FIRST SOLAR, INC.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 499 | 5.0 |
| Stockholders' equity | 9,538 | 95.0 |
| Total capitalization | 10,037 | 100.0 |
107,469,788 shares outstanding at 24 July 2026 (cover page of the 10-Q filed 30 July 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 499 |
| Long-term debt, noncurrent | 283 |
| Current maturities | 216 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 500,000,000 |
| Common shares issued | 107,309,794 |
| Par or stated value per share ($) | 0.001 |
| Outstanding at 7/24/26 | 107,469,788 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware. Formerly known as FIRST SOLAR HOLDINGS LLC (to 23 December 2003).
BUSINESS: Classified by the SEC under Standard Industrial Classification 3674, Semiconductors & Related Devices. Large accelerated filer. Principal executive office: 4300 E Camelback Road, Suite 220, Phoenix, AZ 85018. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 5,219 | 4,206 | 3,319 |
| Cost of revenues | 3,099 | 2,348 | 2,018 |
| Gross profit | 2,120 | 1,858 | 1,301 |
| Research and development | 233 | 191 | 152 |
| Selling, general and administrative | 204 | 188 | 198 |
| Depreciation and amortization | 529 | 423 | 308 |
| Operating income | 1,597 | 1,394 | 857 |
| Interest expense | 44 | 39 | 13 |
| Income before income taxes | 1,581 | 1,406 | 891 |
| Income taxes | 53 | 114 | 61 |
| Net income | 1,528 | 1,292 | 831 |
| Earned per share, diluted ($) | 14.21 | 12.02 | 7.74 |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 2,804 | 1,621 |
| Receivables, net | 1,294 | 1,261 |
| Inventories | 737 | 1,084 |
| Total current assets | 6,029 | 5,089 |
| Property, plant and equipment, net | 5,676 | 5,414 |
| Goodwill | 31 | 28 |
| Total assets | 13,321 | 12,124 |
| Total current liabilities | 2,254 | 2,077 |
| Long-term debt | 283 | 373 |
| Total liabilities | 3,783 | 4,147 |
| Stockholders' equity | 9,538 | 7,978 |
| Total liabilities and equity | 13,321 | 12,124 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 5,219 | 1,597 | 1,528 | 29.3 | 14.21 | – | 2,057 | 870 | 1,187 | 13,321 | 3,783 | 499 | 9,538 | 16.0 | 0.05 |
| 12/31/24 | 4,206 | 1,394 | 1,292 | 30.7 | 12.02 | – | 1,218 | 1,526 | (308) | 12,124 | 4,147 | 610 | 7,978 | 16.2 | 0.08 |
| 12/31/23 | 3,319 | 857 | 831 | 25.0 | 7.74 | – | 602 | 1,387 | (785) | 10,365 | 3,678 | 560 | 6,687 | 12.4 | 0.08 |
| 12/31/22 | 2,619 | (27) | (44) | -1.7 | (0.41) | – | 873 | 904 | (30) | 8,251 | 2,415 | 185 | 5,836 | -0.8 | 0.03 |
| 12/31/21 | 2,923 | 587 | 469 | 16.0 | 4.38 | – | 238 | 540 | (303) | 7,414 | 1,454 | 247 | 5,960 | 7.9 | 0.04 |
| 12/31/20 | 2,711 | 317 | 398 | 14.7 | 3.73 | – | 37 | 417 | (380) | 7,109 | 1,588 | 287 | 5,521 | 7.2 | 0.05 |
| 12/31/19 | 3,063 | (162) | (115) | -3.8 | (1.09) | – | 174 | 669 | (495) | 7,516 | 2,419 | 483 | 5,097 | -2.3 | 0.09 |
| 12/31/18 | 2,244 | 40 | 144 | 6.4 | 1.36 | – | (327) | 740 | (1,067) | 7,121 | 1,909 | 479 | 5,212 | 2.8 | 0.09 |
| 12/31/17 | 2,941 | 178 | (166) | -5.6 | (1.59) | – | 1,341 | 514 | 826 | 6,865 | 1,766 | 406 | 5,099 | -3.2 | 0.08 |
| 12/31/16 | 2,905 | (568) | (416) | -14.3 | (4.05) | – | 207 | 229 | (23) | 6,824 | 1,606 | 197 | 5,218 | -8.0 | 0.04 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
FIRST SOLAR, INC.
CIK 1274494 · EIN 20-4623678
PRINCIPAL OFFICE:
4300 E Camelback Road, Suite 220, Phoenix, AZ 85018
Tel.: (602) 414-9300
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
3674 · Semiconductors & Related Devices
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 24 February 2026
FORMER NAMES:
FIRST SOLAR HOLDINGS LLC
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/24/26) · 10-K FY2024 (filed 2/25/25) · 10-K FY2023 (filed 2/27/24) · 10-K FY2022 (filed 2/28/23) · 10-K FY2021 (filed 3/1/22) · 10-K FY2020 (filed 2/26/21) · 10-K FY2019 (filed 2/21/20) · 10-K FY2018 (filed 2/22/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.