Revenue growth has turned sharply negative with a 34.1% year-over-year decline in 2025Q3, while gross margins have compressed significantly from 19.3% in 2023Q3 to 7.3% in the most recent quarter.
JinkoSolar Holding Co., Ltd. (JKS) annual income statement — 20-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 75.16B | 65.5B | 92.26B | 118.68B | 83.13B | 40.83B | 35.13B | 29.75B | 25.04B | 26.47B | 21.4B | 15.45B | 9.74B | 7.08B | 4.79B | 7.38B | 4.65B | 1.57B | 2.18B | 709.15M | 114.41M |
| Revenue Growth % | -32.75% | -29% | -22.26% | 42.77% | 103.61% | 16.22% | 18.1% | 18.78% | -5.4% | 23.7% | 38.48% | 58.65% | 37.61% | 47.64% | -35.07% | 58.65% | 196.89% | -28.2% | 207.92% | 519.81% | - |
| Cost of Goods Sold | 69.69B | 64.09B | 82.2B | 99.63B | 70.85B | 34.17B | 28.96B | 24.31B | 21.53B | 23.48B | 17.53B | 12.52B | 7.64B | 5.64B | 4.56B | 6.24B | 3.3B | 1.34B | 1.87B | 621.02M | 113.96M |
| COGS % of Revenue | - | 97.85% | 89.1% | 83.95% | 85.23% | 83.69% | 82.43% | 81.74% | 85.97% | 88.7% | 81.92% | 81.03% | 78.47% | 79.7% | 95.16% | 84.43% | 70.84% | 85.32% | 85.73% | 87.57% | 99.6% |
| Gross Profit | 5.47B | 1.41B | 10.06B | 19.05B | 12.28B | 6.66B | 6.17B | 5.43B | 3.51B | 2.99B | 3.87B | 2.93B | 2.1B | 1.44B | 232.24M | 1.15B | 1.36B | 230.21M | 311.53M | 88.13M | 456K |
| Gross Margin % | 7.28% | 2.15% | 10.9% | 16.05% | 14.77% | 16.31% | 17.57% | 18.26% | 14.03% | 11.3% | 18.08% | 18.97% | 21.53% | 20.3% | 4.84% | 15.57% | 29.16% | 14.68% | 14.27% | 12.43% | 0.4% |
| Gross Profit Growth % | - | -85.97% | -47.2% | 55.13% | 84.42% | 7.88% | 13.62% | 54.58% | 17.45% | -22.69% | 31.99% | 39.78% | 45.91% | 518.92% | -79.8% | -15.29% | 489.62% | -26.1% | 253.49% | 19226.69% | - |
| Operating Expenses | 11.08B | 7.51B | 13.4B | 12.96B | 11.85B | 5.56B | 4.39B | 3.7B | 2.87B | 2.67B | 2.52B | 1.81B | 1.25B | 791.81M | 1.47B | 833.97M | 367.46M | 107.74M | 40.27M | 12.54M | 1.84M |
| OpEx % of Revenue | - | 11.46% | 14.53% | 10.92% | 14.25% | 13.61% | 12.49% | 12.45% | 11.46% | 10.07% | 11.78% | 11.71% | 12.86% | 11.19% | 30.57% | 11.29% | 7.89% | 6.87% | 1.84% | 1.77% | 1.61% |
| Selling, General & Admin | 9.6B | 7.76B | 11.24B | 11.4B | 10.75B | 4.82B | 3.88B | 3.31B | 2.49B | 2.37B | 2.21B | 1.67B | 1.14B | 722.75M | 1.1B | 757.67M | 330.47M | 101.84M | 39.83M | 12.49M | 1.83M |
| SG&A % of Revenue | - | 11.84% | 12.18% | 9.61% | 12.93% | 11.81% | 11.05% | 11.13% | 9.93% | 8.96% | 10.34% | 10.78% | 11.68% | 10.21% | 23.03% | 10.26% | 7.1% | 6.5% | 1.82% | 1.76% | 1.6% |
| Research & Development | 872.25M | 872.46M | 920.54M | 911.87M | 724.77M | 461.59M | 389.19M | 324.43M | 366.58M | 294.1M | 181.11M | 143.67M | 106.63M | 65.48M | 68.96M | 29.99M | 31.62M | 5.9M | 441.79K | 50.83K | 11.43K |
| R&D % of Revenue | - | 1.33% | 1% | 0.77% | 0.87% | 1.13% | 1.11% | 1.09% | 1.46% | 1.11% | 0.85% | 0.93% | 1.09% | 0.92% | 1.44% | 0.41% | 0.68% | 0.38% | 0.02% | 0.01% | 0.01% |
| Other Operating Expenses | 2M | -1.15B | 1.24B | 640M | 373.73M | 273.71M | 114.17M | 68.26M | 14.55M | 0 | 126.32M | 0 | 8.91M | 3.57M | 292.55M | 46.3M | 5.38M | 0 | 0 | 0 | 0 |
