Bloom Energy Beats Q3 EPS by $0.25 and Raises 2026 Revenue Outlook to $4.4B-$4.6B

Bloom Energy (BE) reported third-quarter 2026 results after Thursday's close, with adjusted earnings of $0.94 a share against $0.69 expected and revenue of $1.24 billion against $1.07 billion expected, up 138.1% from a year earlier, according to the summary supplied. The fuel cell maker also raised its 2026 outlook to $4.4 billion to $4.6 billion of revenue and $3.10 to $3.40 of adjusted EPS, above consensus of $4.12 billion and $2.71. The report followed a sharp pullback: the shares fell about 10% earlier on Thursday, according to 24/7 Wall St., and were quoted at $217.66, down $20.86, in the summary supplied.

Third-quarter results

By our calculation, revenue rose about 16% and adjusted EPS about 21% from the second quarter, when Bloom reported $1.065 billion and $0.78. Bloom has beaten by a wide margin before: over the last four quarters its average EPS surprise was 113.0% and its average revenue surprise was 27.4%, according to the summary supplied.

Raised 2026 outlook

The new revenue range represents 122% growth at the midpoint, according to the summary supplied. By our calculation, the midpoints rose about 11% for revenue, to $4.5 billion from $4.05 billion, and about 20% for adjusted EPS, to $3.25 from $2.70. Revenue guidance has now been raised three times this year: from $3.1–$3.3 billion in February to $3.4–$3.8 billion in April, then $3.9–$4.2 billion in July, according to The Motley Fool.

With about $1.82 billion of first-half revenue, according to The Motley Fool, and $1.24 billion in the third quarter, the new range implies fourth-quarter revenue of roughly $1.34 billion to $1.54 billion by our calculation, above the $1.23 billion consensus for the quarter in the summary supplied.

Where estimates stood

These estimates were in place before the report, as given in the summary supplied.

What the report followed

Bloom had run up on demand for onsite power at AI data centers and then sold off. The Motley Fool reported the stock closed near $223 on Oct. 20, about 36% below its June 22 record close of $345.85 and still up about 156% for the year. On Thursday, 24/7 Wall St. said it fell more than 10% by mid-afternoon and traded near 314 times trailing earnings. It was part of a broader slide in AI power names, with GE Vernova down about 11% and Vertiv down about 7% after Meta raised its spending outlook, according to 24/7 Wall St.

Investors had been focused on whether gross margin would hold near the roughly 34% full-year target, how much of Brookfield Asset Management's financing framework, which 24/7 Wall St. said has expanded to $25 billion, converts into installations, and customer concentration. Management had warned that "one or two customers may lead revenue in a given quarter." In its second-quarter release on July 28, founder and CEO KR Sridhar said, "Bloom is now a standard for AI onsite power."

Sources: Third-quarter results, raised guidance, estimates and surprise history are from the summary supplied. Prior-quarter results and the July guidance are from Bloom Energy's second-quarter 2026 earnings release (SEC Exhibit 99.1); the earlier guidance history, stock levels and valuation from The Motley Fool (Oct. 21) and 24/7 Wall St. (Oct. 22). This is informational, not a recommendation to buy or sell.