Fluence Energy (FLNC) Financials

$20.94 -1.16 (-5.25%)

Closing price 04:00 PM Eastern

Extended Trading

$20.80 -0.14 (-0.64%)

As of 07:59 PM Eastern

Annual Income Statements for Fluence Energy

This table shows Fluence Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.00	-104	-70	23	-48
Consolidated Net Income / (Loss)	-47	-162	-289	-105	30	-68
Net Income / (Loss) Continuing Operations	-47	-162	-289	-105	30	-68
Total Pre-Tax Income	-40	-160	-288	-100	40	-45
Total Operating Income	-41	-158	-284	-113	27	-46
Total Gross Profit	7.92	-69	-62	141	341	296
Total Revenue	561	681	1,199	2,218	2,699	2,263
Operating Revenue	561	681	1,199	2,218	2,699	2,263
Total Cost of Revenue	553	750	1,261	2,077	2,357	1,967
Operating Cost of Revenue	553	750	1,261	2,077	2,357	1,967
Total Operating Expenses	49	89	221	254	314	342
Selling, General & Admin Expense	18	38	117	136	173	163
Marketing Expense	16	23	37	41	64	79
Research & Development Expense	12	23	60	66	66	86
Depreciation Expense	3.02	5.11	7.11	9.84	11	13
Total Other Income / (Expense), net	0.52	-1.71	-4.30	12	13	1.27
Interest & Investment Income	-	-	-	5.39	5.68	-4.11
Other Income / (Expense), net	0.65	-0.27	-4.63	6.95	7.28	5.38
Income Tax Expense	6.42	1.83	1.36	4.55	9.21	23
Net Income / (Loss) Attributable to Noncontrolling Interest	-47	-162	-185	-35	7.65	-20
Basic Earnings per Share	$0.00	$0.00	($1.50)	($0.60)	$0.18	($0.37)
Weighted Average Basic Shares Outstanding	0.00	0.00	69.71M	116.45M	126.18M	130.31M
Diluted Earnings per Share	$0.00	$0.00	($1.50)	($0.60)	$0.13	($0.37)
Weighted Average Diluted Shares Outstanding	0.00	0.00	69.71M	116.45M	184.03M	130.31M
Weighted Average Basic & Diluted Shares Outstanding	-	-	174.45M	177.89M	181.12M	182.87M

This table shows Fluence Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	3.27	-17	-9.17	0.79	48	-41	-31	6.25	18	-45	-21
Consolidated Net Income / (Loss)	4.82	-26	-13	1.08	68	-57	-42	6.89	24	-63	-29
Net Income / (Loss) Continuing Operations	4.82	-26	-13	1.08	68	-57	-42	6.89	24	-63	-29
Total Pre-Tax Income	11	-27	-15	5.30	76	-59	-44	11	46	-70	-28
Total Operating Income	12	-30	-16	4.57	68	-54	-45	4.04	48	-63	-39
Total Gross Profit	76	36	64	83	157	21	43	89	143	23	47
Total Revenue	673	364	623	483	1,228	187	432	603	1,042	475	465
Operating Revenue	673	364	623	483	1,228	187	432	603	1,042	475	465
Total Cost of Revenue	597	328	559	400	1,071	166	389	513	899	452	418
Operating Cost of Revenue	597	328	559	400	1,071	166	389	513	899	452	418
Total Operating Expenses	64	66	80	78	90	75	88	85	94	86	86
Selling, General & Admin Expense	35	38	44	45	46	37	41	36	49	42	37
Marketing Expense	12	11	16	15	23	18	21	20	20	22	23
Research & Development Expense	15	15	17	15	18	17	22	26	21	19	21
Depreciation Expense	2.48	2.48	2.48	3.62	2.84	2.82	2.94	3.63	3.96	3.75	4.28
Total Other Income / (Expense), net	-0.77	3.18	1.26	0.74	7.99	-5.01	1.16	7.44	-2.32	-7.36	12
Interest & Investment Income	-	-	-	1.30	-	0.74	-0.39	-1.08	-	-1.37	-2.76
Other Income / (Expense), net	-1.91	1.19	0.00	-0.56	6.87	-5.75	1.55	8.52	1.06	-5.99	14
Income Tax Expense	6.61	-1.24	-1.67	4.23	7.88	-1.72	-1.99	4.58	22	-7.89	1.54
Net Income / (Loss) Attributable to Noncontrolling Interest	1.55	-8.81	-3.71	0.29	20	-16	-11	0.64	6.12	-18	-8.31
Basic Earnings per Share	$0.02	($0.14)	($0.07)	$0.01	$0.38	($0.32)	($0.24)	$0.05	$0.14	($0.34)	($0.16)
Weighted Average Basic Shares Outstanding	116.45M	121.11M	126.84M	127.91M	126.18M	129.48M	129.99M	130.72M	130.31M	131.52M	132.54M
Diluted Earnings per Share	$0.02	($0.14)	($0.07)	$0.00	$0.34	($0.32)	($0.24)	$0.01	$0.18	($0.34)	($0.16)
Weighted Average Diluted Shares Outstanding	116.45M	121.11M	126.84M	184.22M	184.03M	129.48M	129.99M	183.65M	130.31M	131.52M	132.54M
Weighted Average Basic & Diluted Shares Outstanding	177.89M	178.63M	179.40M	180.49M	181.12M	181.55M	182.22M	182.51M	182.87M	132.44M	184.31M

