Bloom Energy Corporation (BE) financials
NYSE · Industrials · Electrical Equipment & Parts · 2,214 employees · CEO K. R. Sridhar
- Price
- $203.17 -8.61%
- Market cap
- $60B
- Enterprise value
- $60.3B
- Last report
- Q3 '26 filed 2026-10-22
- Next report
- 2027-02-04 EPS est. $1.06
Revenue (TTM)$3.83B+110.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)14.8%+7.8 pp vs a year agoOperating income $567M
Net income (TTM)$518M+3,294.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$440M+225.6% vs a year agoCapex $254M
Diluted EPS (TTM)$1.63+9,029.5% vs a year agoSum of the last 4 quarters
Net cash-$295M+67.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $60B EV $60.3B
- Revenue
- $3.83B Trailing 12 months
- Revenue growth
- +119% FY2026 consensus
- Profit margin
- 13.5% Net income / revenue, TTM
- P/E
- 113.9× Forward 64.1× (FY2026)
- P/S
- 15.7× Price / sales, TTM
- EV / EBITDA
- 97.9× TTM
- Free cash flow
- $440M Trailing 12 months
- Net income
- $518M Trailing 12 months
- Revenue estimate
- $4.44B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $1.42B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-22): revenue beat by 15.4%, EPS beat by 36.0%Revenue $1.24B vs $1.07B expected (+15.4%); EPS $0.94 vs $0.69 (+36.0%).
- Revenue growth accelerating: 138.1% year on yearQ3 '26 revenue $1.24B, against an average of 97.2% over the four quarters before.
- Operating margin 14.8% (TTM), +7.8 pp on a year agoOperating income grew 344.1% while revenue grew 110.6%.
- Capex 6.6% of revenue (a year ago 2.5%)$254M invested in the last 4 quarters (+465.9% on a year earlier). Free cash flow $440M = 84.9% of net income.
- Returned $925K to shareholders = 0.2% of free cash flowBuybacks $0 (a year earlier $0), dividends $925K, stock-based pay $105M (TTM).
- Diluted share count up 38.0% in a year324M diluted shares in Q3 '26, 235M a year earlier.
- Net debt $295MCash + short-term investments $2.49B, debt incl. leases $2.78B; a year ago net debt $918M.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.24B | $519M | +138.1% |
| Gross margin | 33.8% | 29.2% | +4.5 pp |
| Operating income | $225M | $7.85M | +2,773.4% |
| Operating margin | 18.2% | 1.5% | +16.7 pp |
| Net income | $250M | -$23.1M | +1,183.8% |
| Diluted EPS | $0.78 | -$0.10 | +893.5% |
| Operating cash flow | -$27.1M | $19.7M | -238.0% |
| Capex | $153M | $12.3M | +1,147.8% |
| Free cash flow | -$181M | $7.37M | -2,551.6% |
| R&D | $64.1M | $48.7M | +31.7% |
| Stock-based compensation | $57.2M | $37.3M | +53.6% |
Reported vs consensus
2026-10-22| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.24B | $1.07B | +15.4% |
| EPS (as estimated) | $0.94 | $0.69 | +36.0% |
From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product | $1.07B | +179.4% | 86.6% | $3.3B | +107.5% | |
| Service | $67.6M | +15.3% | 5.4% | $260M | -4.9% | |
| Installation | $89M | +35.2% | 7.2% | $245M | +13.5% | |
| Electricity | $9.82M | -5.2% | 0.8% | $39.9M | -46.9% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $694M
- Capex
- -$254M
- Buybacks
- $0
- Dividends
- -$925K
- Acquisitions
- $36K
- Net debt issued
- $1.44B
- Stock-based compensation
- $105M
- Free cash flow
- $440M
- Returned to shareholders / FCF
- 0.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 113.9× | – | – |
| EV / EBITDA | 97.9× | 566.7× 2 of 5 years | 64.7× – 1,068.6× |
| EV / Sales | 15.8× | 5.1× | 3.0× – 10.6× |
| Price / FCF | 136.4× | 258.8× 2 of 5 years | 152.3× – 365.2× |
| Price / Book | 31.0× | 13.2× 4 of 5 years | 6.3× – 27.2× |
| FCF yield | 0.7% | -5.0% | -14.5% – 0.7% |
| Return on invested capital | 10.7% | -6.7% | -17.8% – 1.9% |
| Return on equity | 39.6% | 41.1% | -88.4% – 371.0% |
Analysts
Consensus target $293.06 (+44.2%)
range $176.00 – $351.00 · rating Buy
Strong buy0
Buy17
Hold12
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $4.44B | +119.4% | $3.17 | +956.4% | 64.1× | 14 |
| FY2027 | $7.19B | +61.9% | $5.33 | +68.3% | 38.1× | 16 |
| FY2028 | $10.5B | +46.1% | $8.60 | +61.3% | 23.6× | 16 |
| FY2029 | $13.2B | +25.5% | $11.15 | +29.6% | 18.2× | 13 |
| FY2030 | $15.6B | +18.2% | $13.77 | +23.5% | 14.8× | 13 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 293 figures Bloom Energy Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $493M | $167M | +194.6% | $203M | $92.7M | +119.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $635M | $412M | +54.2% | $372M | $336M | +10.7% |
| Accounts Receivable, Allowance for Credit Loss | $3M | $459K | +553.2% | $460K | $119K | +286.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $340K2025-09-30 | $1.6M | -78.8% | $4M2024-12-31 | $5.5M | -27.3% |
| Accrued Income Taxes, Current | $2.96M | $1.47M | +101.6% | $2.12M | $784K | +169.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$457K | -$1.18M | +61.2% | -$369K | -$2.59M | +85.8% |
