Companies /Technology

First Solar Inc

NASDAQ: FSLR Solar
$204.45
▼ $2.97 (−1.43%) today
Markets closed · 12:10am ET

Q3 2025 Earnings

Reported Oct 30, 2025, 4:09pm ET · SEC source
$4.24
Miss −1.13%
EPS · est. $4.29
$1.6B
Beat +1.52%
Revenue · est. $1.6B
−4.4%
Trailing market
FSLR vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+6%+12%+18%Oct 30Oct 31report 4:09pm ETearnings+0.0%+18.4%
0+6%+12%+18%Oct 30Oct 31earnings+0.0%+18.4%
FSLR +18.4%S&P 500 +0.0%
0+6%+12%+18%Oct 30Oct 31report 4:09pm ETearnings+0.1%+18.4%
0+6%+12%+18%Oct 30Oct 31earnings+0.1%+18.4%
FSLR +18.4%NASDAQ +0.1%
0+6%+12%Oct 29Nov 7report 4:09pm ETearnings−1.8%+10.2%
0+6%+12%Oct 29Nov 7earnings−1.8%+10.2%
FSLR +10.2%S&P 500 −1.8%
0+7%+14%Oct 29Nov 7report 4:09pm ETearnings−3.4%+10.2%
0+7%+14%Oct 29Nov 7earnings−3.4%+10.2%
FSLR +10.2%NASDAQ −3.4%
+14.28%
Day of report
−0.46%
Next session
+0.26%
One week
−4.08%
30 days

S&P 500 over the same 30 days: +0.27%.

Did FSLR Beat Earnings? Q3 2025 Results

First Solar posted a mixed but broadly strong third quarter, with revenue of $1.59 billion clearing the consensus estimate by 1.52% and surging 79.7% year-over-year, while diluted EPS of $4.24 came in just shy of the $4.29 consensus by 1.13%. The standout driver was record module sales volume of 5.3 GW, which powered gross profit to $610.75 million and underscored the scale leverage the company is generating as its fifth U.S. manufacturing facility came online during the period. Net cash more than doubled sequentially to $1.50 billion, reflecting robust advance payments and favorable working capital shifts. The company's contracted backlog of 53.7 GW valued at $16.40 billion signals durable demand, though full-year EPS guidance was tightened to $14.00–$15.00 and net sales narrowed to $4.95–$5.20 billion, a range that reflects both supply chain headwinds and some contract terminations. For <a href="https://247wallst.com/investing/2025/10/28/takeaways-from-nextera-energy-nee-q3-earnings-beat/">broader renewable energy sector context</a>, comparable dynamics shaped results across utilities this quarter as well.

Key Takeaways
  • Record volume sold of 5.3 GW in Q3 2025
  • Increased module sales to third parties driving higher net sales
  • Higher cash receipts from module sales including advance payments
  • Favorable changes in working capital
  • Section 45X tax credits estimated at $1.56B–$1.59B for 2025

“As a result of our disciplined approach to balancing growth, liquidity, and profitability, we've further strengthened our position through the commissioning of our fifth U.S. manufacturing facility, enhancing our liquidity position, and delivering record sales.”

First Solar CEO, on the earnings call

Forward Guidance & Outlook

First Solar updated its full-year 2025 guidance, narrowing most ranges. Net sales guidance was set at $4.95B–$5.20B (from $4.90B–$5.70B). Gross margin guidance is $2.10B–$2.20B. Operating expenses are expected at $515M–$535M, including $90M of production start-up expense. Operating income guidance is $1.56B–$1.68B. Earnings per diluted share guidance was narrowed to $14.00–$15.00 (from $13.50–$16.50). Net cash balance is expected at $1.6B–$2.1B (raised from $1.3B–$2.0B). Capital expenditures were reduced to $0.9B–$1.2B (from $1.0B–$1.5B). Volume sold is expected at 16.7–17.4 GW. The guidance assumes $155M–$165M of ramp and underutilization costs and $1.56B–$1.59B of Section 45X tax credits.

FSLR YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$500.0M$1.0B$1.5B$887.7M$1.6BRevenue$445.3M$610.7MGross Profit$322.0M$466.1MOperating Income$313.0M$455.9MNet Income
$0$500.0M$1.0B$1.5BRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.