Q4 25 EPS
$1.29
BEAT +32.00%
Est. $0.98
Q4 25 Revenue
$924.3M
BEAT +11.52%
Est. $828.8M
vs S&P Since Q4 25
+57.3%
BEATING MARKET
NXT +84.5% vs S&P +27.2%
Full Year 2025 Results
FY 25 EPS
$4.22
BEAT +9.01%
Est. $3.87
FY 25 Revenue
$2.96B
BEAT +3.21%
Est. $2.87B
Market Reaction
Did NXT Beat Earnings? Q4 2025 Results
Nextracker posted a standout fiscal fourth quarter, with revenue of $924.34 million climbing 25.5% year over year and adjusted diluted EPS of $1.29 beating the $0.98 consensus estimate by 31.63%, as the solar tracker maker demonstrated that its domes… Read more Nextracker posted a standout fiscal fourth quarter, with revenue of $924.34 million climbing 25.5% year over year and adjusted diluted EPS of $1.29 beating the $0.98 consensus estimate by 31.63%, as the solar tracker maker demonstrated that its domestic supply chain and expanding product portfolio can sustain momentum even amid a shifting policy backdrop. The key driver behind the earnings strength was adjusted gross margin expansion to 33.4% from 30.2% a year ago, a clean comparison that strips out the $121.00 million cumulative IRA 45X tax credit that had inflated year-ago GAAP results. Backlog climbed to well above $4.50 billion, and full-year adjusted free cash flow reached $621.87 million, leaving Nextracker with $766.10 million in cash and no debt. The company also announced the $78.00 million all-cash acquisition of Bentek Corporation, broadening its solar platform beyond trackers into electrical balance-of-systems infrastructure. For FY2026, management guided revenue of $3.20 billion to $3.40 billion and adjusted diluted EPS of $3.65 to $4.03, though some analysts continue to flag IRA policy uncertainty and tariff volatility as potential headwinds to that outlook.
Key Takeaways
- • 26% YoY revenue increase in Q4 FY25 to $924 million
- • Approximately $75 million of IRA 45X advanced manufacturing tax credit vendor rebates included in Q4 FY25 results
- • Strong bookings quarter with backlog increasing sequentially to significantly above $4.5 billion
- • Over 9 GW of Hail Pro-60 and Hail Pro-75 booked in FY25
- • More than 17 GW of XTR tracker series sold in FY25
- • Record TrueCapture bookings in FY25 with increasing attach rates
- • Foundations business exceeded bookings plan with over 1 GW booked in last two quarters of FY25
NXT YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“We had a fantastic year, exceeding our financial, technology, customer satisfaction, and market growth targets. We posted another strong bookings quarter with backlog again increasing sequentially, supported by robust demand around the globe. Our performance positions the company for further growth this year and enables continued investment in key strategic initiatives. We are also pleased to announce today the launch of our electrical balance-of-systems business with the acquisition of Bentek Corporation. As we continue to incorporate adjacent products and services around our core tracker technology, we are evolving Nextracker from a pure-play tracker supplier to a solar power platform company.”
— Dan Shugar, Q4 2025 Earnings Press Release
NXT Earnings Trends
NXT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NXT EPS Trend
Earnings per share: estimate vs actual
NXT Revenue Trend
Quarterly revenue: estimate vs actual
NXT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $0.93 | $1.05 | +13.49% | $880.5M | +6.11% |
| FY Full Year | — | $4.50 | — | $3.56B | — |
| Q3 26 BEAT | $0.94 | $1.10 | +17.07% | $909.4M | +11.62% |
| Q2 26 BEAT | $1.01 | $1.19 | +17.44% | $905.3M | +7.78% |
| Q1 26 BEAT | $1.03 | $1.16 | +12.56% | $864.3M | +2.19% |
| Q4 25 BEAT FY | $0.98 | $1.29 | +32.00% | $924.3M | +11.52% |
| FY Full Year | $3.87 | $4.22 | +9.01% | $2.96B | +3.21% |