Bloom Energy Corporation (BE) Cash Flow Statement
Where BE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $113.9M +23.9% vs 2024
- Capital expenditures
- $56.8M 2.8% of revenue
- Free cash flow
- $57.2M 2.8% margin
- Returned to shareholders
- $947,000 2% of free cash flow
- Change in cash
- $1.54B cash at year-end $2.46B
Cash from operations
$113.9M
Capital expenditures
−$56.8M
Acquisitions & other
−$36.4M
Dividends
−$947,000
Share buybacks (net)
+$59.1M
Net borrowing (repayment)
+$1.51B
Shares issued
+$59.1M
Other financing
−$121.7M
Currency & other
+$13.4M
Change in cash
$1.54B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$282.8M2016 | $113.9M2025 | — | |
| Capital expenditures | $9.0M2016 | $56.8M2025 | +22.7%/yr | |
| Free cash flow | −$291.8M2016 | $57.2M2025 | — | |
| Free cash flow margin | −139.9%2016 | 2.8%2025 | +142.8 pts | |
| Stock-based compensation | $28.2M2016 | $139.4M2025 | +19.5%/yr | |
| Dividends paid | $576,0002018 | $947,0002025 | +7.4%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 4.3%2016 | 2.8%2025 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BE cash flow by activity
OperatingInvestingFinancingChange in cash
BE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$88.4M | −$27.2M | −$307.9M | −$315.1M | −$193.4M | −$179.1M | −$323.5M | −$291.3M | −$295.0M | −$336.3M |
| Depreciation & amortization | $50.6M | $53.0M | $62.6M | $61.6M | $53.5M | $57.6M | $78.6M | $53.9M | $54.4M | $43.1M |
| Stock-based compensation | $139.4M | $82.4M | $84.5M | $112.3M | $73.3M | $73.9M | $196.3M | $168.5M | $29.1M | $28.2M |
| Change in working capital | −$217.3M | −$73.4M | −$440.4M | −$186.8M | −$18.9M | −$73.3M | $96.5M | −$69.5M | $60.2M | −$63.3M |
| Other non-cash items | $229.7M | $57.2M | $228.7M | $136.3M | $24.9M | $22.1M | $115.9M | $46.5M | $59.4M | $45.5M |
| Cash from operating activities | $113.9M | $92.0M | −$372.5M | −$191.7M | −$60.7M | −$98.8M | $163.8M | −$91.9M | −$92.0M | −$282.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$56.8M | −$58.9M | −$83.7M | −$116.8M | −$49.8M | −$37.9M | −$51.1M | −$48.5M | −$61.5M | −$9.0M |
| Investments (net) | — | −$58.8M | −$103.4M | −$116.8M | −$46.7M | −$37.9M | $104.5M | −$76.9M | −$31.9M | −$9.0M |
| Acquisitions & other investing | −$36.4M | $58.9M | $103.4M | $116.8M | $49.8M | $37.9M | $0 | $0 | $5.1M | $9.0M |
| Cash from investing activities | −$93.1M | −$58.8M | −$83.7M | −$116.8M | −$46.7M | −$37.9M | $53.4M | −$125.4M | −$88.2M | −$9.0M |
| Financing activities | ||||||||||
| Dividends paid | −$947,000 | −$1.5M | $0 | $0 | — | — | −$373,000 | −$576,000 | — | — |
| Share repurchases & issuance (net) | $59.1M | $12.4M | $327.5M | $4.2M | $84.0M | $22.4M | −$56.3M | −$19.2M | $432,000 | $4.2M |
| Net borrowing (repayment) | $1.51B | $173.1M | $432.3M | −$26.4M | $10.7M | $138.1M | −$8.1M | −$1.4M | $159.7M | $115.3M |
| Shares issued | $59.1M | $12.4M | $327.1M | $400.7M | $298.3M | $23.5M | $12.7M | $294.1M | $0 | $0 |
| Other financing | −$121.7M | −$21.2M | −$403.5M | −$167.1M | −$86.6M | −$8.1M | −$68.2M | $44.4M | −$17.2M | $163.8M |
| Cash from financing activities | $1.51B | $175.2M | $683.3M | $211.4M | $306.4M | $175.9M | −$120.3M | $317.2M | $142.9M | $283.4M |
| Summary | ||||||||||
| Net change in cash | $1.54B | $205.8M | $226.8M | −$96.7M | $198.4M | $39.3M | $96.9M | $99.9M | −$37.3M | −$8.4M |
| Cash at end of period | $2.46B | $951.0M | $745.2M | $518.4M | $615.1M | $416.7M | $377.4M | $280.5M | $180.6M | $217.9M |
| Free cash flow | $57.2M | $33.1M | −$456.3M | −$308.5M | −$110.5M | −$136.6M | $112.7M | −$140.4M | −$153.4M | −$291.8M |
| Free cash flow margin | 2.8% | 2.2% | −34.2% | −25.7% | −11.4% | −17.2% | 14.4% | −18.9% | −40.8% | −139.9% |
| Capex / revenue | 2.8% | 4.0% | 6.3% | 9.7% | 5.1% | 4.8% | 6.5% | 6.5% | 16.3% | 4.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $196.3M | $73.7M | $1.1M | −$23.0M | −$42.2M | −$23.4M | $105.2M | −$14.6M | −$61.2M | −$56.5M | $4.1M | −$168.1M |
| Depreciation & amortization | $13.7M | $13.3M | $13.2M | $12.8M | $12.6M | $12.0M | $13.9M | $13.2M | $13.4M | $12.5M | $12.3M | $14.6M |
