FIRST SOLAR, INC.

FSLR 10-Q · Q1 2026
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FSLR Q1 2026 request

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Income Statement

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Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 1,044,240 844,568 +23.6%
Cost of Revenue 558,109 500,165 +11.6%
Gross Profit 486,131 344,403 +41.2%
Selling, General & Administrative 65,331 53,164 +22.9%
Research & Development 66,944 52,389 +27.8%
Production Start Up Expense 8,553 17,606 -51.4%
Operating Expenses 140,828 123,159 +14.3%
Operating Income 345,303 221,244 +56.1%
Foreign Currency Transaction Gain Loss Before Tax -9,063 -11,593 +21.8%
Investment Income Net 28,862 18,865 +53.0%
Interest Expense -7,615 -9,525 +20.1%
Other Non-Operating Income (Expense) -3,153 -1,932 -63.2%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -738 — —
Accumulated Translation Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 1,023 -323 +416.7%
Income Before Taxes 354,334 217,059 +63.2%
Income Tax Expense (Benefit) -7,715 -7,524 -2.5%
Net Income 346,619 209,535 +65.4%
Show Equity Components breakouts
Retained Earnings 346,619 209,535 +65.4%
EPS (Basic) 3.23 1.96 +64.8%
EPS (Diluted) 3.22 1.95 +65.1%
Wtd Avg Shares (Basic) 107,355 107,122 +0.2%
Wtd Avg Shares (Diluted) 107,623 107,415 +0.2%
Comprehensive Income 333,888 222,525 +50.0%
Other Comprehensive Income -12,731 12,990 -198.0%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss -304 — —
Accumulated Other Comprehensive Income -12,731 12,990 -198.0%
Accumulated Translation Adjustment -12,427 — —

