First Solar, Inc. · FSLR · FY2025 Q3 · Calendar Q4 2025

First Solar posts record sales as debookings pressure margins

The quarter supports demand and domestic-manufacturing strengths, but it does not establish a clean earnings-growth trajectory: record volume was accompanied by lower margins, BP-related debookings and modestly reduced guidance.

Reported After market closeNASDAQEnergy $18.77B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $4.24 Consensus $4.24
EPS surprise 0.0% Reported versus consensus
Reported revenue $1.59B Consensus $1.58B
Revenue surprise +1.2% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +14.3% Event window
SPY move +0.3% Same window
Abnormal move +14.0% Stock minus SPY
Volume 2.9× Versus trailing sessions
Subsequent drift -1.3% Up to 20 sessions
FSLRSPY benchmark

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Transcript intelligence

What changed

First Solar delivered record module volume, while gross margin declined to 38% and BP affiliate terminations removed 6.6 GW of contracted volume. Management also introduced a 3.7 GW U.S. finishing line targeted for Q4 2026 and modestly lowered full-year guidance.

Guidance delta

Full-year 2025 guidance was lowered modestly versus the prior quarter.

Key takeaways

  • Record 5.3 GW module sales and Q3 EPS of $4.24 per share
  • Gross margin fell to 38% amid underutilization and lower U.S. mix
  • BP affiliate terminations removed 6.6 GW but generated $385 million in termination payments
  • A 3.7 GW U.S. finishing line is planned to begin production in Q4 2026

Management priorities

  • Ramp the Louisiana facility and qualify product for shipment
  • Build and commission the 3.7 GW U.S. finishing line
  • Maintain liquidity through 45X tax-credit sales and cash management
  • Continue intellectual-property enforcement for TOPCon patents

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Earnings History

Estimate Beat Miss Match
FSLR REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $1B Q4 '23 actual $1B, miss Q1 '24 estimate $720M Q1 '24 actual $794M, beat Q2 '24 estimate $940M Q2 '24 actual $1B, beat Q3 '24 estimate $1B Q3 '24 actual $888M, miss Q2 '25 estimate $1B Q2 '25 actual $1B, beat Q3 '25 estimate $2B Q3 '25 actual $2B, beat Q4 '25 estimate $2B Q4 '25 actual $2B, beat Q1 '26 estimate $1B Q1 '26 actual $1B, beat Q2 '26 estimate $1B Q2 '26 actual $1B, miss Q3 '26 estimate $1B Q4 '26 estimate $2B Q1 '27 estimate $1B
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Analyst Consensus ?

ConsensusHold73 ratings
Bullish4460.3%
Neutral2230.1%
Bearish79.6%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$174.61Current
$70Low
$242.77Average
$330High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Piper Sandler Overweight OverweightMaintainSep 30, 2026
Keybanc Sector Weight UnderweightUpgradeSep 28, 2026
GLJ Research Buy BuyMaintainSep 22, 2026
BMO Capital Outperform Market PerformUpgradeAug 27, 2026
Deutsche Bank Buy BuyMaintainAug 26, 2026
Show 69 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $174.61. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Piper SandlerDimple Gosai$251$176.93 +43.7%Sep 30, 2026
GLJ ResearchAnalyst unavailable$250$200.78 +43.2%Sep 22, 2026
Piper SandlerAnalyst unavailable$260$213.25 +48.9%Sep 9, 2026
BMO CapitalAmeet Thakkar$265$205.93 +51.8%Aug 27, 2026
Deutsche BankAnalyst unavailable$299$206.82 +71.2%Aug 26, 2026
See 127 more

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Company context

Snapshot as of publication

First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power producers, commercial and industrial businesses, and various other system owners. Founded in 1999, the firm is based in Tempe, Arizona, and underwent a name change in 2006 from its former designation, First Solar Holdings, Inc.

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-04T20:00:45.227021+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T20:00:45.223396+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.