First Solar (F3A) Q3 2026 Earnings Report
DE:F3A Q3 2026 EPS Results
- Actual EPS
- EUR 4.75
- Consensus EPS
- EUR 4.18
- Beat/Miss
- Beat by +EUR 0.56
- One Year Ago EPS
- EUR 3.80
DE:F3A Q3 2026 Revenue Results
- Actual Revenue
- EUR 1.10B
- Expected Revenue
- EUR 1.15B
- Beat/Miss
- Missed by -EUR 52.07M
- YoY Revenue Growth
- -22.82%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
First Solar's next earnings date is estimated for March 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was generally positive, supported by strong third-quarter profitability, a 44-gigawatt contracted backlog, higher gross margins, U.S. manufacturing expansion, CuRe and perovskite technology progress, and a new $500 million share repurchase authorization. However, the company also reported a 23% year-over-year sales decline, lowered 2026 volume, revenue and adjusted EBITDA guidance, moderated bookings, significant customer and policy uncertainty, and unresolved decisions regarding Malaysia and litigation. The positive operating results and strategic positioning outweighed the stated challenges.
Guidance calls for the first Series 7 CuRe conversion in India to begin in the first quarter of 2027, with India's finished goods production in 2027 expected to range from 2.2 gigawatts to 2.6 gigawatts; South Carolina's second finishing phase is expected to reach commercial launch in mid-2027, with the 2 phases expected to result in 2027 South Carolina production of 2.2 to 2.5 gigawatts; the Ohio perovskite pilot line remains on track to reach operational readiness in the first half of 2027; Malaysia is expected to operate at full or near full capacity of 1.8 gigawatt annually or shut down, with a decision expected in the first half of 2027; full year 2026 guidance reflects a lower range of India domestic, international Series 6 and U.S. finishing volumes sold, with an associated reduction in revenue and adjusted EBITDA, including a reduction of approximately 0.7 gigawatts in the India domestic volume sold forecast, while the forecast range for fully domestic products sold remains unchanged; full year perovskite-related spend, originally forecasted approximately $100 million, is now expected to total approximately $120 million; total 2026 operating expense guidance and Net cash guidance remain unchanged; and the company has authorized a share repurchase program of up to $500 million.
- Strong Third-Quarter ProfitabilityFirst Solar generated approximately $1.2 billion in third-quarter net sales, expanded gross margin to approximately 58%, and delivered adjusted EBITDA of $744 million. Adjusted EBITDA was near the upper end of the previously communicated Q3 preview range, with an adjusted EBITDA margin of approximately 60%.
- Net Income and EPS GrowthNet income was $571 million, up approximately 25% year-over-year, while diluted earnings per share increased to $5.30 from $4.24 in the prior-year period.
- Higher Gross Margin Driven by U.S. Production MixGross margin increased by roughly 20 percentage points year-over-year, primarily due to a higher mix of U.S.-produced modules. Gross margin also benefited from lower sales rates and utilization costs, tariffs and duties, partially offset by lower termination-related revenue.
- Large Contracted BacklogFirst Solar ended the quarter with 44 gigawatts under contract, representing approximately $13.5 billion of contracted value, exclusive of technology adjusters, with scheduled deliveries extending through 2030.
- U.S. Bookings at Higher PricingThe company booked approximately 4.9 gigawatts in the U.S. through the date of the call at approximately $0.35 to $0.36 per watt, inclusive of adjusters. Since the prior earnings call, it recorded approximately 1.4 gigawatts of additional U.S. gross bookings at an average selling price of approximately $0.36 per watt, inclusive of applicable technology adjusters.
- Pricing and Contracting Strategy ImprovementFirst Solar said its focus on project-specific contracts, disciplined pricing and stronger contractual protections has moderated bookings on a volume basis but generated improved pricing relative to its overall backlog. The company is seeking higher pricing on new module sales, stronger credit support and payment terms, and firmer delivery schedules.
- CuRe Deployment ProgressThe company continued deploying CuRe across its fleet through a disciplined, learnings-based approach. After beginning with the Perrysburg Series 6 conversion in the first quarter of 2026, the first Series 7 conversion at the India facility is expected to begin in the first quarter of 2027, starting Series 7 CuRe replication across the fleet.
- Manufacturing Expansion and South Carolina RampFirst Solar's South Carolina Series 6 finishing facility began production in the first phase during Q3. The second phase is expected to reach commercial launch in mid-2027, and the two phases together are expected to produce 2.2 to 2.5 gigawatts in South Carolina during 2027.
- Perovskite Technology Road Map AdvancementThe Ohio pilot line designed to produce Series 6-size perovskite modules remains on track to reach operational readiness in the first half of 2027. The company also announced a licensing agreement with CubicPV and continues its intellectual property agreement with Oxford PV to support its perovskite development road map.
- U.S. Manufacturing PositioningFirst Solar said it is well positioned to benefit from the Section 232 proclamation and continued demand from load growth, data center expansion, AI-related infrastructure, electrification and U.S. manufacturing onshoring. By 2027, nearly 80% of its global module manufacturing footprint is expected to be located in the U.S.
- Financial Flexibility and Share Repurchase AuthorizationThe company ended the quarter with approximately $1.5 billion in net cash, within its long-term target range of $1.5 billion to $2 billion. Its Board authorized a share repurchase program of up to $500 million, effective immediately with no expiration date, while maintaining its stated ability to invest in technology development and growth.
- Technology Adjusters Provide Potential Backlog ValueCustomer notifications related to contractual technology adjusters continued as CuRe deployment advances. The company described these notifications as a meaningful source of incremental backlog value, with the majority of the adjuster value expected to be realized in 2027 and 2028; approximately 20% of the potential adjuster value is currently associated with 2027 deliveries.
- Tax Credit Receivables and Liquidity OptionsFirst Solar reported approximately $1.9 billion of government grant receivables, including approximately $1.8 billion in the U.S. The company said it received a refund of approximately $120 million in about three months for previously filed credits and is evaluating whether to sell some credits or pursue refundability.
DE:F3A Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 02, 2027 | 2026 (Q4) | 4.72- | 4.33 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 4.184.75 | 3.8 | 25.00% (+0.95) | |
| Jul 30, 2026 | 2026 (Q2) | 2.593.51 | 2.85 | 23.27% (+0.66) | |
| Apr 30, 2026 | 2026 (Q1) | 2.712.88 | 1.75 | 65.13% (+1.14) | |
| Feb 24, 2026 | 2025 (Q4) | 4.614.33 | 3.27 | 32.60% (+1.07) | |
| Oct 30, 2025 | 2025 (Q3) | 3.793.80 | 2.61 | 45.70% (+1.19) | |
| Jul 31, 2025 | 2025 (Q2) | 2.382.85 | 2.91 | -2.15% (-0.06) | |
| Apr 29, 2025 | 2025 (Q1) | 2.231.75 | 1.97 | -11.36% (-0.22) | |
| Feb 25, 2025 | 2024 (Q4) | 4.203.27 | 2.91 | 12.31% (+0.36) | |
| Oct 29, 2024 | 2024 (Q3) | 2.822.61 | 2.24 | 16.40% (+0.37) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
