Friday 6 November 2026 Export FSLR’s income statement to Excel — free account

First Solar, Inc.

FSLR Technology Solar

First Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, up 24.1% from fiscal 2024.

Revenue: −22.8%
EPS: +25.0%
Free cash flow: −118.5%
Total debt: −80.6%

Quarter to September 2026, against a year earlier

202.34 6.58 +3.36%

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Market cap: $21.0B
P/E: 11.4×
Fwd P/E: 10.1×
Dividend yield: —
F-score: 7/9
Altman Z: 6.28
Beneish M: −2.54
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

First Solar, Inc. (FSLR) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by regions, and margins
United States	4,995	95.69%
India	196	3.75%
All other foreign countries	23	0.44%
France	6	0.12%
Gross margin		40.62%
Operating margin		30.59%
Pre-tax margin		30.29%

Revenue by product or service $m

Line	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Solar Module	3,297 99.34%	2,428 92.71%	2,331 79.75%	1,736 64.03%	1,460 47.67%	502 22.37%	806 27.42%	675 23.25%	227 5.53%	228 6.73%	381 11.51%	325 9.66%	1,524 55.08%	1,987 77.50%	1,904 92.14%	1,192 95.66%
Solar Power Systems, Sales of	20 0.60%	153 5.85%	513 17.56%	795 29.31%	1,149 37.51%	1,244 55.44%	1,927 65.52%	1,132 38.97%	2,052 49.90%	—	—	—	—	—	—	—
Operations and Maintenance	2 0.06%	12 0.46%	43 1.47%	116 4.26%	108 3.52%	103 4.60%	101 3.43%	93 3.22%	104 2.52%	—	—	—	—	—	—	—
EPC Services	0 0.00%	0 0.00%	(2) (0.07%)	3 0.11%	292 9.53%	348 15.49%	46 1.55%	893 30.74%	1,388 33.76%	—	—	—	—	—	—	—
Energy Generation	0 0.00%	26 0.98%	38 1.29%	62 2.28%	55 1.78%	47 2.10%	58 1.97%	26 0.89%	10 0.24%	—	—	—	—	—	—	—
Module Plus	—	—	—	—	—	—	3 0.11%	85 2.92%	331 8.05%	—	—	—	—	—	—	—
Solar Power System	—	—	—	—	—	—	—	—	—	3,163 93.27%	2,929 88.49%	3,043 90.34%	1,243 44.92%	577 22.50%	162 7.86%	54 4.34%
Revenue	3,319	2,619	2,923	2,711	3,063	2,244	2,941	2,905	4,113	3,391	3,310	3,369	2,766	2,564	2,066	1,246

Revenue by segment $m

Line	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Modules segment	4,203 99.92%	3,297 99.34%	2,428 92.71%	2,331 79.75%	1,736 64.03%	1,460 47.67%	502 22.37%	806 27.42%	675 23.25%	227 5.53%	—	—	—	—	—	—
Other segment	4 0.08%	22 0.66%	191 7.29%	592 20.25%	975 35.97%	1,603 52.33%	1,742 77.63%	2,135 72.58%	2,229 76.75%	3,885 94.47%	2,289 67.48%	2,136 64.53%	2,183 64.79%	825 29.81%	279 10.88%	101 4.88%
Components	—	—	—	—	—	—	—	—	—	—	1,103 32.52%	1,174 35.47%	1,186 35.21%	1,942 70.19%	2,285 89.12%	1,965 95.12%
Revenue	4,206	3,319	2,619	2,923	2,711	3,063	2,244	2,941	2,905	4,113	3,391	3,310	3,369	2,766	2,564	2,066

Gross profit by segment $m, and margin

	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Modules segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
United States	4,995 95.69%	3,905 92.83%	3,188 96.05%	2,194 83.75%	2,457 84.03%	1,843 67.99%	2,660 86.84%	1,478 65.86%	2,274 77.30%	2,419 83.28%	3,634 88.37%	3,042 89.70%	2,832 85.57%	2,697 80.06%	1,238 44.76%	334 13.02%	137 6.63%	63 5.06%
India	196 3.75%	202 4.80%	11 0.33%	37 1.42%	—	34 1.25%	7 0.24%	232 10.34%	141 4.81%	158 5.45%	134 3.27%	44 1.30%	8 0.25%	67 1.98%	—	—	—	—
All other foreign countries	23 0.44%	65 1.55%	52 1.56%	148 5.63%	106 3.61%	97 3.56%	128 4.19%	112 4.98%	226 7.67%	50 1.70%	139 3.38%	26 0.77%	5 0.16%	10 0.29%	369 13.35%	375 14.64%	214 10.35%	154 12.35%
France	6 0.12%	34 0.82%	68 2.06%	68 2.58%	122 4.16%	127 4.69%	89 2.90%	29 1.28%	63 2.14%	—	—	—	36 1.08%	70 2.08%	413 14.94%	364 14.19%	249 12.07%	110 8.82%
Chile	—	—	—	173 6.62%	32 1.10%	22 0.81%	—	—	—	—	—	—	—	—	—	—	—	—
Japan	—	—	—	—	208 7.10%	470 17.32%	34 1.12%	235 10.46%	4 0.15%	5 0.18%	—	—	—	—	—	—	—	—
California	—	—	—	—	—	119 4.38%	6 0.19%	5 0.24%	—	—	—	—	265 7.99%	389 11.56%	106 3.83%	313 12.20%	132 6.39%	0 0.00%
Australia	—	—	—	—	—	—	138 4.52%	153 6.83%	109 3.69%	10 0.33%	185 4.50%	157 4.63%	1 0.02%	31 0.92%	—	—	—	—
Turkey	—	—	—	—	—	—	—	—	124 4.23%	19 0.65%	2 0.04%	—	—	—	—	—	—	—
Spain	—	—	—	—	—	—	—	—	—	141 4.87%	1 0.02%	0 0.00%	—	—	—	—	—	—
Jordan	—	—	—	—	—	—	—	—	—	103 3.55%	17 0.42%	0 0.00%	—	—	—	—	—	—
Germany	—	—	—	—	—	—	—	—	—	—	—	122 3.60%	142 4.29%	105 3.11%	639 23.12%	1,178 45.95%	1,334 64.57%	919 73.77%
United Arab Emirates	—	—	—	—	—	—	—	—	—	—	—	—	21 0.64%	0 0.00%	0 0.00%	—	—	—
Honduras	—	—	—	—	—	—	—	—	—	—	—	—	0 0.00%	—	—	—	—	—
Revenue	5,219	4,206	3,319	2,619	2,923	2,711	3,063	2,244	2,941	2,905	4,113	3,391	3,310	3,369	2,766	2,564	2,066	1,246

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Expected sales backlog	Q3 FY2026	44.0B	53.70	+81,936,685,188.64%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q3 FY2024	Q2 FY2024
Expected sales backlog	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.