Fluence Energy, Inc. (FLNC) Revenue History
Annual and quarterly revenue from 2019 to present
FLNC Revenue Over Time (2019–2025)
FLNC Revenue Growth History
5 of 6 years with positive growth- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- +509.1%
- FY2021 revenue growth
- +21.3%
- FY2022 revenue growth
- +76.1%
- FY2023 revenue growth
- +85.0%
- FY2024 revenue growth
- +21.7%
- FY2025 revenue growth
- -16.1%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $464.9M | +7.7% |
| Q1 2026 | $475.2M | +154.4% |
| Q4 2025 | $1.04B | -15.2% |
| Q3 2025 | $602.5M | +24.7% |
| Q2 2025 | $431.6M | -30.7% |
| Q1 2025 | $186.8M | -48.7% |
| Q4 2024 | $1.23B | +82.5% |
| Q3 2024 | $483.3M | -9.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
FLNC's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
FLNC Revenue Analysis (2019–2025)
Current Revenue & Growth
As of June 21, 2026, Fluence Energy, Inc. (FLNC) generated trailing twelve-month (TTM) revenue of $2.58 billion, reflecting solid growth of +7.7% year-over-year. The most recent quarter (Q2 2026) recorded $464.9 million in revenue, down 2.2% sequentially.
Historical Growth Trajectory
FLNC's 5-year compound annual growth rate (CAGR) stands at +32.2%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +23.6% is below the 5-year average, signalling a growth deceleration in recent years. Fluence Energy, Inc.'s highest annual revenue of $2.70 billion was recorded in 2024.
Revenue by Segment
FLNC's revenue is primarily driven by Product (96%), and Service (4%). With over half of revenue concentrated in Product, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Utilities sector peers — including STEM (-1.5% YoY), NRGV (+362.0% YoY), and GNRC (-0.5% YoY) — FLNC has underperformed the peer group in revenue growth. Compare FLNC vs STEM →
FLNC Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| FLNCCurrent | $2.6B | +7.7% | +32.2% | -2.0% | |
 STEM | $156M | -1.5% | +33.9% | -35.6% | |
 NRGV | $204M | +362.0% | - | -36.5% | |
 GNRC | $4.2B | -0.5% | +11.1% | 6.9% | |
 BE | $2.0B | +56.5% | +20.6% | 3.6% | |
 FCEL | $158M | +29.7% | +17.4% | -76.6% |
FLNC Historical Revenue Data (2019–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.26B | -16.1% | $295.8M | 13.1% | $-46,337,000 | -2.0% |
| 2024 | $2.70B | +21.7% | $341.1M | 12.6% | $26.6M | 1.0% |
| 2023 | $2.22B | +85.0% | $141.0M | 6.4% | $-112,609,000 | -5.1% |
| 2022 | $1.20B | +76.1% | $-62,354,000 | -5.2% | $-283,521,000 | -23.7% |
| 2021 | $680.8M | +21.3% | $-69,144,000 | -10.2% | $-158,469,000 | -23.3% |
| 2020 | $561.3M | +509.1% | $7.9M | 1.4% | $0 | - |
| 2019 | $92.2M | - | $-7,917,000 | -8.6% | $-49,592,000 | -53.8% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
7+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
FLNC — Frequently Asked Questions
Quick answers to the most common questions about buying FLNC stock.
Is FLNC's revenue growth accelerating or slowing?
FLNC revenue growth is holding steady at +7.7% year-over-year. TTM revenue is $2.6B. The current growth rate closely tracks the 5-year CAGR of +32.2%, signalling consistent execution.
What is FLNC's revenue history from 2019 to 2026?
Fluence Energy, Inc. (FLNC) revenue history spans 2019 to 2026. TTM revenue as of 2026 is $2.6B, growing at +7.7% YoY. The 5-year CAGR is +32.2%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is FLNC's long-term revenue growth rate (CAGR)?
Fluence Energy, Inc.'s 5-year revenue CAGR of +32.2% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +7.7% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for FLNC.
Why does FLNC's quarterly revenue fluctuate?
FLNC 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. Fluence Energy, Inc.'s revenue data from 2019 to 2026 shows full historical quarterly detail on this page.
How is FLNC's revenue distributed by segment?
FLNC 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 FLNC's revenue compare to industry peers?
Fluence Energy, Inc. (FLNC) with TTM revenue of $2.6B and +7.7% 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.