Bloom Energy’s latest filing reveals a dramatic acceleration in both revenue growth and profitability. Revenue over the twelve months to Q3 2026 reached $3.83 billion, marking a 110.6% increase over the prior year. This growth rate was 19.6 percentage points higher than the rate recorded just a quarter earlier.

What stands out

Reported profit and cash generation are moving at different speeds. Net income rose 3224.2% over the year, while free cash flow rose 223.0%. The divergence highlights how accounting profits and actual cash availability are evolving on separate trajectories.

Capital spending is outpacing the cash generated from operations. Capital spending rose 466.2%, which is faster than the 283.6% rise in operating cash flow. Consequently, less of the cash generated was left over as free cash flow.

Growth and profit

The company’s operating margin expanded sharply over the past year. The trailing operating margin was 14.8%, up 9.9 percentage points from a year earlier. This improvement in operating efficiency contributed to a trailing net margin of 13.6%.

Net income over the twelve months reached $519.6 million. This figure rose 3224.2% on the year before, reflecting the combined effect of higher revenues and improved margins. The trailing gross margin stood at 32.3% during this period.

Cash flow

Operating cash flow generated $691.0 million over the twelve months. This amount was up 283.6% on the year before, indicating a substantial increase in cash inflows from core business activities.

Capital spending consumed $254.3 million of that cash. This expenditure represented 6.6% of revenue. After accounting for these investments, free cash flow stood at $436.7 million, up 223.0% on the year before.

The free-cash-flow margin improved to 11.4% of revenue. This was up 4.0 percentage points from a year earlier, showing that a larger share of each sales dollar is now retained as cash after capital investments.

The average diluted share count rose 32.9% over the year. This increase in share count affects per-share metrics, even as total absolute cash figures grow.

In context

Today’s free-cash-flow margin of 11.4% is higher than 91% of the company’s own past quarterly readings. Historical quarterly readings for this metric have ranged from −43.2% to 20.1%.

Today’s operating margin of 14.8% is higher than 100% of the company’s own past quarterly readings. The historical range for this metric spans from −46.1% to 11.2%.

Today’s twelve-month revenue growth rate of 110.6% is higher than 100% of the company’s own past quarterly readings. Past quarterly readings for this growth rate have ranged from −12.6% to 91.0%.

Guidance

The company raised its full year 2026 guidance for Revenue to a range of $4.4 billion to $4.6 billion. This update reflects the current trajectory of sales performance.

The company also raised its full year 2026 guidance for Non-GAAP Gross Margin (adjusted) to 34%. This adjustment signals an expectation for improved profitability on a per-unit basis.

Full year 2026 guidance for Non-GAAP Operating Income (adjusted) was raised to a range of $960.0 million to $1,030.0 million. This increase aligns with the expanded operating margin seen in recent filings.

Guidance for Non-GAAP EPS (adjusted) was raised to a range of $3.10 to $3.40 for full year 2026. This per-share metric incorporates the expected changes in both income and share count.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 23.9%. Conversely, growth 5 percentage points higher would raise the value by 30.5%. This sensitivity highlights the impact of revenue trajectory on valuation.

A free-cash-flow margin 1 percentage point lower would lower the value by 8.3%. This figure illustrates how changes in cash conversion efficiency affect the calculated value.

What to watch

The next filing will show whether the recent acceleration in revenue growth continues or moderates. It will also reveal if the divergence between net income and free cash flow persists or narrows.