37.15% | 7.84% |
| Operating Income Growth % | - | -158.22% | 52.42% | -47.76% | 45.6% | -865.54% | -199.15% | 154.89% | 102.9% | -662.3% | 57.63% | 23.44% | -5.17% | 26.7% | -82.85% | -598.44% | 83.41% | 20.65% | -281.82% | 87.83% | -411.66% | 540.98% | - |
| EBITDA | 15.65M | 4.73M | 8.38M | -30.73M | 2.97M | -49.86M | 37.84M | 59.55M | 55.74M | -77.83M | 41.63M | 13.6M | -5.31M | -9.37M | -34.26M | -8.16M | 16.96M | -16.29M | -32.32M | -3.88M | -84.5M | 32.91M | 8.33M |
| EBITDA Margin % | 3.54% | 1.11% | 2.02% | -7.23% | 0.71% | -19.51% | 12.97% | 17.31% | 16.09% | -22.78% | 10.34% | 3.54% | -1.24% | -2.66% | -10.26% | -2.79% | 8.01% | -12.39% | -24.96% | -3.29% | -92.3% | 42.22% | 14.45% |
| EBITDA Growth % | 426.97% | -43.54% | 127.29% | -1135.59% | 105.95% | -231.78% | -36.46% | 6.83% | 171.62% | -286.99% | 206.16% | 356.24% | 43.39% | 72.64% | -319.76% | -148.11% | 204.12% | 49.59% | -733.51% | 95.41% | -356.75% | 295.14% | - |
| D&A (Non-Cash Add-back) | 48.06M | 98.61M | 44.74M | 45.67M | 54.67M | 45.18M | 47.68M | 49.63M | 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 |
| EBIT | -45.94M | -172.77M | -48.82M | -77.6M | -53.06M | -89.61M | -3.87M | 21.69M | 7.08M | -65.55M | 17.21M | -38.03M | -45.06M | -33.92M | -83.5M | -38.54M | -3.02M | -33.29M | -45.55M | -10.99M | -90.26M | 28.96M | 4.52M |
| Net Interest Income | -40.23M | -41.3M | -18.17M | -11.78M | -2.93M | -3.35M | -6M | -5.14M | -13.07M | -16.25M | -28.77M | -94.97M | -44.36M | -29.29M | -16.07M | -9.62M | -1.19M | -32K | 1.63M | 0 | 746.34K | 59.78K | 0 |
| Interest Income | 8.39M | 11.38M | 14.01M | 11.15M | 3.37M | 1.08M | 1.34M | 2.44M | 2.86M | 1.5M | 827K | 0 | 0 | 0 | 0 | 0 | 0 | -12 | 1.63M | 0 | 746.34K | 59.78K | 0 |
| Interest Expense | 48.63M | 52.69M | 32.18M | 22.92M | 6.31M | 4.43M | 7.35M | 7.57M | 15.92M | 17.75M | 29.59M | 94.97M | 44.36M | 29.29M | 16.07M | 9.62M | 1.19M | 31.99K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -62.16M | -131.58M | -44.64M | -24.12M | -7.66M | 1.01M | -1.38M | 4.19M | -12.74M | 51.14M | 5.25M | -92.22M | -35.42M | -11.51M | -29.05M | -9.59M | 1.31M | -98.3K | 661.92K | 3.31M | 490.86K | -81.14K | -702.29K |
| Pretax Income | -94.57M | -225.46M | -81M | -100.52M | -59.37M | -94.04M | -11.22M | 14.12M | -8.84M | -83.31M | -12.38M | -133.84M | -89.78M | -63.2M | -99.57M | -48.16M | -4.21M | -33.38M | -40.67M | -7.67M | -89.77M | 28.88M | 3.82M |
| Pretax Margin % | -21.38% | -52.86% | -19.48% | -23.64% | -14.13% | -36.78% | -3.85% | 4.1% | -2.55% | -24.39% | -3.08% | -34.83% | -20.93% | -17.93% | -29.81% | -16.45% | -1.99% | -25.39% | -31.41% | -6.52% | -98.06% | 37.05% | 6.62% |
| Income Tax | 186K | -2.82M | 2.69M | -423K | 220K | 119K | 309K | 858K | 341K | -1.91M | 1.34M | 1.61M | 1.07M | 3.71M | 1.29M | -703K | -1.44M | 303.5K | 289.14K | 1.22M | -12.27M | 11.62M | 1.69M |
| Effective Tax Rate % | -0.2% | 1.25% | -3.32% | 0.42% | -0.37% | -0.13% | -2.75% | 6.08% | -3.86% | 2.3% | -10.81% | -1.21% | -1.2% | -5.88% | -1.3% | 1.46% | 34.12% | -0.91% | -0.71% | -15.93% | 13.67% | 40.25% | 44.2% |
| Net Income | -94.08M | -222.02M | -83.07M | -99.5M | -58.73M | -93.15M | -9.86M | 20.42M | -3.79M | -79.24M | -12.15M | -134.24M | -89.66M | -66.97M | -101.25M | -47.63M | -2.52M | -33.25M | -40.86M | -8.89M | -77.5M | 17.26M | 2.13M |
| Net Margin % | -21.27% | -52.06% | -19.98% | -23.4% | -13.98% | -36.44% | -3.38% | 5.94% | -1.09% | -23.2% | -3.02% | -34.93% | -20.9% | -19% | -30.32% | -16.27% | -1.19% | -25.28% | -31.56% | -7.56% | -84.66% | 22.14% | 3.69% |
| Net Income Growth % | 53.78% | -167.27% | 16.51% | -69.41% | 36.95% | -844.3% | -148.3% | 638.81% | 95.22% | -552% | 90.95% | -49.73% | -33.88% | 33.86% | -112.57% | -1793.2% | 92.43% | 18.62% | -359.35% | 88.52% | -549.08% | 710.5% | - |
| Net Income (Continuing) | -94.76M | -222.64M | -83.69M | -100.1M | -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 | -44.57M | -8.89M | -77.5M | 17.26M | 2.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.35M | 5.65M | 6.26M | 6.88M | 7.48M | 8.34M | 9.34M | 9.62M | 17.01M | 22.67M | 24.82M | 26.39M | 27.61M | 3.97M | 3.92M | 3.52M | 2.93M | 3.19M | 3.63M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.43 | -1.01 | -0.37 | -0.45 | -0.26 | -0.44 | -0.05 | 0.10 | -0.02 | -0.53 | -0.10 | -1.47 | -0.96 | -0.71 | -1.16 | -0.68 | -0.04 | -0.60 | -0.90 | -0.22 | -2.45 | 0.75 | 0.11 |
| EPS Growth % | 51.5% | -172.97% | 17.78% | -73.08% | 40.91% | -780% | -150% | 576.19% | 96.04% | -430% | 93.2% | -53.13% | -35.21% | 38.79% | -70.59% | -1591.54% | 93.3% | 33.33% | -309.09% | 91.02% | -426.67% | 581.82% | - |
| EPS (Basic) | - | -1.01 | -0.37 | -0.45 | -0.26 | -0.44 | -0.05 | 0.10 | -0.02 | -0.53 | -0.10 | -1.47 | -0.96 | -0.71 | -1.16 | -0.68 | -0.04 | -0.60 | -0.90 | -0.22 | -2.45 | 0.76 | 0.11 |
