financial statements

The full income statement, balance sheet, and cash-flow statement for First Solar Inc. (FSLR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.22B YoY+24.1%	4.21B YoY+26.7%	3.32B YoY+26.7%	2.62B YoY-10.4%	2.92B YoY+7.8%
	2.12B YoY+14.1%	1.86B YoY+42.8%	1.30B YoY+1761.9%	69.9M YoY-90.4%	730M YoY+7.2%
Cost of revenue	3.10B YoY+32.0%	2.35B YoY+16.4%	2.02B YoY-20.8%	2.55B YoY+16.2%	2.19B YoY+8.0%
	523M YoY+12.7%	465M YoY+3.2%	450M YoY+28.4%	351M YoY+20.7%	290M YoY-20.0%
Research & development	233M YoY+22.0%	191M YoY+25.7%	152M YoY+35.0%	113M YoY+13.8%	99.1M YoY+5.7%
Selling, general & administrative	204M YoY+8.2%	188M YoY-4.7%	198M YoY+20.0%	165M YoY-3.3%	170M YoY-23.6%
Amortization of intangibles	4.10M YoY-61.0%	10.5M YoY+0.0%	10.5M YoY-3.7%	10.9M YoY+0.0%	10.9M YoY+0.9%
Operating income	1.60B YoY+14.5%	1.39B YoY+62.7%	857M YoY+3247.5%	-27.2M YoY-104.6%	587M YoY+84.8%
Interest expense	44.1M YoY+13.5%	38.9M YoY+199.8%	13.0M YoY+6.1%	12.2M YoY-6.7%	13.1M YoY-45.5%
Interest & investment income	—	—	—	33.3M YoY+438.7%	6.18M YoY-62.7%
Other non-operating income	-15.0M YoY-12.7%	-13.3M YoY+54.3%	-29.1M YoY-193.4%	31.2M YoY+9832.8%	314K YoY+102.6%
Equity-method income	—	—	—	0.00	0.00 YoY+100.0%
Pre-tax income	1.58B YoY+12.4%	1.41B YoY+57.8%	891M YoY+10266.2%	8.60M YoY-98.5%	572M YoY+95.2%
Income tax	52.7M YoY-53.9%	114M YoY+88.9%	60.5M YoY+14.7%	52.8M YoY-49.0%	103M YoY+196.4%
Net income	1.53B YoY+18.3%	1.29B YoY+55.5%	831M YoY+1981.0%	-44.2M YoY-109.4%	469M YoY+17.7%
	$14.21 YoY+18.2%	$12.02 YoY+55.3%	$7.74 YoY+1987.8%	-$0.41 YoY-109.4%	$4.38 YoY+17.4%
EPS (basic)	$14.25 YoY+18.1%	$12.07 YoY+55.1%	$7.78 YoY+1997.6%	-$0.41 YoY-109.3%	$4.41 YoY+17.3%
Weighted-avg shares (basic)	107M YoY+0.2%	107M YoY+0.2%	107M YoY+0.2%	107M YoY+0.3%	106M YoY+0.4%
Weighted-avg shares (diluted)	108M YoY+0.0%	108M YoY+0.1%	107M YoY+0.8%	107M YoY-0.3%	107M YoY+0.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.03B YoY+18.5%	5.09B YoY+9.8%	4.63B YoY+22.2%	3.79B YoY+18.8%	3.19B YoY+5.9%
Cash & equivalents	2.80B YoY+72.9%	1.62B YoY-16.7%	1.95B YoY+31.4%	1.48B YoY+2.1%	1.45B YoY+18.2%
Short-term investments	1.02B YoY+0.0%	1.02B YoY+0.0%	1.02B YoY+0.0%	1.02B YoY+0.0%	1.02B YoY+0.0%
Accounts receivable	1.29B YoY+2.6%	1.26B YoY+90.8%	661M YoY+103.7%	324M YoY-24.5%	429M YoY+61.4%
Inventory	737M YoY-32.1%	1.08B YoY+32.3%	820M YoY+31.9%	621M YoY-6.7%	666M YoY+17.4%
Prepaid expenses	99.3M YoY+31.9%	75.3M YoY+20.4%	62.5M YoY+44.4%	43.3M YoY+53.2%	28.2M YoY-88.8%
Other current assets	643M YoY+17.6%	547M YoY+39.5%	392M YoY+46.4%	268M YoY+9.6%	244M YoY-3.0%
	13.3B YoY+9.9%	12.1B YoY+17.0%	10.4B YoY+25.6%	8.25B YoY+11.3%	7.41B YoY+4.3%
Property, plant & equipment	5.68B YoY+4.8%	5.41B YoY+23.1%	4.40B YoY+24.3%	3.54B YoY+33.5%	2.65B YoY+10.3%
