Major American solar companies are going to release earnings results in the coming weeks.

Goldman Sachs analyst Brian Lee expects a largely positive 2026 outlook for the U.S. utility-scale market, with his coverage universe expected to see average top-line growth of around 20% year over year.

As policy uncertainties fade, investors are increasingly focusing on fundamentals, recognizing steady growth, strong bookings momentum, and exposure to rising U.S. power demand, adds the analyst.

Lee writes that in this environment, execution quality and robust bookings will likely drive near-term differentiation.

U.S. utility-scale solar companies are entering the fourth-quarter 2025 earnings season with a more constructive outlook, as policy uncertainty eases and bookings visibility improves, according to a Goldman Sachs research preview.

Higher-Than-Expected Volume Demand

The analyst upgraded Enphase Energy (NASDAQ:ENPH) from Neutral to Buy and raised the price forecast from $29 to $45.

The analyst sees a near-term revenue trough in the first quarter of fiscal year 2026, but recognizes several longer-term growth drivers.

Lee projects the company to benefit from stronger-than-expected fourth-quarter fiscal year 2025 volume demand due to market share gains and year-end activity from cash/loan customers ahead of the 25D tax credit expiration.

With lean channel inventories, the company enters 2026 with momentum, adds the analyst.

Lee raised EPS estimates for 2025, 2026, and 2027 to $2.85, $1.89, and $2.76, up from $2.78, $1.75, and $2.52, respectively.

This reflects higher revenue projections of $1.47 billion (versus $1.45 billion prior), $1.17 billion (versus $1.12 billion earlier), and $1.33 billion(versus $1.27 billion prior), aided by incremental safe harboring activity.

Other Major Companies

Apart from this, the analyst highlighted buy-rated SMID-cap names Array Technologies, Inc. (NASDAQ:ARRY), Fluence Energy, Inc. (NASDAQ:FLNC), and Shoals Technologies Group, Inc. (NASDAQ:SHLS), with FLNC and SHLS particularly positioned to benefit from battery storage demand.

For Fluence Energy, Lee estimates first-quarter revenue of $404 million (versus consensus of $452 million) and adjusted EBITDA of ($37 million), versus consensus estimates of ($32 million).

Moreover, for Shoals Technologies, the analyst projects fourth-quarter revenue of $146 million (versus consensus of $145 million) and adjusted EPS of 14 cents, compared to the consensus of 13 cents.

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