Clean Energy Fuels Corp. (CLNE) Earnings
Clean Energy Fuels Corp. is expected to report next earnings on November 3, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. CLNE has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -101.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.01 | $-0.01 | +6.9% | $106M | -4.4% |
| May 7, 2026 | $-0.02 | $-0.01 | +50.0% | $118M | +14.6% |
| Feb 24, 2026 | $-0.03 | $-0.19 | -549.6% | $112M | +11.6% |
| Aug 7, 2025 | $-0.07 | $-0.01 | +85.7% | $103M | +1.7% |
| May 8, 2025 | $-0.20 | $0.01 | +105.0% | $104M | +9.0% |
| May 9, 2024 | $-0.01 | $-0.01 | -77.0% | $102M | +2.5% |
| Feb 27, 2024 | $0.00 | $0.01 | +350.5% | $107M | +1.2% |
| Nov 9, 2023 | $-0.06 | $-0.12 | -100.0% | $96M | -7.7% |
| Feb 28, 2023 | $0.01 | $0.01 | +12.5% | $114M | -7.9% |
| Aug 4, 2022 | $-0.03 | $-0.06 | -100.0% | $97M | -5.4% |
| May 5, 2022 | $-0.01 | $-0.05 | -233.3% | $83M | -9.8% |
| Feb 24, 2022 | $0.04 | $0.03 | -14.6% | $92M | -0.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### RNG Project Development and Operations - RNG production improved in Q2 2026 compared to Q1, supported by better weather and ongoing ramp-up at the large South Fork (Texas) and East Valley (Idaho) projects; further operational improvement is expected in H2 2026. - Three RNG projects are under construction via the Moss Energy Works joint venture; two are on track to come online in late 2026, with the third coming online in 2027. Less than $5 million in remaining capital contributions are needed before project commissioning. - The company awaits finalization of U.S. Treasury rules and credit values for the Section 45Z Clean Fuel Production Credit, now expected in Q4 2026; management expects the finalized rules and updated GREET model to positively impact results. ### Heavy-Duty Fleet Market Expansion - RNG demand from heavy-duty trucking remained steady in Q2. X15N natural gas engine adoption is proceeding slowly as fleets paused large purchases due to uncertainty around EPA 2027 emission standards, which triggered a large pre-buy of legacy diesel trucks. - The company increased advertising targeting the trucking industry to highlight RNG's lower, more stable price compared to diesel, which has generated measurable new customer interest and leads. - Completed two new Canadian fueling stations, including a critical node outside Vancouver that completes a Western Canadian natural gas fueling network. High diesel taxes and fuel use intensity make Canada a particularly attractive market for RNG, with fleets responding positively to the newly launched X15N in the region. ### Core Legacy & New Growth Opportunities - Legacy CNG businesses serving transit and refuse fleets continue to provide a stable revenue foundation; recent U.S. Federal Transit Administration guidance prioritizing low-emission solutions like CNG over full zero-emission buses has created new market opportunities. - Clean Energy is the leading U.S. provider of hydrogen fueling station construction for transit agencies, recently winning a $27 million contract to design and build a new station for the Orange County Transportation Authority supporting 50 fuel cell buses. The company pursues hydrogen work as a capital-light service provider, not putting its own capital at risk. - Growing demand for reliable off-grid clean energy has created new opportunities for the company to deliver compressed natural gas via tube trailers to commercial and industrial customers without natural gas pipeline access. The company leverages existing underutilized nationwide compression capacity and tube trailer assets to enter this market with minimal new capital investment, with recent new contracts for projects in Puerto Rico and a California fulfillment center. ### Organizational Update - Bart Fogota was recently appointed Chief Operating Officer, with a core mandate to improve execution, operational performance, and technology adoption across the company.
Guidance
- Management maintains its full-year 2026 adjusted EBITDA guidance range of $70 million to $75 million, which assumes improved financial performance in the second half of 2026, consistent with original expectations. - YTD 2026 fuel pricing (including RIN and LCFS credit values) has been favorable, operating expenses are on plan, and fuel volumes are meeting expectations, supporting the maintained guidance. - The guidance includes up to $5 million in incremental adjusted EBITDA from the Section 45Z tax credit, assuming final guidance for the credit is issued before the end of 2026. If finalization is delayed into 2027, full-year adjusted EBITDA will come in below the guided range. - No changes were made to underlying revenue or volume guidance, with management expecting full-year fuel distribution volumes to be relatively consistent or slightly improved compared to H1 2026.
