First Solar (FSLR) financial statements
First Solar reported revenue of $5.2B in fiscal 2025, up 6.7% a year over 9 years.
Net income was $1.5B and the operating margin 30.6%, against -19.6% in 2016.
Free cash flow was $1.2B.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from First Solar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B | $2.9B | $2.2B | $3.1B | $2.7B | $2.9B | $2.6B | $3.3B | $4.2B | $5.2B |
| Cost of revenue | $2.3B | $2.4B | $1.9B | $2.5B | $2.0B | $2.2B | $2.5B | $2.0B | $2.3B | $3.1B |
| Gross profit | $638M | $549M | $392M | $549M | $681M | $730M | $70M | $1.3B | $1.9B | $2.1B |
| Research and development | $125M | $89M | $84M | $97M | $94M | $99M | $113M | $152M | $191M | $233M |
| Selling, general and admin | $262M | $203M | $177M | $205M | $223M | $170M | $165M | $198M | $188M | $204M |
| Operating income | -$568M | $178M | $40M | -$162M | $317M | $587M | -$27M | $857M | $1.4B | $1.6B |
| Interest expense | $21M | $26M | $26M | $27M | $24M | $13M | $12M | $13M | $39M | $44M |
| Pre-tax income | -$537M | $202M | $113M | -$120M | $293M | $572M | $9M | $891M | $1.4B | $1.6B |
| Income tax | $23M | $372M | $3M | -$5M | -$107M | $103M | $53M | $61M | $114M | $53M |
| Net income | -$416M | -$166M | $144M | -$115M | $398M | $469M | -$44M | $831M | $1.3B | $1.5B |
| EPS (diluted) | -$4.05 | -$1.59 | $1.36 | -$1.09 | $3.73 | $4.38 | -$0.41 | $7.74 | $12.02 | $14.21 |
| Diluted shares | 103M | 104M | 106M | 105M | 107M | 107M | 107M | 107M | 108M | 108M |
| Gross margin | 22.0% | 18.7% | 17.5% | 17.9% | 25.1% | 25.0% | 2.7% | 39.2% | 44.2% | 40.6% |
| Operating margin | -19.6% | 6.0% | 1.8% | -5.3% | 11.7% | 20.1% | -1.0% | 25.8% | 33.2% | 30.6% |
| Net margin | -14.3% | -5.6% | 6.4% | -3.8% | 14.7% | 16.0% | -1.7% | 25.0% | 30.7% | 29.3% |
Balance sheet
Fiscal years, from First Solar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.0B | $3.0B | $2.5B | $2.2B | $1.7B | $1.8B | $2.6B | $2.1B | $1.8B | $2.9B |
| Receivables | $267M | $212M | $128M | $475M | $266M | $429M | $324M | $661M | $1.3B | $1.3B |
| Inventory | $363M | $172M | $388M | $444M | $568M | $666M | $621M | $820M | $1.1B | $737M |
| Total current assets | $3.8B | $3.8B | $3.9B | $3.6B | $3.0B | $3.2B | $3.8B | $4.6B | $5.1B | $6.0B |
| Property, plant and equipment | $629M | $1.2B | $1.8B | $2.2B | $2.4B | $2.6B | $3.5B | $4.4B | $5.4B | $5.7B |
| Goodwill | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $30M | $28M | $31M |
| Total assets | $6.8B | $6.9B | $7.1B | $7.5B | $7.1B | $7.4B | $8.3B | $10.4B | $12.1B | $13.3B |
| Total current liabilities | $908M | $650M | $845M | $1.3B | $847M | $727M | $1.0B | $1.3B | $2.1B | $2.3B |
| Long-term debt | $160M | $380M | $461M | $454M | $238M | $236M | $184M | $464M | $373M | $283M |
| Total liabilities | $1.6B | $1.8B | $1.9B | $2.4B | $1.6B | $1.5B | $2.4B | $3.7B | $4.1B | $3.8B |
| Shareholders' equity | $5.2B | $5.1B | $5.2B | $5.1B | $5.5B | $6.0B | $5.8B | $6.7B | $8.0B | $9.5B |
| Net debt | -$1.2B | -$1.9B | -$942M | -$881M | -$948M | -$1.2B | -$1.3B | -$1.4B | -$1.0B | -$2.3B |
Cash flow
Fiscal years, from First Solar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $207M | $1.3B | -$327M | $174M | $37M | $238M | $873M | $602M | $1.2B | $2.1B |
| Capital spending | $229M | $514M | $740M | $669M | $417M | $540M | $904M | $1.4B | $1.5B | $870M |
| Free cash flow | -$23M | $826M | -$1.1B | -$495M | -$380M | -$303M | -$30M | -$785M | -$308M | $1.2B |
| Stock-based compensation | $29M | $35M | $34M | $37M | $29M | $21M | $29M | $34M | $28M | $19M |
| Net borrowing | $27M | $215M | $272M | $90M | -$69M | $57M | $321M | $368M | $53M | -$103M |
| Free cash flow margin | -0.8% | 28.1% | -47.5% | -16.1% | -14.0% | -10.4% | -1.2% | -23.6% | -7.3% | 22.7% |
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Open FSLR in InvestinglyQuestions
What was First Solar's revenue in 2025?
$5.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does First Solar generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From First Solar's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.