FIRST SOLAR, INC.

FSLR 10-K · FY 2025
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FSLR FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 5,219,376 4,206,289 +24.1%
Show Geography breakouts
All other foreign countries [Member] 22,810 65,361 -65.1%
FR 6,303 34,370 -81.7%
IN 195,584 201,714 -3.0%
US 4,994,679 3,904,844 +27.9%
Cost of Revenue 3,099,037 2,348,425 +32.0%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Commodity Contract -366 -2,323 +84.2%
Gross Profit 2,120,339 1,857,864 +14.1%
Selling, General & Administrative 203,759 188,262 +8.2%
Research & Development 233,421 191,375 +22.0%
Production Start Up Expense 86,295 84,492 +2.1%
Operating Expenses 523,475 464,559 +12.7%
Operating Income 1,596,864 1,394,420 +14.5%
Foreign Currency Transaction Gain Loss Before Tax -38,569 -24,976 -54.4%
Investment Income Net 81,762 89,090 -8.2%
Interest Expense -44,131 -38,870 -13.5%
Other Non-Operating Income (Expense) -15,013 -13,326 -12.7%
Show Equity Components breakouts
Accumulated Translation Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -2,191 -4,664 +53.0%
Income Before Taxes 1,580,913 1,406,338 +12.4%
Income Tax Expense (Benefit) -52,684 -114,294 +53.9%
Net Income 1,528,229 1,292,044 +18.3%
Show Equity Components breakouts
Retained Earnings 1,528,229 1,292,044 +18.3%
EPS (Basic) 14.25 12.07 +18.1%
EPS (Diluted) 14.21 12.02 +18.2%
Wtd Avg Shares (Basic) 107,235 107,015 +0.2%
Wtd Avg Shares (Diluted) 107,537 107,525 0.0%
Comprehensive Income 1,556,821 1,282,117 +21.4%
Other Comprehensive Income 28,592 -9,927 +388.0%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent 279 — —
Accumulated Net Unrealized Investment Gain Loss 10,577 — —
Accumulated Other Comprehensive Income 28,592 -9,927 +388.0%
Accumulated Translation Adjustment 17,736 — —
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments (FY) — — —
Show Equity Components breakouts
Accumulated Translation Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -2,191 -4,664 +53.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 2,803,514 1,621,376 +72.9%
Show Cash And Cash Equivalents breakouts
Cash 2,606,319 1,094,796 +138.1%
Money Market Funds 197,195 526,580 -62.6%
Available For Sale Securities Debt Securities Current 51,849 171,583 -69.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Bank Time Deposits 42,562 162,836 -73.9%
Fair Value Inputs Level2 · Domestic Corporate Debt Securities 9,287 8,747 +6.2%
Show Financial Instrument breakouts
Bank Time Deposits 42,562 162,836 -73.9%
Bank Time Deposits · Fair Value Measurements Recurring 42,562 162,836 -73.9%
Domestic Corporate Debt Securities 9,287 8,747 +6.2%
Domestic Corporate Debt Securities · Fair Value Measurements Recurring 9,287 8,747 +6.2%
Accounts Receivable 1,294,040 1,261,049 +2.6%
Grants Receivable Current 499,592 403,759 +23.7%
Inventory 736,734 1,084,384 -32.1%
Other Assets Current 643,103 546,882 +17.6%
Total Current Assets 6,028,832 5,089,033 +18.5%
Non-Current Assets
Property, Plant & Equipment 5,675,794 5,413,683 +4.8%
Deferred Tax Assets 194,672 208,808 -6.8%
Grants Receivable Noncurrent 125,607 157,570 -20.3%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 125,607 157,570 -20.3%
Estimate Of Fair Value Fair Value Disclosure 104,391 123,743 -15.6%
Goodwill 31,095 28,335 +9.7%
Inventory Noncurrent 237,462 275,372 -13.8%
Other Non-Current Assets 759,669 697,770 +8.9%
Total Assets 13,321,310 12,124,361 +9.9%
Operating Lease Right-of-Use Assets 161,756 114,283 +41.5%
Intangible Assets 7,848 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Developed Technology Rights 5,312 8,928 -40.5%
Patents 2,536 2,567 -1.2%
Other Assets
Debt Securities Available For Sale Restricted 217,172 199,136 +9.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Fair Value Measurements Recurring 217,172 199,136 +9.1%
Show Financial Instrument breakouts
Domestic Corporate Debt Securities · Restricted debt securities [Member] 115,350 109,155 +5.7%
Foreign Government Debt Securities · Restricted debt securities [Member] 54,156 49,024 +10.5%
