Fluence Energy, Inc.
FLNC Nasdaq Miscellaneous Electrical Machinery, Equipment & Supplies Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$2.3B
16.1%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$48.3M
312.7%
Free cash flow
Cash from operations minus capital spending.
−$160M
324.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.56 EPS (TTM)
What Fluence Energy, Inc. does
No business description yet.
- Legal name
- Fluence Energy, Inc.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 25, 2025
- Accession · CIK
- 0001868941-25-000081
0001868941
Revenue and margins
Fluence Energy, Inc. had $2.3B of revenue in fiscal 2025, down 16.1% on the year before.
FY20
Revenue $561M
FY21
Revenue $681M
FY22
Revenue $1.2B
FY23
Revenue $2.2B
FY24
Revenue $2.7B
FY25
Revenue $2.3B
Q4 '23
Revenue $673M
Q1 '24
Revenue $364M
Q2 '24
Revenue $623M
Q3 '24
Revenue $483M
Q4 '24
Revenue $1.2B
Q1 '25
Revenue $187M
Q2 '25
Revenue $432M
Q3 '25
Revenue $603M
Q4 '25
Revenue $1.0B
Q1 '26
Revenue $475M
Q2 '26
Revenue $465M
Q3 '26
Revenue $650M
FY20
Gross 1.4%
Operating —
Net −8.3%
FCF −2.8%
FY21
Gross −10.2%
Operating —
Net −23.8%
FCF −39.6%
FY22
Gross −5.2%
Operating —
Net −8.7%
FCF −24.2%
FY23
Gross 6.4%
Operating —
Net −3.1%
FCF −5.2%
FY24
Gross 12.6%
Operating —
Net 0.8%
FCF 2.7%
FY25
Gross 13.1%
Operating —
Net −2.1%
FCF −7.1%
Gross
Operating
Net
FCF
Q4 '23
Gross 11.3%
Operating —
Net 0.5%
FCF 7.1%
Q1 '24
Gross 10.0%
Operating —
Net −4.6%
FCF 4.9%
Q2 '24
Gross 10.3%
Operating —
Net −1.5%
FCF 11.2%
Q3 '24
Gross 17.2%
Operating —
Net 0.2%
FCF −4.9%
Q4 '24
Gross 12.8%
Operating —
Net 3.9%
FCF 0.6%
Q1 '25
Gross 11.4%
Operating —
Net −22.2%
FCF −114.2%
Q2 '25
Gross 9.9%
Operating —
Net −7.2%
FCF −11.7%
Q3 '25
Gross 14.8%
Operating —
Net 1.0%
FCF −26.1%
Q4 '25
Gross 13.7%
Operating —
Net 1.7%
FCF 25.0%
Q1 '26
Gross 4.9%
Operating —
Net −9.5%
FCF −48.9%
Q2 '26
Gross 10.0%
Operating —
Net −4.5%
FCF −26.6%
Q3 '26
Gross 5.1%
Operating —
Net −5.1%
FCF −3.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$46.7M
FY21
Net income −$162M
FY22
Net income −$104M
FY23
Net income −$69.6M
FY24
Net income $22.7M
FY25
Net income −$48.3M
Q4 '23
Net income $3.3M
Q1 '24
Net income −$16.7M
Q2 '24
Net income −$9.2M
Q3 '24
Net income $0.8M
Q4 '24
Net income $47.8M
Q1 '25
Net income −$41.5M
Q2 '25
Net income −$31.0M
Q3 '25
Net income $6.3M
Q4 '25
Net income $17.9M
Q1 '26
Net income −$45.1M
Q2 '26
Net income −$20.9M
Q3 '26
Net income −$32.8M
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS −$1.50
FY23
Diluted EPS −$0.60
FY24
Diluted EPS $0.13
FY25
Diluted EPS −$0.37
Q4 '23
Diluted EPS $0.02
Q1 '24
Diluted EPS −$0.14
Q2 '24
Diluted EPS −$0.07
Q3 '24
Diluted EPS $0.00
Q4 '24
Diluted EPS $0.34
Q1 '25
Diluted EPS −$0.32
Q2 '25
Diluted EPS −$0.24
Q3 '25
Diluted EPS $0.01
Q4 '25
Diluted EPS $0.18
Q1 '26
Diluted EPS −$0.34
Q2 '26
Diluted EPS −$0.16
Q3 '26
Diluted EPS −$0.24
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital —
Return on equity —
Return on assets −22.6%
FY22
Return on capital —
Return on equity −79.6%
Return on assets −8.5%
FY23
Return on capital —
Return on equity −16.6%
Return on assets −4.5%
FY24
Return on capital —
Return on equity 5.2%
Return on assets 1.4%
FY25
Return on capital —
Return on equity −10.7%
Return on assets −2.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$160M in fiscal 2025, −7.1% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$15.8M
