Filing Flows › Array Technologies (ARRY) › Q2 2026 › vs Q2 2025
Array Technologies (ARRY) Q2 2026 vs Q2 2025 (year over year)
Array Technologies's revenue fell $20.2M (-6%) from $362M in Q2 2025 to $342M in Q2 2026. The biggest changes: STI Operations −$48.6M (-69%); Array Legacy Operations +$28.4M (+10%). Gross margin 29.1% against 26.8% (+2.3 pts).
Array Technologies, Q2 2026: revenue $342M (-6% year over year), operating margin 10.2%, net earnings $24.3M, operating cash flow $121M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 29.1% | 26.8% | +2.3 pts |
| Operating margin | 10.2% | 12.8% | -2.6 pts |
| Net margin | 7.1% | 11.9% | -4.8 pts |
| Free cash flow margin | 33.2% | 10.3% | +23.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Array Legacy Operations | $320M | $292M | $28.4M | +10% |
| STI Operations | $21.8M | $70.4M | −$48.6M | -69% |
| Revenue | $342M | $362M | −$20.2M | -6% |
| Gross profit | $99.6M | $97.1M | $2.5M | +3% |
| Cost of revenue | $242M | $265M | −$22.7M | -9% |
| Operating profit | $34.8M | $46.4M | −$11.6M | -25% |
| Operating expenses | $64.8M | $50.7M | $14.1M | +28% |
| Pre-tax earnings | $31.7M | $56.9M | −$25.2M | -44% |
| Other expense, net | $3.0M | −$10.5M | $13.5M | — |
| Research & development | $5.0M | $2.5M | $2.5M | +100% |
| General & admin | $54.3M | $45.0M | $9.4M | +21% |
| Other operating costs | $5.5M | $3.3M | $2.2M | +67% |
| Net earnings | $24.3M | $43.3M | −$18.9M | -44% |
| Income tax | $7.4M | $13.6M | −$6.2M | -46% |
| Depreciation & amortization | $8.1M | $5.6M | $2.4M | +43% |
| Share-based compensation | $4.6M | $3.9M | $681K | +17% |
| Working capital & other | $84.3M | −$9.0M | $93.2M | — |
| Operating cash flow | $121M | $43.8M | $77.4M | +177% |
| Free cash flow (company-reported) | $114M | $37.2M | $76.4M | +205% |
| Purchase of property, plant and equipment | $7.6M | $6.6M | $1.0M | +15% |
Questions
How much did Array Technologies's revenue grow year over year in Q2 2026?
Array Technologies's revenue fell $20.2M (-6%) from $362M in Q2 2025 to $342M in Q2 2026.
What drove Array Technologies's revenue change in Q2 2026?
STI Operations −$48.6M (-69%); Array Legacy Operations +$28.4M (+10%).