3 Huge Winners of the Q2 Earnings Season: BE, MSFT, EME

There have been several standouts in the cycle so far, including Microsoft, Bloom Energy, and EMCOR Group, all of which have seen nice momentum in the days following their robust earnings releases.

Derek Lewis

2 min read

Earnings season has continued to chug along, with many S&P 500 companies delivering their quarterly results so far. It’s been another positive reporting cycle, with a nice chunk of companies delivering outsized growth and many speaking favorably about their upcoming periods.

There have been several standouts in the cycle so far, including Microsoft MSFT, Bloom Energy BE, and EMCOR Group EME.

Bloom Energy Powers Data Centers

Bloom Energy delivered rock-solid results in its earnings release, easily beating our consensus expectations. The company posted record quarterly revenue of $1.07 billion, growing 166% year-over-year while also significantly raising its full-year 2026 outlook

The growth surge was driven by soaring demand for its solid-oxide fuel cell systems thanks to major U.S. hyperscalers and AI data center operators seeking reliable on-site power.

Bloom Energy now expects full-year revenue in a range of $3.9 - $4.2 billion, with positive revisions also flowing in for its next fiscal year following the release. The stock sports a Zacks Rank #1 (Strong Buy), with EPS revisions also remaining on a bullish trajectory across the board.

The sales revisions have been particularly potent, helping underpin just how strong the demand picture has become.

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MSFT Intelligent Cloud Results Impress

Microsoft posted a double-beat relative to our consensus expectations, with sales growing by 18% YoY alongside 23% YoY growth in earnings. Favorable Intelligent Cloud results and a reaffirmation of its CapEx outlook reflected big positives, both reflecting huge hurdles it needed to clear.

Intelligent Cloud revenue came in at $39.3 billion, beating our consensus estimate handily and growing 32% YoY. Cloud growth rates have been closely watched, with accelerating growth generally getting rewarded and decelerating growth raising a lot of scrutiny.

The $39.3 billion in Intelligent Cloud revenue reflected a nearly $1.2 billion beat relative to our consensus estimate, the largest we’ve seen over the last seven quarters.

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EPS revisions for the mega-cap giant remain positive for both its current and next fiscal years, a bullish sign.

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EMCOR Group Breaks Records

EMCOR similarly posted a double-beat relative to our consensus expectations, with revenues of $5.2 billion reflecting a record and growing nearly 20% YoY. Adjusted EPS of $9.06 reflected a second-quarter-specific record, up 35% from the same period last year.

The company didn’t just post records across headline figures, though, with remaining performance obligations (RPO) of $17.1 billion similarly reflecting an all-time high and surging 44% YoY. The favorable results were capped off with increased sales and earnings guidance, with the stock sporting a favorable Zacks Rank #2 (Buy).

Revenue has shown huge growth over recent years, with the record-high RPO in the release helping keep the overall trajectory bright.

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Bottom Line

It’s been an overall strong reporting cycle so far, particularly so for Microsoft MSFT, Bloom Energy BE, and EMCOR Group EME, all of which posted results that have led to strong momentum in the days following the releases.

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