| Operating Income | -5.6B | -6.1B | -3.34B | 6.09B | 429.25M | 1.1B | 1.78B | 1.73B | 644.93M | 325.26M | 1.35B | 1.12B | 844.05M | 645.55M | -1.23B | 315.89M | 989.92M | 122.47M | 271.25M | 75.59M | -1.39M |
| Operating Margin % | -7.45% | -9.31% | -3.63% | 5.13% | 0.52% | 2.7% | 5.08% | 5.81% | 2.58% | 1.23% | 6.3% | 7.26% | 8.67% | 9.12% | -25.73% | 4.28% | 21.27% | 7.81% | 12.42% | 10.66% | -1.21% |
| Operating Income Growth % | - | -82.27% | -154.9% | 1319.38% | -61.07% | -38.23% | 3.2% | 168.19% | 98.28% | -75.89% | 20.26% | 32.91% | 30.75% | 152.34% | -490.49% | -68.09% | 708.28% | -54.85% | 258.86% | 5549.22% | - |
| EBITDA | -3.3B | 1.93B | 4.47B | 14.28B | 3.19B | 2.9B | 3.17B | 2.71B | 1.46B | 941.32M | 2.14B | 1.75B | 1.29B | 1.01B | -897.88M | 585.51M | 1.09B | 168.56M | 286.8M | 77.21M | -1.33M |
| EBITDA Margin % | -4.39% | 2.95% | 4.85% | 12.03% | 3.84% | 7.11% | 9.02% | 9.11% | 5.84% | 3.56% | 9.99% | 11.34% | 13.2% | 14.25% | -18.73% | 7.93% | 23.43% | 10.75% | 13.13% | 10.89% | -1.16% |
| EBITDA Growth % | -153.44% | -56.77% | -68.68% | 347.88% | 9.79% | -8.32% | 16.97% | 85.24% | 55.34% | -55.96% | 21.97% | 36.29% | 27.46% | 212.35% | -253.35% | -46.32% | 547.12% | -41.23% | 271.46% | 5918.17% | - |
| D&A (Non-Cash Add-back) | 0 | 8.03B | 7.82B | 8.19B | 2.76B | 1.8B | 1.38B | 978.95M | 817.28M | 616.05M | 788.39M | 630.66M | 441.74M | 363.24M | 335.6M | 269.63M | 100.89M | 46.09M | 15.54M | 1.62M | 60.13K |
| EBIT | -3.3B | -7.82B | 1.4B | 8.66B | 3.06B | 1.93B | 1.24B | 1.81B | 785.48M | 452.69M | 1.65B | 1.18B | 789.09M | 457.02M | -1.33B | 536.9M | 1.09B | 114M | 226.44M | 75.59M | -1.39M |
| Net Interest Income | -874.14M | -832.71M | -738.72M | -617.52M | -499.32M | -615.95M | -434.16M | -390.52M | -307.23M | -239.35M | -370.7M | -321.05M | -311.29M | -224.57M | -219.47M | -179.54M | -62.71M | -29.92M | -6.47M | -309.59K | 6.9K |
| Interest Income | 440.7M | 490.38M | 420.56M | 553.46M | 599.05M | 211.52M | 204.79M | 170.52M | 86.72M | 0 | 5.13M | 0 | 0 | 0 | 0 | 0 | 58.66K | 0 | 0 | 0 | 6.9K |
| Interest Expense | 1.31B | 1.32B | 1.16B | 1.17B | 1.1B | 827.47M | 638.96M | 561.05M | 393.94M | 239.35M | 375.83M | 321.05M | 311.29M | 224.57M | 219.47M | 179.54M | 62.77M | 29.92M | 6.47M | 309.59K | 0 |
| Other Income/Expense | 816.54M | -3.24B | 3.43B | 1.62B | 1.74B | 47.21M | -1.27B | -527.3M | -234.94M | -178.44M | -101.38M | -254.73M | -281.3M | -437.52M | -319.25M | 38.51M | 38.08M | -38.41M | -51.13M | 456.9K | 38.7K |
| Pretax Income | -4.78B | -9.33B | 82.93M | 7.71B | 2.17B | 1.15B | 513.67M | 1.2B | 409.99M | 146.82M | 1.25B | 867.07M | 562.75M | 208.02M | -1.55B | 354.4M | 1.03B | 84.07M | 220.12M | 76.05M | -1.35M |
| Pretax Margin % | -6.37% | -14.25% | 0.09% | 6.5% | 2.61% | 2.82% | 1.46% | 4.04% | 1.64% | 0.55% | 5.83% | 5.61% | 5.78% | 2.94% | -32.38% | 4.8% | 22.08% | 5.36% | 10.08% | 10.72% | -1.18% |
| Income Tax | -787.23M | -2.22B | 69.44M | 1.26B | 605.28M | 194.14M | 178.41M | 277.98M | 4.41M | 4.63M | 257.49M | 100.53M | -135.39M | 18.53M | -8.92M | 81.07M | 146.13M | -1.34M | 822.28K | 0 | 0 |
