Bloom Energy is now tracked here. It arrives with the most extreme numbers on the site in both directions: the highest single-quarter Rule of 40 score we have computed for anyone, and a share price 41.8% below where it sat two months ago.
Bloom sells solid-oxide fuel cells — Energy Servers — that make electricity on site from natural gas, biogas or hydrogen without combustion. The company has been doing that since 2001 and public since its July 2018 NYSE listing at $15 a share. For most of that history it was a clean-energy story with a cash-burn problem. What changed is that AI data centers hit grid interconnection queues measured in years, and Bloom's hardware installs in months.
Q2 2026: the first billion-dollar quarter
Revenue for the June quarter was $1,065.4M, up 165.5% year over year, the first time Bloom has cleared a billion dollars in a quarter. Product revenue alone was $935.4M, up 215.4%. GAAP gross margin was 33.38%, GAAP diluted EPS $0.62 against a $(0.18) loss a year earlier, and operating cash flow $226.4M against $(213.1)M.
| Quarter | Revenue | Revenue YoY | FCF | FCF margin | Gross margin | Diluted EPS | R40 score |
|---|---|---|---|---|---|---|---|
| 2025 Q2 | $401M | +19.5% | $(220)M | −54.9% | 26.70% | $(0.18) | −35.42 |
| 2025 Q3 | $519M | +57.1% | $7M | 1.4% | 29.22% | $(0.10) | 58.52 |
| 2025 Q4 | $778M | +35.9% | $395M | 50.8% | 30.85% | $0.00 | 86.67 |
| 2026 Q1 | $751M | +130.4% | $47M | 6.3% | 30.03% | $0.23 | 136.68 |
| 2026 Q2 | $1,065M | +165.5% | $175M | 16.4% | 33.38% | $0.62 | 181.92 |
Five quarters. The revenue line has gone up 2.7x, gross margin has added 6.7 points, and the company has crossed from loss to profit on a GAAP basis. Management raised full-year 2026 revenue guidance to $3.9–4.2 billion, roughly double 2025's record $2.02 billion, and non-GAAP EPS guidance to $2.55–2.85 — up from the $1.33–1.48 it gave in February.
What the 182 actually means
Bloom's Q2 score is 181.92: 165.52 of revenue growth plus 16.41 of free-cash-flow margin. No other company on this site has posted a single-quarter score anywhere near it, and the reason is entirely the growth term. A 16.4% FCF margin is respectable, not remarkable; a 165% growth rate against a $400M base is what produces the number.
That is worth stating flatly because a score built almost entirely out of one term is a score with a short shelf life. Bloom is lapping the quarters where the AI demand first landed. On a trailing-twelve-month basis — $3,113M of revenue, up 53.81%, and $625M of free cash flow, a 20.07% margin — the score is 73.88. That TTM figure is the one to carry forward. It is still excellent, and it is less than half the quarterly print.
The cash line is real, and it is lumpy
Bloom's free cash flow swings violently by quarter, and it is not noise you can average away casually — it is the working-capital shape of a business that builds hardware to order and collects on delivery. Over the last eight quarters free cash flow has run $(84)M, $473M, $(125)M, $(220)M, $7M, $395M, $47M, $175M. Two enormous positive quarters, both fourth quarters, carry most of the total.
Q2 2026 breaks that pattern in the right direction: $226.4M of operating cash flow against $51.6M of capex, giving $174.8M of free cash flow on our standard definition, in a second quarter that has historically been the worst of the year. Capex more than doubled sequentially, from $26.2M to $51.6M, which is what a company adding fuel-cell capacity should be doing. Full-year 2025 free cash flow was $57M on this definition; the first half of 2026 alone is $222M.
The one line worth watching is deferred revenue and customer deposits, which contributed $301M to first-half operating cash flow. Cash collected ahead of delivery is cash, but it is also a claim on future quarters' shipments, and it means the cash half of the score is running ahead of the revenue that will eventually clear it.
Why the stock is down 42% into all of this
The share price closed at $345.85 on 22 June, at $163.75 on 29 July, and at $201.45 on 21 August. It is still up 131.8% year to date and 315% over twelve months. Three things sit in that drawdown, and only one of them is in the financial statements.
On 8 July, Hunterbrook Media — which discloses it may hold positions profiting from a decline — published a report attacking Bloom's accounting and arguing its scandium oxide supply is China-dependent. Bloom filed an 8-K the next day categorically rejecting both claims, standing behind its audited statements and saying it has clear supply-chain visibility to support 25GW of fuel cells a year. The stock had already fallen from $295 on 6 July to $254 on the day of the report and kept going.
Second, the analysts moved against the multiple rather than the numbers. In the sessions around the print, Wells Fargo cut its target from $217 to $176, BMO from $279 to $227, Truist from $250 to $218, and J.P. Morgan — still at Buy — from $346 to $314. Mizuho upgraded to Buy while cutting its target from $285 to $242. Consensus is Buy at a $275.08 average across 29 analysts, on a range of $97 to $390. A four-fold spread between the low and high target is not a consensus; it is a disagreement with an average printed on it.
Third, the valuation. Trailing-twelve-month GAAP diluted EPS is $0.75 — Bloom only turned GAAP-profitable two quarters ago. At $201.45 that is a P/E of 269, and at the 30 June close of $302.70 it was 404. Even against the midpoint of management's own non-GAAP EPS guidance of $2.70, the stock trades at 75x. The financial results were excellent and the multiple was pricing something more excellent still.
What to watch into Q3
Bloom reports the September quarter in late October. Three things decide whether the TTM score holds near 74:
- The growth term rolling off. Q3 2025 revenue was $519M. Even a repeat of Q2's $1,065M would be +105% year over year, and the comparison gets much harder from Q4, which was already $778M. Guidance implies a second half around $2.1–2.4B against $1.30B a year ago.
- Gross margin above 33%. Q2's 33.38% is a company record and the guidance calls for ~34% non-GAAP for the full year. Bloom has added 6.7 points of gross margin in five quarters, with only Q1's 30.03% breaking the run; the question is whether that is scale or mix.
- Whether Q3 free cash flow stays positive without a deferred-revenue push. Q3 2025 was +$7M. A clean positive quarter driven by collections on delivered systems rather than deposits would settle most of what the short report raised.
The Oracle relationship — a partnership agreed in October 2025 for on-site power at AI data centers, with a warrant for 3.53 million shares at $113.28 issued in April 2026 — is the template. KR Sridhar's claim in the Q2 release was that every major US hyperscaler and more than a dozen neoclouds, AI labs and colocation operators have now approved Bloom's systems. That is a claim about the pipeline, not the backlog, and the backlog is where it will show up first.
Financial figures are taken from Bloom Energy's SEC filings — the Q2 2026 Form 10-Q filed 28 July 2026 and the quarterly earnings releases filed on Form 8-K. Free cash flow is operating cash flow minus purchases of property, plant and equipment, the same definition used for every company on this site. EPS is GAAP diluted throughout; Bloom's non-GAAP EPS for Q2 2026 was $0.78.