| Additional Paid in Capital | $5.4B | $4.64B | +16.4% | $4.76B | $4.46B | +6.6% |
| Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | – | – | – | -$16.1M2023-12-31 | – | – |
| Adjustments to Additional Paid in Capital, Warrant Issued | – | – | – | $15.9M | – | – |
| AdjustmentToAdditionalPaidInCapitalConvertibleDebtInstrumentIssuedAtSubstantialPremium | $02025-12-31 | – | – | $28.2M | – | – |
| Amortization of Debt Issuance Costs and Discounts | $3.18M | $1.81M | +75.3% | $8.25M | $6.8M | +21.3% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | -5.88M2025-12-31 | 4.9M | -219.9% | 69.4M | 61.3M | +13.1% |
| APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $56.3M | $37.4M | +50.7% | $140M | $80M | +75.4% |
| Asset Impairment Charges | – | – | – | $12.7M | $0 | – |
| Assets | $6.57B | $2.64B | +149.1% | $4.4B | $2.66B | +65.5% |
| Assets, Current | $5.21B | $2.05B | +154.3% | $3.73B | $2.04B | +82.5% |
| Assets, Fair Value Disclosure | $524M2025-09-30 | $467M | +12.3% | $601M2023-12-31 | $292M | +105.9% |
| Capital Expenditures Incurred but Not yet Paid | $7.37M | -$2.02M | +464.8% | $3.72M | $1.65M | +126.0% |
| Capitalized Contract Cost, Net, Noncurrent | $25.2M | $13.3M | +89.4% | $19.1M | $13.4M | +42.9% |
| Cash and Cash Equivalents, at Carrying Value | $2.49B | $595M | +317.9% | $2.45B | $803M | +205.7% |
| Cash and Cash Equivalents, Fair Value Disclosure | $2.37B | – | – | $2.39B | $749M | +218.5% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | $19.7M2025-09-30 | – | – | – | – | – |
| Cash Reserve Deposit Required and Made | $305K | $300K | +1.7% | $376K | $348K | +8.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.51B | $627M | +300.0% | $2.48B | $951M | +161.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$180M | $21M | -960.2% | $1.53B | $206M | +643.8% |
| Common Stock, Par or Stated Value Per Share | $0.00 | – | – | $0.002018-12-31 | $0.00 | -100.0% |
| Common Stock, Shares Authorized | 600M | – | – | 02018-12-31 | 113M | -100.0% |
| Common Stock, Shares, Issued | 296M | – | – | 02018-12-31 | 10.4M | -100.0% |
| Common Stock, Shares, Outstanding | 296M | – | – | 02018-12-31 | 10.4M | -100.0% |
| Common Stock, Value, Issued | $30K | $24K | +25.0% | $28K | $23K | +21.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.56M | -$440K | +454.5% | $1.58M | $195K | +708.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$23.5M2025-09-30 | -$14.2M | -64.9% | -$30.1M2024-12-31 | -$303M | +90.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $251M | -$23.9M | +1,150.1% | -$84.6M | -$29.9M | -182.7% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $859M | $259M | +231.7% | $241M | $145M | +66.1% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $793M | $259M | +206.3% | $179M | $145M | +23.3% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $65.8M | – | – | $62.3M | $0 | – |
| Contract with Customer, Asset, Reclassified to Receivable | $33.5M | $31.6M | +6.0% | $103M | $34.3M | +199.5% |
| Contract with Customer, Liability | $93M | $53.7M | +73.3% | $65.6M | $66.3M | -1.0% |
| Contract with Customer, Performance Obligation Satisfied in Previous Period | $464M | $161M | +188.6% | $183M | $128M | +42.3% |
| Contract with Customer, Receivable, after Allowance for Credit Loss | $635M | $412M | +54.2% | $372M | $336M | +10.7% |
| Conversion of Stock, Amount Issued | – | – | – | $0 | $0 | – |
| Cost of Goods and Services Sold | $7.5M | $2.4M | +212.5% | $18M | $21.2M | -15.1% |
| Cost of Revenue | $819M | $367M | +122.9% | $1.44B | $1.07B | +34.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.39M | $1.18M | +101.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.63M | $1.17M | +124.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $241K | -$13K | +1,953.8% |
| Debt Issuance Costs, Current, Net | $740K | – | – | – | – | – |
| Debt Issuance Costs, Noncurrent, Net | $2.38M | – | – | $3.41M | $0 | – |
| Deferred Costs, Current | $95.7M | $24.1M | +297.4% | $30.7M | $58.8M | -47.9% |
| Deferred Costs, Noncurrent | $21.9M | $3.43M | +536.8% | $4.1M | $3.63M | +13.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $108K | -$323K | +133.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $108K | -$323K | +133.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Tax Assets, Gross | $940M2025-12-31 | $882M | +6.6% | $940M | $882M | +6.6% |
| Deferred Tax Assets, in Process Research and Development | $63.4M2025-12-31 | $71.2M | -11.0% | $63.4M | $71.2M | -11.0% |
| Deferred Tax Assets, Investments | $11.2M2025-12-31 | $0 | – | $11.2M | $0 | – |
| Deferred Tax Assets, Net | $1.93M | $1.85M | +4.3% | $1.78M | $1.89M | -5.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $67.6M2025-12-31 | $65.4M | +3.4% | $67.6M | $65.4M | +3.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02