10-K · February 24, 2026
First Solar emphasizes its competitive thin‑film CdTe technology, large U.S. market position, and a distributed manufacturing footprint while ramping Series 7 production and onshoring additional capacity. Q4 2025 showed…
Earnings analysis · 10-Q
FSLR earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
In Q1 2026, First Solar reported robust performance with a substantial revenue increase of 23.6% to $1.0 billion, compared to $844 million in Q1 2025, driven by a 30.9% rise in module sales volume. The gross margin…
Read full summary
In Q1 2026, First Solar reported robust performance with a substantial revenue increase of 23.6% to $1.0 billion, compared to $844 million in Q1 2025, driven by a 30.9% rise in module sales volume. The gross margin improved significantly to 46.6%, up from 40.8% a year prior, while diluted EPS rose to 3.47 from 2.29 in the prior year. Management remains optimistic about future growth, driven by increased domestic manufacturing and ongoing demand for solar energy amid evolving market conditions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.47
What stood out
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Strong Revenue Growth
Q1 2026 revenue increased by 23.6% to $1.04 billion compared to $844 million in Q1 2025.
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Improved Gross Margin
Gross margin rose to 46.6%, up 5.8 percentage points from 40.8% in the prior year.
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Increased EPS
Diluted EPS for the quarter was $3.47, up from $2.29 in Q1 2025.
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Increased Module Sales Volume
Volume of modules sold increased by 30.9%, contributing significantly to revenue growth.
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Product Development Advances
Expanded U.S. manufacturing capacity includes a sixth facility to be operational in H2 2026.
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Cash Flow from Tax Credits
Received $95.2 million from the U.S. Department of the Treasury related to Section 45X credits.
What to watch
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Dependence on Government Incentives
Changes in solar incentives, particularly from the IRA, could negatively impact demand for our modules.
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Pricing Pressure from Competition
Intense pricing competition may pressure margins and average selling prices for our solar modules.
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Supply Chain Disruptions
Ongoing geopolitical tensions could disrupt our supply chain and material availability.
Management's outlook
Expectations for continued revenue growth driven by domestic demand and production incentives.
Earlier filings 4
10-Q · July 31, 2025
First Solar reported Q2 net sales of $1,097,170,000 and diluted EPS of $3.18, beating consensus. Revenue rose both year-over-year (+$86.7M, +8.6%) and sequentially (+$252.6M, +29.9%), while gross margin compressed to…
10-K · February 27, 2024
First Solar positions itself as the world’s largest thin‑film PV module manufacturer with a technology- and sustainability-led moat (CdTe modules, >60 GW sold) and is aggressively expanding U.S. and global capacity (≈8…
10-Q · October 31, 2023
First Solar reported a materially stronger Q3 (three months ended September 30, 2023) with net sales of $801,090 (in thousands) and GAAP diluted EPS of $2.50, driven by a return to positive gross profit ($376,175) and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.