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 2,362,979 837,641 +182.1%
Show Cash And Cash Equivalents breakouts
Cash 2,316,986 591,907 +291.4%
Money Market Funds 45,993 245,734 -81.3%
Available For Sale Securities Debt Securities Current 63,582 53,119 +19.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Bank Time Deposits 63,582 44,199 +43.9%
Show Financial Instrument breakouts
Bank Time Deposits 63,582 44,199 +43.9%
Bank Time Deposits · Fair Value Measurements Recurring 63,582 44,199 +43.9%
Accounts Receivable 1,373,954 1,605,603 -14.4%
Grants Receivable Current 285,158 214,385 +33.0%
Inventory 893,878 1,286,120 -30.5%
Other Assets Current 666,186 577,235 +15.4%
Total Current Assets 5,645,737 4,574,103 +23.4%
Non-Current Assets
Property, Plant & Equipment 5,666,247 5,638,042 +0.5%
Deferred Tax Assets 207,468 204,436 +1.5%
Grants Receivable Noncurrent 537,583 430,277 +24.9%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 537,583 430,277 +24.9%
Estimate Of Fair Value Fair Value Disclosure 513,660 400,445 +28.3%
Goodwill 30,582 29,707 +2.9%
Inventory Noncurrent 216,989 276,688 -21.6%
Other Non-Current Assets 766,940 700,220 +9.5%
Total Assets 13,351,097 12,116,665 +10.2%
Operating Lease Right-of-Use Assets 160,762 110,221 +45.9%
Other Assets
Debt Securities Available For Sale Restricted 214,670 210,555 +2.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Fair Value Measurements Recurring 214,670 210,555 +2.0%
Show Financial Instrument breakouts
Domestic Corporate Debt Securities · Restricted Debt Securities [Member] 114,416 113,048 +1.2%
Foreign Government Debt Securities · Restricted Debt Securities [Member] 53,157 50,592 +5.1%
Supranational debt [Member] · Restricted Debt Securities [Member] 28,204 28,118 +0.3%
US Government Debt Securities · Restricted Debt Securities [Member] 18,893 18,797 +0.5%
Show Debt Security Type [Axis] breakouts
Restricted Debt Securities [Member] 214,670 210,555 +2.0%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 214,670 210,555 +2.0%
Intangible Assets Net Excluding Goodwill 64,881 52,637 +23.3%
Current Liabilities
Accounts Payable 306,834 427,799 -28.3%
Accrued Income Taxes Current 22,786 81,609 -72.1%
Accrued Liabilities 436,510 555,154 -21.4%
Debt Current 188,594 197,201 -4.4%
Deferred Revenue 1,203,188 1,041,899 +15.5%
Other Liabilities Current 50,405 68,050 -25.9%
Total Current Liabilities 2,208,317 2,371,712 -6.9%
Non-Current Liabilities
Long-Term Debt 237,182 327,942 -27.7%
Deferred Revenue Noncurrent 582,379 859,409 -32.2%
Other Non-Current Liabilities 299,543 232,498 +28.8%
Total Liabilities 3,472,529 3,929,331 -11.6%
Long-Term Debt (Q) — — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 328,201 419,101 -21.7%
Estimate Of Fair Value Fair Value Disclosure 337,267 403,083 -16.3%
Operating Lease Liabilities 105,193 62,238 +69.0%
Deferred Tax Liabilities 66,965 55,247 +21.2%
Other Liabilities
Solar Module Collection And Recycling Liability 145,108 — —
Stockholders' Equity
Common Stock 107 107 0.0%
Additional Paid In Capital Common Stock 2,908,700 2,885,650 +0.8%
Retained Earnings 7,137,958 5,472,645 +30.4%
Accumulated Other Comprehensive Income -168,197 -171,068 +1.7%
Total Stockholders' Equity 9,878,568 8,187,334 +20.7%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss -46,210 — —
Accumulated Other Comprehensive Income -168,197 -171,068 +1.7%
Accumulated Translation Adjustment -121,987 — —
Additional Paid In Capital 2,908,700 2,885,650 +0.8%
Common Stock 107 107 0.0%
Retained Earnings 7,137,958 5,472,645 +30.4%
Total Liabilities & Equity 13,351,097 12,116,665 +10.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Depreciation Amortization And Accretion Net 147,393 124,843 +18.1%
Stock-Based Compensation 6,781 2,584 +162.4%
Deferred Income Taxes And Tax Credits -15,709 4,740 -431.4%
Other Operating Activities Cash Flow Statement 20,451 9,678 +111.3%
Change in Accounts Receivable -85,756 -306,822 +72.1%
Change in Inventory -143,815 -202,781 +29.1%
Increase Decrease In Government Grants Receivable -204,926 -99,118 -106.7%
Increase Decrease In Other Operating Assets -33,880 -114,627 +70.4%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable 29,495 -5,928 +597.6%
Increase Decrease In Accounts Payable And Accrued Liabilities -211,360 -145,797 -45.0%
Increase Decrease In Deferred Revenue -38,125 -91,169 +58.2%
Increase Decrease In Other Operating Liabilities -32,034 6,880 -565.6%
Net Cash from Operations -214,866 -607,982 +64.7%
Investing Activities
Capital Expenditures -118,529 -205,966 +42.5%
Purchases of Investments -459,756 -389,832 -17.9%
Proceeds From Sale And Maturity Of Available For Sale Securities 444,752 502,937 -11.6%
Other Investing Activities -15,000 4,652 -422.4%
Net Cash from Investing -148,533 -88,209 -68.4%
Proceeds To Be Received From Asset Based Government Grants 140,350 156,900 -10.5%
Financing Activities
Proceeds From Debt Net Of Issuance Costs 60,832 92,340 -34.1%
Debt Repayments -132,497 -176,409 +24.9%
Tax Withholding for Share Compensation -174 -15,421 +98.9%
Proceeds From Payments For Other Financing Activities -379 -129 -193.8%
Net Cash from Financing -72,218 -99,619 +27.5%
Supplemental
Unpaid Capital Expenditures 169,600 325,717 -47.9%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -2,045 1,607 -227.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Continuing Operations -437,662 -794,203 +44.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,376,369 844,020 +181.6%

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

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