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First Solar Record 17.5 Gigawatts Exposes An Underlying Margin Squeeze In 2026!

First Solar, Inc. reported its full-year 2025 results and provided guidance for 2026 amid a complex policy and trade environment. The company recorded record module sales of 17.5 gigawatts in 2025, a 24% increase from the prior year, with net sales reaching $5.2 billion, at the high end of its guidance. Diluted earnings per share (EPS) for the year were $14.21, within the company’s forecast range, marking an improvement from $12.02 in 2024. The company ended the year with $2.9 billion in gross cash and $2.4 billion in net cash, surpassing guidance and supported primarily by strong cash flow from operations and monetization of Section 45X tax credits. During 2025, First Solar navigated uncertainties stemming from U.S. trade policies, including tariff investigations and Section 232 actions, that continue to weigh on international shipments and add to cost pressures.