Bloom Energy
BE · NYSEElectrical Industrial Apparatus · Fiscal year ends Dec 31
Bloom Energy reported revenue of $2B in the fiscal year ended Dec 2025, up 38.9% from the year before. Operating income was $73M, an operating margin of 3.6%, and net income was −$87M. Operating cash flow of $114M less capital expenditure of $57M left free cash flow of $57M. Net debt was $164M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $907M | $1.1B | $1.3B | $1.4B | $2B |
| Cost of revenue | $775M | $1.1B | $1.1B | $1.1B | $1.4B |
| Gross profit | $198M | $148M | $198M | $405M | $587M |
| Research & development | $103M | $151M | $156M | $149M | $186M |
| Operating income | −$115M | −$261M | −$209M | $23M | $73M |
| Interest expense | $69M | $54M | $108M | $63M | $54M |
| Pre-tax income | −$192M | −$314M | −$306M | −$26M | −$84M |
| Income tax | $1M | $1M | $2M | $846,000 | $3M |
| Net income | −$164M | −$302M | −$302M | −$27M | −$87M |
| Diluted EPS | −0.95 | −1.62 | −1.42 | −0.13 | −0.37 |
| Diluted shares | 173M | 186M | 213M | 227M | 240M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $396M | $348M | $665M | $803M | $2.5B |
| Receivables | $88M | $251M | $341M | $336M | $372M |
| Inventory | $143M | $268M | $503M | $545M | $643M |
| Current assets | $806M | $1.1B | $1.7B | $2B | $3.7B |
| Goodwill | $2M | – | – | – | – |
| Total assets | $1.7B | $1.9B | $2.4B | $2.7B | $4.4B |
| Payables | $73M | $162M | $132M | $93M | $203M |
| Deferred revenue | $115M | $94M | $72M | $66M | $66M |
| Current liabilities | $342M | $542M | $470M | $637M | $624M |
| Short-term debt | $26M | $26M | $0 | $114M | $4M |
| Long-term debt | $501M | $386M | $847M | $1B | $2.6B |
| Total liabilities | $1.5B | $1.6B | $1.9B | $2.1B | $3.6B |
| Shareholders' equity | −$44M | $341M | $502M | $562M | $769M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$61M | −$192M | −$373M | $92M | $114M |
| Capital expenditure | $50M | $117M | $84M | $59M | $57M |
| Free cash flow | −$110M | −$309M | −$456M | $33M | $57M |
| Depreciation & amortisation | $53M | $62M | $63M | $53M | $51M |
| Dividends paid | – | $0 | $0 | $1M | $947,000 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.2% | 11.8% | 13.6% | 38.9% |
| Operating income growth (YoY) | – | – | – | – | 217.8% |
| Gross margin | 21.8% | 13.1% | 15.6% | 28.1% | 29.3% |
| Operating margin | −12.6% | −23.0% | −16.5% | 1.6% | 3.6% |
| Net margin | −18.1% | −26.6% | −23.8% | −1.9% | −4.4% |
| Return on equityBlank when equity is negative | – | −88.5% | −60.2% | −4.8% | −11.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.3% | −18.6% | −10.8% | 1.1% | 1.9% |
| Free cash flow margin | −12.2% | −27.2% | −36.0% | 2.3% | 2.9% |
| Cash conversion (CFO ÷ net income) | 0.37x | 0.64x | 1.23x | −3.38x | −1.31x |
| Receivable days | 35 | 81 | 98 | 85 | 68 |
| Inventory days | 68 | 93 | 162 | 186 | 163 |
| Payable days | 34 | 56 | 42 | 32 | 52 |
| Interest cover | −1.66x | −4.88x | −1.93x | 0.37x | 1.35x |
| Debt ÷ equity | – | 1.21x | 1.69x | 2.01x | 3.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $131M | $63M | $182M | $326M | $164M |
| Current ratio | 2.35x | 1.95x | 3.60x | 3.21x | 5.98x |
Recent filings
More in Electrical Industrial Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.