Financials · FSLR

First Solar Inc. (FSLR) financials

For the twelve months ended Sep 30, 2026, First Solar Inc. reported $5.01B of revenue and $1.86B of net income.

Revenue, TTM
$5.01B
Revenue growth, YoY
-0.7%
Net income, TTM
$1.86B
Net income growth, YoY
+32.9%
Net margin
37.1%
Free cash flow, TTM
$232.79M
EPS, diluted, TTM
$17.28
EPS growth, YoY
+32.6%
Cash
$1.58B
Total debt
$107.67M
P/E
11.62
P/S
4.31
Market cap
$21.62B
Annual revenue$5.22B
FY2016FY2025
Annual net income$1.53B
FY2016FY2025
Annual free cash flow$1.19B
FY2016FY2025

FSLR revenue and earnings growth

FSLR revenueQ3 2026$1.23B

Quarter YoY
-22.8%
QoQ
+16.5%
FY YoY
+24.1%
5Y CAGR
+14.0%
10Y CAGR
+2.4%

FSLR revenue was $1.23B in fiscal Q3 2026 (ended Sep 30, 2026), down 22.8% from a year earlier and up 16.5% from the prior quarter. For the full fiscal 2025 it was $5.22B, up 24.1% from fiscal 2024. Compound annual growth was +14.0% over 5 years and +2.4% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

FSLR net incomeQ3 2026$571.06M

Quarter YoY
+25.2%
QoQ
+35.1%
FY YoY
+18.3%
5Y CAGR
+30.9%
10Y CAGR
+9.9%

FSLR net income was $571.06M in fiscal Q3 2026 (ended Sep 30, 2026), up 25.2% from a year earlier and up 35.1% from the prior quarter. For the full fiscal 2025 it was $1.53B, up 18.3% from fiscal 2024. Compound annual growth was +30.9% over 5 years and +9.9% over 10 years. Fiscal 2025 is the highest of the 15 fiscal years on file.

FSLR EPSQ3 2026$5.30

Quarter YoY
+25.0%
QoQ
+35.2%
FY YoY
+18.2%
5Y CAGR
+30.7%
10Y CAGR
+9.3%

FSLR diluted EPS was $5.30 in fiscal Q3 2026 (ended Sep 30, 2026), up 25.0% from a year earlier and up 35.2% from the prior quarter. For the full fiscal 2025 it was $14.21, up 18.2% from fiscal 2024. Compound annual growth was +30.7% over 5 years and +9.3% over 10 years.

FSLR free cash flowQ3 2026-$197.76M

FSLR free cash flow was -$197.76M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $1.07B a year earlier. For the full fiscal 2025 it was $1.19B, compared with -$308.08M in fiscal 2024. Fiscal 2025 is the highest of the 15 fiscal years on file.

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Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$5.22B$4.21B$3.32B$2.62B$2.92B$2.71B$3.06B$2.24B$2.94B$2.90B
Cost of revenue$3.10B$2.35B$2.02B$2.55B$2.19B$2.03B$2.51B$1.85B$2.39B$2.27B
Gross profit$2.12B$1.86B$1.30B$69.86M$729.95M$680.67M$549.21M$392.18M$548.95M$638.42M
Research and development$233.42M$191.38M$152.31M$112.80M$99.11M$93.74M$96.61M$84.47M$88.57M$124.76M
Selling, general and admin$203.76M$188.26M$197.62M$164.72M$170.32M$222.92M$205.47M$176.86M$202.70M$261.99M
Operating income$1.60B$1.39B$857.27M-$27.24M$586.75M$317.49M-$161.78M$40.11M$177.85M-$568.15M
Interest expense$44.13M$38.87M$12.96M$12.22M$13.11M$24.04M$27.07M$25.92M$25.77M$20.54M
Pre-tax income$1.58B$1.41B$891.29M$8.60M$572.16M$293.19M-$120.13M$113.15M$202.12M-$537.25M
Income tax$52.68M$114.29M$60.51M$52.76M$103.47M-$107.29M-$5.48M$3.44M$372.00M$23.17M
Net income$1.53B$1.29B$830.78M-$44.17M$468.69M$398.36M-$114.93M$144.33M-$165.62M-$416.11M
EPS, basic$14.25$12.07$7.78-$0.41$4.41$3.76-$1.09$1.38-$1.59-$4.05
EPS, diluted$14.21$12.02$7.74-$0.41$4.38$3.73-$1.09$1.36-$1.59-$4.05
Diluted shares107.5M107.5M107.4M106.6M106.9M106.7M105.3M106.1M104.3M102.9M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$2.80B$1.64B$1.97B$1.49B$1.46B$1.27B$1.45B$1.56B$2.33B$1.42B
Receivables$1.29B$1.26B$660.78M$324.34M$429.44M$266.09M$475.04M$128.28M$211.80M$266.69M
Inventory$736.73M$1.08B$819.90M$621.38M$666.30M$567.59M$443.51M$387.91M$172.37M$363.22M
Current assets$6.03B$5.09B$4.63B$3.79B$3.19B$3.01B$3.60B$3.86B$3.83B$3.79B
Goodwill$31.09M$28.34M$29.69M$14.46M$14.46M$14.46M$14.46M$14.46M$14.46M$14.46M
Total assets$13.32B$12.12B$10.37B$8.25B$7.41B$7.11B$7.52B$7.12B$6.86B$6.82B
Current liabilities$2.25B$2.08B$1.31B$1.04B$726.88M$847.40M$1.32B$845.46M$650.28M$907.88M
Short-term debt$215.98M$236.42M$96.24M$0$3.90M$41.54M$17.51M---
Long-term debt$282.59M$373.35M$464.07M$184.35M$236.00M$237.69M$454.19M$461.22M$380.46M$160.42M
Total debt$498.57M$609.78M$560.31M$184.35M$239.90M$279.23M$471.70M$461.22M$380.46M$160.42M
Total liabilities$3.78B$4.15B$3.68B$2.42B$1.45B$1.59B$2.42B$1.91B$1.77B$1.61B
Shareholders' equity$9.54B$7.98B$6.69B$5.84B$5.96B$5.52B$5.10B$5.21B$5.10B$5.22B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$2.06B$1.22B$602.26M$873.37M$237.56M$37.12M$174.20M-$326.81M$1.34B$206.75M
Capital expenditures$869.88M$1.53B$1.39B$903.61M$540.29M$416.63M$668.72M$739.84M$514.36M$229.45M
Free cash flow$1.19B-$308.08M-$784.51M-$30.24M-$302.73M-$379.51M-$494.52M-$1.07B$826.32M-$22.70M
Investing cash flow-$765.17M-$1.56B-$472.79M-$1.19B-$99.04M-$131.23M-$362.30M-$682.71M-$626.80M$144.52M
Financing cash flow-$119.23M$24.85M$336.85M$309.39M$40.55M-$82.59M$74.94M$255.23M$192.04M-$136.39M
Stock-based compensation$19.22M$28.10M$34.22M$28.66M$20.90M$29.27M$37.43M$34.15M$35.12M$28.71M
Depreciation and amortization$529.22M$423.50M$307.99M$269.72M$259.90M$232.93M$205.47M$130.74M$115.31M$230.94M

