Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.90B | $2.94B | $2.24B | $3.06B | $2.71B | $2.92B | $2.62B | $3.32B | $4.21B | $5.22B |
| Revenue growth | — | 1.3% | -23.7% | 36.5% | -11.5% | 7.8% | -10.4% | 26.7% | 26.7% | 24.1% |
| Gross profit | $638M | $549M | $392M | $549M | $681M | $730M | $69.9M | $1.30B | $1.86B | $2.12B |
| Gross margin | 22.0% | 18.7% | 17.5% | 17.9% | 25.1% | 25.0% | 2.7% | 39.2% | 44.2% | 40.6% |
| Operating income | -$568M | $178M | $40.1M | -$162M | $317M | $587M | -$27.2M | $857M | $1.39B | $1.60B |
| Operating margin | -19.6% | 6.0% | 1.8% | -5.3% | 11.7% | 20.1% | -1.0% | 25.8% | 33.2% | 30.6% |
| Net income | -$416M | -$166M | $144M | -$115M | $398M | $469M | -$44.2M | $831M | $1.29B | $1.53B |
| Net margin | -14.3% | -5.6% | 6.4% | -3.8% | 14.7% | 16.0% | -1.7% | 25.0% | 30.7% | 29.3% |
| EPS (diluted) | -$4.05 | -$1.59 | $1.36 | -$1.09 | $3.73 | $4.38 | -$0.41 | $7.74 | $12.02 | $14.21 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $207M | $1.34B | -$327M | $174M | $37.1M | $238M | $873M | $602M | $1.22B | $2.06B |
| Capital expenditures | $229M | $514M | $740M | $669M | $417M | $540M | $904M | $1.39B | $1.53B | $870M |
| Free cash flow | -$22.7M | $826M | -$1.07B | -$495M | -$380M | -$303M | -$30.2M | -$785M | -$308M | $1.19B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.35B | $2.27B | $1.40B | $1.35B | $1.23B | $1.45B | $1.48B | $1.95B | $1.62B | $2.80B |
| Total assets | $6.82B | $6.86B | $7.12B | $7.52B | $7.11B | $7.41B | $8.25B | $10.4B | $12.1B | $13.3B |
| Total liabilities | $1.61B | $1.77B | $1.91B | $2.42B | $1.59B | $1.45B | $2.42B | $3.68B | $4.15B | $3.78B |
| Long-term debt | $197M | $406M | $479M | $454M | $238M | $236M | $184M | $464M | $373M | $283M |
| Shareholders' equity | $5.22B | $5.10B | $5.21B | $5.10B | $5.52B | $5.96B | $5.84B | $6.69B | $7.98B | $9.54B |
| Retained earnings | $2.46B | $2.30B | $2.44B | $2.33B | $2.72B | $3.18B | $3.14B | $3.97B | $5.26B | $6.79B |
| Shares (wtd avg diluted) | 103M | 104M | 106M | 105M | 107M | 107M | 107M | 107M | 108M | 108M |
Every figure is extracted from FIRST SOLAR, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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