Ormat Technologies (ORA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Ormat Technologies published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Ormat Technologies reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Ormat reports in thousands of dollars; figures here are converted to millions.
• Nine-month 2026 results include a $34.4 million induced conversion expense tied to the 2031 convertible notes and a $9.6 million bargain purchase gain, both excluded from adjusted net income. Neither fell in Q3.

Source: Ormat Technologies Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Ormat Technologies splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Ormat Technologies's Electricity revenue was $164 million in Q3 2026, down 2% from $167 million in Q3 2025, 59% of total revenue.
• Ormat Technologies's Product revenue was $61.5 million in Q3 2026, down 1% from $62.2 million in Q3 2025, 22% of total revenue.
• Ormat Technologies's Energy storage revenue was $49.9 million in Q3 2026, up 145% from $20.4 million in Q3 2025, 18% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Ormat expects 2026 total revenues of between $1,170 million and $1,200 million.

In its Q3 2026 release, Ormat Technologies said:

“Electricity segment revenues between $700 million and $710 million.”

“Product segment revenues of between $310 million and $320 million.”

“Energy Storage revenues of between $160 million and $170 million.”

“Adjusted EBITDA is expected to be between $640 million and $650 million.”

Source: Ormat Technologies Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ORA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS attributable to Ormat's stockholders, each as first reported in that quarter's release. Q1 2026 included Product segment revenues of $177.4 million.

We do not hold a confirmed date for Ormat Technologies's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Ormat Technologies has three segments. Electricity, which sells power from its geothermal, recovered energy and solar plants, brought in $163.7 million of $275.1 million total revenues in Q3 2026, or 59.5%. Product, which designs, manufactures and sells equipment for geothermal and recovered energy power plants, brought in $61.5 million, and Energy Storage $49.9 million. (Ormat Technologies Q3 2026 release, Nov 4, 2026; Ormat Technologies Form 10-Q, Q3 2026, Nov 5, 2026; Ormat Technologies Form 10-K, 2025, Feb 26, 2026)

Energy Storage revenues rose 145.2%. Ormat said the high availability of its assets let it capture strong merchant pricing in the PJM market, and capacity added over the past 12 months also contributed. All Energy Storage revenue comes from the United States, much of it in merchant markets where price volatility is inherent, and Ormat is seeking more long-term tolling agreements to reduce that. (Ormat Technologies Q3 2026 release, Nov 4, 2026; Ormat Technologies Form 10-Q, Q3 2026, Nov 5, 2026)

Electricity revenues fell 2.1%, mainly because of lower generation at Puna after a hurricane-related forced outage, partly offset by the 10 MW Dominica geothermal plant starting commercial operation in July 2026 and better performance at Olkaria. U.S. Electricity revenues fell 6.1% to $111.1 million while foreign Electricity revenues rose 7.8% to $52.5 million. Product revenues fell 1.2% on the timing of manufacturing and construction progress; 90.9% of them came from outside the United States. (Ormat Technologies Q3 2026 release, Nov 4, 2026; Ormat Technologies Form 10-Q, Q3 2026, Nov 5, 2026)

Three customers each supplied more than 10% of Ormat's Q3 2026 total revenues: Southern California Public Power Authority 13.2%, Kenya Power and Lighting Co. 11.5%, and Sierra Pacific Power Company and Nevada Power Company 10.3%. (Ormat Technologies Form 10-Q, Q3 2026, Nov 5, 2026)

Ormat Technologies' GAAP diluted EPS was $0.51 in Q3 2026, against $0.39 a year earlier, on net income attributable to stockholders of $31.9 million. Its Adjusted diluted EPS of $0.56 adds back write-offs of unsuccessful exploration and storage activities ($0.03), merger and acquisition transaction costs ($0.02) and a small impairment. (Ormat Technologies Q3 2026 release, Nov 4, 2026)

Two items below operating income matter for Ormat. Income attributable to sale of tax benefits added $15.7 million in the quarter, and Ormat recorded an income tax benefit of $6.8 million. Interest expense, net rose to $44.2 million from $35.7 million. (Ormat Technologies Q3 2026 release, Nov 4, 2026)

Over nine months the gap between GAAP and adjusted results is wider: diluted EPS of $1.65 against Adjusted diluted EPS of $2.34, mainly because of a $0.55 per share induced conversion expense tied to the 2031 convertible notes. Diluted weighted-average shares were 62,165 thousand in Q3 2026, against 61,252 thousand. (Ormat Technologies Q3 2026 release, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Ormat Technologies gives full-year guidance in its release, by segment. For 2026 it expects total revenues of $1,170 million to $1,200 million: Electricity $700 million to $710 million, Product $310 million to $320 million and Energy Storage $160 million to $170 million. It expects Adjusted EBITDA of $640 million to $650 million, of which approximately $13.0 million is attributed to minority interest. It gives no net income guidance. (Ormat Technologies Q3 2026 release, Nov 4, 2026)

Ormat's longer-term target, set at its Investor Day, is to double its year-end 2025 capacity and reach annual revenue and Adjusted EBITDA run rates above $1.5 billion and $1 billion by the end of 2030, excluding any contribution from enhanced geothermal systems (EGS). (Ormat Technologies Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Ormat Technologies, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Ormat Technologies's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ORA is on is ORA a buy or a sell?, what analysts expect next is on the ORA forecast, and what the company does is on the Ormat Technologies (ORA) stock page.

Every number on this page can be traced to a document Ormat Technologies published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.