JinkoSolar Holding Co., Ltd. (NYSE:JKS) reported first-quarter 2026 results on Wednesday, missing analyst expectations on both revenue and adjusted EPS, with shares trading lower following the announcement.
JinkoSolar Revenue, Margins And Earnings
Total revenue was 12.25 billion yuan ($1.78 billion), down 11.5% year over year and 30.0% sequentially, and below the $1.94 billion estimate. Adjusted EPS was a loss of $(1.52), missing the $(1.17) estimate.
Total module shipments were 13,679 MW, down 21.9% year over year and 45.2% sequentially.
Gross profit rose to 1.02 billion yuan ($147.7 million), compared with a gross loss a year earlier. Gross margin improved to 8.3% from negative 2.5%, driven by higher selling prices and better supply-demand balance.
The company reported a GAAP net loss attributable to shareholders of 463.5 million yuan ($67.2 million), compared with a loss of 1.32 billion yuan a year earlier. Adjusted net loss was 549.3 million yuan ($79.6 million).
Loss from operations narrowed to 588.2 million yuan from 2.87 billion yuan a year earlier, while operating margin improved to negative 4.8%.
Total operating expenses declined 36.0% year over year to 1.61 billion yuan.
Financial Impacts and Cost Pressures
Other financial impacts included a net exchange loss of 482.8 million yuan and a 354.7 million yuan loss on forward contracts.
The company also reported a gain of 124.4 million yuan from long-term investments.
Net interest expense rose 17.9% sequentially and 14.1% year over year to 270.7 million yuan due to higher interest-bearing debt.
Operational Performance and Product Mix
Operationally, JinkoSolar shipped approximately 13.7 GW of modules, with over 80% delivered to overseas markets, surpassing 400 GW in cumulative deliveries. Tiger Neo series shipments reached approximately 240 GW.
High-efficiency modules above 640 W accounted for nearly 25% of shipments. Energy storage system shipments increased significantly year over year to approximately 1.42 GWh.
JinkoSolar Balance Sheet and Outlook
On the balance sheet, cash, cash equivalents, and restricted cash totaled 22.81 billion yuan ($3.31 billion) as of March 31, 2026.
Inventories rose to 17.71 billion yuan from 14.48 billion yuan, and accounts receivable increased to 13.77 billion yuan.
Total interest-bearing debt stood at 47.27 billion yuan ($6.85 billion).
Chairman and CEO Xiande Li said, “While recent geopolitical disruptions have impacted key logistics lines and are temporarily putting pressure on our shipping costs and delivery schedules, they also highlight the critical importance of global energy security.”
“As a result, we are seeing growing demand from industrial, commercial, residential and utility customers for solar and storage solutions and we are further optimizing our production pipeline and geographic mix in response to these evolving market dynamics.”
For the second quarter, JinkoSolar expects module shipments of 14.0 GW to 16.0 GW. For full-year 2026, the company projects shipments of 75.0 GW to 85.0 GW.
It expects ESS shipments to more than double and plans a total capacity of about 100 GW.
JinkoSolar Price Action
JKS Price Action: JinkoSolar shares were down 3.78% at $21.50 at the time of publication on Wednesday, according to Benzinga Pro data.
Photo by Bilanol via Shutterstock
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