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Bloom Energy Financials

BE
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Bloom Energy (BE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 48 / 100
Financial Profile 48/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
30

Bloom Energy has an operating margin of 3.6%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is up from 1.6% the prior year.

Growth
96

Bloom Energy's revenue surged 37.3% year-over-year to $2.0B, reflecting rapid business expansion. This strong growth earns a score of 96/100.

Leverage
33

Bloom Energy has a moderate D/E ratio of 3.40. This balance of debt and equity financing earns a leverage score of 33/100.

Liquidity
100

With a current ratio of 5.98, Bloom Energy holds $5.98 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
32

Bloom Energy has a free cash flow margin of 2.8%, earning a moderate score of 32/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
0

Bloom Energy generates a -11.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -4.8% the prior year.

Altman Z-Score Safe
6.43

Bloom Energy scores 6.43, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($38.1B) relative to total liabilities ($3.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
4/9

Bloom Energy passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed
-1.31x

For every $1 of reported earnings, Bloom Energy generates $-1.31 in operating cash flow ($113.9M OCF vs -$87.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
1.9x

Bloom Energy earns $1.9 in operating income for every $1 of interest expense ($72.8M vs $38.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.0B
YoY+37.3%
5Y CAGR+20.6%

Bloom Energy generated $2.0B in revenue in fiscal year 2025. This represents an increase of 37.3% from the prior year.

EBITDA
$124.0M
YoY+61.9%

Bloom Energy's EBITDA was $124.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 61.9% from the prior year.

Net Income
-$87.1M
YoY-220.3%

Bloom Energy reported -$87.1M in net income in fiscal year 2025. This represents a decrease of 220.3% from the prior year.

EPS (Diluted)
$-0.37
YoY-184.6%

Bloom Energy earned $-0.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 184.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$57.2M
YoY+72.5%

Bloom Energy generated $57.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 72.5% from the prior year.

Cash & Debt
$2.5B
YoY+205.7%
5Y CAGR+58.3%

Bloom Energy held $2.5B in cash against $2.6B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
281M

Bloom Energy had 281M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin
29.0%
YoY+1.6pp
5Y CAGR+8.2pp

Bloom Energy's gross margin was 29.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.

Operating Margin
3.6%
YoY+2.0pp
5Y CAGR+13.8pp

Bloom Energy's operating margin was 3.6% in fiscal year 2025, reflecting core business profitability. This is up 2.0 percentage points from the prior year.

Net Margin
-4.3%
YoY-2.5pp
5Y CAGR+15.5pp

Bloom Energy's net profit margin was -4.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.5 percentage points from the prior year.

Return on Equity
-11.3%
YoY-6.5pp
5Y CAGR+188.5pp

Bloom Energy's ROE was -11.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$186.0M
YoY+25.1%
5Y CAGR+17.3%

Bloom Energy invested $186.0M in research and development in fiscal year 2025. This represents an increase of 25.1% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$56.8M
YoY-3.6%
5Y CAGR+8.4%

Bloom Energy invested $56.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 3.6% from the prior year.

