Filing Flows › First Solar (FSLR) › Q2 2025
First Solar (FSLR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
First Solar (FSLR) reported revenue of $1.1B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +30% from the quarter before. Operating margin was 33.0%, net earnings $342M (31.2% of revenue).
First Solar, Q2 2025: revenue $1.1B (+9% year over year), operating margin 33.0%, net earnings $342M, operating cash flow $150M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | +30% | +9% |
| Gross profit | $500M | +45% | +0.2% |
| Operating profit | $362M | +63% | -3% |
| Net earnings | $342M | +63% | -2% |
| Operating cash flow | $150M | — | -23% |
What changed
Revenue was $1.1B in Q2 2025, up 9% year over year and up 30% from the previous quarter.
Gross margin was 45.6%, down 3.8 points from a year earlier. Operating profit was $0.36B, a 33.0% margin (down 3.9 points year over year). Operating profit fell $0.01B even though revenue rose $0.09B versus a year earlier, so costs grew faster than sales. Operating expenses grew 9% against revenue growth of 9%. The fastest-growing cost line was SG&A (+13%). Net earnings were $0.34B, down 2% year over year. The effective tax rate was 2.9%.
Operating cash flow was $0.15B (down 23% year over year), 44% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.32B. Capital expenditures of $0.29B exceeded it, leaving free cash flow of −$0.14B.
Questions
What was First Solar's revenue in the second quarter 2025?
First Solar (FSLR) reported revenue of $1.1B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +30% from the quarter before.
Was First Solar profitable in the second quarter 2025?
Operating profit was $362M (33.0% of revenue) and net earnings $342M.
Source: First Solar 10-Q on SEC EDGAR.