FuelCell Energy, Inc. (FCEL) Revenue History
Annual and quarterly revenue from 1992 to present
FCEL Revenue Over Time (1992–2025)
FCEL Revenue Growth History
14 of 33 years with positive growth- FY1992 revenue growth
- N/A
- FY1993 revenue growth
- +30.6%
- FY1994 revenue growth
- +35.6%
- FY1995 revenue growth
- +13.0%
- FY1996 revenue growth
- -13.5%
- FY1997 revenue growth
- -15.6%
- FY1998 revenue growth
- -2.0%
- FY1999 revenue growth
- -17.7%
- FY2000 revenue growth
- +3.6%
- FY2001 revenue growth
- +26.4%
- FY2002 revenue growth
- +57.5%
- FY2003 revenue growth
- -18.0%
- FY2004 revenue growth
- -7.1%
- FY2005 revenue growth
- -3.2%
- FY2006 revenue growth
- +9.6%
- FY2007 revenue growth
- +44.9%
- FY2008 revenue growth
- +108.8%
- FY2009 revenue growth
- -12.6%
- FY2010 revenue growth
- -20.7%
- FY2011 revenue growth
- +75.7%
- FY2012 revenue growth
- -1.6%
- FY2013 revenue growth
- +55.6%
- FY2014 revenue growth
- -3.9%
- FY2015 revenue growth
- -9.5%
- FY2016 revenue growth
- -33.6%
- FY2017 revenue growth
- -11.6%
- FY2018 revenue growth
- -6.5%
- FY2019 revenue growth
- -32.1%
- FY2020 revenue growth
- +16.7%
- FY2021 revenue growth
- -1.8%
- FY2022 revenue growth
- +87.5%
- FY2023 revenue growth
- -5.4%
- FY2024 revenue growth
- -9.1%
- FY2025 revenue growth
- +41.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $35.6M | -4.9% |
| Q1 2026 | $30.5M | +60.7% |
| Q4 2025 | $55.0M | +11.5% |
| Q3 2025 | $46.7M | +97.3% |
| Q2 2025 | $37.4M | +66.8% |
| Q1 2025 | $19.0M | +13.8% |
| Q4 2024 | $49.3M | +119.6% |
| Q3 2024 | $23.7M | -7.1% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2024)
FCEL's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
FCEL Revenue Analysis (1992–2025)
Current Revenue & Growth
As of June 22, 2026, FuelCell Energy, Inc. (FCEL) generated trailing twelve-month (TTM) revenue of $167.9 million, reflecting slight decline in growth of -4.9% year-over-year. The most recent quarter (Q2 2026) recorded $35.6 million in revenue, up 16.6% sequentially.
Historical Growth Trajectory
FCEL's 5-year compound annual growth rate (CAGR) stands at +17.4%, indicating consistent double-digit revenue growth. The 3-year CAGR of +6.6% is below the 5-year average, signalling a growth deceleration in recent years. FuelCell Energy, Inc.'s highest annual revenue of $187.7 million was recorded in 2013.
Revenue by Segment
FCEL's revenue is primarily driven by Electricity, Generation (54%), Product (35%), and Advanced Technologies (8%). With over half of revenue concentrated in Electricity, Generation, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Industrials sector peers — including PLUG (+15.2% YoY), BE (+56.5% YoY), and BLDP (+42.5% YoY) — FCEL has underperformed the peer group in revenue growth. Compare FCEL vs PLUG →
FCEL Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| FCELCurrent | $168M | -4.9% | +17.4% | -76.6% | |
 PLUG | $710M | +15.2% | - | -95.7% | |
 BE | $2.0B | +56.5% | +20.6% | 3.6% | |
 BLDP | $101M | +42.5% | -0.5% | -80.6% | |
 CLNE | $426M | +5.4% | +7.9% | -22.0% | |
 ITRI | $2.4B | -4.0% | +1.7% | 13.5% |
FCEL Historical Revenue Data (1992–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $158.2M | +41.0% | $-26,408,000 | -16.7% | $-121,230,000 | -76.6% |
| 2024 | $112.1M | -9.1% | $-35,918,000 | -32.0% | $-155,926,000 | -139.1% |
| 2023 | $123.4M | -5.4% | $-10,535,000 | -8.5% | $-136,084,000 | -110.3% |
| 2022 | $130.5M | +87.5% | $-29,575,000 | -22.7% | $-143,724,000 | -110.1% |
| 2021 | $69.6M | -1.8% | $-15,639,000 | -22.5% | $-64,902,000 | -93.3% |
| 2020 | $70.9M | +16.7% | $-7,725,000 | -10.9% | $-39,166,000 | -55.3% |
| 2019 | $60.8M | -32.1% | $-21,269,000 | -35.0% | $-66,929,000 | -110.2% |
| 2018 | $89.4M | -6.5% | $3.1M | 3.5% | $-44,632,000 | -49.9% |
| 2017 | $95.7M | -11.6% | $2.7M | 2.9% | $-44,935,000 | -47.0% |
| 2016 | $108.3M | -33.6% | $-357,000 | -0.3% | $-46,353,000 | -42.8% |
| 2015 | $163.1M | -9.5% | $12.8M | 7.8% | $-28,892,000 | -17.7% |
| 2014 | $180.3M | -3.9% | $13.7M | 7.6% | $-27,311,000 | -15.1% |
| 2013 | $187.7M | +55.6% | $7.1M | 3.8% | $-29,813,000 | -15.9% |
| 2012 | $120.6M | -1.6% | $445K | 0.4% | $-32,129,000 | -26.6% |
| 2011 | $122.6M | +75.7% | $-12,610,000 | -10.3% | $-45,677,000 | -37.3% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
34+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
FCEL — Frequently Asked Questions
Quick answers to the most common questions about buying FCEL stock.
Is FCEL's revenue growth accelerating or slowing?
FCEL revenue growth is slowing. TTM revenue is $168M, up -4.9% year-over-year — below the 5-year CAGR of +17.4%. The deceleration suggests maturing end-markets or increased competition.
What is FCEL's revenue history from 1992 to 2026?
FuelCell Energy, Inc. (FCEL) revenue history spans 1992 to 2026. TTM revenue as of 2026 is $168M, growing at -4.9% YoY. The 5-year CAGR is +17.4%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is FCEL's long-term revenue growth rate (CAGR)?
FuelCell Energy, Inc.'s 5-year revenue CAGR of +17.4% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -4.9% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for FCEL.
Why does FCEL's quarterly revenue fluctuate?
FCEL quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. FuelCell Energy, Inc.'s revenue data from 1992 to 2026 shows full historical quarterly detail on this page.
How is FCEL's revenue distributed by segment?
FCEL reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does FCEL's revenue compare to industry peers?
FuelCell Energy, Inc. (FCEL) with TTM revenue of $168M and -4.9% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.