Bloom Energy (BE) financial statements
Bloom Energy reported revenue of $2.0B in fiscal 2025, up 28.7% a year over 9 years.
Net income was -$87M and the operating margin 3.6%, against -115.6% in 2016.
Free cash flow was $57M, and the company returned $947,000 in dividends.
The diluted share count rose 2293% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bloom Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $209M | $366M | $633M | $785M | $794M | $972M | $1.2B | $1.3B | $1.5B | $2.0B |
| Cost of revenue | $312M | $382M | $527M | $688M | $628M | $775M | $1.1B | $1.1B | $1.1B | $1.4B |
| Gross profit | -$103M | -$16M | $106M | $98M | $166M | $198M | $148M | $198M | $405M | $587M |
| Research and development | $47M | $51M | $89M | $104M | $84M | $103M | $151M | $156M | $149M | $186M |
| Selling, general and admin | $91M | $88M | $182M | $226M | $163M | $209M | $259M | $251M | $233M | $329M |
| Operating income | -$241M | -$155M | -$165M | -$233M | -$81M | -$115M | -$261M | -$209M | $23M | $73M |
| Interest expense | $74M | $112M | $97M | $87M | $76M | $69M | $53M | $108M | $63M | $54M |
| Pre-tax income | -$336M | -$294M | -$290M | -$323M | -$179M | -$192M | -$314M | -$306M | -$26M | -$84M |
| Income tax | $729,000 | $636,000 | $2M | $633,000 | $256,000 | $1M | $1M | $2M | $846,000 | $3M |
| Net income | -$280M | -$276M | -$274M | -$304M | -$158M | -$164M | -$315M | -$308M | -$27M | -$87M |
| EPS (diluted) | -$27.84 | -$26.97 | -$5.14 | -$2.67 | -$1.14 | -$0.95 | -$1.62 | -$1.42 | -$0.13 | -$0.37 |
| Diluted shares | 10M | 10M | 53M | 115M | 139M | 173M | 186M | 213M | 227M | 240M |
| Gross margin | -49.6% | -4.5% | 16.7% | 12.4% | 20.9% | 20.3% | 12.4% | 14.8% | 27.5% | 29.0% |
| Operating margin | -115.6% | -42.4% | -26.1% | -29.6% | -10.2% | -11.8% | -21.8% | -15.7% | 1.6% | 3.6% |
| Net margin | -134.1% | -75.6% | -43.2% | -38.8% | -19.8% | -16.9% | -26.3% | -23.1% | -1.8% | -4.3% |
Balance sheet
Fiscal years, from Bloom Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $218M | $131M | $325M | $203M | $247M | $396M | $348M | $665M | $803M | $2.5B |
| Receivables | — | $30M | $89M | $38M | $96M | $88M | $251M | $341M | $336M | $372M |
| Inventory | — | $90M | $135M | $110M | $142M | $143M | $268M | $503M | $545M | $643M |
| Total current assets | — | $420M | $664M | $473M | $619M | $806M | $1.1B | $1.7B | $2.0B | $3.7B |
| Property, plant and equipment | — | $498M | $717M | $607M | $601M | $604M | $600M | $493M | $403M | $399M |
| Goodwill | — | — | — | — | $0 | $2M | — | — | — | — |
| Total assets | — | $1.2B | $1.5B | $1.3B | $1.5B | $1.7B | $1.9B | $2.4B | $2.7B | $4.4B |
| Total current liabilities | — | $271M | $257M | $574M | $436M | $342M | $542M | $470M | $637M | $624M |
| Long-term debt | — | $921M | $711M | $299M | $270M | $501M | $386M | $847M | $1.0B | $2.6B |
| Total liabilities | — | $1.7B | $1.5B | $1.5B | $1.3B | $1.5B | $1.6B | $1.9B | $2.1B | $3.6B |
| Shareholders' equity | -$1.7B | -$2.2B | -$143M | -$260M | $79M | -$44M | $341M | $502M | $562M | $769M |
| Net debt | -$218M | $838M | $521M | $434M | $144M | $131M | $63M | $182M | $326M | $164M |
Cash flow
Fiscal years, from Bloom Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$283M | -$92M | -$92M | $164M | -$99M | -$61M | -$192M | -$373M | $92M | $114M |
| Capital spending | $9M | $61M | $45M | $51M | $38M | $50M | $117M | $84M | $59M | $57M |
| Free cash flow | -$292M | -$153M | -$137M | $113M | -$137M | -$110M | -$309M | -$456M | $33M | $57M |
| Stock-based compensation | $28M | $30M | $180M | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $1M | $947,000 |
| Net borrowing | $123M | $100M | $0 | $0 | — | $136M | $0 | $637M | $402M | $2.5B |
| Free cash flow margin | -139.9% | -42.0% | -21.7% | 14.4% | -17.2% | -11.4% | -25.7% | -34.2% | 2.2% | 2.8% |
| Dividends per share | — | — | — | — | — | — | — | — | $0.01 | $0.00 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BE.
Open BE in InvestinglyQuestions
What was Bloom Energy's revenue in 2025?
$2.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Bloom Energy generate?
$57M in fiscal 2025 (operating cash flow minus capital spending).
From Bloom Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.