NASDAQ$OPAL
Opal Fuels Inc-A · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
OPAL Fuels reported Q4 2025 revenue of $99.8M and net income of $16.2M.
Q4 revenue grew 25% to $99.8 million; FY2025 revenue was $349.0 million (+16%). Net income was $16.2 million versus a loss a year ago. Adjusted EBITDA was $34.2 million in Q4 and $90.2 million for the year, within guidance. RNG production reached 1.3 million MMBtu in Q4 (+20% YoY).
- Q4 adjusted EBITDA $34.2M; FY2025 adjusted EBITDA $90.2M.
- RNG production 4.9M MMBtu for FY2025 (+29% YoY).
- 2026 adjusted EBITDA guidance $95M–$110M at assumed $2.45/gal D3 RIN.
- $180M preferred refinancing closed March 2026 to support growth capex.
Headline financials
Revenue & EPS history
Opal Fuels · Revenue · Quarterly
$99.8M
Revenue by segment
Opal Fuels · $71.1M total across 3 segments · Q3 2023
- Fuel Station Services$37.3M—52.5%
- RNG Fuel$20.1M—28.3%
- Renewable Power$13.7M—19.3%
Forward guidance
2026 adjusted EBITDA projected $95M–$110M with RNG production 5.4–5.8M MMBtu.
Tailwinds
- 45Z production tax credits recognized.
- Preferred refinancing improves liquidity.
Headwinds
- D3 RIN price sensitivity (~$5–6M EBITDA per $0.10/gal).
- Regulatory changes affecting transaction caps.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q4 2025
-1.1%
Avg return
Earnings day
-3.6%
Avg return
5 days after
-1.7%
Avg return
30 days after
40%
6 / 15 earnings
Positive
+30.3%
Q4 2025
Best reaction
-12.9%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.5% | -14.5% | -14.5% | |
| Q4 2025 | +30.3% | -3.7% | +15.0% | |
| Q3 2025 | +4.0% | +13.1% | +30.2% | |
| Q1 2025 | -7.5% | -6.6% | +33.2% | |
| Q4 2024 | -12.9% | -7.2% | -26.4% | |
| Q3 2024 | +0.0% | -3.9% | -4.7% | |
| Q2 2024 | -2.4% | -9.0% | -14.9% | |
| Q1 2024 | +2.4% | -1.0% | -7.3% | |
| Q4 2023 | +1.9% | +1.5% | +0.4% | |
| Q3 2023 | +0.9% | +7.0% | +0.3% | |
| Q2 2023 | -5.1% | -4.0% | -9.5% | |
| Q1 2023 | +0.5% | +0.0% | -5.0% | |
| Q4 2022 | -3.4% | -1.3% | +7.5% | |
| Q3 2022 | -10.4% | -12.4% | -16.5% | |
| Q2 2022 | -10.9% | -12.2% | -12.9% |
Discussion
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