Net sales for Q2 2026 were $1.06 billion, down 3.7–4% year-over-year due to lower revenue from contract terminations, partially offset by higher module sales volume.
Gross margin rose to 57–57.3%, up 11.7–12 percentage points year-over-year, driven by IEEPA tariff refunds, Section 45X credits, and lower logistics costs.
Net income for Q2 2026 was $423 million ($3.92 per diluted share), up 23–24% year-over-year.
Achieved record second-quarter and first-half sales volume, with cumulative module sales surpassing 100 GW globally.
Contracted sales backlog stood at 45.1 GW as of June 30, 2026, valued at $13.6 billion and extending through 2030.
Q2 2026 net sales: $1.06 billion (down 3.7–4% year-over-year); gross margin: 57–57.3% (up 11.7–12 percentage points year-over-year).
Net income: $423 million (up 23–24% year-over-year); adjusted EBITDA: $644 million (61% margin); operating income: $450 million (42.6% margin).
Net cash balance was $1.7 billion as of June 30, 2026, within the targeted long-term range.
Operating expenses for Q2 2026 were $155 million, including $76 million for R&D.
Six-month net sales were $2.10 billion (up 8.2% year-over-year); six-month net income was $769.2 million.
Full-year 2026 guidance reaffirmed: net sales $4.9–$5.2 billion, gross profit $2.4–$2.6 billion, operating expenses $610–$635 million, adjusted EBITDA $2.6–$2.8 billion, capital expenditures $0.8–$1.0 billion, net cash $1.7–$2.3 billion.
Volume sold expected at 17.0–18.2 GW; Q3 2026 module sales expected between 3.9–4.5 GW, with adjusted EBITDA of $625–$775 million.
Guidance assumes current U.S. policy environment and consistent permitting processes.
Management expects continued benefit from Section 45X credits through 2032, with phase-down starting in 2030.
Priorities remain on disciplined execution, technology advancement, prudent capital management, and financial flexibility.
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