Revenue growth remains volatile, down 5.6% YoY in 2026Q2 despite a record $2.5B backlog, while gross margin recovered to 29.1% from an 8.6% trough in 2025Q4, driving operating margin to +10.2%.
Array Technologies, Inc. (ARRY) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 1.19B | 1.28B | 915.81M | 1.58B | 1.64B | 853.32M | 872.66M | 647.9M | 290.78M |
| Revenue Growth % | 1.18% | 40.22% | -41.91% | -3.72% | 91.9% | -2.22% | 34.69% | 122.81% | - |
| Cost of Goods Sold | 897.4M | 985.59M | 618.13M | 1.16B | 1.42B | 785.02M | 669.86M | 497.14M | 279.23M |
| COGS % of Revenue | - | 76.75% | 67.5% | 73.64% | 87.01% | 92% | 76.76% | 76.73% | 96.03% |
| Gross Profit | 287.61M | 298.55M | 297.68M | 415.55M | 212.72M | 68.3M | 202.8M | 150.76M | 11.55M |
| Gross Margin % | 24.27% | 23.25% | 32.5% | 26.36% | 12.99% | 8% | 23.24% | 23.27% | 3.97% |
| Gross Profit Growth % | - | 0.29% | -28.37% | 95.35% | 211.44% | -66.32% | 34.52% | 1204.73% | - |
| Operating Expenses | 248.24M | 224.81M | 524.68M | 201.43M | 230.85M | 93.04M | 107.59M | 67.35M | 73.59M |
| OpEx % of Revenue | - | 17.51% | 57.29% | 12.78% | 14.1% | 10.9% | 12.33% | 10.4% | 25.31% |
| Selling, General & Admin | 214.44M | 198.61M | 160.57M | 159.53M | 150.78M | 80.97M | 55.63M | 41.21M | 46.88M |
| SG&A % of Revenue | - | 15.47% | 17.53% | 10.12% | 9.21% | 9.49% | 6.38% | 6.36% | 16.12% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 26.2M | 364.12M | 41.89M | 80.07M | 12.07M | 51.95M | 26.14M | -447K |
| Operating Income | 39.37M | 73.74M | -227M | 214.12M | -18.13M | -24.74M | 95.21M | 83.41M | -61.21M |
| Operating Margin % | 3.32% | 5.74% | -24.79% | 13.58% | -1.11% | -2.9% | 10.91% | 12.87% | -21.05% |
| Operating Income Growth % | - | 132.48% | -206.02% | 1280.85% | 26.71% | -125.99% | 14.15% | 236.28% | - |
| EBITDA | 98.27M | 121.03M | -174.23M | 268.95M | 82.93M | 1.21M | 122.69M | 110.72M | -32.8M |
| EBITDA Margin % | 8.29% | 9.43% | -19.02% | 17.06% | 5.06% | 0.14% | 14.06% | 17.09% | -11.28% |
| EBITDA Growth % | 161.36% | 169.47% | -164.78% | 224.33% | 6781.83% | -99.02% | 10.8% | 437.6% | - |
| D&A (Non-Cash Add-back) | 58.9M | 47.29M | 52.78M | 54.83M | 101.06M | 25.95M | 27.47M | 27.32M | 28.41M |
| EBIT | -54.74M | -1.89M | -215.75M | 221.39M | 31.74M | -25.44M | 121.65M | 83.38M | -61.65M |
| Net Interest Income | -12.36M | -15.48M | -18.05M | -35.9M | -33.51M | -35.48M | -15.13M | -18.8M | -19.04M |
| Interest Income | 9.52M | 11.85M | 16.78M | 8.33M | 3.18M | 209K | 0 | 0 | 0 |
| Interest Expense | 21.88M | 27.33M | 34.83M | 44.23M | 36.69M | 35.68M | 15.13M | 18.8M | 19.04M |
| Other Income/Expense | -112.9M | -102.96M | -23.57M | -36.97M | 13.18M | -36.38M | -17.43M | -18.83M | -19.49M |
| Pretax Income | -73.53M | -29.22M | -250.58M | 177.16M | -4.95M | -61.12M | 77.78M | 64.58M | -80.7M |
| Pretax Margin % | -6.2% | -2.28% | -27.36% | 11.24% | -0.3% | -7.16% | 8.91% | 9.97% | -27.75% |
| Income Tax | 12.37M | 23.02M | -10.18M | 39.92M | -9.38M | -10.72M | 18.7M | 24.83M | -19.93M |
| Effective Tax Rate % | -16.83% | -78.78% | 4.06% | 22.53% | 189.5% | 17.54% | 24.05% | 38.46% | 24.7% |
| Net Income | -85.9M | -52.23M | -240.39M | 137.24M | 4.43M | -50.4M | 59.07M | 39.74M | -60.76M |
| Net Margin % | -7.25% | -4.07% | -26.25% | 8.71% | 0.27% | -5.91% | 6.77% | 6.13% | -20.9% |
| Net Income Growth % | 58.75% | 78.27% | -275.16% | 2996.57% | 108.79% | -185.32% | 48.63% | 165.41% | - |
| Net Income (Continuing) | -85.9M | -52.23M | -240.39M | 137.24M | 4.43M | -50.4M | 59.07M | 39.74M | -60.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 498.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.55 | -0.73 | -1.95 | 0.56 | -0.29 | -0.51 | 0.47 | 0.31 | -0.48 |
| EPS Growth % | 43.92% | 62.56% | -448.21% | 293.1% | 43.14% | -208.51% | 51.61% | 164.58% | - |
| EPS (Basic) | - | -0.73 | -1.95 | 0.57 | -0.29 | -0.51 | 0.47 | 0.31 | -0.48 |
| Diluted Shares Outstanding | 155.69M | 152.54M | 151.75M | 152.02M | 149.82M | 129.98M | 126.99M | 126.99M | 126.99M |
| Basic Shares Outstanding | 153.87M | 152.54M | 151.75M | 150.94M | 149.82M | 129.98M | 126.99M | 126.99M | 126.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ARRY stock.
