Filing Flows › Ormat Technologies (ORA) › Q4 2025
Ormat Technologies (ORA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Ormat Technologies (ORA) reported revenue of $276M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +11% from the quarter before. Operating margin was 15.4%, net earnings $31.4M (11.4% of revenue).
Ormat Technologies, Q4 2025: revenue $276M (+20% year over year), operating margin 15.4%, net earnings $31.4M, operating cash flow $105M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $276M | +11% | +20% |
| Gross profit | $78.8M | +23% | +7% |
| Operating profit | $42.6M | +5% | -13% |
| Net earnings | $31.4M | +30% | -23% |
| Operating cash flow | $105M | +133% | -34% |
What changed
Revenue was $276.0M in Q4 2025, up 20% year over year and up 11% from the previous quarter. Electricity was the largest line at 68% of revenue.
Gross margin was 28.6%, down 3.3 points from a year earlier. Operating profit was $42.6M, a 15.4% margin (down 5.9 points year over year). Operating profit fell $6.5M even though revenue rose $45.3M versus a year earlier, so costs grew faster than sales. Operating expenses grew 48% against revenue growth of 20%. Net earnings were $31.4M, down 23% year over year. The effective tax rate was -25.7%.
Operating cash flow was $105.0M (down 34% year over year), 318% of net income including minority interests. Non-cash charges added back $77.3M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $10.3M. Capital expenditures of $145.1M exceeded it, leaving free cash flow of −$40.0M.
Questions
What was Ormat Technologies' revenue in the fourth quarter 2025?
Ormat Technologies (ORA) reported revenue of $276M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +11% from the quarter before.
Was Ormat Technologies profitable in the fourth quarter 2025?
Operating profit was $42.6M (15.4% of revenue) and net earnings $31.4M.
Source: Ormat Technologies 10-K on SEC EDGAR.