FSLR
First Solar Inc.Stock · TechnologyS&P 500 Equal Weight 0.2% · Nasdaq Composite 0.07% · S&P 500 0.04% · MSCI World 0.03% · Russell 1000 0.03% · US Stock Market 0.03% · Russell 3000 0.03% · MSCI ACWI 0.02%$195.96-2.58%
as of market close, Sep 18, 2026
☾ AH $196.49 +0.27%
FSLR 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.
Shares outstanding (point-in-time)
2024-06 107.0M2024-09 107.1M2024-12 107.1M2025-03 107.2M2025-06 107.2M2025-09 107.3M2025-12 107.3M2026-03 107.5M2026-06 107.5M+0.4% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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+24.1% | 4.21B+26.7% | 3.32B+26.7% | 2.62B-10.4% | 2.92B+7.8% | |
| 2.12B+14.1% | 1.86B+42.8% | 1.30B+1761.9% | 69.9M-90.4% | 730M+7.2% | ||
| Cost of revenue | 3.10B+32.0% | 2.35B+16.4% | 2.02B-20.8% | 2.55B+16.2% | 2.19B+8.0% | |
| 523M+12.7% | 465M+3.2% | 450M+28.4% | 351M+20.7% | 290M-20.0% | ||
| Research & development | 233M+22.0% | 191M+25.7% | 152M+35.0% | 113M+13.8% | 99.1M+5.7% | |
| Selling, general & administrative | 204M+8.2% | 188M-4.7% | 198M+20.0% | 165M-3.3% | 170M-23.6% | |
| Amortization of intangibles | 4.10M-61.0% | 10.5M+0.0% | 10.5M-3.7% | 10.9M+0.0% | 10.9M+0.9% | |
| Operating income | 1.60B+14.5% | 1.39B+62.7% | 857M+3247.5% | -27.2M-104.6% | 587M+84.8% | |
| Interest expense | 44.1M+13.5% | 38.9M+199.8% | 13.0M+6.1% | 12.2M-6.7% | 13.1M-45.5% | |
| Interest & investment income | — | — | — | 33.3M+438.7% | 6.18M-62.7% | |
| Other non-operating income | -15.0M-12.7% | -13.3M+54.3% | -29.1M-193.4% | 31.2M+9832.8% | 314K+102.6% | |
| Equity-method income | — | — | — | 0.00 | 0.00+100.0% | |
| Pre-tax income | 1.58B+12.4% | 1.41B+57.8% | 891M+10266.2% | 8.60M-98.5% | 572M+95.2% | |
| Income tax | 52.7M-53.9% | 114M+88.9% | 60.5M+14.7% | 52.8M-49.0% | 103M+196.4% | |
| Net income | 1.53B+18.3% | 1.29B+55.5% | 831M+1981.0% | -44.2M-109.4% | 469M+17.7% | |
| $14.21+18.2% | $12.02+55.3% | $7.74+1987.8% | -$0.41-109.4% | $4.38+17.4% | ||
| EPS (basic) | $14.25+18.1% | $12.07+55.1% | $7.78+1997.6% | -$0.41-109.3% | $4.41+17.3% | |
| Weighted-avg shares (basic) | 107M+0.2% | 107M+0.2% | 107M+0.2% | 107M+0.3% | 106M+0.4% | |
| Weighted-avg shares (diluted) | 108M+0.0% | 108M+0.1% | 107M+0.8% | 107M-0.3% | 107M+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+18.5% | 5.09B+9.8% | 4.63B+22.2% | 3.79B+18.8% | 3.19B+5.9% | ||
| Cash & equivalents | 2.80B+72.9% | 1.62B-16.7% | 1.95B+31.4% | 1.48B+2.1% | 1.45B+18.2% | |
| Accounts receivable | 1.29B+2.6% | 1.26B+90.8% | 661M+103.7% | 324M-24.5% | 429M+61.4% | |
| Inventory | 737M-32.1% | 1.08B+32.3% | 820M+31.9% | 621M-6.7% | 666M+17.4% | |
| Prepaid expenses | 99.3M+31.9% | 75.3M+20.4% | 62.5M+44.4% | 43.3M+53.2% | 28.2M-88.8% | |
| Other current assets | 643M+17.6% | 547M+39.5% | 392M+46.4% | 268M+9.6% | 244M-3.0% | |
