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Bloom Energy vs Fuelcell Energy: revenue, profit, margins and growth compared

Bloom Energy brought in $2B of revenue in fiscal 2025, Fuelcell Energy $158.2M in fiscal 2025. Revenue changed by +37.3% at Bloom Energy and +41.0% at Fuelcell Energy on the year before, so Fuelcell Energy grew faster. Bloom Energy kept -4.3% of its revenue as net profit, Fuelcell Energy -118.8%. Free cash flow was $57.2M at Bloom Energy and -$143.9M at Fuelcell Energy.

Side by side, latest fiscal year

BEFCEL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (October 31, 2025)
Revenue$2B$158.2M
Revenue growth+37.3%+41.0%
Net income-$87.1M-$187.9M
Net margin-4.3%-118.8%
Free cash flow$57.2M-$143.9M
Free cash flow margin2.8%-91.0%
Earnings per share (diluted)-$0.37-$7.42
Cash$2.5B$278.1M
Debt$2.6B$119.6M
Price to earningsn/an/a
Market value$77.4B$1.3B
Dividend yieldn/an/a
Rank by revenue in sector#64 of 163 · Energy#128 of 163 · Energy

Over the years

Revenue
BE FY2018: $632.6MBE FY2019: $785.2MBE FY2020: $794.2MBE FY2021: $972.2MBE FY2022: $1.2BBE FY2023: $1.3BBE FY2024: $1.5BBE FY2025: $2BFCEL FY2018: $89.4MFCEL FY2019: $60.8MFCEL FY2020: $70.9MFCEL FY2021: $69.6MFCEL FY2022: $130.5MFCEL FY2023: $123.4MFCEL FY2024: $112.1MFCEL FY2025: $158.2MFY18FY19FY20FY21FY22FY23FY24FY25
BE $2BFCEL $158.2M
Net income
BE FY2018: -$273.5MBE FY2019: -$304.4MBE FY2020: -$157.6MBE FY2021: -$164.4MBE FY2022: -$301.7MBE FY2023: -$302.1MBE FY2024: -$27.2MBE FY2025: -$87.1MFCEL FY2018: -$47.3MFCEL FY2019: -$77.6MFCEL FY2020: -$89.1MFCEL FY2021: -$101.1MFCEL FY2022: -$142.7MFCEL FY2023: -$107.6MFCEL FY2024: -$126MFCEL FY2025: -$187.9MFY18FY19FY20FY21FY22FY23FY24FY25
BE -$87.1MFCEL -$187.9M
Net margin
BE FY2018: -43.2%BE FY2019: -38.8%BE FY2020: -19.8%BE FY2021: -16.9%BE FY2022: -25.2%BE FY2023: -22.7%BE FY2024: -1.8%BE FY2025: -4.3%FCEL FY2018: -52.9%FCEL FY2019: -127.7%FCEL FY2020: -125.7%FCEL FY2021: -145.2%FCEL FY2022: -109.4%FCEL FY2023: -87.2%FCEL FY2024: -112.4%FCEL FY2025: -118.8%FY18FY19FY20FY21FY22FY23FY24FY25
BE -4.3%FCEL -118.8%
Revenue growth
BE FY2019: +24.1%BE FY2020: +1.2%BE FY2021: +22.4%BE FY2022: +23.3%BE FY2023: +11.2%BE FY2024: +10.5%BE FY2025: +37.3%FCEL FY2019: -32.1%FCEL FY2020: +16.7%FCEL FY2021: -1.8%FCEL FY2022: +87.5%FCEL FY2023: -5.4%FCEL FY2024: -9.1%FCEL FY2025: +41.0%FY19FY20FY21FY22FY23FY24FY25
BE +37.3%FCEL +41.0%
Free cash flow
BE FY2018: -$137.2MBE FY2019: $112.7MBE FY2020: -$136.7MBE FY2021: -$110.5MBE FY2022: -$308.5MBE FY2023: -$456.3MBE FY2024: $33.1MBE FY2025: $57.2MFCEL FY2018: $6.3MFCEL FY2019: -$32.7MFCEL FY2020: -$37.2MFCEL FY2021: -$76.8MFCEL FY2022: -$133.2MFCEL FY2023: -$179.6MFCEL FY2024: -$200.6MFCEL FY2025: -$143.9MFY18FY19FY20FY21FY22FY23FY24FY25
BE $57.2MFCEL -$143.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Bloom Energy and Fuelcell Energy

Which is bigger by revenue, Bloom Energy or Fuelcell Energy?

Bloom Energy is bigger by revenue: $2B in fiscal 2025, against $158.2M for Fuelcell Energy in fiscal 2025.

Which keeps more of its revenue as profit, Bloom Energy or Fuelcell Energy?

Bloom Energy had a net margin of -4.3% in fiscal 2025; Fuelcell Energy had -118.8% in fiscal 2025.

Which grew revenue faster, Bloom Energy or Fuelcell Energy?

In their latest fiscal years revenue changed by +37.3% at Bloom Energy and +41.0% at Fuelcell Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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