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Ormat Technologies (ORA) FY2025 results: revenue $990 million, up 12.5% on the year

Ormat Technologies, Inc. (ORA) reported revenue of $990 million for fiscal 2025, the year ended 31 December 2025, up 12.5% on the year before. Net income was $124 million, up 0.1%, and diluted earnings per share $2.02. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$990 million
+12.5% on the year
FY2018FY2025
Operating margin
17.1%
19.6% a year earlier
FY2018FY2025
Net income
$124 million
+0.1% on the year
FY2018FY2025
Diluted EPS
$2.02
-1.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new, 1 kept.

  • Full-year revenue rose 12.5%: Full-year 2025 total revenues were $989.6 million against $879.7 million. Fourth-quarter revenues were $276.0 million, against $230.7 million a year earlier.
  • Adjusted EBITDA rose 5.7% for year: Adjusted EBITDA was $582.0 million for 2025 against $550.5 million, and $158.7 million in the fourth quarter against $145.5 million.
  • Fourth-quarter net income fell: Q4 net income attributable to stockholders was $31.4 million, or $0.50 diluted per share, against $40.8 million and $0.67. The release ties the decline to impairment charges and tax rate.
  • Energy Storage revenue more than doubled: Energy Storage revenue was $79.0 million for 2025 against $37.7 million, and $26.3 million in the fourth quarter against $11.0 million.
  • Product backlog at $352 million: Product backlog was about $352 million at February 25, 2026, up from about $295 million at the time of the third-quarter release.
Read the Q4 FY2025 earnings call summary

From this 10-K

Ormat Technologies is a vertically integrated company mainly in the geothermal power business, and it also develops recovered energy generation, solar PV generation and battery energy storage. It reports three segments, Electricity, Product and Energy Storage.

Ormat Technologies, Inc., the 10-K for 2025

Ormat Technologies is a vertically integrated company mainly in the geothermal power business, and it also develops recovered energy generation, solar PV generation and battery energy storage. It reports three segments, Electricity, Product and Energy Storage.

Electricity

This segment develops, builds, owns and operates geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries, and sells the electricity they produce. It owns and operates 35 power plants and complexes with an aggregate generating capacity of 1,340MW, of which geothermal makes up 81.3%. Its U.S. geothermal plants are in California, Nevada and Utah, including the Heber, Ormesa and Mammoth complexes in California and the Steamboat, McGinness Hills and Dixie Valley plants in Nevada, and abroad it owns the Olkaria III complex in Kenya and plants in Guatemala, Honduras and Guadeloupe. Its recovered energy plants generate 50MW from residual heat from sources such as gas turbine-driven compressor stations. Its geothermal plants sell substantially all of their output under long-term power purchase agreements, most with fixed prices, and in 2025 they achieved a capacity factor of 84%. Since the beginning of 2025 it has added 115MW of geothermal and solar PV capacity, including the repowered Beowawe plant, its share of the Ijen geothermal facility in Indonesia, the Arrowleaf solar PV plant and an additional 20MW at Blue Mountain bought from Cyrq Energy.

Product

This segment designs, makes and sells power units for geothermal plants, which it calls OECs, and power units that generate electricity from recovered energy, and it provides engineering, procurement and construction of geothermal and recovered energy-based power plants. Its customers include contractors, developers, owners and operators of geothermal power plants. It also provides cementing services for well drilling to third parties.

Energy Storage

This segment owns and operates 19 grid-connected battery energy storage projects in the U.S. with an aggregate capacity of 415MW/1,038MWh, in California, Texas and the East Coast, mainly in the PJM market. It earns mainly from selling ancillary services in the merchant market and from tolling agreements and what it calls RA contracts. It is building 8 more storage projects with a total capacity of 410MW/1,540MWh in California, Texas and Israel, and in January 2026 it acquired a 30MW/120MWh storage system connected to a solar PV plant in Hawaii from Innergex Renewable Energy.

People

As of December 31, 2025 it employed 1,648 people, 531 in Israel, 797 in the U.S. and 320 in other countries, along with 70 temporary and contracted team members. Only its employees at the Bouillante plant in Guadeloupe and its battery and maintenance employees in Philadelphia are represented by labor unions.

From Ormat Technologies' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue990880829+12.5%
Cost of revenue717607565+18.1%
Gross profit273273264+0.0%
Gross margin27.6%31.0%31.8%
Research and development6.36.57.2-3.0%
Operating income169172167-1.9%
Operating margin17.1%19.6%20.1%
Interest expense14213498.9+5.8%
Pre-tax income106115139-8.3%
Income tax-20.3-16.36.0
Effective tax rate-19.2%-14.1%4.3%
Net income124124124+0.1%
Net margin12.5%14.1%15.0%
Diluted EPS$2.02$2.04$2.08-1.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow335411309-18.5%
Capital expenditure620488618+27.1%
Free cash flow-285-76.8-309
Free cash flow margin-28.8%-8.7%-37.3%
Cash from investing-726-780-628
Cash from financing466288380+61.8%
Depreciation and amortisation292263225+11.1%
Share-based compensation19.420.215.5-4.0%
Buybacksn/a0.00.0
Dividends paid29.129.128.4-0.1%
Dividend per share$0.48$0.48$0.480.0%
Diluted shares, weighted61m61m60m+0.9%
Shares outstanding at period end61m60m60m+0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,5442,4252,315+4.9%
Non-controlling interest137126126+8.8%
Redeemable equity10.49.410.6+10.1%
Deposits11.4n/an/a
Debt2,6612,3451,990+13.5%
Operating lease liabilities29.822.519.8+32.1%
Finance lease liabilities2.91.52.2+86.4%
Other liabilities851737745+15.4%
Total liabilities and equity6,2475,6665,208+10.2%
Fixed assets3,6733,5022,999+4.9%
Goodwill16815190.5+11.4%
Intangible assets275302308-9.0%
Cash and equivalents14794.4196+56.2%
Receivables165164209+0.4%
Inventory45.338.145.0+18.8%
Other assets1,7741,4151,362+25.3%
Total assets6,2475,6665,208+10.2%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.