What is New Fortress Energy's operating income?

New Fortress Energy's total operating income in 2025 was -$1.12 billion, based on the following breakdown: Total Gross Profit: $366.92 million Total Operating Expenses: $1.49 billion

New Fortress Energy (NFE) Financials

$0.39 +0.02 (+4.76%)

Closing price 07/9/2026 04:00 PM Eastern

Extended Trading

$0.39 +0.00 (+1.24%)

As of 06:30 AM Eastern

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Annual Income Statements for New Fortress Energy

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-32	-78	-34	-182	97	185	547	-245	-1,845
Consolidated Net Income / (Loss)	-32	-78	-204	-264	93	185	548	-245	-1,832
Net Income / (Loss) Continuing Operations	-32	-78	-204	-264	93	185	548	-245	-1,832
Total Pre-Tax Income	-31	-79	-204	-259	91	534	641	-174	-1,771
Total Operating Income	-25	-58	-187	-155	239	737	936	528	-1,120
Total Gross Profit	11	6.97	-21	125	633	1,252	1,336	1,123	367
Total Revenue	97	112	189	452	1,323	2,368	2,391	2,359	1,504
Operating Revenue	82	97	146	318	1,162	2,336	2,313	2,202	1,376
Other Revenue	15	15	44	133	161	32	78	157	128
Total Cost of Revenue	86	105	210	326	689	1,116	1,055	1,236	1,137
Operating Cost of Revenue	86	105	210	326	689	1,116	1,055	1,236	1,137
Total Operating Expenses	36	65	166	281	395	515	400	595	1,487
Selling, General & Admin Expense	33	62	153	120	252	300	249	327	334
Depreciation Expense	2.76	3.32	7.94	32	98	143	161	159	204
Impairment Charge	-	-	-	0.00	0.00	51	11	16	1,459
Restructuring Charge	-	-	0.00	4.03	45	22	6.95	12	162
Other Special Charges / (Income)	-	0.00	5.28	-	0.00	0.00	-28	80	-671
Total Other Income / (Expense), net	-6.16	-20	-17	-104	-148	-204	-294	-703	-650
Interest Expense	6.46	21	19	99	165	252	284	586	798
Other Income / (Expense), net	0.30	0.78	2.81	-5.01	17	48	-10	-116	148
Income Tax Expense	0.53	-0.34	0.44	4.82	12	-123	103	70	61
Other Gains / (Losses), net	-	-	0.00	0.00	14	-472	9.97	0.00	0.00
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	0.00	0.22	-	0.00	0.00	1.46	0.00	0.00
Basic Earnings per Share	$0.00	$0.00	($1.62)	($1.71)	$0.49	$0.93	$2.66	($1.25)	($6.63)
Weighted Average Basic Shares Outstanding	0.00	0.00	20.86M	106.65M	198.59M	209.50M	205.94M	217.58M	278.47M
Diluted Earnings per Share	$0.00	$0.00	($1.62)	($1.71)	$0.47	$0.93	$2.65	($1.26)	($6.63)
Weighted Average Diluted Shares Outstanding	0.00	0.00	20.86M	106.65M	201.70M	209.85M	206.48M	218.62M	278.47M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	20.86M	106.65M	206.86M	208.77M	205.03M	273.77M	285.63M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	61	217	57	-87	11	-245	-175	-555	-293	-799	-400
Consolidated Net Income / (Loss)	62	215	57	-87	11	-224	-175	-557	-293	-784	-401
Net Income / (Loss) Continuing Operations	62	215	57	-87	11	-224	-175	-557	-293	-784	-401
Total Pre-Tax Income	87	264	78	-83	14	-182	-149	-558	-285	-759	-369
Total Operating Income	150	335	185	44	80	230	-13	-387	-104	-611	-225
Total Gross Profit	262	438	393	167	210	356	115	33	72	149	-21
Total Revenue	514	758	690	428	568	679	472	302	327	404	227
Operating Revenue	488	710	656	344	506	701	432	274	301	371	197
Other Revenue	26	48	34	84	62	-22	40	28	26	34	30
Total Cost of Revenue	253	320	298	261	357	323	357	269	255	256	248
Operating Cost of Revenue	253	320	298	261	357	323	357	269	255	256	248
Total Operating Expenses	112	103	208	123	131	126	127	420	176	760	204
Selling, General & Admin Expense	61	57	79	79	91	70	59	65	93	109	48
Depreciation Expense	49	62	50	37	35	39	56	53	50	47	41
Impairment Charge	0.00	-	0.00	4.27	1.48	-	0.25	699	10	749	62
Restructuring Charge	2.74	2.16	1.37	1.76	3.15	5.99	12	75	20	55	53
Total Other Income / (Expense), net	-63	-71	-106	-128	-65	-412	-137	-170	-182	-148	-144
Interest Expense	65	77	87	80	71	360	201	227	211	146	187
Other Income / (Expense), net	2.27	5.74	-19	-47	5.84	-52	64	56	29	-1.65	43
Income Tax Expense	25	46	22	3.44	2.95	41	26	-0.97	8.25	25	32
Basic Earnings per Share	$0.30	$1.06	$0.26	($0.44)	$0.04	($1.10)	($0.65)	($2.02)	($1.07)	($2.81)	($1.40)
Weighted Average Basic Shares Outstanding	205.03M	205.94M	205.06M	205.07M	205.07M	217.58M	273.61M	274.37M	281.12M	278.47M	285.70M
Diluted Earnings per Share	$0.30	$1.06	$0.26	($0.44)	$0.03	($1.10)	($0.65)	($2.02)	($1.07)	($2.81)	($1.40)
Weighted Average Diluted Shares Outstanding	205.03M	206.48M	205.98M	205.85M	208.88M	218.62M	273.61M	274.37M	281.12M	278.47M	285.70M
Weighted Average Basic & Diluted Shares Outstanding	205.03M	205.03M	205.06M	205.07M	251.42M	273.77M	274.20M	284.55M	284.55M	285.63M	285.63M

