Bloom Energy Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Bloom Energy Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	209	366	633	785	794	972	1,199	1,333	1,474	2,024
Cost of revenue	312	382	527	688	628	775	1,051	1,136	1,069	1,437
Gross profit	-103	-16.3	106	97.6	166	198	148	198	405	587
Research and development	46.8	51.1	89.1	104	83.6	103	151	156	149	186
Selling and marketing	29.1	31.9	62.8	73.6	55.9	86.5	90.9	90	68	130
General and administrative	61.5	55.7	119	153	107	122	168	161	165	198
Operating expenses	137	139	271	330	247	312	409	407	382	515
Operating income	-241	-155	-165	-233	-80.8	-115	-261	-209	22.9	72.8
Interest expense	81.2	124	106	94.2	78.8	69	53.5	108	62.6	53.9
Interest income	0.39	0.76	4.32	5.66	1.48	0.26	3.89	19.9	25.3	34.1
Other non-operating income	-0.77	-0.49	-1	0.71	-8.32	-8.14	5	-2.79	15.9	2.15
Pre-tax income	-336	-294	-290	-323	-179	-192	-314	-306	-26.4	-84.4
Income tax	0.73	0.64	1.54	0.63	0.26	1.05	1.1	1.89	0.85	2.74
Net income to minority interests	-56.7	-18.7	-17.7	-19.1	-21.5		-13.4	-5.82	2.02	1.29
Net income	-280	-276	-274	-304	-158	-164	-302	-302	-27.2	-87.1
EBITDA	-198	-101	-111	-154	-28.5	-61	-199	-146	76	123
EPS, basic	-29.31	-26.97	-5.14	-2.67	-1.14	-0.95	-1.62	-1.42	-0.13	-0.37
EPS, diluted	-29.31	-26.97	-5.14	-2.67	-1.14	-0.95	-1.62	-1.42	-0.13	-0.37
Shares, basic (weighted)	9.54	10.2	53.3	115	139	173	186	213	227	240
Shares, diluted (weighted)	9.54	10.2	53.3	115	139	173	186	213	227	240

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	218	104	221	203	247	396	348	665	803	2,454
Short-term investments		26.8	104	0
Receivables		30.3	88.8	37.8	96.2	87.8	251	341	336	372
Inventory		90.3	135	110	142	143	268	503	545	643
Other current assets		26.7	36.7	28.1	30.7	30.7	43.6	51.1	46.2	49.8
Total current assets		420	664	473	619	806	1,056	1,693	2,044	3,731
Property, plant and equipment		498	717	607	601	604	600	493	403	399
Lease right-of-use assets				0	35.6	107	127	140	122	109
Goodwill					0	1.96
Long-term investments						1.82	0
Other non-current assets		37.5	42.9	41.7	34.5	41.1	40.2	50.2	46.1	57.2
Total assets		1,221	1,522	1,323	1,454	1,726	1,947	2,414	2,657	4,397
Accounts payable		48.6	66.9	55.6	58.3	73	162	132	92.7	203
Accrued liabilities		13.1	16.7	17.2	28.3	38.2	48.2	47.9	67.7	97.6
Short-term debt		20.1	29.8	338	121	25.8	26	0	114	4.15
Total current liabilities		271	257	574	436	342	542	470	637	624
Long-term debt		921	711	299	270	501	386	847	1,014	2,614
Lease liabilities				0	41.8	106	132	142	125	107
Other non-current liabilities		52.9	26.2	28	17.3	16.8	9.49	9.05	9.21	10
Total liabilities		1,722	1,482	1,490	1,313	1,519	1,568	1,893	2,072	3,604
Total debt		941	741	637	391	527	412	847	1,129	2,618
Paid-in capital		151	2,481	2,687	3,183	3,219	3,906	4,370	4,463	4,756
Retained earnings		-2,331	-2,624	-2,946	-3,104	-3,263	-3,564	-3,867	-3,898	-3,987
Other comprehensive income		-0.16	0.13	0.02	-0.01	-0.35	-1.25	-1.69	-2.59	-0.37
Shareholders' equity		-2,180	-143	-260	78.8	-44.3	341	502	562	769
Minority interests		155	125	91.3	62.2	42.5	38	18.6	22.7	24.3
Total equity	-1,725	-1,966	-17.5	-168	141	-1.83	379	521	585	793
Total liabilities and equity		1,221	1,522	1,323	1,454	1,726	1,947	2,414	2,657	4,397
Shares outstanding		10.4	0

