FSLRFirst Solar
We are America’s leading PV solar technology and manufacturing company. 10-K, Item 1
- Employees
- 7,900
- Headquarters
- Phoenix, AZ
- CEO
- Mark R. Widmar
- Next results
- around Feb 23, 2027
The biggest changes in the 10-K filed 2026-02-24, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
+68.9% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Gross margin
44.2% → 40.6% (-3.5 pts) Big change FY to 2025-12-31 vs 2024-12-31“The increase in cost of sales was driven by (i) higher costs of $651.6 million due to an increase in the volume of modules sold; (ii) higher production costs of $216.5 million, largely due to a higher sales mix of U.S.-produced modules and tariffs on raw materials; (iii) higher logistics costs of $173.1 million, which included detention and demurrage charges; (iv) higher warehousing costs of $130.7 million; and (v) tariffs on international modules imported into the United States of $94.4 million.”
Read it in the 10-K ↗
“Gross profit decreased 3.6 percentage points to 40.6% in 2025 from 44.2% in 2024 primarily due to (i) higher costs related to a sales mix that included more U.S.-produced modules; (ii) higher warehousing costs; (iii) additional duties and tariff costs; and (iv) higher logistics charges.”
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Operating margin
33.2% → 30.6% (-2.6 pts) Big change FY to 2025-12-31 vs 2024-12-31“Research and development expense in 2025 increased compared to 2024 primarily due to (i) higher employee compensation expense resulting from an increase in headcount, (ii) higher depreciation and maintenance costs resulting from our significant investments in R&D facilities and equipment, and (iii) higher utility costs.”
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Revenue
+24.1% Big change FY to 2025-12-31 vs 2024-12-31“Net sales increased by $1.0 billion in 2025 primarily due to a 24% increase in the volume of modules sold to third parties.”
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“As a percentage of net sales, these decreases in gross profit were partially offset by (v) the recognition of higher advanced manufacturing production credits under Section 45X of the IRC.”
Read it in the 10-K ↗
Net income
+18.3% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on FSLR in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
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