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.

• Service business remained profitable for eight consecutive quarters, with a 20% gross margin in Q4 and a $14 billion service backlog.

• Product backlog grew 2.5x year-over-year to ~$6 billion; total backlog ~$20 billion.

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

• All product shipments now 800 volts DC-ready, supporting next-gen digital infrastructure and offering backward compatibility.

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%; full-year non-GAAP gross margin was 30.3%, up 1.6 pts from 2024.

• Q4 adjusted EBITDA was $146.1 million; full-year adjusted EBITDA was $271.6 million.

• Q4 non-GAAP EPS was $0.45; full-year non-GAAP EPS was $0.76.

• Ended 2025 with $2.5 billion in cash and $643 million in inventory.

Outlook and guidance

• 2026 revenue guidance: $3.1 billion–$3.3 billion.

• 2026 non-GAAP gross margin expected at ~32%; non-GAAP operating income projected at $425 million–$475 million.

• Adjusted EPS guidance for 2026 is $1.33–$1.48.

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

• Continued investment in R&D and commercial expansion, leveraging operating scale for profit growth.