EarningsQ3 2026 Earnings Report
MX:BE Q3 2026 EPS Results
Actual EPS$17.66
Consensus EPS$12.98
Beat/MissBeat by +$4.68
One Year Ago EPS$2.82
MX:BE Q3 2026 Revenue Results
Actual Revenue$23.22B
Expected Revenue$20.12B
Beat/MissBeat by +$3.10B
YoY Revenue Growth+138.10%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeAfter Close
Conference CallThursday, October 22, 2026
MX:BE Upcoming Earnings
Bloom Energy's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:BE Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Bloom reported record revenue, substantial year-over-year profitability and margin expansion, multiple upward guidance revisions, backlog growth faster than revenue, major customer and utility opportunities, and continued investment funded by operations. The main negatives were quarterly operating and free cash flow usage, working-capital requirements, delivery-timing variability, and near-term scaling costs, but management characterized the business as self-funding and maintained a positive outlook.Company Guidance
Record Third-Quarter Revenue and Operating Income
Third-quarter revenue was $1.24 billion, up 138% year-over-year and 16% sequentially. Operating income was $286 million, up over 500% year-over-year and 19% sequentially.
Raised Full-Year Revenue Outlook
Bloom raised its full-year 2026 revenue outlook to $4.4 billion to $4.6 billion, representing approximately 122% year-over-year growth at the midpoint. KR described the outlook as over 120% year-on-year revenue growth at the midpoint, compared with the 60% year-on-year growth expected at the beginning of the year.
Raised Operating Income and EPS Outlook
Full-year non-GAAP operating income guidance was raised to $960 million to $1.03 billion, representing a 22% operating margin at the midpoint versus 14% at the midpoint of the February outlook. Non-GAAP diluted EPS guidance was raised to $3.10 to $3.40.
Strong Year-to-Date Performance and Operating Leverage
Year-to-date revenue was $3.05 billion, already 50% above revenue generated during all of 2025. Operating income in the third quarter alone exceeded operating income for all of last year.
Margin Expansion
Third-quarter operating margin expanded to 23.1% from 8.9% a year ago as revenue grew 138% while operating expenses grew 26%. Total gross margin was 34.5%, up 412 basis points year-over-year, compared with 28.7% in 2024 and 30.3% in 2025.
Product Revenue Surpassed $1 Billion
Product revenue was $1.07 billion, up 179% year-over-year and 15% sequentially. It exceeded $1 billion for the first time and represented 87% of total revenue.
Services and Installation Revenue Growth
Service revenue was $67.6 million, up 15% year-over-year and roughly flat sequentially. Installation revenue was $84.9 million, up 29% year-over-year and 66% sequentially.
Product and Services Margin Improvement
Products gross margin was 38.4%, up 250 basis points year-over-year and 120 basis points sequentially. Services margin was 21.4%, up 700 basis points year-over-year and above 20% for the second consecutive quarter.
Strong Profitability Metrics
Adjusted EBITDA was $299 million, representing 24% of revenue and an expansion of 1.29 thousand basis points year-over-year. Non-GAAP diluted EPS was $0.94 versus $0.15 a year ago, while GAAP diluted EPS was $0.78 versus a loss of $0.10 a year ago.
Self-Funded Growth and Balance Sheet Strength
Bloom said it is funding investments from operations and views the business as self-funding. Despite investing four times what it spent in all of 2025, the cash balance remained roughly in line with where the year started, ending the quarter at $2.5 billion.
Capacity and Infrastructure Investments
Year-to-date capital expenditures were $231 million, including $153 million in the quarter, primarily for machinery and production capacity within the Fremont and Newark facilities. Bloom is continuing to invest in its innovation and engineering roadmap, growth initiatives, and infrastructure needed to support scale.
Expanding Backlog and Customer Pipeline
Bloom said its customer pipeline continues to grow and its backlog is expanding faster than revenue, with increasing diversity across customers, verticals, and geographies.
Rapid Customer Deployments
Bloom delivered power to Oracle's Utah site in less than two months after announcing the project. For Nebius in New Jersey, Bloom obtained planning board approvals within three months of signing the contract and had the first block of power ready two months after those approvals.
Five Commercial Growth Opportunities
Bloom highlighted: conditional long-term leases with Indelible for US Army installations; AEP's announcement of 700 MW of carbon-capture-enabled Bloom servers for Google; first shipments to Texas; expanding utility relationships for front-of-the-meter deployments; and strong interest from international markets with potential local partners.
Growing On-Site Power Market Opportunity
Bloom cited a survey indicating that 25% of U.S. commercial and industrial facilities expect to be fully powered on-site by 2030 and 35% by 2035. The company also cited the IEA projection that global electricity demand will increase 40% by 2035.
Utility and Critical-Infrastructure Expansion
Bloom said utilities are increasingly recognizing its clean baseload generation assets as a faster and more economical way to fulfill customer power demand and enhance distribution-network stability and reliability. The company also identified military bases, water-treatment plants, hospitals, airports, telecom hubs, and other essential services as target markets.
Carbon Capture and Sequestration Opportunity
Bloom highlighted AEP's announced 700 MW project to provide Google with near net-zero electricity using carbon capture and sequestration. Bloom said its technology provides concentrated carbon dioxide for capture and described carbon capture and sequestration as a potential greater-than-$1 trillion opportunity.
800V DC and Combined Heat and Power Opportunities
Bloom cited a report stating that a 1-gigawatt data center could save over $5 billion during its first five years by adopting 800V DC power delivery. The company also said combined heat and power can provide steam or cooling and reduce power demand by 20% in applicable use cases.
Manufacturing Productivity and Automation
Bloom stated that its stack production increased from 100 MW per year with about 600 employees to 1 gigawatt with 600 employees, and that it expects to maintain 600 employees at the line when production reaches 5 gigawatts. The company also said it is using AI in automation and other areas.
S&P 500 Inclusion
Bloom was added to the S&P 500 during the quarter, which management described as recognition of the scale, profitability, and consistency built into the business.
International Expansion Potential
Bloom said international markets are attractive because the higher cost of natural gas in many international markets can further enhance the advantage of its systems, and the company is evaluating international expansion.
Strong Interest in Carbon-Capture-Ready Systems
Bloom said hyperscale customers are showing significant interest in carbon-capture optionality and that almost all customers may soon begin buying carbon-capture-ready systems. Management indicated that hyperscalers may accept a 10% to 15% cost increase to obtain zero-carbon power and said Bloom can deliver within that range for carbon capture and sequestration.
MX:BE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed