10-Q · July 29, 2026
Bloom Energy reported a major Q2 inflection: revenue increased 165.5% year over year to $1.065 billion, gross margin expanded 6.7 percentage points to 33.4%, and GAAP diluted EPS rose to $0.62 from a $0.18 loss.…
Earnings analysis · 10-Q
BE earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Bloom Energy delivered a substantially stronger third quarter, with revenue up 138.1% year over year to $1,235.8 million, gross margin expanding to 33.8%, operating margin reaching 18.2%, and diluted EPS of $0.78 versus…
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Bloom Energy delivered a substantially stronger third quarter, with revenue up 138.1% year over year to $1,235.8 million, gross margin expanding to 33.8%, operating margin reaching 18.2%, and diluted EPS of $0.78 versus a $0.10 loss. Product demand, particularly for large data-center deployments, drove the acceleration, while nine-month operating cash flow improved to $272.9 million and cash remained $2,486.7 million. However, receivables, contract assets, inventory and supplier commitments expanded sharply, and warranty, customer concentration, permitting and project-financing risks remain material.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.78
What stood out
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Revenue surged on product demand
Third-quarter revenue was $1,235.8 million, up 138.1% from $519.0 million in the prior-year quarter and above the $1,071.0 million consensus estimate. Product revenue drove the increase, rising 179.4% year over year to $1,073.6 million.
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Gross margin expanded materially
Gross profit increased to $417.1 million from $151.7 million, lifting gross margin to 33.8% from 29.2% in the prior-year quarter. Management cited manufacturing efficiency, automation and a $37.2 million tariff recovery during the nine-month period as contributors.
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Operating leverage accelerated
Operating income rose to $225.4 million from $7.8 million, with operating margin reaching 18.2% versus 1.5% a year earlier. Operating expenses increased 33.3% year over year to $191.7 million, slower than the 138.1% revenue growth.
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Profitability turned sharply positive
Diluted EPS was $0.78 versus a diluted loss of $0.10 in the prior-year quarter; nine-month diluted EPS was $1.64 versus a loss of $0.38. Net income attributable to common stockholders was $250.3 million for the quarter.
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Liquidity and operating cash flow improved
Operating cash flow was $272.9 million for the first nine months, versus an operating cash outflow of $304.1 million in the prior-year period. Cash and cash equivalents ended at $2,486.7 million, while management stated that cash and expected operating cash flow should cover needs for at least the next 12 months.
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Capacity investment supports growth
The company continues to invest in capacity: nine-month purchases of property, plant and equipment were $231.3 million, up from $33.8 million, while management expects additional investments in Fremont and Delmarva to meet orders and delivery requirements.
What to watch
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Receivables and inventory absorb cash
Working-capital intensity remains high: accounts receivable increased to $634.7 million from $371.8 million, contract assets rose to $858.6 million from $241.2 million, and inventories reached $927.7 million from $643.3 million. The nine-month cash flow statement shows $618.0 million used by contract assets and $285.5 million used by inventories.
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Large purchase commitments add execution risk
The company has approximately $5.8 billion of supplier and contract-manufacturer commitments with terms longer than 12 months, including $2.6 billion payable in 2027. Management warns that lower-than-anticipated demand could create excess or obsolete inventory, write-downs and reduced operating cash flow.
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Warranty and performance liabilities rose
Warranty and performance exposure increased: accrued warranty and product-performance liabilities were $70.3 million versus $20.0 million at December 31, 2025, including a specific $42.5 million product-warranty reserve. Remaining potential performance-guarantee payments were approximately $466.1 million, against an aggregate cap of $847.2 million.
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Installation economics and permitting pressure
Installation gross profit deteriorated to a $4.1 million loss from $5.9 million of profit in the prior-year quarter, reflecting project mix and timing. Management also reports increased permitting delays and financing difficulty for data-center projects, which can delay construction, project commencement and revenue realization.
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Debt and contingent liquidity obligations
Recourse debt remained elevated at $2,473.5 million, while total debt principal was $2,525.7 million as of September 30, 2026. The company also had $217.4 million of additional standby letters of credit, including $90.0 million under its revolving credit facility.
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Customer concentration remains elevated
Customer concentration remains significant: two customers represented approximately 43% and 26% of third-quarter revenue, while three customers represented approximately 31%, 24% and 15% of accounts receivable at September 30, 2026.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance; the filing discusses demand, liquidity, production capacity and capital spending outlook. Numeric full-year guidance was provided in the October 22, 2026 earnings release rather than this 10-Q.
Earlier filings 4
10-Q · July 28, 2026
Bloom delivered a step-change Q2, with revenue up 165.5% year over year to $1.065 billion, gross margin rising to 33%, and GAAP diluted EPS improving to $0.62 from a $0.18 loss. The principal driver was a 215.4% surge…
10-Q · April 28, 2026
Bloom Energy's Q1 2026 results demonstrated substantial growth with revenue reaching $751.1 million, surpassing forecasts significantly, and a GAAP EPS of $0.44. The company also reported notable improvements in gross…
10-K · February 9, 2026
Bloom Energy reported strong top-line growth in 2025 with total revenue of $2,023,994 thousand, up $550.1 million or 37.3% year-over-year, driven by product revenue (+$446.1 million, 41.1%) and installation revenue…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.