For fiscal year 2025, Array Technologies, Inc. (ARRY) reported total revenue of $1.28B. This represents a 341.6% increase compared to $290.8M in 2018.
Array Technologies, Inc. (ARRY) reported a net loss of $52.2M for the fiscal year ending 2025.
Array Technologies, Inc. (ARRY) reported an operating income of $73.7M, resulting in an operating profit margin of 5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Array Technologies, Inc. (ARRY) generated $298.6M in gross profit for the year, representing a gross profit margin of 23.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Grid interconnection delays
Metrics are mathematically derived from official filings.
Volatile Growth Amidst Record Backlog
Revenue growth swung from -59.3% in 2024Q1 to +70.0% in 2025Q3, with 2026Q2 down 5.6% YoY, despite a record $2.5B orderbook, per recent earnings reports.
The quarterly revenue pattern shows extreme lumpiness, typical of project-based tracker sales, but the 40.2% YoY growth in the latest quarter masks a sequential decline from 2025Q3's $393.5M peak. The record backlog suggests demand visibility, yet conversion appears constrained by external factors like interconnection delays, which may explain the uneven top-line. Investors should monitor whether the raised guidance of $310M-$330M for the next quarter can be sustained given the historical volatility.
Gross Margin Recovery from Steel Volatility
Gross margin rebounded to 29.1% in 2026Q2 from a trough of 8.6% in 2025Q4, reflecting improved steel cost pass-through and pricing power, as reported in financial statements.
The dramatic swing in gross margin from 8.6% to 29.1% within two quarters underscores the company's sensitivity to steel prices and fixed-price contract timing. The 2025Q4 collapse likely resulted from high-cost inventory and project mix, while the recovery suggests better procurement alignment. However, the 29.1% remains below the 33-36% levels seen in early 2024, indicating that structural margin expansion may be limited without a shift toward software or domestic content credits.
Operating Leverage Emerges in Recovery
Operating margin swung from -20.5% in 2025Q4 to +10.2% in 2026Q2, with SG&A relatively flat, indicating that revenue recovery is driving significant operating leverage, based on reported figures.
SG&A expenses have remained in the $45-57M range despite revenue fluctuating between $153M and $393M, demonstrating a high fixed-cost base. The 2026Q2 operating income of $34.8M on $342.1M revenue shows that incremental revenue flows through to operating profit once overhead is covered. This leverage cuts both ways: a demand downturn could quickly compress margins, as seen in 2025Q4, making the company's cost discipline critical.
Non-Cash Charges Distort Net Income
Net income swung from -$145.7M in 2025Q4 to +$24.3M in 2026Q2, with EPS of $0.05, but SBC of $4.6M and potential impairments suggest quality concerns, per SEC filings.
The 2025Q4 net loss of -$145.7M on a gross profit of $19.3M implies significant non-operating charges, likely impairments or write-downs, which are not recurring. The 2026Q2 net income of $24.3M appears more operational, but the modest EPS of $0.05 relative to revenue suggests a high share count or tax drag. Investors should scrutinize the sustainability of tax rates and any one-time items, as the negative ROE of -19.0% indicates ongoing balance sheet strain.
Steel and Logistics Dominate Cost Base
COGS as a percentage of revenue fell to 70.9% in 2026Q2 from 91.4% in 2025Q4, reflecting lower steel costs and freight normalization, as reported in quarterly results.
The cost structure is heavily variable, with COGS tracking revenue closely, but the 2025Q4 spike to 91.4% of revenue highlights the risk of fixed-price contracts during input cost surges. R&D is negligible, suggesting that innovation is embedded in SG&A or product design, while SG&A remains the primary fixed cost. Management's ability to manage steel procurement and logistics will be key to maintaining gross margins above 25%.
2025Q4: A Turning Point in Operations
The 2025Q4 quarter marked a trough with gross margin at 8.6% and a net loss of -$145.7M, followed by a sharp recovery in 2026, indicating a potential operational inflection, based on reported data.
The 2025Q4 results appear to have been a nadir, driven by a combination of low revenue, high costs, and likely one-time charges. The subsequent quarters show a clear recovery in margins and profitability, suggesting that the company may have reset its cost base or benefited from favorable steel pricing. This inflection appears to be continuing into 2026, but the sustainability depends on whether the record backlog can be converted at these improved margins.
Leverage and Backlog Conversion Risks
Despite the earnings beat, the reported Debt/Equity of 2.94% contradicts historical leverage, and the negative ROE of -19.0% suggests balance sheet strain, warranting scrutiny.
Short-sellers might argue that the record backlog of $2.5B has not translated into consistent revenue growth, with 2026Q2 revenue down 5.6% YoY, indicating potential project delays or cancellations. The unusually low Debt/Equity could be a data anomaly or a sign of aggressive deleveraging, but the negative net margin and ROE suggest that the company is not generating sufficient returns on equity. Additionally, the reliance on U.S. interconnection approvals creates a structural ceiling on growth, which the raised guidance may not fully address.