BE Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $777.7M+49.8% $519.0M+29.4% $401.2M+23.1% $326.0M-43.0% $572.4M+73.2% $330.4M-1.6% $335.8M+42.7% $235.3M
Cost of Revenue $1.0M-58.3% $2.4M-20.0% $3.0M-74.1% $11.6M+383.3% $2.4M+26.3% $1.9M+5.6% $1.8M-88.1% $15.1M
Gross Profit $239.9M+58.2% $151.7M+41.6% $107.1M+20.8% $88.7M-59.6% $219.3M+178.6% $78.7M+14.9% $68.5M+80.0% $38.1M
R&D Expenses $55.9M+14.7% $48.7M+19.5% $40.8M+0.4% $40.6M+2.9% $39.5M+8.7% $36.3M-2.8% $37.4M+5.3% $35.5M
SG&A Expenses $54.6M+2.8% $53.1M+16.0% $45.8M+2.0% $44.9M-15.8% $53.3M+42.5% $37.4M+2.8% $36.4M-4.3% $38.0M
Operating Income $87.5M+1015.6% $7.8M+324.0% -$3.5M+81.6% -$19.1M-118.2% $104.7M+1184.9% -$9.7M+58.3% -$23.1M+52.8% -$49.0M
Interest Expense $6.8M-34.6% $10.4M-1.0% $10.5M+1.0% $10.4M-70.9% $35.7M+240.0% $10.5M+20.7% $8.7M+13.0% $7.7M
Income Tax $952K+183.3% $336K-67.0% $1.0M+136.0% $431K+12.8% $382K+250.5% $109K-87.3% $856K+270.9% -$501K
Net Income $1.4M+106.2% -$23.0M+45.6% -$42.2M-80.2% -$23.4M-122.3% $105.2M+818.7% -$14.6M+76.1% -$61.2M-8.2% -$56.5M
EPS (Diluted) N/A $-0.10+44.4% $-0.18-80.0% $-0.10 N/A $-0.06+77.8% $-0.27-8.0% $-0.25

BE Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $4.4B+66.7% $2.6B+4.3% $2.5B-3.0% $2.6B-1.9% $2.7B+2.0% $2.6B+2.2% $2.5B+11.5% $2.3B
Current Assets $3.7B+82.2% $2.0B+5.9% $1.9B-3.8% $2.0B-1.7% $2.0B+7.4% $1.9B+4.0% $1.8B+15.9% $1.6B
Cash & Equivalents $2.5B+312.4% $595.1M+3.5% $574.8M-27.7% $794.8M-1.0% $802.9M+62.0% $495.7M-14.8% $581.7M+12.7% $516.0M
Inventory $643.3M-8.8% $705.0M+2.2% $690.0M+12.6% $612.5M+12.5% $544.7M-6.8% $584.5M+12.4% $520.2M-1.2% $526.4M
Accounts Receivable $371.8M-9.7% $411.7M-11.9% $467.0M+39.8% $334.0M-0.6% $335.8M-43.2% $590.8M+12.7% $524.0M+50.4% $348.4M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $3.6B+83.8% $2.0B+2.6% $1.9B-4.8% $2.0B-3.2% $2.1B-3.6% $2.1B+2.3% $2.1B+17.0% $1.8B
Current Liabilities $623.8M+33.9% $466.0M+20.3% $387.3M-33.7% $584.4M-8.2% $636.8M+12.3% $566.9M+44.1% $393.5M+10.9% $354.7M
Long-Term Debt $2.6B+131.1% $1.1B+0.2% $1.1B+11.1% $1.0B+0.2% $1.0B+0.1% $1.0B-10.0% $1.1B+32.7% $847.9M
Total Equity $768.6M+17.7% $653.1M+9.8% $594.6M+2.8% $578.3M+2.8% $562.5M+30.5% $430.9M+1.8% $423.3M-9.2% $466.1M
Retained Earnings -$4.0B0.0% -$4.0B-0.6% -$4.0B-1.1% -$3.9B-0.6% -$3.9B+2.6% -$4.0B-0.4% -$4.0B-1.6% -$3.9B

BE Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $418.1M+2025.5% $19.7M+109.2% -$213.1M-92.5% -$110.7M-122.9% $484.2M+797.0% -$69.5M+60.4% -$175.5M-19.2% -$147.3M
Capital Expenditures $23.0M+86.6% $12.3M+69.8% $7.2M-49.2% $14.3M+28.4% $11.1M-22.3% $14.3M+18.9% $12.0M-43.9% $21.4M
Free Cash Flow $395.1M+5262.6% $7.4M+103.3% -$220.4M-76.4% -$124.9M-126.4% $473.1M+664.8% -$83.8M+55.3% -$187.5M-11.2% -$168.7M
Investing Cash Flow -$34.8M+5.6% -$36.9M-411.2% -$7.2M+49.3% -$14.2M-28.4% -$11.1M+22.5% -$14.3M-18.9% -$12.0M+44.0% -$21.4M
Financing Cash Flow $1.5B+3631.9% $39.4M+658.4% -$7.1M-237.6% $5.1M+107.4% -$69.2M-1135.4% -$5.6M-102.3% $242.8M+3296.3% $7.2M
Dividends Paid $0 $0 N/A N/A $0 $0 N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

