Jun 2026 (Q2 FY26) — Jul 30, 2026
First Solar Q2 FY26 — Record Sales Volume and Strong Adjusted EBITDA
Read the full callFirst Solar (FSLR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
First Solar earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,056 | −3.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 42.6 | +9.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 423 | +23.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
20 of 26 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full prepayment of India DFC loan | full repayment of our India credit facility with the U.S. International Development Finance Corporation by June 30, 2026 | Dec 2025 | We completed the full prepayment of our India DFC loan during the quarter. | Achieved |
| South Carolina U.S. finishing-line production start (3.7-3.5 GW) | Production will start at the end of '26 and ramp through the first half of 2027 | Sep 2025 | For the second phase, we now expect completion in mid-2027. While the revised time reflects a number of factors associated with optimizing the facilities launch, it also enables the earlier incorporation of CuRe technology. | Delayed |
| FY26 adjusted EBITDA | $2.6 billion to $2.8 billion | Dec 2025 | Our full year 2026 guidance remains unchanged. | On Track |
6 of FIRST SOLAR, INC.'s 37 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 34 more targets are in the full ledger.
Claimed
- Delivered record second quarter and first half sales volume, with net sales over $1 billion.
- Gross margin expanded to approximately 57%, an increase of 12 percentage points compared to Q2 FY25.
- Achieved strong adjusted EBITDA of $644 million, above the high end of guidance, with a 61% margin.
- Surpassed 100 gigawatts of cumulative module sales globally, reflecting technology durability.
- Ended the quarter with 45.1 gigawatts of contracted backlog, valued at $13.6 billion, extending through 2030.
Qualified
- Net sales decreased approximately 4% year-over-year, primarily due to lower prior-year customer contract terminations.
- Higher over-the-road freight costs in the U.S. are approaching international shipping economics.
- Approximately $30 million per quarter in underutilization costs for Southeast Asia manufacturing capacity.
- Policy uncertainty, including the pending Section 232 investigation and final FEOC regulations, continues to influence near-term customer activity.
- Rising commodity costs (steel, aluminum, copper, electricity) create a challenging input cost environment for U.S. manufacturing.
Price
$178.81 −0.15% · −$0.27
Performance −20.3% 1Y
1Y: $224.43 on 14 Oct 2025 → $178.81. High $318.25 (3 Jun 2026), low $172.11 (1 Oct 2026).
- Previous close
- $179.08
- 52-week range
- $172.11 – $318.25
- One year
- −26.84%
Overview
- Symbol
- FSLR
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 26 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full prepayment of India DFC loan | full repayment of our India credit facility with the U.S. International Development Finance Corporation by June 30, 2026 | Dec 2025 | We completed the full prepayment of our India DFC loan during the quarter. | Achieved |
| South Carolina U.S. finishing-line production start (3.7-3.5 GW) | Production will start at the end of '26 and ramp through the first half of 2027 | Sep 2025 | For the second phase, we now expect completion in mid-2027. While the revised time reflects a number of factors associated with optimizing the facilities launch, it also enables the earlier incorporation of CuRe technology. | Delayed |
| FY26 adjusted EBITDA | $2.6 billion to $2.8 billion | Dec 2025 | Our full year 2026 guidance remains unchanged. | On Track |
Claimed
- Delivered record second quarter and first half sales volume, with net sales over $1 billion.
- Gross margin expanded to approximately 57%, an increase of 12 percentage points compared to Q2 FY25.
- Achieved strong adjusted EBITDA of $644 million, above the high end of guidance, with a 61% margin.
- Surpassed 100 gigawatts of cumulative module sales globally, reflecting technology durability.
- Ended the quarter with 45.1 gigawatts of contracted backlog, valued at $13.6 billion, extending through 2030.
Qualified
- Net sales decreased approximately 4% year-over-year, primarily due to lower prior-year customer contract terminations.
- Higher over-the-road freight costs in the U.S. are approaching international shipping economics.
- Approximately $30 million per quarter in underutilization costs for Southeast Asia manufacturing capacity.
- Policy uncertainty, including the pending Section 232 investigation and final FEOC regulations, continues to influence near-term customer activity.
- Rising commodity costs (steel, aluminum, copper, electricity) create a challenging input cost environment for U.S. manufacturing.
