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First Solar FSLR Q4 2025 Annual earnings

Reported February 24, 2026 · After market close

Revenue$1.7BBeat by $114.0MDiluted EPS$4.84Miss by $0.30
Revenue estimate$1.6B
EPS estimate$5.14

Next report

Jul 30, 2026 (In 2 weeks)
Revenue estimate$1.1B
EPS estimate$2.85

Financials

Q4 2025

Income statement

See full
Revenue$1.7B+11.1%
Gross profit$665.3M+17.2%
Operating income$547.9M+20.0%
Net income$520.9M+32.5%
EPS (diluted)$4.84+32.2%

Balance sheet

See full
Cash & equivalents$2.8B+71.8%
Total debt$658.2M-31.1%
Total equity$9.5B+19.6%
Total assets$13.3B+9.9%

Cash flow

See full
Operating cash flow$1.2B+53.1%
CapEx$171.7M-45.2%
Free cash flow$1.1B—

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$28.03B+48.6%
Enterprise value$25.88B+42.3%
P/E18.3×+3.7×
P/S5.4×+0.9×

Profitability

See full
Gross margin40.6%-3.5pp
Operating margin30.6%-2.6pp
Net margin29.3%-1.4pp
FCF margin22.7%—

Returns & leverage

See full
Return on equity17.4%-0.2pp
Debt / equity0.1×-0.1×
Current ratio2.7×+0.2×

Segments

By geography

See full
All other foreign countries$5.7M-65.1%

Versus estimates

Revenue

Q1 2026$1.0BBeat by $9.7M
Q4 2025$1.7BBeat by $114.0M
Q3 2025$1.6BBeat by $19.1MQ2 2025$1.1BBeat by $56.0MQ1 2025$844.6MBeat by $2.1MQ4 2024$1.5BBeat by $30.9M

Diluted EPS

Q1 2026$3.22Beat by $0.35
Q4 2025$4.84Miss by $0.30
Q3 2025$4.24In lineQ2 2025$3.18Beat by $0.52Q1 2025$1.95Miss by $0.54Q4 2024$3.65Miss by $1.16

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Questions, answered.

When did First Solar report Q4 2025 earnings?
First Solar (FSLR) reported Q4 2025 earnings on February 24, 2026 after market close.
What were First Solar's Q4 2025 revenue and EPS?
First Solar reported revenue of $1.7B and diluted EPS of $4.84 for Q4 2025.
Did First Solar beat estimates in Q4 2025?
Revenue beat the consensus estimate of $1.6B by $114.0M. EPS missed the consensus estimate of $5.14 by $0.30.
How did First Solar's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 11.1% from $1.5B a year earlier and diluted EPS grew 32.6% from $3.65.
Where can I find First Solar's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001274494-26-000020) and the 10-K periodic report (0001274494-26-000021) directly on SEC EDGAR. The filing index links above go to sec.gov.