Opal Fuels Inc. cash flow statement

In fiscal 2025, Opal Fuels Inc.'s operations generated $36.5m of cash; it spent $70.7m on capital projects, leaving free cash flow of −$34.2m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Opal Fuels Inc.: cash flow statement, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	19	−1	38	31	36	38
Depreciation and amortisation	11	13	15	18	22	22
Stock-based pay	1	1	6	6	6	7
Capital spending	90	131	114	127	71	90
Free cash flow	−71	−133	−76	−96	−34	−52
Free cash flow after stock pay	−71	−134	−81	−102	−41	−58
Shares issued	—	0	0	0	0	—

US$ millions unless shown otherwise. Fiscal quarters.

Opal Fuels Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	18	−1	30	−8	18	−4	13	11
Depreciation and amortisation	5	5	6	5	6	6	6	5
Stock-based pay	1	2	2	2	1	2	2	2
Capital spending	23	54	12	22	27	10	24	28
Free cash flow	−5	−55	18	−30	−9	−13	−11	−18
Free cash flow after stock pay	−7	−57	16	−32	−10	−15	−14	−20
Shares issued	0	0	0	0	0	−0	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Opal Fuels Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Opal Fuels Inc.