FN2 Earnings Intelligence
First Solar, Inc. financials
First Solar, Inc. (FSLR) financial statements and key operating metrics from FN2 Research.
Key Stats
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 est. | 12/31/2027 est. |
|---|---|---|---|---|---|---|---|
| Market Cap | - | - | - | - | - | - | - |
| - Cash | $1,450.7 | $1,481.3 | $1,947 | $1,621.4 | $2,803.5 | - | - |
| + Debt | - | - | $560.3 | $609.8 | $498.6 | - | - |
| Enterprise Value | - | - | - | - | - | - | - |
| Revenue | $2,923.4 | $2,619.3 | $3,318.6 | $4,206.3 | $5,219.4 | $5,023.8 | $5,902.6 |
| % Growth | 7.8% | -10.4% | 26.7% | 26.7% | 24.1% | -3.7% | 17.5% |
| Gross Profit | $730 | $69.9 | $1,300.7 | $1,857.9 | $2,120.3 | - | - |
| % Margin | 25.0% | 2.7% | 39.2% | 44.2% | 40.6% | - | - |
| EBITDA | $820 | $217.7 | $1,167.3 | $1,801.8 | $2,115.2 | - | - |
| % Margin | 28.0% | 8.3% | 35.2% | 42.8% | 40.5% | - | - |
| Net Income | $468.7 | -$44.2 | $830.8 | $1,292 | $1,528.2 | - | - |
| % Margin | 16.0% | -1.7% | 25.0% | 30.7% | 29.3% | - | - |
| Diluted EPS | $4.38 | -$0.41 | $7.74 | $12.02 | $14.21 | $17.52 | $23.37 |
| % Growth | 17.4% | -109.4% | 1,987.8% | 55.3% | 18.2% | 23.3% | 33.4% |
| Operating Cash Flow | $237.6 | $873.4 | $602.3 | $1,218 | $2,057.1 | - | - |
| CapEx | $540.3 | $903.6 | $1,386.8 | $1,526.1 | $869.9 | - | - |
| Free Cash Flow | -$302.7 | -$30.2 | -$784.5 | -$308.1 | $1,187.2 | - | - |
Historical market capitalization is not persisted, so Market Cap and Enterprise Value remain unavailable rather than mixing today's market value into prior periods.
Income Statement
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 est. | 12/31/2027 est. |
|---|---|---|---|---|---|---|---|
| Revenue | $2,923.4 | $2,619.3 | $3,318.6 | $4,206.3 | $5,219.4 | $5,023.8 | $5,902.6 |
| Gross Profit | $730 | $69.9 | $1,300.7 | $1,857.9 | $2,120.3 | - | - |
| EBITDA | $820 | $217.7 | $1,167.3 | $1,801.8 | $2,115.2 | - | - |
| Net Income | $468.7 | -$44.2 | $830.8 | $1,292 | $1,528.2 | - | - |
| Diluted EPS | $4.38 | -$0.41 | $7.74 | $12.02 | $14.21 | $17.52 | $23.37 |
Balance Sheet
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1,450.7 | $1,481.3 | $1,947 | $1,621.4 | $2,803.5 |
| Short-term Debt | - | - | $96.2 | $236.4 | $216 |
| Long-term Debt | $236 | $184.3 | $464.1 | $373.4 | $282.6 |
| Total Debt | - | - | $560.3 | $609.8 | $498.6 |
Cash Flow
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $237.6 | $873.4 | $602.3 | $1,218 | $2,057.1 |
| Capital Expenditure | $540.3 | $903.6 | $1,386.8 | $1,526.1 | $869.9 |
| Free Cash Flow | -$302.7 | -$30.2 | -$784.5 | -$308.1 | $1,187.2 |
Ratios
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Revenue Growth | 7.8% | -10.4% | 26.7% | 26.7% | 24.1% |
| Gross Margin | 25.0% | 2.7% | 39.2% | 44.2% | 40.6% |
| EBITDA Margin | 28.0% | 8.3% | 35.2% | 42.8% | 40.5% |
| Net Margin | 16.0% | -1.7% | 25.0% | 30.7% | 29.3% |
| FCF Margin | -10.4% | -1.2% | -23.6% | -7.3% | 22.7% |
| Diluted EPS Growth | 17.4% | -109.4% | 1,987.8% | 55.3% | 18.2% |
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