Shoals Technologies Group, Inc. (SHLS) Income Statement
SHLS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSHLS revenue and net income
Where SHLS's revenue goes
2025Each bar shows an amount and its share of revenue. SHLS kept 7.1% of revenue as net income.
SHLS profit margins
SHLS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.1% | +13.3% | +22.0% | — |
| Gross profit | +17.2% | +8.2% | +20.1% | — |
| Operating income | +10.2% | −5.3% | +8.6% | — |
| Net income | +39.2% | −35.9% | −0.1% | — |
| EPS (diluted) | +6.1% | −1.8% | +4.6% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SHLS quarterly EPS vs estimates
Shoals Technologies beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.10).
SHLS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $475.3M | $399.2M | $488.9M | $326.9M | $213.2M | $175.5M | $144.5M | $103.8M |
| Cost of revenue | $308.8M | $257.2M | $320.6M | $195.6M | $130.6M | $109.0M | $100.3M | $75.6M |
| Gross profit | $166.5M | $142.0M | $168.3M | $131.3M | $82.6M | $66.5M | $44.2M | $28.2M |
| Sales, general & admin | $101.5M | $82.3M | $82.1M | $55.9M | $37.9M | $21.0M | $9.1M | $8.9M |
| Total operating expenses | $110.1M | $90.8M | $89.3M | $65.0M | $46.4M | $29.3M | $17.3M | $17.1M |
| Operating income | $56.4M | $51.2M | $79.0M | $66.3M | $36.2M | $37.3M | $26.9M | $11.1M |
| Interest income | $305,000 | $518,000 | $0 | $0 | — | — | — | — |
| Interest expense | $10.0M | $13.8M | $24.1M | $18.5M | $14.5M | $3.5M | $1.8M | $2.4M |
| Income before taxes | $48.5M | $37.9M | $54.9M | $152.0M | $4.0M | $33.8M | $25.1M | $8.6M |
| Income taxes | $14.9M | $13.7M | $12.3M | $9.0M | $86,000 | $3.5M | $1.8M | $8.8M |
| Net income | $33.6M | $24.1M | $40.0M | $127.6M | $2.3M | $33.8M | $25.1M | $8.6M |
| EBITDA | $72.3M | $64.3M | $89.6M | $181.0M | $28.6M | $46.7M | $36.1M | $20.1M |
| EPS (diluted) | $0.35 | $0.33 | $0.60 | $0.37 | $0.22 | $0.28 | $0.15 | $0.10 |
| Gross margin | 35.0% | 35.6% | 34.4% | 40.2% | 38.8% | 37.9% | 30.6% | 27.1% |
| Operating margin | 11.9% | 12.8% | 16.2% | 20.3% | 17.0% | 21.2% | 18.6% | 10.7% |
| Net margin | 7.1% | 6.0% | 8.2% | 39.0% | 1.1% | 19.2% | 17.4% | 8.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $163.4M | $140.6M | $148.3M | $135.8M | $110.8M | $80.4M | $107.0M | $102.2M | $99.2M | $90.8M | $130.4M | $134.2M |
| Cost of revenue | $113.8M | $99.5M | $101.4M | $85.6M | $69.6M | $52.2M | $66.8M | $76.8M | $59.3M | $54.3M | $75.1M | $120.1M |
| Gross profit | $49.5M | $41.0M | $46.9M | $50.3M | $41.2M | $28.1M | $40.2M | $25.4M | $40.0M | $36.5M | $55.4M | $14.2M |
| Sales, general & admin | $28.5M | $31.0M | $34.2M | $22.6M | $23.1M | $21.7M | $21.5M | $18.7M | $19.2M | $22.8M | $21.5M | $22.6M |
| Total operating expenses | $30.8M | $33.3M | $29.5M | $31.6M | $25.2M | $23.8M | $23.7M | $20.9M | $21.4M | $24.9M | $23.5M | $24.7M |
| Operating income | $18.7M | $7.7M | $17.4M | $18.7M | $16.0M | $4.3M | $16.5M | $4.5M | $18.6M | $11.6M | $31.9M | −$10.6M |
| Interest income | $268,000 | $59,000 | $73,000 | $38,000 | $76,000 | $118,000 | — | — | $202,000 | $113,000 | — | — |
| Interest expense | $3.5M | $2.9M | $2.5M | $2.8M | $2.2M | $2.4M | $3.3M | $3.1M | $3.1M | $4.5M | $5.7M | $5.9M |
| Income before taxes | $15.5M | −$386,000 | $13.7M | $15.9M | $17.0M | $2.0M | $13.7M | $1.4M | $15.5M | $7.2M | $26.2M | −$16.5M |
| Income taxes | $3.4M | −$89,000 | $5.5M | $4.0M | $3.1M | $2.3M | $5.9M | −$1.7M | $3.7M | $2.4M | $9.6M | −$6.6M |
| Net income | $12.1M | −$297,000 | $8.1M | $11.9M | $13.9M | −$282,000 | $7.8M | $3.1M | $11.8M | $4.8M | $16.6M | −$9.8M |
| EBITDA | $23.6M | $6.6M | $20.0M | $22.0M | $22.5M | $7.7M | $20.3M | $7.7M | $21.8M | $14.7M | $34.7M | −$7.9M |
| EPS (diluted) | $0.10 | $0.07 | $0.10 | $0.12 | $0.10 | $0.03 | $0.08 | $0.08 | $0.10 | $0.07 | $0.12 | $0.20 |
| Gross margin | 30.3% | 29.2% | 31.6% | 37.0% | 37.2% | 35.0% | 37.6% | 24.8% | 40.3% | 40.2% | 42.5% | 10.5% |
| Operating margin | 11.5% | 5.5% | 11.7% | 13.7% | 14.4% | 5.4% | 15.4% | 4.4% | 18.7% | 12.8% | 24.4% | −7.9% |
| Net margin | 7.4% | −0.2% | 5.5% | 8.7% | 12.5% | −0.4% | 7.3% | 3.1% | 11.9% | 5.3% | 12.7% | −7.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SHLS's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SHLS financial results
In fiscal year 2025 (ended December 31, 2025), Shoals Technologies reported revenue of $475.3 million, up 19.1% from the year before. It had net income of $33.6 million (up 39.2%), a net profit margin of 7.1%. Diluted earnings per share came to $0.35. Over five years revenue grew at an average rate of 22.0% a year.
See the SHLS stock overview for the latest quote and news, or the SHLS chart for price history and technical indicators.
SHLS income statement FAQ
What is Shoals Technologies's annual revenue?
Shoals Technologies reported total revenue of $475.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 19.1% from $399.2 million the previous year.
Is Shoals Technologies profitable?
Yes. Shoals Technologies reported net income of $33.6 million in fiscal 2025, a net profit margin of 7.1%; its operating margin was 11.9%.
What is Shoals Technologies's gross margin?
Shoals Technologies's gross margin was 35.0% in fiscal 2025: for every $100 of revenue, Shoals Technologies kept $35 after the direct cost of its products and services.
How fast is Shoals Technologies growing?
Revenue grew 22.0% a year on average over the last five fiscal years, from $175.5 million to $475.3 million.
What are Shoals Technologies's earnings per share?
Shoals Technologies earned $0.35 per diluted share in fiscal 2025, compared with $0.33 a year earlier.
When will Shoals Technologies report its next earnings?
Shoals Technologies is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Shoals Technologies's fiscal year end?
Shoals Technologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.