--- title: "First Solar: Metrics Guide" description: "First Solar revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/first-solar/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # First Solar: Financial & Operating Metrics Guide ## Direct Answer First Solar reported revenue of $5.2 billion for the fiscal year ended December 31, 2025, with an operating margin of 30.6% and net income of $1.5 billion, according to its SEC filings. Revenue grew 24.1% from the prior year. ## What Are First Solar's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $5.2 billion | $4.2 billion | $3.3 billion | $2.6 billion | | Operating income | $1.6 billion | $1.4 billion | $857 million | -$27 million | | Operating margin | 30.6% | 33.2% | 25.8% | -1.0% | | Net income | $1.5 billion | $1.3 billion | $831 million | -$44 million | | Net margin | 29.3% | 30.7% | 25.0% | -1.7% | | Operating cash flow | $2.1 billion | $1.2 billion | $602 million | $873 million | | Capital expenditures | $870 million | $1.5 billion | $1.4 billion | $904 million | | Free cash flow | $1.2 billion | -$308 million | -$785 million | -$30 million | Operating margin narrowed by 2.6 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $1.2 billion against net income of $1.5 billion; cash generation fell short of reported earnings, which is worth reconciling in the cash flow statement. ![Bar chart of First Solar revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $5.2 billion, operating income $1.6 billion and net income $1.5 billion.](https://www.getswoopr.com/images/charts/first-solar-metrics-revenue-profit.webp) *First Solar revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of First Solar operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 30.6% and net margin was 29.3%.](https://www.getswoopr.com/images/charts/first-solar-metrics-margins.webp) *First Solar operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of First Solar operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $2.1 billion, capital expenditures was $870 million, free cash flow was $1.2 billion.](https://www.getswoopr.com/images/charts/first-solar-metrics-cash-flow.webp) *First Solar operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does First Solar's Balance Sheet Show? | Cash and cash equivalents | $2.8 billion | | --- | --- | | Long-term debt | $283 million | | Total assets | $13.3 billion | | Total liabilities | $3.8 billion | | Shareholders' equity | $9.5 billion | | Current ratio | 2.7x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value First Solar reported in its own SEC filings, read from the SEC's XBRL data (accession 0001274494-26-000021 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was First Solar's revenue in fiscal 2025? First Solar reported revenue of $5.2 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is First Solar's operating margin? First Solar's operating margin was 30.6% in fiscal 2025: operating income of $1.6 billion on revenue of $5.2 billion. ### How much free cash flow did First Solar generate? Operating cash flow of $2.1 billion less capital expenditures of $870 million gives free cash flow of $1.2 billion for fiscal 2025. ## 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) ## 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. 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