Q2 FY26 Revenues of $905 Million, Up 42% Year-over-Year Raises FY26 Revenue and Profitability Outlook
FREMONT, Calif., October 23, 2025 – Nextracker (Nasdaq: NXT), a leading solar technology platform provider, today announced financial results for the second quarter of fiscal year 2026, ended September 26, 2025.
Financial Summary (In millions, except per share)
Q2 FY26 | Q1 FY26 | Q2 FY25 | |
Revenue | $905 | $864 | $636 |
GAAP Gross Profit | $293 | $282 | $225 |
GAAP Gross Margin | 32.4% | 32.6% | 35.4% |
GAAP Net Income | $147 | $157 | $117 |
GAAP Net Income Margin | 16.2% | 18.2% | 18.5% |
GAAP Diluted EPS | $0.97 | $1.04 | $0.79 |
Adjusted Gross Profit | $300 | $285 | $228 |
Adjusted Gross Margin | 33.1% | 33.0% | 35.9% |
Adjusted EBITDA | $224 | $215 | $173 |
Adjusted EBITDA Margin | 24.7% | 24.9% | 27.2% |
Adjusted Net Income | $181 | $176 | $145 |
Adjusted Diluted EPS | $1.19 | $1.16 | $0.97 |
Q2 FY26, Q1 FY26, and Q2 FY25 results include approximately $67 million, $82 million, and $48 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates and tariffs, net.
Please refer to Nextracker’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K for more information and schedules III, IV and V attached to this press release for a reconciliation of non-GAAP to GAAP financial measures. Additional information can be found on the Investor Relations section of our website.
Second Quarter Fiscal Year 2026 Financial Highlights:
Revenue of $905 million, up 42% YoY
GAAP gross profit of $293 million, up 30% YoY and GAAP operating income of $181 million, up 36% YoY
Adjusted gross profit of $300 million, up 31% YoY and adjusted EBITDA of $224 million, up 29% YoY
Operating cash flow of $268 million YTD with $845 million of cash at the end of the quarter with no debt
Business Highlights:
Backlog grew to record level of over $5 billion
Launched our new NX PowerMerge™, electrical balance of systems (eBOS) trunk connector and achieved record quarterly eBOS bookings in Q2, the highest in Bentek’s 40-year company history
Acquired Origami Solar, launching our advanced module frame technology business, and signed a multi-gigawatt, multi-year supply agreement for advanced module frames
Achieved record bookings for our foundation solutions business and TrueCapture®, Nextracker’s proprietary energy yield management system, in Q2
Achieved record bookings in Europe in Q2
Entered into a joint venture agreement to form Nextracker Arabia with Abunayyan Holding in Saudi Arabia to help further expand our footprint in the Middle East and North Africa markets
“Nextracker delivered another strong quarter with robust financial performance amid accelerating global demand for our technology,” said Dan Shugar, founder and CEO of Nextracker. “Bookings for our tracker products remain healthy, leading to a record backlog of greater than $5 billion. The company has now shipped over 150 GW of our tracker systems since inception, and we remain highly focused on driving continued growth in our core business. We are also pleased to see early market traction across our newly acquired businesses, including our recently announced multi-gigawatt advanced module frame supply agreement, as well as record bookings for our foundation solutions and electrical balance of system (eBOS) solutions. Nextracker is executing at a high level and is well positioned to address rapidly expanding global power demand.”
“This quarter reflects the power of our financial discipline and balance sheet strength. We enhanced our capital structure with a $1 billion unsecured revolving credit facility at investment grade terms,” said Chuck Boynton, CFO of Nextracker. “With a strong cash position, no debt, and consistent free cash flow generation, we’re exceptionally well positioned to support our growth and strategic initiatives. Looking ahead, we’re excited to host our Capital Markets Day on November 12, where we will share more about the opportunities ahead.”
FY2026 Annual Outlook Raised FY26 revenue and profitability ranges
Updated Outlook | Previous Outlook | |
Revenue | $3.275 to $3.475 billion | $3.2 to $3.45 billion |
GAAP Net Income | $499 to $529 million | $496 to $543 million |
GAAP Diluted EPS | $3.26 to $3.46 | $3.24 to $3.55 |
Adjusted EBITDA | $775 to $815 million | $750 to $810 million |
Adjusted Diluted EPS | $4.04 to $4.25 | $3.96 to $4.27 |
Adjusted EBITDA range of $775 million to $815 million excludes approximately $142 million for stock-based compensation, acquisition related costs, and net intangible amortization.
Adjusted Diluted EPS range of $4.04 to $4.25 excludes approximately $0.78 for stock-based compensation, acquisition related costs, and net intangible amortization, net of impacts for tax.
Our outlook assumes the current U.S. policy environment remains intact, and in addition, that permitting processes and timelines will remain consistent with historical levels. The Company is closely monitoring potential regulatory actions, which could impact project timing, investment decisions and our financial results.
Q2 FY26 Earnings Call
October 23, 2025 2:00 p.m. PT / 5:00 p.m. ET Live webcast available on investors.nextracker.com
We encourage you to review our Q2 FY26 Shareholder Letter, which, along with this press release, is available on the Nextracker Investor Relations website and includes important information for Nextracker shareholders that supplements and expands on the information in this press release.
The webcast replay will be available on the Nextracker Investor Relations website following the conclusion of the event.
About Nextracker
Nextracker innovates and delivers a leading solar power technology platform with integrated tracker, electrical and mechanical solutions, and yield management and control systems for utility-scale and distributed generation projects. Our advanced technology enables solar power plants to follow the sun’s movement across the sky and optimize performance. With systems operating in more than 40 countries worldwide, Nextracker offers innovative solutions that accelerate solar power plant construction, increase energy output, and enhance long-term reliability. For more information, visit Nextracker.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the trends for energy demand and future solar adoption, the expected benefit and duration of our advanced module frame supply agreement, benefits of our recent acquisitions (including the benefits our customers may realize as a result of integrating these businesses into Nextracker’s), the demand for our products, (including our eBOS solutions and our other tracker products), our bookings and backlog, including our ability to convert our backlog into revenue, the anticipated benefits of our joint venture agreement, including the anticipated expansion of our operations in the Middle East and North Africa markets, our competitiveness and global market share, the impacts to our business caused by the U.S. policy environment, and Nextracker’s outlook for fiscal year 2026 and other periods. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are also described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextracker’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements.
Use of Adjusted Financial Information
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules III, IV and V attached to this press release, and can be found, along with other financial information including the Earnings Presentation, on the investor relations section of our website at investors.nextracker.com.
Channels for Disclosure of Information
Nextracker intends to announce material information to the public through the Nextracker Investor Relations website, investors.nextracker.com, SEC filings, press releases, public conference calls, and public webcasts. Nextracker uses these channels to communicate with its investors, customers, and the public about the company, its offerings, and other issues. As such, Nextracker encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.
Investor Contact: Sarah Lee Investor@nextracker.com
Media Contact: Brandy Lee Media@nextracker.com