First Solar Reports Record 2025 Shipments, Expanding U.S. Footprint

Company outlines 2026 outlook shaped by trade, regulatory, and policy uncertainty

Published on Feb. 25, 2026

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First Solar (NASDAQ:FSLR) used its fourth-quarter and full-year 2025 earnings call to highlight record module shipment volumes of 17.5 gigawatts, an expanding U.S. manufacturing footprint, and a 2026 outlook that management says is impacted by ongoing trade, regulatory, and policy uncertainty. The company reported strong liquidity, with $2.9 billion in gross cash and $2.4 billion in net cash at the end of 2025.

Why it matters

First Solar's performance and outlook provide insights into the state of the U.S. solar industry, which has faced challenges from trade actions, tariffs, and regulatory changes in recent years. The company's focus on expanding its domestic manufacturing capacity and leveraging tax credits highlights the importance of policy support for the sector's growth.

The details

First Solar reported record module sales of 17.5 gigawatts in 2025, with net sales of $5.2 billion and full-year diluted EPS of $14.21. The company's fourth-quarter gross margin improved to 40%, driven by a higher mix of U.S.-manufactured modules benefiting from Section 45X tax credits, reduced non-standard freight, and the resolution of a supply disruption. However, full-year gross margin declined to 41% due to tariff costs, tariff-driven warehousing expenses, and underutilization at international facilities. The company's contracted backlog totaled 50.1 GW as of the end of 2025, though it reported net debookings of 0.9 GW for the year. Management highlighted new U.S. utility-scale bookings at an average selling price of $0.364 per watt, including adders. On the technology front, First Solar provided updates on its CuRe and perovskite development efforts.

  • First Solar initiated commercial production at its fifth U.S. factory in Louisiana in 2025.
  • The company announced plans to add a new facility in South Carolina, with production expected to begin in Q4 2026 and run through the first half of 2027.

The players

First Solar

An American solar technology company that designs and manufactures thin-film photovoltaic modules using cadmium telluride semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility-scale projects.

Mark Widmar

Chief Executive Officer of First Solar.

Alex Bradley

Chief Financial Officer of First Solar.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

The takeaway

First Solar's strong 2025 performance and continued investment in U.S. manufacturing capacity highlight the company's position as a leading domestic solar technology provider. However, the company's outlook is shaped by ongoing trade, regulatory, and policy uncertainty, underscoring the importance of stable policy support for the growth of the U.S. solar industry.