This table details how cash moves in and out of Fluence Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	8.03	-57	392	33	56	196
Net Cash From Operating Activities	-14	-265	-282	-112	80	-146
Net Cash From Continuing Operating Activities	-14	-265	-282	-112	80	-146
Net Income / (Loss) Continuing Operations	-47	-162	-289	-105	30	-68
Consolidated Net Income / (Loss)	-47	-162	-289	-105	30	-68
Depreciation Expense	3.02	5.11	7.11	11	14	29
Amortization Expense	0.00	0.00	0.78	0.91	3.09	4.22
Non-Cash Adjustments To Reconcile Net Income	-92	33	-35	-61	8.32	7.57
Changes in Operating Assets and Liabilities, net	122	-141	34	42	23	-119
Net Cash From Investing Activities	18	-22	-148	94	-19	-30
Net Cash From Continuing Investing Activities	18	-22	-148	94	-19	-30
Purchase of Property, Plant & Equipment	-1.78	-4.29	-7.93	-12	-19	-30
Acquisitions	0.00	-18	-29	-5.01	0.00	0.00
Sale and/or Maturity of Investments	-	0.00	0.00	112	0.00	0.00
Net Cash From Financing Activities	2.50	231	817	53	-8.68	357
Net Cash From Continuing Financing Activities	2.50	231	817	53	-8.68	357
Repayment of Debt	-15	-122	-103	0.00	-8.46	-12
Payment of Dividends	-	-	0.00	0.00	-3.89	-1.04
Issuance of Debt	15	225	0.00	48	0.00	400
Other Financing Activities, net	2.50	6.28	-15	4.42	3.67	-30
Effect of Exchange Rate Changes	1.33	-0.55	5.40	-2.10	3.94	14
Cash Interest Paid	0.00	1.23	1.13	2.34	3.02	9.30
Cash Income Taxes Paid	2.20	6.42	2.07	1.24	2.66	19

This table details how cash moves in and out of Fluence Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	47	14	65	-28	5.40	136	-44	-150	255	-237	-65
Net Cash From Operating Activities	49	19	71	-21	11	-211	-46	-154	266	-227	-121
Net Cash From Continuing Operating Activities	49	19	71	-21	11	-211	-46	-154	266	-227	-121
Net Income / (Loss) Continuing Operations	4.82	-26	-13	1.08	68	-57	-42	6.89	24	-63	-29
Consolidated Net Income / (Loss)	4.82	-26	-13	1.08	68	-57	-42	6.89	24	-63	-29
Depreciation Expense	2.93	2.88	3.09	4.42	4.09	4.49	6.19	8.26	10	8.79	11
Amortization Expense	0.46	0.68	0.36	0.38	1.67	0.82	1.13	1.13	1.15	1.15	1.15
Non-Cash Adjustments To Reconcile Net Income	-56	21	29	34	-76	13	43	-57	8.98	-7.52	-114
Changes in Operating Assets and Liabilities, net	96	20	51	-61	13	-172	-55	-113	221	-167	10
Net Cash From Investing Activities	-3.06	-2.60	-4.90	-5.95	-5.53	-5.19	-7.57	-7.29	-9.75	-9.35	-6.76
Net Cash From Continuing Investing Activities	-3.06	-2.60	-4.90	-5.95	-5.53	-5.19	-7.57	-7.29	-9.75	-9.35	-6.76
Purchase of Property, Plant & Equipment	-3.06	-2.60	-4.90	-5.95	-5.53	-5.19	-7.57	-7.29	-9.75	-9.35	-6.76
Net Cash From Financing Activities	0.01	-6.36	-0.27	0.86	-2.91	361	-1.72	-0.47	-1.77	-1.79	68
Net Cash From Continuing Financing Activities	0.01	-6.36	-0.27	0.86	-2.91	361	-1.72	-0.47	-1.77	-1.79	68
Payment of Dividends	-	-3.89	-	-	-	-10	-1.04	-	-	0.00	-1.47
Issuance of Debt	-	0.00	-	-	-	400	-	-	-	0.00	71
Other Financing Activities, net	0.01	1.12	0.53	1.48	0.54	-29	0.72	0.06	-1.77	-1.79	-0.94
Effect of Exchange Rate Changes	1.13	3.42	-0.79	-1.99	3.31	-8.71	11	11	0.52	1.07	-5.41
Cash Interest Paid	1.38	0.72	0.38	1.08	0.84	0.92	1.15	5.81	1.42	6.24	1.57
Cash Income Taxes Paid	0.31	0.92	0.39	0.41	0.94	5.71	5.29	-12	20	3.66	6.97

This table presents Fluence Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	718	1,746	1,352	1,902	2,357
Total Current Assets	662	1,602	1,195	1,680	2,064
Cash & Equivalents	37	357	346	449	691
Restricted Cash	1.24	62	107	46	24
Accounts Receivable	193	337	354	751	713
Inventories, net	400	708	333	357	582
Other Current Assets	31	27	31	47	55
Plant, Property, & Equipment, net	8.21	14	13	15	50
Total Noncurrent Assets	48	130	144	206	242
Goodwill	9.18	25	26	27	29
Intangible Assets	36	52	56	60	63
Noncurrent Deferred & Refundable Income Taxes	1.18	3.03	0.09	8.88	4.05
Other Noncurrent Operating Assets	1.32	26	32	110	146
Total Liabilities & Shareholders' Equity	718	1,746	1,352	1,902	2,357
Total Liabilities	774	1,116	796	1,295	1,808
Total Current Liabilities	771	1,109	746	1,259	1,370
Accounts Payable	158	305	65	437	321
Accrued Expenses	186	184	176	338	246
Current Deferred Revenue	299	579	383	313	720
Current Deferred & Payable Income Tax Liabilities	13	11	29	58	30
Current Employee Benefit Liabilities	13	21	52	59	32
Other Current Liabilities	52	8.93	17	24	21
Total Noncurrent Liabilities	2.38	6.98	50	36	438
Long-Term Debt	-	0.00	28	0.00	391
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	4.88	4.79	7.11	9.53
Other Noncurrent Operating Liabilities	2.38	2.11	17	29	37
Total Equity & Noncontrolling Interests	0.00	629	556	607	549
Total Preferred & Common Equity	0.00	436	402	472	430
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-173	436	402	472	430
Common Stock	106	543	581	635	628
Retained Earnings	-279	-105	-174	-151	-200
Treasury Stock	0.00	-5.01	-7.80	-9.46	-10
Accumulated Other Comprehensive Income / (Loss)	-0.29	2.78	3.20	-1.84	12
Noncontrolling Interest	0.00	193	154	135	119

