Q2 26 EPS
$3.92
BEAT +39.11%
Est. $2.82
Q2 26 Revenue
$1.06B
MISS 0.55%
Est. $1.06B
vs S&P Since Q2 26
+13.2%
BEATING MARKET
FSLR +16.9% vs S&P +3.7%
Market Reaction
Did FSLR Beat Earnings? Q2 2026 Results
First Solar delivered a strikingly profitable second quarter, with earnings per diluted share of $3.92 beating the $2.82 consensus estimate by 39.11%, even as net sales of $1.06 billion edged slightly below expectations and fell 3.7% year-over-year. … Read more First Solar delivered a strikingly profitable second quarter, with earnings per diluted share of $3.92 beating the $2.82 consensus estimate by 39.11%, even as net sales of $1.06 billion edged slightly below expectations and fell 3.7% year-over-year. The top-line softness was driven primarily by lower revenue tied to customer contract terminations, but that headwind was more than offset by sharply improved margins, with gross profit climbing to $605.00 million from $499.85 million a year ago and adjusted EBITDA expanding to $643.63 million at a 61% margin, up from 51% in the prior-year period. Cost of sales dropped meaningfully to $451.19 million from $597.32 million, underscoring the operational efficiency gains powering the profitability story. The results arrive against a backdrop of ongoing securities litigation alleging prior misrepresentations around tariff impacts, adding a note of legal uncertainty to an otherwise operationally strong quarter. Management reaffirmed full-year 2026 guidance, targeting net sales of $4.90 billion to $5.20 billion and adjusted EBITDA of $2.60 billion to $2.80 billion, with Section 45X tax credits of $2.10 billion to $2.19 billion remaining a central pillar of the outlook.
Key Takeaways
- • Increased volume of modules sold to third parties
- • Improved gross margins with cost of sales declining significantly year-over-year
- • Adjusted EBITDA margin expansion to 61% from 51% year-over-year
- • Section 45X advanced manufacturing production tax credits under the IRA
FSLR Forward Guidance & Outlook
First Solar reaffirmed its full-year 2026 guidance unchanged: volume sold of 17.0 GW to 18.2 GW, net sales of $4.9B to $5.2B, gross profit of $2.4B to $2.6B, operating expenses of $610M to $635M, Adjusted EBITDA of $2.6B to $2.8B, capital expenditures of $0.8B to $1.0B, and net cash balance of $1.7B to $2.3B. For Q3 2026, module sales are expected between 3.9 GW and 4.5 GW (including 3.2 GW to 3.7 GW from U.S. manufacturing), with Adjusted EBITDA of $625M to $775M. Guidance assumes the current U.S. policy environment persists, including the IRA as amended by the One Big Beautiful Bill Act of 2025, with $2.10B to $2.19B of Section 45X tax credits and underutilization costs of $115M to $135M.
FSLR YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“We delivered both record second-quarter and first-half sales volume and improved financial performance relative to the prior year. We also surpassed 100 GW of cumulative module sales globally and ended the quarter with approximately 45.1 GW of contracted backlog extending through 2030, demonstrating continued demand for our differentiated technology platform, domestic manufacturing footprint and delivery certainty.”
— Mark Widmar, Q2 2026 Earnings Press Release
FSLR Earnings Trends
FSLR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FSLR EPS Trend
Earnings per share: estimate vs actual
FSLR Revenue Trend
Quarterly revenue: estimate vs actual
FSLR Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.82 | $3.92 | +39.11% | $1.06B | -0.55% |
| Q1 26 BEAT | $2.98 | $3.22 | +8.02% | $1.04B | -0.32% |
| Q4 25 MISS FY | $5.17 | $4.84 | -6.34% | $1.68B | +7.27% |
| FY Full Year | $14.59 | $14.21 | -2.58% | $5.22B | +1.95% |
| Q3 25 MISS | $4.29 | $4.24 | -1.13% | $1.59B | +1.52% |
| Q2 25 BEAT | $2.62 | $3.18 | +21.26% | $1.10B | +5.98% |
| Q1 25 MISS | $2.47 | $1.95 | -21.01% | $844.6M | +0.01% |