Clean Energy Fuels Corp. (CLNE) · Nov 5, 2026 · Earnings
Beat — Non-GAAP EPS $0.03 vs roughly -$0.01 consensus; revenue $112.2M vs roughly $105.4M
Clean Energy Fuels earnings beat revenue expectations and lifted 2026 adjusted EBITDA guidance, powered by RNG credits despite softer fuel-distribution EBITDA.
Clean Energy Fuels is shifting from a conventional natural-gas fueling operator toward a vertically integrated RNG platform: it runs 600-plus stations, sells RNG to heavy-duty fleets, and is scaling dairy-RNG production and related tax-credit monetization. The quarter cleared the published bar. Q3 revenue was $112.2 million versus a published consensus of roughly $105.4 million, while non-GAAP EPS was $0.03 versus roughly negative $0.01 expected. That makes this an earnings beat, although GAAP EPS remained negative at $(0.03). The filing states, “Non-GAAP income per share (as defined below) for Q3 2026 was $0.03, compared to $0.00 per share for Q3 2025.”
| Metric | Q3 2026 | Q3 2025 | Consensus / prior guide |
|---|---|---|---|
| Revenue (Financial Highlights) | $112.2M (+5.7%) | $106.1M | ~$105.4M consensus |
| Adjusted EBITDA (Financial Highlights) | $27.2M (+57.0%) | $17.3M | — |
| Non-GAAP EPS (Reconciliation) | $0.03 | $0.00 | ~$(0.01) consensus |
| RNG gallons sold (Fuel Volume) | 66.8M (+9.0%) | 61.3M | — |
| 2026 adjusted EBITDA outlook (2026 Outlook) | $75M–$80M | — | $70M–$75M prior outlook |
The guidance increase is meaningful, but its quality is mixed. Management lifted 2026 adjusted EBITDA guidance to $75 million-$80 million from $70 million-$75 million, supported by a large contribution from Section 45Z production tax credits and a stronger RNG upstream result. The filing says, “Adjusted EBITDA for 2026 is estimated to range from approximately $75 million to $80 million.” RNG upstream swung to $11.0 million of quarterly adjusted EBITDA from a $3.3 million loss, but that improvement is heavily tied to tax credits rather than a broad-based acceleration in the legacy fueling business.
The underlying fuel-distribution engine was softer. Fuel-distribution adjusted EBITDA fell to $16.2 million from $20.6 million despite total fuel volume rising to 85.1 million gallons from 76.6 million. Station-construction revenue also declined to $6.2 million from $9.9 million. The filing explicitly attributes much of the earnings improvement to $12.7 million of Section 45Z credits in product cost of sales and another $9.2 million reported through equity-method investments. That means the headline beat advances the RNG monetization story, but does not yet show equally strong operating leverage in the core fuel network.
Cash and balance-sheet progress are supportive but not transformational. Clean Energy monetized $30.7 million of federal tax credits and paid down $15 million of long-term debt, while cash, restricted cash and short-term investments still declined to $140.2 million from $156.1 million at year-end. The filing states, “Partially paid down long-term debt by $15 million with available cash and investments on hand.”
Bottom line: This was better than expected and strengthens the RNG-and-tax-credit growth story, with higher full-year EBITDA guidance as the clearest new signal. The qualification is that the quarter’s improvement was driven more by RNG credits than by stronger profitability in the core fuel-distribution business.
Q4 results and 2026 year-end EBITDA delivery
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