| 13.3B+9.9% | 12.1B+17.0% | 10.4B+25.6% | 8.25B+11.3% | 7.41B+4.3% | ||
| Property, plant & equipment | 5.68B+4.8% | 5.41B+23.1% | 4.40B+24.3% | 3.54B+33.5% | 2.65B+10.3% | |
| Operating lease right-of-use | 162M+41.5% | 114M+35.4% | 84.4M-9.4% | 93.2M-55.1% | 208M-8.4% | |
| Goodwill | 31.1M+9.7% | 28.3M-4.6% | 29.7M+105.3% | 14.5M+0.0% | 14.5M+0.0% | |
| Intangible assets | 51.0M-6.7% | 54.7M-15.3% | 64.5M+107.4% | 31.1M-31.6% | 45.5M-18.9% | |
| Deferred tax assets | 195M-6.8% | 209M+46.2% | 143M+81.5% | 78.7M+33.0% | 59.2M-43.2% | |
| Other non-current assets | 760M+8.9% | 698M+45.8% | 479M+34.4% | 356M-18.8% | 439M+1.1% | |
| 2.25B+8.5% | 2.08B+59.0% | 1.31B+25.8% | 1.04B+42.8% | 727M-14.2% | ||
| Accounts payable | 406M-15.8% | 482M+132.7% | 207M-39.3% | 341M+76.6% | 193M+5.5% | |
| Accrued liabilities | 519M+2.1% | 509M-3.1% | 525M+37.1% | 383M+32.7% | 288M-7.1% | |
| Deferred revenue | 1.01B+42.5% | 712M+72.2% | 414M+57.1% | 263M+30.4% | 202M+6.9% | |
| Short-term & current debt | 216M-8.6% | 236M+145.7% | 96.2M | 0.00-100.0% | 3.90M-90.6% | |
| Current lease liability | 15.2M+28.7% | 11.8M+14.5% | 10.3M+12.1% | 9.19M-28.1% | 12.8M-8.7% | |
| Other current liabilities | 91.1M+49.6% | 60.9M+44.3% | 42.2M+98.6% | 21.2M-38.9% | 34.7M-58.2% | |
| Finance lease liability (current) | 2.91M+96.2% | 1.48M+2805.9% | 51.0K | — | — | |
| 3.78B-8.8% | 4.15B+12.8% | 3.68B+52.3% | 2.42B+66.1% | 1.45B-8.4% | ||
| Long-term debt | 283M-24.3% | 373M-19.5% | 464M+151.7% | 184M-21.9% | 236M-0.7% | |
| Deferred revenue (non-current) | 805M-39.4% | 1.33B-16.6% | 1.59B+68.5% | 945M+884.7% | 95.9M+113.6% | |
| Non-current lease liability | 104M+56.7% | 66.2M+80.6% | 36.7M-9.7% | 40.6M-72.2% | 146M-22.8% | |
| Operating lease liability (total) | 119M+52.5% | 78.0M+66.1% | 47.0M-5.7% | 49.8M-68.6% | 159M-21.8% | |
| Finance lease liability (total) | 37.8M+22.0% | 31.0M+81.2% | 17.1M | — | — | |
| Finance lease liability | 34.9M+18.2% | 29.5M+73.1% | 17.1M | — | — | |
| Deferred tax liabilities | 69.7M+27.4% | 54.7M+27.9% | 42.8M+47.8% | 28.9M+4.4% | 27.7M+17.0% | |
| Other non-current liabilities | 296M+26.4% | 234M+29.4% | 181M+50.7% | 120M-53.2% | 256M-31.2% | |
| 9.54B+19.6% | 7.98B+19.3% | 6.69B+14.6% | 5.84B-2.1% | 5.96B+7.9% | ||
| Common stock | 107K+0.0% | 107K+0.0% | 107K+0.0% | 107K+0.9% | 106K+0.0% | |
| Additional paid-in capital | 2.90B+0.1% | 2.90B+0.3% | 2.89B+0.1% | 2.89B+0.6% | 2.87B+0.2% | |
| Retained earnings | 6.79B+29.0% | 5.26B+32.5% | 3.97B+26.5% | 3.14B-1.4% | 3.18B+17.3% | |
| Accumulated other comprehensive income | -155M+15.5% | -184M-5.7% | -174M+9.2% | -192M-99.1% | -96.4M-56.1% | |
| Total liabilities & equity | 13.3B+9.9% | 12.1B+17.0% | 10.4B+25.6% | 8.25B+11.3% | 7.41B+4.3% | |
| Common shares issued | 107M+0.2% | 107M+0.2% | 107M+0.2% | 107M+0.3% | 106M+0.3% | |