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-71	-17	-7.82	536	-365	591	-544	655	-609
Net Cash From Operating Activities	-55	-93	-234	-126	85	355	819	602	-583
Net Cash From Continuing Operating Activities	-55	-93	-234	-126	85	355	819	602	-583
Net Income / (Loss) Continuing Operations	-32	-78	-204	-264	93	185	548	-245	-1,832
Consolidated Net Income / (Loss)	-32	-78	-204	-264	93	185	548	-245	-1,832
Depreciation Expense	3.21	4.03	8.64	33	100	144	161	159	242
Amortization Expense	0.70	4.02	5.87	11	14	2.54	6.59	31	54
Non-Cash Adjustments To Reconcile Net Income	1.34	3.63	45	69	44	409	-95	488	774
Changes in Operating Assets and Liabilities, net	-28	-27	-90	25	-165	-384	198	168	178
Net Cash From Investing Activities	-30	-184	-376	-158	-2,274	-83	-2,794	-1,584	466
Net Cash From Continuing Investing Activities	-30	-184	-376	-158	-2,274	-83	-2,794	-1,584	466
Purchase of Property, Plant & Equipment	-29	-181	-377	-157	-669	-1,174	-2,920	-2,131	-651
Sale of Property, Plant & Equipment	-	-	-	-	0.00	0.00	16	387	0.00
Divestitures	-	-	-	0.00	0.00	500	100	136	962
Other Investing Activities, net	0.54	0.72	0.89	-0.64	-9.35	-1.79	9.23	23	155
Net Cash From Financing Activities	14	260	603	819	1,817	322	1,425	1,719	-544
Net Cash From Continuing Financing Activities	14	260	603	819	1,817	322	1,425	1,719	-544
Repayment of Debt	-5.95	-91	-13	-1,527	-499	-1,611	-762	-3,962	-1,658
Payment of Dividends	-	0.00	0.00	-34	-89	-99	-724	-65	-3.47
Issuance of Debt	0.00	281	348	2,095	2,435	2,032	3,015	5,865	1,375
Issuance of Common Equity	0.00	0.00	275	292	-	0.00	0.00	387	0.00
Other Financing Activities, net	20	70	0.00	-6.41	-30	-	-104	-506	-258
Effect of Exchange Rate Changes	-	-	-	0.00	6.54	-3.29	6.17	-82	53
Cash Interest Paid	5.73	7.52	6.77	27	154	161	106	90	352

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	36	59	4.12	-17	-61	729	-129	-15	-432	-32	-167
Net Cash From Operating Activities	33	288	70	93	-17	441	-7.24	-352	-191	-8.20	-119
Net Cash From Continuing Operating Activities	33	288	70	93	-17	441	-7.24	-352	-191	-8.20	-119
Net Income / (Loss) Continuing Operations	62	215	57	-87	11	-224	-175	-557	-293	-784	-401
Consolidated Net Income / (Loss)	62	215	57	-87	11	-224	-175	-557	-293	-784	-401
Depreciation Expense	49	61	50	38	36	39	67	61	59	59	51
Amortization Expense	-	-	-	-	-	-	31	-	-	6.53	7.27
Non-Cash Adjustments To Reconcile Net Income	-55	-40	100	1.87	35	340	-47	275	-10	529	61
Changes in Operating Assets and Liabilities, net	-23	44	-137	140	-99	252	118	-132	6.14	181	162
Net Cash From Investing Activities	-698	-839	-220	-663	-426	-766	-251	637	-106	270	-44
Net Cash From Continuing Investing Activities	-698	-855	-220	-663	-426	-766	-251	637	-106	270	-44
Purchase of Property, Plant & Equipment	-726	-838	-683	-663	-435	-840	-255	-312	-106	108	-44
Other Investing Activities, net	27	-17	-1.70	0.00	9.05	16	4.56	950	-950	150	0.00
Net Cash From Financing Activities	701	605	158	578	365	1,124	95	-315	-144	-289	-11
Net Cash From Continuing Financing Activities	701	605	158	578	365	1,124	95	-315	-144	-289	-11
Repayment of Debt	-124	-608	-1,975	-271	-186	-1,530	-694	-730	-202	-31	-5.97
Payment of Dividends	-24	-24	-32	-23	-5.61	-3.99	-3.46	0.45	-0.01	-0.45	0.00
Issuance of Debt	849	1,237	2,165	872	557	2,271	902	415	59	-	0.00
Other Financing Activities, net	-	-	-	-	-	-	-110	-	-	-	-5.03
Effect of Exchange Rate Changes	-0.69	5.25	-3.77	-25	16	-69	34	15	8.60	-4.94	6.42
Other Net Changes in Cash	-	-	0.00	-	-	-	0.00	-	-	-	0.00

This table presents New Fortress 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	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	699	1,124	1,908	6,876	7,705	10,513	12,923	10,556
Total Current Assets	154	211	762	585	1,387	983	1,613	1,329
Cash & Equivalents	78	27	602	188	675	155	493	226
Restricted Cash	0.03	31	13	69	165	155	473	130
Accounts Receivable	29	50	77	208	280	343	331	452
Inventories, net	16	63	23	37	39	116	103	119
Prepaid Expenses	30	40	48	83	227	213	212	400
Plant, Property, & Equipment, net	0.00	467	234	1,044	2,419	5,342	3,527	3,594
Plant, Property & Equipment, gross	-	467	234	1,044	2,419	5,342	3,527	3,594
Total Noncurrent Assets	546	446	912	5,248	3,899	4,050	7,784	5,633
Intangible Assets	43	44	46	143	86	52	180	188
Other Noncurrent Operating Assets	407	311	857	2,554	2,636	3,196	6,818	5,445
Total Liabilities & Shareholders' Equity	699	1,124	1,908	6,876	7,705	10,513	12,923	10,556
Total Liabilities	417	736	1,533	4,882	6,263	8,736	10,832	10,246
Total Current Liabilities	405	102	191	563	1,409	1,703	1,753	8,653
Short-Term Debt	272	-	0.00	97	65	0.00	539	7,073
Accounts Payable	43	12	21	68	80	546	482	732
Accrued Expenses	68	55	90	244	1,162	486	435	598
Other Current Liabilities	22	36	79	153	102	378	298	250
Total Noncurrent Liabilities	12	634	1,342	4,320	4,854	7,033	9,079	1,593
Long-Term Debt	0.00	619	1,240	3,758	4,477	6,511	8,362	1,105
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.24	2.33	270	26	60	75	77
Other Noncurrent Operating Liabilities	12	15	100	293	351	462	642	411
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	283	387	375	1,994	1,442	1,778	2,001	310
Total Preferred & Common Equity	0.00	85	367	1,792	1,290	1,640	1,878	183
Total Common Equity	268	85	367	1,792	1,288	1,640	1,878	183
Common Stock	427	131	596	1,926	1,170	1,041	1,677	1,779
Retained Earnings	-158	-46	-230	-132	62	527	194	-1,651
Accumulated Other Comprehensive Income / (Loss)	-0.01	-0.03	0.18	-2.09	55	72	7.50	54
Noncontrolling Interest	14	303	8.13	202	152	138	123	127

