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All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
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Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Bloom Energy delivered its first billion-dollar quarter, with revenue of $1.065 billion up 166% year-over-year and 42% sequentially, and product revenue of $935 million up 215% and nearly 90% of the total. Gross margin was 34.3%, up 604 basis points, while services margin reached 22%, up 977 basis points and the fifth consecutive quarter of double-digit service margin; non-GAAP operating income was $240 million at a 22.5% margin and GAAP diluted EPS was $0.62 against non-GAAP diluted EPS of $0.78. Management framed the leverage as structural rather than a one-quarter effect, noting revenue grew 166% while operating expenses grew just 48%, and generated $226 million of cash flow from operations, $175 million of free cash flow, and ended the quarter with $2.7 billion of cash. On the commercial side Brookfield expanded its financing framework fivefold to $25 billion nine months after the $5 billion launch, an Industrial Development Funding consortium reached a $2.6 billion cumulative commitment, and management said all major U.S. hyperscalers plus over a dozen neo clouds and colocation operators have validated Bloom, with Nebius cancelling turbine and engine orders this quarter. The full-year outlook was raised to $3.9 billion-$4.2 billion of revenue, $800 million-$900 million of non-GAAP operating income, and $2.55-$2.85 of non-GAAP diluted EPS, offset only by the removal of the free cash flow figure from the supplemental presentation, which the CFO said had never been formal guidance.
Key themes
7
Corporate events
Filed after the FY2026 Q2 call day (Jul 28, 2026) through the next call day (Oct 22, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
positive📊 company
First Billion-Dollar Revenue Quarter
Revenue was $1.065 billion, up 166% year-over-year and 42% sequentially, the first time Bloom exceeded $1 billion in quarterly revenue, with product revenue of $935 million up 215% year-over-year.
Revenue GrowthDemand
positive📊 company
FY2026 Outlook Raised On Revenue, Operating Income And EPS
Management raised the full-year revenue outlook to $3.9 billion-$4.2 billion, the non-GAAP operating income outlook to $800 million-$900 million, and the non-GAAP diluted EPS outlook to $2.55-$2.85.
Guidance ReliabilityRevenue Growth
positive📊 company
Operating Leverage Described As Structural
Revenue grew 166%, while operating expenses grew just 48%, lifting non-GAAP operating income to $240 million and operating margin to 22.5%, an expansion of approximately 1,536 basis points.
MarginCost Pressure
positive📊 company
Brookfield Financing Shelf Expanded Fivefold To $25 Billion
Brookfield expanded its commitment fivefold to $25 billion nine months after the partnership was formed at $5 billion, while Industrial Development Funding partnered with Oaktree, MUFG Bank, and Morgan Stanley to bring their total commitment to $2.6 billion.
Capital AllocationCapex Investment
positive📊 company
Service Margin Reaches 22% After Years Of Losses
Services margin was 22%, up 977 basis points year-over-year, and the fifth consecutive quarter of double-digit service margin; management framed it against the -21% gross margin at the time of the IPO eight years ago as a 43% swing in service margin.
MarginInnovation & R&D
positive📊 company
Standard For AI Data Center Power In Under A Year
Management said all the major U.S. hyperscalers and over a dozen U.S. neo clouds, AI labs, and colocation data center operators have validated and approved Bloom's power solutions, put data center market share in the very high 90s, and cited Nebius cancelling combustion turbine and reciprocating engine orders this quarter.
Competitive DynamicsCloud & AI
mixed📊 company
Free Cash Flow Guide Removed From Supplemental Presentation
An analyst noted the free cash flow guide was pulled; the CFO said the supplemental presentation had historically included some metrics that are not formal guidance and has now been aligned to where the company truly guides, offering $375+ million as a new cash flow from operations baseline instead.
Bloom Energy delivered its first billion-dollar quarter, with revenue of $1.065 billion up 166% year-over-year and 42% sequentially, and product revenue of $935 million up 215% and nearly 90% of the total.
