OPAL Fuels Inc. (OPAL) Revenue History
Annual and quarterly revenue from 2019 to 2025
Compound Annual Growth Rate (CAGR)
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OPAL Revenue Growth
Revenue Breakdown (FY 2024)
OPAL's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
OPAL Revenue Analysis (2019–2025)
As of May 8, 2026, OPAL Fuels Inc. (OPAL) generated trailing twelve-month (TTM) revenue of $349.0 million, reflecting exceptional growth of +24.7% year-over-year. The most recent quarter (Q4 2025) recorded $99.8 million in revenue, up 19.7% sequentially.
Looking at the longer-term picture, OPAL's 5-year compound annual growth rate (CAGR) stands at +24.3%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $349.0 million in 2025, representing a new all-time high.
Revenue diversification analysis shows OPAL's business is primarily driven by Environmental Credits (87%), Service (11%), and Parts (2%). With over half of revenue concentrated in Environmental Credits, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including CLNE (+5.5% YoY), GPRE (-21.4% YoY), and GEVO (+314.9% YoY), OPAL has underperformed the peer group in terms of revenue growth. Compare OPAL vs CLNE →
OPAL Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| OPALCurrent | $349M | +24.7% | +24.3% | 1.4% | |
 CLNE | $425M | +5.5% | +7.8% | -22.1% | |
 GPRE | $2.1B | -21.4% | +1.7% | -4.0% | |
 GEVO | $161M | +314.9% | +96.1% | -11.7% | |
 REX | $642M | -3.1% | +9.0% | 10.0% | |
 AMTX | $208M | -12.0% | +4.7% | -17.9% |
OPAL Historical Revenue Data (2019–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $349.0M | +16.3% | $83.8M | 24.0% | $4.9M | 1.4% |
| 2024 | $300.0M | +17.1% | $100.1M | 33.4% | $21.2M | 7.1% |
| 2023 | $256.1M | +8.7% | $72.2M | 28.2% | $7.0M | 2.7% |
| 2022 | $235.5M | +41.8% | $72.7M | 30.9% | $7.6M | 3.2% |
| 2021 | $166.1M | +41.1% | $51.1M | 30.7% | $11.0M | 6.6% |
| 2020 | $117.7M | -1.7% | $27.5M | 23.4% | $-17,836,000 | -15.2% |
| 2019 | $119.7M | - | $28.7M | 24.0% | $814K | 0.7% |
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Start ComparisonOPAL — Frequently Asked Questions
Quick answers to the most common questions about buying OPAL stock.
Is OPAL's revenue growth accelerating or slowing?
OPAL revenue is accelerating at +24.7% year-over-year, exceeding the 5-year CAGR of +24.3%. TTM revenue reached $349M. Growth momentum has increased versus prior periods.
What is OPAL's long-term revenue growth rate?
OPAL Fuels Inc.'s 5-year revenue CAGR of +24.3% reflects the sustained expansion pattern. Current YoY growth of +24.7% is above this long-term average.
How is OPAL's revenue distributed by segment?
OPAL reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2019-2025 are available for download. Segment mix reveals concentration and diversification trends.