JinkoSolar (JKSN) Q3 2026 Earnings Report
MX:JKSN Q3 2026 EPS Results
- Actual EPS
- -MXN 13.11
- Consensus EPS
- -MXN 39.63
- Beat/Miss
- Beat by +MXN 26.51
- One Year Ago EPS
- -MXN 19.87
MX:JKSN Q3 2026 Revenue Results
- Actual Revenue
- MXN 37.54B
- Expected Revenue
- MXN 45.34B
- Beat/Miss
- Missed by -MXN 7.80B
- YoY Revenue Growth
- -10.52%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
JinkoSolar's next earnings date is estimated for March 5, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by a sharp recovery in gross margin, substantially narrower losses, sequential revenue growth, improving cash flow, strong high-efficiency product adoption, first-time quarterly operating profitability in energy storage, and gains from the strategic investment portfolio. These positives were tempered by a 15.7% year-over-year revenue decline, increased net debt, higher inventory turnover days, delayed energy storage revenue recognition, and expected fourth-quarter margin pressure from China mix, logistics costs, energy prices, and certain material costs.
Management expects module shipments of between 16 gigawatts and 18 gigawatts in fourth quarter, energy storage system shipments POD of approximately 10 gigawatt hour for full year 2026, and approximately 40 gigawatts of high-efficiency capacity that meet level 1 national energy efficiency requirements by the end of 2026; Tiger Neo 5 production and shipments are planned to gradually ramp up over the next 2 years, ASP is expected to be stabilized, and the current profit margin and the price is not sustainable and need to have kind of the recover -- recovery next year. High energy price could last for a few quarters, while second half year or next year it is expected to get back to normal status; 2026 storage revenue recognition is roughly 6 to 7 gigawatts, with roughly 7 gigawatt hours delayed to next year, and the fourth quarter should roughly be, I think, 3. Tiger Neo 3 shipments are expected to be roughly 40% in Q4 versus roughly 30% in Q3, while Q4 gross margin faces some pressure and headwinds from relatively more shipments to China; full year operating cash flow is expected to improve compared to last year.
- Significant Gross Margin RecoveryThird-quarter gross margin was 12.3%, up 8.1 percentage points sequentially from 4.2% and up 5 percentage points year-over-year from 7.3%. The improvement was driven by cost optimization in high-efficiency production lines, a higher share of high-efficiency product shipments, and increased contribution from higher-margin energy storage revenue.
- Substantial Narrowing of Net LossesNet loss attributable to ordinary shareholders narrowed to $25.4 million in the third quarter from $103 million in the second quarter of 2026 and $105 million in the third quarter of 2025. Adjusted net loss narrowed to $1.2 million from $134 million sequentially and $57.5 million year-over-year.
- Improved Operating PerformanceLoss from operations narrowed to $11.9 million, while operating loss margin improved to 0.6% from 11.6% in the second quarter of 2026 and 8.7% in the third quarter of 2025.
- Revenue Increased SequentiallyTotal revenue was $2.03 billion, up 10.2% sequentially. The increase was mainly attributable to growth in energy storage system revenue and an increase in the average selling price of solar modules.
- Lower Operating ExpensesTotal operating expenses were $261.2 million, down 10.2% sequentially and 32.3% year-over-year. Operating expenses represented 12.9% of revenue, compared with 15.8% in the second quarter of 2026 and 16.0% in the comparable prior-year period.
- Strong Module Shipments and Overseas MixModule shipments reached 15 gigawatts in the third quarter. Overseas markets accounted for around 70% of total shipments, reflecting continued expansion in high-value overseas markets.
- Tiger Neo 3 Adoption and Premium PricingTiger Neo 3 shipments exceeded 5 gigawatts during the quarter and commanded a premium of approximately USD 0.01 per watt over conventional modules. Production costs for Tiger Neo 3 continued to improve as capacity ramped up.
- Next-Generation Tiger Neo 5 LaunchThe company launched the next-generation Tiger Neo 5 all-black premium residential module based on its TAC technology platform, with power output of up to 510 watts and module efficiency of up to 25.52%. The company plans to gradually ramp production and shipments over the next 2 years in line with market demand and industry conditions.
