Report published August 26, 2026
JinkoSolar (JKS): Goldman Sachs 2Q26 First Take – Revenue Miss & FY2026 Guidance Cut
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 26, 2026
- Analysis as of
- August 25, 2026
Authors / editors: Brian Lee, CFA, Tyler Bisset, CFA, Keshav Choudhary
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
JinkoSolar reported 2Q26 revenue of $1.82bn and GAAP EPS of ($1.94), missing consensus estimates despite module shipments beating at ~15.9GW. Management sharply lowered full-year 2026 shipment guidance to 60GW-70GW from 75GW-85GW, and Goldman Sachs reiterated its Sell rating with a $15 price target.
Key Takeaways
- 1.Management introduced 3Q26 module shipment guidance of 15GW-17GW (below GSe of 21.9GW) and cut FY2026 guidance to 60GW-70GW from 75GW-85GW (down 24% yoy at the midpoint).
- 2.2Q26 revenue of $1.82bn and GAAP EPS of ($1.94) missed consensus expectations ($2.19bn and -$0.81), while module shipments of ~15.9GW beat estimates.
- 3.Gross margin printed at 4.2%, well below Goldman Sachs' 7.9% estimate and down sequentially from 8.3% due to lower ASPs.
Table of Contents
- Disclosure Appendix
- Reg AC
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
Report data
GS Forecast and Valuation Summary Table — as of August 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 2Q26 Revenue | 1.82 USD Billion | Reported below Goldman Sachs estimate of $2.15bn and consensus of $2.19bn |
| 2Q26 Module Shipments | 15.9 GW | Above Goldman Sachs estimate of ~14.9GW and towards the high end of the 14GW-16GW guidance range |
| 2Q26 Gross Margin | 4.2% | Declined sequentially from 8.3% in 1Q26 and missed the GSe forecast of 7.9% |
| 2Q26 GAAP Diluted EPS | -1.94 USD | Reported below GSe/consensus of ($1.13)/($0.81) |
| FY2026 Module Shipment Guidance | 60-70 GW | Lowered from previous guidance of 75GW-85GW, representing a 24% yoy decline at the midpoint |
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Authors / Editors
Reported Data Context
- 2Q26 Revenue: 1.82 USD Billion (2Q26) · Source: FactSet
- 2Q26 Module Shipments: 15.9 GW (2Q26) · Source: Company data
- 2Q26 Gross Margin: 4.2 % (2Q26) · Source: Company data
- 2Q26 GAAP Diluted EPS: -1.94 USD (2Q26) · Source: FactSet
- FY2026 Module Shipment Guidance: 60-70 GW (FY2026) · Source: Company data
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