Solaredge Technologies (SEDG) FY2025 results: revenue $1.2 billion, up 31.4% on the year
Solaredge Technologies, Inc. (SEDG) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, up 31.4% on the year before. Net income was -$405 million, and diluted earnings per share $-6.88. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$1.2 billion
+31.4% on the year
FY2018FY2025
Operating margin
-25.5%
-189.5% a year earlier
FY2018FY2025
Net income
-$405 million
FY2018FY2025
Diluted EPS
-$6.88
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
Fourth-quarter revenue slightly lower: Revenue was $335.4 million in the quarter, against $340.2 million in the third quarter.
Full-year revenue up 31%: Full-year 2025 revenue was $1.18 billion, up from $901.5 million in 2024, with non-GAAP revenue of $1.17 billion, up 30%.
Full-year gross margin turned positive: GAAP gross margin for 2025 was 16.6%, against negative 97.3% in 2024; non-GAAP gross margin was 16.7%, against negative 89.7%.
One-time currency charge in net loss: The quarter's GAAP net loss included a one-time, non-cash finance expense of $70.5 million, tied to the liquidation of a Korean subsidiary.
Quarter free cash flow positive: Free cash flow was $43.3 million in the quarter, against $22.8 million in the third quarter, after capital spending of $9.3 million.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
104
-313
-180
Capital expenditure
23.5
108
171
-78.3%
Free cash flow
80.8
-421
-351
Free cash flow margin
6.8%
-46.8%
-11.8%
Cash from investing
380
416
-269
-8.7%
Cash from financing
-349
-20.1
-12.0
Depreciation and amortisation
30.5
59.9
57.2
-49.0%
Share-based compensation
92.5
137
150
-32.6%
Buybacks
0.0
50.2
0.0
Diluted shares, weighted
59m
57m
57m
+3.3%
Shares outstanding at period end
60m
58m
57m
+4.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
427
658
2,412
-35.1%
Debt
332
676
627
-51.0%
Operating lease liabilities
36.6
30.0
45.1
+22.1%
Finance lease liabilities
18.6
39.2
41.9
-52.6%
Other liabilities
1,368
1,243
1,461
+10.1%
Total liabilities and equity
2,182
2,646
4,588
-17.5%
Fixed assets
269
343
615
-21.6%
Goodwill
50.1
48.4
43.0
+3.6%
Intangible assets
7.1
9.7
35.3
-26.2%
Investments
38.1
354
929
-89.2%
Cash and equivalents
455
275
338
+65.7%
Receivables
267
160
622
+66.7%
Inventory
553
646
1,443
-14.4%
Other assets
542
810
561
-33.1%
Total assets
2,182
2,646
4,588
-17.5%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.