Bloom Energy’s record revenue reaches $1,235.8 million in the third quarter
Key Facts
Bloom Energy reported record quarterly revenue of $1,235.8 million on October 22, 2026, for the quarter ended September 30, saying growth and customer demand support a higher full-year outlook. Revenue rose 138.1% from the third quarter of 2025, while product revenue increased 179.4% to $1,073.6 million. Products accounted for the largest share of reported quarterly revenue and grew faster than total revenue. The company raised its full-year 2026 revenue forecast to a range of $4.4 billion to $4.6 billion. The statement provided no separate fourth-quarter guidance and did not confirm a $20 billion annual revenue target or a timeline for exceeding a specified production capacity.
The chief financial officer said the company’s year-to-date performance and customer demand give it confidence to raise its 2026 outlook for the third time this year. The repeated revisions indicate management expects the momentum seen in third-quarter results to continue through the remainder of the fiscal year. The company set an adjusted gross margin of about 34% for the full year. It also forecast adjusted operating profit of $960 million to $1,030 million and adjusted earnings per share of $3.10 to $3.40. These are full-year indicators that include the remaining quarters, not standalone estimates for the fourth quarter.
Third-quarter gross margin improved to 33.8% under U.S. accounting standards, up 453 basis points from the same period a year earlier. Adjusted gross margin was 34.5%, an increase of 412 basis points year over year. The margin improvement accompanied strong growth in product revenue, which reached $1,073.6 million. Diluted earnings per share were $0.78 under U.S. accounting standards, compared with $0.94 on an adjusted basis. These figures put profitability and margins alongside sales growth at the center of the quarter’s results.
By contrast, the company used $27.147 million in cash in its operating activities during the third quarter. Operating cash flow was positive at $226.432 million in the previous quarter, marking a shift between the two periods. Cash and cash equivalents totaled $2,486.702 million on September 30, compared with $2,454.108 million on December 31, 2025. Inventory rose to $927.670 million at the end of September from $643.306 million at the end of last year. The cash flow statement showed that changes in inventory used $170.401 million in cash during the quarter, alongside other operating items.
Bloom Energy also spent $153.487 million on purchases of property, plant and equipment in the third quarter, compared with $51.641 million in the previous quarter. The higher spending coincided with operating cash use, while inventory alone does not explain the full change in cash flows. For the nine months ended September 30, 2026, the company recorded positive operating cash flow of $272.9 million. The difference between the standalone quarter and the year-to-date period puts quarterly cash flows in a broader context. The company listed its addition to the S&P 500 among the quarter’s highlights.
Bloom Energy shares fell 11.24% on October 23, closing at $193.30, according to Motley Fool coverage of the market move. The decline came in the session after the company reported record results and raised its full-year outlook. The coverage pointed to cash flow concerns despite quarterly revenue growth. This highlights a contrast between strong sales and margins on one hand and questions raised by cash use and investment in assets and inventory on the other. The company’s statement had scheduled the results announcement for October 22 after the market close, followed by an investor call at 5 p.m. Eastern time.