This table presents New Fortress 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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,441	8,224	9,135	9,796	10,880	11,408	11,970	13,028	11,957	11,906	10,394
Total Current Assets	1,045	1,154	714	866	1,039	1,124	1,034	1,474	1,482	1,334	1,159
Cash & Equivalents	364	297	104	171	143	133	91	448	551	145	92
Restricted Cash	24	325	101	66	171	165	146	380	270	244	97
Accounts Receivable	438	353	275	361	335	407	436	273	269	420	370
Inventories, net	63	77	128	103	187	142	88	67	74	109	153
Prepaid Expenses	155	102	105	165	202	278	273	202	318	415	446
Plant, Property, & Equipment, net	1,835	3,357	4,593	4,790	5,798	6,301	7,051	3,901	4,072	4,223	3,824
Plant, Property & Equipment, gross	1,835	3,357	4,593	4,790	5,798	6,301	7,051	3,901	4,072	4,223	3,824
Total Noncurrent Assets	4,561	3,712	3,828	4,140	4,044	3,983	3,885	7,653	6,403	6,349	5,412
Intangible Assets	92	80	75	67	212	208	206	188	195	196	192
Other Noncurrent Operating Assets	2,664	2,711	2,830	3,149	3,028	2,955	2,888	6,230	6,192	6,131	5,219
Total Liabilities & Shareholders' Equity	7,441	8,224	9,135	9,796	10,880	11,408	11,970	13,028	11,957	11,906	10,394
Total Liabilities	5,439	6,774	7,584	8,218	8,984	9,623	10,183	11,116	10,564	10,782	10,449
Total Current Liabilities	571	1,396	2,068	1,911	1,567	1,565	2,709	1,474	2,201	7,954	8,927
Short-Term Debt	58	277	367	271	292	236	1,146	261	1,182	6,579	7,181
Accounts Payable	104	310	603	893	525	573	820	655	579	633	635
Accrued Expenses	279	603	821	436	418	384	374	268	253	489	844
Other Current Liabilities	130	206	277	312	333	371	370	254	188	253	267
Total Noncurrent Liabilities	4,868	5,378	5,516	6,307	7,417	8,058	7,474	9,642	8,363	2,828	1,523
Long-Term Debt	4,397	4,952	5,064	5,898	6,735	7,393	6,863	8,932	7,805	2,336	1,106
Noncurrent Deferred & Payable Income Tax Liabilities	101	26	27	27	93	98	66	51	62	53	74
Other Noncurrent Operating Liabilities	370	400	425	382	589	568	544	524	496	439	343
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,002	1,449	1,551	1,579	1,800	1,687	1,690	1,872	1,352	1,124	-55
Total Preferred & Common Equity	1,847	1,299	1,406	1,436	1,671	1,560	1,564	1,748	1,230	995	-180
Total Common Equity	1,845	1,297	1,404	1,436	1,671	1,560	1,562	1,748	1,230	995	-180
Common Stock	1,802	1,048	1,039	1,041	1,046	1,065	1,086	1,726	1,729	1,775	1,782
Retained Earnings	-2.05	192	291	331	561	451	439	-3.77	-558	-858	-2,051
Accumulated Other Comprehensive Income / (Loss)	46	57	74	63	64	44	37	27	59	78	88
Noncontrolling Interest	155	151	145	142	128	127	127	123	122	129	125