Segment performance
1. Renewable Natural Gas (RNG) Upstream Production: Q2 2026 RNG production volume was 2.1 million gallons, significantly up year-over-year as the portfolio continues to ramp up. Operating results improved notably compared to Q1 2026, nearing break-even adjusted EBITDA, with performance on track per original plans. Revenue contribution from this segment is growing as larger projects ramp up. 2. Fuel Distribution & Retail: Total Q2 fuel volumes increased 7% year-over-year to 81.8 million gallons. Approximately two-thirds of volume growth came from conventional natural gas, driven by new fueling locations for large fleet customers. RNG fuel volumes increased 3% year-over-year to 63.2 million gallons, remaining ahead of full-year plan. 3. Alternative Fuel Infrastructure Construction: Higher station construction revenue contributed to overall year-over-year revenue growth. The segment recently won the largest hydrogen station contract in company history, adding new project revenue. 4. Off-Pipeline Natural Gas Solutions: An emerging small-scale segment with established existing operations, generating new contracted revenue for short and long-term power solutions for customers without pipeline access. Total company Q2 2026 revenue was $106.4 million, up 3.7% year-over-year from $102.6 million. Adjusted EBITDA for the quarter was $16 million, in line with company expectations.
Risks & headwinds
- Uncertainty around the timing and final terms of the Section 45Z Clean Fuel Production Credit creates downside risk to 2026 adjusted EBITDA if rulemaking is delayed into 2027. - Regulatory uncertainty around EPA 2027 heavy-duty engine emission standards has depressed near-term natural gas truck adoption as fleets hold off purchases to wait for regulatory clarity and complete pre-buys of legacy diesel trucks. - Approval of permanent California LCFS pathways for RNG projects is entirely dependent on the state CARB regulatory process, and timelines have consistently slipped in the past, creating uncertainty around future LCFS credit monetization values. Currently only Del Rio has a provisional pathway, with all other projects operating on temporary pathways monetized at temporary values.
Analyst Q&A
Q: What is driving incremental cost dynamics for the X15N natural gas engine, and how is adoption progressing? /
A: Uncertainty around 2027 EPA emission standards has disrupted diesel engine pricing rollouts: OEMs had already invested in new technology that would raise diesel prices, reducing the incremental cost gap for natural gas engines, but this timeline is now pushed out across 2027. Clean Energy is working with supply chain partners to reduce incremental natural gas truck pricing to get payback periods to reasonable levels. High and volatile diesel prices make RNG an attractive value proposition, and increased advertising spending has generated significantly more customer discussions and leads, which management views as a good long-term investment.
Q: How does the $5 million incremental 45Z EBITDA impact fit into the existing guidance range? /
A: The $5 million incremental benefit from 45Z was already factored into the original full-year guidance, based on the expectation that rules would be finalized in 2026. The only downside risk is timing: if finalization slips into 2027, Clean Energy will not capture this benefit in 2026, pushing full-year EBITDA below the guided range. Management still expects the final rule to be positive for the company.
Q: How large is the pipeline of off-pipeline power generation opportunities, and how much capital is needed to pursue them? /
A: Clean Energy already has an established off-pipeline business (NG Advantage) in the Northeast, and growing grid constraints are generating increasing new inquiries for both short and long-term solutions from a range of customers including fulfillment centers and data centers. The company can use existing underutilized compression capacity and excess tube trailers to test and grow this market with no upfront capital spending. Any future incremental investment would only be made for high-return, contracted opportunities, making this low-risk incremental growth.
Q: What is the timeline for securing permanent California LCFS pathways for RNG projects? /
A: Only the Del Rio project currently has a provisional LCFS pathway; all seven other operating projects have temporary pathways, with the five JV projects with BP expected to receive provisional pathways next year. Large projects in Idaho (South Fork and East Valley) are not expected to receive pathways until 2027-2028, as approval is entirely dependent on CARB, which has consistently delayed timelines in the past. The company is not forecasting any uplift from moving to permanent pathways in its current projections, and currently monetizes credits at temporary pathway values.