Bloom Energy (BE) posted $1.07 billion in second-quarter 2026 revenue, a 166 percent year-over-year jump and the company's first quarter above $1 billion. Net income for common stockholders hit $196 million, reversing a $43 million loss in the prior-year period.
Management raised 2026 full-year guidance to $3.9 billion to $4.2 billion, implying roughly double the $2.02 billion reported for 2025.
But strip away a one-time tariff recovery and the operational picture flatlines. Bloom Energy booked $37.4 million in previously paid tariffs as recoverable following a February Supreme Court ruling that certain tariffs imposed under the International Emergency Economic Powers Act were illegal. Only $5 million had actually been refunded by quarter-end.
With that recovery excluded, second-quarter gross margin was approximately 30 percent—matching Q1 2026 and Q4 2025. Despite revenue climbing from $778 million to $1.07 billion over three quarters, underlying gross margin per dollar of sales remained static.
Operating income fell to roughly $145 million when stripping the tariff refund, down from the reported $182 million. Net income for common stockholders would have been $159 million.
The profit gain came from operational leverage. Operating expenses rose 57 percent year-over-year, well below the 166 percent revenue increase, compressing opex from 28 percent of revenue to 16 percent. Operating margin, excluding the tariff benefit, reached 14 percent versus 9.6 percent in Q1.
Service segment margins improved to 19 percent from 9 percent a year prior, aided by maintenance contract revenue and manufacturing efficiencies.
Future tariff exposure poses downside risk. The U.S. Trade Representative imposed 10 percent to 12.5 percent tariffs on imports from 60 economies in late July. Bloom Energy's annual report flags potential 50 percent tariffs on imported steel, aluminum and cop.
