Income StatementBalance SheetCash FlowSegments
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First Solar Cash Flow Statement

Operating, investing, and financing cash movements

First Solar generated $2.5B in operating cash flow over the trailing twelve months. After $782.4M in capital expenditures, free cash flow was $1.7B. Free cash flow increased 2.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.5BNet Cash From Investing (TTM)-$825.5MNet Cash From Financing (TTM)-$91.8MCapital Expenditures (TTM)$782.4MDepreciation And Amortization Cf (TTM)$551.8MNet Change In Cash (TTM)$1.5B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$25.1B
P/E Ratio15.08
ROE18.44%

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Debt Borrowings, Net of Issuance Costs—$92.3M———$60.8M
Proceeds from issuance of debt$30.8M$92.3M$119.9M$96.8M$61.4M$60.8M
Repayments of debt$0.0$176.4M$67.6M$113.5M$115.8M$132.5M
Other, net-$45.0K-$129.0K-$137.0K-$261.0K-$283.0K-$379.0K
Repayments of Debt$0.0$176.4M$67.6M$113.5M$115.8M$132.5M
Proceeds from Debt Financing, Net of Issuance Costs—$92.3M———$60.8M
Payment of Deferred Purchase Consideration-$45.0K-$129.0K-$137.0K-$261.0K-$283.0K-$379.0K
Noncontrolling interest transactions and other-$45.0K-$129.0K-$137.0K-$261.0K-$283.0K-$379.0K
Net cash from financing activities$30.7M-$99.6M$446.6M-$222.6M-$243.7M-$72.2M
Other financing activities-$45.0K-$129.0K-$137.0K-$261.0K-$283.0K-$379.0K
Noncontrolling Interests Activity and Other-$45.0K-$129.0K-$137.0K-$261.0K-$283.0K-$379.0K
Taxes paid for net share settlement$34.0K$15.4M$15.0K$43.0K$46.0K$174.0K

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid—$325.7M-$83.5M-$20.1M—$169.6M
Capital expenditures incurred but not yet paid—$325.7M-$83.5M-$20.1M—$169.6M
Capital Expenditures Incurred but Not Yet Paid—$325.7M-$83.5M-$20.1M—$169.6M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$313.5M$206.0M$288.1M$204.0M$171.7M$118.5M
Payment for (Proceeds from) Other Investing Activity$374.0K-$4.7M-$2.4M$4.1M$11.3M$15.0M
Proceeds From Sale And Maturity Of Available For Sale Securities—$502.9M———$444.8M
Net cash from investing activities-$221.4M-$88.2M-$262.0M-$227.7M-$187.2M-$148.5M
Other investing activities$374.0K-$4.7M-$2.4M$4.1M$11.3M$15.0M
Proceeds from maturities/sales of investments$593.9M$502.9M$564.8M$357.2M$228.6M$444.8M
Purchases of investments$501.3M$389.8M$541.0M$376.8M$232.8M$459.8M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$277.7M-$145.8M$60.7M-$79.1M$168.9M-$211.4M
Change in accounts receivable$436.5M$306.8M$110.3M-$220.2M-$227.6M$85.8M
Change in deferred revenue$13.9M-$91.2M-$95.5M$449.5M-$452.8M-$38.1M
Change in income taxes payable/receivable$11.7M-$5.9M-$33.8M-$5.0M—$29.5M
Change in inventories—$202.8M$121.0M-$323.1M-$378.4M$143.8M
Change in other assets$128.2M$114.6M-$8.5M$44.1M$21.6M$33.9M
Change in other liabilities$21.1M$6.9M$46.3M$30.6M—-$32.0M
Other working capital changes$10.1M$9.7M-$2.5M$21.0M$16.0M$20.5M
Deferred income taxes—$4.7M$1.1M$20.6M$0.0-$15.7M
Depreciation and amortization$124.4M$124.8M$125.7M$138.1M$140.6M$147.4M
Net cash from operating activities$811.0M-$608.0M$149.6M$1.3B$1.2B-$214.9M
Net income$393.1M$209.5M$341.9M$455.9M$520.9M$346.6M
Deferred revenue$13.9M-$91.2M-$95.5M$449.5M-$452.8M-$38.1M
Increase (Decrease) in Government Grants Receivable-$329.5M$99.1M$78.3M$264.6M—$204.9M
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable$11.7M-$5.9M-$33.8M-$5.0M—$29.5M
Increase (Decrease) in Other Operating Assets$128.2M$114.6M-$8.5M$44.1M$21.6M$33.9M
Stock-based compensation$6.1M$2.6M$6.8M$7.3M$2.5M$6.8M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow—-$813.9M-$138.6M$1.1B$1.1B-$333.4M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$3.6M$1.6M$1.9M-$1.4M$1.1M-$2.0M
Net increase (decrease) in cash—-$794.2M$336.1M$821.9M$812.1M-$437.7M
Accrued payables for capital expenditures—$325.7M-$83.5M-$20.1M—$169.6M
Increase (decrease) in cash, cash equivalents, and restricted cash-$81.7M-$794.2M$336.1M$821.9M$812.1M-$437.7M
Proceeds to be received from asset-based government grants$12.4M$156.9M-$1.6M-$5.6M$0.0$140.4M