Earnings Call
Apr 30, 2026
Q1 FY2026
EPS Estimate
2.87
EPS Actual
3.22
Post-Earnings Close
$211.71
Earnings Reaction
+4.9%
First Solar opened 2026 with record first quarter revenue of $1 billion, up 24% year-over-year, and diluted EPS of $3.22, comfortably ahead of consensus. Adjusted EBITDA of $520 million came in above the top end of the company's own preview range of $400, $500 million, with a 50% adjusted EBITDA margin and gross margin of 47%, expanding roughly 6 percentage points versus the prior-year period. The drivers were a meaningful step-up in 45X-qualifying module volumes, sharply lower freight costs (per-watt sales freight roughly half of Q1 2025 levels at approximately $0.017/W), and a $22 million sequential reduction in warehouse costs as management executes on its plan to rationalize those costs to approximately $100 million by 2027. The strong start was partially offset by a lower blended ASP reflecting a higher proportion of India deliveries, and by increased tariff costs year-over-year.
Report generated on May 4, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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