Achieved record 2025 sales of 17.5 GW modules and net sales of $5.2 billion, with diluted EPS of $14.21 and year-end backlog of 50.1 GW; strong U.S. and India demand supported growth.
Ended 2025 with $2.9 billion gross cash and $2.4 billion net cash, both above guidance.
Commissioned Louisiana factory, advanced South Carolina facility for Q4 2026, and initiated commercial production of CuRe modules; progressed perovskite thin film program and entered licensing agreement with Oxford PV.
Maintained disciplined customer contracting, securing 2.3 GW gross bookings since last call, and strengthened backlog earnings profile.
Defended key patents, filed ITC action against 10 foreign manufacturers, and entered $236 million EU settlement to resolve patent dispute.
Q4 2025 net sales were $1.7 billion; full-year net sales reached $5.2 billion, up $1 billion year-over-year.
Full-year 2025 net income was $1.53 billion and diluted EPS was $14.21, up from $12.02 in 2024.
Gross margin for 2025 was approximately 40.6%, with Q4 at 40%; Adjusted EBITDA reached $2.36 billion.
Operating income for 2025 was $1.6 billion.
Section 45X tax credits contributed $1.6 billion in 2025, up from $1 billion in 2024.
2026 net sales guidance: $4.9–5.2 billion; gross margin: $2.4–2.6 billion; Adjusted EBITDA: $2.6–2.8 billion.
2026 volume sold expected at 17–18.2 GW, above forecast production as inventory is reduced.
U.S. ASP forecast at $0.308/watt; global ASP at $0.287/watt; cost per watt sold flat at $0.267/watt.
2026 ending gross and net cash expected between $1.7–2.3 billion; CapEx projected at $0.8–1 billion.
Guidance assumes Section 122 tariffs, Section 45X tax credits, and continued favorable U.S. policy environment.
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