JinkoSolar (JKS) Q4 2025 earnings summary

Executive summary

• Achieved 86 GW of module shipments in 2025, maintaining global leadership for the seventh consecutive year, with Q4 shipments at 24,204 MW.

• Set a new perovskite tandem cell efficiency record of 34.76% and held over 700 TOPCon patents.

• Energy storage system (ESS) shipments grew rapidly to 5.2 GW in 2025, with strong overseas expansion and BNEF Tier 1 recognition for eight consecutive quarters.

• Incurred a net loss for 2025, with Q4 net loss expanding due to higher raw material costs, FX fluctuations, and industry volatility.

• Became the first to deliver over 390 GW of solar modules cumulatively, with Tiger Neo series surpassing 220 GW.

Financial highlights

• Q4 2025 revenue was $2.5 billion (RMB17.51 billion), up 8.3% sequentially but down 15.2% year-over-year.

• Q4 2025 gross margin was 0.3%, down from 7.3% in Q3; full year 2025 gross margin was 2.2%, down from 10.9% in 2024.

• Full year 2025 revenue was $9.37 billion (RMB65.50 billion), down 29% year-over-year; gross profit was $201.7 million, down 86% year-over-year.

• Q4 2025 net loss attributable to shareholders was $214.5 million (RMB1.50 billion); adjusted net loss was $119.8 million (RMB837.7 million).

• Cash and equivalents at year-end were $3.28 billion (RMB22.94 billion); total debt increased to $6.72 billion (RMB47.01 billion).

Outlook and guidance

• 2026 annual integrated production capacity expected to reach ~100 GW, including 14 GW overseas.

• Module shipment guidance: 13–14 GW for Q1 2026, 75–85 GW for full year 2026.

• ESS shipments expected to more than double in 2026, with signed and high-potential orders exceeding 10 GWh.

• High-efficiency products (640W+) expected to exceed 60% of shipments in 2026.

• U.S. shipments expected to be 5–10% of total in 2026.