| Diluted Shares Outstanding | 220.26M | 220.65M | 223.35M | 222.9M | 222.41M | 213.12M | 200.66M | 205.99M | 180.66M | 150.43M | 119.4M | 91.61M | 93.68M | 93.96M | 87.46M | 70.42M | 62.55M | 55.02M | 45.37M | 40.26M | 31.68M | 23.19M | 18.95M |
| Basic Shares Outstanding | 220.26M | 220.65M | 223.35M | 222.9M | 222.41M | 213.12M | 200.66M | 204.57M | 180.66M | 149.5M | 119.4M | 91.61M | 93.68M | 93.96M | 87.46M | 70.42M | 62.55M | 55.02M | 45.37M | 40.26M | 31.68M | 22.6M | 18.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CLNE stock.
For fiscal year 2025, Clean Energy Fuels Corp. (CLNE) reported total revenue of $426.5M. This represents a 639.9% increase compared to $57.6M in 2004.
Clean Energy Fuels Corp. (CLNE) reported a net loss of $222.0M for the fiscal year ending 2025.
Clean Energy Fuels Corp. (CLNE) reported an operating income of $-93.9M, resulting in an operating profit margin of -22.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Clean Energy Fuels Corp. (CLNE) generated $18.0M in gross profit for the year, representing a gross profit margin of 4.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory credit price volatility
Metrics are mathematically derived from official filings.
Revenue Growth Remains Highly Erratic
According to the provided quarterly income statements, CLNE's revenue growth has fluctuated significantly, reaching a 12.1% year-over-year increase in 2026Q1 after periods of stagnation, suggesting that top-line expansion remains highly sensitive to external market conditions rather than consistent, organic demand across its core fueling segments.
The inconsistent revenue trajectory highlights the company's struggle to maintain momentum in its core fuel delivery business. Investors should monitor whether the recent uptick in growth reflects a sustainable adoption of natural gas in long-haul trucking or merely temporary fluctuations in fuel pricing and credit recognition.
Structural Margin Volatility Persists Unabated
As reported in financial statements, gross margins have exhibited extreme volatility, ranging from a negative 32.5% in 2025Q1 to a positive 18.0% in 2026Q1, indicating that the company's profitability is heavily tethered to the unpredictable timing and valuation of environmental credits and commodity price spreads.
The wide swings in gross margin suggest that the company lacks the pricing power necessary to insulate its operations from feedstock cost volatility. This instability complicates the assessment of underlying unit economics and raises questions regarding the company's ability to achieve consistent, positive gross profit margins over the long term.
Operating Leverage Remains Elusive Currently
Based on the company's reported figures, operating income has remained consistently negative, with a -3.0% operating margin in 2026Q1, demonstrating that the firm has yet to achieve the necessary scale to cover its fixed overhead and aggressive capital investment requirements through its current fuel throughput.
The failure of operating income to scale alongside revenue suggests that the company's cost structure is currently too heavy for its existing volume. Without a significant increase in fuel sales or a structural improvement in credit-related income, the company may continue to struggle with persistent operating losses.
Stock-Based Compensation Distorts Earnings Profile
Data from recent filings reveals that stock-based compensation has been a recurring and significant expense, reaching as high as $20.5M in 2024Q4, which further obscures the company's true operational performance and dilutes shareholder value while the firm continues to report substantial net losses each quarter.
The reliance on equity-based compensation in the absence of GAAP profitability warrants further investigation into management's alignment with long-term shareholder interests. Investors should be cautious of how these non-cash charges impact the reported net income and whether they mask the true cash-burn rate of the business.
Regulatory Dependence Risks Future Viability
Analysis of the income statement suggests that the company's path to profitability is disproportionately reliant on the legislative stability of environmental credit markets, as evidenced by the sharp margin compression observed when credit values or regulatory frameworks shift, posing a material risk to the business model.
Short-sellers would likely focus on the company's inability to generate positive operating cash flow without the benefit of volatile environmental credits. If regulatory support for RNG were to wane, the company's current cost structure would likely prove unsustainable, potentially necessitating further capital raises or significant operational restructuring.