Bloom Energy Q2 2026: record $1.06 billion revenue, guidance raised
Bloom Energy's second quarter was the strongest in its history: revenue of $1.06 billion, GAAP operating income of $182.2 million, and $226.4 million of operating cash flow, with full-year guidance raised to $3.9–$4.2 billion. The gap between GAAP EPS of $0.62 and non-GAAP EPS of $0.78 is mostly stock pay, and installation work still loses money. Read it as a scale story that has just turned profitable, not as a finished one.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $0.62 flipped from a $(0.18) loss a year ago and came in above the $0.418 consensus estimate, while non-GAAP diluted EPS was $0.78. The $0.16 gap between the two is mostly stock-based compensation of $56.4 million plus restructuring and other adjustments. Both numbers are real, but only the GAAP one charges employees' equity awards against profit.
Revenue of $1.06 billion rose 165.5% from $401.2 million a year earlier, and product revenue of $935.4 million jumped 215.4% as buyers kept converting. Gross margin of 33.4% was 668 basis points better than the 26.7% booked a year ago. The mix is still almost all hardware: product is 88.2% of revenue, service 6.5%, installation 4.8% and electricity 0.9%.
Management raised full-year 2026 revenue guidance to $3.9–$4.2 billion, up from the $3.6 billion midpoint set a quarter ago, and describes the midpoint as 100% year-over-year growth. Non-GAAP operating income is guided to $800–$900 million and non-GAAP EPS to $2.55–$2.85 on roughly 34% non-GAAP gross margin. That 34% is below the 34.3% just delivered, which reads as either conservatism or caution about mix ahead.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-24
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