The full ledger
Open FIRST SOLAR, INC.’s full ledger
A free account opens 5 company ledgers a month. All 37 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
First Solar Q1 FY26 — Record Revenue, Margin Expansion, and CuRe Launch
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
First Solar Q4 FY25 — Strong Backlog and Strategic Technology Advancements Amidst Policy Uncertainty
Read the full callEvery analysed call
First Solar earnings calls (FSLR)
Financials
What the filings say
Net profit, year on year: +24% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 888 | 1,514 | 845 | 1,097 | 1,595 | 1,683 | 1,044 | 1,056 |
| Operating profit | 322 | 457 | 221 | 362 | 466 | 548 | 345 | 450 |
| Operating margin | 36.3% | 30.2% | 26.2% | 33.0% | 29.2% | 32.6% | 33.1% | 42.6% |
| Interest | 9 | 11 | 10 | 9 | 14 | 11 | 8 | 6 |
| Profit before tax | 327 | 446 | 217 | 352 | 460 | 551 | 354 | 459 |
| Tax rate | 4.4% | 11.9% | 3.5% | 2.9% | 1.0% | 5.5% | 2.2% | 8.0% |
| Net profit | 313 | 393 | 210 | 342 | 456 | 521 | 347 | 423 |
| EPS ($ per share) | 2.92 | — | 1.96 | 3.19 | 4.25 | — | 3.23 | 3.93 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 2,442 | 2,327 | 2,716 | 3,184 | 3,140 | 3,971 | 5,263 | 6,791 |
| Total liabilities | 1,909 | 2,419 | 1,588 | 1,454 | 2,415 | 3,678 | 4,147 | 3,783 |
| Fixed assets | 1,756 | 2,181 | 2,402 | 2,650 | 3,537 | 4,397 | 5,414 | 5,676 |
| Total assets | 7,121 | 7,516 | 7,109 | 7,414 | 8,251 | 10,365 | 12,124 | 13,321 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -327 | 174 | 37 | 238 | 873 | 602 | 1,218 | 2,057 |
| Cash from investing | -683 | -362 | -131 | -99 | -1,193 | -473 | -1,563 | -765 |
| Cash from financing | 255 | 75 | -83 | 41 | 309 | 337 | 25 | -119 |
| Net cash flow | -768 | -116 | -173 | 182 | 38 | 472 | -327 | — |
| Capital expenditure | -740 | -669 | -417 | -540 | -904 | -1,387 | -1,526 | -870 |
| Free cash flow | -1,067 | -495 | -380 | -303 | -30 | -785 | -308 | 1,187 |
FSLR revenue by segment
| Segment | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | YoY growth latest quarter |
|---|---|---|---|---|---|
| Modules | 100% | 100% | 100% | 100% | — |
| Other | <1% | <1% | <1% | <1% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
FSLR operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Contracted backlog | 50.1 GWWe ended the year with a contracted backlog of 50.1 gigawatts valued at $15 billion.Source: earnings call transcript | 47.9 GWAs of March 31, 2026, our contracted backlog was 47.9 gigawatts at an aggregate transaction price of $14.4 billion, exclusive of technology adjusters with deliveries through 2030.Source: earnings call transcript | ~45.1 GWWe ended the quarter with approximately 45.1 gigawatts of contracted backlog.Source: earnings call transcript | — |
| Contracted backlog value | $15BWe ended the year with a contracted backlog of 50.1 gigawatts valued at $15 billion.Source: earnings call transcript | $14.4BAs of March 31, 2026, our contracted backlog was 47.9 gigawatts at an aggregate transaction price of $14.4 billion, exclusive of technology adjusters with deliveries through 2030.Source: earnings call transcript | $13.6BAs of June 30, 2026, our contracted backlog totaled 45.1 gigawatts with an aggregate transaction value of $13.6 billion, exclusive of technology adjusters, with scheduled deliveries extending through 2030.Source: earnings call transcript | -5.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
283 filings between Nov 4, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$43.43M
164 sales by 13 insiders
52% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 45
- Award — granted as compensation
- 69
- Option exercise — converted options into shares
- 4
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ANTOUN GEORGES | — | $10.62M | May 5, 2026 |
| Widmar Mark R | — | $9.01M | May 26, 2026 |
| Bradley Alexander R. | — | $4.01M | May 5, 2026 |
| Dymbort Jason E. | — | $3.82M | Aug 11, 2026 |
| Stockdale Caroline | — | $3.57M | May 28, 2026 |
| Gloeckler Markus | — | $3.06M | Oct 1, 2026 |
