[{"data":1,"prerenderedAt":902},["ShallowReactive",2],{"content-/bloom-energy-q1-2026-trends":3,"all-pages-for-dir":900,"og-image-/bloom-energy-q1-2026-trends":901},{"id":4,"title":5,"body":6,"category":881,"description":882,"extension":883,"meta":884,"navigation":885,"path":886,"project_name":881,"published":887,"publishedAt":888,"seo":889,"stem":890,"tags":891,"todo":881,"updatedAt":888,"__hash__":899},"pages/2026-04/2026-04-29/bloom-energy-q1-2026-trends.md","Bloom Energy Q1 2026決算と過去5年の四半期推移：売上倍増と利益率プラス転換の構造変化",{"type":7,"value":8,"toc":867},"minimark",[9,13,30,38,43,192,196,199,206,211,217,258,265,269,272,300,303,307,310,349,356,359,761,764,767,770,839,842],[10,11,5],"h1",{"id":12},"bloom-energy-q1-2026決算と過去5年の四半期推移売上倍増と利益率プラス転換の構造変化",[14,15,16,17,24,25,29],"p",{},"Bloom Energy Corporation（NYSE: ",[18,19,23],"code",{"className":20},[21,22],"language-math","math-inline","BE）が2026年4月28日に発表した **Q1 2026決算** は、市場予想を全項目で上回った。売上高は ","751M（コンセンサス ",[18,26,28],{"className":27},[21,22],"540M）、Non-GAAP EPS ","0.44（予想 $0.12）、Non-GAAP営業利益率は 17.3%（前年同期 4.0%）まで跳ね上がっている。",[14,31,32,33,37],{},"ただ、単一四半期だけ見ても変化点が分からない。",[34,35,36],"strong",{},"過去5年・21四半期"," を時系列に並べて、売上高・利益率・EPSの推移をチャートにした。",[39,40,42],"h2",{"id":41},"q1-2026-ハイライト会社発表","Q1 2026 ハイライト（会社発表）",[44,45,46,65],"table",{},[47,48,49],"thead",{},[50,51,52,56,59,62],"tr",{},[53,54,55],"th",{},"指標",[53,57,58],{},"Q1 2026",[53,60,61],{},"予想",[53,63,64],{},"YoY",[66,67,68,85,99,114,127,140,153,166,179],"tbody",{},[50,69,70,74,77,80],{},[71,72,73],"td",{},"売上高",[71,75,76],{},"$751.05M",[71,78,79],{},"$539.94M",[71,81,82],{},[34,83,84],{},"+130%",[50,86,87,90,93,96],{},[71,88,89],{},"Non-GAAP EPS",[71,91,92],{},"$0.44",[71,94,95],{},"$0.12",[71,97,98],{},"—",[50,100,101,104,107,109],{},[71,102,103],{},"製品売上高",[71,105,106],{},"$653.3M",[71,108,98],{},[71,110,111],{},[34,112,113],{},"+208%",[50,115,116,119,122,124],{},[71,117,118],{},"Non-GAAP粗利率",[71,120,121],{},"31.5%",[71,123,98],{},[71,125,126],{},"+2.8pp",[50,128,129,132,135,137],{},[71,130,131],{},"Non-GAAP営業利益率",[71,133,134],{},"17.3%",[71,136,98],{},[71,138,139],{},"+13.3pp",[50,141,142,145,148,150],{},[71,143,144],{},"営業キャッシュフロー",[71,146,147],{},"$73.6M",[71,149,98],{},[71,151,152],{},"+$184M",[50,154,155,158,161,163],{},[71,156,157],{},"Adjusted