Q1 25 EPS
$1.95
MISS 21.01%
Est. $2.47
Q1 25 Revenue
$844.6M
BEAT +0.01%
Est. $844.5M
vs S&P Since Q1 25
+42.7%
BEATING MARKET
FSLR +72.7% vs S&P +30.0%
Market Reaction
Did FSLR Beat Earnings? Q1 2025 Results
First Solar delivered a mixed first quarter, with revenue of $844.57 million edging just ahead of the $844.52 million consensus, up 6.3% year over year, but earnings told a more troubled story: diluted EPS of $1.95 fell short of the $2.47 consensus b… Read more First Solar delivered a mixed first quarter, with revenue of $844.57 million edging just ahead of the $844.52 million consensus, up 6.3% year over year, but earnings told a more troubled story: diluted EPS of $1.95 fell short of the $2.47 consensus by 21.01%, weighed down by a sharp seasonal drop in module sales volume from Q4 2024's $1.51 billion revenue pace and a negative operating cash flow of roughly $608 million driven by heavy capital spending and an inventory build. The real headline, however, was the company's dramatic guidance cut triggered by tariffs implemented in April 2025, which CEO Mark Widmar described as a "significant economic headwind," with full-year net sales guidance slashed to $4.50 billion–$5.50 billion from $5.30 billion–$5.80 billion and EPS guidance reduced to $12.50–$17.50 from $17.00–$20.00. Despite the turbulence, First Solar shares found footing as Widmar emphasized the company's unique position as America's only fully vertically integrated solar manufacturer, with a 66.3 GW backlog underpinning its long-term demand outlook.
Key Takeaways
- • Anticipated seasonal reduction in volume of modules sold drove Q1 revenue decline
- • Capital expenditures for Louisiana manufacturing facility drove cash balance decline
- • Inventory build-up to meet contracted commitments in back half of year
- • Section 45X advanced manufacturing production credits under the IRA
- • Net bookings of 0.7 GW YTD with average selling price of 30.5 cents per watt
FSLR YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“Despite the near-term challenges presented by the new tariff regime, we believe that the long-term outlook for solar demand, particularly in our core U.S. market, remains strong, and that First Solar remains well-positioned to serve this demand.”
— Mark Widmar, Q1 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $3.22 | — | $1.04B | -0.32% |
| Q4 25 MISS FY | $5.15 | $4.84 | -6.02% | $1.68B | +6.29% |
| 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% |