This table presents Fluence Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026
Total Assets	2,152	1,948	1,565	1,815	1,530	1,690	2,214	2,273	2,075	2,270	2,348
Total Current Assets	2,010	1,808	1,389	1,665	1,323	1,504	1,984	2,031	1,850	1,987	2,082
Cash & Equivalents	287	194	298	318	412	388	607	569	436	453	387
Restricted Cash	55	108	108	136	107	102	24	19	24	25	26
Accounts Receivable	390	579	373	430	283	290	555	496	470	764	617
Inventories, net	1,139	829	584	677	420	626	719	879	870	661	977
Other Current Assets	30	28	27	50	46	42	78	69	59	83	96
Plant, Property, & Equipment, net	15	13	13	13	14	14	19	20	46	46	42
Total Noncurrent Assets	127	126	162	137	194	172	212	222	179	237	224
Goodwill	26	26	26	28	26	26	26	27	29	29	29
Intangible Assets	51	50	55	57	57	59	59	59	62	64	64
Noncurrent Deferred & Refundable Income Taxes	2.57	2.57	2.57	0.09	0.09	0.09	8.08	7.62	2.53	4.04	4.08
Other Noncurrent Operating Assets	20	21	21	52	110	87	119	128	86	141	127
Total Liabilities & Shareholders' Equity	2,152	1,948	1,565	1,815	1,530	1,690	2,214	2,273	2,075	2,270	2,348
Total Liabilities	1,553	1,380	1,019	1,276	998	1,152	1,685	1,774	1,554	1,781	1,890
Total Current Liabilities	1,526	1,345	954	1,252	973	1,125	1,261	1,345	1,125	1,340	1,451
Accounts Payable	506	400	166	319	244	322	102	233	258	135	190
Accrued Expenses	160	106	96	172	26	213	477	377	228	278	256
Current Deferred Revenue	827	584	611	648	558	446	606	683	593	863	872
Current Deferred & Payable Income Tax Liabilities	7.90	17	26	31	22	33	40	13	7.02	14	11
Current Employee Benefit Liabilities	14	27	40	19	53	41	26	26	23	27	35
Other Current Liabilities	11	210	15	12	11	15	11	14	25	22	89
Total Noncurrent Liabilities	27	35	65	24	25	27	423	429	429	442	438
Long-Term Debt	21	22	50	0.00	-	0.00	389	390	390	391	392
Noncurrent Deferred & Payable Income Tax Liabilities	3.47	3.50	3.54	5.37	5.16	5.14	6.62	6.86	7.51	9.55	9.22
Other Noncurrent Operating Liabilities	1.95	9.53	12	19	20	22	28	32	32	41	37
Total Equity & Noncontrolling Interests	599	568	545	539	532	538	529	499	521	488	458
Total Preferred & Common Equity	421	403	393	416	413	421	409	388	407	388	368
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	421	403	393	416	413	421	409	388	407	388	368
Common Stock	555	563	574	610	618	628	612	616	623	636	641
Retained Earnings	-129	-154	-177	-191	-200	-199	-193	-224	-218	-245	-266
Treasury Stock	-5.30	-5.30	-6.63	-7.80	-7.89	-9.04	-9.86	-9.95	-9.95	-13	-13
Accumulated Other Comprehensive Income / (Loss)	0.41	-0.57	2.82	4.38	3.24	1.57	0.22	6.08	12	9.84	6.05
Noncontrolling Interest	178	165	153	123	119	117	120	111	113	100	90