EBITDA",[71,159,160],{},"$143.0M",[71,162,98],{},[71,164,165],{},"+468%",[50,167,168,171,174,177],{},[71,169,170],{},"通年売上ガイダンス",[71,172,173],{},"$3.6B",[71,175,176],{},"$3.24B",[71,178,98],{},[50,180,181,184,187,190],{},[71,182,183],{},"通年EPSガイダンス",[71,185,186],{},"$2.05",[71,188,189],{},"$1.42",[71,191,98],{},[39,193,195],{"id":194},"_5年21四半期の推移チャート","5年・21四半期の推移チャート",[14,197,198],{},"GAAPベースで2021Q1〜2026Q1の3指標を並べた。",[14,200,201],{},[202,203],"img",{"alt":204,"src":205},"Bloom Energy四半期業績推移（2021 Q1〜2026 Q1）","/2026-04/2026-04-29/bloom-energy-quarterly.png",[207,208,210],"h3",{"id":209},"売上高m","① 売上高（$M）",[14,212,213,216],{},[34,214,215],{},"4つの局面"," が見える。",[218,219,220,232,238,248],"ul",{},[221,222,223,226,227,231],"li",{},[34,224,225],{},"2021〜2023","：",[18,228,230],{"className":229},[21,22],"200M〜","400Mのレンジで横ばい。Q4季節性で年末に跳ねる程度",[221,233,234,237],{},[34,235,236],{},"2024 Q4","：$572Mに急騰。AIデータセンター向け燃料電池需要が顕在化したタイミング",[221,239,240,226,243,247],{},[34,241,242],{},"2025 Q1〜Q3",[18,244,246],{"className":245},[21,22],"326M → ","401M → $519Mと階段状に上昇",[221,249,250,226,253,257],{},[34,251,252],{},"2025 Q4・2026 Q1",[18,254,256],{"className":255},[21,22],"778M、","751Mと、過去最高水準に張り付いた",[14,259,260,261,264],{},"直近2四半期で約 ",[34,262,263],{},"$1.5B"," の売上を作っており、これは2021〜2023年の通年に匹敵する規模。",[207,266,268],{"id":267},"粗利率営業利益率gaap","② 粗利率・営業利益率（GAAP, %）",[14,270,271],{},"GAAPの利益率推移は売上以上に劇的に変わっている。",[218,273,274,280,287,290,293],{},[221,275,276,277],{},"2021〜2023：粗利率は概ね15〜25%、営業利益率は ",[34,278,279],{},"▲20%前後で慢性赤字",[221,281,282,283,286],{},"2024 Q4：粗利率 38.3%、営業利益率 ",[34,284,285],{},"+18.3%"," で初めて構造的にプラス転換",[221,288,289],{},"2025 Q1〜Q3：営業利益率は ▲5.8% → ▲0.9% → +1.5% と着実に改善",[221,291,292],{},"2025 Q4：粗利率30.9%、営業利益率 +11.3%",[221,294,295,296,299],{},"2026 Q1：粗利率30.0%、営業利益率 ",[34,297,298],{},"+9.6%","（GAAP）",[14,301,302],{},"四半期営業利益率がGAAPベースで連続して二桁プラスを刻むのは、創業以来初めての展開。Non-GAAPベース（Q1 2026 = +17.3%）ではさらにクリアにプラス領域。",[207,304,306],{"id":305},"希薄化後eps-gaap","③ 希薄化後EPS（$, GAAP）",[14,308,309],{},"EPSは粗利率以上にラグがある。",[218,311,312,319,322,329,337],{},[221,313,314,315,318],{},"2021〜2023：ほぼ全四半期マイナス。最悪は ",[34,316,317],{},"2023 Q3の ▲$0.80","（在庫調整・サービス部門の損失）",[221,320,321],{},"2023 Q4：+$0.02 で初めてゼロ近傍に到達",[221,323,324,325,328],{},"2024 Q4：",[34,326,327],{},"+$0.38"," で利益体質を見せる",[221,330,331,332,336],{},"2025 Q1〜Q3：再びマイナスに（▲",[18,333,335],{"className":334},[21,22],"0.10 〜 ▲","0.18）",[221,338,339,340,348],{},"2026 Q1：",[34,341,342,343,347],{},"+",[18,344,346],{"className":345},[21,22],"0.23**（GAAP）／**+","0.44","（Non-GAAP）",[14,350,351,352,355],{},"Q1 2026のNon-GAAP EPSは予想 $0.12 の ",[34,353,354],{},"3.6倍","。