First Solar: revenue, profit and cash flow

In fiscal 2025, First Solar had revenue of $5.22B, up 2.4% a year on average since 2015, and net income of $1.53B (29.3% of revenue). It has 6% more shares than in 2015.

Revenue, fiscal 2025

$5.22B+2.4% a year

average annual revenue growth since 2015 · +24.1% vs 2024

Net income, 2025

$1.53B

29.3% of revenue

Diluted EPS, 2025

$14.21

9.3% a year since 2015

Revenue growth, 5 years

14.0% a year

since 2020

Shares, 2025

108M

+5.6% since 2015

Free cash flow, 2025

$1.19B

$2.06B from operations − $870M capex

Ticker: FSLR · Nasdaq
Sector: Information Technology
Sub-industry: Semiconductors
Headquarters: Tempe, Arizona
Founded: 1999
In the S&P 500 since: December 19, 2022
Latest fiscal year: 2025, ended December 31, 2025
SEC filer: First Solar, Inc. · CIK 0001274494

Revenue and net income

Revenue went from $504M in 2007 to $5.22B in 2025. Net loss in 2011–2012, 2016–2017, 2019, 2022.

RevenueNet income

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Diluted earnings per share

Diluted EPS went from $2.03 in 2007 to $14.21 in 2025. Ten-year growth: 9.3% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Shares outstanding

5.6% more shares in 2025 than in 2015 (102M → 108M): new shares outweighed buybacks.

Fiscal years · diluted weighted-average shares, adjusted for splitsSource: SEC EDGAR (company filings)

Operating cash flow, capex and free cash flow

Free cash flow (operating cash flow minus capital expenditure) was $1.19B in 2025, 22.7% of revenue. Negative in 2007, 2011, 2015–2016, 2018–2024.

Operating cash flowCapital expenditureFree cash flow

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Year by year

Fiscal year	Revenue	Net income	Net margin	Diluted EPS	Dividend	Shares	Operating cash flow	Capex	Free cash flow
2025	$5.22B	$1.53B	29.3%	$14.21	—	108M	$2.06B	$870M	$1.19B
2024	$4.21B	$1.29B	30.7%	$12.02	—	108M	$1.22B	$1.53B	−$308M
2023	$3.32B	$831M	25.0%	$7.74	—	107M	$602M	$1.39B	−$785M
2022	$2.62B	−$44.2M	−1.7%	−$0.41	—	107M	$873M	$904M	−$30.2M
2021	$2.92B	$469M	16.0%	$4.38	—	107M	$238M	$540M	−$303M
2020	$2.71B	$398M	14.7%	$3.73	—	107M	$37.1M	$417M	−$380M
2019	$3.06B	−$115M	−3.8%	−$1.09	—	105M	$174M	$669M	−$495M
2018	$2.24B	$144M	6.4%	$1.36	—	106M	−$327M	$740M	−$1.07B
2017	$2.94B	−$166M	−5.6%	−$1.59	—	104M	$1.34B	$514M	$826M
2016	$2.9B	−$416M	−14.3%	−$4.05	—	103M	$207M	$229M	−$22.7M
2015	$4.11B	$593M	14.4%	$5.83	—	102M	−$325M	$166M	−$492M
2014	$3.39B	$396M	11.7%	$3.90	—	102M	$736M	$258M	$478M
2013	$3.31B	$351M	10.6%	$3.67	$0.00	95.5M	$856M	$283M	$574M
2012	$3.37B	−$96.3M	−2.9%	−$1.11	$0.00	86.9M	$762M	$379M	$383M
2011	$2.77B	−$39.5M	−1.4%	−$0.46	$0.00	86.1M	−$33.5M	$732M	−$765M
2010	$2.56B	$664M	25.9%	$7.68	$0.00	86.5M	$705M	$589M	$117M
2009	$2.07B	$640M	31.0%	$7.53	—	85M	$675M	$280M	$395M
2008	$1.25B	$348M	27.9%	$4.24	—	82.1M	$463M	$459M	$3.8M
2007	$504M	$158M	31.4%	$2.03	—	78M	$206M	$242M	−$36.4M