First Solar Reports Q3 2026 Results, Trims Full-Year Guidance, and Authorizes $500M Buyback

Executive Summary

On October 29, 2026, First Solar, Inc. (NASDAQ: FSLR) filed a Form 8-K under Items 2.02 and 8.01, detailing its financial results for the third quarter ended September 30, 2026, updating its full-year 2026 financial guidance, and announcing a $500 million share repurchase authorization.

Key Q3 2026 Financial Highlights

• Net Sales: $1.23 billion, reflecting a 23% year-over-year decline primarily due to lower volume of modules sold to third parties.
• Net Income & EPS: Net income was $571 million, or $5.30 per diluted share, representing a 25% year-over-year increase compared to $456 million, or $4.24 per diluted share, in Q3 2025.
• Adjusted EBITDA: Rose 11% year-over-year to $744 million compared to $671 million in Q3 2025.
• Balance Sheet & Liquidity: Cash and cash equivalents stood at $1.58 billion with total marketable securities of $48.1 million. Net cash balance was $1.5 billion (down from $2.4 billion as of year-end 2025 due to working capital and capital expenditures).
• Contracted Backlog: Backlog stood at 44.0 GW as of September 30, 2026.

Updated Full-Year 2026 Guidance

Management revised several key operational and financial targets for fiscal year 2026:

• Volume Sold: Lowered to 16.0 GW – 17.0 GW (previously 17.0 GW – 18.2 GW).
• Net Sales: Revised down to $4.6B – $4.9B (previously $4.9B – $5.2B).
• Adjusted EBITDA: Adjusted slightly lower to $2.55B – $2.75B (previously $2.6B – $2.8B).
• Capital Expenditures: Reduced to $0.6B – $0.8B (previously $0.8B – $1.0B).
• Unchanged Metrics:
  • Gross Profit: $2.4B – $2.6B (incorporating $2.07B–$2.19B in Section 45X tax credits).
  • Operating Expenses: $610M – $635M.
  • Net Cash Balance: $1.7B – $2.3B.

Capital Allocation: $500 Million Share Repurchase Authorization

Under Item 8.01, the Company announced that its Board of Directors authorized a stock repurchase program of up to $500 million of outstanding common stock. The program has no fixed expiration date and can be executed via open market purchases (including Rule 10b5-1/10b-18 safe harbors) or privately negotiated transactions at management's discretion.