What were the key takeaways from First Solar’s Q4 report?

First Solar earnings showed Q4 2025 net sales of $1.7 billion and EPS of $4.84. Net cash ended at $2.4 billion, helped by monetized Section 45X credits. Management issued 2026 guidance tied to IRA assumptions, with focus on U.S. production, shipment timing, and margin support as new factory ramps progress.

What does FSLR 2026 guidance depend on most?

FSLR 2026 guidance depends on consistent U.S. manufacturing ramp, IRA policy stability, shipment timing, and ASP and mix. Section 45X credits and domestic content incentives support margins, but execution on new lines, input costs, and delivery schedules will drive quarterly results and cash generation.

How do Section 45X credits affect First Solar’s cash flow?

Section 45X credits can be monetized, which lifts cash and supports capex and working capital during factory ramps. They improve near-term margins on U.S.-made modules. However, sustainable free cash flow still relies on on-time shipments, stable input costs, and reaching steady-state yields at newer facilities.

What should investors watch in solar stocks today after this report?

Focus on the quality of guidance, cash visibility, and factory ramp milestones. For traders, watch technical levels like the Bollinger range around 215 to 249 and ATR near 12.4 for volatility context. For investors, track backlog conversion, ASP stability, and any changes to IRA or Section 45X credits.

Global Market Insights

FSLR Stock Today: Q4 $1.7B Sales, 2026 Guide, 45X Cash Lift — February 25

ByDanny Kontos February 25, 2026

First Solar earnings are in focus after Q4 2025 net sales of $1.7 billion and EPS of $4.84. Management issued FSLR 2026 guidance that leans on IRA policy and U.S. manufacturing. The company ended Q4 with $2.4 billion in net cash, helped by monetizing Section 45X credits. With the Louisiana factory commissioned and a South Carolina site planned, ticker FSLR sits at the center of solar stocks today as investors weigh cash generation, margins, and shipment cadence.