FY21
Free cash flow −$270M
FY22
Free cash flow −$290M
FY23
Free cash flow −$115M
FY24
Free cash flow $71.6M
FY25
Free cash flow −$160M
Q4 '23
Free cash flow $47.4M
Q1 '24
Free cash flow $17.9M
Q2 '24
Free cash flow $69.9M
Q3 '24
Free cash flow −$23.5M
Q4 '24
Free cash flow $7.3M
Q1 '25
Free cash flow −$213M
Q2 '25
Free cash flow −$50.5M
Q3 '25
Free cash flow −$157M
Q4 '25
Free cash flow $261M
Q1 '26
Free cash flow −$233M
Q2 '26
Free cash flow −$124M
Q3 '26
Free cash flow −$20.0M
FY20
Cash from operations −$14.0M
Capital spending $1.8M
FY21
Cash from operations −$265M
Capital spending $4.3M
FY22
Cash from operations −$282M
Capital spending $7.9M
FY23
Cash from operations −$112M
Capital spending $3.0M
FY24
Cash from operations $79.7M
Capital spending $8.1M
FY25
Cash from operations −$146M
Capital spending $14.9M
Cash from operations
Capital spending
Q4 '23
Cash from operations $48.6M
Capital spending $1.1M
Q1 '24
Cash from operations $19.4M
Capital spending $1.5M
Q2 '24
Cash from operations $70.9M
Capital spending $1.0M
Q3 '24
Cash from operations −$21.1M
Capital spending $2.4M
Q4 '24
Cash from operations $10.5M
Capital spending $3.3M
Q1 '25
Cash from operations −$211M
Capital spending $2.1M
Q2 '25
Cash from operations −$46.2M
Capital spending $4.4M
Q3 '25
Cash from operations −$154M
Capital spending $3.6M
Q4 '25
Cash from operations $266M
Capital spending $4.9M
Q1 '26
Cash from operations −$227M
Capital spending $5.8M
Q2 '26
Cash from operations −$121M
Capital spending $2.5M
Q3 '26
Cash from operations −$18.6M
Capital spending $1.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Fluence Energy, Inc. returned — to shareholders in fiscal 2025. The diluted share count fell 29.2%.
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $5.0M
FY23
Dividends —
Buybacks $2.8M
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q4 '23
Dividends —
Buybacks $1.2M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $0.1M
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Q3 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.12B
FY24
Diluted shares 0.18B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably Fluence Energy, Inc. can carry it.
FY20
Cash $95.1M
Debt —
FY21
Cash $36.8M
Debt —
FY22
Cash $468M
Debt $0.0M
FY23
Cash $346M
Debt $50.6M
FY24
Cash $449M
Debt $30.4M
FY25
Cash $691M
Debt $3.5M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $36.8M | $468M | $346M | $449M | $691M |
| Debt incl. finance leases | — | $0.0M | $50.6M | $30.4M | $3.5M |
| Debt / equity | — | 0.0x | 0.1x | 0.1x | 0.0x |
| Current ratio | 0.9x | 1.4x | 1.6x | 1.3x | 1.5x |
| Quick ratio | 0.4x | 0.9x | 1.3x | 1.2x | 1.2x |
| Total assets | $718M | $1.7B | $1.4B | $1.9B | $2.4B |
| Total liabilities | $774M | $1.1B | $796M | $1.3B | $1.8B |
| Shareholders' equity | −$173M | $436M | $402M | $472M | $430M |
| Net debt (− = net cash) | — | −$468M | −$295M | −$418M | −$687M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | — | ✕ | ✕ | ✓ |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 3 / 7 | 4 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | — | 14.4% | 14.4% | 2.7% | −3.5% | 4.6% |
| Altman Z'' | — | — | — | — | — | — |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $561M | $681M | $1.2B | $2.2B | $2.7B | $2.3B |
| Net interest income | — | −$1.4M | $0.3M | $5.4M | $5.7M | — |
| Gross profit | $7.9M | −$69.1M | −$62.4M | $141M | $341M | $296M |