| Verma Kuntal Kumar | — | $2.55M | May 21, 2026 |
| Koralewski Michael | — | $2.05M | Aug 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Gloeckler Markus Chief Technology Officer | Sale 10b5-1 plan | 800 | $139.2K |
| Sep 30, 2026 | MORGAN CURTIS A Director | Award | 300 | $0 |
| Sep 30, 2026 | RENDUCHINTALA VENKATA S M Director | Award | 300 | $0 |
| Sep 30, 2026 | Sweeney Michael T Director | Award | 300 | $0 |
| Sep 30, 2026 | Wright Norman L. Director | Award | 300 | $0 |
| Sep 30, 2026 | KRO LISA A Director | Award | 300 | $0 |
| Sep 30, 2026 | George Anita M. Director | Award | 300 | $0 |
| Sep 30, 2026 | Ahearn Michael J Director | Award | 422 | $0 |
| Sep 30, 2026 | POST WILLIAM J Director | Award | 300 | $0 |
| Sep 30, 2026 | STEBBINS PAUL H Director | Award | 300 | $0 |
| Sep 1, 2026 | Sloan Samantha L. EVP, Corporate Affairs | Tax withheld | 134 | $26.8K |
| Sep 1, 2026 | Sloan Samantha L. EVP, Corporate Affairs | Option exercise | 469 | $0 |
| Sep 1, 2026 | Gloeckler Markus Chief Technology Officer | Sale 10b5-1 plan | 800 | $160.0K |
| Aug 17, 2026 | Sloan Samantha L. EVP, Corporate Affairs | Sale | 127 | $28.3K |
| Aug 14, 2026 | Sloan Samantha L. EVP, Corporate Affairs | Option exercise | 437 | $0 |
| Aug 11, 2026 | Dymbort Jason E. General Counsel and Secretary | Sale 10b5-1 plan | 3,700 | $922.7K |
| Aug 4, 2026 | Gloeckler Markus Chief Technology Officer | Sale 10b5-1 plan | 829 | $205.6K |
| Aug 4, 2026 | Ahearn Michael J Director | Gift | 44,584 | — |
| Aug 3, 2026 | Gloeckler Markus Chief Technology Officer | Sale 10b5-1 plan | 800 | $177.6K |
| Aug 3, 2026 | Koralewski Michael Chief Supply Chain Officer | Sale 10b5-1 plan | 3,500 | $787.5K |
| Aug 3, 2026 | Gloeckler Markus Chief Technology Officer | Sale 10b5-1 plan | 2,625 | $572.3K |
| Aug 3, 2026 | Koralewski Michael Chief Supply Chain Officer | Sale 10b5-1 plan | 3,500 | $763.1K |
| Jun 30, 2026 | George Anita M. Director | Award | 223 | $0 |
| Jun 30, 2026 | KRO LISA A Director | Award | 223 | $0 |
| Jun 30, 2026 | MORGAN CURTIS A Director | Award | 223 | $0 |
| Jun 30, 2026 | POST WILLIAM J Director | Award | 223 | $0 |
| Jun 30, 2026 | Sweeney Michael T Director | Award | 223 | $0 |
| Jun 30, 2026 | STEBBINS PAUL H Director | Award | 223 | $0 |
| Jun 30, 2026 | Ahearn Michael J Director | Award | 313 | $0 |
| Jun 30, 2026 | George Anita M. Director | Tax withheld | 67 | $15.8K |
| Jun 30, 2026 | RENDUCHINTALA VENKATA S M Director | Award | 223 | $0 |
| Jun 30, 2026 | Wright Norman L. Director | Award | 223 | $0 |
| Jun 2, 2026 | Buehler Patrick James Chief Product Officer | Sale 10b5-1 plan | 3,000 | $906.0K |
| May 28, 2026 | Stockdale Caroline Chief People and Comm. Officer | Sale 10b5-1 plan | 10,628 | $2.93M |
| May 26, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 364 | $96.5K |
| May 26, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 126 | $34.8K |
| May 26, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 726 | $196.9K |
| May 26, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 473 | $129.2K |
| May 26, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 1,237 | $329.8K |
| May 26, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 632 | $170.7K |
| May 26, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 1,009 | $271.3K |
| May 26, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 628 | $168.1K |
| May 22, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 47 | $12.1K |
| May 22, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 149 | $38.4K |
| May 22, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 75 | $19.2K |
| May 22, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 64 | $16.4K |
| May 22, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 916 | $233.5K |
| May 22, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 97 | $24.5K |
| May 22, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 218 | $55.3K |
| May 22, 2026 | Widmar Mark R Chief Executive Officer | Sale 10b5-1 plan | 239 | $59.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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