| Effective Tax Rate % | 16.45% | 23.8% | 83.74% | 16.34% | 27.89% | 16.89% | 34.73% | 23.12% | 1.08% | 3.15% | 20.64% | 11.59% | -24.06% | 8.91% | 0.57% | 22.88% | 14.21% | -1.6% | 0.37% | 0% | 0% |
| Net Income | -2.52B | -4.45B | 54.54M | 3.45B | 620.51M | 721.02M | 230.38M | 898.66M | 406.48M | 141.71M | 1.83B | 683.75M | 673.03M | 188.01M | -1.54B | 273.34M | 881.87M | 85.41M | 218.72M | 76.05M | -1.35M |
| Net Margin % | -3.36% | -6.79% | 0.06% | 2.9% | 0.75% | 1.77% | 0.66% | 3.02% | 1.62% | 0.54% | 8.54% | 4.42% | 6.91% | 2.66% | -32.17% | 3.7% | 18.95% | 5.45% | 10.02% | 10.72% | -1.18% |
| Net Income Growth % | -235.53% | -8250.15% | -98.42% | 455.59% | -13.94% | 212.96% | -74.36% | 121.08% | 186.85% | -92.24% | 167.16% | 1.59% | 257.97% | 112.19% | -664.28% | -69% | 932.52% | -60.95% | 187.62% | 5739.52% | - |
| Net Income (Continuing) | -4B | -7.11B | 13.49M | 6.45B | 1.57B | 955.57M | 335.25M | 924.35M | 405.58M | 142.19M | 990.24M | 766.54M | 698.14M | 189.49M | -1.54B | 273.33M | 881.87M | 85.41M | 219.3M | 76.05M | -1.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1B | 93.76M | 28.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.02B | 11.85B | 14.34B | 13.38B | 10.67B | 3.24B | 3B | 3.14B | 614.09M | -10.21K | -495.89K | 29.93M | 25.72M | 10.87M | 8.69M | 9.98M | 0 | 0 | 0 | 10.94M | 5.97M |
| EPS (Diluted) | -192.74 | -341.24 | -20.24 | 243.68 | 49.60 | 56.08 | 20.60 | 84.88 | 42.08 | 17.28 | 213.60 | 85.60 | 61.40 | 31.36 | -278.08 | -19.68 | 174.72 | -11.72 | 62.88 | 24.00 | -0.44 |
| EPS Growth % | -265.27% | -1585.97% | -108.31% | 391.29% | -11.55% | 172.23% | -75.73% | 101.71% | 143.52% | -91.91% | 149.53% | 39.41% | 95.79% | 111.28% | -1313.01% | -111.26% | 1590.79% | -118.64% | 162% | 5554.55% | - |
| EPS (Basic) | - | -341.24 | -20.36 | 265.60 | 50.08 | 60.48 | 20.64 | 84.96 | 42.24 | 17.60 | 232.16 | 87.84 | 90.84 | 32.00 | -278.08 | -21.52 | 174.52 | -11.72 | 62.88 | 24.00 | -0.44 |
| Diluted Shares Outstanding | 13.09M | 13.03M | 13.12M | 14.13M | 12.53M | 12.86M | 11.18M | 10.59M | 9.67M | 8.23M | 8.58M | 7.99M | 9.61M | 6M | 5.55M | 6.42M | 5.05M | 3.17M | 3.48M | 3.17M | 781.25K |
| Basic Shares Outstanding | 13.09M | 13.03M | 13.04M | 12.98M | 12.38M | 11.92M | 11.18M | 10.59M | 9.61M | 8.06M | 7.87M | 7.79M | 7.69M | 5.88M | 5.55M | 5.87M | 4.68M | 3.17M | 3.48M | 3.17M | 781.25K |
| Dividend Payout Ratio | - | - | 1004.19% | 16.23% | - | 3219.45% | 6770.38% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying JKS stock.
For fiscal year 2025, JinkoSolar Holding Co., Ltd. (JKS) reported total revenue of $65.50B. This represents a 57146.0% increase compared to $114.4M in 2006.
JinkoSolar Holding Co., Ltd. (JKS) reported a net loss of $4.45B for the fiscal year ending 2025.
JinkoSolar Holding Co., Ltd. (JKS) reported an operating income of $-6096.3M, resulting in an operating profit margin of -9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
