First Solar closes 2025 with strong fourth quarter results and guides for up to $5.2 billion in 2026 sales.

First Solar reported fourth quarter net sales of $1.7 billion and diluted EPS of $4.84. For the full year 2025, the company generated net sales of $5.2 billion and diluted EPS of $14.21. First Solar introduced its 2026 guidance, projecting net sales between $4.9 billion and $5.2 billion.

Key Highlights

• Full-year 2025 net sales grew to $5.2 billion, up from $4.2 billion in the prior year, which was driven by a 24% increase in third-party module volume.
• The company's year-end net cash balance increased significantly to $2.4 billion, primarily due to proceeds from the sale of Section 45X advanced manufacturing tax credits.
• Management issued 2026 guidance, forecasting Adjusted EBITDA in a range of $2.6 billion to $2.8 billion on net sales of $4.9 billion to $5.2 billion.