New Fortress Energy Inc. (NFE) Revenue, Margins & Financial Statements
New Fortress Energy Inc. (NFE) reported $1.18B in revenue over the most recent fiscal year on record, down 30.5% year over year. Growth has been contracting, a +42.9% compound annual rate over the last 7 years on record. Profit is growing roughly in line with, or slower than, sales. Operating margin is in the middle of its range of the last 8 years on record. Free cash flow ran 67% of net income in the latest year, meaningfully below reported profit, worth a closer look at working capital. Debt exceeds cash & investments by $7.95B. Share count has been roughly stable over the past year.
New Fortress Energy Inc.'s revenue for the fiscal year ended Dec 2025 was $1.18B, a decrease of +30.5% compared to the prior year. Is growth accelerating, stable, slowing, or contracting? See the quarterly beat/miss history →
| Fiscal Year Ended | Revenue Growth |
|---|---|
| Dec 2025 | -30.5% |
| Dec 2024 | -17.6% |
| Dec 2023 | +4.1% |
| Dec 2022 | +112.6% |
| Dec 2021 | +192.4% |
| Dec 2020 | +118.8% |
| Dec 2019 | +50.1% |
"Accelerating" / "Slowing" means each of the last 3 years' growth rates moved consistently in that direction, not a subjective call.
Year-over-year growth by quarter, each quarter compared to the same quarter one year earlier, which avoids the seasonal noise of comparing sequential quarters. New Fortress Energy Inc.'s most recent quarter grew +43.3% year-over-year, faster than the quarter before it.
| Quarter Ended | Revenue | YoY Growth |
|---|---|---|
| Dec 2023 (derived) | $643.04M | +43.3% |
| Sep 2023 | $420.87M | -33.5% |
| Jun 2023 | $494.62M | -0.5% |
| Mar 2023 | $501.69M | +25.4% |
| Dec 2022 (derived) | $448.65M | -18.2% |
| Sep 2022 | $632.68M | +235.8% |
| Jun 2022 | $497.24M | +383.5% |
| Mar 2022 | $400.07M | +338.7% |
Net income grew -199.9% year-over-year in the same quarter.
Profit is growing roughly in line with, or slower than, sales.
EPS -430.4% year over year. A rough breakdown of what drove it (approximate, since EPS is roughly net income divided by share count):
Accounting profit is not the same as cash in the bank. Here's how NFE converts revenue into real cash.
Total debt has fallen for 3 straight years on record.
NFE used more cash in operations than it generated in the most recent year. At that burn rate:
How NFE deployed cash in the most recent year, across its actual cash-flow-statement uses.
Objective, rule-based checks against the figures above, not a subjective rating.
| Fiscal Year Ended | Revenue Growth | Margin Change | FCF Growth |
|---|---|---|---|
| Dec 2025 | -30.5% | -126.7pp | +39.3% |
| Dec 2024 | -17.6% | -14.0pp | +7.7% |
| Dec 2023 | +4.1% | +8.5pp | -169.3% |
| Dec 2022 | +112.6% | +11.6pp | -40.1% |
| Dec 2021 | +192.4% | +74.5pp | -106.9% |
| Dec 2020 | +118.8% | +79.9pp | +53.8% |
| Dec 2019 | +50.1% | -68.4pp | -122.8% |
Is NFE's revenue growing?
New Fortress Energy Inc.'s revenue growth has been contracting, at -30.5% in the most recent year on record. Over the last 7 years, revenue has compounded at roughly +42.9% annually.
Is NFE's profit growing faster than its revenue?
Profit is growing roughly in line with, or slower than, sales.
Are NFE's profit margins improving or declining?
Operating margin has compressed for 2 straight years on record. It is currently in the middle of the last 8 years.
Is NFE's reported profit backed by real cash?
Operating cash flow ran +32% of net income, and free cash flow ran +67% of net income, in the most recent year. Cash generation is running noticeably behind reported profit.
Does NFE have more cash than debt?
No, NFE's total debt exceeds its cash & short-term investments by $7.95B.
Is NFE diluting shareholders or buying back stock?
NFE's share count has been roughly flat over the past year.
What are the biggest financial red flags for NFE right now?
Revenue declined 30.5% year over year. Gross margin has declined for 2 straight years on record. Operating margin has compressed for 2 straight years on record. Debt exceeds cash & investments by 7,952,466,000 (raw units). Free cash flow was negative in the most recent year. Operating cash flow covers only 32% of net income, profit isn't fully backed by cash. Accounts receivable grew 6.8%, notably faster than revenue's -30.5%. Inventory grew 10.0%, notably faster than revenue's -30.5%.
Every line item as reported, with the annual/quarterly toggle and ratio table.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $1.18B | $1.70B | $2.06B | $1.98B | $930.82M |
| Cost of Revenue | $918.60M | $1.06B | $877.45M | $1.01B | $616.01M |
| Gross Profit | $260.90M | $633.68M | $1.18B | $968.22M | $314.81M |
| Selling, General & Administrative | $307.44M | $285.52M | $205.10M | $236.05M | $199.88M |
| Total Operating Expenses | $2.62B | $1.83B | $1.47B | $1.63B | $1.08B |
| Operating Income | -$1.12B | $538.64M | $942.67M | $737.38M | $238.88M |
| Nonoperating Income (Expense) | $147.59M | -$113.08M | -$10.41M | $48.04M | $17.15M |
| Interest Expense | — | — | $277.84M | $236.86M | $154.32M |
| Pretax Income | -$1.77B | -$172.88M | $664.39M | $61.35M | $105.17M |
| Income Tax Expense | $61.35M | $69.51M | $115.51M | -$123.44M | $12.46M |
| Net Income | -$1.83B | -$242.39M | $547.88M | $194.48M | $97.10M |
| EPS (Basic) | $-6.63 | $-1.24 | $2.66 | $0.93 | $0.49 |
| EPS (Diluted) | $-6.63 | $-1.25 | $2.65 | $0.93 | $0.47 |
| Weighted Avg Shares (Basic) | 278.47M | 217.58M | 205.94M | 209.50M | 198.59M |
| Weighted Avg Shares (Diluted) | 278.47M | 218.62M | 206.48M | 209.85M | 201.70M |
Sourced from SEC filings (10-K / 10-Q). Figures not separately reported by the company are shown as —, not estimated. Quarterly "derived Q4" values are calculated as the full fiscal year total minus the three reported quarters.
Computed from the annual figures above, most recent first.
| Ratio | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.1% | 37.3% | 57.4% | 48.9% | 33.8% | 12.4% | -26.0% | 1.2% |
| Operating Margin | -95.0% | 31.7% | 45.8% | 37.3% | 25.7% | -48.8% | -128.7% | -60.4% |
| Net Margin | -155.3% | -14.3% | 26.6% | 9.8% | 10.4% | -57.2% | -23.2% | -80.6% |
| Return on Equity | -1003.0% | -23.0% | 43.5% | 11.0% | 5.2% | -11.7% | -2.2% | -4.7% |
| Current Ratio | 0.15 | 0.17 | 0.67 | 0.99 | 0.94 | 0.38 | 0.71 | 0.67 |
| Debt / Equity | 44.78 | 8.45 | 7.14 | 5.19 | 4.74 | 5.13 | 4.89 | 4.22 |
| Free Cash Flow | -$1.23B | -$2.03B | -$2.21B | -$818.90M | -$584.58M | -$282.56M | -$611.31M | -$274.38M |