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY24.1%26.7%26.7%-10.4%7.8%-11.5%36.5%-23.7%1.3%-29.4%
Net income growth, YoY18.3%55.5%--17.7%-----
EPS growth, YoY18.2%55.3%--17.4%-----
Gross margin40.6%44.2%39.2%2.7%25.0%25.1%17.9%17.5%18.7%22.0%
Operating margin30.6%33.2%25.8%-1.0%20.1%11.7%-5.3%1.8%6.0%-19.6%
Net margin29.3%30.7%25.0%-1.7%16.0%14.7%-3.8%6.4%-5.6%-14.3%
Free cash flow margin22.7%-7.3%-23.6%-1.2%-10.4%-14.0%-16.1%-47.5%28.1%-0.8%
Return on equity16.0%16.2%12.4%-0.8%7.9%7.2%-2.3%2.8%-3.2%-8.0%
Return on assets11.5%10.7%8.0%-0.5%6.3%5.6%-1.5%2.0%-2.4%-6.1%
Current ratio2.672.453.553.654.393.562.734.575.894.17
Debt to equity0.050.080.080.030.040.050.090.090.070.03

Source: XBRL data First Solar Inc. files with the SEC, latest filing dated Oct 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

FSLR peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
FSLR$5.01B-0.7%$1.86B37.1%$21.62B
NVDA$302.97B+83.4%$192.88B63.7%$4.50T
TSMNT$3.81T+31.6%NT$1.70T44.6%$1.95T
AVGO$89.10B+48.7%$38.27B42.9%$1.40T
MU$133.19B+256.3%$84.97B63.8%$780.68B
AMD$45.44B+41.9%$7.62B16.8%$736.46B
INTC$59.89B+12.1%-$12.03B-20.1%$299.10B
AMAT$30.84B+7.8%$9.27B30.1%$264.05B

FSLR FAQ

9 questions
  • What is FSLR revenue?
    First Solar Inc. (FSLR) reported $5.01B of revenue for the twelve months ended Sep 30, 2026. That is down 0.7% from the year before. Revenue for fiscal 2025 was $5.22B.
  • Is FSLR profitable?
    Yes. First Solar Inc. earned $1.86B in net income for the twelve months ended Sep 30, 2026, a net margin of 37.1%.
  • How much cash and debt does FSLR have?
    First Solar Inc. reported $1.58B in cash and cash equivalents and $107.67M of debt on its most recent balance sheet in SEC filings.
  • How fast is FSLR revenue growing?
    First Solar Inc.'s revenue changed +24.1% in fiscal 2025, to $5.22B. Its compound annual growth rate was +14.0% over 5 years and +2.4% over 10 years.
  • What is FSLR gross margin?
    First Solar Inc.'s gross profit was $2.47B on $5.01B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 49.3%.
  • What is FSLR free cash flow?
    First Solar Inc. generated $232.79M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $839.18M less capital expenditures.
  • What is FSLR earnings per share?
    Diluted earnings per share were $17.28 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did FSLR last report financial results?
    The latest statements here come from First Solar Inc.'s 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.
  • Where does this FSLR financial data come from?
    Quantisnow builds these statements from the structured XBRL data First Solar Inc. files with the SEC. It is provided for information only and is not investment advice.