Clean Energy Fuels (NASDAQ:CLNE) Issues Quarterly Earnings Results

Clean Energy Fuels (NASDAQ:CLNE) released its earnings results on Tuesday. The utilities provider reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.17), Zacks reports. The business had revenue of $112.32 million for the quarter, compared to analysts’ expectations of $101.02 million. Clean Energy Fuels had a negative return on equity of 30.44% and a negative net margin of 49.59%.

Here are the key takeaways from Clean Energy Fuels’ conference call:

• Fourth-quarter/year 2025 adjusted EBITDA was $67.6M (above guidance) and management is guiding 2026 adjusted EBITDA of $70–75M with revenues of $420–440M, signaling modest improvement versus 2025.
• Clean Energy repaid $65M of debt in Q4, finished 2025 with $156.1M of cash and investments, expects ~ $50M of operating cash flow in 2026, and currently has no planned new borrowings.
• Upstream RNG momentum: the company brought online the fully consolidated South Fork dairy and began gas injection at the large East Valley JV with BP, bringing the portfolio to eight operating projects (three more under construction) and expected upstream production of 7–9M gallons in 2026.
• Fuel distribution delivered volume growth and major renewals (e.g., WM, several cities), but contract renewals and retaining fewer environmental credits are expected to reduce fuel distribution adjusted EBITDA versus the robust 2025 level.
• Management cites improving policy tailwinds — CARB LCFS tightness, constructive RIN outlook, and optimism about the 45Z GREET modeling — and is already accruing 45Z values into 2026 guidance, which could materially enhance dairy RNG economics if finalized as expected.

Clean Energy Fuels Trading Down 0.4%

CLNE stock traded down $0.01 during trading on Tuesday, reaching $2.54. 1,001,051 shares of the stock were exchanged, compared to its average volume of 1,178,824. The company has a current ratio of 2.69, a quick ratio of 2.39 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $557.02 million, a price-to-earnings ratio of -2.73 and a beta of 2.20. The business has a 50 day moving average price of $2.31 and a 200-day moving average price of $2.44. Clean Energy Fuels has a 1 year low of $1.30 and a 1 year high of $3.11.

Institutional Trading of Clean Energy Fuels

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Clean Energy Fuels by 3.1% during the third quarter. Vanguard Group Inc. now owns 11,402,549 shares of the utilities provider’s stock worth $29,419,000 after purchasing an additional 341,333 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Clean Energy Fuels by 6.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,621,596 shares of the utilities provider’s stock worth $5,505,000 after acquiring an additional 163,720 shares in the last quarter. Bridgeway Capital Management LLC boosted its holdings in Clean Energy Fuels by 29.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,605,637 shares of the utilities provider’s stock valued at $3,372,000 after acquiring an additional 365,647 shares during the period. Goldman Sachs Group Inc. grew its position in Clean Energy Fuels by 20.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,434,752 shares of the utilities provider’s stock valued at $3,013,000 after acquiring an additional 242,868 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Clean Energy Fuels by 619.2% during the fourth quarter. Millennium Management LLC now owns 1,307,977 shares of the utilities provider’s stock worth $2,747,000 after purchasing an additional 1,126,100 shares during the period. Hedge funds and other institutional investors own 49.94% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clean Energy Fuels in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $3.59.

Clean Energy Fuels Company Profile

Clean Energy Fuels Corp., founded in 1997 and headquartered in Newport Beach, California, is a leading provider of natural gas and renewable natural gas (RNG) fuel for the transportation sector. The company operates a network of more than 500 fueling stations across the United States and Canada, supplying compressed natural gas (CNG), liquefied natural gas (LNG) and RNG derived from organic waste streams. Clean Energy serves a diverse customer base that includes commercial trucking fleets, public transit agencies, refuse haulers and municipal vehicle operators.

In addition to fuel supply, Clean Energy offers turnkey station design, construction and ongoing maintenance services, as well as fueling hardware and project management.