JinkoSolar (JKS) Q3 2025 earnings summary

Executive summary

• Global module shipments reached 61.9 GW in the first three quarters of 2025, maintaining the top global ranking, with cumulative shipments at 370 GW and Tiger Neo series surpassing 200 GW.

• Gross margin improved sequentially to 2.9% in Q2 and 7.3% in Q3 2025, with net loss narrowing over two consecutive quarters.

• Over 65% of Q3 2025 module shipments were to overseas markets, with U.S. shipments nearly doubling sequentially.

• Energy storage system (ESS) shipments exceeded 3.3 GWh in the first three quarters, with orderbook visibility for 2025 above 90% and profitability improving.

• MSCI ESG rating upgraded to A, the highest among mainstream PV companies.

Financial highlights

• Q3 2025 revenue was $2.27 billion, down 10% sequentially and 34% year-over-year, mainly due to lower module shipments and ASP declines.

• Q2 2025 revenue was $2.51 billion, up 30% sequentially but down 25% year-over-year.

• Q3 2025 gross margin: 7.3%, up from 2.9% in Q2 2025.

• Q3 2025 net loss attributable to shareholders: $105.3M, improved from $122.3M loss in Q2 2025; adjusted net loss: $52.4M, improved from $119.5M in Q2.

• Cash and equivalents at Q3 2025: $3.29B; net debt: $3.1B; total debt: $6.4B.

Outlook and guidance

• Full-year 2025 total shipments (modules, cells, wafers) expected between 85–100 GW; ESS shipments targeted at 6 GWh.

• Q4 2025 module shipments expected at the lower end of the 18–33 GW guidance range.

• High-power products expected to account for over 60% of total module shipments in 2026.

• Annual production capacity for mono wafer, cell, and module to reach 120 GW, 95 GW, and 130 GW, respectively, by end of 2025.

• Energy storage business expected to more than double in 2026, with revenue contribution rising to 10–15% and gross margin of 15–20%.