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First Solar cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$198M in Q3 2026 · $233M over twelve months

Operating cash flow−$42.9M
Capital spending−$155M
Free cash flow−$198M
Cash / net income-0.1×
Cash conversion cycle252 days

Analysis

In Q3 2026, First Solar generated −$42.9M of operating cash flow and spent $155M on capital projects, leaving free cash flow of −$198M. That is $1.3B less than in Q3 2025 ($1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $839M; the largest uses were other financing ($637M), capital spending ($606M), other investing ($8.9M); the cash balance fell by $409M.

Operating cash flow was −$42.9M against net income of $571M — -0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$150M, depreciation & amortization +$148M, prepaid and other assets +$110M.

Its cash conversion cycle was 252 days (receivables 115 + inventory 198 − payables 61).

Free cash flow

First Solar: free cash flow by quarterFirst Solar: free cash flow by quarter$497MQ4 2024−$814MQ1 2025−$139MQ2 2025$1.1BQ3 2025$1.1BQ4 2025−$333MQ1 2026−$306MQ2 2026−$198MQ3 2026
Operating cash flow less capital spending.
First Solar: operating cash flow against capital spendingFirst Solar: operating cash flow against capital spendingOperating cash flowCapital spending$811M$314MQ4 2024−$608M$206MQ1 2025$150M$288MQ2 2025$1.3B$204MQ3 2025$1.2B$172MQ4 2025−$215M$119MQ1 2026−$145M$161MQ2 2026−$42.9M$155MQ3 2026
Latest (Q3 2026): Operating cash flow −$42.9M, Capital spending $155M.

Capital allocation, year by year

First Solar: where the cash came from (up) and went (down), by fiscal yearFirst Solar: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $238MFY2021: Net borrowing $56.5MFY2021: Asset sales $300MFY2021: Capital spending −$540M$595MFY2021FY2022: Operating cash flow $873MFY2022: Net borrowing $321MFY2022: Asset sales $442MFY2022: Capital spending −$904M$1.6BFY2022FY2023: Operating cash flow $602MFY2023: Net borrowing $368MFY2023: Asset sales $7.7MFY2023: Capital spending −$1.4BFY2023: Acquisitions −$35.7M$978MFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing $52.6MFY2024: Capital spending −$1.5B$1.3BFY2024FY2025: Operating cash flow $2.1BFY2025: Net borrowing −$103MFY2025: Capital spending −$870M$2.1BFY2025
Over these 5 years operating cash flow totalled $5.0B; the largest uses were capital spending ($5.2B) and net borrowing ($103M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$108M
Net cash$1.5B
Due within a year$90.9M
Cash runway2.1 years

First Solar is burning cash: its operations consume cash, a free cash flow of −$791M a year at the current rate against $1.6B of cash and investments: a runway of about 2.1 years; $90.9M of debt also comes due within a year, which the cash covers before any new financing.

First Solar: debt maturities by year (FY2025)First Solar: debt maturities by year (FY2025)$90.9MYear 1$91.0MYear 2$91.0MYear 3$101MYear 4
Principal due in each year as disclosed in the annual report, against $1.6B of cash and investments now.

Where the cash came from and went

First Solar: sources (+) and uses (−) of cash, Q3 2026First Solar: sources (+) and uses (−) of cash, Q3 2026Capital spending−$155MCash drawn (+) / kept (−)$110MOther financing$70.7MOperating cash flow−$42.9MOther investing$18.3MTaxes on employees’ shares−$751KExchange rates−$142K
First Solar: sources (+) and uses (−) of cash, TTM to Q3 2026First Solar: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$839MOther financing−$637MCapital spending−$606MCash drawn (+) / kept (−)$409MOther investing−$8.9MExchange rates$4.7MTaxes on employees’ shares−$991K

From profit to cash

First Solar: net income to operating cash flow, Q3 2026First Solar: net income to operating cash flow, Q3 2026Net income$571MDepreciation & amortization$148MStock-based pay$9.1MDeferred taxes−$25.6MReceivables−$150MInventory−$43.0MPayables$18.9MDeferred revenue−$64.9MPrepaid and other assets$110MOther liabilities$2.4MIncome taxes payable$14.2MOperating cash flow−$42.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202611519861252
Q2 202612320066257
Q1 202611513157189
Q4 2025758331127
Q3 20259211830179
Q2 202513820661283
Q1 202515321382284
Q4 20246111336139

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$42.9M−$155M—$110M−$198M
Q2 2026−$145M−$161M−$540M$674M−$306M
Q1 2026−$215M−$119M−$71.7M$438M−$333M
Q4 2025$1.2B−$172M−$54.4M−$812M$1.1B
Q3 2025$1.3B−$204M−$16.7M−$822M$1.1B
Q2 2025$150M−$288M$52.3M−$336M−$139M
Q1 2025−$608M−$206M−$84.1M$794M−$814M
Q4 2024$811M−$314M$30.8M−$617M$497M

First Solar: income statement and cash flow

First Solar, Q3 2026: revenue $1.2B (-23% year over year), operating margin 44.4%. The chart follows the revenue to costs, profit and cash.

First Solar: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.