Haverhill Financial Research · News · Earnings · October 22, 2026
The short version
Bloom Energy reported third-quarter results after the close today. Revenue came in at $1.24 billion, up 138% from $519 million a year ago, and almost all of the increase came from selling fuel cell systems. Product revenue nearly tripled to $1.07 billion.
The bigger change is in profit. Bloom earned $0.78 a share under GAAP, compared with a loss of $0.10 a share in the same quarter last year. On the company's adjusted basis it earned $0.94, up from $0.15. It also raised its full-year outlook again, the third increase this year.
The quarter in numbers
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | $1,235.8M | $519.0M | +138% |
| Product revenueFuel cell systems sold | $1,073.6M | $384.3M | +179% |
| Installation revenue | $84.9M | $65.8M | +29% |
| Service revenue | $67.6M | $58.6M | +15% |
| Gross marginNon-GAAP 34.5%, up from 30.4% | 33.8% | 29.2% | +4.5 pts |
| Operating income | $225.4M | $7.8M | +$217.6M |
| EPS, dilutedNon-GAAP $0.94 vs. $0.15 | $0.78 | $(0.10) | +$0.88 |
Revenue by type, $ millions. Source: Bloom Energy third-quarter 2026 earnings release.
The new outlook
Bloom now expects 2026 revenue of $4.4 billion to $4.6 billion, which the company says is about 122% growth at the midpoint. The rest of the guidance moved up with it:
Non-GAAP gross margin: about 34% for the year.
Non-GAAP operating income: $960 million to $1.03 billion.
Non-GAAP EPS: $3.10 to $3.40.
CFO Simon Edwards said the raise reflects year-to-date performance and customer demand. The release also notes that Bloom has been added to the S&P 500.
The one number that went the other way
Operating cash flow was negative $27.1 million for the quarter, after a positive $226.4 million in the second quarter. Inventory and amounts not yet billed to customers grew quickly, and capital spending rose to $153.5 million from $51.6 million. We'll go through where that cash went in a separate note.
Our take
A year ago Bloom made $7.8 million of operating income on $519 million of sales. This quarter it made $225 million on $1.24 billion, an operating margin of about 18%. That is the part of the report that matters most. The revenue jump shows demand is there; the margin shows Bloom can now turn that demand into real profit. The cash flow line is the thing to keep an eye on in the fourth quarter.
Sources and disclosures
Figures come from Bloom Energy's third-quarter 2026 earnings release, including its condensed financial statements. The operating margin is our calculation.
Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in Bloom Energy or the other companies named. Data as of October 22, 2026.