Operating lease right-of-use	162M YoY+41.5%	114M YoY+35.4%	84.4M YoY-9.4%	93.2M YoY-55.1%	208M YoY-8.4%
Goodwill	31.1M YoY+9.7%	28.3M YoY-4.6%	29.7M YoY+105.3%	14.5M YoY+0.0%	14.5M YoY+0.0%
Intangible assets	51.0M YoY-6.7%	54.7M YoY-15.3%	64.5M YoY+107.4%	31.1M YoY-31.6%	45.5M YoY-18.9%
Long-term investments	0.00	0.00	0.00	0.00	0.00
Deferred tax assets	195M YoY-6.8%	209M YoY+46.2%	143M YoY+81.5%	78.7M YoY+33.0%	59.2M YoY-43.2%
Other non-current assets	760M YoY+8.9%	698M YoY+45.8%	479M YoY+34.4%	356M YoY-18.8%	439M YoY+1.1%
	2.25B YoY+8.5%	2.08B YoY+59.0%	1.31B YoY+25.8%	1.04B YoY+42.8%	727M YoY-14.2%
Accounts payable	406M YoY-15.8%	482M YoY+132.7%	207M YoY-39.3%	341M YoY+76.6%	193M YoY+5.5%
Accrued liabilities	519M YoY+2.1%	509M YoY-3.1%	525M YoY+37.1%	383M YoY+32.7%	288M YoY-7.1%
Deferred revenue	1.01B YoY+42.5%	712M YoY+72.2%	414M YoY+57.1%	263M YoY+30.4%	202M YoY+6.9%
Short-term & current debt	216M YoY-8.6%	236M YoY+145.7%	96.2M	0.00 YoY-100.0%	3.90M YoY-90.6%
Current lease liability	15.2M YoY+28.7%	11.8M YoY+14.5%	10.3M YoY+12.1%	9.19M YoY-28.1%	12.8M YoY-8.7%
Other current liabilities	91.1M YoY+49.6%	60.9M YoY+44.3%	42.2M YoY+98.6%	21.2M YoY-38.9%	34.7M YoY-58.2%
	3.78B YoY-8.8%	4.15B YoY+12.8%	3.68B YoY+52.3%	2.42B YoY+66.1%	1.45B YoY-8.4%
Long-term debt	283M YoY-24.3%	373M YoY-19.5%	464M YoY+151.7%	184M YoY-21.9%	236M YoY-0.7%
Deferred revenue (non-current)	805M YoY-39.4%	1.33B YoY-16.6%	1.59B YoY+68.5%	945M YoY+884.7%	95.9M YoY+113.6%
Non-current lease liability	104M YoY+56.7%	66.2M YoY+80.6%	36.7M YoY-9.7%	40.6M YoY-72.2%	146M YoY-22.8%
Deferred tax liabilities	69.7M YoY+27.4%	54.7M YoY+27.9%	42.8M YoY+47.8%	28.9M YoY+4.4%	27.7M YoY+17.0%
Other non-current liabilities	296M YoY+26.4%	234M YoY+29.4%	181M YoY+50.7%	120M YoY-53.2%	256M YoY-31.2%
	9.54B YoY+19.6%	7.98B YoY+19.3%	6.69B YoY+14.6%	5.84B YoY-2.1%	5.96B YoY+7.9%
Common stock	107K YoY+0.0%	107K YoY+0.0%	107K YoY+0.0%	107K YoY+0.9%	106K YoY+0.0%
Additional paid-in capital	2.90B YoY+0.1%	2.90B YoY+0.3%	2.89B YoY+0.1%	2.89B YoY+0.6%	2.87B YoY+0.2%
Retained earnings	6.79B YoY+29.0%	5.26B YoY+32.5%	3.97B YoY+26.5%	3.14B YoY-1.4%	3.18B YoY+17.3%
Accumulated other comprehensive income	-155M YoY+15.5%	-184M YoY-5.7%	-174M YoY+9.2%	-192M YoY-99.1%	-96.4M YoY-56.1%
Total equity incl. non-controlling	4.79B YoY+0.0%	4.79B YoY+0.0%	4.79B YoY+0.0%	4.79B YoY+0.0%	4.79B YoY+0.0%
Total liabilities & equity	13.3B YoY+9.9%	12.1B YoY+17.0%	10.4B YoY+25.6%	8.25B YoY+11.3%	7.41B YoY+4.3%
Common shares issued	107M YoY+0.2%	107M YoY+0.2%	107M YoY+0.2%	107M YoY+0.3%	106M YoY+0.3%
Common shares outstanding	107M YoY+0.2%	107M YoY+0.2%	107M YoY+0.2%	107M YoY+0.3%	106M YoY+0.3%
