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; 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.

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 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.

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 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.