First Solar (FSLR) Q3 2026 Earnings
GAAP diluted EPS; no adjusted EPS is provided. Includes an income tax benefit of $5.0 million (vs. $4.4 million expense in Q3 2025).
How Did FSLR Stock React to Q3 2026 Earnings?
Did FSLR Beat Earnings? Q3 2026 Results
Yes. First Solar reported Q3 2026 earnings of $5.30 a share on Oct 29, 2026, beating the $4.64 consensus estimate by 14.3%. Revenue was $1.2B against a $1.3B estimate.
First Solar delivered a profit-heavy third quarter of 2026, posting GAAP diluted EPS of $5.30 against a consensus of $4.64, a beat of 14.32%, even as revenue of $1.23 billion trailed the $1.29 billion estimate by 4.47% and fell 22.8% from a year earlier. The story behind those diverging figures is a dramatic compression in the cost of sales, which dropped to $517.88 million from $984.11 million, lifting gross profit to $713.06 million and widening the net income margin to 46% from 29%. GAAP results include a $5.03 million income tax benefit, compared with a $4.40 million tax expense in the prior-year quarter. Looking ahead, the company trimmed its full-year volume outlook to 16.0 to 17.0 GW and net sales guidance to $4.60 billion to $4.90 billion, though it left gross profit and net cash targets unchanged. The board also authorized a $500 million share repurchase program, signaling confidence even as management acknowledged a more measured volume environment for the rest of the year.
- Net sales decline driven primarily by a decrease in the volume of modules sold to third parties
- Gross profit rose to $713.1 million from $610.7 million as cost of sales fell to $517.9 million
- No Section 45X tax credit discounts in Q3 2026, versus $15.7 million in Q3 2025
- Underutilization costs fell to $10.0 million from $22.5 million
- Income tax benefit of $5.0 million, versus $4.4 million of expense a year earlier
- Net cash decline driven by working-capital needs and U.S. facility capex, partially offset by Section 45X cash receipts and IEEPA tariff refunds
“Section 232 represents a structural change in how the United States approaches solar manufacturing.”
First Solar CEO, on the earnings call
What Is First Solar's Outlook?
First Solar lowered parts of its 2026 guidance. - Volume sold: 16.0–17.0 GW, down from 17.0–18.2 GW. - Net sales: $4.6B–$4.9B, down from $4.9B–$5.2B. - Adjusted EBITDA: $2.55B–$2.75B, down from $2.6B–$2.8B. - Capital expenditures: $0.6B–$0.8B, down from $0.8B–$1.0B. - Unchanged: gross profit of $2.4B–$2.6B (assuming $2.07B–$2.19B of Section 45X credits and $110M–$120M of underutilization costs), operating expenses of $610M–$635M (including $80M–$90M of production start-up expense), and net cash balance of $1.7B–$2.3B. For Q4 2026, the company expects module sales of 4.3–5.3 GW, including 3.4–4.3 GW from U.S. manufacturing, and Adjusted EBITDA of $643M–$843M. The outlook assumes the current U.S. policy environment persists and that permitting timelines remain consistent with historical levels.
FSLR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.2B | $1.6B | −22.8% |
| Gross Profit | $713.1M | $610.8M | +16.8% |
| Operating Income | $546.1M | $466.1M | +17.2% |
| Net Income | $571.1M | $455.9M | +25.3% |
Figures from SEC filings and company reports. Not investment advice.