This table displays calculated financial ratios and metrics derived from Fluence Energy's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	21.28%	76.07%	85.05%	21.67%	-16.15%
EBITDA Growth	0.00%	-313.61%	-82.43%	66.43%	154.71%	-114.38%
EBIT Growth	0.00%	-295.26%	-81.52%	63.33%	132.08%	-220.84%
NOPAT Growth	0.00%	-288.32%	-78.91%	60.28%	125.92%	-258.78%
Net Income Growth	0.00%	-246.83%	-78.50%	63.75%	128.97%	-323.89%
EPS Growth	0.00%	0.00%	0.00%	60.00%	121.67%	-384.62%
Operating Cash Flow Growth	0.00%	-1,792.62%	-6.45%	60.36%	171.19%	-282.64%
Free Cash Flow Firm Growth	0.00%	0.00%	-414.89%	60.87%	123.81%	-460.06%
Invested Capital Growth	0.00%	0.00%	322.82%	55.51%	-7.42%	57.66%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	11.63%	25.90%	-7.61%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	41.89%	440.91%	-163.95%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	38.76%	211.89%	-153.10%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	36.27%	201.35%	-70.67%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	36.79%	193.32%	-179.48%
EPS Q/Q Growth	0.00%	0.00%	0.00%	32.58%	168.42%	-76.19%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-51.06%	70.69%	-32.31%	63.68%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-50.73%	68.94%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-17.34%	40.39%	-50.22%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	1.41%	-10.16%	-5.20%	6.36%	12.64%	13.07%
EBITDA Margin	-6.62%	-22.57%	-23.38%	-4.24%	1.91%	-0.33%
Operating Margin	-7.27%	-23.28%	-23.65%	-5.08%	0.99%	-2.05%
EBIT Margin	-7.15%	-23.32%	-24.04%	-4.76%	1.26%	-1.81%
Profit (Net Income) Margin	-8.32%	-23.80%	-24.13%	-4.73%	1.13%	-3.00%
Tax Burden Percent	115.94%	101.14%	100.47%	104.54%	76.74%	150.85%
Interest Burden Percent	100.32%	100.90%	99.89%	94.90%	116.74%	110.03%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	23.26%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-726.42%	-62.24%	13.76%	-17.64%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-700.19%	-56.66%	11.47%	-8.62%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	648.94%	44.56%	-8.54%	5.88%
Return on Equity (ROE)	0.00%	-138.19%	-77.48%	-17.68%	5.22%	-11.76%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-345.08%	-105.69%	21.47%	-62.40%
Operating Return on Assets (OROA)	0.00%	-22.12%	-23.39%	-6.82%	2.08%	-1.92%
Return on Assets (ROA)	0.00%	-22.57%	-23.48%	-6.77%	1.87%	-3.19%
Return on Common Equity (ROCE)	0.00%	204.43%	-27.24%	-12.50%	3.92%	-9.18%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-66.35%	-26.05%	6.43%	0.00%
Net Operating Profit after Tax (NOPAT)	-29	-111	-198	-79	20	-32
NOPAT Margin	-5.09%	-16.29%	-16.56%	-3.55%	0.76%	-1.43%
Net Nonoperating Expense Percent (NNEP)	0.00%	-63.16%	-26.23%	-5.58%	2.29%	-9.02%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-3.45%
Cost of Revenue to Revenue	98.59%	110.16%	105.20%	93.64%	87.36%	86.93%
SG&A Expenses to Revenue	3.20%	5.61%	9.74%	6.15%	6.41%	7.21%
R&D to Revenue	2.06%	3.44%	5.02%	2.99%	2.45%	3.81%
Operating Expenses to Revenue	8.68%	13.12%	18.45%	11.43%	11.65%	15.12%
Earnings before Interest and Taxes (EBIT)	-40	-159	-288	-106	34	-41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-37	-154	-280	-94	51	-7.40
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	5.79	10.12	8.68	4.59
Price to Tangible Book Value (P/TBV)	0.00	0.00	7.02	12.70	10.66	5.84
Price to Revenue (P/Rev)	1.55	1.28	2.10	1.84	1.52	0.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	180.44	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.55%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	22.05	24.80	26.41	7.85
Enterprise Value to Revenue (EV/Rev)	0.00	1.46	1.82	1.72	1.40	0.78
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	73.24	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	111.21	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	184.53	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	47.31	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	118.30	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.43	0.00	0.09	0.05	0.71
Long-Term Debt to Equity	0.00	0.00	0.00	0.05	0.00	0.71
Financial Leverage	0.00	-1.38	-0.93	-0.79	-0.74	-0.68
Leverage Ratio	0.00	6.12	3.30	2.61	2.80	3.68
Compound Leverage Factor	0.00	6.18	3.30	2.48	3.27	4.05
Debt to Total Capital	0.00%	29.90%	0.00%	8.33%	4.76%	41.59%
Short-Term Debt to Total Capital	0.00%	29.90%	0.00%	3.71%	4.76%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	4.62%	0.00%	41.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	70.10%	30.73%	25.37%	21.18%	12.69%
Common Equity to Total Capital	0.00%	-103.71%	69.27%	66.30%	74.06%	45.72%
Debt to EBITDA	0.00	-0.33	0.00	-0.54	0.59	-52.80
Net Debt to EBITDA	0.00	-0.08	0.00	4.27	-9.02	43.75
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.30	0.00	-52.80
Debt to NOPAT	0.00	-0.45	0.00	-0.64	1.49	-12.05
Net Debt to NOPAT	0.00	-0.11	0.00	5.10	-22.73	9.98
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.36	0.00	-12.05
Altman Z-Score	0.00	0.16	1.75	4.67	3.53	1.79
Noncontrolling Interest Sharing Ratio	0.00%	247.94%	64.85%	29.30%	24.84%	22.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	0.86	1.44	1.60	1.33	1.51
Quick Ratio	0.00	0.30	0.73	0.97	0.98	1.02
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-66	-342	-134	32	-115
Operating Cash Flow to CapEx	-787.42%	-6,180.55%	-3,559.18%	-915.63%	419.95%	-488.40%
Free Cash Flow to Firm to Interest Expense	0.00	-46.30	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-109.50	-184.86	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-123.41	-187.85	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.95	0.97	1.43	1.66	1.06
Accounts Receivable Turnover	0.00	3.53	4.52	6.42	4.88	3.09
Inventory Turnover	0.00	1.88	2.28	3.99	6.83	4.19
Fixed Asset Turnover	0.00	82.96	109.16	167.23	191.93	68.92
Accounts Payable Turnover	0.00	4.74	5.44	11.22	9.39	5.19
Days Sales Outstanding (DSO)	0.00	103.35	80.71	56.88	74.73	118.09
Days Inventory Outstanding (DIO)	0.00	194.46	160.22	91.41	53.41	87.11
Days Payable Outstanding (DPO)	0.00	77.08	67.05	32.53	38.87	70.30
Cash Conversion Cycle (CCC)	0.00	220.73	173.88	115.76	89.28	134.90
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	-44	99	154	143	225
Invested Capital Turnover	0.00	-30.60	43.87	17.51	18.18	12.31
Increase / (Decrease) in Invested Capital	0.00	-44	144	55	-11	82
Enterprise Value (EV)	0.00	997	2,186	3,823	3,770	1,766
Market Capitalization	868	868	2,523	4,071	4,099	1,971
Book Value per Share	$0.00	($5.59)	$2.52	$2.27	$2.62	$2.35
Tangible Book Value per Share	$0.00	($7.05)	$2.08	$1.81	$2.13	$1.85
Total Capital	0.00	167	629	607	637	940
Total Debt	0.00	50	0.00	51	30	391
Total Long-Term Debt	0.00	0.00	0.00	28	0.00	391
Net Debt	0.00	12	-530	-402	-464	-324
Capital Expenditures (CapEx)	1.78	4.29	7.93	12	19	30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-98	-38	19	-43	-21
Debt-free Net Working Capital (DFNWC)	0.00	-60	492	472	452	694
Net Working Capital (NWC)	0.00	-110	492	449	422	694
Net Nonoperating Expense (NNE)	18	51	91	26	-9.94	36
Net Nonoperating Obligations (NNO)	0.00	-162	-530	-402	-464	-324
Total Depreciation and Amortization (D&A)	3.02	5.11	7.89	12	18	34
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-14.40%	-3.17%	0.86%	-1.59%	-0.92%
Debt-free Net Working Capital to Revenue	0.00%	-8.81%	41.05%	21.27%	16.75%	30.66%
Net Working Capital to Revenue	0.00%	-16.16%	41.05%	20.26%	15.62%	30.66%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.50)	($0.60)	$0.18	($0.37)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	69.71M	116.45M	126.18M	130.31M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.50)	($0.60)	$0.13	($0.37)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	69.71M	116.45M	184.03M	130.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	174.45M	177.89M	181.12M	182.87M
Normalized Net Operating Profit after Tax (NOPAT)	-29	-111	-198	-79	20	-32
Normalized NOPAT Margin	-5.09%	-16.29%	-16.56%	-3.55%	0.76%	-1.43%
Pre Tax Income Margin	-7.18%	-23.53%	-24.01%	-4.52%	1.47%	-1.99%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-313.76	-110.62	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-223.17	-77.30	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-327.66	-113.61	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-237.08	-80.29	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	12.82%	-1.52%
Augmented Payout Ratio	0.00%	-2.06%	0.00%	0.00%	12.82%	-1.52%

