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Bloom Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$181M in Q3 2026 · $437M over twelve months

Operating cash flow−$27.1M
Capital spending−$153M
Free cash flow−$181M
Cash / net income-0.1×
Cash conversion cycle90 days

Analysis

In Q3 2026, Bloom Energy generated −$27.1M of operating cash flow and spent $153M on capital projects, leaving free cash flow of −$181M. That is $188M less than in Q3 2025 ($7.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $691M; the largest uses were capital spending ($254M), other investing ($38.5M), dividends ($925K); besides operations, cash came from other financing ($1.4B), shares issued ($43.0M); the cash balance rose by $1.9B.

Operating cash flow was −$27.1M against net income of $249M — -0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: contract assets −$430M, deferred revenue +$309M, payables +$185M.

Its cash conversion cycle was 90 days (receivables 41 + inventory 95 − payables 45).

Free cash flow

Bloom Energy: free cash flow by quarterBloom Energy: free cash flow by quarter$473MQ4 2024−$125MQ1 2025−$220MQ2 2025$7.4MQ3 2025$395MQ4 2025$47.4MQ1 2026$175MQ2 2026−$181MQ3 2026
Operating cash flow less capital spending.
Bloom Energy: operating cash flow against capital spendingBloom Energy: operating cash flow against capital spendingOperating cash flowCapital spending$484M$11.1MQ4 2024−$111M$14.3MQ1 2025−$213M$7.2MQ2 2025$19.7M$12.3MQ3 2025$418M$23.0MQ4 2025$73.6M$26.2MQ1 2026$226M$51.6MQ2 2026−$27.1M$153MQ3 2026
Latest (Q3 2026): Operating cash flow −$27.1M, Capital spending $153M.

Capital allocation, year by year

Bloom Energy: where the cash came from (up) and went (down), by fiscal yearBloom Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow −$60.7MFY2021: Net borrowing $136MFY2021: Shares issued $169MFY2021: Capital spending −$49.8M$305MFY2021FY2022: Operating cash flow −$192MFY2022: Shares issued $19.0MFY2022: Capital spending −$117M$19.0MFY2022FY2023: Operating cash flow −$373MFY2023: Net borrowing $637MFY2023: Shares issued $20.5MFY2023: Asset sales $14KFY2023: Capital spending −$83.7M$658MFY2023FY2024: Operating cash flow $92.0MFY2024: Net borrowing $402MFY2024: Shares issued $12.4MFY2024: Asset sales $70KFY2024: Capital spending −$58.9MFY2024: Dividends −$1.5M$507MFY2024FY2025: Operating cash flow $114MFY2025: Net borrowing $2.5BFY2025: Shares issued $59.1MFY2025: Asset sales $131KFY2025: Capital spending −$56.8MFY2025: Dividends −$947K$2.7BFY2025
Over these 5 years operating cash flow totalled −$419M; the largest uses were operating cash flow ($625M) and capital spending ($366M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.5B
Debt$2.5B
Net cash$7.3M
Due within a year$4.2M

Bloom Energy funds itself: free cash flow was $437M over the last twelve months, and $2.5B of cash and investments stands against $2.5B of debt ($4.2M due within a year, 598.8× covered by cash).

Bloom Energy: debt maturities by year (FY2025)Bloom Energy: debt maturities by year (FY2025)$4.2MYear 1$99.7MYear 3$75.1MYear 4$2.5BYear 5
Principal due in each year as disclosed in the annual report, against $2.5B of cash and investments now.

Where the cash came from and went

Bloom Energy: sources (+) and uses (−) of cash, Q3 2026Bloom Energy: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$180MCapital spending−$153MOperating cash flow−$27.1MShares issued$10.8MOther financing−$5.4MOther investing−$3.8MExchange rates−$1.4MAsset & business sales$60K
Bloom Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Bloom Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$1.9BOther financing$1.4BOperating cash flow$691MCapital spending−$254MShares issued$43.0MOther investing−$38.5MExchange rates−$1.9MDividends−$925KAsset & business sales$242K

From profit to cash

Bloom Energy: net income to operating cash flow, Q3 2026Bloom Energy: net income to operating cash flow, Q3 2026Net income$249MDepreciation & amortization$13.8MOther non-cash$792KReceivables−$175MInventory−$170MPayables$185MDeferred revenue$309MContract assets−$430MPrepaid and other assets$3.9MOther liabilities$159MOperating cash flow−$27.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202641954590
Q2 202635963595
Q1 20264411838124
Q4 20254611532130
Q3 20257817539213
Q2 20259120145247
Q1 20259221945267
Q4 20247414728193

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$27.1M−$153M—$10.8M$180M−$181M
Q2 2026$226M−$51.6M—$7.3M−$170M$175M
Q1 2026$73.6M−$26.2M—$15.8M−$36.7M$47.4M
Q4 2025$418M−$23.0M$2.5B$9.1M−$1.9B$395M
Q3 2025$19.7M−$12.3M—$42.4M−$21.0M$7.4M
Q2 2025−$213M−$7.2M—$30K$225M−$220M
Q1 2025−$111M−$14.3M—$7.7M$120M−$125M
Q4 2024$484M−$11.1M—$1.3M−$402M$473M

Bloom Energy: income statement and cash flow

Bloom Energy, Q3 2026: revenue $1.2B (+138% year over year), operating margin 18.2%. The chart follows the revenue to costs, profit and cash.

Bloom Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.