First Solar Q2 2026: margin surge, revenue dip, cash burn
First Solar's second quarter was a margin story, not a growth story: revenue slipped 3.7% to $1.06 billion while gross margin jumped to 57.3% and earnings per share rose to $3.92, beating the $2.89 consensus estimate. Management reaffirmed rather than raised full-year guidance, and cash fell to $1.7 billion. Read the quarter as high profitability on a shrinking top line, with the negative free cash flow the item to watch.
1 · Expected vs. Actual
Free preview belowDiluted earnings per share of $3.92 rose 23% from $3.18 a year ago and came in 35.5% above the $2.89 consensus estimate. The beat arrived with revenue down, which tells you profit margins and non-operating income, not sales, carried the quarter.
Net sales of $1.06 billion fell 3.7% from $1.10 billion a year earlier, and the company blamed lower revenue associated with customer contract terminations, partly offset by more modules sold to third parties. Both second-quarter and first-half sales volume were records, so the decline is not about how much the company shipped.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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