Stock Market Live July 1, 2026: S&P 500 (SPY) Lower as Investors Wait on the Fed and Fresh Economic Data
Q1 26 EPS
$0.06
BEAT +218.34%
Est. $-0.05
Q1 26 Revenue
$223.4M
BEAT +10.79%
Est. $201.7M
vs S&P Since Q1 26
-12.7%
TRAILING MARKET
ARRY -10.6% vs S&P +2.1%
Market Reaction
Did ARRY Beat Earnings? Q1 2026 Results
Array Technologies delivered a sharply better-than-feared first quarter for fiscal 2026, posting adjusted EPS of $0.06 against a consensus estimate of negative $0.05, a 218.34% beat, while revenue of $223.41 million cleared the $201.66 million Wall S… Read more Array Technologies delivered a sharply better-than-feared first quarter for fiscal 2026, posting adjusted EPS of $0.06 against a consensus estimate of negative $0.05, a 218.34% beat, while revenue of $223.41 million cleared the $201.66 million Wall Street forecast by 10.79%. The headline, however, carries a notable caveat: revenue still fell 26.1% year-over-year, reflecting a solar industry demand environment that has pressured the company's top line even as margins improved. The clearest driver of the upside was a combination of stronger domestic volumes, cost reduction efforts, and incremental 45X manufacturing tax credit benefits that lifted adjusted gross margin to 30.7%. Perhaps more consequential for the investment case is the company's orderbook reaching $2.40 billion, supported by a 2x book-to-bill ratio in the quarter, with roughly 80% of that backlog expected to convert to revenue within six quarters. Management reaffirmed full-year 2026 guidance of $1.40 billion to $1.50 billion in revenue and adjusted EPS of $0.65 to $0.75, with Q2 revenue guided between $300 million and $320 million, implying a meaningful sequential acceleration ahead.
Key Takeaways
- • Stronger domestic tracker volumes driving sequential revenue improvement
- • Cost-out initiatives improving margin profile
- • Incremental 45X manufacturing tax credit benefits and tariff recovery items boosted Q1 adjusted gross margin
- • 2x book-to-bill ratio driving record $2.4 billion orderbook
- • New product introductions (OmniTrack, SkyLink, Hail XP, APA) account for 53% of orderbook
ARRY Forward Guidance & Outlook
ARRAY reaffirmed full-year 2026 guidance: revenue of $1.4 billion to $1.5 billion, adjusted EBITDA of $200 million to $230 million, and adjusted net income per common share of $0.65 to $0.75. Full-year adjusted gross margin is expected at 26%-27%, adjusted G&A at approximately 12% of revenue, and free cash flow conversion as a percentage of adjusted EBITDA similar to 2025. For Q2 2026, revenue is expected to be $300 million to $320 million. The company's record $2.4 billion orderbook provides strong revenue visibility, with approximately 80% expected to deliver within the next six quarters.
ARRY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ARRY Revenue by Segment
With YoY comparisons, source: SEC Filings
“ARRAY began 2026 with strong performance, delivering revenue and Adjusted EBITDA above the expectations we set on our last earnings call. We delivered another 2x book-to-bill quarter, closing the period at a new record orderbook of $2.4 billion. Orderbook growth continues to be enabled by our traction with our new product offerings like OmniTrack and investment in our software and services businesses. We remain focused on high-quality domestic opportunities while pursuing disciplined international expansion, and our momentum this quarter reflected strength both domestically and abroad.”
— Kevin G. Hostetler, Q1 2026 Earnings Press Release
ARRY Earnings Trends
ARRY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ARRY EPS Trend
Earnings per share: estimate vs actual
ARRY Revenue Trend
Quarterly revenue: estimate vs actual
ARRY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.05 | $0.06 | +218.34% | $223.4M | +10.79% |
| Q4 25 MISS FY | $0.00 | $-0.01 | -600.00% | $226.0M | +6.92% |
| FY Full Year | $0.67 | $0.67 | +0.45% | $1.28B | +1.16% |
| Q3 25 BEAT | $0.20 | $0.30 | +48.88% | $393.5M | +26.15% |
| Q2 25 BEAT | $0.20 | $0.25 | +27.88% | $362.2M | +25.41% |
| Q1 25 BEAT | $0.09 | $0.13 | +47.39% | $302.4M | +14.37% |