Bloom Energy Q4 Revenue Jumps 35.9% to $777.7M, Raises 2026 Sales Guidance
Bloom Energy reported Q4 revenue of $777.7 million, up 35.9% year-over-year, with EPS of $0.45 versus $0.31 estimate; full-year revenue rose 37.3% to $2.02 billion with a $6 billion product backlog up 250%. The company guided fiscal 2026 net sales of $3.10–3.30 billion, adjusted EPS of $1.33–1.48 above analyst forecasts.
1. Q4 Financial Performance
Bloom Energy delivered fourth-quarter revenue of $777.7 million, representing a 35.9% year-over-year increase and comfortably surpassing consensus estimates of $652.1 million. The company reported non-GAAP earnings per share of $0.45, well above the Street estimate of $0.31. Gross margin for the quarter stood at 30.8%, reflecting continued efficiency gains despite modest year-over-year compression in product margins. Operating income reached $87.5 million, while cash flow from operations totaled $418.1 million, marking robust capital conversion in the period.
2. Full Fiscal Year Results
For the full fiscal year, Bloom Energy achieved record revenue of $2.02 billion, a 37.3% increase from the prior year’s $1.47 billion. Product and service revenue grew 35.5% to $1.76 billion. The company reported full-year non-GAAP gross margin of 30.3%, up 1.6 percentage points, and non-GAAP operating income of $221 million, more than doubling the prior year’s result. This marked the second consecutive year of positive free cash flow, with operating cash flow of $113.9 million supporting strategic investments.
3. Backlog and Sector Drivers
Bloom Energy’s total contractual backlog stands at approximately $20 billion, including a $6 billion product backlog that has surged roughly 250% year-over-year. Management attributes this growth to accelerated adoption of onsite power solutions by AI data centers and manufacturing facilities. CEO KR Sridhar emphasized that "bring-your-own-power" has evolved from slogan to necessity for hyperscale operators, underscoring a secular demand trend that should underpin multi-year order flow.
4. Fiscal 2026 Guidance
Looking ahead, Bloom Energy projects fiscal 2026 non-GAAP earnings per share in the range of $1.33 to $1.48, significantly above the consensus estimate of $1.07. The company is guiding net sales between $3.10 billion and $3.30 billion, well ahead of analyst forecasts near $2.54 billion. Management anticipates non-GAAP gross margin of approximately 32% and non-GAAP operating income of $425 million to $475 million, reflecting continued scale benefits and margin expansion.