Bloom Energy’s Record Revenue Rises 138.1% to $1,235.8 Million
Key Facts
Bloom Energy reported results on October 22 for the third quarter ended September 30, 2026, posting record revenue of $1,235.8 million, up 138.1% year over year. The company raised its full-year revenue outlook for the third time, citing its year-to-date performance and customer demand. Revenue topped analysts’ estimate of $1.06 billion, according to Investing.com. Non-GAAP diluted earnings per share were also $0.94, exceeding the estimate of $0.69 by $0.25. But operating cash flow turned negative in the quarter after being positive in the previous quarter.
Product growth accounted for much of the revenue increase, reaching $1,073.6 million, up 179.4% from the third quarter of the previous year. GAAP gross margin was 33.8%, up 453 basis points year over year. Non-GAAP gross margin was 34.5%, an increase of 412 basis points. The company posted GAAP diluted earnings per share of $0.78, compared with a loss of $0.10 a year earlier. Non-GAAP diluted earnings per share rose to $0.94 from $0.15.
Despite net income of $248.976 million, the company used $27.147 million in cash in operating activities during the third quarter. That compares with positive operating cash flow of $226.432 million in the second quarter and $19.669 million in the third quarter of 2025. The company also spent $153.487 million on property, plant and equipment. In the second quarter, revenue was $1,065.4 million, up 165.5% year over year, and the company posted a gross margin of 33.4%, versus 26.7% in the corresponding period. It then recorded positive operating cash flow of $226.4 million, highlighting the divergence between revenue growth and cash generation from operations in the third quarter.
Bloom Energy raised its 2026 revenue guidance to a range of $4.4–$4.6 billion, equivalent to year-over-year growth of 122% at the midpoint. The company expects non-GAAP gross margin of about 34% and non-GAAP operating income of between $960 million and $1.03 billion. It also set a non-GAAP earnings-per-share range of $3.10 to $3.40. On July 28, it had raised its previous outlook to revenue of between $3.9 billion and $4.2 billion, with year-over-year growth of 100% at the midpoint. The chief financial officer said year-to-date performance and customer demand "give us the confidence to raise our 2026 outlook for the third time this year."
The chief executive attributed the expanding demand base to companies’ need for reliable power, saying that what began with hyperscalers "is rapidly spreading across market segments, because every company needs reliable power to grow." The company said its systems provide distributed power generation at customer sites. This comes as the International Energy Agency expects data centers’ electricity consumption to rise from 485 terawatt-hours in 2025 to 950 terawatt-hours in 2030, or about 3% of global electricity demand. On April 13, Bloom Energy and Oracle announced an expanded partnership supporting the deployment of up to 2.8 gigawatts of fuel-cell systems; an initial capacity of 1.2 gigawatts had been contracted and was being deployed. The agency cited near-term bottlenecks in power supply and data-center grid connections in a report published on October 14.
The stock closed at $217.77 on October 22, down 8.70%, after closing at $238.53 in the previous session, according to Investing.com data. The company had previously announced that results would be released after the market close on October 22 and scheduled its earnings call for the same day at 5 p.m. Eastern Time. According to Investing.com, the stock fell to $208 in extended trading after the results were released, down 4.5%. Bloom Energy’s addition to the S&P 500 took effect before trading opened on September 21, following the change announcement on September 4. The company’s raised 2026 outlook remains the next announced milestone for tracking how demand translates into revenue and earnings growth.