Fuelcell Energy (FCEL) Operating Income (2010 - 2026)

Fuelcell Energy's (FCEL) quarterly Operating Income came in at -$77.9 million in Q2 2026, down 117.57% YoY from $443.4 million in Q2 2025, and down 196.36% on a QoQ basis from -$26.3 million in Q1 2026.

Fuelcell Energy (FCEL) Operating Income (2010 - 2026) Analysis & Trends

Fuelcell Energy's Operating Income history runs 17 years deep, the most recent figure standing at -$77.9 million for Q2 2026.

  • On a quarterly basis, Operating Income fell 117.57% year-over-year to -$77.9 million in Q2 2026; TTM through Apr 2026 was -$227.9 million, a 59.02% decrease from a year earlier, with the FY2025 full-year figure at -$192.3 million, down 21.36% from the prior year.
  • Operating Income was -$77.9 million for Q2 2026 at Fuelcell Energy, down from -$26.3 million in the prior quarter.
  • Over the last five years, Operating Income for FCEL reached as high as -$22.5 million in Q1 2023 and fell as low as -$95.4 million in Q3 2025.
  • A 5-year average of -$40.8 million and a median of -$36.1 million in 2023 frame the typical range for Operating Income.
  • The widest annual swing landed in 2022, when Operating Income sank 212.0%; it then soared 49.93% in 2023.
  • Tracing FCEL's Operating Income over 5 years: stood at -$42.7 million in 2022, then increased by 14.74% to -$36.4 million in 2023, then declined by 12.8% to -$41.0 million in 2024, then soared by 30.97% to -$28.3 million in 2025, then sank by 175.09% to -$77.9 million in 2026.
  • According to Business Quant data, Operating Income over the past three periods registered -$77.9 million, -$26.3 million, and -$28.3 million for Q2 2026, Q1 2026, and Q4 2025 respectively.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Op. Inc (Qtr)
1 Novonix 479.97 Bn 479.92 Bn - -
2 Vertiv Holdings 114.69 Bn 112.19 Bn 999.70 Mn 440.10 Mn
3 Bloom Energy 79.53 Bn 77.06 Bn 225.54 Mn 72.20 Mn
4 nVent Electric 27.08 Bn 26.89 Bn 445.60 Mn 195.70 Mn
5 Hubbell 26.67 Bn 26.16 Bn 505.30 Mn 263.80 Mn
6 Advanced Energy Industries 13.19 Bn 13.19 Bn 200.90 Mn 68.30 Mn
7 Powell Industries 10.63 Bn 10.09 Bn 87.94 Mn 57.58 Mn
8 Ballard Power Systems 10.07 Bn 9.54 Bn 5.64 Mn -11.26 Mn
9 Acuity Inc. (De) 9.39 Bn 9.12 Bn 520.40 Mn 133.00 Mn
10 Fuelcell Energy 1.02 Bn 1.02 Bn -12.93 Mn -77.91 Mn

Historic Data

Download Data
DateValue
Apr 30, 2026 -77.91 Mn
Jan 31, 2026 -26.29 Mn
Oct 31, 2025 -28.32 Mn
Jul 31, 2025 -95.36 Mn
Apr 30, 2025 -35.81 Mn
Jan 31, 2025 -32.85 Mn
Oct 31, 2024 -41.03 Mn
Jul 31, 2024 -33.62 Mn
Apr 30, 2024 -41.36 Mn
Jan 31, 2024 -42.48 Mn
Oct 31, 2023 -36.38 Mn
Jul 31, 2023 -41.40 Mn
Apr 30, 2023 -35.86 Mn
Jan 31, 2023 -22.46 Mn
Oct 31, 2022 -42.67 Mn
Jul 31, 2022 -28.00 Mn
Apr 30, 2022 -28.22 Mn
Jan 31, 2022 -44.84 Mn
Oct 31, 2021 -22.55 Mn
Jul 31, 2021 -10.59 Mn