Revenue remains inconsistent, fluctuating between $90.7 million and $142.3 million over the last ten quarters, while operating margins have experienced extreme volatility, reaching a low of -32.6% in 2023Q4.
| 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 | Jul'11 | Jul'10 | Jul'09 |
|---|
| Revenue | 507.21M | 501.97M | 425.2M | 428.71M | 315.54M | 323.27M | 356.93M | 315.29M | 280.31M | 264.2M | 212.11M | 210.11M | 275.03M | 279.17M | 229.46M | 203.56M | 201.36M | 264.71M |
| Revenue Growth % | 14.67% | 18.05% | -0.82% | 35.87% | -2.39% | -9.43% | 13.21% | 12.48% | 6.1% | 24.56% | 0.95% | -23.61% | -1.48% | 21.67% | 12.72% | 1.09% | -23.93% | - |
| Cost of Revenue | 402.65M | 373.8M | 286.72M | 282.5M | 160.76M | 231.63M | 261.88M | 232.39M | 203.76M | 178.69M | 135.17M | 141.01M | 223.09M | 213.42M | 159.87M | 149.71M | 143.53M | 192.55M |
| Gross Profit | 104.55M | 128.18M | 138.48M | 146.21M | 154.78M | 91.64M | 95.05M | 82.9M | 76.55M | 85.51M | 76.94M | 69.09M | 51.94M | 65.76M | 69.59M | 53.85M | 57.83M | 72.16M |
| Gross Margin % | 20.61% | 25.53% | 32.57% | 34.1% | 49.05% | 28.35% | 26.63% | 26.29% | 27.31% | 32.37% | 36.27% | 32.88% | 18.88% | 23.55% | 30.33% | 26.45% | 28.72% | 27.26% |
| Gross Profit Growth % | - | -7.44% | -5.28% | -5.54% | 68.91% | -3.59% | 14.66% | 8.3% | -10.48% | 11.14% | 11.36% | 33.03% | -21.02% | -5.5% | 29.23% | -6.88% | -19.86% | - |
| Operating Expenses | 100.46M | 94.62M | 127.19M | 136.2M | 77.03M | 67.55M | 73.18M | 73.07M | 61.83M | 85M | 67.45M | 74.61M | 73.88M | 61.14M | 63.37M | 41.63M | 26.49M | 33.23M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 4.93M | 34.56M | 12.17M | 10.47M | 78.14M | 24.52M | 24.83M | 13.45M | 10.61M | -4.4M | -29.93M | -5.45M | -25.48M | 736K | 3.17M | 7M | 31.42M | 41.64M |
| EBITDA Margin % | 0.97% | 6.88% | 2.86% | 2.44% | 24.76% | 7.59% | 6.96% | 4.27% | 3.79% | -1.67% | -14.11% | -2.6% | -9.26% | 0.26% | 1.38% | 3.44% | 15.6% | 15.73% |
| EBITDA Growth % | -61% | 183.88% | 16.25% | -86.6% | 218.61% | -1.24% | 84.61% | 26.79% | 341.14% | 85.3% | -448.81% | 78.59% | -3561.68% | -76.79% | -54.69% | -77.73% | -24.55% | - |
| Depreciation & Amortization | 843K | 1M | 884K | 463K | 385K | 436K | 2.96M | 3.63M | 2.06M | 2.14M | 581K | 428K | 132K | 110K | 124K | 24K | 86K | 118K |
| D&A / Revenue % | 0.17% | 0.2% | 0.21% | 0.11% | 0.12% | 0.13% | 0.83% | 1.15% | 0.74% | 0.81% | 0.27% | 0.2% | 0.05% | 0.04% | 0.05% | 0.01% | 0.04% | 0.04% |
| Operating Income (EBIT) | 4.09M | 33.55M | 11.29M | 10.01M | 77.75M | 24.09M | 21.87M | 9.82M | 8.55M | -6.54M | -30.51M | -5.88M | -25.61M | 626K | 3.05M | 6.97M | 31.33M | 41.52M |
| Operating Margin % | 0.81% | 6.68% | 2.66% | 2.33% | 24.64% | 7.45% | 6.13% | 3.12% | 3.05% | -2.48% | -14.39% | -2.8% | -9.31% | 0.22% | 1.33% | 3.43% | 15.56% | 15.69% |
| Operating Income Growth % | - | 197.2% | 12.8% | -87.13% | 222.78% | 10.14% | 122.62% | 14.94% | 230.7% | 78.57% | -418.75% | 77.03% | -4191.05% | -79.46% | -56.31% | -77.74% | -24.54% | - |
| Interest Expense | 437K | 670K | 464K | 99K | 129K | 427K | 328K | 530K | 401K | 310K | 19K | 10K | 0 | 3.22M | 2.91M | 3.17M | 1.72M | 0 |
| Interest Coverage | - | 50.08x | 43.82x | 183.91x | 601.95x | 56.41x | 69.39x | 12.28x | 23.50x | -21.33x | -1576.58x | -810.10x | - | 1.44x | 2.14x | 3.86x | 18.19x | - |
| Interest / Revenue % | 0.09% | 0.13% | 0.11% | 0.02% | 0.04% | 0.13% | 0.09% | 0.17% | 0.14% | 0.12% | 0.01% | 0% | 0% | 1.15% | 1.27% | 1.56% | 0.86% | 0% |
| Non-Operating Income | 4M | 1000K | 1000K | 1000K | -231K | -430K | 561K | -1000K | -1000K | -1000K | 539K | -179K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K |
| Pretax Income | 24.09M | 36.14M | 19.87M | 18.11M | 77.52M | 23.66M | 22.43M | 5.98M | 9.02M | -6.92M | -29.97M | -8.11M | -27.31M | -2.59M | 395K | 4.39M | 28.03M | 40.98M |
| Pretax Margin % | 4.75% | 7.2% | 4.67% | 4.22% | 24.57% | 7.32% | 6.28% | 1.9% | 3.22% | -2.62% | -14.13% | -3.86% | -9.93% | -0.93% | 0.17% | 2.16% | 13.92% | 15.48% |
| Income Tax | 3.09M | 8.26M | 4.67M | 4.24M | 21.04M | 7.52M | 7.63M | 4.6M | -12.38M | 1.73M | 2.22M | 525K | 95K | 2.75M | 2.93M | 6.95M | 13.95M | 18.25M |
| Effective Tax Rate % | 12.81% | 22.86% | 23.49% | 23.41% | 27.14% | 31.79% | 34.02% | 76.94% | -137.15% | -24.93% | -7.4% | -6.47% | -0.35% | -106.54% | 741.77% | 158.2% | 49.77% | 44.53% |
| Net Income | 17.16M | 24.01M | 12.59M | 19.54M | 87.81M | 29.21M | 13.15M | 4.17M | 22.79M | -6.99M | -24.52M | -7.46M | -26.49M | -5.9M | -3.28M | 1.63M | 14.57M | 22.75M |