BE Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 30.9%+1.6pp 29.2%+2.5pp 26.7%-0.5pp 27.2%-11.1pp 38.3%+14.5pp 23.8%+3.4pp 20.4%+4.2pp 16.2%
Operating Margin 11.3%+9.8pp 1.5%+2.4pp -0.9%+5.0pp -5.9%-24.1pp 18.3%+21.2pp -2.9%+4.0pp -6.9%+13.9pp -20.8%
Net Margin 0.2%+4.6pp -4.4%+6.1pp -10.5%-3.3pp -7.2%-25.6pp 18.4%+22.8pp -4.4%+13.8pp -18.2%+5.8pp -24.0%
Return on Equity 0.2%+3.7pp -3.5%+3.6pp -7.1%-3.0pp -4.0%-22.8pp 18.7%+22.1pp -3.4%+11.1pp -14.5%-2.3pp -12.1%
Return on Assets 0.0%+0.9pp -0.9%+0.8pp -1.7%-0.8pp -0.9%-4.9pp 4.0%+4.5pp -0.6%+1.8pp -2.4%+0.1pp -2.5%
Current Ratio 5.98+1.6 4.40-0.6 4.99+1.6 3.44+0.2 3.21-0.1 3.36-1.3 4.65+0.2 4.45
Debt-to-Equity 3.40+1.7 1.73-0.2 1.90+0.1 1.76-0.0 1.80-0.5 2.35-0.3 2.66+0.8 1.82
FCF Margin 50.8%+49.4pp 1.4%+56.3pp -54.9%-16.6pp -38.3%-121.0pp 82.7%+108.0pp -25.4%+30.5pp -55.9%+15.8pp -71.7%

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Frequently Asked Questions

Bloom Energy (BE) reported $2.0B in total revenue for fiscal year 2025. This represents a 37.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Bloom Energy (BE) revenue grew by 37.3% year-over-year, from $1.5B to $2.0B in fiscal year 2025.

No, Bloom Energy (BE) reported a net income of -$87.1M in fiscal year 2025, with a net profit margin of -4.3%.

Bloom Energy (BE) reported diluted earnings per share of $-0.37 for fiscal year 2025. This represents a -184.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Bloom Energy (BE) had EBITDA of $124.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Bloom Energy (BE) had $2.5B in cash and equivalents against $2.6B in long-term debt.

Bloom Energy (BE) had a gross margin of 29.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Bloom Energy (BE) had an operating margin of 3.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Bloom Energy (BE) had a net profit margin of -4.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Bloom Energy (BE) has a return on equity of -11.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Bloom Energy (BE) generated $57.2M in free cash flow during fiscal year 2025. This represents a 72.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Bloom Energy (BE) generated $113.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Bloom Energy (BE) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Bloom Energy (BE) invested $56.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Bloom Energy (BE) invested $186.0M in research and development during fiscal year 2025.

Bloom Energy (BE) had 281M shares outstanding as of fiscal year 2025.

Bloom Energy (BE) had a current ratio of 5.98 as of fiscal year 2025, which is generally considered healthy.

Bloom Energy (BE) had a debt-to-equity ratio of 3.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Bloom Energy (BE) had a return on assets of -2.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Bloom Energy (BE) has an Altman Z-Score of 6.43, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Bloom Energy (BE) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Bloom Energy (BE) has an earnings quality ratio of -1.31x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Bloom Energy (BE) has an interest coverage ratio of 1.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Bloom Energy (BE) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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