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-336	-295	-291	-323	-179	-193	-315	-308	-27.2	-87.1
Depreciation and amortization	43.1	54.4	53.9	78.6	52.3	53.5	61.6	62.6	53	50.6
Stock-based compensation	28.2	30.5	180
Deferred income tax	-0.02	-0.01	-0.06	0.01	-0.24	-0.07	-0.44	0.01	-0.32	0.11
Change in receivables	-0.7	3.24	-55	52	-61.7	8.61	-163	-89.9	7.13	-35.5
Change in inventory	-0.21	-10.6	-37	18.4	-33	-0.89	-125	-232	-44.5	-119
Change in payables	4.81	7.08	18.3	-11.3	-0.62	13	86.5	-29.1	-36.6	111
Cash from operations	-283	-92	-91.9	164	-98.8	-60.7	-192	-373	92	114
Capital expenditures	-8.98	-61.5	-45.2	-51.1	-37.9	-49.8	-117	-83.7	-58.9	-56.8
Purchases of investments	0	-29	-104	0	0
Sales and maturities of investments	0	2.25	27	105	0	0
Cash from investing	-8.98	-88.2	-125	53.4	-37.9	-46.7	-117	-83.7	-58.8	-93.1
Debt issued	123	100	0	0		136	0	637	403	2,500
Stock issued	1.24	0.43	1.52	12.7	23.5	89.8	15.3	16.9	12.4	59.1
Dividends paid							0	0	-1.47	-0.95
Cash from financing	283	143	317	-120	176	306	211	683	175	1,508
Exchange rate effect				0	0	-0.59	0.43	-0.28	-2.63	1.38
Net change in cash	-8.42	-37.3	99.9	96.9	39.3	198	-96.7	227	206	1,531
Free cash flow	-292	-153	-137	113	-137	-110	-309	-456	33.1	57.2
Interest paid	20.5	37.6	59.5	69.9	71.7	68.7	49	49.9	55.7	49.5
Income taxes paid	0.64	0.62	1.75	0.86	0.37	0.58	1.44	1.46	1.42	1.71

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $288.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.6%	Gross profit / revenue.
Operating margin	6.7%	Operating income / revenue.
EBITDA margin	8.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.5%	Pre-tax income / revenue.
Net margin	0.3%	Net income / revenue.
FCF margin	9.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.2%	Cash from operations / revenue.
Effective tax rate	21.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.2%	Net income / average total assets.
Return on invested capital (ROIC)	12.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.3%	Research and development expense / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	37.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	45.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	58.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	28.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	217.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	62.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	23.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	72.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	36.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	31.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	57.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	65.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.03x	Current assets / current liabilities.
Quick ratio	3.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.82x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	55.8%	Total debt / total assets.
Liabilities / assets	79.7%	Total liabilities / total assets.
Net debt	$111.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.52x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.41x	Operating income / interest expense.
Working capital	$3.17B	Current assets - current liabilities.
Tangible book value	$921.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	6.11x	Revenue / average property, plant and equipment.
Inventory turnover	2.35x	Cost of revenue / average inventory.
Days inventory	155 days	365 x average inventory / cost of revenue.
Receivables turnover	6.81x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	157 days	Days inventory + days sales outstanding - days payables.
FCF conversion	3,133.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.66	Revenue / diluted weighted shares.
FCF per share	$0.72	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.93	Cash from operations / diluted weighted shares.
Book value per share	$2.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.88	Tangible book value / shares outstanding.
Cash per share	$7.79	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$85.03B	Share price x shares outstanding.
Enterprise value	$85.14B	Market cap + total debt - cash - short-term investments.
P/E	11,605x	Market cap / net income. Only when net income is positive.
P/S	34.7x	Market cap / revenue.
P/B	92.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	92.3x	Market cap / tangible book value, when positive.
P/FCF	370x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	285x	Market cap / cash from operations, when positive.
EV/Sales	34.8x	Enterprise value / revenue.
EV/EBIT	519x	Enterprise value / operating income, when both are positive.
EV/EBITDA	394x	Enterprise value / EBITDA, when both are positive.
EV/FCF	371x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.3%	Free cash flow / market cap.
Earnings yield	0.0%	Net income / market cap (the inverse of P/E).

What was Bloom Energy Corp's revenue in fiscal 2025?

Bloom Energy Corp reported revenue of $2.02B for fiscal 2025, 37.3% higher than the year before.

Was Bloom Energy Corp profitable in fiscal 2025?

No. It reported a net loss of $87.1M.

How much free cash flow did Bloom Energy Corp generate in fiscal 2025?

Cash from operations of $113.9M minus capital expenditures of $56.8M left free cash flow of $57.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Bloom Energy Corp