InGaN semiconductors are promising candidates for high-efficiency next-generation thin film solar cells. In this work, we study the photovoltaic performance of single-junction and two-junction InGaN solar cells using a semi-analytical model. We analyze the major loss mechanisms in InGaN solar cell including transmission loss, thermalization loss, spatial relaxation loss, and recombination loss. We find that transmission loss plays a major role for InGaN solar cells due to the large bandgaps of III-nitride materials. Among the recombination losses, Shockley-Read-Hall recombination loss is the dominant process. Compared to other III-V photovoltaic materials, we discovered that the emittance of InGaN solar cells is strongly impacted by Urbach tail energy. For two- and multi-junction InGaN solar cells, we discover that the current matching condition results in a limited range of top-junction bandgaps. This theoretical work provides detailed guidance for the design of high-performance InGaN solar cells.