Company file · FSLR
First Solar
United States was First Solar's fastest-growing region in FY2025, up 27.9%
Revenue rose 24.1% to $5.2B in FY2025, from $4.2B in FY2024. Net income rose 18.3% to $1.5B. United States was the largest region, at 96% of revenue.
Key facts
First Solar (Nasdaq: FSLR) closed fiscal 2025 on Dec 31, 2025 with revenue of $5.2B, up 24.1% from a year before; net income came to $1.5B, up 18.3%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.2B, down 22.8% on the same stretch of the prior year, and net income of $571M. Broken down by region, United States led with 96% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).
Source: 10-K FY2025, filed Feb 24, 2026
Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 29, 2026
How it makes money
By region, FY2025
Source: 10-K FY2025, XBRL breakdown
By region in FY2025: United States (96%), India (4%) and France (0%), as shares of total revenue. Total revenue was $5.2B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: First Solar 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
The bull case and the bear case
The bull case
- Revenue rose 24.1% in FY2025 to $5.2B, from $4.2B a year earlier. 10-K, FY2025
- Net income rose 18.3% in FY2025 to $1.5B, from $1.3B. 10-K, FY2025
- Operating cash flow rose 68.9% in FY2025 to $2.1B. 10-K, FY2025
- Total debt fell 18.2% in FY2025 to $499M. 10-K, FY2025
The bear case
- Revenue in the quarter ended Sep 30, 2026 was $1.2B, down 22.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- France revenue fell 81.7% in FY2025 to $6M. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include chip cycles; customer concentration; export rules and trade. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
First Solar is in the semiconductors industry, part of the information technology sector. The SEC files it under Semiconductors & Related Devices.
The full description of First Solar's business is in Item 1 of its 10-K, linked below. This page shows its revenue by region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the semiconductors industry. They are not a summary of First Solar’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Chip cyclesDemand for chips swings between shortages and gluts, and orders can be cut quickly.
- Customer concentrationA few large customers can account for much of sales.
- Export rules and tradeExport controls and tariffs can limit sales to some customers or countries.
- Manufacturing supplyIt depends on outside factories and suppliers, and disruptions can delay products.
- Competition and design winsCustomers pick suppliers product by product, so losing a design can cost years of sales.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $3.3B | $4.2B | $5.2B |
| Net income | $831M | $1.3B | $1.5B |
| Operating cash flow | $602M | $1.2B | $2.1B |
| Cash & equivalents (year end) | $1.9B | $1.6B | $2.8B |
| Total debt (year end) | $560M | $610M | $499M |
| Diluted shares | 107M | 108M | 108M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term and long-term debt combined, at carrying value, as the company totals it.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Return on equity (ROE)
- Shareholder proposals (Rule 14a-8)
- Accounts payable and days payable
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 29, 2026 | Sep 30, 2026 |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 2, 2026 | Apr 2, 2026 |
| 10-K | Feb 24, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about First Solar
How does First Solar make money?
Fiscal 2025 revenue: $5.2B. By region in FY2025: United States (96%), India (4%) and France (0%), as shares of total revenue. Total revenue was $5.2B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What was First Solar's revenue in fiscal 2025?
$5.2B, up 24.1% from fiscal 2024 ($4.2B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $3.3B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
Is First Solar profitable?
Net income was $1.5B in fiscal 2025 (up 18.3%; fiscal 2024 was $1.3B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $571M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What did First Solar report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $1.2B (down 22.8% from $1.6B) and net income $571M (up 25.2% from $456M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.
How much cash and debt does First Solar have?
As of Sep 30, 2026: $1.6B of cash and cash equivalents, $108M of total debt. Total debt here is short-term and long-term debt combined, at carrying value, as the company totals it. Source: 10-Q filed Oct 29, 2026.
What are the main risks First Solar faces?
First Solar's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the semiconductors industry include Chip cycles; customer concentration; export rules and trade; manufacturing supply; competition and design wins. The first: Demand for chips swings between shortages and gluts, and orders can be cut quickly. Source: 10-K, Item 1A Risk Factors.
Where do these First Solar numbers come from?
The 10-K filed Feb 24, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning First Solar
- Millennium Management: 256,790 shares, reported value $60.6M at Jun 30, 2026 (−73.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 89,345 shares, reported value $21.1M at Jun 30, 2026 (−73.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Renaissance Technologies: 43,600 shares, reported value $10.3M at Jun 30, 2026 (−57.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Point72 Asset Management: 39,932 shares, reported value $9.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 11,715 shares, reported value $2.8M at Jun 30, 2026 (−92.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Soros Fund Management: 3,925 shares, reported value $0.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in FSLR
- The editor holds no position in First Solar (FSLR). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell FSLR from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold FSLR, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| First SolarFSLR | FY2025 | $5.2B | +24.1% | $1.5B |
| NvidiaNVDA | FY2026 | $215.9B | +65.5% | $120.1B |
| BroadcomAVGO | FY2025 | $63.9B | +23.9% | $23.1B |
| MicronMU | FY2026 | $133.2B | +256.3% | $85.0B |
| AMD | FY2025 | $34.6B | +34.3% | $4.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.