First Solar Q4 EPS Misses by $0.30, 2026 Guidance 15% Below Consensus
First Solar reported Q4 EPS of $4.84, missing estimates by $0.30, and issued 2026 revenue guidance of $4.9B–$5.2B, around 15% below the $6.12B consensus. Management cited cautious bookings of 2.3GW, ongoing tariff pressures and outlined U.S. manufacturing capacity expansion to 17.1GW by 2027.
1. Q4 Earnings and Sales
First Solar posted Q4 EPS of $4.84, missing the $5.14 consensus by $0.30, while sales rose 11% year-over-year to $1.68 billion. The volume increase in module shipments drove revenue above the $1.56 billion estimate.
2. 2026 Guidance and Market Drivers
The company set fiscal 2026 revenue guidance at $4.9–$5.2 billion, below the $6.12 billion analyst consensus, citing ongoing tariff pressures, AD/CVD investigations and a selective booking strategy that secured 2.3 GW of orders including 1.0 GW in the U.S. at $0.364 per watt.
3. Manufacturing Expansion and Capacity Forecasts
First Solar began commercial production at its Louisiana factory, targeting U.S. finishing capacity of 3.5 GW by 2027 with an additional South Carolina site, and plans to increase U.S. nameplate capacity from 14.9 GW in 2026 to 17.1 GW in 2027, lifting global capacity to 22.1 GW.