Filing Flows › Shoals Technologies Group (SHLS) › Q3 2026
Shoals Technologies Group (SHLS) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Shoals Technologies Group (SHLS) reported revenue of $195M for the third quarter 2026 (Q3 2026), +44% from a year earlier and +20% from the quarter before. Operating margin was 14.8%, net earnings $17.9M (9.1% of revenue).
Shoals Technologies Group, Q3 2026: revenue $195M (+44% year over year), operating margin 14.8%, net earnings $17.9M, operating cash flow $28.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $195M | +20% | +44% |
| Gross profit | $62.4M | +26% | +24% |
| Operating profit | $29.0M | +55% | +55% |
| Net earnings | $17.9M | +47% | +50% |
| Operating cash flow | $28.9M | +324% | +49% |
| Free cash flow | $26.0M | — | +190% |
What changed
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.
Questions
What was Shoals Technologies Group's revenue in the third quarter 2026?
Shoals Technologies Group (SHLS) reported revenue of $195M for the third quarter 2026 (Q3 2026), +44% from a year earlier and +20% from the quarter before.
Was Shoals Technologies Group profitable in the third quarter 2026?
Operating profit was $29.0M (14.8% of revenue) and net earnings $17.9M.