製品売上比率の上昇とサービス粗利率の改善（Non-GAAPで18.0%、前年同期4.8%）が同時に効いている。",[39,357,358],{"id":358},"四半期データ表",[44,360,361,381],{},[47,362,363],{},[50,364,365,368,372,375,378],{},[53,366,367],{},"期",[53,369,371],{"align":370},"right","売上高($M)",[53,373,374],{"align":370},"粗利率",[53,376,377],{"align":370},"営業利益率",[53,379,380],{"align":370},"EPS(希薄化後)",[66,382,383,397,414,431,448,465,482,498,515,532,549,566,583,600,617,634,660,677,694,710,735],{},[50,384,385,388,391,393,395],{},[71,386,387],{},"21 Q1",[71,389,390],{"align":370},"194.0",[71,392,98],{"align":370},[71,394,98],{"align":370},[71,396,98],{"align":370},[50,398,399,402,405,408,411],{},[71,400,401],{},"21 Q2",[71,403,404],{"align":370},"228.5",[71,406,407],{"align":370},"16.4%",[71,409,410],{"align":370},"-18.7%",[71,412,413],{"align":370},"-0.31",[50,415,416,419,422,425,428],{},[71,417,418],{},"21 Q3",[71,420,421],{"align":370},"207.2",[71,423,424],{"align":370},"17.8%",[71,426,427],{"align":370},"-21.2%",[71,429,430],{"align":370},"-0.30",[50,432,433,436,439,442,445],{},[71,434,435],{},"21 Q4",[71,437,438],{"align":370},"342.5",[71,440,441],{"align":370},"20.1%",[71,443,444],{"align":370},"-3.9%",[71,446,447],{"align":370},"-0.19",[50,449,450,453,456,459,462],{},[71,451,452],{},"22 Q1",[71,454,455],{"align":370},"201.0",[71,457,458],{"align":370},"13.9%",[71,460,461],{"align":370},"-32.7%",[71,463,464],{"align":370},"-0.44",[50,466,467,470,473,476,479],{},[71,468,469],{},"22 Q2",[71,471,472],{"align":370},"243.2",[71,474,475],{"align":370},"-0.8%",[71,477,478],{"align":370},"-42.0%",[71,480,481],{"align":370},"-0.67",[50,483,484,487,490,493,496],{},[71,485,486],{},"22 Q3",[71,488,489],{"align":370},"292.3",[71,491,492],{"align":370},"17.4%",[71,494,495],{"align":370},"-18.0%",[71,497,413],{"align":370},[50,499,500,503,506,509,512],{},[71,501,502],{},"22 Q4",[71,504,505],{"align":370},"462.6",[71,507,508],{"align":370},"15.4%",[71,510,511],{"align":370},"-8.8%",[71,513,514],{"align":370},"-0.21",[50,516,517,520,523,526,529],{},[71,518,519],{},"23 Q1",[71,521,522],{"align":370},"275.2",[71,524,525],{"align":370},"19.7%",[71,527,528],{"align":370},"-23.1%",[71,530,531],{"align":370},"-0.35",[50,533,534,537,540,543,546],{},[71,535,536],{},"23 Q2",[71,538,539],{"align":370},"301.1",[71,541,542],{"align":370},"18.7%",[71,544,545],{"align":370},"-18.1%",[71,547,548],{"align":370},"-0.32",[50,550,551,554,557,560,563],{},[71,552,553],{},"23 Q3",[71,555,556],{"align":370},"400.3",[71,558,559],{"align":370},"-1.3%",[71,561,562],{"align":370},"-25.9%",[71,564,565],{"align":370},"-0.80",[50,567,568,571,574,577,580],{},[71,569,570],{},"23 