First Solar (FSLR) Q4 2025 earnings summary

Executive summary

• 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.

• 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 CuRe module production.

• Maintained disciplined customer contracting, securing 2.3 GW gross bookings and 1.0 GW new domestic bookings at 36.4 cents/watt ASP.

• Advanced perovskite thin film program, entered licensing with Oxford PV, and defended key patents.

Financial highlights

• Q4 2025 net sales were $1.7 billion; full-year net sales reached $5.2 billion, up $1 billion year-over-year.

• Full-year gross margin was 40.6%, with Q4 at 40%; full-year operating income was $1.6 billion.

• Full-year EPS was $14.21, up from $12.02 in 2024; adjusted EBITDA reached $2.36 billion.

• Year-end 2025 gross cash was $2.9 billion, net cash $2.4 billion; cash from operations was $2.06 billion.

• Monetized $1.4 billion in Section 45X tax credits in 2025.

Outlook and guidance

• 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 forecast: 17.0–18.2 GW globally, with U.S. ASP at $0.308/watt.

• 2026 CapEx projected at $0.8–$1.0 billion, mainly for South Carolina and Louisiana expansion.

• 2026 ending cash expected between $1.7–$2.3 billion; plan to prepay India credit facilities.

• Guidance assumes Section 122 tariffs, Section 45X credits, and stable U.S. policy.