The third consecutive guidance raise in 2026 signals accelerating demand momentum, particularly from AI data center customers. Monitor the Q4 2026 earnings call for capacity expansion updates and any new large customer wins, as the company transitions from hyperscaler-led growth to broader market segments.
Price Chart
Executive Summary
Bloom Energy reported record Q3 2026 revenue of $1.2358B, up 138.1% YoY, with GAAP EPS of $0.78 (vs consensus $0.67) and non-GAAP EPS of $0.94. The company raised full-year 2026 revenue guidance for the third time to $4.4B-$4.6B (midpoint 122% YoY growth) and non-GAAP EPS to $3.10-$3.40. The strong beat and raised guidance reflect accelerating demand for its fuel cell systems, particularly from data centers.
Key Financial Metrics
Key Facts
- Record quarterly revenue of $1,235.8M, up 138.1% YoY from $519.0M
- Product revenue of $1,073.6M, up 179.4% YoY
- GAAP diluted EPS of $0.78 vs consensus estimate of $0.67 (beat)
- Non-GAAP diluted EPS of $0.94, up from $0.15 in Q3 2025
- GAAP operating income of $225.4M vs $7.8M in Q3 2025
- Non-GAAP gross margin expanded to 34.5% from 30.4% YoY
- Full-year 2026 revenue guidance raised to $4.4B-$4.6B (from $3.4B-$3.8B previously)
- Full-year 2026 non-GAAP EPS guidance raised to $3.10-$3.40 (from $1.85-$2.25 previously)
- Added to the S&P 500 during the quarter
- Cash and cash equivalents of $2.49B as of September 30, 2026
Financial Impact
Revenue of $1.2358B vs consensus $1.07B; GAAP EPS $0.78 vs consensus $0.67; guidance raised significantly for revenue and EPS
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Product | $1.1B | +179.4% |
| Installation | $84.9M | +29.0% |
| Service | $67.6M | +15.3% |
| Electricity | $9.8M | -5.2% |
Risk Factors
- Negative operating cash flow of -$27.1M in Q3 2026 vs +$19.7M in Q3 2025, driven by working capital build for growth
- Inventory increased to $927.7M from $643.3M at year-end 2025, signaling potential working capital strain
- Heavy reliance on stock-based compensation ($60.1M in Q3 2026) which dilutes shareholders
- Execution risk in scaling production capacity to meet $4.4B-$4.6B revenue guidance
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-066890 |
| Exhibit: ex992_q32026supplemental.htm | 0001628280-26-066890 |
| Document: be-20261022.htm | 0001628280-26-066890 |
| Document: 0001628280-26-066890-index-headers.html | 0001628280-26-066890 |
| Document: 0001628280-26-066890-index.html | 0001628280-26-066890 |
| Document: 0001628280-26-066890.txt | 0001628280-26-066890 |
| 8-K Data (Synthetic) | 0001628280-26-066890 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $193.30 | awaiting T+5 | — | $203.92 (+5.49%) |
Oct 19, 2026 7d ago | Institutional Cluster | $226.22 $208.20 | ▼ −7.97% | ▼ −7.82% | $203.92 (−9.86%) |
Sep 18, 2026 5w ago | Insider Cluster | $272.89 $262.87 | ▲ +3.67% | ▲ +2.65% | $203.92 (+25.27%) |
Aug 18, 2026 9w ago | Insider Cluster | $206.63 $218.21 | ▲ +5.60% | ▲ +5.99% | $203.92 (−1.31%) |
Aug 17, 2026 10w ago | 144 | $232.16 $204.02 | ▲ +12.12% | ▲ +10.93% | $203.92 (+12.16%) |
Aug 14, 2026 10w ago | 144 | $232.16 $204.02 | ▼ −12.12% | ▼ −10.93% | $203.92 (−12.16%) |
Jul 15, 2026 14w ago | Institutional Cluster | $239.38 $218.22 | ▼ −8.84% | ▼ −7.86% | $203.92 (−14.81%) |
Jul 9, 2026 15w ago | 8-K | $257.02 $206.73 | ▼ −19.57% | ▼ −19.43% | $203.92 (−20.66%) |
Jun 17, 2026 18w ago | Insider Cluster | $328.91 $309.18 | ▼ −6.00% | ▼ −4.33% | $203.92 (−38.00%) |
Jun 17, 2026 18w ago | Insider Cluster | $328.91 $309.18 | ▼ −6.00% | ▼ −4.33% | $203.92 (−38.00%) |
US Market Status
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