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Ormat Technologies

Ormat Technologies (ORA) Q4 2025 Earnings

Reported Feb 25, 2026 at 6:11 PM ET · SEC Source

Q4 25 EPS

$0.67

BEAT +4.67%

Est. $0.64

Q4 25 Revenue

$276.0M

BEAT +7.12%

Est. $257.7M

vs S&P Since Q4 25

-12.2%

TRAILING MARKET

ORA -2.7% vs S&P +9.5%

Full Year 2025 Results

FY 25 EPS

$2.24

FY 25 Revenue

$989.5M

Market Reaction

Did ORA Beat Earnings? Q4 2025 Results

Ormat Technologies delivered a broad-based beat in Q4 2025, with revenue climbing 19.6% year-over-year to $276.04 million, ahead of the $257.69 million consensus by 7.12%, while adjusted diluted EPS of $0.67 topped the $0.64 estimate by 4.67%. The st… Read more Ormat Technologies delivered a broad-based beat in Q4 2025, with revenue climbing 19.6% year-over-year to $276.04 million, ahead of the $257.69 million consensus by 7.12%, while adjusted diluted EPS of $0.67 topped the $0.64 estimate by 4.67%. The standout driver was the company's Energy Storage segment, which posted a 140.5% revenue surge to $26.34 million in the quarter as merchant pricing strength in the PJM market and new facilities including the Arrowleaf hybrid solar-plus-storage project pushed gross margins to 51.5% from just 9.5% a year ago. The results came despite headwinds from $12.06 million in impairment charges and a higher effective tax rate that weighed on GAAP net income, which fell 23.2% to $31.35 million. Looking ahead, Ormat guided 2026 total revenues of $1.11 billion to $1.16 billion with Adjusted EBITDA of $615 million to $645 million, supported by recently signed long-term power purchase agreements with Google and Switch, and a reaffirmed generating capacity target of 2.6 to 2.8 GW by end of 2028.

Key Takeaways

  • • Energy Storage segment more than doubled revenues, benefiting from higher merchant pricing in the PJM market
  • • Product segment revenues increased 59.1% in Q4 driven by timing of revenue recognition from manufacturing and construction progress
  • • Blue Mountain power plant acquisition and improved Dixie Valley performance drove Electricity segment Q4 growth
  • • Optimized portfolio mix between contracted and merchant revenues drove Energy Storage gross margin to 51.5% in Q4
  • • New facilities reaching commercial operation including Bottleneck, Montague, Lower Rio, and Arrowleaf
24/7 Wall St

ORA YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

ORA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“2025 marked a strong year for Ormat as we continued to execute on our long-term growth strategy and expand our portfolio. For the full year, revenue increased 12.5% to nearly $1.0 billion and Adjusted EBITDA improved 5.7%, driven primarily by higher contributions from our Energy Storage segment and improved performance from our Product segment. Our Energy Storage segment more than doubled revenues year-over-year, benefiting from higher merchant pricing in the PJM market and contributions from new facilities that reached commercial operation in 2024 and 2025. Importantly, the segment delivered strong margins in both the fourth quarter and full year, reflecting the success of our strategy to balance contracted revenues with merchant exposure to maximize profitability.”

— Doron Blachar, Q4 2025 Earnings Press Release

Back to ORA Stock Page