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
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%
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
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.
Other First Solar Annual Reports
Get deeper insights on First Solar
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.