What Changed For Bloom Energy Stock, And What Did Not? Trefis Team Thu, November 12, 2026 at 8:26 AM EST 3 min read BE -4.80% ^GSPC +1.31% PLUG -3.48% FCEL -3.54% CMI -0.70% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Bloom Energy (BE) stock rose 64.8% from its November 11, 2025, close to November 11, 2026, against 12.6% for the S&P 500. Shares of Bloom's peers did not rise as a group over the same year: Plug Power fell 46.4%, while FuelCell Energy rose 48.2%. Bloom stock fell 20.5% from October 13 to November 11, 2026, against a 2.3% fall for the S&P 500. Over that year, the fuel cell maker signed large power deals and raised its full-year outlook three times, the last time with its third-quarter results on October 22, 2026. Those raises are forecasts, though, not results. How big are those raises against what Bloom sold in 2025?
Bloom Energy Expects To More Than Double Sales
Management now expects 2026 revenue of $4.4 billion to $4.6 billion, against the $2.02 billion Bloom reported for 2025. Management said on the October 22 call that it had guided to revenue growth of 60% at its first-quarter earnings call, and that it now projects over 120% at the midpoint.
Signed orders came in along the way. On January 8, 2026, American Electric Power confirmed a $2.65 billion agreement to buy Bloom's solid oxide fuel cells. In May, Bloom announced a $2.6 billion partnership with Nebius, a European AI infrastructure provider that is turning to Bloom for power at its data centers.
Profits Grew Faster Than Sales At Bloom Energy
The results did not wait for the forecast. In the twelve months to September 30, 2026, Bloom's revenue reached $3.83 billion, up 110.6% from the twelve months before. Its operating margin rose to 14.8%, from 4.9% a year earlier, the highest twelve-month figure in data going back to the end of 2017.
On the October 22 call, management said its adjusted operating margin rose in the third quarter because revenue grew 138% while operating expenses grew only 26%. So Bloom sold far more without its running costs keeping pace. Net income for the twelve months was $518 million, against $15.3 million a year earlier.
The share price already reflects that change. At its November 11 close, Bloom traded at 16.1 times its last twelve months of sales, against 3.2 for the S&P 500, and the price appears to assume the profit keeps growing.
How Much Of Each Sale Bloom Energy Keeps
Measured over twelve months, Bloom retains roughly the same share of each sale after accounting for the cost of what it sells. Gross margin sat at 32.3% in the twelve months to September 30, 2026, compared with 31.2% a year earlier. The new profit came from operating expenses growing far more slowly than sales, not from earning much more on each sale.
GAAP gross margin was higher in the latest quarter: 33.8% in the third quarter of 2026, against 29.2% in the same quarter a year earlier. On its own adjusted measure, management kept its full-year 2026 gross margin outlook at about 34% even as it raised the revenue outlook. That is up from 30% in 2025 and from about 32% at the start of the year. Management said Bloom is paying some near-term cost to ramp new production lines and speed up deliveries, and expects savings from its cost reduction programs only over time.
Bloom is expected to report its fourth quarter in February 2027, and its gross margin in that report is the number to watch.
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