PositiveFirst Billion-Dollar Revenue Quarter
PositiveFY2026 Outlook Raised On Revenue, Operating Income And EPS
PositiveOperating Leverage Described As Structural
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
10%
Share price
BE $200.401Y +41.7%YTD +130.6%50-day avg $247.9750D avg $247.97
earnings call (score)
Sources.Tellvest earnings-call sentiment score for Bloom Energy Corporation (BE), FY2026 Q2: 10/10. Scores: Bloom Energy Corporation’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: BE daily prices (open, high, low, close) with a 50-day moving average; lines mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q2 selectedReported GAAP figures from SEC filings
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GAAP revenue YoY +165.5% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base8Base 8GAAP revenue YoY +165.5% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. GAAP revenue growth of 165.52% matches management's stated figure on the call, Revenue was $1.065 billion, up 166% year-over-year and 42% sequentially. Industrials / Electrical Equipment & Parts is not in the closed Sector Rules Table, there was no acquisition, divestiture or recognition change, and management stated no adjusted or organic revenue figure that differs from GAAP.+EPS+1EPS +1Prior-year GAAP EPS was negative (-0.18) and current-quarter GAAP EPS is positive (0.62), a sign change that makes the reported EPS YoY of 444.44% mathematically meaningless. Per the turnaround-from-loss rule the operating income spread is the sole input: operating income YoY 433.34% less rev YoY 165.52% = +267.82 percentage points, far outside +5 percentage points, so EPS adjustment = +1. GAAP operating income of $182.2 million is uncontaminated (no qualifying charge was narrated) and management corroborates the operating-leverage read, Revenue grew 166%, while operating expenses grew just 48%, with non-GAAP operating margin expanding approximately 1,536 basis points to 22.5%. Margin-drift check: reported data implied GAAP operating margin moved 8.5% to 17.1% (+8.6 percentage points), the same direction and comparable magnitude as management's stated non-GAAP expansion, so OI is trusted for this quarter. Override flag set because the GAAP EPS spread was replaced by the operating income spread.+Guidance+2Guidance +2FY2026 revenue guidance raised from $3.4 billion to $3.8 billion (prior midpoint $3.6 billion) to $3.9 billion to $4.2 billion (new midpoint $4.05 billion). ($4.05 - $3.6) / $3.6 x 100 = +12.5%, a raise of at least 3%. The other guided metrics were raised by more: non-GAAP operating income went from a $600 million to $750 million range to $800 million to $900 million, which the CFO framed as we raised that to $675 million, and now we're looking at $850 million at the midpoint (+25.9%), and non-GAAP diluted EPS went from $1.85-$2.25 to $2.55-$2.85 (+31.7%); both confirm the +2. Note on the free cash flow guide an analyst said was pulled: cash flow was never formally guided on the Q1 call (the Q1 transcript contains no CFOA or free cash flow guidance), and the CFO explained the supplemental presentation had historically included some metrics that are not formal guidance and has been aligned to where the company truly guides, offering $375+ million as a new CFOA baseline. That is a presentation change to a non-guided metric, not a withdrawal of a guided primary, and every primary metric was raised this quarter, so no withdrawal adjustment applies.=Final10
How this score was built
Base8Base 8GAAP revenue YoY +165.5% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. GAAP revenue growth of 165.52% matches management's stated figure on the call, Revenue was $1.065 billion, up 166% year-over-year and 42% sequentially. Industrials / Electrical Equipment & Parts is not in the closed Sector Rules Table, there was no acquisition, divestiture or recognition change, and management stated no adjusted or organic revenue figure that differs from GAAP.
302.35
185.93
Aug '26Nov '26
351.28157.33
10
May '26Nov '26
351.2875.70
81010
Nov '25Nov '26
33.8%
18.2%
20.3%
-$181M
FY2025 Q1: Prior-year quarter was a loss (-$0.25 EPS), so a percent change isn't meaningful.
FY2025 Q2: Prior-year quarter was a loss (-$0.27 EPS), so a percent change isn't meaningful.
FY2025 Q3: Prior-year quarter was a loss (-$0.06 EPS), so a percent change isn't meaningful.
FY2026 Q1: Prior-year quarter was a loss (-$0.10 EPS), so a percent change isn't meaningful.
FY2026 Q2: Prior-year quarter was a loss (-$0.18 EPS), so a percent change isn't meaningful.
FY2026 Q3: Prior-year quarter was a loss (-$0.10 EPS), so a percent change isn't meaningful.
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“Non-GAAP diluted EPS was $0.78, and GAAP diluted EPS was $0.62”
Revenue
“Revenue was $1.065 billion, up 166% year-over-year and 42% sequentially”
Guidance
“we are raising our full-year revenue outlook to $3.9 billion-$4.2 billion”
Key metric
“Revenue grew 166%, while operating expenses grew just 48%”
Mentions
Calendar Q2 2026
Mentions of other companies on BE's FY2026 Q2 call, and mentions of BE on other companies' calls covering the same calendar quarter (Q2 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Power design is based on gigawatts of clean, energy-efficient Bloom fuel cells.”
+
EPS+1EPS +1Prior-year GAAP EPS was negative (-0.18) and current-quarter GAAP EPS is positive (0.62), a sign change that makes the reported EPS YoY of 444.44% mathematically meaningless. Per the turnaround-from-loss rule the operating income spread is the sole input: operating income YoY 433.34% less rev YoY 165.52% = +267.82 percentage points, far outside +5 percentage points, so EPS adjustment = +1. GAAP operating income of $182.2 million is uncontaminated (no qualifying charge was narrated) and management corroborates the operating-leverage read, Revenue grew 166%, while operating expenses grew just 48%, with non-GAAP operating margin expanding approximately 1,536 basis points to 22.5%. Margin-drift check: reported data implied GAAP operating margin moved 8.5% to 17.1% (+8.6 percentage points), the same direction and comparable magnitude as management's stated non-GAAP expansion, so OI is trusted for this quarter. Override flag set because the GAAP EPS spread was replaced by the operating income spread.
