Revenue growth accelerated to 165.5% year-over-year in 2026Q2, reaching $1.1B, with gross margin improving to 33.4% and operating margin jumping to 17.1%, though net income included a significant non-operating gain.
Bloom Energy Corporation (BE) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 3.11B | 2.02B | 1.47B | 1.33B | 1.2B | 972.18M | 794.25M | 785.18M | 742.04M | 376M | 208.54M | 172.89M | 248.14M |
| Revenue Growth % | 90.98% | 37.33% | 10.53% | 11.2% | 23.34% | 22.4% | 1.16% | 5.81% | 97.35% | 80.3% | 20.62% | -30.33% | - |
| Cost of Goods Sold | 2.14B | 1.44B | 1.07B | 1.14B | 1.05B | 777.17M | 632.85M | 690.35M | 532.54M | 397.26M | 309.84M | 347.62M | 351.1M |
| COGS % of Revenue | - | 70.98% | 72.54% | 85.17% | 87.63% | 79.94% | 79.68% | 87.92% | 71.77% | 105.65% | 148.58% | 201.06% | 141.49% |
| Gross Profit | 972.69M | 587.4M | 404.65M | 197.79M | 148.29M | 195.01M | 161.4M | 94.83M | 100.11M | -21.26M | -101.3M | -174.73M | -102.95M |
| Gross Margin % | 31.24% | 29.02% | 27.46% | 14.83% | 12.37% | 20.06% | 20.32% | 12.08% | 13.49% | -5.65% | -48.58% | -101.06% | -41.49% |
| Gross Profit Growth % | - | 45.16% | 104.58% | 33.38% | -23.96% | 20.82% | 70.21% | -5.28% | 570.87% | 79.01% | 42.03% | -69.71% | - |
| Operating Expenses | 622.88M | 514.6M | 381.74M | 406.7M | 409.28M | 312.08M | 246.58M | 330.39M | 270.93M | 139.24M | 137.49M | 125.76M | 125.68M |
| OpEx % of Revenue | - | 25.42% | 25.9% | 30.5% | 34.13% | 32.1% | 31.05% | 42.08% | 36.51% | 37.03% | 65.93% | 72.74% | 50.65% |
| Selling, General & Admin | 402.55M | 328.61M | 233.11M | 250.84M | 258.67M | 208.69M | 163M | 226.22M | 181.79M | 88.09M | 90.65M | 78.52M | 67.01M |
| SG&A % of Revenue | - | 16.24% | 15.82% | 18.81% | 21.57% | 21.47% | 20.52% | 28.81% | 24.5% | 23.43% | 43.47% | 45.42% | 27% |
| Research & Development | 220.34M | 185.99M | 148.63M | 155.87M | 150.61M | 103.4M | 83.58M | 104.17M | 89.14M | 51.15M | 46.85M | 43.93M | 53M |
| R&D % of Revenue | - | 9.19% | 10.08% | 11.69% | 12.56% | 10.64% | 10.52% | 13.27% | 12.01% | 13.6% | 22.46% | 25.41% | 21.36% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.33M | 3.31M | -9.56M |
| Operating Income | 349.8M | 72.8M | 22.91M | -208.91M | -260.99M | -117.08M | -85.18M | -235.56M | -170.65M | -160.5M | -244.12M | -300.49M | -232.53M |
| Operating Margin % | 11.24% | 3.6% | 1.55% | -15.67% | -21.77% | -12.04% | -10.72% | -30% | -23% | -42.69% | -117.06% | -173.81% | -93.71% |
| Operating Income Growth % | - | 217.79% | 110.97% | 19.96% | -122.93% | -37.45% | 63.84% | -38.04% | -6.33% | 34.26% | 18.76% | -29.23% | - |
| EBITDA | 402.81M | 123.37M | 75.96M | -146.3M | -199.38M | -53.91M | -27.57M | -156.98M | -116.76M | -114.39M | -201.02M | -264.85M | -202.41M |
| EBITDA Margin % | 12.94% | 6.1% | 5.15% | -10.97% | -16.63% | -5.55% | -3.47% | -19.99% | -15.74% | -30.42% | -96.4% | -153.19% | -81.57% |
| EBITDA Growth % | 141.44% | 62.42% | 151.92% | 26.63% | -269.82% | -95.54% | 82.44% | -34.45% | -2.07% | 43.1% | 24.1% | -30.85% | - |