Supranational debt [Member] · Restricted debt securities [Member] 28,276 22,809 +24.0%
US Government Debt Securities · Restricted debt securities [Member] 19,390 18,148 +6.8%
Show Debt Security Type [Axis] breakouts
Restricted debt securities [Member] 217,172 199,136 +9.1%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 217,172 199,136 +9.1%
Intangible Assets Net Excluding Goodwill 51,007 54,654 -6.7%
Current Liabilities
Accounts Payable 405,775 482,190 -15.8%
Accrued Income Taxes Current 7,490 77,363 -90.3%
Accrued Liabilities 519,414 508,581 +2.1%
Debt Current 215,979 236,424 -8.6%
Deferred Revenue 1,014,386 712,000 +42.5%
Other Liabilities Current 91,058 60,884 +49.6%
Total Current Liabilities 2,254,102 2,077,442 +8.5%
Non-Current Liabilities
Long-Term Debt 282,593 373,354 -24.3%
Deferred Revenue Noncurrent 805,018 1,327,825 -39.4%
Other Non-Current Liabilities 295,587 233,769 +26.4%
Total Liabilities 3,783,317 4,146,784 -8.8%
Long-Term Debt (Q) — — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 373,651 464,550 -19.6%
Estimate Of Fair Value Fair Value Disclosure 382,318 441,016 -13.3%
Operating Lease Liabilities 103,753 66,211 +56.7%
Deferred Tax Liabilities 69,691 54,696 +27.4%
Other Liabilities
Solar Module Collection And Recycling Liability 146,017 134,394 +8.6%
Stockholders' Equity
Common Stock 107 107 0.0%
Additional Paid In Capital Common Stock 2,902,013 2,898,418 +0.1%
Retained Earnings 6,791,339 5,263,110 +29.0%
Accumulated Other Comprehensive Income -155,466 -184,058 +15.5%
Total Stockholders' Equity 9,537,993 7,977,577 +19.6%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss -45,906 -56,483 +18.7%
Accumulated Other Comprehensive Income -155,466 -184,058 +15.5%
Accumulated Translation Adjustment -109,560 -127,296 +13.9%
Additional Paid In Capital 2,902,013 2,898,418 +0.1%
Common Stock 107 107 0.0%
Retained Earnings 6,791,339 5,263,110 +29.0%
Total Liabilities & Equity 13,321,310 12,124,361 +9.9%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 529,216 423,498 +25.0%
Stock-Based Compensation 19,223 28,104 -31.6%
Deferred Income Taxes And Tax Credits 25,611 -54,754 +146.8%
Other Operating Activities Cash Flow Statement 44,233 13,342 +231.5%
Change in Accounts Receivable 30,620 -505,336 +106.1%
Change in Inventory 377,718 -276,807 +236.5%
Increase Decrease In Government Grants Receivable -151,039 270,300 -155.9%
Increase Decrease In Other Operating Assets -171,808 -311,363 +44.8%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable -31,814 47,421 -167.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 4,677 268,731 -98.3%
Increase Decrease In Deferred Revenue -189,919 698 -27309.0%
Increase Decrease In Other Operating Liabilities 42,158 23,236 +81.4%
Net Cash from Operations 2,057,105 1,217,999 +68.9%
Deferred Income Taxes 38,008 -19,903 +291.0%
Investing Activities
Capital Expenditures -869,875 -1,526,076 +43.0%
Purchases of Investments -1,540,435 -2,516,097 +38.8%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 1,653,536 2,491,857 -33.6%
Other Investing Activities -8,394 -12,991 +35.4%
Net Cash from Investing -765,168 -1,563,307 +51.1%
Proceeds To Be Received From Asset Based Government Grants 147,732 171,920 -14.1%
Acquisitions Funded By Liabilities And Contingent Consideration 2,200 6,500 -66.2%
Financing Activities
Proceeds From Issuance Of Debt 370,470 258,461 +43.3%
Debt Repayments -473,363 -205,821 -130.0%
Proceeds From Other Debt 487,323 — —
Repayments Of Other Debt -487,323 — —
Tax Withholding for Share Compensation -15,525 -20,178 +23.1%
Proceeds From Payments For Other Financing Activities -810 -7,613 +89.4%
Net Cash from Financing -119,228 24,849 -579.8%
Supplemental
Unpaid Capital Expenditures 133,693 185,618 -28.0%
Income Taxes Paid 43,161 94.2 +45718.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,099 -6,387 +148.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Continuing Operations 1,175,808 -326,846 +459.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,814,031 1,638,223 +71.8%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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