Bloom Energy revenue jumps 138.1% to quarterly record as company raises outlook
Key Facts
Bloom Energy posted record quarterly revenue of $1,235.8 million in the third quarter of 2026, up 138.1% year over year, according to a company statement. The company raised its full-year revenue outlook to a range of $4.4 billion to $4.6 billion, equivalent to 122% annual growth at the midpoint. The results came as the company expands its fuel-cell and on-site distributed-power businesses. But the market reaction was negative: shares fell 11.2% on October 23, according to Kiplinger coverage. The stock closed at $193.3 that day, according to EL7 data.
Products were the main driver of quarterly revenue, with sales rising 179.4% year over year to $1,073.6 million. Gross margin was 33.8% under U.S. GAAP, up 453 basis points, while the company’s adjusted gross margin reached 34.5%, an increase of 412 basis points. On profitability, the company reported diluted earnings per share of $0.78 under U.S. GAAP, compared with a loss of $0.10 a year earlier. Adjusted diluted earnings per share were $0.94, versus $0.15 in the comparable period. Operating income was $225.4 million, up $217.6 million from the third quarter of 2025.
The company expects adjusted earnings per share for 2026 to range from $3.10 to $3.40. The chief financial officer said year-to-date performance and customer demand had given management confidence to raise its outlook for the third time this year. He added: "Our year-to-date performance and customer demand give us confidence to raise our 2026 outlook for the third time this year." On demand, the chief executive said the need for reliable distributed power had spread from hyperscalers to other sectors. He described the shift this way: "What started with hyperscalers is rapidly moving across market sectors, because every company needs reliable power to grow."
Prior-year results provide context for the scale of the expansion: Bloom Energy revenue reached $2.02 billion in 2025, up 37.3% from $1.47 billion in 2024. The company had said its total backlog stood at about $20 billion at the end of 2025. That included about $6 billion in products, or nearly 2.5 times the level a year earlier. The company also announced its addition to the S&P 500, describing it as a significant milestone as a publicly listed company. This context places current product-revenue growth within a broader expansion in orders and commercial activity.
The shares fell after the results raised concerns about operating cash flow and free cash flow, which market coverage described as negative. In the same coverage, investor and analyst Louis Navellier said heavy spending to ramp up fuel-cell production could raise concerns about cash burn. Navellier noted that the company is seeking to increase production fivefold, while supporters of the expansion pointed to the size of the backlog. The company listed its ability to increase production capacity in a timely and cost-effective manner among the risks that could affect its outlook. It also listed a possible slowdown in AI adoption and data-center expansion among the risks it is monitoring.