FIRST SOLAR, INC.
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FSLR Q4 2025 request
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/api/financials?ticker=FSLR&year=2025&quarter=4
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 1,682,782 | 1,514,031 | +11.1% |
| Cost of Revenue | 1,017,441 | 946,370 | +7.5% |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent · Commodity Contract | 0 | -608 | +100.0% |
| Gross Profit | 665,341 | 567,661 | +17.2% |
| Selling, General & Administrative | 50,681 | 49,582 | +2.2% |
| Research & Development | 65,953 | 46,499 | +41.8% |
| Production Start Up Expense | 789 | 14,811 | -94.7% |
| Operating Expenses | 117,423 | 110,892 | +5.9% |
| Operating Income | 547,918 | 456,769 | +20.0% |
| Foreign Currency Transaction Gain Loss Before Tax | -8,345 | -7,311 | -14.1% |
| Investment Income Net | 27,489 | 14,666 | +87.4% |
| Interest Expense | -11,301 | -10,887 | -3.8% |
| Other Non-Operating Income (Expense) | -4,419 | -6,891 | +35.9% |
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| Accumulated Translation Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income | -3 | -4,148 | +99.9% |
| Income Before Taxes | 551,342 | 446,346 | +23.5% |
| Income Tax Expense (Benefit) | -30,459 | -53,230 | +42.8% |
| Net Income | 520,883 | 393,116 | +32.5% |
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| Retained Earnings | 520,883 | 393,116 | +32.5% |
| EPS (Basic) | 4.85 | 3.67 | +32.2% |
| EPS (Diluted) | 4.84 | 3.66 | +32.2% |
| Wtd Avg Shares (Basic) | 24 | 0 | — |
| Wtd Avg Shares (Diluted) | 45 | 11 | +309.1% |
| Comprehensive Income | 520,299 | 377,918 | +37.7% |
| Other Comprehensive Income | -584 | -15,198 | +96.2% |
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| Accumulated Other Comprehensive Income | -584 | -15,198 | +96.2% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 2,803,514 | 1,621,376 | +72.9% |
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| 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 |
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| 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% |
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| 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% |
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| 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 | — | — |
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| 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% |
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| Fair Value Inputs Level2 · Fair Value Measurements Recurring | 217,172 | 199,136 | +9.1% |
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| 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% |
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| Restricted debt securities [Member] | 217,172 | 199,136 | +9.1% |
Show Fair Value By Measurement Frequency breakouts |
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| 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 |
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| 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% |
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| 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
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation Amortization And Accretion Net | 140,631 | 124,419 | +13.0% |
| Stock-Based Compensation | 2,510 | 6,117 | -59.0% |
| Deferred Income Taxes And Tax Credits | -866 | 30,589 | -102.8% |
| Other Operating Activities Cash Flow Statement | 16,015 | 10,104 | +58.5% |
| Change in Accounts Receivable | 227,587 | -436,513 | +152.1% |
| Change in Inventory | 378,397 | 157,568 | +140.1% |
| Increase Decrease In Government Grants Receivable | 290,971 | 329,481 | -11.7% |
| Increase Decrease In Other Operating Assets | -21,649 | -128,236 | +83.1% |
| Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable | 12,870 | 11,713 | +9.9% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 168,871 | 277,684 | -39.2% |
| Increase Decrease In Deferred Revenue | -452,796 | 13,857 | -3367.6% |
| Increase Decrease In Other Operating Liabilities | -41,531 | 21,097 | -296.9% |
| Net Cash from Operations | 1,241,893 | 810,996 | +53.1% |
| Investing Activities | |||
| Capital Expenditures | -171,727 | -313,539 | +45.2% |
| Purchases of Investments | -232,779 | -501,333 | +53.6% |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 228,618 | 593,860 | -61.5% |
| Other Investing Activities | -11,346 | -374 | -2933.7% |
| Net Cash from Investing | -187,234 | -221,386 | +15.4% |
| Proceeds To Be Received From Asset Based Government Grants | -2,043 | 12,430 | -116.4% |
| Acquisitions Funded By Liabilities And Contingent Consideration | -1,400 | -4,500 | +68.9% |
| Financing Activities | |||
| Proceeds From Issuance Of Debt | 61,423 | 30,807 | +99.4% |
| Debt Repayments | -115,848 | 0 | — |
| Tax Withholding for Share Compensation | -46 | -34 | -35.3% |
| Proceeds From Payments For Other Financing Activities | -283 | -45 | -528.9% |
| Net Cash from Financing | -243,670 | 30,728 | -893.0% |
| Supplemental | |||
| Unpaid Capital Expenditures | -88,422 | -78,862 | -12.1% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1,078 | -3,582 | +130.1% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Continuing Operations | 812,067 | 616,756 | +31.7% |
| 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.