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	284,552,811.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	284,552,811.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-6.48
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	15.46%	68.41%	138.81%	192.88%	79.03%	1.90%	-2.01%	-36.24%
EBITDA Growth	0.00%	-138.93%	-242.32%	31.43%	417.22%	151.98%	20.89%	-44.83%	-212.23%
EBIT Growth	0.00%	-133.72%	-219.68%	13.07%	259.66%	206.77%	18.70%	-54.35%	-336.02%
NOPAT Growth	0.00%	-134.05%	-220.19%	17.04%	289.49%	340.61%	-14.50%	-51.43%	-312.01%
Net Income Growth	0.00%	-146.86%	-161.34%	-29.19%	135.12%	99.31%	197.03%	-144.16%	-649.15%
EPS Growth	0.00%	0.00%	0.00%	-5.56%	127.49%	97.87%	184.95%	-147.17%	-426.19%
Operating Cash Flow Growth	0.00%	-69.84%	-151.28%	46.40%	167.51%	318.91%	132.25%	-28.86%	-196.87%
Free Cash Flow Firm Growth	0.00%	0.00%	-18.05%	73.50%	-1,893.67%	117.75%	-558.18%	42.07%	172.86%
Invested Capital Growth	0.00%	0.00%	100.55%	5.48%	340.97%	7.69%	71.20%	23.20%	-18.90%
Revenue Q/Q Growth	0.00%	0.00%	25.46%	20.21%	61.34%	-4.14%	9.63%	-3.25%	-15.44%
EBITDA Q/Q Growth	0.00%	0.00%	-7.52%	32.90%	165.38%	5.93%	10.32%	-19.71%	-767.33%
EBIT Q/Q Growth	0.00%	0.00%	-7.11%	23.93%	412.24%	5.90%	8.58%	-27.67%	-433.54%
NOPAT Q/Q Growth	0.00%	0.00%	-8.26%	25.87%	688.24%	4.02%	3.40%	-19.55%	-301.40%
Net Income Q/Q Growth	0.00%	0.00%	-1.80%	12.53%	255.65%	-31.74%	37.28%	-223.67%	-44.13%
EPS Q/Q Growth	0.00%	0.00%	-5.19%	43.19%	-49.46%	-32.12%	38.74%	-237.36%	-34.76%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-20.24%	35.68%	156.69%	12.53%	2.94%	35.27%	-333.27%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	38.75%	1.10%	2,000.37%	-66.32%	12.27%	488.13%
Invested Capital Q/Q Growth	0.00%	0.00%	15.00%	6.38%	4.86%	-5.98%	10.34%	4.81%	-15.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	11.43%	6.21%	-11.17%	27.74%	47.89%	52.87%	56.73%	47.61%	24.40%
EBITDA Margin	-21.36%	-44.21%	-89.86%	-25.80%	27.95%	39.33%	46.67%	26.27%	-44.98%
Operating Margin	-25.69%	-52.08%	-99.02%	-34.40%	18.06%	31.14%	39.06%	22.78%	-74.49%
EBIT Margin	-25.38%	-51.38%	-97.54%	-35.51%	19.35%	33.16%	38.63%	18.00%	-64.68%
Profit (Net Income) Margin	-32.56%	-69.62%	-108.03%	-58.44%	7.01%	7.80%	22.74%	-10.25%	-121.80%
Tax Burden Percent	101.69%	99.57%	100.22%	101.86%	102.18%	34.63%	83.87%	140.21%	103.46%
Interest Burden Percent	126.15%	136.07%	110.52%	161.60%	35.44%	67.93%	70.20%	-40.62%	182.01%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	13.73%	-23.13%	17.65%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-17.32%	-18.45%	-11.16%	7.62%	19.82%	12.05%	4.15%	-8.64%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-56.48%	-37.94%	-37.33%	0.16%	-5.44%	7.34%	-4.52%	-21.94%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-38.00%	-42.54%	-58.08%	0.21%	-9.07%	22.04%	-16.69%	-143.97%
Return on Equity (ROE)	0.00%	-55.32%	-60.99%	-69.24%	7.83%	10.76%	34.09%	-12.53%	-152.61%
Cash Return on Invested Capital (CROIC)	0.00%	-217.32%	-85.36%	-16.50%	-118.44%	12.42%	-40.45%	-16.63%	12.23%
Operating Return on Assets (OROA)	0.00%	-8.25%	-20.24%	-10.58%	5.83%	10.77%	10.24%	3.64%	-8.29%
Return on Assets (ROA)	0.00%	-11.18%	-22.41%	-17.41%	2.11%	2.53%	6.03%	-2.07%	-15.61%
Return on Common Equity (ROCE)	0.00%	-52.51%	-32.15%	-41.03%	7.13%	9.64%	31.00%	-11.40%	-130.98%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-240.93%	-71.93%	5.17%	14.33%	33.47%	-12.92%	0.00%
Net Operating Profit after Tax (NOPAT)	-17	-41	-131	-109	206	908	776	377	-784
NOPAT Margin	-17.99%	-36.46%	-69.32%	-24.08%	15.58%	38.34%	32.17%	15.94%	-52.15%
Net Nonoperating Expense Percent (NNEP)	0.00%	39.16%	19.50%	26.17%	7.45%	25.26%	4.71%	8.67%	13.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	15.17%	9.05%	3.46%	-9.24%
Cost of Revenue to Revenue	88.57%	93.79%	111.17%	72.26%	52.11%	47.13%	43.27%	52.39%	75.60%
SG&A Expenses to Revenue	34.28%	55.33%	80.86%	26.60%	19.02%	12.65%	10.38%	13.48%	22.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.12%	58.29%	87.85%	62.14%	29.83%	21.73%	17.67%	24.83%	98.89%
Earnings before Interest and Taxes (EBIT)	-25	-58	-184	-160	256	785	932	426	-973
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-21	-50	-170	-117	370	932	1,126	621	-676
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.04	27.12	21.66	2.48	6.12	4.64	2.03	1.78
Price to Tangible Book Value (P/TBV)	0.00	1.24	55.74	24.78	5.00	18.54	9.37	4.09	0.00
Price to Revenue (P/Rev)	2.88	2.49	12.16	17.60	3.36	3.33	3.15	1.61	0.22
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	45.74	42.64	13.88	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.42%	1.86%	1.06%	10.64%	2.65%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	2.19%	2.35%	7.20%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.02	3.34	8.58	1.60	2.39	1.73	1.19	1.02
Enterprise Value to Revenue (EV/Rev)	0.00	4.31	16.73	19.00	5.34	4.79	5.84	5.05	5.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	19.10	12.17	12.52	19.23	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	27.58	14.44	15.12	28.07	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	34.27	12.49	18.16	31.68	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	83.30	31.93	17.09	20.36	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	19.94	0.00	0.00	7.45
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.96	1.60	3.30	1.93	3.15	3.83	4.26	26.42
Long-Term Debt to Equity	0.00	0.00	1.60	3.30	1.88	3.10	3.66	4.00	3.57
Financial Leverage	0.00	0.67	1.12	1.56	1.28	1.67	3.00	3.69	6.56
Leverage Ratio	0.00	2.47	2.72	3.98	3.71	4.24	5.65	6.04	9.78
Compound Leverage Factor	0.00	3.37	3.01	6.43	1.31	2.88	3.97	-2.45	17.80
Debt to Total Capital	0.00%	49.06%	61.51%	76.77%	65.91%	75.90%	79.28%	80.98%	96.35%
Short-Term Debt to Total Capital	0.00%	49.06%	0.00%	0.00%	1.66%	1.08%	3.41%	4.91%	83.33%
Long-Term Debt to Total Capital	0.00%	0.00%	61.51%	76.77%	64.25%	74.82%	75.87%	76.07%	13.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	2.58%	30.06%	0.50%	3.46%	2.54%	1.61%	1.94%	1.50%
