OPAL Fuels Inc. (OPAL) Revenue History
Annual and quarterly revenue from 2019 to present
OPAL Revenue Over Time (2019–2025)
OPAL Revenue Growth History
5 of 6 years with positive growth- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- -1.7%
- FY2021 revenue growth
- +41.1%
- FY2022 revenue growth
- +41.8%
- FY2023 revenue growth
- +8.7%
- FY2024 revenue growth
- +17.1%
- FY2025 revenue growth
- +16.4%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $73.9M | -14.8% |
| Q4 2025 | $99.8M | +24.7% |
| Q3 2025 | $83.4M | -0.8% |
| Q2 2025 | $77.7M | +9.5% |
| Q1 2025 | $86.8M | +33.6% |
| Q4 2024 | $80.0M | -8.0% |
| Q3 2024 | $84.0M | +18.2% |
| Q2 2024 | $71.0M | +28.9% |
Multi-year avg. share of annual revenue by fiscal quarter
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)
Current Revenue & Growth
As of June 24, 2026, OPAL Fuels Inc. (OPAL) generated trailing twelve-month (TTM) revenue of $334.7 million, reflecting significant decline in growth of -14.8% year-over-year. The most recent quarter (Q1 2026) recorded $73.9 million in revenue, down 25.9% sequentially.
Historical Growth Trajectory
OPAL's 5-year compound annual growth rate (CAGR) stands at +24.3%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +14.0% is below the 5-year average, signalling a growth deceleration in recent years. OPAL Fuels Inc.'s highest annual revenue of $349.1 million was recorded in 2025, an all-time high.
Revenue by Segment
OPAL's revenue is primarily driven by Environmental Credits (87%), Service (11%), and Parts (2%). With over half of revenue concentrated in Environmental Credits, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Utilities sector peers — including CLNE (+5.4% YoY), GPRE (-21.0% YoY), and GEVO (+314.9% YoY) — OPAL has underperformed the peer group in 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 | $335M | -14.8% | +24.3% | 1.4% | |
 CLNE | $426M | +5.4% | +7.9% | -22.0% | |
 GPRE | $2.1B | -21.0% | +1.7% | -4.0% | |
 GEVO | $161M | +314.9% | +96.1% | -11.7% | |
 REX | $650M | +2.6% | +11.8% | 9.4% | |
 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 | $349.1M | +16.4% | $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% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
OPAL — 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 declining -14.8% year-over-year. TTM revenue fell to $335M, contrasting with the 5-year CAGR of +24.3%. The reversal reflects either macro headwinds or company-specific challenges.
What is OPAL's revenue history from 2019 to 2026?
OPAL Fuels Inc. (OPAL) revenue history spans 2019 to 2026. TTM revenue as of 2026 is $335M, growing at -14.8% YoY. The 5-year CAGR is +24.3%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is OPAL's long-term revenue growth rate (CAGR)?
OPAL Fuels Inc.'s 5-year revenue CAGR of +24.3% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -14.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for OPAL.
Why does OPAL's quarterly revenue fluctuate?
OPAL 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. OPAL Fuels Inc.'s revenue data from 2019 to 2026 shows full historical quarterly detail on this page.
How is OPAL's revenue distributed by segment?
OPAL 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 OPAL's revenue compare to industry peers?
OPAL Fuels Inc. (OPAL) with TTM revenue of $335M and -14.8% 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.