Ormat Technologies, Inc. (ORA) Income Statement
ORA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsORA revenue and net income
Where ORA's revenue goes
2025Each bar shows an amount and its share of revenue. ORA kept 12.5% of revenue as net income.
ORA profit margins
ORA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.5% | +10.5% | +7.0% | +5.2% |
| Gross profit | +0.0% | +0.5% | −0.3% | +2.3% |
| Operating income | +6.0% | +6.1% | −3.1% | +1.1% |
| Net income | +0.1% | +23.5% | +7.7% | +0.4% |
| EPS (diluted) | +2.3% | +11.2% | +5.9% | +4.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ORA quarterly EPS vs estimates
Ormat Technologies beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.34).
ORA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $989.5M | $879.7M | $829.4M | $734.2M | $663.1M | $705.3M | $746.0M | $719.3M | $692.8M | $662.6M |
| Cost of revenue | $716.9M | $607.0M | $565.4M | $465.3M | $398.7M | $429.1M | $476.7M | $448.8M | $424.4M | $391.8M |
| Gross profit | $272.7M | $272.6M | $264.0M | $268.8M | $264.3M | $276.3M | $269.3M | $270.4M | $268.5M | $270.8M |
| Research & development | $6.3M | $6.5M | $7.2M | $5.1M | $4.1M | $5.4M | $4.6M | $4.2M | $3.2M | $2.8M |
| Sales, general & admin | $79.6M | $80.1M | $86.5M | $77.5M | $91.1M | $60.2M | $70.9M | $67.6M | $58.5M | $63.1M |
| Total operating expenses | $90.0M | $100.1M | $97.4M | $116.0M | $95.0M | $62.3M | $75.5M | $71.7M | $61.6M | $65.9M |
| Operating income | $182.7M | $172.5M | $166.6M | $152.8M | $169.4M | $214.0M | $193.8M | $185.1M | $205.0M | $201.9M |
| Interest income | $6.0M | $7.9M | $10.9M | $3.4M | $95.3M | $1.7M | $78.2M | $974,000 | $988,000 | $971,000 |
| Interest expense | $141.9M | $134.0M | $98.9M | $87.7M | $82.7M | $78.0M | $80.4M | $70.9M | $54.1M | $67.4M |
| Income before taxes | $106.7M | $115.0M | $139.1M | $92.5M | $100.9M | $168.7M | $137.3M | $137.2M | $170.7M | $141.1M |
| Income taxes | −$20.3M | −$16.3M | $6.0M | $14.7M | $24.9M | $67.0M | $45.6M | $34.7M | −$1.4M | $31.8M |
| Net income | $123.9M | $123.7M | $124.4M | $65.8M | $62.1M | $85.5M | $88.1M | $98.0M | $170.7M | $93.9M |
| EBITDA | $540.7M | $512.3M | $462.8M | $382.1M | $369.2M | $403.3M | $366.4M | $336.2M | $332.4M | $306.7M |
| EPS (diluted) | $2.24 | $2.19 | $2.05 | $1.63 | $1.38 | $1.68 | $1.45 | $1.53 | $2.98 | $2.28 |
| Gross margin | 27.6% | 31.0% | 31.8% | 36.6% | 39.9% | 39.2% | 36.1% | 37.6% | 38.7% | 40.9% |
| Operating margin | 18.5% | 19.6% | 20.1% | 20.8% | 25.5% | 30.3% | 26.0% | 25.7% | 29.6% | 30.5% |
| Net margin | 12.5% | 14.1% | 15.0% | 9.0% | 9.4% | 12.1% | 11.8% | 13.6% | 24.6% | 14.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $258.8M | $403.9M | $276.0M | $249.7M | $234.0M | $229.8M | $230.7M | $211.8M | $213.0M | $224.2M | $241.3M | $208.1M |
| Cost of revenue | $190.1M | $283.5M | $197.2M | $185.7M | $177.1M | $156.8M | $157.2M | $152.9M | $151.6M | $145.4M | $162.9M | $148.1M |
| Gross profit | $68.7M | $120.4M | $78.8M | $64.0M | $56.9M | $72.9M | $73.6M | $58.9M | $61.4M | $78.8M | $78.5M | $60.0M |
| Research & development | $1.5M | $1.1M | $1.0M | $1.3M | $1.4M | $2.5M | $1.4M | $1.8M | $1.7M | $1.6M | $2.5M | $1.4M |
| Sales, general & admin | $27.1M | $27.3M | $21.7M | $25.1M | $19.8M | $17.9M | $19.6M | $23.0M | $22.2M | $24.7M | $23.0M | $18.7M |