- Energy Storage Business Reached ProfitabilityEnergy storage sales volume and profit both grew in the third quarter. Approximately 1.75 gigawatt-hours of energy storage shipments were recognized as revenue, matching the total recognized for all of 2025, and the business generated positive quarterly operating profit for the first time.
- Energy Storage Growth and Data Center OpportunitiesThe company is advancing applications for its proprietary BESS products and exploring emerging scenarios such as data centers. It plans to optimize geographic and order book mix and deepen solar-storage synergies across customer resources, sales channels, and technical services.
- Fourth-Quarter and Full-Year Shipment TargetsManagement expects fourth-quarter module shipments of between 16 gigawatts and 18 gigawatts. For full-year 2026, it expects energy storage system shipments of approximately 10 gigawatt-hours.
- Expansion of High-Efficiency CapacityBy the end of 2026, the company expects to have approximately 40 gigawatts of high-efficiency capacity meeting Level 1 national energy efficiency requirements.
- Positive Operating Cash Flow and Cash ManagementOperating cash flow was approximately $91 million for the first nine months of 2026. Management said it expects full-year operating cash flow to improve compared with last year and that it will continue optimizing cash flow management.
- Improved Liquidity and Receivables TurnoverCash, cash equivalents, and restricted cash totaled $2.32 billion at the end of the third quarter, up from $2.1 billion at the end of the second quarter. Accounts receivable turnover days improved to 103 days from 113 days.
- Strategic Investment Activity ContinuedThe company continued investing in semiconductors, AI, energy storage, and other frontier technologies, with total and follow-on investments of approximately RMB 330 million in the third quarter, including approximately RMB 254 million from the company's own capital.
- Strategic Portfolio ProgressSiliconFlow completed the second tranche of its Series B+ financing round and its Series C financing round in September 2026. StepFun launched its STEPX terminal brand and related AI terminal products in July, and Adaspace Technology passed the listing hearing of the Hong Kong Stock Exchange.
- Strategic Portfolio Gains and Cash ProceedsThe fair value of the strategic investment portfolio was approximately RMB 2.05 billion at the end of the third quarter. During the first nine months of 2026, the portfolio generated approximately RMB 327 million of gains, comprising approximately RMB 82 million of realized gains and approximately RMB 244 million of unrealized fair value gains. Portfolio exits generated approximately RMB 386 million in cash proceeds.
- Successful LAPLACE ExitThe company completed the exit from its remaining equity interest in LAPLACE during the third quarter, generating additional cash proceeds of approximately RMB 38.7 million. The initial investment was approximately RMB 65 million and generated cumulative gains of approximately RMB 357 million.
- Continued Strategic Investment FocusManagement said it will remain selective in pursuing investment opportunities, balance new investments against exits based on operating performance and value realization paths, and focus future capital allocation on strategic investments spanning traditional solar and storage-related opportunities as well as broader high-tech sectors.
- Core Strategic PrioritiesThe company identified technical innovation, globalization, and AI transformation as its three core pillars, while continuing to focus on its core solar and energy storage businesses and exploring opportunities in AI, advanced materials, commercial space, and other frontier technologies.
MX:JKSN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 05, 2027 | 2026 (Q4) | -22.60- | -44.72 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | -39.63-13.11 | -19.87 | 34.02% (+6.76) | |
| Aug 26, 2026 | 2026 (Q2) | -15.13-48.16 | -31.43 | -53.21% (-16.72) | |
| Apr 29, 2026 | 2026 (Q1) | -301.31-6.18 | -71.68 | 91.38% (+65.50) | |
| Apr 16, 2026 | 2025 (Q4) | -35.53-29.31 | -71.68 | 59.10% (+42.36) | |
| Nov 17, 2025 | 2025 (Q3) | -40.08-19.87 | 1.44 | -1483.46% (-21.31) | |
| Aug 27, 2025 | 2025 (Q2) | -65.11-27.99 | 4.92 | -668.98% (-32.91) | |
| Apr 29, 2025 | 2025 (Q1) | -19.80-71.68 | 23.58 | -403.98% (-95.26) | |
| Mar 26, 2025 | 2024 (Q4) | -8.42-20.63 | 24.38 | -184.61% (-45.00) | |
| Oct 30, 2024 | 2024 (Q3) | -14.391.44 | 67.67 | -97.88% (-66.23) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
