Revenue contracted by 51.9% year-over-year in 2026Q1, while operating margins plummeted to -48.6% due to persistent operational inefficiencies and high commissioning costs.
New Fortress Energy Inc. (NFE) annual income statement — 10-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 |
|---|
| Revenue | 1.26B | 1.5B | 2.36B | 2.41B | 2.37B | 1.32B | 451.65M | 189.13M | 112.3M | 97.26M | 21.39M |
| Revenue Growth % | -37.51% | -36.4% | -2.01% | 1.9% | 79.03% | 192.88% | 138.81% | 68.41% | 15.46% | 354.6% | - |
| Cost of Revenue | 1.21B | 1.37B | 1.26B | 1.11B | 1.22B | 766.06M | 326.35M | 210.26M | 105.33M | 86.15M | 27.95M |
| Gross Profit | 47.62M | 136.82M | 1.1B | 1.3B | 1.15B | 556.75M | 125.3M | -21.13M | 6.97M | 11.11M | -6.56M |
| Gross Margin % | 3.77% | 9.1% | 46.72% | 54% | 48.63% | 42.09% | 27.74% | -11.17% | 6.21% | 11.43% | -30.65% |
| Gross Profit Growth % | - | -87.62% | -15.22% | 13.15% | 106.86% | 344.32% | 692.92% | -403.2% | -37.29% | 269.5% | - |
| Operating Expenses | 331.48M | 307.44M | 566.17M | 360.42M | 414.31M | 317.87M | 280.66M | 166.14M | 65.46M | 36.1M | 20.5M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | -58.18M | 71.72M | 701.16M | 1.13B | 880.97M | 338.42M | -122.06M | -178.63M | -54.45M | -21.78M | -24.67M |
| EBITDA Margin % | -4.61% | 4.77% | 29.65% | 46.82% | 37.2% | 25.58% | -27.02% | -94.45% | -48.49% | -22.39% | -115.3% |
| EBITDA Growth % | -113.65% | -89.77% | -37.95% | 28.27% | 160.32% | 377.27% | 31.67% | -228.05% | -150.06% | 11.73% | - |
| Depreciation & Amortization | 225.68M | 242.35M | 162.53M | 187.32M | 143.59M | 99.54M | 33.3M | 8.64M | 4.03M | 3.21M | 2.39M |
| D&A / Revenue % | 17.87% | 16.11% | 6.87% | 7.76% | 6.06% | 7.53% | 7.37% | 4.57% | 3.59% | 3.3% | 11.17% |
| Operating Income (EBIT) | -283.87M | -170.62M | 538.64M | 942.67M | 737.38M | 238.88M | -155.36M | -187.28M | -58.49M | -24.99M | -27.06M |
| Operating Margin % | -22.48% | -11.34% | 22.78% | 39.06% | 31.14% | 18.06% | -34.4% | -99.02% | -52.08% | -25.69% | -126.47% |
| Operating Income Growth % | - | -131.68% | -42.86% | 27.84% | 208.68% | 253.76% | 17.04% | -220.19% | -134.05% | 7.64% | - |
| Interest Expense | 4M | 777.85M | 328.38M | 277.84M | 236.86M | 154.32M | 65.72M | 19.41M | 11.25M | 6.46M | 5.11M |
| Interest Coverage | - | -1.28x | 0.29x | 3.32x | 1.21x | 1.63x | -3.18x | -10.14x | -6.30x | -3.93x | -5.52x |
| Interest / Revenue % | 0.32% | 51.72% | 13.89% | 11.51% | 10% | 11.67% | 14.55% | 10.26% | 10.02% | 6.64% | 23.86% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | -1.86B | -1.77B | -172.88M | 664.39M | 61.35M | 105.17M | -259.15M | -203.88M | -78.52M | -31.14M | -33.29M |
| Pretax Margin % | -147.54% | -117.72% | -7.31% | 27.53% | 2.59% | 7.95% | -57.38% | -107.8% | -69.92% | -32.02% | -155.58% |
| Income Tax | 49.7M | 61.35M | 69.51M | 115.51M | -123.44M | 12.46M | 4.82M | 439K | -338K | 526K | -361K |
| Effective Tax Rate % | -2.67% | -3.46% | -40.21% | 17.39% | -201.21% | 11.85% | -1.86% | -0.22% | 0.43% | -1.69% | 1.08% |
| Net Income | -1.93B | -1.84B | -249.04M | 547.88M | 194.48M | 97.1M | -182.15M | -33.81M | -78.08M | -31.67M | -32.93M |
| Net Margin % | -152.84% | -122.58% | -10.53% | 22.7% | 8.21% | 7.34% | -40.33% | -17.88% | -69.52% | -32.56% | -153.9% |
| Net Income Growth % | -103.88% | -640.29% | -145.45% | 181.72% | 100.28% | 153.31% | -438.75% | 56.7% | -146.52% | 3.81% | - |
| EPS (Diluted) | -337.83 | -331.50 | -62.50 | 132.50 | 46.50 | 24.00 | -85.50 | -27.00 | -57.50 | -23.50 | -24.00 |
| EPS Growth % | -71.06% | -430.4% | -147.17% | 184.95% | 93.75% | 128.07% | -216.67% | 53.04% | -144.68% | 2.08% | - |
| EPS (Basic) | - | -331.50 | -62.00 | 133.00 | 46.50 | 24.50 | -85.50 | -27.00 | -57.50 | -24.50 | -24.00 |
| Diluted Shares Outstanding | 5.71M | 5.57M | 4.37M | 4.13M | 4.2M | 4.03M | 2.13M | 1.25M | 1.36M | 1.36M | 1.36M |
Quick answers to the most common questions about buying NFE stock.
