First Solar
FSLR · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 31
First Solar reported revenue of $5.2B in the fiscal year ended Dec 2025, up 24.1% from the year before. Operating income was $1.6B, an operating margin of 30.6%, and net income was $1.5B. Operating cash flow of $2.1B less capital expenditure of $870M left free cash flow of $1.2B. It held more cash than debt (net cash $2.3B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $2.6B | $3.3B | $4.2B | $5.2B |
| Cost of revenue | $2.2B | $2.5B | $2B | $2.3B | $3.1B |
| Gross profit | $730M | $70M | $1.3B | $1.9B | $2.1B |
| Research & development | $99M | $113M | $152M | $191M | $233M |
| Selling, general & admin | $170M | $165M | $198M | $188M | $204M |
| Operating income | $587M | −$27M | $857M | $1.4B | $1.6B |
| Interest expense | $13M | $12M | $13M | $39M | $44M |
| Pre-tax income | $572M | $9M | $891M | $1.4B | $1.6B |
| Income tax | $103M | $53M | $61M | $114M | $53M |
| Net income | $469M | −$44M | $831M | $1.3B | $1.5B |
| Diluted EPS | 4.38 | −0.41 | 7.74 | 12.02 | 14.21 |
| Diluted shares | 107M | 107M | 107M | 108M | 108M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.5B | $1.9B | $1.6B | $2.8B |
| Receivables | $429M | $324M | $661M | $1.3B | $1.3B |
| Inventory | $666M | $621M | $820M | $1.1B | $737M |
| Current assets | $3.2B | $3.8B | $4.6B | $5.1B | $6B |
| Net PP&E | $2.6B | $3.5B | $4.4B | $5.4B | $5.7B |
| Goodwill | $14M | $14M | $30M | $28M | $31M |
| Total assets | $7.4B | $8.3B | $10.4B | $12.1B | $13.3B |
| Payables | $193M | $341M | $207M | $482M | $406M |
| Deferred revenue | $202M | $263M | $414M | $712M | $1B |
| Current liabilities | $727M | $1B | $1.3B | $2.1B | $2.3B |
| Short-term debt | $4M | $0 | $96M | $236M | $216M |
| Long-term debt | $236M | $184M | $464M | $373M | $283M |
| Total liabilities | $1.5B | $2.4B | $3.7B | $4.1B | $3.8B |
| Shareholders' equity | $6B | $5.8B | $6.7B | $8B | $9.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $238M | $873M | $602M | $1.2B | $2.1B |
| Capital expenditure | $540M | $904M | $1.4B | $1.5B | $870M |
| Free cash flow | −$303M | −$30M | −$785M | −$308M | $1.2B |
| Depreciation & amortisation | $260M | $270M | $308M | $423M | $529M |
| Stock-based compensation | $21M | $29M | $34M | $28M | $19M |
| Acquisitions | $0 | $0 | $36M | $0 | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −10.4% | 26.7% | 26.7% | 24.1% |
| Operating income growth (YoY) | – | −104.6% | – | 62.7% | 14.5% |
| EPS growth (YoY) | – | −109.4% | – | 55.3% | 18.2% |
| Gross margin | 25.0% | 2.7% | 39.2% | 44.2% | 40.6% |
| Operating margin | 20.1% | −1.0% | 25.8% | 33.2% | 30.6% |
| Net margin | 16.0% | −1.7% | 25.0% | 30.7% | 29.3% |
| Return on equityBlank when equity is negative | 7.9% | −0.8% | 12.4% | 16.2% | 16.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.8% | −0.4% | 9.5% | 13.9% | 14.4% |
| Free cash flow margin | −10.4% | −1.2% | −23.6% | −7.3% | 22.7% |
| Cash conversion (CFO ÷ net income) | 0.51x | −19.8x | 0.72x | 0.94x | 1.35x |
| Receivable days | 54 | 45 | 73 | 109 | 90 |
| Inventory days | 111 | 89 | 148 | 169 | 87 |
| Payable days | 32 | 49 | 37 | 75 | 48 |
| Interest cover | 44.8x | −2.23x | 66.1x | 35.9x | 36.2x |
| Debt ÷ equity | 0.04x | 0.03x | 0.08x | 0.08x | 0.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$1.2B | −$1.3B | −$1.4B | −$1B | −$2.3B |
| Current ratio | 4.39x | 3.65x | 3.55x | 2.45x | 2.67x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.