Short answer
First Solar (FSLR) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $5.2B (+24.1% year over year) and net income of $1.5B.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $5.2B
- +24.1% YoY
- Net income
- $1.5B
- +18.3% YoY
- Operating margin
- 30.6%
- −2.6 pp YoY
- Gross margin
- 40.6%
- −3.5 pp YoY
- EPS (diluted)
- $14.21
- +18.2% YoY
- ROE
- 16.0%
- −0.2 pp YoY
- Operating cash flow
- $2.1B
- +68.9% YoY
Source: XBRL data from the First Solar (FSLR) FY2025 10-K on SEC EDGAR. USD.
First Solar FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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