JinkoSolar Holding Co., Ltd. (JKS) Earnings
JinkoSolar Holding Co., Ltd. is expected to report next earnings on November 16, 2026 (in NaN days), with a consensus EPS estimate of $-1.64. JKS has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -105.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 26, 2026 | $-0.75 | $-2.53 | -237.3% | $1.8B | -16.0% |
| Apr 29, 2026 | $-1.84 | $-1.52 | +17.5% | $1.8B | -14.9% |
| Mar 25, 2026 | $-0.62 | $-1.77 | -185.9% | $2.9B | +5.2% |
| Nov 17, 2025 | $-2.01 | $-2.30 | -14.2% | $2.3B | -16.1% |
| Sep 26, 2025 | $-2.67 | $0.97 | +136.3% | $2.5B | -5.4% |
| Mar 26, 2025 | $-0.46 | $-1.01 | -119.6% | $1.9B | -37.5% |
| Oct 30, 2024 | $-0.80 | $0.29 | +136.3% | $3.5B | -2.3% |
| Aug 30, 2024 | $0.05 | $0.97 | +1840.0% | $3.3B | -15.4% |
| Mar 20, 2024 | $2.50 | $1.21 | -51.6% | $3.2B | -25.5% |
| Aug 14, 2023 | $1.65 | $3.52 | +113.3% | $4.2B | +6.2% |
| Apr 28, 2023 | $0.37 | $1.53 | +313.5% | $4.4B | +9.0% |
| Mar 10, 2023 | $1.45 | $1.50 | +3.4% | $3.4B | -10.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 26, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- **Strategic Shift & Leadership**: New CEO Jimmy Du emphasizes moving from scale-driven growth to 'effective supply' and earnings quality. The company is optimizing order books, geographic mix, and product mix to improve profitability. - **Product Technology**: Tiger Neo 3.0 modules command a premium of ~$0.01/W. Next-gen Tiger NEW 5.0 unveiled with 25.91% efficiency. By end-2026, >40 GW of TOPCON 3.0 capacity will be ready, meeting Level 1 energy efficiency standards under new Chinese regulations. - **Market Dynamics**: Domestic China demand slowed significantly (-30% to -40% YoY), while overseas markets (>70% of H1 shipments) remain resilient. Global market share is expected to normalize around 10-12% as the company sacrifices low-margin volume for quality. - **Investment Platform**: JKS operates an investment arm with ~RMB 1.86 billion invested in cash. Portfolio fair value is ~RMB 1.99 billion. Recent exits include Laplace Renewable Energy (cumulative gain >RMB 250 million). - **ESS Business**: Adopting an asset-light model focusing on solutions (PCS/EMS) rather than cell manufacturing. No major capacity expansion planned; key investments are in technical teams and marketing.
Guidance
- **Module Shipments**: Full-year 2026 guidance revised downward to 60-70 GW (from previous implicit higher targets), with high-efficiency products accounting for >60%. Q3 2026 shipment expected between 15-17 GW. - **ESS Shipments**: Full-year 2026 ESS shipments expected to more than double year-over-year. - **Capacity**: Annual integrated production capacity to reach ~100 GW by end-2026, including ~14 GW from overseas facilities. - **Financials**: Full-year operating cash flow expected to improve compared to 2025. Capex for next two years expected to be minimal (~$500M-$1B worldwide), focused only on maintenance/minor upgrades.
Segment performance
Total revenue was $1.82 billion, down 31% year-over-year and flat sequentially. Gross margin was 4.2%, a significant decline from 8.3% in Q1 2026 but an improvement from 2.9% in Q2 2025. Operating loss margin widened to 11.6% from 4.8% in Q1 due to lower ASPs and higher operating expenses (primarily expected credit losses). Cash and cash equivalents stood at $2.5 billion. Module shipments reached approximately 16 GW in Q2, with H1 total shipments at 32.9 GW. Energy Storage System (ESS) shipments were 3.1 GWh in H1, with ~1.5 GWh recognized as revenue.
Risks & headwinds
- **Policy & Trade Barriers**: Section 232 tariffs and potential import price floors in the US may increase module costs, though project ROI remains viable. EU and India also imposing barriers against Chinese-manufactured components. - **Credit Losses**: Higher expected credit losses contributed to increased operating expenses in Q2, though management states no specific customer defaults occurred, attributing it to accounting aging adjustments. - **Market Competition**: Intense competition from Tier 2/3 players using low-price strategies threatens margins. New national energy efficiency standards (Jan 2027) may phase out inefficient competitors but require significant R&D compliance. - **Demand Volatility**: Sharp drop in China domestic utility demand poses structural risks to overall market size.
Analyst Q&A
Q: How does the company balance shipment volumes vs. profitability, and why was the annual guidance lowered? /
A: Management prioritized profitability and cash flow over scale, citing a 30-40% drop in China's utility demand. They reduced exposure to competitive domestic markets and focused on premium regions like the US and Europe. The 60-70 GW target reflects this strategic shift away from volume wars toward higher-quality orders and better margins.
Q: What is the impact of Section 232 tariffs on US pricing and Jinko's JV? /
A: Tariffs are expected to raise US module prices, potentially to $0.42-$0.44/W, but project economics remain strong due to rising PPA rates. Jinko holds a minority stake in a US JV and does not control its operations. Management believes the policy supports reshoring and that inventory buffers will mitigate short-term disruptions.
Q: Why did gross margins compress in Q2 despite high-efficiency product sales? /
A: Margins fell due to lower average selling prices (ASP) across the board and elevated ramp-up costs for the new Tiger Neo 3.0 facility. Additionally, higher silver costs from Q1 carried into Q2. Management expects a moderate margin rebound in Q3 as capacity utilization improves and input costs stabilize.
Q: What is the strategy for the Energy Storage System (ESS) business? /
A: Jinko is pursuing an asset-light model, avoiding heavy battery cell manufacturing capex. Instead, they focus on integrating PCS, EMS, and smart O&M for specific scenarios like data centers (AIDC). With current cell/pack capacity sufficient, future investments target technical branding and solution development rather than hardware expansion.