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Dec 31, 2025
First Solar Q4 2025 Earnings Report
First Solar reported strong fourth quarter 2025 results with net sales of $1.7 billion and diluted EPS of $4.84, while providing 2026 guidance.
Key Takeaways
First Solar concluded 2025 with a strong fourth quarter, driven by increased module sales volume and the commissioning of its Louisiana factory. The company maintained a disciplined contracting approach and ended the year with a robust net cash balance of $2.4 billion, significantly bolstered by the sale of Section 45X tax credits.
Quarterly net sales reached $1.7 billion, a $0.1 billion increase over the prior quarter due to higher module volumes.
Full year 2025 net income per diluted share was $14.21 on total net sales of $5.2 billion.
Net cash balance increased to $2.4 billion, primarily from Section 45X tax credit sales and operating cash flows.
The company successfully commissioned its Louisiana factory and announced plans for a new facility in South Carolina.
Forward Guidance
First Solar expects 2026 net sales between $4.9 billion and $5.2 billion, with significant contributions from Section 45X tax credits.
Positive Outlook
- Anticipated 2026 volume sold between 17.0 GW and 18.2 GW.
- Expected 2026 Adjusted EBITDA between $2.6 billion and $2.8 billion.
- Forecasted Section 45X tax credits of $2.10 billion to $2.19 billion for 2026.
- Strong 2026 year-end net cash balance guidance of $1.7 billion to $2.3 billion.
- Q1 2026 module sales expected to be between 3.4 GW and 4.0 GW.
Challenges Ahead
- Expected 2026 operating expenses between $610 million and $635 million.
- Anticipated underutilization costs of $115 million to $155 million in 2026.
- Production start-up expenses forecasted at $110 million to $120 million.
- Capital expenditures projected between $0.8 billion and $1.0 billion for 2026.
Historical Earnings Impact
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