First Solar, Inc. (FSLR) Financial Statements
Industry: Semiconductors & Related Devices
In fiscal 2025, First Solar reported revenue of $5.22B, up 24.1% from $4.21B the year before. Net income was $1.53B (a 29.3% net margin), or $14.21 per diluted share. Gross margin was 40.6% and operating margin was 30.6%. Operating activities generated $2.06B of cash, leaving $1.19B of free cash flow. At fiscal year end, First Solar held $13.32B in total assets against $3.78B in total liabilities, including $2.80B of cash and equivalents.
Open the full interactive First Solar financials → Quarterly statements, key ratios, valuation history and price charts.
First Solar Key Stats
| Share Price | $186.60 |
|---|---|
| Market Cap | $20.10B |
| P/E Ratio | 13.1 |
| Revenue YoY Growth | +24.1% |
| 52-Week Range | $172.11 – $318.25 |
| Shares Outstanding | 107.5 million (basic, 2026 Q2) |
First Solar Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $2.71B | $2.92B | $2.62B | $3.32B | $4.21B | $5.22B |
| Cost of Goods Sold | $2.03B | $2.19B | $2.55B | $2.02B | $2.35B | $3.10B |
| Gross Profit | $680.7M | $730.0M | $69.9M | $1.30B | $1.86B | $2.12B |
| Operating Income | $317.5M | $586.8M | -$27.2M | $857.3M | $1.39B | $1.60B |
| Pre-Tax Income | $293.2M | $572.2M | $8.6M | $891.3M | $1.41B | $1.58B |
| Income Tax | -$107.3M | $103.5M | $52.8M | $60.5M | $114.3M | $52.7M |
| Net Income | $398.4M | $468.7M | -$44.2M | $830.8M | $1.29B | $1.53B |
| Diluted EPS | $3.73 | $4.38 | -$0.41 | $7.74 | $12.02 | $14.21 |
First Solar Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $1.59B | $1.68B | $1.04B | $1.06B |
| Net Income | $455.9M | $520.9M | $346.6M | $422.6M |
| Diluted EPS | $4.24 | $4.84 | $3.22 | $3.92 |
First Solar Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.23B | $1.45B | $1.48B | $1.95B | $1.62B | $2.80B |
| Current Assets | $3.01B | $3.19B | $3.79B | $4.63B | $5.09B | $6.03B |
| Total Assets | $7.11B | $7.41B | $8.25B | $10.37B | $12.12B | $13.32B |
| Current Liabilities | $847.4M | $726.9M | $1.04B | $1.31B | $2.08B | $2.25B |
| Total Long-Term Debt | $279.2M | $239.9M | $185.0M | $464.1M | $373.4M | $282.6M |
| Total Liabilities | $1.59B | $1.45B | $2.42B | $3.68B | $4.15B | $3.78B |
| Shareholders' Equity | $5.52B | $5.96B | $5.84B | $6.69B | $7.98B | $9.54B |
First Solar Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $37.1M | $237.6M | $873.4M | $602.3M | $1.22B | $2.06B |
| Cash From Investing | -$131.2M | -$99.0M | -$1.19B | -$472.8M | -$1.56B | -$765.2M |
| Cash From Financing | -$82.6M | $40.5M | $309.4M | $336.9M | $24.8M | -$119.2M |
| Free Cash Flow | -$379.5M | -$302.7M | -$30.2M | -$784.5M | -$308.1M | $1.19B |
Figures from First Solar's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full First Solar financials page for every line item.
First Solar Company Profile
| Ticker | FSLR |
|---|---|
| Exchange | Nasdaq |
| Industry | Semiconductors & Related Devices |
| Headquarters | Phoenix, Arizona |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001274494 |
Frequently Asked Questions
What was First Solar's revenue in fiscal 2025?
First Solar (FSLR) reported revenue of $5.22B for fiscal 2025.
What is First Solar's annual revenue history?
First Solar's annual revenue by fiscal year: 2020: $2.71B; 2021: $2.92B; 2022: $2.62B; 2023: $3.32B; 2024: $4.21B; 2025: $5.22B.
What was First Solar's net income in fiscal 2025?
First Solar reported net income of $1.53B for fiscal 2025.
What was First Solar's earnings per share (EPS) in fiscal 2025?
First Solar's diluted EPS was $14.21 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did First Solar generate in fiscal 2025?
First Solar generated $1.19B of free cash flow in fiscal 2025.
What was First Solar's revenue last quarter?
In its most recent reported quarter (2026 Q2), First Solar reported revenue of $1.06B.
How much debt does First Solar have?
First Solar reported $282.6M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of First Solar are outstanding?
First Solar reported a weighted average of 107.5 million basic shares outstanding in 2026 Q2.
What is First Solar's market cap?
Based on its latest closing price, First Solar (FSLR) has a market capitalization of about $20.10B.
When does First Solar's fiscal year end?
First Solar's fiscal year end, as registered with the SEC, is December 31.
Where is First Solar headquartered?
First Solar lists its business address in Phoenix, Arizona in its SEC filings.