Common Equity to Total Capital	0.00%	48.36%	8.43%	22.73%	30.63%	21.52%	19.11%	17.08%	2.15%
Debt to EBITDA	0.00	-5.48	-3.64	-10.64	10.43	4.88	6.04	14.32	-12.09
Net Debt to EBITDA	0.00	-3.83	-3.30	-5.36	6.54	3.55	5.64	12.76	-11.56
Long-Term Debt to EBITDA	0.00	0.00	-3.64	-10.64	10.17	4.81	5.78	13.45	-1.63
Debt to NOPAT	0.00	-6.65	-4.72	-11.40	18.71	5.00	8.76	23.59	-10.43
Net Debt to NOPAT	0.00	-4.65	-4.28	-5.75	11.73	3.64	8.19	21.03	-9.97
Long-Term Debt to NOPAT	0.00	0.00	-4.72	-11.40	18.24	4.93	8.39	22.16	-1.41
Altman Z-Score	0.00	-0.46	1.56	3.26	0.84	1.41	1.03	0.52	-1.19
Noncontrolling Interest Sharing Ratio	0.00%	5.07%	47.29%	40.75%	8.89%	10.38%	9.07%	9.08%	14.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.38	2.06	3.99	1.04	0.98	0.57	0.94	0.15
Quick Ratio	0.00	0.27	0.75	3.55	0.70	0.68	0.29	0.49	0.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-514	-607	-161	-3,205	569	-2,606	-1,509	1,111
Operating Cash Flow to CapEx	-191.08%	-51.46%	-62.13%	-79.98%	12.66%	30.25%	27.22%	26.27%	-89.64%
Free Cash Flow to Firm to Interest Expense	0.00	-24.68	-31.25	-1.63	-19.39	2.26	-9.38	-2.52	1.39
Operating Cash Flow to Interest Expense	-8.50	-4.48	-12.07	-1.27	0.51	1.41	2.97	0.98	-0.73
Operating Cash Flow Less CapEx to Interest Expense	-12.95	-13.18	-31.49	-2.86	-3.54	-3.25	-7.94	-2.75	-1.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.16	0.21	0.30	0.30	0.32	0.27	0.20	0.13
Accounts Receivable Turnover	0.00	3.94	4.82	7.14	9.28	9.69	7.75	6.97	3.84
Inventory Turnover	0.00	6.60	5.30	7.56	22.96	29.28	13.67	11.42	10.21
Fixed Asset Turnover	0.00	0.00	0.00	1.29	2.07	1.37	0.62	0.53	0.42
Accounts Payable Turnover	0.00	2.44	7.68	19.82	15.42	15.04	3.32	2.42	1.87
Days Sales Outstanding (DSO)	0.00	92.73	75.67	51.09	39.33	37.67	47.09	52.34	95.06
Days Inventory Outstanding (DIO)	0.00	55.30	68.91	48.26	15.90	12.47	26.70	31.95	35.74
Days Payable Outstanding (DPO)	0.00	149.62	47.54	18.41	23.67	24.27	110.08	150.72	194.70
Cash Conversion Cycle (CCC)	0.00	-1.59	97.04	80.93	31.55	25.86	-36.30	-66.43	-63.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	473	948	1,000	4,411	4,750	8,132	10,019	8,132
Invested Capital Turnover	0.00	0.48	0.27	0.46	0.49	0.52	0.37	0.26	0.17
Increase / (Decrease) in Invested Capital	0.00	473	475	52	3,411	339	3,382	1,887	-1,895
Enterprise Value (EV)	0.00	485	3,164	8,583	7,061	11,340	14,098	11,944	8,273
Market Capitalization	280	280	2,300	7,949	4,442	7,880	7,606	3,801	324
Book Value per Share	$0.00	$13.42	$0.50	$2.17	$8.66	$6.17	$8.00	$7.46	$0.64
Tangible Book Value per Share	$0.00	$11.26	$0.25	$1.90	$4.30	$2.04	$3.96	$3.70	($0.02)
Total Capital	0.00	555	1,006	1,615	5,849	5,984	8,581	10,984	8,489
Total Debt	0.00	272	619	1,240	3,855	4,542	6,803	8,895	8,179
Total Long-Term Debt	0.00	0.00	619	1,240	3,758	4,477	6,511	8,356	1,105
Net Debt	0.00	190	561	625	2,417	3,308	6,355	7,929	7,822
Capital Expenditures (CapEx)	29	181	377	157	669	1,174	3,030	2,234	651
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-57	51	-43	-136	-798	-745	-524	-608
Debt-free Net Working Capital (DFNWC)	0.00	21	109	571	120	43	-434	442	-251
Net Working Capital (NWC)	0.00	-251	109	571	22	-22	-726	-97	-7,324
Net Nonoperating Expense (NNE)	14	37	73	155	113	723	227	619	1,048
Net Nonoperating Obligations (NNO)	0.00	190	561	625	2,417	3,308	6,355	7,929	7,822
Total Depreciation and Amortization (D&A)	3.91	8.06	15	44	114	146	194	196	296
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-50.86%	26.86%	-9.63%	-10.32%	-33.70%	-30.85%	-22.15%	-40.40%
Debt-free Net Working Capital to Revenue	0.00%	18.89%	57.56%	126.39%	9.04%	1.80%	-17.97%	18.68%	-16.67%
Net Working Capital to Revenue	0.00%	-223.48%	57.56%	126.39%	1.69%	-0.93%	-30.10%	-4.11%	-486.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.62)	($1.71)	$0.49	$0.93	$2.66	($1.24)	($6.63)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	167.95M	175.96M	198.59M	209.50M	205.94M	217.58M	278.47M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.62)	($1.71)	$0.47	$0.93	$2.65	($1.25)	($6.63)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	167.95M	175.96M	201.70M	209.85M	206.48M	218.62M	278.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($1.62)	($1.71)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	20.86M	106.65M	206.86M	208.77M	205.03M	273.77M	285.63M
Normalized Net Operating Profit after Tax (NOPAT)	-17	-41	-127	-106	245	567	767	451	-119
Normalized NOPAT Margin	-17.99%	-36.46%	-67.36%	-23.45%	18.49%	23.94%	31.78%	19.09%	-7.94%
Pre Tax Income Margin	-32.02%	-69.92%	-107.80%	-57.38%	6.86%	22.53%	27.12%	-7.31%	-117.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.82	-2.77	-9.50	-1.62	1.55	3.12	3.36	0.71	-1.22
NOPAT to Interest Expense	-2.71	-1.97	-6.75	-1.10	1.25	3.61	2.79	0.63	-0.98
EBIT Less CapEx to Interest Expense	-8.27	-11.47	-28.93	-3.21	-2.50	-1.54	-7.55	-3.02	-2.04
NOPAT Less CapEx to Interest Expense	-7.16	-10.67	-26.18	-2.69	-2.80	-1.06	-8.11	-3.10	-1.80
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	-12.78%	95.73%	53.60%	131.90%	-26.94%	-0.19%
Augmented Payout Ratio	-0.61%	0.00%	-3.40%	-13.20%	95.73%	53.60%	131.90%	-26.94%	-0.19%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	-	-	-	-	-	-	547,543,622.00	274,198,296.00	284,552,811.00	284,552,811.00	285,634,650.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	547,543,622.00	274,198,296.00	284,552,811.00	284,552,811.00	285,634,650.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.32	-2.02	-1.03	-2.81	-1.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-29.71%	38.80%	19.20%	-23.75%	10.32%	-10.46%	-31.59%	-29.51%	-42.32%	-39.91%	-51.95%
EBITDA Growth	-5.54%	32.56%	-22.02%	-85.46%	-39.75%	-46.19%	-30.87%	-873.69%	-112.98%	-357.82%	-182.74%
EBIT Growth	-13.97%	27.61%	-31.72%	-101.53%	-43.78%	-47.80%	-68.91%	-10,840.71%	-187.32%	-472.60%	-454.32%
NOPAT Growth	-36.62%	12.04%	-39.80%	-81.64%	-40.66%	-41.69%	-106.56%	-973.78%	-214.97%	-377.60%	-1,700.26%
Net Income Growth	10.86%	226.53%	-62.61%	-172.32%	-81.85%	-204.02%	-409.56%	-541.06%	-2,693.09%	-247.60%	-128.36%
