Ormat Technologies (ORA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 10.2% YoY to $275.1M; Adjusted EBITDA increased 11.1% to a record $153.8M, led by Energy Storage.

• Nine-month revenue grew 31.4% to $937.8M and Adjusted EBITDA rose 16.4% to $492.6M; Product and Storage drove most revenue growth.

• FY26 guidance midpoints were raised; long-term plans target 2.6–2.8 GW capacity in 2028 and roughly double year-end 2025 capacity by 2030, excluding EGS.

Financial highlights

• Q3 gross profit rose 20.8% to $77.4M; net income attributable to stockholders was $31.9M, up 32.2%, and diluted EPS was $0.51.

• Q3 Adjusted net income was $34.8M and Adjusted diluted EPS was $0.56; nine-month figures were $146.1M and $2.34, respectively.

• Nine-month operating income rose 26.1% to $159.7M; net income attributable to stockholders was $103.1M and diluted EPS was $1.65.

• Nine-month operating cash flow was $228.9M; capital expenditures were $424.5M.

Outlook and guidance

• FY26 revenue guidance is $1.17B–$1.20B and Adjusted EBITDA guidance is $640M–$650M; both midpoints increased.

• FY26 segment revenue guidance: Electricity $700M–$710M, Product $310M–$320M, and Energy Storage $160M–$170M; ~$13M of Adjusted EBITDA is attributable to minority interest.

• 2028 run-rate targets are $1.225B–$1.275B revenue and $750M–$800M Adjusted EBITDA; 2030 targets are $1.5B–$1.6B and $1.0B–$1.1B, respectively.

• 2025–2030 capacity targets are +690–790 MW Electricity and +1,115–1,215 MW Storage; targets exclude EGS and depend on permits, resource confirmation, financing, construction and approvals.

• Remaining FY26 capex was estimated at $286.7M; Bouillante repowering is expected online in Q4 2026, with other listed project additions through 2028.