---
title: "First Solar: Business Model"
description: "First Solar revenue by region from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/first-solar/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# First Solar: Business Model & Revenue Engine

## Direct Answer

First Solar reports revenue across 4 geographic regions in its fiscal 2025 Form 10-K. United States is the largest, with $5.0 billion of revenue (96% of the total), followed by India at $196 million (4%). 96% of revenue came from the United States.

## How Does First Solar Make Money?

United States supplies 96% of revenue, so First Solar's results move mostly with that one region; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, United States grew fastest (+27.9%) and France slowest (-81.7%), so the revenue mix tilts toward United States while that gap lasts.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $5.0 billion | $3.9 billion | 95.7% | 27.9% |
| India | $196 million | $202 million | 3.7% | -3.0% |
| Allotherforeigncountries | $23 million | $65 million | 0.4% | -65.1% |
| France | $6 million | $34 million | 0.1% | -81.7% |

![Bar chart of First Solar revenue by region for fiscal 2025: United States 95.7%, India 3.7%, Allotherforeigncountries 0.4%, France 0.1%.](https://www.getswoopr.com/images/charts/first-solar-business-model-segment-mix.webp)
*First Solar revenue by region as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 100% of First Solar's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value First Solar reported in the segment note and revenue disclosures of its Form 10-K filed February 24, 2026 (accession 0001274494-26-000021), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are First Solar's main regions?

In its fiscal 2025 Form 10-K, First Solar reports revenue for United States, India, Allotherforeigncountries and France.

### Which part of First Solar brings in the most revenue?

United States, with $5.0 billion of revenue in fiscal 2025, or 96% of the total.

### How much of First Solar's revenue comes from outside the United States?

4% in fiscal 2025, by the geographic breakdown First Solar reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: FIRST SOLAR, INC. Form 10-K filed February 24, 2026](https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm)
- [SEC EDGAR: FIRST SOLAR, INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1274494&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [First Solar company dossier](https://www.getswoopr.com/stocks/companies/first-solar/)
- [First Solar financial metrics](https://www.getswoopr.com/stocks/companies/first-solar/metrics/)
- [First Solar financial risk indicators](https://www.getswoopr.com/stocks/companies/first-solar/risks/)
- [First Solar peer comparison](https://www.getswoopr.com/stocks/companies/first-solar/competitors/)
- [First Solar business model and revenue mix](https://www.getswoopr.com/stocks/companies/first-solar/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).