Filing Flows › First Solar (FSLR) › Q4 2025
First Solar (FSLR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
First Solar (FSLR) reported revenue of $1.7B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +6% from the quarter before. Operating margin was 32.6%, net earnings $521M (31.0% of revenue).
First Solar, Q4 2025: revenue $1.7B (+11% year over year), operating margin 32.6%, net earnings $521M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | +6% | +11% |
| Gross profit | $665M | +9% | +17% |
| Operating profit | $548M | +18% | +20% |
| Net earnings | $521M | +14% | +33% |
| Operating cash flow | $1.2B | -2% | +53% |
| Free cash flow | $1.1B | +0.1% | +115% |
What changed
Revenue was $1.7B in Q4 2025, up 11% year over year and up 6% from the previous quarter.
Gross margin was 39.5%, up 2.0 points from a year earlier. Operating profit was $0.55B, a 32.6% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 54% reached operating profit, above the 30% margin then. Operating expenses grew 6% against revenue growth of 11%. The fastest-growing cost line was Research & development (+42%). Net earnings were $0.52B, up 33% year over year. The effective tax rate was 5.5%.
Operating cash flow was $1.2B (up 53% year over year), 238% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $0.57B. Capital expenditures of $0.17B left free cash flow of $1.1B.
Questions
What was First Solar's revenue in the fourth quarter 2025?
First Solar (FSLR) reported revenue of $1.7B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +6% from the quarter before.
Was First Solar profitable in the fourth quarter 2025?
Operating profit was $548M (32.6% of revenue) and net earnings $521M.
Source: First Solar 10-K on SEC EDGAR.