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FSLR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
First Solar's net sales fell 3.7% to $1.06B, but operating income rose 24.6% to $450.4M and net income 23.6% to $422.6M, lifting diluted EPS 23% to $3.92.
Net income
$423M
up 23.6% y/y
Net sales
$1,056M
down 3.7% y/y
Operating income
$450M
up 24.6% y/y
Gross profit
$605M
up 21.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net sales | $1,056 · −3.7% |
| Cost of sales | $451 · −24.5% |
| Gross profit | $605 · +21.0% · 57.3% margin |
| Selling, general and administrative | $51.9 · −1.2% |
| Research and development | $76.2 · +39.9% |
| Production start-up | $26.4 · −15.2% |
| Operating income | $450 · +24.6% · 42.6% margin |
| Foreign currency loss, net | $14 · +43.8% |
| Interest income | $29.9 · +147% |
| Interest expense, net | $5.6 · −39.4% |
| Other expense, net | $1.4 · −47.6% |
| Income before taxes | $459 · +30.4% |
| Income tax expense | $36.8 · +257% · 8.0% effective rate |
| Net income | $423 · +23.6% · $3.92/sh · 40.0% margin |
Verdict: First Solar's net sales fell 3.7% to $1.06B, but operating income rose 24.6% to $450.4M and net income 23.6% to $422.6M, lifting diluted EPS 23% to $3.92.
Source and notation
Source: FSLR press release, 8-K EX-99.1 of 07/30/2026 (SEC EDGAR).
Open as an image: FSLR, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “FSLR Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/fslr/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/fslr/q2-2026"><img src="https://whoreportstoday.com/t/fslr/q2-2026/sankey.png" alt="FSLR Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/fslr/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/fslr/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/fslr/q2-2026">FSLR Q2 2026 earnings chart (Who Reports Today)</a>
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- Net cash balance decreased to $1.7 billion from $2.4 billion, and contracted sales backlog was 45.1 GW.
- Operating income was $450M (+24.6% y/y), an operating margin of 42.6% vs 33.0% a year ago.
- Gross profit of $605M is a gross margin of 57.3% vs 45.6% a year ago.
- Income tax of $36.8M implies an effective rate of 8.0% vs 2.9% a year ago.
- Diluted EPS was $3.92 vs $3.18 a year ago (+23.3%), while net income changed +23.6%.
What distorts the picture in this report and what to watch beyond the headlines.
FSLR — an American solar module manufacturer that designs, produces and sells thin-film cadmium telluride (CdTe) photovoltaic modules.
Its customers include system developers, independent power producers, utilities and large corporate energy buyers, and it prices modules mostly per watt. The company operates as a single segment. · Source: annual report (Form 10-K, SEC)
Heads-up
- revenue fell 4% y/y in Q2 2026
Revenue for Q2 2026: $1,056M, −4% y/y. Based on the Q2 2026 report.
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