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Sep 26, 2025
NEXTracker Q2 2026 Earnings Report
Nextracker reported strong Q2 results with solid revenue growth and increased profitability.
Key Takeaways
Nextracker delivered robust Q2 FY26 financials, posting a 42% YoY revenue increase and strong net income, driven by record bookings and a growing global footprint.
Revenue reached $905 million, up from $636 million a year ago.
Adjusted EPS came in at $1.19, exceeding GAAP EPS of $0.97.
Record backlog exceeded $5 billion, reflecting strong demand.
Ended the quarter with $845 million in cash and no debt.
Forward Guidance
Nextracker raised its FY26 outlook across revenue, EPS, and EBITDA, citing strong market demand and a solid order backlog.
Positive Outlook
- Raised revenue guidance to $3.275–$3.475 billion.
- Adjusted EPS outlook increased to $4.04–$4.25.
- Adjusted EBITDA raised to $775–$815 million.
- Strong bookings and new multi-gigawatt supply agreements.
- Capital structure strengthened with $1B unsecured revolving credit facility.
Challenges Ahead
- Slight QoQ decline in GAAP net income from Q1 FY26.
- GAAP gross margin declined YoY to 32.4% from 35.4%.
- Adjusted gross margin dropped to 33.1% from 35.9% YoY.
- Ongoing dependence on IRA 45X credits.
- Potential future regulatory actions could affect project timelines.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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