Q4 25 EPS
$4.84
MISS 6.02%
Est. $5.15
Q4 25 Revenue
$1.68B
BEAT +6.29%
Est. $1.58B
vs S&P Since Q4 25
-4.2%
TRAILING MARKET
FSLR -0.3% vs S&P +4.0%
Full Year 2025 Results
FY 25 EPS
$14.21
MISS 2.58%
Est. $14.59
FY 25 Revenue
$5.22B
BEAT +1.95%
Est. $5.12B
Market Reaction
Did FSLR Beat Earnings? Q4 2025 Results
First Solar delivered a mixed fourth quarter for 2025, posting revenue of $1.68 billion, up 11.2% year-over-year and ahead of the $1.58 billion consensus by 6.29%, while earnings per share of $4.84 fell short of the $5.15 estimate by 6.02%. The top-l… Read more First Solar delivered a mixed fourth quarter for 2025, posting revenue of $1.68 billion, up 11.2% year-over-year and ahead of the $1.58 billion consensus by 6.29%, while earnings per share of $4.84 fell short of the $5.15 estimate by 6.02%. The top-line strength was driven primarily by higher module volumes, with full-year net sales climbing to $5.22 billion from $4.21 billion in 2024, supported by a 24% increase in third-party module shipments. Operating income for the quarter reached $547.92 million, reflecting improved gross margins and robust throughput from its expanding U.S. Manufacturing footprint, including the newly commissioned Louisiana facility. Still, growing investor scrutiny over a shrinking order backlog and the eventual phase-out of Section 45X tax credits between 2030 and 2033 has added pressure to the stock, with analysts at Barclays and Freedom Capital cutting price targets following the results. Looking ahead, First Solar guided 2026 net sales of $4.90 billion to $5.20 billion, with the current U.S. Policy environment remaining a key assumption underpinning its outlook.
Key Takeaways
- • 24% increase in third-party module volume drove full year 2025 net sales growth
- • Increased volume of modules sold drove Q4 sequential revenue increase
- • Section 45X advanced manufacturing production tax credit sales boosted cash position
- • Strong operating cash flows contributed to net cash balance improvement
FSLR YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“Our growth journey continued into 2025, with the commissioning of our new Louisiana factory and our decision to establish a new facility in South Carolina.”
— Mark Widmar, Q4 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% |