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SunPower (SPWR) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 21, 2026 · SunPower (SPWR) Q2 2026 earnings results →
Q2 2026 Revenue down 17% year over year to $54.9M · 13¢ of every $1 of revenue kept as net profit · operating margin -42.8%
SunPower made $54.9M in Q2 2026 (-17% Y/Y): Residential Solar Installation $28.7M, New Homes Business $13.5M, Dealer $12.7M. Operating margin -42.8%, net earnings $6.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 21, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $54.9M in Q2 2026, down 17% year over year and down 25% from the previous quarter. Residential Solar Installation was the largest line at 52% of revenue. New Homes Business lost $14.1M year over year (down 51%), 125% of the total change.
Gross margin was 45.5%, up 9.5 points from Q2 2025. Operating costs exceeded revenue by $23.5M, an operating margin of -42.8%. Operating expenses grew 48% against a revenue fall of 17%. The fastest-growing cost line was Other operating costs (+100%). Net earnings were $6.9M. The effective tax rate was 0.0%. Non-operating items added $30.4M, 440% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$26.5M. Non-cash charges added back $3.2M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items used $37.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 21, 2026 | $54.9M | -17% | -42.8% | $6.9M | −$26.5M |
| Q1 2026 | 10-Q | May 19, 2026 | $72.8M | -7% | -26.4% | $5.2M | −$25.7M |
| Q4 2025 | 10-K | Apr 14, 2026 | $91.0M | +3% | -13.9% | −$9.1M | −$2.1M |
| Q3 2025 | 10-Q | Dec 19, 2025 | $64.5M | 12× | -2.5% | −$13.7M | −$6.2M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $66.1M | 15× | -13.5% | −$27.3M | −$4.4M |
| Q1 2025 | 10-Q | May 19, 2025 | $78.4M | +681% | -4.8% | $4.8M | −$2.6M |
| Q4 2024 | 10-K | Apr 30, 2025 | $88.7M | +328% | -24.2% | $47.0M | −$25.6M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About SunPower
Our mission is to deliver energy-efficient solutions to homeowners and small to medium-sized businesses that allow them to lower their energy bills while reducing their carbon footprint. SunPower Inc. or SunPower, has created a unique, end-to-end offering that delivers a best-in-class customer experience with a robust technology platform, financing solutions, and high-performance solar equipment. SunPower Inc. (the “Company”) is the rebranded name of Complete Solaria, Inc. The rebranding was effective April 22, 2025 and became legally effective on October 16, 2025. We are headquartered in Orem, Utah.
In its own words, from its 10-K, filed Apr 14, 2026.
SunPower against its Construction - Special Trade Contractors peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -17% against the peers' median +13%. Operating margin: -42.8% against the peers' median 6.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SPWR SunPower | Q2 2026 | $54.9M | -17% | -42.8% |
| LGN Legence | Q2 2026 | $1.3B | +111% | -0.5% |
| RUN Sunrun | Q3 2026 | $1.1B | +52% | 14.0% |
| AMRC Ameresco | Q2 2026 | $515M | +9% | 8.6% |
| AGX Argan | Q2 FY27 | $384M | +62% | 14.8% |
| LMB Limbach Holdings | Q3 2026 | $230M | +25% | 6.5% |
| MTRX Matrix Service | Q1 FY27 | $219M | +4% | 2.0% |
| BBCP Concrete Pumping Holdings | Q3 FY26 | $117M | +13% | 12.9% |
| CETX Cemtrex | Q3 FY26 | $18.4M | +9% | -6.5% |
Source: SunPower 10-Q on SEC EDGAR · CIK 1838987 · Construction - Special Trade Contractors
13F: who owns SPWR and who is buying
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results