Environmental Attributes was OPAL Fuels’s largest segment in fiscal 2025, bringing in $258.95M of $870.23M (30%).
| Segment | FY 2024 | FY 2025 |
|---|---|---|
| Environmental Attributes | $246.95M | $258.95M |
| Construction | $119.30M | $147.12M |
| Rng Marketing | $103.78M | $131.84M |
| Third Party Station Service & Maintenance | $74.95M | $83.93M |
| Electricity Sales | $68.14M | $65.88M |
| Opal Owned Stations | $52.98M | $62.87M |
| Lease Revenues | $24.44M | $63.98M |
| Brown Gas Sales | $14.24M | $40.96M |
| Capacity | $9.33M | $9.64M |
| Other | $4.07M | $5.07M |
| Total | $718.17M | $870.23M |
OPAL Fuels brought in $870.23M from its 10 segments in fiscal 2025, the year ended December 31, 2025. That was up 21.2% from $718.17M in fiscal 2024. Environmental Attributes was the largest at $258.95M (29.8%), ahead of Construction at $147.12M (16.9%) and Rng Marketing at $131.84M (15.2%). The other seven segments brought in $332.32M combined.
Compared with fiscal 2024, Brown Gas Sales grew fastest, up 187.7% to $40.96M, while Electricity Sales fell the most, down 3.3% to $65.88M.
Fuel Station Services was OPAL Fuels’s largest segment in fiscal 2023, bringing in $405.04M of $569.45M (71%).
| Statement Business Segments | FY 2021 | FY 2023 |
|---|---|---|
| Fuel Station Services | — | $405.04M |
| Rng Fuel | $211.08M | — |
| Renewable Power | — | $164.41M |
| Renewable Power (Includes Revenues From Related Party Of $5,495 & $3,008 For The Years Ended December 31, 2022 And 2021, Respectively) | $147.62M | — |
| Total | $358.70M | $569.45M |
OPAL Fuels brought in $569.45M from its two segments in fiscal 2023, the year ended December 31, 2023. OPAL Fuels regrouped these segments after fiscal 2021, so the total does not compare directly with that year's $358.70M. Fuel Station Services was the largest at $405.04M (71.1%), ahead of Renewable Power at $164.41M (28.9%).
OPAL Fuels began breaking out Fuel Station Services in fiscal 2023 and Renewable Power in fiscal 2023. OPAL Fuels stopped reporting Rng Fuel ($211.08M in fiscal 2021) and Renewable Power (Includes Revenues From Related Party Of $5,495 & $3,008 For The Years Ended December 31, 2022 And 2021, Respectively) ($147.62M in fiscal 2021) as separate segments.
OPAL Fuels (OPAL) reports its revenue by segment and by statement business segments. In fiscal 2025, Environmental Attributes was its largest segment, bringing in $258.95M (29.8% of the total), followed by Construction at $147.12M (16.9%).
Environmental Attributes was OPAL Fuels' largest segment in fiscal 2025, bringing in $258.95M, or 29.8% of the $870.23M total across its 10 segments.
Among OPAL Fuels' segments that make up at least 2% of revenue, Brown Gas Sales grew fastest in fiscal 2025, up 187.7% from $14.24M to $40.96M.
Every figure comes from OPAL Fuels' annual financial filings, as reported. Each line keeps the name OPAL Fuels gives it, and years follow its fiscal calendar.
OPAL Fuels' revenue by segment goes back to fiscal 2024, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.