EPS Growth	3.45%	231.25%	-63.38%	-175.86%	-90.00%	-203.77%	-350.00%	-359.09%	-3,666.67%	-153.15%	-115.38%
Operating Cash Flow Growth	141.72%	8.93%	-65.00%	-69.41%	-150.34%	53.19%	-110.33%	-479.31%	-1,039.26%	-101.80%	-1,542.97%
Free Cash Flow Firm Growth	-226.11%	-3,256.33%	-155.24%	-75.36%	3.85%	44.45%	56.50%	70.83%	92.32%	184.32%	235.90%
Invested Capital Growth	45.87%	71.20%	45.41%	37.32%	29.70%	23.20%	12.81%	4.85%	0.95%	-18.90%	-17.18%
Revenue Q/Q Growth	-8.35%	47.41%	-8.97%	-38.00%	32.60%	19.64%	-29.83%	-35.88%	8.51%	23.54%	-43.88%
EBITDA Q/Q Growth	-16.31%	100.28%	-46.31%	-83.84%	246.74%	78.88%	-29.67%	-348.03%	94.18%	-3,384.91%	77.43%
EBIT Q/Q Growth	-23.13%	124.30%	-51.44%	-101.83%	2,921.32%	108.29%	-68.73%	-828.29%	77.48%	-721.85%	70.26%
NOPAT Q/Q Growth	-37.10%	160.04%	-51.69%	-76.76%	103.27%	155.56%	-105.69%	-1,996.04%	73.26%	-489.85%	63.11%
Net Income Q/Q Growth	-48.09%	244.69%	-73.63%	-253.27%	113.02%	-2,075.69%	22.26%	-182.12%	47.32%	-167.39%	48.93%
EPS Q/Q Growth	-48.28%	253.33%	-75.47%	-269.23%	106.82%	-3,766.67%	41.44%	-176.71%	47.03%	-162.62%	50.18%
Operating Cash Flow Q/Q Growth	-89.03%	763.40%	-75.64%	32.65%	-118.05%	2,727.28%	-101.59%	-1,011.66%	45.80%	95.71%	-1,350.91%
Free Cash Flow Firm Q/Q Growth	-58.48%	-40.45%	17.74%	4.23%	13.10%	18.85%	36.14%	36.02%	77.12%	998.54%	2.93%
Invested Capital Q/Q Growth	11.02%	10.34%	5.84%	5.91%	4.86%	4.81%	-3.15%	-1.56%	0.96%	-15.74%	-1.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.87%	57.75%	56.88%	38.98%	37.03%	52.46%	24.34%	10.95%	21.98%	36.78%	-9.25%
EBITDA Margin	39.03%	53.02%	31.27%	8.15%	21.31%	31.87%	31.60%	-89.46%	-4.80%	-135.29%	-54.41%
Operating Margin	29.08%	44.16%	26.73%	10.36%	14.01%	33.91%	-2.65%	-128.39%	-31.64%	-151.08%	-99.30%
EBIT Margin	29.52%	44.92%	23.96%	-0.71%	15.04%	26.19%	10.89%	-109.74%	-22.77%	-151.48%	-80.27%
Profit (Net Income) Margin	12.12%	28.33%	8.21%	-20.29%	1.99%	-32.92%	-37.14%	-184.57%	-89.61%	-193.95%	-176.51%
Tax Burden Percent	71.62%	81.49%	72.38%	104.12%	79.30%	122.80%	117.45%	99.83%	102.89%	103.35%	108.55%
Interest Burden Percent	57.32%	77.41%	47.34%	2,756.94%	16.71%	-102.36%	-290.48%	168.48%	382.46%	123.88%	202.58%
Effective Tax Rate	28.94%	17.46%	27.62%	0.00%	20.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	7.32%	13.66%	6.72%	2.20%	3.21%	6.19%	-0.43%	-19.43%	-4.10%	-17.52%	-9.86%
ROIC Less NNEP Spread (ROIC-NNEP)	6.33%	12.38%	5.35%	0.30%	2.45%	0.80%	-2.73%	-23.12%	-6.81%	-22.05%	-12.91%
Return on Net Nonoperating Assets (RNNOA)	15.63%	37.16%	17.88%	1.12%	9.86%	2.95%	-10.40%	-112.71%	-38.14%	-144.69%	-110.52%
Return on Equity (ROE)	22.95%	50.82%	24.60%	3.33%	13.07%	9.14%	-10.84%	-132.14%	-42.24%	-162.21%	-120.38%
Cash Return on Invested Capital (CROIC)	-25.22%	-40.45%	-27.45%	-24.92%	-20.33%	-16.63%	-9.50%	-5.46%	-2.98%	12.23%	8.28%
Operating Return on Assets (OROA)	7.54%	11.91%	6.33%	-0.16%	3.38%	5.30%	1.95%	-18.96%	-3.39%	-19.41%	-8.63%
Return on Assets (ROA)	3.09%	7.51%	2.17%	-4.72%	0.45%	-6.66%	-6.65%	-31.89%	-13.35%	-24.85%	-18.97%
Return on Common Equity (ROCE)	21.03%	46.21%	21.82%	2.95%	11.64%	8.31%	-9.73%	-115.98%	-37.10%	-139.23%	-101.65%
Return on Equity Simple (ROE_SIMPLE)	27.84%	0.00%	27.16%	15.83%	12.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	106	276	134	31	63	161	-8.76	-271	-73	-428	-158
NOPAT Margin	20.66%	36.45%	19.35%	7.25%	11.11%	23.74%	-1.86%	-89.87%	-22.15%	-105.75%	-69.51%
Net Nonoperating Expense Percent (NNEP)	0.99%	1.27%	1.38%	1.90%	0.76%	5.39%	2.30%	3.69%	2.71%	4.53%	3.06%
Return On Investment Capital (ROIC_SIMPLE)	-	3.22%	-	-	-	1.48%	-0.08%	-2.62%	-0.72%	-5.04%	-1.92%
Cost of Revenue to Revenue	49.13%	42.25%	43.12%	61.02%	62.97%	47.54%	75.66%	89.05%	78.03%	63.22%	109.25%
SG&A Expenses to Revenue	11.80%	7.54%	11.47%	18.48%	15.97%	10.31%	12.49%	21.65%	28.51%	26.93%	21.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.80%	13.59%	30.15%	28.63%	23.02%	18.54%	26.99%	139.33%	53.62%	187.86%	90.05%
Earnings before Interest and Taxes (EBIT)	152	341	165	-3.03	85	178	51	-331	-75	-613	-182
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	201	402	216	35	121	216	149	-270	-16	-547	-123
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.59	4.64	3.74	2.89	1.19	2.03	1.30	0.74	0.63	1.78	0.00
Price to Tangible Book Value (P/TBV)	11.14	9.37	9.14	7.83	3.22	4.09	2.35	0.89	0.80	0.00	0.00
Price to Revenue (P/Rev)	2.99	3.15	2.47	1.89	0.76	1.61	1.06	0.45	0.35	0.22	0.13
Price to Earnings (P/E)	16.69	13.88	13.82	18.50	9.72	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	12.28%	10.64%	1.31%	1.82%	4.40%	2.65%	4.81%	12.05%	0.00%	0.00%	0.00%
Earnings Yield	5.99%	7.20%	7.24%	5.41%	10.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.70	1.73	1.53	1.32	1.03	1.19	1.11	0.97	0.96	1.02	1.04
Enterprise Value to Revenue (EV/Rev)	5.69	5.84	5.22	5.05	4.03	5.05	5.05	4.58	5.22	5.50	6.67
Enterprise Value to EBITDA (EV/EBITDA)	12.27	12.52	12.45	14.13	12.74	19.23	22.81	52.42	91.58	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	14.59	15.12	15.41	18.42	16.76	28.07	36.23	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	16.68	18.16	18.98	23.44	21.04	31.68	46.56	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.63	17.09	18.97	24.93	22.73	20.36	20.58	233.21	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.45	11.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.91	3.83	3.71	4.27	4.48	4.26	4.81	6.45	7.93	26.42	-150.58
Long-Term Debt to Equity	3.74	3.66	3.55	4.14	3.84	4.00	4.67	5.60	2.08	3.57	-20.09
Financial Leverage	2.47	3.00	3.34	3.72	4.03	3.69	3.81	4.88	5.60	6.56	8.56
Leverage Ratio	4.81	5.65	5.71	6.16	6.47	6.04	6.28	7.35	8.20	9.78	12.61
Compound Leverage Factor	2.76	4.38	2.70	169.78	1.08	-6.18	-18.24	12.39	31.37	12.11	25.55
Debt to Total Capital	79.62%	79.28%	78.75%	81.04%	81.76%	80.98%	82.78%	86.58%	88.80%	96.35%	100.67%
Short-Term Debt to Total Capital	3.49%	3.41%	3.27%	2.51%	11.70%	4.91%	2.35%	11.38%	65.54%	83.33%	87.24%
Long-Term Debt to Total Capital	76.13%	75.87%	75.48%	78.53%	70.06%	76.07%	80.43%	75.19%	23.27%	13.02%	13.43%