| D&A (Non-Cash Add-back) | 53.01M | 50.57M | 53.05M | 62.61M | 61.61M | 63.16M | 57.61M | 78.58M | 53.89M | 46.1M | 43.1M | 35.64M | 30.11M |
| EBIT | 296.76M | -30.52M | 36.28M | -197.74M | -260.5M | -123.3M | -100.04M | -228.6M | -183.82M | -172.01M | -254.4M | -304.34M | -239.81M |
| Net Interest Income | 17.83M | -19.82M | -37.29M | -88.41M | -49.61M | -68.76M | -77.31M | -88.58M | -101.59M | -123.55M | -80.8M | 0 | 0 |
| Interest Income | 60.38M | 34.07M | 25.34M | 19.89M | 3.89M | 262K | 1.48M | 5.66M | 4.32M | 759K | 394K | 40.63M | 22.11M |
| Interest Expense | 42.55M | 53.89M | 62.64M | 108.3M | 53.49M | 69.03M | 78.79M | 94.24M | 105.91M | 124.3M | 81.19M | 0 | 0 |
| Other Income/Expense | -95.59M | -157.21M | -49.27M | -97.14M | -53M | -75.25M | -93.65M | -87.27M | -119.09M | -120.13M | -91.46M | -44.48M | -28.88M |
| Pretax Income | 254.22M | -84.4M | -26.36M | -306.04M | -313.99M | -192.32M | -178.83M | -322.83M | -257.95M | -280.63M | -335.59M | -344.97M | -261.41M |
| Pretax Margin % | 8.17% | -4.17% | -1.79% | -22.95% | -26.18% | -19.78% | -22.52% | -41.12% | -34.76% | -74.64% | -160.92% | -199.53% | -105.35% |
| Income Tax | 3.2M | 2.74M | 846K | 1.89M | 1.1M | 1.05M | 256K | 633K | 1.54M | 636K | 729K | 707K | 574K |
| Effective Tax Rate % | 1.26% | -3.24% | -3.21% | -0.62% | -0.35% | -0.54% | -0.14% | -0.2% | -0.6% | -0.23% | -0.22% | -0.2% | -0.22% |
| Net Income | 244.94M | -88.43M | -29.23M | -302.12M | -301.41M | -164.44M | -157.55M | -304.41M | -273.54M | -262.6M | -279.66M | -341M | -217.62M |
| Net Margin % | 7.87% | -4.37% | -1.98% | -22.66% | -25.14% | -16.92% | -19.84% | -38.77% | -36.86% | -69.84% | -134.1% | -197.24% | -87.7% |
| Net Income Growth % | 935.65% | -202.58% | 90.33% | -0.23% | -83.29% | -4.37% | 48.24% | -11.29% | -4.17% | 6.1% | 17.99% | -56.7% | - |
| Net Income (Continuing) | 251.01M | -87.14M | -27.2M | -307.94M | -315.09M | -193.37M | -179.09M | -323.47M | -291.28M | -281.26M | -336.32M | -345.68M | -261.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 28.67M | 24.32M | 22.75M | 18.59M | 38.04M | 42.8M | 62.57M | 91.73M | 182.37M | 213.53M | 234.99M | 133.13M | 77.73M |
| EPS (Diluted) | 0.76 | -0.37 | -0.13 | -1.42 | -1.69 | -1.11 | -1.29 | -2.81 | -4.54 | -4.48 | -4.81 | -35.01 | -23.17 |
| EPS Growth % | 4776.13% | -184.62% | 90.85% | 15.98% | -52.25% | 13.95% | 54.09% | 38.11% | -1.34% | 6.86% | 86.26% | -51.1% | - |
| EPS (Basic) | - | -0.37 | -0.13 | -1.42 | -1.69 | -1.11 | -1.29 | -2.81 | -4.54 | -4.52 | -4.81 | -35.01 | -23.18 |
| Diluted Shares Outstanding | 323.33M | 240.4M | 227.37M | 212.68M | 185.91M | 173.44M | 138.72M | 115.12M | 53.27M | 58.56M | 58.14M | 9.74M | 9.39M |
| Basic Shares Outstanding | 287.29M | 240.4M | 227.37M | 212.68M | 185.91M | 173.44M | 138.72M | 115.12M | 53.27M | 58.14M | 58.14M | 9.74M | 9.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BE stock.
For fiscal year 2025, Bloom Energy Corporation (BE) reported total revenue of $2.02B. This represents a 715.7% increase compared to $248.1M in 2014.
Bloom Energy Corporation (BE) reported a net loss of $88.4M for the fiscal year ending 2025.