| Stock-based compensation | $52.2M | $48.2M | $42.8M | $37.3M | $29.3M | $30.1M | $27.4M | $17.7M | $19.2M | $18.1M | $7.3M | $21.3M |
| Change in working capital | −$49.9M | −$79.6M | $234.0M | −$62.2M | −$252.6M | −$136.4M | $335.2M | −$90.8M | −$185.1M | −$132.7M | $88.8M | −$196.8M |
| Other non-cash items | $14.1M | $18.0M | $130.4M | $54.8M | $39.8M | $7.1M | $2.6M | $5.0M | $38.2M | $11.3M | $9.2M | $195.8M |
| Cash from operating activities | $226.5M | $73.6M | $421.4M | $19.7M | −$213.1M | −$110.7M | $484.2M | −$69.5M | −$175.5M | −$147.3M | $121.8M | −$133.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$51.6M | −$26.1M | −$23.0M | −$12.3M | −$7.2M | −$14.3M | −$11.1M | −$14.3M | −$12.0M | −$21.4M | −$16.3M | −$21.3M |
| Investments (net) | — | — | — | −$36.9M | −$7.2M | −$14.2M | −$11.1M | −$14.3M | −$12.0M | −$21.4M | −$16.2M | −$21.4M |
| Acquisitions & other investing | −$2.9M | −$19.8M | −$11.9M | $12.3M | $7.2M | $14.3M | $11.1M | $14.3M | $12.0M | $21.4M | $16.3M | $21.3M |
| Cash from investing activities | −$54.6M | −$45.9M | −$34.8M | −$36.9M | −$7.2M | −$14.2M | −$11.1M | −$14.3M | −$12.0M | −$21.4M | −$16.2M | −$21.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$925,000 | — | −$947,000 | −$947,000 | −$947,000 | −$1.0M | −$1.6M | −$1.6M | −$1.5M | −$1.6M | — | $0 |
| Share repurchases & issuance (net) | — | — | $59.1M | $50.0M | $7.7M | $7.7M | $12.4M | $11.1M | — | — | — | $327.0M |
| Net borrowing (repayment) | −$5.2M | −$8.0M | $1.52B | −$2.9M | −$2.8M | −$2.7M | −$70.4M | −$9.3M | — | — | — | −$123.3M |
| Shares issued | $7.3M | $15.8M | $9.1M | $42.4M | $30,000 | $7.7M | $1.3M | $4.1M | $159,000 | $6.8M | $942,000 | $6.7M |
| Other financing | $2.2M | −$806,000 | −$117.5M | −$49.1M | −$11.0M | −$6.5M | −$10.7M | −$9.9M | $244.1M | $2.0M | $246,000 | −$340.1M |
| Cash from financing activities | $3.4M | $7.1M | $1.47B | $39.4M | −$7.1M | $5.1M | −$69.2M | −$5.6M | $242.8M | $7.2M | $1.2M | −$129.7M |
| Summary | ||||||||||||
| Net change in cash | $172.4M | $36.7M | $1.85B | $21.0M | −$225.3M | −$119.6M | $401.8M | −$88.7M | $55.1M | −$162.5M | $107.5M | −$284.8M |
| Cash at end of period | $2.69B | $2.52B | $2.48B | $627.0M | $606.0M | $831.4M | $951.0M | $549.2M | $637.8M | $582.7M | $745.2M | $637.7M |
| Free cash flow | $174.8M | $47.5M | $398.5M | $7.4M | −$220.4M | −$124.9M | $473.1M | −$83.8M | −$187.5M | −$168.7M | $105.6M | −$154.5M |
| Free cash flow margin | 16.4% | 6.3% | 51.2% | 1.4% | −54.9% | −38.3% | 82.7% | −25.4% | −55.8% | −71.7% | 29.6% | −38.6% |
| Capex / revenue | 4.8% | 3.5% | 3.0% | 2.4% | 1.8% | 4.4% | 1.9% | 4.3% | 3.6% | 9.1% | 4.6% | 5.3% |
| Operating cash flow / net income | 1.15 | 1.00 | 386.27 | — | — | — | 4.60 | — | — | — | 29.59 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BE cash generation
In fiscal 2025 (ended December 31, 2025), Bloom Energy generated $113.9 million of cash from operations (up 23.9%) and spent $56.8 million on capital expenditures, leaving free cash flow of $57.2 million, 2.8% of revenue. It returned $0.9 million to shareholders through dividends ($0.9 million) and net share buybacks ($0). Cash and equivalents rose by $1.5 billion over the year.
Related: BE income statement, BE balance sheet. See the BE stock overview for the latest quote and news.
BE cash flow FAQ
What is Bloom Energy's free cash flow?
Bloom Energy's free cash flow was $57.2 million in fiscal 2025: $113.9 million of operating cash flow minus $56.8 million of capital expenditures It was $33.1 million a year earlier..
How much cash does Bloom Energy generate from operations?
Bloom Energy generated $113.9 million of cash from operating activities in fiscal 2025.
How much does Bloom Energy spend on capital expenditures?
Bloom Energy spent $56.8 million on capital expenditures in fiscal 2025, 2.8% of revenue, compared with $58.9 million the year before.
How much does Bloom Energy pay in dividends?
Bloom Energy paid $0.9 million in dividends in fiscal 2025, 1.7% of free cash flow.