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	1.84%	1.61%	2.52%	2.39%	2.28%	1.94%	1.47%	1.58%	1.28%	1.50%	1.52%
Common Equity to Total Capital	18.54%	19.11%	18.73%	16.57%	15.94%	17.08%	15.75%	11.85%	9.91%	2.15%	-2.19%
Debt to EBITDA	6.04	6.04	6.64	8.94	10.35	14.32	19.41	50.99	87.95	-12.09	-8.73
Net Debt to EBITDA	5.67	5.64	6.34	8.59	10.04	12.76	17.66	46.33	84.11	-11.56	-8.53
Long-Term Debt to EBITDA	5.78	5.78	6.36	8.66	8.87	13.45	18.86	44.29	23.04	-1.63	-1.17
Debt to NOPAT	8.22	8.76	10.12	14.83	17.09	23.59	39.62	-133.73	-45.63	-10.43	-8.88
Net Debt to NOPAT	7.71	8.19	9.66	14.25	16.58	21.03	36.05	-121.51	-43.64	-9.97	-8.68
Long-Term Debt to NOPAT	7.86	8.39	9.70	14.37	14.64	22.16	38.49	-116.15	-11.96	-1.41	-1.18
Altman Z-Score	0.68	0.85	0.71	0.50	0.22	0.45	0.30	-0.01	-0.60	-1.08	-1.10
Noncontrolling Interest Sharing Ratio	8.36%	9.07%	11.29%	11.15%	10.93%	9.08%	10.21%	12.23%	12.16%	14.17%	15.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.45	0.57	0.66	0.72	0.38	0.94	1.00	0.67	0.17	0.15	0.13
Quick Ratio	0.28	0.29	0.31	0.34	0.19	0.49	0.49	0.37	0.07	0.08	0.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,211	-3,106	-2,555	-2,447	-2,126	-1,725	-1,111	-714	-163	1,467	1,510
Operating Cash Flow to CapEx	4.59%	34.31%	19.76%	14.02%	-3.86%	56.36%	-2.84%	-112.85%	-180.80%	0.00%	-272.92%
Free Cash Flow to Firm to Interest Expense	-34.11	-40.36	-29.33	-30.43	-29.90	-4.79	-5.54	-3.15	-0.78	10.03	8.08
Operating Cash Flow to Interest Expense	0.51	3.74	0.80	1.16	-0.24	1.22	-0.04	-1.55	-0.91	-0.06	-0.64
Operating Cash Flow Less CapEx to Interest Expense	-10.69	-7.16	-3.27	-7.09	-6.35	-0.95	-1.31	-2.93	-1.41	0.68	-0.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.27	0.26	0.23	0.22	0.20	0.18	0.17	0.15	0.13	0.11
Accounts Receivable Turnover	5.51	7.75	7.33	7.01	6.14	6.97	7.04	5.97	4.16	3.84	3.91
Inventory Turnover	10.83	13.67	8.59	8.38	12.92	11.42	10.23	12.11	12.20	10.21	9.36
Fixed Asset Turnover	0.66	0.62	0.55	0.44	0.41	0.53	0.44	0.39	0.32	0.42	0.33
Accounts Payable Turnover	1.81	3.32	2.71	1.93	1.44	2.42	2.20	2.27	1.66	1.87	1.59
Days Sales Outstanding (DSO)	66.26	47.09	49.77	52.06	59.49	52.34	51.87	61.13	87.80	95.06	93.29
Days Inventory Outstanding (DIO)	33.69	26.70	42.48	43.55	28.25	31.95	35.68	30.14	29.91	35.74	39.00
Days Payable Outstanding (DPO)	202.20	110.08	134.79	189.52	252.73	150.72	166.16	160.90	220.10	194.70	229.03
Cash Conversion Cycle (CCC)	-102.25	-36.30	-42.53	-93.91	-164.99	-66.43	-78.62	-69.63	-102.39	-63.91	-96.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,370	8,132	8,608	9,116	9,559	10,019	9,710	9,559	9,650	8,132	8,042
Invested Capital Turnover	0.35	0.37	0.35	0.30	0.29	0.26	0.23	0.22	0.19	0.17	0.14
Increase / (Decrease) in Invested Capital	2,317	3,382	2,688	2,478	2,189	1,887	1,103	443	91	-1,895	-1,668
Enterprise Value (EV)	12,525	14,098	13,180	12,064	9,860	11,944	10,804	9,239	9,284	8,273	8,390
Market Capitalization	6,591	7,606	6,243	4,507	1,864	3,801	2,275	910	629	324	168
Book Value per Share	$7.00	$8.00	$8.15	$7.61	$7.62	$7.46	$6.39	$4.48	$3.50	$0.64	($0.63)
Tangible Book Value per Share	$2.89	$3.96	$3.33	$2.81	$2.82	$3.70	$3.53	$3.72	$2.75	($0.02)	($1.31)
Total Capital	7,747	8,581	8,923	9,414	9,796	10,984	11,105	10,380	10,039	8,489	8,232
Total Debt	6,168	6,803	7,026	7,629	8,009	8,895	9,192	8,987	8,915	8,179	8,287
Total Long-Term Debt	5,898	6,511	6,735	7,393	6,863	8,356	8,932	7,805	2,336	1,105	1,106
Net Debt	5,792	6,355	6,711	7,331	7,772	7,929	8,365	8,165	8,526	7,822	8,097
Capital Expenditures (CapEx)	726	838	354	663	435	782	255	312	106	-108	44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,012	-745	-552	-502	-766	-524	-567	-359	-430	-608	-777
Debt-free Net Working Capital (DFNWC)	-774	-434	-237	-204	-529	442	261	463	-41	-251	-587
Net Working Capital (NWC)	-1,045	-726	-528	-440	-1,675	-97	0.03	-719	-6,620	-7,324	-7,768
Net Nonoperating Expense (NNE)	44	62	77	118	52	385	167	286	221	357	243
Net Nonoperating Obligations (NNO)	5,792	6,355	6,711	7,331	7,772	7,929	7,798	8,165	8,526	7,822	8,097
Total Depreciation and Amortization (D&A)	49	61	50	38	36	39	98	61	59	66	59
Debt-free, Cash-free Net Working Capital to Revenue	-45.97%	-30.85%	-21.85%	-21.00%	-31.34%	-22.15%	-26.46%	-17.77%	-24.18%	-40.40%	-61.70%
Debt-free Net Working Capital to Revenue	-35.18%	-17.97%	-9.37%	-8.54%	-21.65%	18.68%	12.19%	22.92%	-2.28%	-16.67%	-46.62%
Net Working Capital to Revenue	-47.47%	-30.10%	-20.92%	-18.42%	-68.53%	-4.11%	0.00%	-35.61%	-372.20%	-486.97%	-617.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$1.06	$0.26	($0.44)	$0.04	($1.10)	($0.73)	($2.02)	($1.07)	($2.81)	($1.40)
Adjusted Weighted Average Basic Shares Outstanding	205.03M	205.94M	205.06M	205.07M	205.07M	217.58M	273.61M	274.37M	281.12M	278.47M	285.70M
Adjusted Diluted Earnings per Share	$0.30	$1.06	$0.26	($0.44)	$0.03	($1.10)	($0.73)	($2.02)	($1.07)	($2.81)	($1.40)
Adjusted Weighted Average Diluted Shares Outstanding	205.03M	206.48M	205.98M	205.85M	208.88M	218.62M	273.61M	274.37M	281.12M	278.47M	285.70M
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	205.03M	205.03M	205.06M	205.07M	251.42M	273.77M	274.20M	284.55M	284.55M	285.63M	285.63M
Normalized Net Operating Profit after Tax (NOPAT)	108	254	190	35	67	166	-0.24	271	-52	135	-77
Normalized NOPAT Margin	21.04%	33.49%	27.58%	8.24%	11.76%	24.40%	-0.05%	89.92%	-15.73%	33.35%	-34.00%
Pre Tax Income Margin	16.92%	34.77%	11.34%	-19.49%	2.51%	-26.81%	-31.62%	-184.89%	-87.09%	-187.67%	-162.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.34	4.43	1.90	-0.04	1.20	0.49	0.26	-1.46	-0.35	-4.19	-0.97
NOPAT to Interest Expense	1.64	3.59	1.53	0.39	0.89	0.45	-0.04	-1.20	-0.34	-2.92	-0.84
EBIT Less CapEx to Interest Expense	-8.86	-6.47	-2.17	-8.28	-4.92	-1.68	-1.01	-2.84	-0.86	-3.45	-1.21
NOPAT Less CapEx to Interest Expense	-9.56	-7.30	-2.54	-7.86	-5.23	-1.72	-1.31	-2.57	-0.85	-2.19	-1.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	181.17%	131.90%	23.46%	41.60%	43.29%	-26.94%	-7.65%	-1.31%	-0.55%	-0.19%	0.00%
Augmented Payout Ratio	181.17%	131.90%	23.46%	41.60%	43.29%	-26.94%	-7.65%	-1.31%	-0.55%	-0.19%	0.00%