+
Guidance+2Guidance +2FY2026 revenue guidance raised from $3.4 billion to $3.8 billion (prior midpoint $3.6 billion) to $3.9 billion to $4.2 billion (new midpoint $4.05 billion). ($4.05 - $3.6) / $3.6 x 100 = +12.5%, a raise of at least 3%. The other guided metrics were raised by more: non-GAAP operating income went from a $600 million to $750 million range to $800 million to $900 million, which the CFO framed as we raised that to $675 million, and now we're looking at $850 million at the midpoint (+25.9%), and non-GAAP diluted EPS went from $1.85-$2.25 to $2.55-$2.85 (+31.7%); both confirm the +2. Note on the free cash flow guide an analyst said was pulled: cash flow was never formally guided on the Q1 call (the Q1 transcript contains no CFOA or free cash flow guidance), and the CFO explained the supplemental presentation had historically included some metrics that are not formal guidance and has been aligned to where the company truly guides, offering $375+ million as a new CFOA baseline. That is a presentation change to a non-guided metric, not a withdrawal of a guided primary, and every primary metric was raised this quarter, so no withdrawal adjustment applies.
=
Final10
Oracle's Dona Ana County data center power design relies on Bloom Energy fuel cells, a signal for Bloom supplying gigawatt-scale AI data center power.
“That's something that I would say we actually pioneered early on with our deal with Bloom Energy.”
AEP credits its Bloom Energy agreement as the origin of its bridging strategy for large loads and says peers have since copied the idea, supporting demand for Bloom's fuel cells as interim generation.
“This quarter, Industrial Development Funding, who has previously funded Bloom deployments, partnered with Oaktree, MUFG Bank, and Morgan Stanley to fund Bloom deployments, cumulatively bringing their total commitment to $2.6 billion.”
Morgan Stanley is named by management as a capital partner in the consortium funding Bloom deployments, a financing role distinct from its sell-side coverage of the stock.
Industrial Development FundingNot covered by TellvestFY2026 Q2ManagementPartner
“This quarter, Industrial Development Funding, who has previously funded Bloom deployments, partnered with Oaktree, MUFG Bank, and Morgan Stanley to fund Bloom deployments, cumulatively bringing their total commitment to $2.6 billion.”
Industrial Development Funding assembled a lender consortium to fund Bloom deployments, taking its cumulative commitment to $2.6 billion and broadening the financier base beyond Brookfield.
BrookfieldNot covered by TellvestFY2026 Q2ManagementPartner
“We formed the partnership last fall at $5 billion. Nine months later, in June, Brookfield expanded its commitment fivefold to $25 billion.”
Brookfield increased its project-financing framework for Bloom deployments fivefold to $25 billion within nine months, a large infrastructure allocation to on-site fuel cell power for AI data centers.
“Nebius signed the offtake, and IDF, an independent third party, is purchasing the energy service on cash terms against identified sites and delivery schedules.”
Nebius is the end customer on an offtake financed by a third party rather than buying equipment outright, and the CFO called the deal a meaningful contributor to the quarter.
“Customers who had ordered combustion turbines and reciprocating engines cancel those orders and choose Bloom. Nebius did it this quarter.”
Nebius cancelled previously ordered combustion turbines and reciprocating engines in favor of Bloom fuel cells, indicating a mid-development switch of its AI data center power architecture.
“At that time, we had just announced our first direct hyperscaler customer, Oracle, and delivered them power for a data center within 55 days.”
Bloom cites Oracle as its first direct hyperscaler customer, powered within 55 days, as the proof point that established it as a standard for AI data center on-site power.
Bloom Energy delivered its first billion-dollar quarter, with revenue of $1.065 billion up 166% year-over-year and 42% sequentially, and product revenue of $935 million up 215% and nearly 90% of the total
Hubbell delivered second-quarter net sales of $1.712 billion, up 15%, with organic growth of 10% and acquisitions contributing 5 points; adjusted earnings per diluted share rose 12% to $5.52 while GAAP EPS of $4.52 was roughly flat as higher restructuring and acquisition costs weighed on reported results
Vertiv delivered net sales of $3.274 billion, up 24% year over year, with GAAP EPS of $1.27 (adjusted diluted EPS of $1.52, up 60%) as adjusted operating margin expanded 410 basis points to 22.6%
BEBloom Energy Corporation
Score 10Rev YoY +165.5%Trend
Bloom Energy delivered its first billion-dollar quarter, with revenue of $1.065 billion up 166% year-over-year and 42% sequentially, and product revenue of $935 million up 215% and nearly 90% of the total
Hubbell delivered second-quarter net sales of $1.712 billion, up 15%, with organic growth of 10% and acquisitions contributing 5 points; adjusted earnings per diluted share rose 12% to $5.52 while GAAP EPS of $4.52 was roughly flat as higher restructuring and acquisition costs weighed on reported results
Vertiv delivered net sales of $3.274 billion, up 24% year over year, with GAAP EPS of $1.27 (adjusted diluted EPS of $1.52, up 60%) as adjusted operating margin expanded 410 basis points to 22.6%