First Solar, Inc. · FSLR · FY2026 Q2 · Calendar Q3 2026

First Solar: Record Q2, Guidance Maintained Amid Policy Risk

The supplied analysis supports a constructive operating picture: demand, backlog visibility, domestic manufacturing, and technology execution are positives. The main counterweight is that policy, tariff, utilization, and input-cost uncertainties still constrain confidence in the forward trajectory.

Reported After market closeNASDAQEnergy $21.48B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $3.92 Consensus $2.90
EPS surprise +35.2% Reported versus consensus
Reported revenue $1.06B Consensus $1.06B
Revenue surprise -0.6% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +2.4% Event window
SPY move +0.7% Same window
Abnormal move +1.7% Stock minus SPY
Volume 1.9× Versus trailing sessions
Subsequent drift -3.1% Up to 20 sessions
FSLRSPY benchmark

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, the supplied current analysis emphasizes continued execution: stronger quarterly sales and margins, progress in CuRe and perovskite development, and advancing domestic capacity. The core policy and utilization risks remain.

Guidance delta

Management maintained full-year guidance; the supplied analysis does not indicate a change.

Key takeaways

  • Management described record quarterly sales and materially improved gross margin.
  • The backlog provides visibility while utility-scale demand remains a central growth driver.
  • CuRe execution and perovskite development support the technology roadmap.
  • Domestic manufacturing expansion may strengthen supply-chain control, but policy uncertainty persists.

Management priorities

  • Advance CuRe integration across manufacturing sites.
  • Progress the South Carolina finishing line and domestic-content strategy.
  • Bring the perovskite pilot line toward operational readiness.
  • Maintain disciplined capital allocation while evaluating technology-adjacent opportunities.

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Earnings History

Estimate Beat Miss Match
FSLR EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $1.99 Q1 '24 actual $2.20, beat Q2 '24 estimate $2.69 Q2 '24 actual $3.25, beat Q3 '24 estimate $3.14 Q3 '24 actual $2.91, miss Q2 '25 estimate $2.66 Q2 '25 actual $3.18, beat Q3 '25 estimate $4.24 Q3 '25 actual $4.24, match Q4 '25 estimate $5.14 Q4 '25 actual $4.84, miss Q1 '26 estimate $3.03 Q1 '26 actual $3.22, beat Q2 '26 estimate $2.90 Q2 '26 actual $3.92, beat Q3 '26 estimate $4.62 Q4 '26 estimate $5.88 Q1 '27 estimate $5.34
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Analyst Consensus ?

ConsensusHold74 ratings
Bullish4459.5%
Neutral2229.7%
Bearish810.8%

Analyst 52W Price Targets

$199.84Current
$70Low
$243.22Average
$330High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
BMO Capital Outperform Market PerformUpgradeAug 27, 2026
Deutsche Bank Buy BuyMaintainAug 26, 2026
Argus Research Buy BuyMaintainAug 26, 2026
Morgan Stanley Overweight OverweightMaintainAug 18, 2026
Evercore ISI Group In Line In LineMaintainAug 17, 2026
Show 69 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $199.84. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Piper SandlerAnalyst unavailable$260$213.25 +30.1%Sep 9, 2026
BMO CapitalAmeet Thakkar$265$205.93 +32.6%Aug 27, 2026
Deutsche BankAnalyst unavailable$299$206.82 +49.6%Aug 26, 2026
Morgan StanleyAnalyst unavailable$323$217.85 +61.6%Aug 18, 2026
Evercore ISINicholas Amicucci$218$225.56 +9.1%Aug 17, 2026
See 125 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

All FSLR earnings

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-13T21:14:14.617418+00:00
  2. FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
  3. Polygon adjusted daily market bars · 2026-09-22T03:10:51.930286+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T03:10:51.927408+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 . For educational purposes only; not investment advice.