Financials Breakdown Chart

Key Financial Trends

New Fortress Energy’s latest quarterly results show a sharp rebound in revenue and operating cash flow, but the company remains highly leveraged and still posted a net loss in Q4 2024. Over the last several years, NFE has swung between strong profitability and heavy losses, with results heavily influenced by debt costs, special charges, and large capital spending.

What stands out in the most recent quarter:

Q4 2024 revenue improved to $679.0 million, up from $567.5 million in Q3 2024 and $428.0 million in Q2 2024.
Operating cash flow surged to $440.5 million in Q4 2024, a major turnaround from negative $16.8 million in Q3 2024 and $92.9 million in Q2 2024.
The company generated strong non-cash and working-capital support in Q4 2024, with $340.4 million in non-cash adjustments and $251.9 million from working capital changes.
Net cash increased by $728.9 million in Q4 2024, helped by heavy debt issuance and strong operating cash generation.
Gross profit rose to $356.2 million in Q4 2024 from $210.2 million in Q3 2024, showing better top-line conversion.
Capital spending remains high, with $840.0 million spent on property, plant and equipment in Q4 2024.
Debt refinancing activity remained active: NFE issued $2.27 billion of debt and repaid $1.53 billion in Q4 2024.
Despite improved operations, Q4 2024 ended with a net loss of $223.5 million.
Interest expense was very large at $359.8 million in Q4 2024, which continues to pressure earnings.
Total liabilities were still elevated at $10.18 billion at the end of Q3 2024, versus $1.69 billion of equity and noncontrolling interests.

Longer-term trends:

NFE’s financial statements show a business with meaningful revenue and asset growth, but also a balance sheet that has become increasingly dependent on debt. Total assets climbed to $12.0 billion in Q3 2024 from $8.2 billion in Q1 2023, largely reflecting expansion in property, plant and equipment. However, liabilities rose even faster, reaching $10.2 billion by Q3 2024.

Profitability has been inconsistent. The company earned $214.9 million in Q4 2023, then posted losses in Q2 2024 and Q4 2024 before briefly returning to a small profit in Q3 2024. That pattern suggests earnings are volatile and sensitive to financing costs, special charges, and timing of operating results.

Operating cash flow has also been uneven, ranging from strong positives in Q1 2023 and Q4 2023 to weak or negative readings in parts of 2024. The recent Q4 2024 improvement is encouraging, but investors should note that the company continues to spend heavily on expansion and still relies on debt markets.

Bottom line: New Fortress Energy showed a notable operational and cash flow rebound in Q4 2024, but the business remains burdened by high leverage, large interest expense, and inconsistent profitability. For retail investors, the stock looks like a turnaround story with significant execution and balance-sheet risk.

07/10/26 04:09 AM ETAI Generated. May Contain Errors.

New Fortress Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, New Fortress Energy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

New Fortress Energy's net income appears to be on an upward trend, with a most recent value of -$1.83 billion in 2025, rising from -$31.67 million in 2017. The previous period was -$244.54 million in 2024. Check out New Fortress Energy's forecast to explore projected trends and price targets.

New Fortress Energy's total operating income in 2025 was -$1.12 billion, based on the following breakdown:

Total Gross Profit: $366.92 million
Total Operating Expenses: $1.49 billion

Over the last 8 years, New Fortress Energy's total revenue changed from $97.26 million in 2017 to $1.50 billion in 2025, a change of 1,446.4%.

New Fortress Energy's total liabilities were at $10.25 billion at the end of 2025, a 5.4% decrease from 2024, and a 2,358.5% increase since 2018.

In the past 7 years, New Fortress Energy's cash and equivalents has ranged from $27.10 million in 2019 to $675.49 million in 2022, and is currently $226.45 million as of their latest financial filing in 2025.

Over the last 8 years, New Fortress Energy's book value per share changed from 0.00 in 2017 to 0.64 in 2025, a change of 64.2%.

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Financial statements for NASDAQ:NFE last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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New Fortress Energy (NFE) Financials

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New Fortress Energy (NFE) Financials

Annual Income Statements for New Fortress Energy

Quarterly Income Statements for New Fortress Energy

Annual Cash Flow Statements for New Fortress Energy

Quarterly Cash Flow Statements for New Fortress Energy

Annual Balance Sheets for New Fortress Energy

Quarterly Balance Sheets for New Fortress Energy

Annual Metrics And Ratios for New Fortress Energy

Quarterly Metrics And Ratios for New Fortress Energy

Financials Breakdown Chart

Key Financial Trends

New Fortress Energy Financials - Frequently Asked Questions

When does New Fortress Energy's financial year end?

How has New Fortress Energy's net income changed over the last 8 years?

What is New Fortress Energy's operating income?

How has New Fortress Energy's revenue changed over the last 8 years?

How much debt does New Fortress Energy have?

How much cash does New Fortress Energy have?

How has New Fortress Energy's book value per share changed over the last 8 years?

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