This table displays calculated financial ratios and metrics derived from Fluence Energy's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	132,436,078.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	132,436,078.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	52.26%	17.23%	-10.75%	-9.89%	82.49%	-48.68%	-30.74%	24.67%	-15.17%	154.42%	7.71%
EBITDA Growth	125.25%	29.58%	66.32%	125.01%	486.96%	-114.79%	-198.21%	148.97%	-23.71%	-9.22%	63.97%
EBIT Growth	118.18%	25.16%	60.09%	110.57%	624.02%	-106.60%	-179.28%	213.54%	-33.36%	-16.20%	42.73%
NOPAT Growth	114.16%	39.58%	57.39%	103.42%	1,077.60%	-79.23%	-189.20%	162.04%	-58.28%	-17.50%	13.02%
Net Income Growth	108.57%	31.29%	65.57%	103.07%	1,305.94%	-123.09%	-225.66%	541.30%	-64.47%	-9.78%	30.27%
EPS Growth	107.41%	33.33%	66.67%	100.00%	1,600.00%	-128.57%	-242.86%	0.00%	-47.06%	-6.25%	33.33%
Operating Cash Flow Growth	121.93%	121.78%	195.13%	-821.34%	-78.32%	-1,190.91%	-165.15%	-629.49%	2,423.91%	-7.37%	-162.24%
Free Cash Flow Firm Growth	0.00%	103.72%	154.63%	128.85%	244.34%	-2,605.74%	-298.57%	-505.74%	-179.20%	14.83%	30.60%
Invested Capital Growth	55.51%	-17.16%	-66.28%	-45.49%	-7.42%	108.78%	316.74%	344.67%	57.66%	40.13%	50.91%
Revenue Q/Q Growth	25.47%	-45.92%	71.21%	-22.44%	154.11%	-84.79%	131.07%	39.60%	72.92%	-54.39%	-2.18%
EBITDA Q/Q Growth	138.79%	-284.48%	50.99%	171.29%	810.66%	-167.51%	33.14%	160.57%	178.28%	-196.92%	77.94%
EBIT Q/Q Growth	127.15%	-379.81%	45.10%	125.34%	1,760.14%	-179.85%	26.80%	128.84%	294.19%	-239.64%	63.92%
NOPAT Q/Q Growth	119.03%	-507.90%	47.99%	108.48%	6,444.93%	-162.08%	16.08%	107.68%	942.10%	-274.84%	37.88%
Net Income Q/Q Growth	113.75%	-630.54%	49.62%	108.35%	6,199.91%	-184.18%	26.45%	116.44%	249.03%	-360.11%	53.28%
EPS Q/Q Growth	110.00%	-800.00%	50.00%	100.00%	0.00%	-194.12%	25.00%	104.17%	1,700.00%	-288.89%	52.94%
Operating Cash Flow Q/Q Growth	1,560.74%	-60.13%	266.08%	-129.76%	149.92%	-2,106.19%	78.14%	-233.16%	272.71%	-185.34%	46.60%
Free Cash Flow Firm Q/Q Growth	83.22%	114.96%	1,660.30%	-34.70%	-16.04%	-359.65%	-39.50%	-33.42%	83.61%	-179.23%	-13.67%
Invested Capital Q/Q Growth	-17.34%	-10.94%	-47.28%	40.46%	40.39%	100.85%	5.22%	49.87%	-50.22%	78.52%	13.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.33%	10.00%	10.30%	17.18%	12.82%	11.35%	9.87%	14.79%	13.72%	4.85%	10.03%
EBITDA Margin	2.03%	-6.93%	-1.98%	1.82%	6.53%	-29.00%	-8.39%	3.64%	5.86%	-12.45%	-2.81%
Operating Margin	1.81%	-8.23%	-2.50%	0.94%	5.51%	-28.76%	-10.44%	0.67%	4.65%	-13.28%	-8.43%
EBIT Margin	1.53%	-7.91%	-2.54%	0.83%	6.06%	-31.84%	-10.09%	2.08%	4.75%	-14.54%	-5.36%
Profit (Net Income) Margin	0.72%	-7.02%	-2.07%	0.22%	5.51%	-30.52%	-9.72%	1.14%	2.31%	-13.17%	-6.29%
Tax Burden Percent	42.17%	95.39%	88.54%	20.27%	89.58%	97.08%	95.46%	60.10%	52.18%	88.81%	105.57%
Interest Burden Percent	111.05%	93.08%	92.02%	132.47%	101.51%	98.75%	100.90%	91.37%	93.18%	101.99%	111.08%
Effective Tax Rate	57.83%	0.00%	0.00%	79.73%	10.42%	0.00%	0.00%	39.90%	47.82%	0.00%	0.00%
Return on Invested Capital (ROIC)	13.38%	-86.42%	-26.80%	2.85%	89.65%	-239.45%	-91.09%	3.56%	29.85%	-68.92%	-40.32%
ROIC Less NNEP Spread (ROIC-NNEP)	13.45%	-85.32%	-26.32%	2.81%	88.00%	-233.43%	-87.93%	1.79%	30.16%	-57.74%	-38.54%
Return on Net Nonoperating Assets (RNNOA)	-10.58%	62.60%	19.45%	-2.06%	-65.55%	140.81%	56.03%	-0.85%	-20.56%	18.68%	8.07%
Return on Equity (ROE)	2.80%	-23.81%	-7.35%	0.79%	24.11%	-98.65%	-35.06%	2.71%	9.29%	-50.24%	-32.26%
Cash Return on Invested Capital (CROIC)	-105.69%	-24.18%	64.02%	44.89%	21.47%	-70.65%	-132.56%	-133.43%	-62.40%	-44.76%	-49.80%
Operating Return on Assets (OROA)	2.19%	-9.06%	-3.20%	1.09%	10.06%	-39.84%	-12.36%	2.71%	5.05%	-16.55%	-6.00%
Return on Assets (ROA)	1.03%	-8.04%	-2.61%	0.29%	9.15%	-38.20%	-11.90%	1.49%	2.45%	-14.99%	-7.04%
Return on Common Equity (ROCE)	1.98%	-17.51%	-5.46%	0.59%	18.12%	-76.20%	-27.26%	2.12%	7.24%	-39.37%	-25.48%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-22.40%	-16.62%	-7.73%	0.00%	-0.27%	-7.77%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	5.14	-21	-11	0.93	61	-38	-32	2.43	25	-44	-27
NOPAT Margin	0.76%	-5.76%	-1.75%	0.19%	4.93%	-20.13%	-7.31%	0.40%	2.43%	-9.30%	-5.90%
Net Nonoperating Expense Percent (NNEP)	-0.07%	-1.10%	-0.48%	0.04%	1.65%	-6.02%	-3.16%	1.77%	-0.31%	-11.18%	-1.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.55%	-	-	-	-4.09%	-3.55%	0.27%	2.69%	-5.02%	-3.23%
Cost of Revenue to Revenue	88.67%	90.00%	89.70%	82.82%	87.18%	88.65%	90.13%	85.21%	86.28%	95.15%	89.97%
SG&A Expenses to Revenue	5.22%	10.37%	7.07%	9.33%	3.75%	19.65%	9.59%	5.91%	4.74%	8.81%	8.01%
R&D to Revenue	2.18%	4.24%	2.80%	3.10%	1.49%	9.21%	5.12%	4.32%	2.01%	3.90%	4.53%
Operating Expenses to Revenue	9.52%	18.23%	12.80%	16.24%	7.32%	40.11%	20.31%	14.12%	9.07%	18.13%	18.46%
Earnings before Interest and Taxes (EBIT)	10	-29	-16	4.00	74	-59	-44	13	49	-69	-25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	-25	-12	8.81	80	-54	-36	22	61	-59	-13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.12	10.16	7.50	7.39	8.68	7.02	2.27	3.00	4.59	9.32	6.88
Price to Tangible Book Value (P/TBV)	12.70	12.74	9.40	9.25	10.66	8.86	2.91	3.86	5.84	12.24	9.19
Price to Revenue (P/Rev)	1.84	1.86	1.41	1.45	1.52	1.14	0.38	0.50	0.87	1.42	0.98
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	180.44	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	24.80	28.73	38.09	27.46	26.41	9.61	2.63	2.80	7.85	9.04	5.71
Enterprise Value to Revenue (EV/Rev)	1.72	1.74	1.26	1.30	1.40	1.09	0.34	0.52	0.78	1.42	1.01
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	73.24	122.25	0.00	109.43	0.00	0.00	241.42
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	111.21	857.23	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	184.53	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	19.45	23.71	47.31	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	30.01	43.15	118.30	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.09	0.10	0.11	0.10	0.05	0.74	0.78	0.75	0.71	0.80	0.85
Long-Term Debt to Equity	0.05	0.00	0.00	0.00	0.00	0.74	0.78	0.75	0.71	0.80	0.85
Financial Leverage	-0.79	-0.73	-0.74	-0.73	-0.74	-0.60	-0.64	-0.48	-0.68	-0.32	-0.21
Leverage Ratio	2.61	3.49	3.16	3.00	2.80	3.77	3.69	3.56	3.68	4.41	4.83
