Filing Flows › Shoals Technologies Group (SHLS) › Q4 2025
Shoals Technologies Group (SHLS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Shoals Technologies Group (SHLS) reported revenue of $148M for the fourth quarter 2025 (Q4 2025), +39% from a year earlier and +9% from the quarter before. Operating margin was 11.7%, net earnings $8.1M (5.5% of revenue).
Shoals Technologies Group, Q4 2025: revenue $148M (+39% year over year), operating margin 11.7%, net earnings $8.1M, operating cash flow −$4.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $148M | +9% | +39% |
| Gross profit | $46.9M | -7% | +17% |
| Operating profit | $17.4M | -7% | +6% |
| Net earnings | $8.1M | -32% | +4% |
| Operating cash flow | −$4.1M | -121% | — |
What changed
Revenue was $148.3M in Q4 2025, up 39% year over year and up 9% from the previous quarter. System solutions was the largest line at 82% of revenue.
Gross margin was 31.6%, down 5.9 points from a year earlier. Operating profit was $17.4M, a 11.7% margin (down 3.7 points year over year). Of the extra revenue versus a year earlier, 2% reached operating profit, below the 15% margin then. Operating expenses grew 25% against revenue growth of 39%. The fastest-growing cost line was General & admin (+27%). Net earnings were $8.1M, up 4% year over year. The effective tax rate was 40.5%.
Operating cash flow was −$4.1M. Non-cash charges added back $3.8M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $18.3M. Capital expenditures of $7.2M exceeded it, leaving free cash flow of −$11.3M.
Questions
What was Shoals Technologies Group's revenue in the fourth quarter 2025?
Shoals Technologies Group (SHLS) reported revenue of $148M for the fourth quarter 2025 (Q4 2025), +39% from a year earlier and +9% from the quarter before.
Was Shoals Technologies Group profitable in the fourth quarter 2025?
Operating profit was $17.4M (11.7% of revenue) and net earnings $8.1M.