| Net Margin % | 3.38% | 4.78% | 2.96% | 4.56% | 27.83% | 9.04% | 3.69% | 1.32% | 8.13% | -2.65% | -11.56% | -3.55% | -9.63% | -2.11% | -1.43% | 0.8% | 7.24% | 8.59% |
| Net Income Growth % | 15.12% | 90.71% | -35.57% | -77.75% | 200.56% | 122.08% | 215.09% | -81.68% | 425.78% | 71.48% | -228.89% | 71.85% | -348.69% | -79.91% | -301.29% | -88.81% | -35.94% | - |
| EPS (Diluted) | 0.66 | 0.91 | 0.46 | 0.74 | 3.26 | 1.11 | 0.44 | 0.10 | 0.89 | -0.30 | -1.08 | -0.34 | -1.25 | -0.30 | -0.16 | 0.07 | 0.65 | 1.02 |
| EPS Growth % | 8.77% | 97.83% | -37.84% | -77.3% | 193.69% | 152.27% | 340% | -88.76% | 396.67% | 72.22% | -217.65% | 72.8% | -316.67% | -87.5% | -323.15% | -88.97% | -36.27% | - |
| EPS (Basic) | - | 0.92 | 0.47 | 0.75 | 3.35 | 1.12 | 0.45 | 0.10 | 0.91 | -0.30 | -1.08 | -0.34 | -1.25 | -0.30 | -0.16 | 0.07 | 0.72 | 1.12 |
| Diluted Shares Outstanding | 26.14M | 26.39M | 27.16M | 26.06M | 26.37M | 26.32M | 26.81M | 27.46M | 25.7M | 23.53M | 22.8M | 22.14M | 21.26M | 19.67M | 20.69M | 22.72M | 22.34M | 22.34M |
High volatility in operating margins due to derivative mark-to-market accounting and retail energy churn.
According to the provided quarterly data, Genie Energy's revenue trajectory remains highly inconsistent, fluctuating between $90.7 million and $142.3 million over the last ten quarters, suggesting that top-line growth is driven more by wholesale commodity price pass-throughs than by stable, regulated rate base expansion.
The lack of a traditional utility rate base means revenue is inherently tied to retail energy market volatility rather than predictable regulatory recovery. Investors should note that the 18.05% year-over-year revenue growth observed recently may reflect inflationary pricing adjustments rather than genuine customer base expansion, warranting caution regarding the durability of these gains.
As reported in financial statements, operating margins have swung violently from a negative 32.6% to a positive 11.6%, indicating that the company lacks the protective regulatory mechanisms typically found in traditional utilities to insulate earnings from wholesale energy cost spikes.
The company's reliance on wholesale procurement creates a structural vulnerability where retail price caps prevent full pass-through of cost inflation. This suggests that operating income is highly sensitive to hedging effectiveness, and the frequent swings in profitability imply that the current business model struggles to maintain consistent margins in volatile commodity environments.
Based on the reported figures, the company's net income is frequently distorted by significant non-cash swings, as evidenced by the sharp EPS decline to -$0.92 in 2023Q4 followed by a recovery, which likely stems from mark-to-market accounting on derivative hedging instruments.
Reported EPS appears to be a poor proxy for sustainable regulated earnings power due to these derivative-related fluctuations. Analysts should look past the headline volatility to determine if the underlying retail customer acquisition strategy is actually generating consistent cash flow, as the current P&L structure makes it difficult to isolate core operational performance.
While the income statement highlights revenue growth, it fails to explicitly disclose the rising customer acquisition costs required to maintain market share in a high-churn environment, which may be masking the true long-term profitability of the retail energy book.
The reliance on aggressive marketing to offset churn suggests that the company may be trapped in a cycle of high spending to maintain a static customer base. Investors should monitor whether the current strategy of reinvesting cash into solar manufacturing is a viable pivot or merely a way to distract from the deteriorating economics of the legacy retail energy business.
Quick answers to the most common questions about buying GNE stock.
For fiscal year 2025, Genie Energy Ltd. (GNE) reported total revenue of $502.0M. This represents a 89.6% increase compared to $264.7M in 2009.
Genie Energy Ltd. (GNE) is profitable, generating $24.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.8%.
Genie Energy Ltd. (GNE) reported an operating income of $33.6M, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Genie Energy Ltd. (GNE) generated $128.2M in gross profit for the year, representing a gross profit margin of 25.5%. This demonstrates the company's core pricing power and production efficiency.