First Solar (FSLR) Q4 2025 Earnings Transcript
The Motley Fool
by newsfeedback@fool.com (Motley Fool Transcribing)February 24, 2026
AI-Generated Deep Dive Summary
First Solar (FSLR) delivered strong financial results in its Q4 2025 earnings transcript, highlighting record module sales of 17.5 gigawatts, a 24% year-over-year increase, and net sales of $5.2 billion, at the upper end of guidance. The company reported diluted EPS of $14.21 per share, within its latest projections. Notably, gross margin for the full year stood at 41%, down from 44% due to tariffs and underutilized facilities but partially offset by $1.6 billion in Section 45X tax credits. Fourth-quarter gross margin improved compared to the prior quarter, reaching 38%, driven by higher tax credits and a favorable module mix in the U.S.
First Solar ended the year with $2.4 billion in net cash, exceeding guidance and up $1.2 billion from the previous year. The company's contracted backlog stood at 50.1 gigawatts, valued at $15 billion, while gross bookings for 2025 totaled 7.4 gigawatts. However, net debookings of 0.9 gigawatts were primarily due to customer contract breaches. U.S. bookings achieved an average selling price (ASP) of $0.364 per watt for 1 gigawatt, inclusive of CURE attribute adjusters.
The company also announced significant milestones in its perovskite solar cell program, including the development line in Ohio reaching full in-line process capability and a pilot line set for operational
Verticals
financeinvesting
Originally published on The Motley Fool on 2/24/2026