A fuel cell system includes a plurality of fuel cells arranged into a stack. A combustor receives a cathode exhaust flow from the fuel cell cathodes and a flow of fuel. The fuel is oxidized in the combustor by the cathode exhaust to produce a mixed exhaust flow. A cathode air flow path extends between a fresh air source and the fuel cell cathodes. An air preheater is arranged along the cathode air flow path, cathode air passing through the air preheater being heated therein by a flow of uncombusted anode exhaust from the fuel cell anodes. A cathode recuperator is arranged along the cathode air flow path, cathode air passing through the cathode recuperator being heated therein by the mixed exhaust flow. Water passing through a vaporizer is converted to steam by heat from the mixed exhaust flow and directed from the vaporizer to the fuel cell anodes.