First Solar (FSLR) Q4 FY2025 earnings: revenue $1.7 billion, up 11.1% on the year

First Solar, Inc. (FSLR) reported revenue of $1.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.1% on the same quarter a year earlier. Net income was $521 million, up 32.5% on the year, and diluted earnings per share $4.84. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue

$1.7 billion

+11.1% on the year · +5.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

32.6%

30.2% a year earlier

Q1 FY2024Q4 FY2025

Net income

$521 million

+32.5% on the year · +14.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$4.84

+32.6% on the year · +14.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 14 new.

Full-year net sales rose to $5.2B: Full-year 2025 net sales were $5.2 billion against $4.2 billion in 2024. The company attributed the increase to a 24% rise in third-party module volume.
Diluted EPS for quarter and year: Fourth-quarter diluted EPS was $4.84 and full-year diluted EPS was $14.21. The third-quarter release gave diluted EPS of $4.24.
Contracting discipline and pricing certainty: The CEO said the company kept a disciplined contracting approach and stayed anchored to pricing and delivery certainty, which customers value, as the environment changed.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,683	1,595	1,514	+5.5%	+11.1%
Cost of revenue	1,017	984	946	+3.4%	+7.5%
Gross profit	665	611	568	+8.9%	+17.2%
Gross margin	39.5%	38.3%	37.5%
Research and development	66.0	60.6	46.5	+8.8%	+41.8%
Selling, general and administrative	50.7	47.3	49.6	+7.1%	+2.2%
Operating income	548	466	457	+17.6%	+20.0%
Operating margin	32.6%	29.2%	30.2%
Interest expense	11.3	14.1	10.9	-20.0%	+3.8%
Pre-tax income	551	460	446	+19.8%	+23.5%
Income tax	30.5	4.4	53.2	+591.9%	-42.8%
Effective tax rate	5.5%	1.0%	11.9%
Net income	521	456	393	+14.2%	+32.5%
Net margin	31.0%	28.6%	26.0%
Diluted EPS	$4.84	$4.24	$3.65	+14.2%	+32.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,242	1,274	811	-2.5%	+53.1%
Capital expenditure	172	204	314	-15.8%	-45.2%
Free cash flow	1,070	1,070	497	+0.1%	+115.1%
Free cash flow margin	63.6%	67.1%	32.9%
Cash from investing	-187	-228	-221
Cash from financing	-244	-223	30.7
Depreciation and amortisation	141	138	124	+1.9%	+13.0%
Share-based compensation	2.5	7.3	6.1	-65.7%	-59.0%
Diluted shares, weighted	108m	108m	108m	+0.1%	+0.1%
Shares outstanding at period end	107m	107m	107m	+0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	9,538	9,015	7,978	+5.8%	+19.6%
Debt	499	555	610	-10.2%	-18.2%
Operating lease liabilities	104	91.8	66.2	+13.0%	+56.7%
Finance lease liabilities	34.9	32.7	29.5	+6.7%	+18.2%
Other liabilities	3,146	3,765	3,441	-16.4%	-8.6%
Total liabilities and equity	13,321	13,459	12,124	-1.0%	+9.9%
Fixed assets	5,676	5,760	5,414	-1.5%	+4.8%
Goodwill	31.1	30.7	28.3	+1.3%	+9.7%
Intangible assets	51.0	51.3	54.7	-0.5%	-6.7%
Investments	51.8	47.7	172	+8.6%	-69.8%
Cash and equivalents	2,804	1,992	1,621	+40.7%	+72.9%
Receivables	1,294	1,442	1,261	-10.3%	+2.6%
Inventory	737	1,101	1,084	-33.1%	-32.1%
Other assets	2,677	3,035	2,489	-11.8%	+7.6%
Total assets	13,321	13,459	12,124	-1.0%	+9.9%

Questions

What was First Solar's revenue in Q4 FY2025?

First Solar (FSLR) reported revenue of $1.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.1% on the same quarter a year earlier.

How much did First Solar earn in Q4 FY2025?

Net income for Q4 FY2025 was $521 million, up 32.5% on the year, and diluted earnings per share $4.84.

When did First Solar report Q4 FY2025 results?

First Solar filed its 10-K for the year that ended with the quarter on 24 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	907	367	621	629	1,002	548	811	801	1,159	794	1,010	888	1,514	845	1,097	1,595	1,683	1,044	1,056	1,231
Cost of revenue	661	356	644	608	942	436	500	425	657	448	512	442	946	500	597	984	1,017	558	451	518
Gross profit	246	11.5	-23.2	21.0	60.6	112	310	376	502	346	499	445	568	344	500	611	665	486	605	713
Gross margin	27%	3%	-4%	3%	6%	20%	38%	47%	43%	44%	49%	50%	37%	41%	46%	38%	40%	47%	57%	58%
R&D	29.9	27.1	25.2	29.2	31.3	30.5	36.7	41.2	43.9	42.7	51.9	50.2	46.5	52.4	54.5	60.6	66.0	66.9	76.2	67.2
SG&A	38.4	36.7	38.9	46.4	42.7	44.0	46.3	50.2	57.1	45.8	46.6	46.3	49.6	53.2	52.6	47.3	50.7	65.3	51.9	65.3
Operating income	173	-57.8	145	-68.4	-45.9	18.0	169	273	398	243	373	322	457	221	362	466	548	345	450	546
Operating margin	19%	-16%	23%	-11%	-5%	3%	21%	34%	34%	31%	37%	36%	30%	26%	33%	29%	33%	33%	43%	44%
Interest expense	2.5	2.9	3.2	3.0	3.1	0.7	1.4	3.7	7.1	9.2	9.8	9.0	10.9	9.5	9.2	14.1	11.3	7.6	5.6	2.4
Pre-tax income	167	-62.8	140	-61.7	-6.6	35.7	188	290	377	256	377	327	446	217	352	460	551	354	459	566
Tax rate	21%	n/a	60%	n/a	n/a	-19%	9%	8%	7%	7%	7%	4%	12%	3%	3%	1%	6%	2%	8%	-1%
Net income	131	-43.3	55.8	-49.2	-7.5	42.6	171	268	349	237	349	313	393	210	342	456	521	347	423	571
Net margin	14%	-12%	9%	-8%	-1%	8%	21%	34%	30%	30%	35%	35%	26%	25%	31%	29%	31%	33%	40%	46%
Diluted EPS	$1.23	-$0.41	$0.52	-$0.46	-$0.07	$0.40	$1.59	$2.50	$3.25	$2.20	$3.25	$2.91	$3.65	$1.95	$3.18	$4.24	$4.84	$3.22	$3.92	$5.30
Operating cash flow	34.5	-139	88.0	129	795	-34.6	-89.7	165	561	268	193	-53.7	811	-608	150	1,274	1,242	-215	-145	-42.9
Capital expenditure	195	155	199	223	327	371	383	286	347	413	365	434	314	206	288	204	172	119	161	155
Free cash flow	-160	-294	-111	-94.3	468	-406	-472	-121	214	-146	-172	-488	497	-814	-139	1,070	1,070	-333	-306	-198
Shares outstanding	106m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m	107m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 24 February 2026: the filing.