| Research and development | $11.5M | $23.4M | $60.1M | $66.3M | $66.2M | $86.2M |
| Interest expense | $0.1M | $1.4M | $2.0M | $2.4M | $4.1M | $0.5M |
| Pretax income | −$40.3M | −$160M | −$288M | −$100M | $39.6M | −$45.1M |
| Income tax | $6.4M | $1.8M | $1.4M | $4.5M | $9.2M | $22.9M |
| Net income | −$46.7M | −$162M | −$104M | −$69.6M | $22.7M | −$48.3M |
| Net income to common | — | — | −$104M | −$69.6M | $22.7M | −$48.3M |
| Diluted EPS | — | — | −$1.50 | −$0.60 | $0.13 | −$0.37 |
| Diluted shares | — | — | 0.07B | 0.12B | 0.18B | 0.13B |
| Cash flow | ||||||
| Cash from operations | −$14.0M | −$265M | −$282M | −$112M | $79.7M | −$146M |
| Capital expenditure | $1.8M | $4.3M | $7.9M | $3.0M | $8.1M | $14.9M |
| Free cash flow | −$15.8M | −$270M | −$290M | −$115M | $71.6M | −$160M |
| Depreciation and amortization | $3.0M | $5.1M | $7.1M | $10.7M | $14.5M | $29.3M |
| Stock-based compensation | $0.0M | $0.0M | $44.1M | $26.9M | $23.9M | $19.5M |
| Acquisitions | $0.0M | $18.0M | $29.2M | $0.0M | $0.0M | — |
| Share buybacks | $0.0M | $0.0M | $5.0M | $2.8M | — | — |
| Dividends and buybacks | $0.0M | $0.0M | $5.0M | $2.8M | — | — |
| Balance sheet | ||||||
| Cash and short-term investments | $95.1M | $36.8M | $468M | $346M | $449M | $691M |
| Total debt | — | — | $0.0M | $50.6M | $30.4M | $0.0M |
| Finance lease liabilities | — | — | — | — | — | $3.5M |
| Current assets | — | $662M | $1.6B | $1.2B | $1.7B | $2.1B |
| Current liabilities | — | $771M | $1.1B | $746M | $1.3B | $1.4B |
| Inventory | — | $390M | $653M | $225M | $183M | $455M |
| Property and equipment, net | — | $8.2M | $13.8M | $12.8M | $15.4M | $50.3M |
| Goodwill | $4.7M | $9.2M | $24.9M | $26.0M | $27.5M | $28.6M |
| Intangible assets | — | $36.1M | $51.7M | $55.8M | $60.0M | $63.4M |
| Total assets | — | $718M | $1.7B | $1.4B | $1.9B | $2.4B |
| Total liabilities | — | $774M | $1.1B | $796M | $1.3B | $1.8B |
| Preferred stock | — | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | — | −$173M | $436M | $402M | $472M | $430M |
| Margins | ||||||
| Gross margin | 1.4% | −10.2% | −5.2% | 6.4% | 12.6% | 13.1% |
| Net margin | −8.3% | −23.8% | −8.7% | −3.1% | 0.8% | −2.1% |
| FCF margin | −2.8% | −39.6% | −24.2% | −5.2% | 2.7% | −7.1% |
| Net interest share of revenue | — | −0.2% | 0.0% | 0.2% | 0.2% | — |
| Returns | ||||||
| Return on equity | — | — | −79.6% | −16.6% | 5.2% | −10.7% |
| Return on assets | — | −22.6% | −8.5% | −4.5% | 1.4% | −2.3% |
| Return on tangible equity | — | — | −29.1% | −21.7% | 5.9% | −14.3% |
| Growth | ||||||
| Revenue growth | — | 21.3% | 76.1% | 85.0% | 21.7% | −16.1% |
| Net income growth | — | — | — | — | — | −312.7% |
| EPS growth | — | — | — | — | — | −384.6% |
| FCF growth | — | — | — | — | — | −324.1% |
| Share count change | — | — | — | 67.0% | 58.0% | −29.2% |
| Financial health | ||||||
| Debt / equity | — | — | 0.0x | 0.1x | 0.1x | 0.0x |
| Current ratio | — | 0.9x | 1.4x | 1.6x | 1.3x | 1.5x |
| Quick ratio | — | 0.4x | 0.9x | 1.3x | 1.2x | 1.2x |
| Capital allocation | ||||||
| Capex / revenue | 0.3% | 0.6% | 0.7% | 0.1% | 0.3% | 0.7% |
| Stock comp / revenue | 0.0% | 0.0% | 3.7% | 1.2% | 0.9% | 0.9% |
| Quality scores | ||||||
| Piotroski F-score | — | — | 3.0 | 4.0 | 6.0 | 4.0 |
| Accruals ratio | — | 14.4% | 14.4% | 2.7% | −3.5% | 4.6% |
Source: SEC EDGAR XBRL filings (CIK 0001868941). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.