First Solar, Inc. (FSLR) Financial Statements

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First Solar financial statements at a glance

First Solar reported revenue of $5.22 billion for fiscal year 2025 (ended December 31, 2025), up 24.1% from fiscal year 2024. Net income was $1.53 billion, a net margin of 29.3%, and diluted earnings per share were $14.21.

At the end of fiscal year 2025 it had total assets of $13.32 billion, total liabilities of $3.78 billion and shareholders' equity of $9.54 billion, with cash and short-term investments of $2.86 billion and total debt of $655.34 million.

Its operations brought in $2.06 billion of cash; capital spending was $869.88 million, leaving free cash flow of $1.19 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

FSLR logo

First Solar, Inc.

FSLRUnited States
Manufacturing and Production
USD (Local)

Income Statement

Annual • USD

Total Revenue
5.22B
Prev Year: 4.21B
YoY: +24.1%
Operating Revenue
5.22B
Prev Year: 4.21B
YoY: +24.1%
Total Unusual Items
-38.57M
Prev Year: -24.29M
YoY: -58.8%
Normalized EBITDA
2.19B
Prev Year: 1.89B
YoY: +15.8%
Tax Rate for Calcs
0.033
Prev Year: 0
Tax Effect of Unusual Items
-1.27M
Prev Year: -1.97M
YoY: +35.3%
Diluted NI Available to Com Stockholders
1.53B
Prev Year: 1.29B
YoY: +18.3%
Other Income Expense
-53.58M
Prev Year: -37.62M
YoY: -42.4%
Other Non-operating Income (expense)
-15.01M
Prev Year: -13.33M
YoY: -12.7%
Gain on Sale of Securities
-38.57M
Prev Year: -24.98M
YoY: -54.4%
Cost of Revenue
3.10B
Prev Year: 2.35B
YoY: +32.0%
Gross Profit
2.12B
Prev Year: 1.86B
YoY: +14.1%
Operating Expense
523.48M
Prev Year: 464.13M
YoY: +12.8%
Selling General and Administrative
203.76M
Prev Year: 188.26M
YoY: +8.2%
Research and Development
233.42M
Prev Year: 191.38M
YoY: +22.0%
Other Operating Expenses
86.30M
Prev Year: 84.49M
YoY: +2.1%
Operating Income
1.60B
Prev Year: 1.39B
YoY: +14.6%
Net Non Operating Interest Income Expense
37.63M
Prev Year: 50.22M
YoY: -25.1%
Non-operating Interest Income
81.76M
Prev Year: 89.09M
YoY: -8.2%
Non-operating Interest Expense
44.13M
Prev Year: 38.87M
YoY: +13.5%
Pre-tax Income
1.58B
Prev Year: 1.41B
YoY: +12.4%
Provision for Income Taxes
52.68M
Prev Year: 114.29M
YoY: -53.9%
Net Income Common Stockholders
1.53B
Prev Year: 1.29B
YoY: +18.3%
Net Income
1.53B
Prev Year: 1.29B
YoY: +18.3%
Net Income Including Non-Controlling Interests
1.53B
Prev Year: 1.29B
YoY: +18.3%
Net Income from Continuing Operations
1.53B
Prev Year: 1.29B
YoY: +18.3%
Basic EPS
14.25
Prev Year: 12.07
YoY: +18.1%
Equity in Earnings of Affiliates, Net of Tax
-
Diluted EPS
14.21
Prev Year: 12.02
YoY: +18.2%
Weighted Average Shares (basic)
107.23M
Prev Year: 107.02M
YoY: +0.2%
Weighted Average Shares (diluted)
107.54M
Prev Year: 107.53M
YoY: +0.0%
Total Operating Income as Reported
1.60B
Prev Year: 1.39B
YoY: +14.5%
Total Expenses
3.62B
Prev Year: 2.81B
YoY: +28.8%
Net Income from Continuing and Discontinued Operation
1.53B
Prev Year: 1.29B
YoY: +18.3%
Normalized Income
1.57B
Prev Year: 1.31B
YoY: +19.1%
Interest Income
81.76M
Prev Year: 89.09M
YoY: -8.2%
Interest Expense
44.13M
Prev Year: 38.87M
YoY: +13.5%
Net Interest Income
37.63M
Prev Year: 50.22M
YoY: -25.1%
EBIT
1.63B
Prev Year: 1.45B
YoY: +12.4%
EBITDA
2.15B
Prev Year: 1.87B
YoY: +15.3%
Reconciled Cost of Revenue
3.10B
Prev Year: 2.35B
YoY: +32.0%
Reconciled Depreciation
529.22M
Prev Year: 423.50M
YoY: +25.0%
Net Income from Continuing Operation Net Minority Interest
1.53B
Prev Year: 1.29B
YoY: +18.3%
Total Unusual Items Excluding Goodwill
-38.57M
Prev Year: -24.29M
YoY: -58.8%
Values in USD

First Solar key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$5.2B$4.2B$3.3B$2.6B$2.9B
Gross profit$2.1B$1.9B$1.3B$69.9M$730.0M
Operating income$1.6B$1.4B$886.0M-$280.7M$439.5M
Net income$1.5B$1.3B$830.8M-$44.2M$468.7M
Diluted EPS$14.21$12.02$7.74-$0.41$4.38
Total assets$13.3B$12.1B$10.4B$8.3B$7.4B
Total liabilities$3.8B$4.1B$3.7B$2.4B$1.5B
Shareholders' equity$9.5B$8.0B$6.7B$5.8B$6.0B
Cash and short-term investments$2.9B$1.8B$2.1B$2.6B$1.8B
Total debt$655.3M$718.8M$624.4M$234.1M$398.6M
Operating cash flow$2.1B$1.2B$602.3M$873.4M$237.6M
Capital spending$869.9M$1.5B$1.4B$903.6M$540.3M
Free cash flow$1.2B-$308.1M-$784.5M-$30.2M-$302.7M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was First Solar's revenue in fiscal year 2025?

$5.22 billion, up 24.1% from $4.21 billion in fiscal year 2024.

How much profit does First Solar make?

First Solar reported net income of $1.53 billion for fiscal year 2025 (29.3% of revenue); operating income was $1.60 billion.

How much cash and debt does First Solar have?

At the end of fiscal year 2025: cash and short-term investments of $2.86 billion and total debt of $655.34 million.

What is First Solar's free cash flow?

$1.19 billion in fiscal year 2025 (operating cash flow of $2.06 billion minus capital spending of $869.88 million).

MoreFirst Solar stock overviewFirst Solar executive teamFirst Solar shareholdersFirst Solar revenue by segment
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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