First Solar (FSLR) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 23, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

3.38

Last Year’s EPS

1.95

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 23 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 24, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a mixture of strong operating achievements—record module shipments, double-digit revenue and EPS growth, robust cash generation, U.S. capacity expansion, and material technology progress (CURE and perovskites)—alongside meaningful near-term headwinds including backlog reductions, tariff-driven margin pressure, underutilized international capacity, elevated warehousing and start-up costs, and ongoing warranty/litigation exposure. Management provided constructive 2026 guidance with sizeable adjusted EBITDA and reiterated liquidity and strategic priorities, but the near-term profitability picture relies materially on Section 45X tax credits and resolution of trade/policy dynamics. Overall, positives (record sales, improved EPS, strong liquidity, technology and capacity progress, and clear guidance) slightly outweigh the lowlights, though execution risks remain material.

Company Guidance

First Solar's 2026 guidance targets net sales of $4.9–$5.2 billion and gross margin of $2.5–$2.6 billion (~49.5%), which includes $2.1–$2.19 billion of Section 45X tax credits; adjusted EBITDA is guided to $2.6–$2.8 billion. Volume and capacity assumptions include spectrum volumes sold of 17.0–18.2 GW, forecast production of 16.5–17.5 GW (U.S. production 13.0–13.3 GW), U.S. nameplate capacity of 14.9 GW and global nameplate capacity of 19 GW; Q1 expects 3.4–4.0 GW of module sales, $330–$400 million of Section 45X and $400–$500 million of adjusted EBITDA. Price and cost assumptions include a U.S. ASP of ~$0.308/W and global ASP recognized of ~$0.287/W, cost per watt sold of ~$0.267/W (ex-45X) with an approximate $0.03/W improvement including 45X, cost/W released from inventory up ~$0.02/W, sales rates ~$0.014/W, and a total tariff impact of $155–$175 million (net of recoveries $125–$135 million). Operating and cash items: ramp/underutilization expense $115–$155 million, start-up expense $110–$120 million, warehousing costs ~ $200 million (targeting ~$100 million run-rate in 2027), SG&A $215–$225 million, R&D $285–$290 million (combined SG&A+R&D $500–$515 million, including ~$100 million for perovskite), CapEx $800 million–$1 billion, and expected year‑end gross/net cash of $1.7–$2.3 billion with planned prepayment of the India DFC facility by 06/30/2026.

Record Module Shipments and Revenue Growth

Sold a record 17.5 GW of modules in 2025; full-year net sales of $5.2 billion, a 24% year-over-year increase.

Earnings and Profitability Improvement

Full-year diluted EPS of $14.21, up from $12.20 in 2024 (~+16.5% YoY); Q4 EPS $4.84, up from $4.24 sequentially (~+14.2%).

Strong Cash and Liquidity Position

Year-end gross cash of $2.9 billion (increase of $800M sequentially and $1.1B year-over-year) and year-end net cash of $2.4 billion (up $900M QoQ and $1.2B YoY); monetized Section 45X tax credits (€800M in Q4 and $1.4B during full year).

Operational Capacity Expansion

Initiated commercial production at new Louisiana factory (5th U.S. factory) and announced U.S. finishing capacity in South Carolina to onshore Series 6 finishing; U.S. nameplate capacity forecasted to grow to 17.1 GW in 2027 (14.9 GW in 2026).

Technology Progress — CURE and Perovskite

Delivered initial CURE modules in 2025 and commencing factory-by-factory CURE rollout (Ohio conversion starting soon); perovskite development line reached full in-line processing in Q3 2025 with a pilot form-factor line sourcing initiated and operational readiness targeted in early 2027.

Backlog Adjusters and Contract Bookings

Contracted backlog at year-end: 50.1 GW valued at $15.0B. Approximately 23.2 GW of backlog includes pricing adjusters estimated to add up to $600M (~$0.03/W) predominantly recognized in 2027–2028; since last call secured gross bookings of 2.3 GW (ex-India) plus 1.0 GW U.S. booking at $0.364/W (inclusive of adjusters).

2026 Guidance and Profitability Outlook

Provided 2026 guidance: net sales $4.9B–$5.2B; adjusted EBITDA $2.6B–$2.8B; Q1 adjusted EBITDA $400M–$500M; expects 2026 gross margin (including Section 45X credits) ≈49.5% driven by $2.1B–$2.19B of Section 45X credits.

Intellectual Property and Legal Wins

U.S. PTO denied three petitions seeking to invalidate aspects of First Solar's TOPCon portfolio; filed ITC petition and entered a licensing agreement with Oxford PV to advance perovskite freedom-to-operate.

First Solar (FSLR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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FSLR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2026	2026 (Q1)	3.38 / -	1.95	―	―	―
Feb 24, 2026	2025 (Q4)	5.14 / 4.84	3.65	32.60% (+1.19)
Oct 30, 2025	2025 (Q3)	4.24 / 4.24	2.91	45.70% (+1.33)
Jul 31, 2025	2025 (Q2)	2.66 / 3.18	3.25	-2.15% (-0.07)
Apr 29, 2025	2025 (Q1)	2.49 / 1.95	2.2	-11.36% (-0.25)
Feb 25, 2025	2024 (Q4)	4.70 / 3.65	3.25	12.31% (+0.40)
Oct 29, 2024	2024 (Q3)	3.15 / 2.91	2.5	16.40% (+0.41)
Jul 30, 2024	2024 (Q2)	2.70 / 3.25	1.59	104.40% (+1.66)
May 01, 2024	2024 (Q1)	2.00 / 2.20	0.4	450.00% (+1.80)
Feb 27, 2024	2023 (Q4)	3.14 / 3.25	-0.07	4742.86% (+3.32)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

FSLR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 24, 2026	$243.21	―	―
Oct 30, 2025	$233.58	$266.94	+14.28%
Jul 31, 2025	$174.73	$183.97	+5.29%
Apr 29, 2025	$137.24	$125.82	-8.32%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.