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

Solar company outlines 2026 outlook shaped by trade, regulatory, and policy uncertainty

Published on Feb. 28, 2026

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First Solar (NASDAQ:FSLR) reported record module shipments of 17.5 gigawatts (GW) in 2025, with net sales of $5.2 billion and full-year diluted EPS of $14.21. The company ended the year with $2.9 billion in gross cash and $2.4 billion in net cash. Management emphasized prioritizing 'contract certainty' amid shifting tariffs, pending investigations, and customer schedule changes. For 2026, First Solar guided to net sales of $4.9 billion to $5.2 billion and adjusted EBITDA of $2.6 billion to $2.8 billion.

Why it matters

First Solar's strong 2025 performance and 2026 outlook highlight the company's position as a leading U.S. solar manufacturer, even as it navigates a complex policy and trade environment. The company's expansion of its U.S. manufacturing footprint and focus on 'contract certainty' reflect the importance of domestic production and supply chain resilience in the renewable energy sector.

The details

First Solar reported record module shipments of 17.5 GW in 2025, with net sales of $5.2 billion and full-year diluted EPS of $14.21. The company ended the year with $2.9 billion in gross cash and $2.4 billion in net cash. Management emphasized prioritizing 'contract certainty' in pricing and delivery amid shifting tariffs, pending investigations, and customer schedule changes. For 2026, First Solar guided to net sales of $4.9 billion to $5.2 billion and adjusted EBITDA of $2.6 billion to $2.8 billion. The company expects to sell 17.0 GW to 18.2 GW in 2026, above forecast production of 16.5 GW to 17.5 GW, reflecting planned inventory reduction.

  • First Solar reported record module shipments of 17.5 GW in 2025.
  • First Solar ended 2025 with $2.9 billion in gross cash and $2.4 billion in net cash.
  • First Solar guided to net sales of $4.9 billion to $5.2 billion and adjusted EBITDA of $2.6 billion to $2.8 billion for 2026.
  • First Solar expects to sell 17.0 GW to 18.2 GW in 2026, above forecast production of 16.5 GW to 17.5 GW.

The players

First Solar, Inc.

A United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology.

Mark Widmar

Chief Executive Officer of First Solar.

Alexander Bradley

Chief Financial Officer of First Solar.

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What they’re saying

“We must remain selective on contracting while prioritizing 'contract certainty' in pricing and delivery amid shifting tariffs, pending investigations, and customer schedule changes.”

— Mark Widmar, Chief Executive Officer (themarketsdaily.com)

“For 2026, we expect to sell 17.0 GW to 18.2 GW, above our forecast production of 16.5 GW to 17.5 GW, reflecting planned inventory reduction.”

— Alexander Bradley, Chief Financial Officer (themarketsdaily.com)

What’s next

First Solar plans to add a new manufacturing facility in South Carolina, with production expected to begin in Q4 2026 and run through the first half of 2027.

The takeaway

First Solar's strong 2025 performance and 2026 outlook demonstrate its position as a leading U.S. solar manufacturer, even as it navigates a complex policy and trade environment. The company's expansion of its U.S. manufacturing footprint and focus on 'contract certainty' reflect the importance of domestic production and supply chain resilience in the renewable energy sector.