Q4",[71,572,573],{"align":370},"356.9",[71,575,576],{"align":370},"25.9%",[71,578,579],{"align":370},"+3.6%",[71,581,582],{"align":370},"+0.02",[50,584,585,588,591,594,597],{},[71,586,587],{},"24 Q1",[71,589,590],{"align":370},"235.3",[71,592,593],{"align":370},"16.2%",[71,595,596],{"align":370},"-20.8%",[71,598,599],{"align":370},"-0.25",[50,601,602,605,608,611,614],{},[71,603,604],{},"24 Q2",[71,606,607],{"align":370},"335.8",[71,609,610],{"align":370},"20.4%",[71,612,613],{"align":370},"-6.9%",[71,615,616],{"align":370},"-0.27",[50,618,619,622,625,628,631],{},[71,620,621],{},"24 Q3",[71,623,624],{"align":370},"330.4",[71,626,627],{"align":370},"23.8%",[71,629,630],{"align":370},"-2.9%",[71,632,633],{"align":370},"-0.06",[50,635,636,641,646,651,655],{},[71,637,638],{},[34,639,640],{},"24 Q4",[71,642,643],{"align":370},[34,644,645],{},"572.4",[71,647,648],{"align":370},[34,649,650],{},"38.3%",[71,652,653],{"align":370},[34,654,285],{},[71,656,657],{"align":370},[34,658,659],{},"+0.38",[50,661,662,665,668,671,674],{},[71,663,664],{},"25 Q1",[71,666,667],{"align":370},"326.0",[71,669,670],{"align":370},"27.2%",[71,672,673],{"align":370},"-5.9%",[71,675,676],{"align":370},"-0.10",[50,678,679,682,685,688,691],{},[71,680,681],{},"25 Q2",[71,683,684],{"align":370},"401.2",[71,686,687],{"align":370},"26.7%",[71,689,690],{"align":370},"-0.9%",[71,692,693],{"align":370},"-0.18",[50,695,696,699,702,705,708],{},[71,697,698],{},"25 Q3",[71,700,701],{"align":370},"519.1",[71,703,704],{"align":370},"29.2%",[71,706,707],{"align":370},"+1.5%",[71,709,676],{"align":370},[50,711,712,717,722,727,732],{},[71,713,714],{},[34,715,716],{},"25 Q4",[71,718,719],{"align":370},[34,720,721],{},"777.7",[71,723,724],{"align":370},[34,725,726],{},"30.9%",[71,728,729],{"align":370},[34,730,731],{},"+11.3%",[71,733,734],{"align":370},"N/A",[50,736,737,742,747,752,756],{},[71,738,739],{},[34,740,741],{},"26 Q1",[71,743,744],{"align":370},[34,745,746],{},"751.1",[71,748,749],{"align":370},[34,750,751],{},"30.0%",[71,753,754],{"align":370},[34,755,298],{},[71,757,758],{"align":370},[34,759,760],{},"+0.23",[14,762,763],{},"注：粗利率・営業利益率・EPSはGAAPベース（出典: stockanalysis.com）。会社発表のNon-GAAP値とは差がある。Q1 2026のNon-GAAPは粗利率31.5%／営業利益率17.3%／EPS $0.44。Q4 2025のEPSはまだデータベース未掲載。",[39,765,766],{"id":766},"構造変化のポイント",[14,768,769],{},"チャートから読み取れる転換点を整理する。",[771,772,773,792,802,812,823],"ol",{},[221,774,775,778,779,783,784,788,789],{},[34,776,777],{},"売上ステップアップは2024 Q4が起点","：2024 Q4の ",[18,780,782],{"className":781},[21,22],"572M で、それ以前のレンジ（","200〜",[18,785,787],{"className":786},[21,22],"400M）から1段上の床に乗り換えた。