Shares outstanding (cover)	107M YoY+0.2%	107M YoY+0.2%	107M YoY+0.2%	107M YoY+0.3%	106M YoY+0.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.06B YoY+68.9%	1.22B YoY+102.2%	602M YoY-31.0%	873M YoY+267.6%	238M YoY+540.0%
Depreciation & amortization	529M YoY+25.0%	423M YoY+37.5%	308M YoY+14.2%	270M YoY+3.8%	260M YoY+11.6%
Share-based compensation	19.2M YoY-31.6%	28.1M YoY-17.9%	34.2M YoY+19.4%	28.7M YoY+37.1%	20.9M YoY-28.6%
Deferred income taxes	38.0M YoY+291.0%	-19.9M YoY-50.4%	-13.2M YoY-118.6%	-6.05M YoY-107.5%	80.4M YoY+596.5%
Change in receivables	-30.6M YoY-106.1%	505M YoY+66.1%	304M YoY+356.2%	-119M YoY-222.5%	97.0M YoY+128.1%
Change in inventory	-378M YoY-236.5%	277M YoY+35.0%	205M YoY+1328.7%	-16.7M YoY-112.2%	136M YoY-6.2%
Change in payables	—	—	—	—	34.9M YoY+180.7%
Other operating activities	44.2M YoY+231.5%	13.3M YoY-43.5%	23.6M YoY+2396.4%	-1.03M YoY+70.5%	-3.48M YoY-118.1%
	-765M YoY+51.1%	-1.56B YoY-230.7%	-473M YoY+60.4%	-1.19B YoY-1104.1%	-99.0M YoY+24.5%
Capital expenditure	870M YoY-43.0%	1.53B YoY+10.0%	1.39B YoY+53.5%	904M YoY+67.2%	540M YoY+29.7%
Acquisitions	0.00	0.00 YoY-100.0%	35.7M	0.00	0.00
Sales/maturities of investments	1.65B YoY-33.6%	2.49B YoY-45.4%	4.56B YoY+72.4%	2.65B YoY+15.3%	2.29B YoY+92.4%
Other investing activities	8.39M YoY-35.4%	13.0M YoY+43.6%	9.05M YoY+196.6%	3.05M YoY-54.5%	6.71M YoY+21.9%
	-119M YoY-579.8%	24.8M YoY-92.6%	337M YoY+8.9%	309M YoY+663.0%	40.5M YoY+149.1%
Long-term debt issued	—	—	—	397M YoY+207.5%	129M YoY-17.5%
Long-term debt repaid	—	—	—	75.9M YoY+4.4%	72.7M YoY-67.7%
Other financing activities	-810K YoY+89.4%	-7.61M	0.00	0.00	0.00 YoY+100.0%
FX effect on cash	3.10M YoY+148.5%	-6.39M YoY-220.9%	5.29M YoY-88.9%	47.4M YoY+1394.6%	3.17M YoY-16.0%
Net change in cash	—	-327M YoY-169.3%	472M YoY+1153.4%	37.6M YoY-79.4%	182M YoY+205.4%
Interest paid	34.6M YoY-4.4%	36.2M YoY+141.3%	15.0M YoY+29.3%	11.6M YoY-8.7%	12.7M YoY-14.8%
Income taxes paid	43.2M YoY-54.2%	94.2M YoY+3.6%	90.9M	—	38.2M YoY+72.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	28.0B YoY+48.6%	18.9B YoY+2.5%	18.4B YoY+15.3%	16.0B YoY+72.3%	9.27B YoY-11.6%
P/E	18.3× YoY+25.6%	14.6× YoY-62.4%	38.8× YoY-77.0%	168.5× YoY+752.2%	19.8× YoY-24.9%
P/S	5.4× YoY+19.7%	4.5× YoY-22.9%	5.8× YoY-8.0%	6.3× YoY+99.5%	3.2× YoY-18.0%
P/B	2.9× YoY+24.3%	2.4× YoY-19.0%	2.9× YoY+6.6%	2.7× YoY+76.2%	1.6× YoY-18.1%
P/FCF	23.6×	—	—	—	—
Earnings yield	5.5% YoY-20.4%	6.8% YoY+165.9%	2.6% YoY+334.0%	0.6% YoY-88.3%	5.1% YoY+33.1%
FCF yield	4.2%	—	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: FSLR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all FSLR filings on SEC EDGAR → Not investment advice.

FSLR▼ financial statements

About this data

financial statements