Bloom Energy Corporation (BE) reported an operating income of $72.8M, resulting in an operating profit margin of 3.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Bloom Energy Corporation (BE) generated $587.4M in gross profit for the year, representing a gross profit margin of 29.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and dilution
Metrics are mathematically derived from official filings.
Revenue Inflection Driven by AI Demand
Bloom Energy's revenue surged 165.5% year-over-year in 2026Q2 to $1.1B, according to the latest income statement, reflecting accelerating adoption for data center power amid grid constraints.
The 165.5% growth in 2026Q2 marks a dramatic acceleration from the 35.9% growth in 2025Q4, suggesting that the AI-driven demand for behind-the-meter power is compounding. This is not a broad-based recovery but a concentrated surge, likely tied to a few hyperscale customers. The sustainability of this growth hinges on the backlog conversion rate and the ability to scale manufacturing to meet demand, which remains a key monitor.
Gross Margin Expansion Capped by Costs
Gross margin improved to 33.4% in 2026Q2 from 27.2% a year earlier, as reported in financial statements, but remains below the 38.3% peak in 2024Q4, indicating structural cost pressures.
The sequential improvement from 30.0% in 2026Q1 to 33.4% in 2026Q2 suggests better absorption of fixed costs as volumes scale. However, the gross margin is still below the 38.3% achieved in 2024Q4, implying that the product mix or stack replacement costs are weighing on profitability. The company's reliance on nickel and ceramics, along with the need for periodic stack replacements, likely caps margin expansion unless degradation rates improve.
Operating Leverage Finally Emerging
Operating margin jumped to 17.1% in 2026Q2 from 1.5% in 2025Q3, based on reported figures, as revenue growth outpaced fixed cost growth, signaling a potential inflection in operating leverage.
The operating income of $182.2M in 2026Q2 is a stark contrast to the $7.8M in 2025Q3, driven by a 165.5% revenue increase while R&D and SG&A grew at a slower pace. This suggests that the high fixed-cost base is now being utilized more efficiently. However, the sustainability of this leverage depends on maintaining revenue momentum; a slowdown could quickly reverse these gains given the thin absolute margins.
Earnings Quality Masked by One-Time Gains
Net income of $196.3M in 2026Q2, as per the income statement, includes a significant non-operating gain, as operating income was $182.2M, suggesting the quality of earnings may be lower than headline suggests.
The net income exceeds operating income by $14.1M, implying a non-operating gain, possibly from derivatives or financing adjustments. Additionally, stock-based compensation was $48.2M in 2026Q1, but reported as $0 in 2026Q2, which is unusual and may indicate a data anomaly or a change in accounting. Investors should adjust for these items to assess the true cash-generating ability of the business.
R&D and SG&A Scaling with Revenue
R&D and SG&A combined grew to $173.4M in 2026Q2 from $143.8M in 2025Q4, as reported in financial statements, but as a percentage of revenue they fell to 15.8% from 19.6%, indicating improved cost discipline.
The absolute increase in R&D and SG&A reflects investment in growth, but the decline as a percentage of revenue shows that these costs are not growing as fast as sales. This is a positive sign for operating leverage, but the company still spends heavily on R&D to maintain its technological edge. The high stock-based compensation, when present, adds to the true cost structure, which investors should monitor.
2026Q2 Marks a Turning Point
The 2026Q2 quarter represents a clear inflection, with revenue and operating income reaching record levels, according to the income statement, driven by AI data center demand and improved cost absorption.
This quarter stands out as the first time the company has generated substantial operating income ($182.2M) and net income ($196.3M) on a consistent basis, breaking from a history of losses. The revenue jump to $1.1B is a step-change, likely tied to a few large contracts. The lasting impact will depend on whether this demand is durable or a one-time surge, and whether the company can maintain margins as it scales.
Sustainability of Growth Questioned
Despite the impressive 165.5% revenue growth in 2026Q2, the company's high debt-to-equity ratio of 3.77 and reliance on a few customers, as per financial data, pose significant risks to the narrative.
Short-sellers would argue that the growth is lumpy and dependent on a handful of large orders, which may not be repeatable. The elevated leverage increases financial risk, and the company's history of equity dilution suggests that shareholders may be diluted to fund operations. Additionally, the EPS miss in the most recent quarter ($0.62 actual vs. $0.67 estimate) indicates that costs may be rising faster than expected, potentially pressuring margins. The market's premium valuation for a company with thin operating margins and high debt is a concern.