Companies /Technology

First Solar Inc

NASDAQ: FSLR Solar
$204.45
▼ $2.97 (−1.43%) today
Markets closed · 7:03pm ET

Q1 2026 Earnings

Reported Apr 30, 2026, 4:04pm ET · SEC source
$3.22
Beat +8.02%
EPS · est. $2.98
$1.0B
Miss −0.32%
Revenue · est. $1.0B
+45.7%
Beating market
FSLR vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0+3%Apr 30May 1report 4:04pm ETearnings+0.2%+0.9%
−6%−3%0+3%Apr 30May 1earnings+0.2%+0.9%
FSLR +0.9%S&P 500 +0.2%
−6%−3%0+3%Apr 30May 1report 4:04pm ETearnings+0.9%+0.9%
−6%−3%0+3%Apr 30May 1earnings+0.9%+0.9%
FSLR +0.9%NASDAQ +0.9%
−5%0+5%+10%Apr 29May 8report 4:04pm ETearnings+2.5%+9.2%
−5%0+5%+10%Apr 29May 8earnings+2.5%+9.2%
FSLR +9.2%S&P 500 +2.5%
−5%0+5%+10%Apr 29May 8report 4:04pm ETearnings+6.4%+9.2%
−5%0+5%+10%Apr 29May 8earnings+6.4%+9.2%
FSLR +9.2%NASDAQ +6.4%
+4.86%
Day of report
−0.15%
Next session
+3.89%
One week
+50.32%
30 days

S&P 500 over the same 30 days: +4.66%.

Did FSLR Beat Earnings? Q1 2026 Results

First Solar posted a stronger-than-expected first quarter in 2026, delivering earnings per diluted share of $3.22 against a consensus estimate of $2.98, a beat of 8.02%, even as revenue of $1.04 billion came in fractionally below the $1.05 billion the market had anticipated. Net sales climbed 23.6% year over year, propelled by higher module volumes sold to third parties, while net income surged 65% to $346.62 million as improved cost absorption and maturing new facilities drove meaningful margin expansion, with adjusted EBITDA reaching $519.81 million at a 50% margin. CEO Mark Widmar pointed to record first-quarter revenue and record sales in India, emphasizing the company's thin-film CdTe technology and independence from Chinese crystalline silicon supply chains as competitive advantages amid ongoing trade policy uncertainty. Institutional confidence in the solar manufacturer has also been evident, with major passive investors recently disclosing substantial ownership stakes. First Solar reaffirmed its 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, supported by a contracted backlog of 47.9 GW.

Key Takeaways
  • Increased volume of modules sold to third parties driving 24% revenue growth
  • Meaningful gross margin expansion with gross profit rising to 46.6% of sales from 40.8%
  • Adjusted EBITDA margin expanded to 50% from 45% year-over-year
  • Record sales in India during the quarter
  • Lower production start-up costs as facilities mature

“We delivered a strong start to 2026, with record first-quarter revenue, record sales in India, meaningful margin expansion, and Adjusted EBITDA above the top end of our first quarter preview range.”

First Solar CEO, on the earnings call

Forward Guidance & Outlook

First Solar reaffirmed its full-year 2026 guidance unchanged: volume sold of 17.0–18.2 GW, net sales of $4.9B–$5.2B, gross profit of $2.4B–$2.6B (assuming $2.10B–$2.19B of Section 45X tax credits and $115M–$155M underutilization costs), operating expenses of $610M–$635M (assuming $110M–$120M production start-up expense), Adjusted EBITDA of $2.6B–$2.8B, capital expenditures of $0.8B–$1.0B, and net cash balance of $1.7B–$2.3B. For Q2 2026, the company expects module sales of 3.4–4.0 GW, Section 45X tax credits of $330M–$400M, and Adjusted EBITDA of $400M–$500M. Guidance assumes the current U.S. policy environment persists, including the IRA as amended by the One Big Beautiful Bill Act of 2025.

FSLR YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$300.0M$600.0M$900.0M$844.6M$1.0BRevenue$344.4M$486.1MGross Profit$221.2M$345.3MOperating Income$209.5M$346.6MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

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