For fiscal year 2025, New Fortress Energy Inc. (NFE) reported total revenue of $1.50B. This represents a 6929.9% increase compared to $21.4M in 2016.
New Fortress Energy Inc. (NFE) reported a net loss of $1.84B for the fiscal year ending 2025.
New Fortress Energy Inc. (NFE) reported an operating income of $-170.6M, resulting in an operating profit margin of -11.3%. This margin reflects the operational efficiency of the business before interest and taxes.
New Fortress Energy Inc. (NFE) generated $136.8M in gross profit for the year, representing a gross profit margin of 9.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High exposure to project execution delays and commodity price volatility in international markets.
Metrics are mathematically derived from official filings.
Revenue Contraction Reflects Project Delays
As reported in recent financial statements, NFE experienced a severe 51.9% year-over-year revenue decline in 2026Q1, signaling that the company's transition from a logistics provider to a liquefaction-focused infrastructure developer is currently failing to generate the anticipated top-line growth required to sustain its massive asset base.
The sharp revenue drop suggests that the company is struggling with the commercialization of its Fast LNG assets, which were intended to be the primary growth engine. Investors should monitor whether this decline is a temporary byproduct of commissioning delays or a structural loss of market share in its core Caribbean and Latin American territories.
Margin Compression From Operational Inefficiencies
Based on the company's 2026Q1 income statement, the operating margin plummeted to -48.6%, indicating that the firm is unable to cover its fixed infrastructure costs, likely due to the high expense of procuring third-party gas while proprietary liquefaction assets remain underutilized or offline.
The inability to maintain positive operating margins suggests that the company's integrated model is currently suffering from a significant cost-to-revenue mismatch. This warrants further investigation into whether the current cost structure is permanently elevated by the complexity of its international logistics or if it remains a transient issue related to project startup phases.
Earnings Power Obscured by Losses
According to the latest quarterly filings, NFE reported a net loss of $399.9 million in 2026Q1, resulting in a net margin of -176.2%, which suggests that the company's current earnings profile is heavily burdened by non-recurring commissioning costs and significant interest expenses on its capital-intensive infrastructure.
The extreme volatility in net income appears to reflect a business model that is not yet at a steady state of operations. Analysts should be cautious about interpreting these figures as representative of long-term earnings power, as the current losses may be masking the underlying cash-burn rate of the company's aggressive expansion strategy.
Capital Intensity Outpacing Returns
Financial data indicates that NFE's heavy reliance on capital-intensive infrastructure, such as FSRUs and liquefaction units, has failed to translate into positive EPS, with the company posting a -1.40 EPS in 2026Q1, highlighting a disconnect between massive capital deployment and actualized shareholder returns.
The current CAPEX cycle appears to be a high-stakes gamble on modular liquefaction technology that has yet to prove its economic viability. Investors should monitor whether the company can reach a critical mass of operational assets before its liquidity position is further compromised by the ongoing need for debt-funded growth.
Hidden Risks in Asset Utilization
Based on the reported figures, the persistent negative interest coverage ratio of -0.59 in 2026Q1 suggests that the company's debt service obligations are becoming increasingly difficult to manage, potentially forcing management to rely on further capital infusions to sustain its current operational footprint.
The income statement may be hiding the true extent of the company's reliance on construction work in progress to justify its valuation, which could lead to significant impairment risks if project timelines continue to slip. The market appears to be underestimating the potential for a liquidity crunch if the company's core infrastructure assets fail to achieve expected utilization rates in the near term.