First Solar (FSLR) 10-K Summaries & Annual Filing History
Review First Solar, Inc. (FSLR) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
First Solar reported strong annual financial results, with revenue growth and substantial operating income and net income. The filing highlights risks related to tax credit sales and potential policy changes affecting solar energy incentives.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$5.2B
Revenue reported for the fiscal year.
Operating income
$1.6B
Income from operations reported for the year.
Net income
$1.5B
Net income reported for the year.
Operating cash flow
$2.1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $2.6B | -10.4% |
| Dec 31, 2023 | $3.3B | +26.7% |
| Dec 31, 2024 | $4.2B | +26.7% |
| Dec 31, 2025 | $5.2B | +24.1% |
Business overview
Based on the filing's risk factors, First Solar appears to be a solar energy company involved in solar projects and tax credits. The supplied context does not include a detailed business description.
Financial performance
Revenue increased compared to the prior year. The company generated significant operating income and net income, and operating cash flow exceeded net income.
Material risks
The filing identifies risks from the sale of Section 45X tax credits, including potential indemnification payments. Changes in U.S. administration and legislation have curtailed certain energy tax credits, creating uncertainty for solar project funding.
Liquidity and capital
The filing discusses the sale of tax credits and the possibility of indemnification payments. Future availability of similar tax credit sales is uncertain, which may affect liquidity.
What to watch
Monitor the impact of legislative changes on the company's ability to sell tax credits and any resulting indemnification obligations.