# OPAL Fuels Q3 2026 Earnings Report

> OPAL Fuels reports 32% year-over-year growth in adjusted EBITDA despite RIN price volatility.
- Title: OPAL Fuels Q3 2026 Earnings Report · The Motley Fool
- Summary: OPAL Fuels reports 32% year-over-year growth in adjusted EBITDA despite RIN price volatility.
- Keywords: opal fuels, q3 2026, adjusted ebitda, 45z tax credits, renewable natural gas, d3 rin, fuel station services, rng production, cottonwood project, burlington project, cms project, The Motley Fool
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/11/09/opal-fuels-opal-q3-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-11-09T20:54:42+00:00
- Read time: 2 min
- Topics: opal fuels, q3 2026, adjusted ebitda, 45z tax credits, renewable natural gas, d3 rin, fuel station services, rng production, cottonwood project, burlington project, cms project, finance
## Q3 2026 Financial Results
OPAL Fuels reported adjusted EBITDA of $26.7 million for Q3 2026, a 32% year-over-year increase.
## Revenue and Production
Revenue decreased to $79.5 million from $83.4 million in Q3 2025, with RNG production at 1.3 million MMBtu.
## RNG Fuel Segment Performance
RNG Fuel Segment adjusted EBITDA grew to $20.3 million, up 35% year-over-year from $15 million in Q3 2025.
## Fuel Station Services Growth
Fuel Station Services Segment adjusted EBITDA increased to $13 million, an 18% year-over-year rise from $11 million.
## Total Fuel Volumes
Total fuel volumes delivered reached 40 million GGEs, a 3% increase from 38.9 million GGEs in Q3 2025.
## Liquidity and Capital
Company ended Q3 2026 with $122 million liquidity, including $86 million cash and short-term investments.
## 45Z Tax Credit Impact
Company shifted accounting for 45Z tax credits to government grant approach, reducing cost of sales rather than tax benefits.
## RIN Price Volatility
D3 RIN prices traded close to D4 RIN price floor due to potential oversupply from EPA Set Rule 2.
## Leadership Transition
Co-CEO Jonathan Maurer will retire effective March 31, 2027, transitioning to senior adviser role.
## 2027 Capacity Expansion
Cottonwood, Burlington, and CMS projects will add 2 million MMBtu of annual design capacity by end of 2027.
## Production Improvements
Fourth quarter production rates reflect benefits of gas collection and plant performance improvements implemented in Q3.
## Fleet Conversion Momentum
$6 diesel price not required for fleet conversion economics, with strong acceleration in natural gas adoption.
## RNG Production Outlook
Company expects full year RNG production to be modestly below previous guidance due to operational delays.
## Downstream Business Growth
Fuel Station Services segment shows strong growth potential with contracted volume-based tolling revenues.
## Capital Allocation Strategy
Company prioritizes capital efficiency in upstream production while expanding downstream fueling operations.
## 2027 EBITDA Guidance
Management maintains full year adjusted EBITDA guidance at low end of range despite RIN price volatility.
## Key takeaway

OPAL Fuels achieved $26.7 million adjusted EBITDA for Q3 2026, up 32% from Q3 2025, driven by fuel station services and 45Z tax credits.