First Solar (FSLR) FY2025 10-K Annual Report
First Solar (FSLR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
First Solar FY2025 10-K Analysis
Business Overview
- • US-focused thin film CdTe solar module manufacturer; US accounted for 96% of 2025 net sales
- • Production commenced at new Alabama and Louisiana Series 7 facilities in 2024-2025; sixth US plant expected H2 2026
- • OBBBA (July 2025) accelerated solar ITC/PTC termination deadline to early July 2026, creating urgency around customer project timelines
- • ~7,900 associates as of Dec 31, 2025; India capacity reached 3.2 GW nameplate after recent expansion
- • Reduced Series 6 international production amid global oversupply; US pricing stable due to IRA incentives and tariffs on Chinese imports
Management Discussion & Analysis
- • Revenue $5.2B in 2025, up 24% YoY (+$1.0B) vs $4.2B in 2024, driven by 24% volume increase in modules sold
- • Gross margin 40.6% vs 44.2% in 2024 (-3.6pp); operating margin 30.6% vs 33.2%; net margin 29.3% vs 30.7%
- • Cash $2.9B vs $1.8B YoY; operating cash flow $2.1B vs $1.2B; capex guidance $0.8B–$1.0B for 2026; no buybacks or dividends disclosed
- • Section 45X tax credit sales generated ~$1.34B cash proceeds in 2025; $1.6B credits recognized as cost-of-sales reduction
- • Key risks: OBBBA curtails IRA energy tax credits; IEEPA tariff legal uncertainty (Supreme Court ruled unlawful Feb 2026); China tellurium export controls threaten CdTe supply chain; BP Solar/Lightsource contract breach ($384.6M termination payments disputed in litigation
Risk Factors
- • Section 45X credit (~$0.17/watt for U.S. modules) at risk from "One Big Beautiful Bill" signed July 4, 2025, curtailing energy tax credits
- • China tightened tellurium export controls Feb 2025; tellurium is sole key input for CdTe modules, with China as major global producer
- • BP Solar/Lightsource breach lawsuit filed Sept 2025 demanding $323.6M; defendants counterclaiming $175M plus $15M credit support return
- • ~105 GW of new module capacity added globally in 2025, primarily China, intensifying oversupply pressure on pricing
- • IEEPA tariffs struck down by U.S. Supreme Court Feb 20, 2026; replaced by Section 122 tariffs (up to 15%) affecting Vietnam, India, Malaysia manufacturing
First Solar FY2025 Key Financial MetricsXBRL
Revenue
$5.2B
▲ +24.1% YoY
Net Income
$1.5B
▲ +18.3% YoY
Gross Margin
40.6%
▼ -354bp YoY
Operating Margin
30.6%
▼ -256bp YoY
Net Margin
29.3%
▼ -144bp YoY
ROE
16.0%
▼ -17bp YoY
Total Assets
$13.3B
▲ +9.9% YoY
EPS (Diluted)
$14.21
▲ +18.2% YoY
Operating Cash Flow
$2.1B
▲ +68.9% YoY
Source: XBRL data from First Solar FY2025 10-K filing on SEC EDGAR. All figures in USD.
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