Array Technologies (ARRY) financial statements
Array Technologies reported revenue of $1.3B in fiscal 2025, up 23.6% a year over 7 years.
Net income was -$52M and the operating margin -2.3%, against -21.0% in 2018.
Free cash flow was $80M.
The diluted share count rose 27% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Array Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $291M | $648M | $873M | $853M | $1.6B | $1.6B | $916M | $1.3B |
| Cost of revenue | $279M | $497M | $670M | $785M | $1.4B | $1.2B | $618M | $986M |
| Gross profit | $12M | $151M | $203M | $68M | $213M | $416M | $298M | $299M |
| Research and development | — | — | — | — | $4M | $8M | $7M | $10M |
| Selling, general and admin | $47M | $41M | $56M | $81M | $151M | $160M | $161M | $199M |
| Operating income | -$61M | $83M | $95M | -$25M | -$18M | $214M | -$227M | -$29M |
| Interest expense | $19M | $19M | $15M | $36M | $37M | $44M | $35M | $27M |
| Pre-tax income | -$81M | $65M | $78M | -$61M | -$5M | $177M | -$251M | -$29M |
| Income tax | -$20M | $25M | $19M | -$11M | -$9M | $40M | -$10M | $23M |
| Net income | -$61M | $40M | $59M | -$50M | $4M | $137M | -$240M | -$52M |
| EPS (diluted) | -$0.51 | $0.33 | $0.49 | -$0.51 | -$0.29 | $0.56 | -$1.95 | -$0.73 |
| Diluted shares | 120M | 120M | 122M | 130M | 150M | 152M | 152M | 153M |
| Gross margin | 4.0% | 23.3% | 23.2% | 8.0% | 13.0% | 26.4% | 32.5% | 23.2% |
| Operating margin | -21.0% | 12.9% | 10.9% | -2.9% | -1.1% | 13.6% | -24.8% | -2.3% |
| Net margin | -20.9% | 6.1% | 6.8% | -5.9% | 0.3% | 8.7% | -26.2% | -4.1% |
Balance sheet
Fiscal years, from Array Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $41M | $310M | $108M | $368M | $134M | $249M | $363M | $244M |
| Receivables | — | $96M | $119M | $236M | $421M | $332M | $276M | $272M |
| Inventory | — | $148M | $118M | $206M | $233M | $162M | $201M | $150M |
| Total current assets | — | $620M | $375M | $852M | $831M | $832M | $999M | $869M |
| Property, plant and equipment | — | $11M | $10M | $11M | $23M | $28M | $26M | $58M |
| Goodwill | — | $70M | $70M | $70M | $416M | $436M | $160M | $135M |
| Total assets | — | $924M | $656M | $1.1B | $1.7B | $1.7B | $1.4B | $1.5B |
| Total current liabilities | — | $591M | $289M | $245M | $465M | $336M | $438M | $377M |
| Long-term debt | — | $0 | $424M | $711M | $720M | $661M | $647M | $659M |
| Total liabilities | — | $618M | $737M | $975M | $1.3B | $1.1B | $1.1B | $1.2B |
| Shareholders' equity | — | $305M | -$81M | -$69M | $124M | $259M | -$118M | -$206M |
| Net debt | -$41M | -$254M | $320M | $348M | $625M | $433M | $314M | $425M |
Cash flow
Fiscal years, from Array Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12M | $386M | -$122M | -$263M | $141M | $232M | $154M | $102M |
| Capital spending | $6M | $2M | $1M | $15M | $11M | $17M | $7M | $22M |
| Free cash flow | -$18M | $384M | -$124M | -$279M | $131M | $215M | $147M | $80M |
| Stock-based compensation | $0 | $799,000 | $5M | $14M | $15M | $15M | $10M | $16M |
| Free cash flow margin | -6.2% | 59.3% | -14.2% | -32.6% | 8.0% | 13.6% | 16.0% | 6.2% |
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Open ARRY in InvestinglyQuestions
What was Array Technologies's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Array Technologies generate?
$80M in fiscal 2025 (operating cash flow minus capital spending).
From Array Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.