First Solar Beats Q4 Revenue Targets but Cuts 2026 Outlook, Shares Drop 10%
First Solar posted Q4 revenue of $1.68 billion, up 11.1% year-on-year and 7% above estimates, but GAAP EPS of $4.84 missed by 6.3% and shares fell over 10%. It guided 2026 revenue to $5.05 billion at midpoint, 17.4% below analysts’ forecasts, and set EBITDA at $2.7 billion.
1. Q4 CY2025 Results
First Solar delivered Q4 sales of $1.68 billion, an 11.1% increase year-on-year that topped forecasts by 7%. However, GAAP EPS of $4.84 fell 6.3% short of consensus, reflecting higher operating costs and narrowing margins.
2. 2026 Outlook Revision
The company set 2026 revenue guidance at $5.05 billion at the midpoint, 17.4% below analyst expectations, and projected adjusted EBITDA of $2.7 billion, well under the $3.17 billion consensus. This outlook reflects anticipated project timing delays and increased competition in key markets.
3. Market Reaction
Shares slid more than 10% on the combined impact of the EPS miss and conservative 2026 guidance, as investors weighed near-term headwinds against long-term solar demand. The stock drop highlights sensitivity to forward projections in the renewable energy sector.