Compound Leverage Factor	2.90	3.24	2.91	3.98	2.84	3.72	3.72	3.25	3.43	4.49	5.36
Debt to Total Capital	8.33%	8.74%	9.99%	9.08%	4.76%	42.37%	43.86%	42.84%	41.59%	44.49%	46.09%
Short-Term Debt to Total Capital	3.71%	8.74%	9.99%	9.08%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	4.62%	0.00%	0.00%	0.00%	0.00%	42.37%	43.86%	42.84%	41.59%	44.49%	46.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	25.37%	20.86%	20.09%	19.77%	21.18%	13.05%	12.47%	12.45%	12.69%	11.40%	10.60%
Common Equity to Total Capital	66.30%	70.40%	69.92%	71.16%	74.06%	44.58%	43.66%	44.71%	45.72%	44.12%	43.31%
Debt to EBITDA	-0.54	-0.62	-1.00	-3.56	0.59	17.28	-251.39	33.72	-52.80	-31.56	36.37
Net Debt to EBITDA	4.27	4.81	7.77	28.91	-9.02	-10.77	127.29	-6.01	43.75	6.98	-1.97
Long-Term Debt to EBITDA	-0.30	0.00	0.00	0.00	0.00	17.28	-251.39	33.72	-52.80	-31.56	36.37
Debt to NOPAT	-0.64	-0.79	-1.17	-2.66	1.49	-948.44	-20.93	-20.54	-12.05	-10.03	-11.22
Net Debt to NOPAT	5.10	6.17	9.12	21.66	-22.73	591.46	10.60	3.66	9.98	2.22	0.61
Long-Term Debt to NOPAT	-0.36	0.00	0.00	0.00	0.00	-948.44	-20.93	-20.54	-12.05	-10.03	-11.22
Altman Z-Score	4.95	3.31	3.35	3.00	3.60	2.34	1.48	1.94	1.92	2.43	2.03
Noncontrolling Interest Sharing Ratio	29.30%	26.48%	25.76%	24.90%	24.84%	22.75%	22.27%	21.76%	22.00%	21.63%	20.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.60	1.33	1.36	1.34	1.33	1.57	1.51	1.64	1.51	1.48	1.43
Quick Ratio	0.97	0.64	0.77	0.65	0.98	0.92	0.79	0.81	1.02	0.91	0.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-50	7.46	131	86	72	-187	-261	-348	-57	-159	-181
Operating Cash Flow to CapEx	1,585.37%	745.88%	1,448.11%	-354.31%	190.36%	-4,073.12%	-609.77%	-2,111.50%	2,725.01%	-2,426.10%	-1,792.14%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-667.02	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-118.12	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-137.49	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.43	1.15	1.26	1.32	1.66	1.25	1.23	1.30	1.06	1.14	1.12
Accounts Receivable Turnover	6.42	5.54	5.10	6.46	4.88	5.12	5.98	6.44	3.09	3.87	4.65
Inventory Turnover	3.99	2.32	3.20	3.11	6.83	3.15	3.12	2.86	4.19	3.27	2.46
Fixed Asset Turnover	167.23	158.88	163.21	162.58	191.93	156.26	139.40	81.76	68.92	78.82	83.81
Accounts Payable Turnover	11.22	5.11	6.20	7.72	9.39	10.44	8.49	7.38	5.19	19.01	10.80
Days Sales Outstanding (DSO)	56.88	65.84	71.63	56.47	74.73	71.30	61.03	56.70	118.09	94.38	78.57
Days Inventory Outstanding (DIO)	91.41	157.34	114.10	117.21	53.41	116.04	117.06	127.62	87.11	111.78	148.40
Days Payable Outstanding (DPO)	32.53	71.41	58.85	47.27	38.87	34.95	42.99	49.46	70.30	19.20	33.80
Cash Conversion Cycle (CCC)	115.76	151.76	126.88	126.40	89.28	152.39	135.11	134.87	134.90	186.96	193.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	154	137	72	102	143	287	302	452	225	402	455
Invested Capital Turnover	17.51	14.99	15.31	14.88	18.18	11.89	12.46	8.85	12.31	7.41	6.83
Increase / (Decrease) in Invested Capital	55	-28	-142	-85	-11	149	229	350	82	115	154
Enterprise Value (EV)	3,823	3,945	2,757	2,791	3,770	2,753	794	1,267	1,766	3,631	2,600
Market Capitalization	4,071	4,224	3,097	3,111	4,099	2,876	881	1,223	1,971	3,617	2,531
Book Value per Share	$2.27	$3.43	$2.31	$2.35	$2.62	$2.26	$2.14	$2.24	$2.35	$2.12	$2.00
Tangible Book Value per Share	$1.81	$2.74	$1.85	$1.87	$2.13	$1.79	$1.66	$1.74	$1.85	$1.62	$1.50
Total Capital	607	591	591	592	637	918	889	911	940	879	850
Total Debt	51	52	59	54	30	389	390	390	391	391	392
Total Long-Term Debt	28	0.00	0.00	0.00	0.00	389	390	390	391	391	392
Net Debt	-402	-402	-459	-437	-464	-243	-197	-70	-324	-87	-21
Capital Expenditures (CapEx)	3.06	2.60	4.90	5.95	5.53	5.19	7.57	7.29	9.75	9.35	6.76
Debt-free, Cash-free Net Working Capital (DFCFNWC)	19	12	-110	-57	-43	91	98	265	-21	169	218
Debt-free Net Working Capital (DFNWC)	472	465	409	433	452	722	686	725	694	647	631
Net Working Capital (NWC)	449	414	350	379	422	722	686	725	694	647	631
Net Nonoperating Expense (NNE)	0.33	4.58	1.96	-0.15	-7.16	19	10	-4.47	1.21	18	1.79
Net Nonoperating Obligations (NNO)	-402	-402	-459	-437	-464	-243	-197	-69	-324	-87	-3.00
Total Depreciation and Amortization (D&A)	3.38	3.57	3.44	4.81	5.76	5.30	7.32	9.38	12	9.94	12
Debt-free, Cash-free Net Working Capital to Revenue	0.86%	0.52%	-5.00%	-2.67%	-1.59%	3.59%	4.23%	10.82%	-0.92%	6.64%	8.45%
Debt-free Net Working Capital to Revenue	21.27%	20.48%	18.61%	20.20%	16.75%	28.65%	29.44%	29.60%	30.66%	25.37%	24.42%
Net Working Capital to Revenue	20.26%	18.21%	15.92%	17.69%	15.62%	28.65%	29.44%	29.60%	30.66%	25.37%	24.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	($0.14)	($0.07)	$0.01	$0.38	($0.32)	($0.24)	$0.05	$0.14	($0.34)	($0.16)
Adjusted Weighted Average Basic Shares Outstanding	116.45M	121.11M	126.84M	127.91M	126.18M	129.48M	129.99M	130.72M	130.31M	131.52M	132.54M
Adjusted Diluted Earnings per Share	$0.02	($0.14)	($0.07)	$0.00	$0.34	($0.32)	($0.24)	$0.01	$0.18	($0.34)	($0.16)
Adjusted Weighted Average Diluted Shares Outstanding	116.45M	121.11M	126.84M	184.22M	184.03M	129.48M	129.99M	183.65M	130.31M	131.52M	132.54M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	177.89M	178.63M	179.40M	180.49M	181.12M	181.55M	182.22M	182.51M	182.87M	132.44M	184.31M
Normalized Net Operating Profit after Tax (NOPAT)	8.54	-21	-11	3.20	61	-38	-32	2.43	25	-44	-27
Normalized NOPAT Margin	1.27%	-5.76%	-1.75%	0.66%	4.93%	-20.13%	-7.31%	0.40%	2.43%	-9.30%	-5.90%
Pre Tax Income Margin	1.70%	-7.36%	-2.33%	1.10%	6.16%	-31.44%	-10.18%	1.90%	4.43%	-14.83%	-5.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-111.34	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-80.71	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-130.71	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-100.08	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-4.18%	0.00%	0.00%	12.82%	0.00%	-3.43%	-4.25%	-1.52%	12.45%	16.64%
Augmented Payout Ratio	0.00%	-4.18%	-3.76%	0.00%	12.82%	0.00%	-3.43%	-4.25%	-1.52%	12.45%	16.64%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven snapshot of Fluence Energy (FLNC) using the last four years of quarterly statements provided. The focus is on identifying trends in revenue, profitability, cash flow, and balance-sheet strength relevant to retail investors.

