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First Solar (FSLR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · First Solar (FSLR) Q3 2026 earnings results →

Q3 2026 Revenue down 23% year over year to $1.2B · 46¢ of every $1 of revenue kept as net profit · operating margin 44.4%

First Solar made $1.2B in Q3 2026 (-23% Y/Y). Operating margin 44.4%, net earnings $571M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$1.2B
Year over year-23%
Operating margin44.4%
Net earnings$571M
Operating cash flow−$42.9M

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First Solar Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
First Solar Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.2B in Q3 2026, down 23% year over year and up 17% from the previous quarter.

Gross margin was 57.9%, up 19.6 points from Q3 2025. Operating profit was $0.55B, a 44.4% margin (up 15.1 points year over year). Operating expenses grew 15% against a revenue fall of 23%. The fastest-growing cost line was SG&A (+38%). Net earnings were $0.57B, up 25% year over year. The effective tax rate was -0.9%.

Operating cash flow was −$0.04B. Non-cash charges added back $0.15B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.77B. Capital expenditures of $0.15B exceeded it, leaving free cash flow of −$0.20B.

Quarterly history

First Solar revenue by quarterFirst Solar revenue by quarter$845MQ1 2025$1.1BQ2 2025$1.6BQ3 2025$1.7BQ4 2025$1.0BQ1 2026$1.1BQ2 2026$1.2BQ3 2026
First Solar net earnings by quarterFirst Solar net earnings by quarter$210MQ1 2025$342MQ2 2025$456MQ3 2025$521MQ4 2025$347MQ1 2026$423MQ2 2026$571MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$1.2B-23%44.4%$571M−$42.9M
Q2 202610-QJul 30, 2026$1.1B-4%42.6%$423M−$145M
Q1 202610-QApr 30, 2026$1.0B+24%33.1%$347M−$215M
Q4 202510-KFeb 24, 2026$1.7B+11%32.6%$521M$1.2B
Q3 202510-QOct 30, 2025$1.6B+80%29.2%$456M$1.3B
Q2 202510-QJul 31, 2025$1.1B+9%33.0%$342M$150M
Q1 202510-QApr 29, 2025$845M+6%26.2%$210M−$608M

Charts

First Solar: revenue growth, year over year and quarter over quarterFirst Solar: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q1 2025+9%+30%Q2 2025+80%+45%Q3 2025+11%+6%Q4 2025+24%-38%Q1 2026-4%+1%Q2 2026-23%+17%Q3 2026
Latest (Q3 2026): Y/Y -23%, Q/Q +17%.
First Solar: where the cash came from (+) and went (−), TTM to Q3 2026First Solar: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$839MOther financing−$637MCapital spending−$606MCash drawn (+) / kept (−)$409MOther investing−$8.9MExchange rates$4.7MTaxes on employees’ shares−$991K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
First Solar: profit against cash, quarter by quarterFirst Solar: profit against cash, quarter by quarterNet incomeOperating cash flow$393M$811MQ4 2024$210M−$608MQ1 2025$342M$150MQ2 2025$456M$1.3BQ3 2025$521M$1.2BQ4 2025$347M−$215MQ1 2026$423M−$145MQ2 2026$571M−$42.9MQ3 2026
Latest (Q3 2026): Net income $571M, Operating cash flow −$42.9M.
First Solar: diluted shares by fiscal yearFirst Solar: diluted shares by fiscal year107MFY2020107MFY2021107MFY2022107MFY2023108MFY2024108MFY2025
+0.8% since FY2020: more shares outstanding (issuance, stock pay).
First Solar: long-term debt falling due (FY2025)First Solar: long-term debt falling due (FY2025)$90.9M2026$91.0M2027$91.0M2028$101M2029
Cash $2.8B, short-term investments $51.8M, long-term debt — at 2025-12-31.
First Solar in its industry: growth against margin (80 companies, SIC 3674)First Solar in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRFSLR (-23%, 44%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Solar & energy storage money flowSolar & energy storage · Modules & trackers

Interactive views

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🏭Its industry’s money flow (input-output)interactive

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About First Solar

We are America’s leading PV solar technology and manufacturing company. The only U.S.-headquartered company among the world’s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology. Developed at R&D labs in California and Ohio, our technology provides a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains.

In its own words, from its 10-K, filed Feb 24, 2026.

First Solar against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -23% against the peers' median +40%. Operating margin: 44.4% against the peers' median 44.4%.

CompanyQuarterRevenueY/YOp. margin
FSLR First SolarQ3 2026$1.2B-23%44.4%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%

Source: First Solar 10-Q on SEC EDGAR · CIK 1274494 · Semiconductors & Related Devices

Guidance and outlook

First Solar Revenue: guidance against what was reportedFirst Solar Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$4.2BFY2025$5.2BFY2026
Met or beat 1 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns FSLR and who is buying

Largest holders of FSLR (13F)Largest holders of FSLR (13F)Vanguard Group$3.5BBlackRock$3.3BVanguard Capital Management LLC$1.6BVanguard Portfolio Management LLC$1.3BState Street$1.3BCapital World Investors$971MGeode Capital Management, LLC$733MInvesco$613MFMR LLC$514MMorgan Stanley$422M
Funds' net buying of FSLR by quarter (13F)Funds' net buying of FSLR by quarter (13F)−$121M2024-09−$233M2024-12$548M2025-03$1.7B2025-06−$854M2025-09−$1.5B2025-12−$1.4B2026-03$1.1B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FSLR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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