| Common shares outstanding | 107M+0.2% | 107M+0.2% | 107M+0.2% | 107M+0.3% | 106M+0.3% | |
| Shares outstanding (cover) | 107M+0.2% | 107M+0.2% | 107M+0.2% | 107M+0.3% | 106M+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+68.9% | 1.22B+102.2% | 602M-31.0% | 873M+267.6% | 238M+540.0% | ||
| Depreciation & amortization | 529M+25.0% | 423M+37.5% | 308M+14.2% | 270M+3.8% | 260M+11.6% | |
| Intangible amortization | 4.10M-61.0% | 10.5M+0.0% | 10.5M-3.7% | 10.9M+0.0% | 10.9M+0.9% | |
| Share-based compensation | 19.2M-31.6% | 28.1M-17.9% | 34.2M+19.4% | 28.7M+37.1% | 20.9M-28.6% | |
| Deferred income taxes | 38.0M+291.0% | -19.9M-50.4% | -13.2M-118.6% | -6.05M-107.5% | 80.4M+596.5% | |
| Change in receivables | -30.6M-106.1% | 505M+66.1% | 304M+356.2% | -119M-222.5% | 97.0M+128.1% | |
| Change in inventory | -378M-236.5% | 277M+35.0% | 205M+1328.7% | -16.7M-112.2% | 136M-6.2% | |
| Change in payables | — | — | — | — | 34.9M+180.7% | |
| Other operating activities | 44.2M+231.5% | 13.3M-43.5% | 23.6M+2396.4% | -1.03M+70.5% | -3.48M-118.1% | |
| -765M+51.1% | -1.56B-230.7% | -473M+60.4% | -1.19B-1104.1% | -99.0M+24.5% | ||
| Capital expenditure | 870M-43.0% | 1.53B+10.0% | 1.39B+53.5% | 904M+67.2% | 540M+29.7% | |
| Free cash flow | 1.19B+485.4% | -308M+60.7% | -785M-2494.6% | -30.2M+90.0% | -303M+20.2% | |
| Acquisitions | 0.00 | 0.00-100.0% | 35.7M | 0.00 | 0.00 | |
| Sales/maturities of investments | 1.65B-33.6% | 2.49B-45.4% | 4.56B+72.4% | 2.65B+15.3% | 2.29B+92.4% | |
| Other investing activities | 8.39M-35.4% | 13.0M+43.6% | 9.05M+196.6% | 3.05M-54.5% | 6.71M+21.9% | |
| -119M-579.8% | 24.8M-92.6% | 337M+8.9% | 309M+663.0% | 40.5M+149.1% | ||
| Long-term debt issued | 370M+43.3% | 258M-29.8% | 368M-7.4% | 397M+207.5% | 129M-17.5% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00-100.0% | 75.9M+4.4% | 72.7M-67.7% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other financing activities | -810K+89.4% | -7.61M | 0.00 | 0.00 | 0.00+100.0% | |
| FX effect on cash | 3.10M+148.5% | -6.39M-220.9% | 5.29M-88.9% | 47.4M+1394.6% | 3.17M-16.0% | |
| Net change in cash | — | -327M-169.3% | 472M+1153.4% | 37.6M-79.4% | 182M+205.4% | |
| Interest paid | 34.6M-4.4% | 36.2M+141.3% | 15.0M+29.3% | 11.6M-8.7% | 12.7M-14.8% | |
| Income taxes paid | 43.2M-54.2% | 94.2M+3.6% | 90.9M | — | 38.2M+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+48.6% | 18.9B+2.5% | 18.4B+15.3% | 16.0B+72.3% | 9.27B-11.6% | |
| P/E | 18.3×+25.6% | 14.6×-62.4% | 38.8×-77.0% | 168.5×+752.3% | 19.8×-24.9% | |
| P/S | 5.4×+19.7% | 4.5×-22.9% | 5.8×-8.0% | 6.3×+99.5% | 3.2×-18.0% | |
| P/B | 2.9×+24.3% | 2.4×-19.0% | 2.9×+6.6% | 2.7×+76.2% | 1.6×-18.1% | |
| P/FCF | 23.6× | — | — | — | — | |
| Earnings yield | 5.5%-20.4% | 6.8%+165.9% | 2.6%+334.0% | 0.59%-88.3% | 5.1%+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.