Profitability improvement in late 2025. Fluence posted a positive net income (continuing operations) of about $24.1 million in Q4 2025, with Basic EPS of $0.14 and Diluted EPS of $0.18, suggesting a potential turning point after several quarters of losses.
Gross margin stabilized at modest levels in late 2025. Q4 2025 gross margin was about 13.7% (Gross Profit of $142.9 million on $1,041.9 million revenue), higher than Q4 2024’s roughly 12.8% margin, indicating a small margins improvement.
Strong quarterly operating cash flow in Q4 2025. Net cash from continuing operating activities was roughly $265.7 million, signaling meaningful cash generation from core operations in that quarter.
Significant financing activity boosted liquidity in Q4 2025. Net cash from continuing financing activities was about $360.8 million, contributing to the liquidity position around year-end.
Liquidity improved into early 2026. Fluence reported cash & equivalents around $452.6 million in Q1 2026, strengthening liquidity compared with earlier periods.
Revenue levels have varied meaningfully quarter-to-quarter. For example, Q4 2024 revenue was about $1.23 billion, while Q1 2026 revenue was about $475 million, indicating seasonality and product mix can drive sizable swings.
Profitability remains volatile across quarters. Positive results (e.g., Q4 2025, Q3 2025) exist, but multiple quarters show net losses, underscoring ongoing profitability risk.
Long-term debt remains a principal liability. Fluence carries a nontrivial long-term debt load (around $390 million in several periods), which can weigh on future cash flows and leverage capacity.
Equity base provides a cushion but is relatively modest compared with liabilities. Total equity figures are in the low-to-mid hundreds of millions, while liabilities are in the low-to-mid billions in several periods, indicating a lean equity cushion relative to debt load.
Recent-quarter weakness reappeared in 2026. In Q1 2026, net income dropped back to about a $62.6 million loss, and gross margin declined sharply to roughly 4.8%, highlighting ongoing profitability pressure and the risk that recent positives may not be sustained without further cost/mix improvements.

