First Solar (FSLR) Q3 2026 earnings summary

Executive summary

• Q3 net sales were $1.2309B, down 22.8% YoY; gross margin rose to 57.9%, net income to $571.1M and Adjusted EBITDA to $744M, up 11%.

• Contracted backlog was 44.0 GW valued at ~$13.5B, with deliveries scheduled through 2030; fully integrated U.S. production was substantially committed into 2028.

Financial highlights

• Q3 gross profit was $713.1M versus $611M YoY; operating income was $546.1M versus $466.1M.

• Diluted EPS was $5.30 versus $4.24 YoY; 9M net income was $1.3403B versus $1.0073B, with diluted EPS of $12.45 versus $9.37.

• Q3 operating expenses were $167M, including ~$67M of R&D; Adjusted EBITDA margin was 60%.

• Higher 45X-eligible U.S. mix, lower freight and underutilization, and no repeat of the prior-year 45X discount charge supported gross margin; termination-related revenue was lower.

Outlook and guidance

• FY26 volume guidance fell to 16.0–17.0 GW from 17.0–18.2 GW; net sales guidance fell to $4.6B–$4.9B from $4.9B–$5.2B.

• FY26 Adjusted EBITDA guidance was reduced to $2.55B–$2.75B from $2.6B–$2.8B; gross profit of $2.4B–$2.6B and operating expenses of $610M–$635M remain unchanged.

• FY26 capex guidance fell to $0.6B–$0.8B from $0.8B–$1.0B; net cash guidance remains $1.7B–$2.3B.

• Q4 volume sold is forecast at 4.3–5.3 GW, including 3.4–4.3 GW in the U.S.; Adjusted EBITDA is forecast at $643M–$843M.

• FY26 assumptions include $2.07B–$2.19B of Section 45X credits, $110M–$120M of underutilization costs and $80M–$90M of production start-up expense.