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Shoals Technologies Group (SHLS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Shoals Technologies Group (SHLS) Q3 2026 earnings results →
Q3 2026 Revenue up 44% year over year to $195M · 9¢ of every $1 of revenue kept as net profit · operating margin 14.8%
Shoals Technologies Group made $195M in Q3 2026 (+44% Y/Y): System solutions $150M, Components $44.9M. Operating margin 14.8%, net earnings $17.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
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What changed this quarter
Revenue was $195.3M in Q3 2026, up 44% year over year and up 20% from the previous quarter. System solutions was the largest line at 77% of revenue. System solutions added $40.0M year over year (up 36%), 67% of the total change.
Gross margin was 31.9%, down 5.1 points from Q3 2025. Operating profit was $29.0M, a 14.8% margin (up 1.1 points year over year). Of the extra revenue versus Q3 2025, 17% reached operating profit, above the 14% margin then. Operating expenses grew 6% against revenue growth of 44%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $17.9M, up 50% year over year. The effective tax rate was 25.8%.
Operating cash flow was $28.9M (up 49% year over year), 161% of net earnings. Non-cash charges added back $5.1M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items added $1.8M. Capital expenditures of $2.8M left free cash flow of $26.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $195M | +44% | 14.8% | $17.9M | $28.9M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $163M | +47% | 11.5% | $12.1M | $6.8M |
| Q1 2026 | 10-Q | May 5, 2026 | $141M | +75% | 5.5% | −$297K | −$41.4M |
| Q4 2025 | 10-K | Feb 24, 2026 | $148M | +39% | 11.7% | $8.1M | −$4.1M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $136M | +33% | 13.7% | $11.9M | $19.4M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $111M | +12% | 14.4% | $13.9M | −$13.8M |
| Q1 2025 | 10-Q | May 6, 2025 | $80.4M | -12% | 5.4% | −$282K | $15.6M |
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About Shoals Technologies Group
Unless the context otherwise requires or unless otherwise stated, references to “we,” “us,” “our,” “Shoals,” the “Corporation,” the “Company” and other similar references refer to Shoals Technologies Group, Inc., a Delaware corporation, and, unless otherwise stated, all of its consolidated subsidiaries. Shares of our Class A common stock trade on the Nasdaq Global Market under the symbol, “SHLS”. Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across solar photovoltaic (PV), BESS, and data center power systems. Our solutions also support original equipment manufacturers (“OEMs”).
In its own words, from its 10-K, filed Feb 24, 2026.
Shoals Technologies Group against its Semiconductors & Related Devices peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +44% against the peers' median +44%. Operating margin: 14.8% against the peers' median 40.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SHLS Shoals Technologies Group | Q3 2026 | $195M | +44% | 14.8% |
| NVDA NVIDIA | Q2 FY27 | $96.2B | +106% | 66.2% |
| MU Micron Technology | Q4 FY26 | $54.2B | +379% | 80.7% |
| AVGO Broadcom | Q3 FY26 | $29.6B | +86% | 53.9% |
| INTC Intel | Q3 2026 | $16.5B | +21% | 15.3% |
| AMD Advanced Micro Devices | Q3 2026 | $13.4B | +45% | 21.2% |
| AMAT Applied Materials | Q3 FY26 | $9.1B | +25% | 33.7% |
| TXN Texas Instruments | Q3 2026 | $6.1B | +28% | 47.5% |
| ADI Analog Devices | Q3 FY26 | $4.0B | +40% | 40.1% |
Source: Shoals Technologies Group 10-Q on SEC EDGAR · CIK 1831651 · Semiconductors & Related Devices
Guidance and outlook
13F: who owns SHLS and who is buying
More on SHLS
- How Shoals Technologies Group makes money: revenue by segment
- Shoals Technologies Group next earnings date and what analysts expect
- Shoals Technologies Group stock forecast, price target and fair value
- Who owns Shoals Technologies Group stock: holders, funds and Congress trades
- Shoals Technologies Group guidance and outlook
- Is Shoals Technologies Group a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Shoals Technologies Group guidance history: guided vs reported
- Shoals Technologies Group gross margin by quarter
- Shoals Technologies Group operating margin by quarter
- Shoals Technologies Group net income by quarter
- Shoals Technologies Group free cash flow by quarter
- Shoals Technologies Group capital expenditures by quarter
- Shoals Technologies Group System solutions revenue by quarter
- Shoals Technologies Group Components revenue by quarter