Array Technologies (ARRY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $342.1 million, up 53% sequentially but down year-over-year, with gross profit of $99.6 million and net income to common stockholders of $8.4 million.

• Adjusted EBITDA reached $63.3 million, up 119% sequentially, and adjusted net income was $37 million.

• Order book hit a record $2.5 billion, up 37% year-over-year, with over $500 million in new bookings and a trailing twelve-month book-to-bill of 1.5x.

• New products contributed about 50% of the order book, reflecting strong innovation and customer adoption.

• Announced pending acquisition of Affordable Wire Management (AWM), expected to close in Q3 2026, and completed APA Solar acquisition, expanding product portfolio.

Financial highlights

• Adjusted gross margin was 30.8%, up 300 bps year-over-year; gross margin improved to 29.1%.

• Adjusted EBITDA margin improved to 18.5% in Q2 2026.

• Free cash flow for Q2 2026 was $113.6 million; cash and cash equivalents at June 30, 2026 were $307.3 million.

• Net debt leverage improved to 2.1x trailing 12-month adjusted EBITDA; total liquidity exceeded $640 million.

• Adjusted EPS for Q2 2026 was $0.24, up from $0.06 in Q1 2026.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $1.4–$1.5 billion; Q3 expected at $310–$330 million.

• Adjusted gross margin guidance raised to 27–28% for FY26.

• Adjusted EBITDA guidance increased to $210–$230 million; adjusted EPS to $0.68–$0.75.

• Guidance excludes AWM acquisition impact; AWM expected to close in Q3 and be accretive to EPS in year one.

• Free cash flow conversion for 2026 expected at 20–25% of EBITDA, with some timing shift into Q1 2027.