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Dec 31, 2025
Bloom Energy Q4 2025 Earnings Report
Bloom Energy reported its financial results for the fourth quarter and full year ended December 31, 2025, with record full year revenues.
Key Takeaways
Bloom Energy achieved record full-year revenues of $2.02 billion in 2025, driven by significant growth in the AI data center industry and strong demand from the C&I business. The company reported a gross margin of 29.0% for the full year and generated $113.9 million in cash flow from operating activities, marking its second consecutive year of positive free cash flow. For Q4 2025, revenue was $777.7 million, with a gross margin of 30.8% and operating income of $87.5 million.
Record full year revenues of $2.02 billion in 2025, a 37.3% increase from 2024.
Generated $113.9 million of cash flow from operating activities in 2025, marking the 2nd consecutive year of positive free cash flow.
Total current backlog reached ~$20 billion, with product backlog up ~2.5x year-over-year to ~$6 billion.
All product shipments are now 800 V dc ready, enhancing the company's offerings for the digital age.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Bloom Energy provides an optimistic outlook for the full-year 2026, projecting significant revenue growth and improved profitability metrics, driven by continued demand from AI data centers and C&I businesses.
Positive Outlook
- Projected revenue for 2026 is between $3.1 billion and $3.3 billion, indicating substantial growth.
- Non-GAAP Gross Margin is expected to be around 32%, suggesting improved profitability.
- Non-GAAP Operating Income is forecasted between $425 million and $475 million, reflecting strong operational performance.
- Non-GAAP EPS is projected between $1.33 and $1.48, indicating increased earnings per share.
- The company anticipates continued strong demand from the AI data center industry and C&I business.
Challenges Ahead
- The outlook does not include a quantitative reconciliation of non-GAAP measures to GAAP, citing unreasonable efforts due to uncertainty.
- Potential variability of reconciling items like stock-based compensation expense could significantly impact future GAAP financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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