直近4四半期は平均約 ","640M／四半期、年率換算で ",[34,790,791],{},"$2.5B超",[221,793,794,797,798,801],{},[34,795,796],{},"粗利率は30%前後で安定化","：2021〜2023年は10〜20%台で大きく振れていたが、2024 Q4以降は概ね ",[34,799,800],{},"27〜38%"," のレンジ。コスト構造が改善している",[221,803,804,807,808,811],{},[34,805,806],{},"営業利益率のプラス定着は2025 Q3以降","：2024 Q4はQ4特需の側面もあったが、2025 Q3 +1.5% → Q4 +11.3% → 2026 Q1 +9.6% と ",[34,809,810],{},"連続プラス"," を刻んでいる",[221,813,814,817,818,822],{},[34,815,816],{},"季節性は薄まりつつある","：従来Q4偏重だった売上が、Q1 2026で ",[18,819,821],{"className":820},[21,22],"751M（前期 ","778Mからほぼ横ばい）。データセンター向け需要が四半期均等化を促している可能性",[221,824,825,828,829,833,834,838],{},[34,826,827],{},"通年ガイダンス上方修正","：2026年通年売上 ",[18,830,832],{"className":831},[21,22],"3.6B（コンセンサス ","3.24B）、EPS ",[18,835,837],{"className":836},[21,22],"2.05（同 ","1.42）と、現在のランレートからしても強気",[39,840,841],{"id":841},"出典",[218,843,844,853,860],{},[221,845,846],{},[847,848,852],"a",{"href":849,"rel":850},"https://investor.bloomenergy.com/press-releases/default.aspx",[851],"nofollow","Bloom Energy Reports First Quarter 2026 Results | Bloom Energy IR",[221,854,855],{},[847,856,859],{"href":857,"rel":858},"https://www.stockanalysis.com/stocks/be/financials/?p=quarterly",[851],"Bloom Energy Quarterly Financials | StockAnalysis.com",[221,861,862],{},[847,863,866],{"href":864,"rel":865},"https://markets.financialcontent.com/stocks/article/stockstory-2026-4-28-bloom-energy-nysebe-reports-bullish-q1-cy2026-stock-soars",[851],"Bloom Energy Reports Bullish Q1 CY2026, Stock Soars | FinancialContent",{"title":868,"searchDepth":869,"depth":869,"links":870},"",2,[871,872,878,879,880],{"id":41,"depth":869,"text":42},{"id":194,"depth":869,"text":195,"children":873},[874,876,877],{"id":209,"depth":875,"text":210},3,{"id":267,"depth":875,"text":268},{"id":305,"depth":875,"text":306},{"id":358,"depth":869,"text":358},{"id":766,"depth":869,"text":766},{"id":841,"depth":869,"text":841},null,"Bloom Energy（NYSE: BE）が2026年4月28日に発表したQ1 2026決算は、売上高$751M（YoY +130%）、Non-GAAP EPS $0.44（予想$0.12）、Non-GAAP営業利益率17.3%（前年同期4.0%）と全項目で予想超過。21四半期分（2021Q1〜2026Q1）のGAAP売上高、粗利率・営業利益率、希薄化後EPSを並べると、2024年Q4以降に売上が構造的に立ち上がり、長らくマイナスだった営業利益率が継続的にプラス領域に入っている。3パネルの推移チャートと四半期データ表でこの転換点を確認する。","md",{},true,"/bloom-energy-q1-2026-trends",false,"2026-04-29T00:00:00.000Z",{"title":5,"description":882},"2026-04/2026-04-29/bloom-energy-q1-2026-trends",[892,893,894,895,896,897,898],"Bloom Energy","BE","決算","四半期業績","燃料電池","エネルギー","決算分析","CkiVqbXh3MUuWY86G2RafYmaHpctf4o5Qv4lyd-g8bk",[],"https://log.eurekapu.com/favicon.svg",1777533703025]