FuelCell Energy, Inc. (FCEL) Earnings History
Net Loss34 years of earnings data (1992–2025) · Currently unprofitable on a TTM basis
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FuelCell Energy, Inc. (FCEL) Earnings Overview
As of November 8, 2026, FuelCell Energy, Inc. (FCEL) reported trailing twelve-month net income of -$176M, reflecting +5.2% year-over-year growth. The company earned $-2.49 per diluted share over the past four quarters, with a net profit margin of -118.8%.
Looking at the long-term picture, FCEL's historical earnings data spans multiple years. The company achieved its highest annual net income of $500,000 in fiscal 1996.
FuelCell Energy, Inc. is currently reporting a net loss, though operating performance should be evaluated in the context of growth investments and industry dynamics View revenue history →
Compared to peers including PLUG (-$1.64B net income, -229.8% margin), BE ($518M net income, -4.4% margin), BLDP (-$77M net income, -91.4% margin), FCEL has outperformed on profitability metrics. Compare FCEL vs PLUG →
FCEL Earnings vs Peers
Earnings metrics vs comparable public companies
FCEL Historical Earnings Data (1992–2025)
34 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | -$188M | -49.1% | -$121M | $-7.42 | -118.8% | -76.6% |
| 2024 | -$126M | -17.1% | -$156M | $-7.83 | -112.4% | -139.1% |
| 2023 | -$108M | +24.6% | -$136M | $-0.26 | -87.2% | -110.3% |
| 2022 | -$143M | -41.3% | -$144M | $-11.40 | -109.4% | -110.1% |
| 2021 | -$101M | -13.4% | -$65M | $-0.30 | -145.2% | -93.3% |
| 2020 | -$89M | -14.9% | -$39M | $-0.40 | -125.7% | -55.3% |
| 2019 | -$78M | -63.9% | -$67M | $-1.41 | -127.7% | -110.2% |
| 2018 | -$47M | +12.2% | -$45M | $-6.86 | -52.9% | -49.9% |
| 2017 | -$54M | -5.8% | -$45M | $-12.96 | -56.3% | -47.0% |
| 2016 | -$51M | -73.6% | -$46M | $-20.54 | -47.1% | -42.8% |
| 2015 | -$29M | +23.0% | -$29M | $-14.37 | -18.0% | -17.7% |
| 2014 | -$38M | -11.0% | -$27M | $-22.35 | -21.1% | -15.1% |
| 2013 | -$34M | +3.2% | -$30M | $-26.52 | -18.3% | -15.9% |
| 2012 | -$35M | +22.4% | -$32M | $-30.89 | -29.4% | -26.6% |
| 2011 | -$46M | +14.2% | -$46M | $-52.87 | -37.3% | -37.3% |
| 2010 | -$53M | +23.1% | -$54M | $-81.71 | -76.4% | -77.9% |
| 2009 | -$69M | +25.8% | -$67M | $-137.83 | -78.7% | -76.1% |
| 2008 | -$93M | -35.9% | -$93M | $-196.05 | -92.7% | -92.1% |
| 2007 | -$69M | +9.8% | -$73M | $-159.53 | -142.4% | -151.6% |
| 2006 | -$76M | -11.6% | -$81M | $-214.69 | -228.6% | -243.5% |
| 2005 | -$68M | +21.1% | -$71M | $-203.45 | -224.5% | -233.4% |
| 2004 | -$86M | -28.2% | -$90M | $-260.01 | -275.4% | -285.6% |
| 2003 | -$67M | -38.0% | -$74M | $-246.75 | -199.5% | -217.7% |
| 2002 | -$49M | -216.4% | -$54M | $-179.71 | -118.5% | -130.5% |
| 2001 | -$15M | -246.2% | -$21M | $-64.70 | -59.0% | -81.3% |
| 2000 | -$4M | -345.9% | -$7M | $-22.69 | -21.5% | -32.5% |
| 1999 | -$1M | -150.0% | -$2M | $-5.76 | -5.0% | -11.0% |
| 1998 | $-400,000 | -200.0% | -$1M | $-3.24 | -1.6% | -4.5% |
| 1997 | $400,000 | -20.0% | -$1M | $2.88 | 1.6% | -4.0% |
| 1996 | $500,000 | +25.0% | $400,000 | $2.95 | 1.7% | 1.4% |
| 1995 | $400,000 | +100.0% | $300,000 | $3.24 | 1.2% | 0.9% |
| 1994 | $200,000 | -33.3% | $300,000 | $1.08 | 0.7% | 1.0% |
| 1993 | $300,000 | +200.0% | $500,000 | $2.16 | 1.4% | 2.3% |
| 1992 | $100,000 | - | $200,000 | $0.65 | 0.6% | 1.2% |
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FCEL — Frequently Asked Questions
Quick answers to the most common questions about buying FCEL stock.
What is FCEL earnings per share (EPS)?
FCEL trailing twelve-month (TTM) diluted EPS is $-2.49, reflecting +5.2% year-over-year growth. The 5-year EPS CAGR is N/A. Complete EPS history from 1992 to 2025 is available in the table on this page.
What is FuelCell Energy, Inc.'s net income?
FuelCell Energy, Inc. (FCEL) trailing twelve-month net income is $-176M as of 2025. Earnings grew +5.2% year-over-year.
Is FCEL profitable?
FCEL is not currently profitable on a TTM basis, reporting a net loss of $-176M. Net margin is -118.8%. Investors should monitor for a return to profitability.
What is FCEL's earnings growth rate?
FCEL compound annual EPS growth rates (CAGR): 1-Year: N/A, 3-Year: N/A, 5-Year: N/A, 10-Year: N/A. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 1992 to 2025.
What are FCEL's profit margins?
FuelCell Energy, Inc. net profit margin is -118.8%, operating margin is -76.6%, and gross margin is -16.7%. Below-average margins reflect competitive or cost pressures. Return on Equity is -25.8%.
Is FCEL growing earnings?
FCEL is growing earnings steadily. YoY EPS growth of +5.2% is consistent with the 5-year CAGR of N/A. TTM net income is $-176M.
What was FCEL's best earnings year?
FuelCell Energy, Inc.'s highest annual net income on record is $500000.00, achieved in fiscal year 1996. Earnings history on this page spans 1992 to 2025 and includes all annual and quarterly figures.
What were FCEL's earnings last quarter?
FCEL's most recent reported quarter was Q3 2026. Net income was $-44M with diluted EPS of $-0.64. For a full breakdown of all quarters, see the quarterly earnings table on this page.