Dear Bloom Energy Stock Fans, Mark Your Calendars for July 28

Bloom Energy (BE) investors have a date they should not forget.

The fuel cell maker is set to report second-quarter earnings on July 28, and this one carries extra weight. Bloom just closed its best quarter ever, then followed it up with two of the biggest announcements in company history.

Shares of Bloom Energy have been on a wild run over the past year and are up over 400%, fueled by the artificial intelligence data center boom and a growing list of hyperscale power deals. However, BE stock is also down almost 50% from all-time highs, allowing you to buy the dip. Here is what investors should know before the company reports.

What Wall Street Expects From Bloom Energy Stock

According to Yahoo Finance consensus data:

• Revenue for Q2 is projected to average $827.02 million, with forecasts ranging from $746.97 million to $944.51 million. In the prior-year quarter, Bloom Energy reported revenue of $401.24 million.
• For the full 2026 fiscal year, analysts see revenue reaching $3.74 billion, an increase of 85% year over year. Moreover, revenue is projected to reach $6.46 billion in 2027.  
• Earnings per share estimates for the quarter average $0.41, with a range of $0.33 to $0.53 cents. That compares to just $0.10 per share a year ago.
• Over the last four reported quarters, the company beat earnings estimates every single time, with surprises as high as 457% and 242%. 

Growth estimates also show Bloom far outpacing the broader market. The company's projected earnings growth for the current year, at 185.17%, is much higher than the S&P 500's ($SPX) expected growth of 24.33%.

Bloom Energy Is Part of the AI Megatrend

Bloom Energy builds solid oxide fuel cell systems that generate electricity on site, without relying on the power grid, making it a go-to option for data center developers racing to bring AI infrastructure online.

CEO KR Sridhar said on the company's April earnings call that Bloom is "ushering in the era of digital power for the digital age." He pointed to Oracle's (ORCL) announcement of Project Jupiter, a planned AI data center campus in New Mexico that could use up to 2.45 gigawatts of Bloom equipment, replacing gas turbines and diesel backup generators entirely. Sridhar said more than half of Bloom's current data center backlog now comes from other hyperscalers, neoclouds, and colocation providers beyond Oracle.

On June 30, Brookfield expanded its financing framework for Bloom fuel cell projects from $5 billion to $25 billion, a fivefold increase since October 2025. Sikander Rashid, head of AI infrastructure at Brookfield, said the move reflects "the strength of this partnership and the conviction behind our broader AI infrastructure strategy."

Bloom's first quarter results, reported in late April, were the strongest in company history. Revenue hit $751.1 million, up 130.4% from a year earlier, the first time Bloom has topped 100% year-over-year (YoY) revenue growth as a public company.

Gross margin rose to 31.5%, up nearly three points from a year ago. Operating income jumped to $129.7 million from just $13.2 million a year prior, pushing operating margin above 17%. Adjusted earnings before interest, taxes, depreciation, and amortization reached $143 million, up from $25.2 million. 

The company also generated positive operating cash flow of $73.6 million, unusual for what is typically its weakest quarter of the year, and ended the period with $2.52 billion in cash.

Those results pushed Bloom to sharply raise its full-year 2026 guidance. Revenue guidance moved from a range of $3.1 billion to $3.3 billion, up to $3.4 billion to $3.8 billion. Gross margin guidance rose to roughly 34%, and adjusted earnings per share guidance now sits between $1.85 and $2.25.

What's Next for BE Stock?

Out of the 27 analysts covering BE stock, eight recommend “Strong Buy,” two recommend “Moderate Buy,” 16 recommend “Hold,” and one recommends “Strong Sell.” The average BE price target is $280.46, above the current price of about $179.

A mid-year update to Bloom's Data Center Power Report, released June 15, found that 61% of data center developers plan to bring their own power if the grid cannot meet their needs, according to a company statement. 

The same report flagged rising community pushback, citing at least 18 state bills and 86 local moratoriums tied to data center concerns over electricity prices and water use as of May 2026.

That backdrop matters for Bloom, since its pitch to customers leans heavily on being a cleaner, quieter neighbor than traditional gas turbines. With expectations running high and a track record of beating them, July 28 could be another pivotal day for Bloom Energy stock.