JinkoSolar Holding Co., Ltd. (JKS) generated $1.41B in gross profit for the year, representing a gross profit margin of 2.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Severe cyclical margin compression
Revenue Contraction Reflects Cyclical Headwinds
As reported in recent financial filings, JinkoSolar experienced a significant revenue decline, with the most recent quarterly figures showing a 34.1% year-over-year contraction, underscoring the severe impact of global solar module price deflation and softening demand on the company's top-line growth trajectory.
The consistent deceleration in revenue growth from the peak levels observed in 2023 suggests that the company is struggling to maintain volume in a market characterized by intense pricing pressure. Investors should monitor whether this trend represents a structural shift in demand or merely a temporary cyclical trough exacerbated by global inventory gluts.
Structural Margin Erosion Under Pressure
Based on the latest income statement data, JinkoSolar's gross margin has compressed to 7.3% in 2025Q3, reflecting a sharp deterioration from the 19.3% levels seen in 2023Q3, which indicates that the company is currently unable to effectively pass through rising input costs to its customers.
The inability to maintain healthy gross margins suggests that the company's vertical integration strategy is currently failing to provide a sufficient buffer against falling average selling prices. This margin profile appears to be a direct consequence of the industry-wide oversupply, which warrants further investigation into the company's ability to sustain operations without further price concessions.
Operating Leverage Turns Deeply Negative
According to the company's recent income statements, operating income has swung to a loss of $1.4 billion in 2025Q3, demonstrating that the firm's high fixed-cost structure is failing to scale efficiently as revenue declines, leading to significant negative operating leverage across the business.
The transition from positive operating income in previous periods to current losses suggests that SG&A and R&D expenses remain sticky despite the sharp drop in top-line performance. This lack of operational flexibility may indicate that the company is prioritizing market share retention over immediate profitability, a strategy that appears increasingly risky in the current environment.
Sustainability of Current Operating Model
Financial data indicates that JinkoSolar's net income has remained negative for several consecutive quarters, with a net margin of -4.6% in 2025Q3, raising significant questions regarding the long-term viability of the current business model in the face of persistent industry-wide overcapacity and pricing volatility.
Short-sellers would likely focus on the company's inability to generate positive net income despite its scale, suggesting that the current cost structure may be fundamentally misaligned with market realities. The reliance on external financing to cover operational shortfalls warrants further investigation into the company's liquidity position and its ability to navigate a prolonged industry downturn.