Shoals Technologies Group (SHLS) Q3 FY2026 earnings: revenue $195 million, up 43.8% on the year

Shoals Technologies Group, Inc. (SHLS) reported revenue of $195 million for Q3 FY2026, the quarter ended 30 September 2026, up 43.8% on the same quarter a year earlier. Net income was $18 million, up 50.4% on the year, and diluted earnings per share $0.11. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$195 million

+43.8% on the year · +19.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

14.8%

13.7% a year earlier

Q4 FY2024Q3 FY2026

Net income

$18 million

+50.4% on the year · +47.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.11

+57.1% on the year · +57.1% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 1 lowered, 2 new, 1 kept.

Revenue rose 43.8% year over year: Revenue was $195.3 million against $135.8 million. Management cited underlying product demand, market share capture initiatives and a higher volume of projects.
Adjusted EBITDA rose on productivity: Adjusted EBITDA was $39.8 million against $32.2 million, and Adjusted Diluted EPS was $0.14 against $0.13. Management credited productivity gains for revenue and Adjusted EBITDA landing above the expected range.
Gross margin fell to 31.9%: Gross profit was $62.4 million, or 31.9% of revenue, against 37.0% a year earlier. Management cited facility ramp-up, product mix, quality rework and incremental lease amortization.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	195	163	136	+19.5%	+43.8%
Cost of revenue	133	114	85.6	+16.7%	+55.4%
Gross profit	62.4	49.5	50.3	+26.0%	+24.2%
Gross margin	31.9%	30.3%	37.0%
Operating income	29.0	18.7	18.7	+54.7%	+55.1%
Operating margin	14.8%	11.5%	13.7%
Interest expense	3.9	3.5	2.8	+12.1%	+37.5%
Income tax	6.2	3.4	4.0	+85.2%	+55.8%
Net income	17.9	12.1	11.9	+47.2%	+50.4%
Net margin	9.1%	7.4%	8.7%
Diluted EPS	$0.11	$0.07	$0.07	+57.1%	+57.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	28.9	6.8	19.4	+323.8%	+48.6%
Capital expenditure	2.8	7.0	10.4	-59.5%	-72.8%
Free cash flow	26.0	-0.2	9.0		+190.1%
Free cash flow margin	13.3%	-0.1%	6.6%
Cash from investing	-2.8	-7.0	-10.4
Cash from financing	-34.1	14.1	-5.1
Depreciation and amortisation	2.4	2.3	2.2	+3.8%	+12.5%
Share-based compensation	4.1	4.4	2.4	-6.8%	+70.8%
Buybacks	n/a	n/a	0.0
Diluted shares, weighted	170m	170m	169m	+0.1%	+0.8%
Shares outstanding at period end	168m	168m	167m	+0.1%	+0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	638	617	590	+3.4%	+8.2%
Debt	164	197	127	-16.8%	+29.2%
Operating lease liabilities	36.4	37.1	39.5	-1.8%	-7.9%
Other liabilities	140	166	95.9	-15.3%	+46.4%
Total liabilities and equity	979	1,017	852	-3.8%	+14.9%
Fixed assets	62.7	63.3	49.2	-0.9%	+27.4%
Goodwill	69.9	69.9	69.9	0.0%	0.0%
Intangible assets	27.8	29.7	35.4	-6.4%	-21.4%
Cash and equivalents	7.7	15.7	8.6	-51.2%	-10.7%
Receivables	160	135	117	+18.5%	+36.1%
Inventory	148	185	60.4	-19.7%	+145.8%
Other assets	502	519	511	-3.1%	-1.7%
Total assets	979	1,017	852	-3.8%	+14.9%

Questions

What was Shoals Technologies Group's revenue in Q3 FY2026?

Shoals Technologies Group (SHLS) reported revenue of $195 million for Q3 FY2026, the quarter ended 30 September 2026, up 43.8% on the same quarter a year earlier.

How much did Shoals Technologies Group earn in Q3 FY2026?

Net income for Q3 FY2026 was $18 million, up 50.4% on the year, and diluted earnings per share $0.11.

When did Shoals Technologies Group report Q3 FY2026 results?

Shoals Technologies Group filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	48.0	68.0	73.5	90.8	94.7	105	119	134	130	90.8	99.2	102	107	80.4	111	136	148	141	163	195
Cost of revenue	32.1	41.7	44.9	54.8	54.3	56.8	68.7	120	75.1	54.3	59.3	76.8	66.8	52.2	69.6	85.6	101	99.5	114	133
Gross profit	15.9	26.3	28.6	36.0	40.4	48.3	50.5	14.2	55.4	36.5	40.0	25.4	40.2	28.1	41.2	50.3	46.9	41.0	49.5	62.4
Gross margin	33%	39%	39%	40%	43%	46%	42%	11%	42%	40%	40%	25%	38%	35%	37%	37%	32%	29%	30%	32%
Operating income	2.7	10.0	13.0	20.0	23.4	26.1	31.6	-10.6	31.9	11.6	18.6	4.5	16.5	4.3	16.0	18.7	17.4	7.7	18.7	29.0
Operating margin	6%	15%	18%	22%	25%	25%	27%	-8%	24%	13%	19%	4%	15%	5%	14%	14%	12%	5%	11%	15%
Interest expense	3.6	3.8	4.2	4.8	5.8	6.0	6.5	5.9	5.7	4.4	3.1	3.1	3.3	2.4	2.2	2.8	2.5	2.9	3.5	3.9
Net income	-1.8	2.6	4.4	8.0	113	14.3	18.9	-9.8	16.6	4.8	11.8	-0.3	7.8	-0.3	13.9	11.9	8.1	-0.3	12.1	17.9
Net margin	-4%	4%	6%	9%	119%	14%	16%	-7%	13%	5%	12%	-0%	7%	-0%	12%	9%	5%	-0%	7%	9%
Diluted EPS	n/a	$0.02	$0.04	$0.07	$0.70	$0.10	$0.11	-$0.06	$0.10	$0.03	$0.07	$0.00	$0.05	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07	$0.11
Operating cash flow	2.6	-25.9	19.1	11.8	34.4	9.9	27.9	27.7	26.4	12.9	37.8	15.7	14.0	15.6	-13.8	19.4	-4.1	-41.4	6.8	28.9
Capital expenditure	1.6	0.9	1.3	0.2	0.8	2.0	2.4	3.3	2.9	2.5	2.0	2.4	1.5	3.2	12.2	10.4	7.2	7.6	7.0	2.8
Free cash flow	1.0	-26.7	17.8	11.5	33.7	7.9	25.5	24.4	23.5	10.4	35.8	13.3	12.5	12.3	-26.0	9.0	-11.3	-49.1	-0.2	26.0
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.1	n/a	n/a	n/a	0.0	n/a	n/a	n/a	n/a
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	167m	167m	n/a	167m	167m	168m	168m	168m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.