OPAL Fuels Inc. reported full‑year 2025 revenue of $349.0 million, a 16% increase from $300.0 million in 2024. Q4 revenue was $99.8 million, up 25% from $80.0 million a year earlier. The growth was driven by a 28% rise in RNG production and continued expansion of the company’s fuel‑station services, which together lifted top‑line momentum despite broader macro headwinds.
The company’s earnings per share for Q4 were $0.02, a miss against the consensus estimate of $0.16, an 87.5% negative surprise. Full‑year EPS was $0.15, matching the consensus estimate of $0.15. The Q4 miss was largely attributable to higher operating costs and regulatory headwinds that offset the revenue beat, while the full‑year EPS in line with expectations reflects improved margin performance from increased RNG output and the recognition of 45Z production tax credits.
For 2026, OPAL guided adjusted EBITDA to $95 million to $110 million, an upward revision from the prior $90 million to $110 million range. Management said the higher guidance reflects continued growth in RNG production, a larger customer base in the heavy‑duty trucking market, and the ongoing benefit of the 45Z tax credit.
Pre‑market trading showed a 8.88% rise in the company’s stock, driven by the revenue beat, the strong Q4 adjusted EBITDA of $34.2 million (a 51% year‑over‑year increase), and the optimistic 2026 outlook. Investors highlighted the company’s ability to scale RNG production and capture tax‑credit revenue as key positives.
"2025 was an important year for OPAL Fuels as we continue to scale our platform and prepare for additional growth," said Adam Comora, Co‑Chief Executive Officer. "Despite experiencing some regulatory and macro headwinds in 2025, we are pleased to have closed the year with Adjusted EBITDA of $90.2 million, within our guidance. Production increased to 4.9 million MMBtu, 28% higher compared to 2024, helped by improved operations during the second half of the year. We also sold $42.9 million of Investment Tax Credits and began recognizing our first 45Z production tax credits."
"We are encouraged by fourth quarter results. Adjusted EBITDA was $34.2 million as we benefited from increased production and 45Z production tax credits," continued Comora. "As we look to 2026, we are well positioned to drive continued RNG production growth from our existing facilities based on improvements in our team, in our gas collection, and in overall plant efficiencies. We are also optimistic about new CNG/RNG fleet adoption as downstream fundamentals continue to improve."
"We have improved our liquidity position which supports continued execution on our strategic growth plans," said Jonathan Maurer, Co‑Chief Executive Officer. "The recent refinancing of our existing Series A Preferred Units with a new upsized $180 million Series A Preferred Facility provides additional capital to invest across the RNG value chain."
The company’s Q4 EPS miss and full‑year EPS in line with estimates illustrate a mixed earnings picture: revenue growth is strong, but margin pressures from higher costs and regulatory headwinds temper profitability. The 2026 guidance signals management confidence in sustained RNG production growth and the continued benefit of tax‑credit revenue streams, while acknowledging the need to navigate macro and regulatory challenges.
The company’s operational performance shows a 28% year‑over‑year increase in RNG production and a 25% rise in Q4 revenue, underscoring the company’s ability to scale its platform. The 45Z production tax credit and the company’s expanding fuel‑station services provide tailwinds that help offset headwinds such as regulatory uncertainty and macro‑economic pressures.
The market’s positive reaction reflects a focus on operational execution and growth metrics over the EPS miss, with investors valuing the company’s ability to capture tax‑credit revenue and expand its RNG footprint. The guidance for 2026, coupled with the company’s liquidity improvements, positions OPAL for continued growth in the renewable natural gas sector.
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