BE NYSE Russell 1000 Earnings call
Bloom Energy (BE) · Q2 2026 results and valuation
Share price: $209.47 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 28 Jul 2026 and 28 Apr 2026
Net income up 166.4% on the previous quarter, guidance raised. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+166.4%
Net income vs Q1 2026
Guidance raised
Net income 196.3M vs 73.7M
Revenue +41.8%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
Bloom reached its first $1 billion year in 2022 after 21 years of operations.
Valuation
Is Bloom Energy undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 19.1% growth a year (3-year revenue growth), the model's fair value is $8.85 a share — the stock trades 2267% above it. Today's price assumes 66.5% growth a year.
Current price
$209.47
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+66.5% for 10 yrs
Fair value / share
$8.85
Buy below
$6.64
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
Brookfield expanded its strategic partnership with Bloom Power to a fivefold size to finance projects for AI infrastructure, which provides a new entry point into the company's revenue model.
Source quote
“A commitment of that size from one of the world's largest infrastructure investors is significant on its own. Before the results, let me come back to the Brookfield announcement KR discussed, a fivefold expansion of our strategic partnership as Brookfield increases its framework to finance Bloom power projects for AI infrastructure. It is also the best way into our revenue model because you cannot fully appreciate what that partnership does without understanding the model behind it.”
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Guidance ↑
The company raised its full year outlook after exceeding $1 billion in quarterly revenue for the first time and delivering record profitability.
Source quote
“We exceeded $1 billion in quarterly revenue for the first time, delivered record profitability, generated strong cash flows and raised our full year outlook.”
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Guidance
Bloom Energy is guiding to double that revenue in just 1 year, having achieved its first $1 billion quarter.
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Fading
Gross margin expansion continued year-over-year following a record Q1 with revenue growth of more than 100%.
Source quote
“Highlights include record Q1 revenue with year-over-year growth of more than 100%, continued year-over-year gross margin expansion and record Q1... I will discuss our Q1 financial performance and make a few comments about what we expect in 2026. As a reminder, I will focus my discussion on non-GAAP adjusted financial metrics.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And over time, we are reducing friction and turning headwinds to tailwinds.”
“Now as inference comes along, if the transmission distribution infrastructure in the country is having difficulty doing transmission, building highways, imagine how difficult it will be for them to upgrade...”
“Just maybe from a commodity model or Chinese open source models that have, I think, people worry or uncertain.”
Full figures
USD · ROIC.AI fundamentals (NYSE:BE, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.07B | 751.1M | +41.8% | 401.2M | +165.5% |
| Gross profit | 355.6M | 225.5M | +57.7% | 107.1M | +231.9% |
| Operating income | 182.2M | 72.2M | +152.4% | -3.5M | Turned profit |
| Net income | 196.3M | 73.7M | +166.4% | -42.2M | Turned profit |
| EPS | 0.68 | 0.23 | +197.1% | -0.18 | Turned profit |
| P/E | — | 12-mo loss | — | 217.5 | — |
Topics
Most discussed now
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Faded since Q1 2026
- Dropped I was drawn to balloons visionary leadership and the depth and quality of the leadership team.
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- Fading Is, as you look at Bloom Energy's updated guide, you'll see there's incremental operating margin expansion baked into the revised...
Latest announcements
Official filings, newest first.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Articles or bylaws amended; Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Material agreement; Unregistered share sale · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K