05/14/26 10:08 PM ETAI Generated. May Contain Errors.

Fluence Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fluence Energy's fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

Fluence Energy's net income appears to be on a downward trend, with a most recent value of -$67.99 million in 2025, rising from -$46.71 million in 2020. The previous period was $30.37 million in 2024. See where experts think Fluence Energy is headed by visiting Fluence Energy's forecast page.

Fluence Energy's total operating income in 2025 was -$46.34 million, based on the following breakdown:

Total Gross Profit: $295.79 million
Total Operating Expenses: $342.12 million

Over the last 5 years, Fluence Energy's total revenue changed from $561.32 million in 2020 to $2.26 billion in 2025, a change of 303.1%.

Fluence Energy's total liabilities were at $1.81 billion at the end of 2025, a 39.6% increase from 2024, and a 133.6% increase since 2021.

In the past 4 years, Fluence Energy's cash and equivalents has ranged from $36.83 million in 2021 to $690.77 million in 2025, and is currently $690.77 million as of their latest financial filing in 2025.

Over the last 5 years, Fluence Energy's book value per share changed from 0.00 in 2020 to 2.35 in 2025, a change of 235.4%.

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Financial statements for NASDAQ:FLNC last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fluence Energy (FLNC) Financials

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Fluence Energy (FLNC) Financials

Annual Income Statements for Fluence Energy

Quarterly Income Statements for Fluence Energy

Annual Cash Flow Statements for Fluence Energy

Quarterly Cash Flow Statements for Fluence Energy

Annual Balance Sheets for Fluence Energy

Quarterly Balance Sheets for Fluence Energy

Annual Metrics And Ratios for Fluence Energy

Quarterly Metrics And Ratios for Fluence Energy

Financials Breakdown Chart

Key Financial Trends

Fluence Energy Financials - Frequently Asked Questions

When does Fluence Energy's financial year end?

How has Fluence Energy's net income changed over the last 5 years?

What is Fluence Energy's operating income?

How has Fluence Energy's revenue changed over the last 5 years?

How much debt does Fluence Energy have?

How much cash does Fluence Energy have?

How has Fluence Energy's book value per share changed over the last 5 years?

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