| Total operating expenses | $34.5M | $29.2M | $23.9M | $67.2M | $21.6M | $22.0M | $24.5M | $23.2M | $26.3M | $26.2M | $26.8M | $22.4M |
| Operating income | $34.2M | $91.2M | $54.9M | −$3.1M | $35.3M | $50.9M | $49.1M | $35.7M | $35.1M | $52.6M | $51.6M | $37.6M |
| Interest income | $7.1M | $1.4M | $1.1M | $1.6M | $1.9M | $1.3M | $1.4M | $2.1M | $2.6M | $1.8M | $2.4M | $2.8M |
| Interest expense | $43.9M | $45.0M | $35.0M | $35.7M | $36.7M | $34.5M | $34.5M | $34.8M | $33.7M | $31.0M | $25.8M | $25.1M |
| Income before taxes | $17.2M | $29.1M | $26.3M | $29.0M | $22.7M | $37.2M | $30.9M | $23.1M | $20.8M | $40.2M | $47.0M | $29.2M |
| Income taxes | −$8.9M | −$15.5M | −$6.7M | $4.3M | −$5.5M | −$3.8M | −$11.8M | −$1.2M | −$3.2M | −$147,000 | $8.2M | −$7.1M |
| Net income | $27.1M | $44.1M | $31.4M | $24.1M | $28.0M | $40.4M | $40.8M | $22.1M | $22.2M | $38.6M | $35.7M | $35.5M |
| EBITDA | $84.6M | $152.7M | $138.7M | $139.6M | $128.7M | $141.9M | $136.3M | $126.2M | $117.1M | $132.7M | $134.5M | $112.1M |
| EPS (diluted) | $0.50 | $1.30 | $0.67 | $0.41 | $0.48 | $0.68 | $0.72 | $0.42 | $0.40 | $0.65 | $0.67 | $0.47 |
| Gross margin | 26.5% | 29.8% | 28.6% | 25.6% | 24.3% | 31.7% | 31.9% | 27.8% | 28.8% | 35.2% | 32.5% | 28.8% |
| Operating margin | 13.2% | 22.6% | 19.9% | −1.3% | 15.1% | 22.2% | 21.3% | 16.8% | 16.5% | 23.5% | 21.4% | 18.1% |
| Net margin | 10.5% | 10.9% | 11.4% | 9.7% | 12.0% | 17.6% | 17.7% | 10.4% | 10.4% | 17.2% | 14.8% | 17.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ORA's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ORA financial results
In fiscal year 2025 (ended December 31, 2025), Ormat Technologies reported revenue of $989.5 million, up 12.5% from the year before. It had net income of $123.9 million (up 0.1%), a net profit margin of 12.5%. Diluted earnings per share came to $2.24. Over five years revenue grew at an average rate of 7.0% a year.
See the ORA stock overview for the latest quote and news, or the ORA chart for price history and technical indicators.
ORA income statement FAQ
What is Ormat Technologies's annual revenue?
Ormat Technologies reported total revenue of $989.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 12.5% from $879.7 million the previous year.
Is Ormat Technologies profitable?
Yes. Ormat Technologies reported net income of $123.9 million in fiscal 2025, a net profit margin of 12.5%; its operating margin was 18.5%.
What is Ormat Technologies's gross margin?
Ormat Technologies's gross margin was 27.6% in fiscal 2025: for every $100 of revenue, Ormat Technologies kept $28 after the direct cost of its products and services.
How much does Ormat Technologies spend on research and development?
Ormat Technologies spent $6.3 million on research and development in fiscal 2025, 0.6% of revenue.
How fast is Ormat Technologies growing?
Revenue grew 7.0% a year on average over the last five fiscal years, from $705.3 million to $989.5 million.
What are Ormat Technologies's earnings per share?
Ormat Technologies earned $2.24 per diluted share in fiscal 2025, compared with $2.19 a year earlier.
When will Ormat Technologies report its next earnings?
Ormat Technologies is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Ormat Technologies's fiscal year end?
Ormat Technologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.