Filing Flows › First Solar (FSLR) › Q3 2025
First Solar (FSLR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
First Solar (FSLR) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +80% from a year earlier and +45% from the quarter before. Operating margin was 29.2%, net earnings $456M (28.6% of revenue).
First Solar, Q3 2025: revenue $1.6B (+80% year over year), operating margin 29.2%, net earnings $456M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +45% | +80% |
| Gross profit | $611M | +22% | +37% |
| Operating profit | $466M | +29% | +45% |
| Net earnings | $456M | +33% | +46% |
| Operating cash flow | $1.3B | +751% | — |
| Free cash flow | $1.1B | — | — |
What changed
Revenue was $1.6B in Q3 2025, up 80% year over year and up 45% from the previous quarter.
Gross margin was 38.3%, down 11.9 points from a year earlier. Operating profit was $0.47B, a 29.2% margin (down 7.0 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, below the 36% margin then. Operating expenses grew 17% against revenue growth of 80%. The fastest-growing cost line was Other operating costs (+37%). Net earnings were $0.46B, up 46% year over year. The effective tax rate was 1.0%.
Operating cash flow was $1.3B, 279% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.68B. Capital expenditures of $0.20B left free cash flow of $1.1B.
Questions
What was First Solar's revenue in the third quarter 2025?
First Solar (FSLR) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +80% from a year earlier and +45% from the quarter before.
Was First Solar profitable in the third quarter 2025?
Operating profit was $466M (29.2% of revenue) and net earnings $456M.
Source: First Solar 10-Q on SEC EDGAR.