Bloom Energy (BE) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $2.024 billion in 2025, up 37.3% year-over-year, driven by strong AI data center and C&I demand.

• Generated positive cash flow from operations for the second consecutive year, with $114 million in 2025.

• Product backlog grew 2.5x year-over-year to ~$6 billion; service backlog reached ~$14 billion.

• Announced major collaborations, including with Oracle for AI data centers and a $5 billion strategic partnership with Brookfield Asset Management.

• All product shipments now 800 V dc ready, supporting next-gen digital infrastructure.

Financial highlights

• Q4 2025 revenue was $777.7 million, up 35.9% year-over-year; full-year revenue reached $2.024 billion.

• Q4 non-GAAP gross margin was 31.9%, down from 39.3% in Q4 2024; full-year non-GAAP gross margin was 30.3%, up 1.6 pts YoY.

• Q4 non-GAAP operating income was $133 million; full-year non-GAAP operating income was $221 million, more than double 2024.

• Full-year adjusted EBITDA was $271.6 million, up from $160.6 million in 2024.

• Ended 2025 with $2.45 billion in cash and $643 million in inventory.

Outlook and guidance

• 2026 revenue guidance: $3.1–$3.3 billion, representing over 50% year-over-year growth.

• 2026 non-GAAP gross margin expected at ~32%.

• 2026 non-GAAP operating income projected at $425–$475 million.

• 2026 non-GAAP EPS guidance: $1.33–$1.48, nearly doubling 2025.

• Capital spending for 2026 expected at $150–$200 million; operating cash flow near $200 million.