FIRST SOLAR, INC.FSLR

FIRST SOLAR, INC. Financial Overview 2021–2025

Updated Aug 15, 2026

Gross margin expanding from a razor-thin 2.7% in FY2022 to 40.6% by FY2025 highlights a structural transformation in First Solar's profitability. This margin explosion—fueled heavily by Section 45X advanced manufacturing production credits—cements the core investment thesis: First Solar has successfully leveraged U.S. policy tailwinds to transition from a cyclical hardware vendor into a highly profitable domestic manufacturing powerhouse. The financial trajectory reflects this operational shift, as revenue grew from $2.9 billion in FY2021 to $5.2 billion in FY2025.

The top-line expansion is supported by aggressive capacity scaling, with the company reaching 21 GW of installed nameplate production by the end of FY2024. High module volumes directly translate into cash generation, with net cash provided by operating activities surging to $2.1 billion in FY2025, up from $1.2 billion the year prior. Despite setting aside a $50 million warranty liability for module manufacturing defects, the overall profitability leap is undeniable. The company went from generating a net loss of -$0.41 per share in FY2022 to $12.02 in earnings per share by FY2024. Reflecting this turnaround and an $18.5 billion contracted backlog extending through 2030, the market valued the equity at $261.23 per share at the close of FY2025.

Recent Developments (Q1 and Q2 2026)

First Solar's profitability continued accelerating through the first half of 2026, driven by manufacturing credits, tariff refunds, and falling logistics costs. Gross margin surged to 57.3% in Q2 2026, up from 45.6% in Q2 2025. This efficiency pushed net income for the first six months of 2026 to $769.2 million, up from $551.4 million in the same period of 2025. Capital structure improved alongside earnings, as the company replaced its secured debt with a new $1.5 billion unsecured revolving credit facility in February 2026 and repaid its India Credit Facility in May 2026.

Bulls can point to this massive margin realization making the stock look attractively valued at 17.1x earnings as of July 30, 2026. However, bears will note that top-line momentum stalled, with Q2 2026 net sales dropping 3.7% due to customer contract terminations.

What to watch: progress on the sixth U.S. manufacturing facility opening in the second half of 2026; ongoing patent litigation regarding TOPCon solar technology.

Rev

$5.22B

+24.1% YoY

FY2025

NI

$1.53B

+18.3% YoY

FY2025

EPS

$14.25

+18.1% YoY

FY2025

OCF

$2.06B

+68.9% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All FSLR Financial Metrics(60)

Recent SEC Filings

FIRST SOLAR, INC. 8-K Report, Financial Results (Jul 30, 2026)

First Solar, Inc. (FSLR) has filed an 8-K report on July 30, 2026, primarily to furnish its second-quarter 2026 financial results press release as an exhibit. While the filing itself does not contain detailed financial data, it signals the release of the company's performance metrics for the quarter ended June 30, 2026, through the attached press release. Investors should refer to the press release (Exhibit 99.1) for specific details regarding First Solar's financial condition and operational results during the second quarter. This includes key performance indicators, revenue figures, profitability, and any forward-looking statements or guidance the company may have provided. The 8-K serves as a notification of this information's availability and does not modify the legal implications of prior SEC filings.

FIRST SOLAR, INC. 8-K Report, Shareholder Vote Results (May 15, 2026)

First Solar, Inc. (FSLR) filed an 8-K detailing the results of its 2026 annual meeting of stockholders held on May 13, 2026. The meeting saw overwhelming support for the election of all ten director nominees, indicating shareholder confidence in the current board's leadership and strategy. Additionally, stockholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, a routine but essential corporate governance step. While the advisory vote on executive compensation also passed, a notable outcome was the disapproval of a shareholder proposal aimed at enhancing the ability to call for special shareholder meetings. This suggests a divergence in opinion on shareholder empowerment mechanisms, with a majority voting against this specific proposal. Overall, the meeting reflects strong shareholder endorsement of the company's existing board and financial oversight, while also highlighting a preference for the current governance structure regarding special meeting rights.

FIRST SOLAR, INC. 8-K Report, Financial Results (Apr 30, 2026)

First Solar, Inc. (FSLR) has filed an 8-K report on April 30, 2026, primarily to announce its financial results for the first quarter ended March 31, 2026. The company issued a press release detailing these results, which is furnished as an exhibit to this filing. Investors should review this press release for key performance indicators, revenue figures, and any forward-looking guidance provided by the company for the upcoming periods. While the 8-K itself is procedural, the attached press release contains the substantive financial information investors are seeking. This includes details on the company's operational performance, profitability, and any significant developments or challenges encountered during the first quarter of 2026. The filing also notes that this information is furnished and not deemed "filed" under Section 18 of the Exchange Act, which has implications for regulatory liability.

FIRST SOLAR, INC. 8-K Report, Financial Results (Feb 24, 2026)

First Solar, Inc. has filed an 8-K report on February 24, 2026, to announce its financial results for the fourth quarter ended December 31, 2025. The report primarily serves to furnish a press release, which contains the detailed financial outcomes and operational performance for the period. Investors should refer to the press release (Exhibit 99.1) for specific figures related to revenue, profitability, and any forward-looking guidance provided by the company. While this 8-K filing itself doesn't contain the granular financial data, it signals that First Solar is officially communicating its year-end performance. The market will be closely watching the details within the furnished press release for insights into the company's manufacturing capacity, project pipeline, and overall financial health in the competitive solar energy sector. The filing also includes the Cover Page Interactive Data File, facilitating easier access to structured financial information.

FIRST SOLAR, INC. 8-K Report, Material Agreement (Feb 19, 2026)

First Solar, Inc. (FSLR) announced on February 19, 2026, the entry into a new $1.5 billion senior unsecured five-year revolving credit facility, effective February 13, 2026. This facility replaces their previous credit agreement and is primarily intended for working capital and general corporate purposes. A notable feature is the potential to increase the facility size by an additional $1 billion, subject to securing commitments from debt financing sources. The company also has the option to extend the facility for up to two one-year periods. This new credit facility offers flexibility in its pricing structure, with interest rates and commitment fees tied to either the Company's Net Leverage Ratio or, post-Investment Grade Ratings Trigger Date, its Public Debt Rating. The unsecured nature of the facility, coupled with its significant size and expansion potential, indicates First Solar's strong financial footing and confidence in its future operational needs. The termination of the prior secured agreement and release of collateral further underscores the company's improved credit profile.

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