First Solar, Inc. (FSLR) Cash Flow Statement
Where FSLR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.06B +68.9% vs 2024
- Capital expenditures
- $869.9M 16.7% of revenue
- Free cash flow
- $1.19B 22.7% margin
- Returned to shareholders
- $15.5M 1% of free cash flow
- Change in cash
- $1.18B cash at year-end $2.81B
Cash from operations
$2.06B
Capital expenditures
−$869.9M
Investments (net)
+$113.1M
Acquisitions & other
−$8.4M
Share buybacks (net)
−$15.5M
Net borrowing (repayment)
−$102.9M
Change in cash
$1.18B
Drawn to scale: where the cash came from and how it was used. Hover for values.
FSLR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
FSLR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $206.8M2016 | $2.06B2025 | +29.1%/yr | |
| Capital expenditures | $229.5M2016 | $869.9M2025 | +16.0%/yr | |
| Free cash flow | −$22.7M2016 | $1.19B2025 | — | |
| Free cash flow margin | −0.8%2016 | 22.7%2025 | +23.5 pts | |
| Operating cash flow / net income | −2.262018 | 1.352025 | +3.61 | |
| Stock-based compensation | $28.7M2016 | $19.2M2025 | −4.4%/yr | |
| Dividends paid | $02016 | $02017 | — | |
| Share buybacks (net) | $20.4M2016 | $15.5M2025 | −3.0%/yr | |
| Capex / revenue | 7.9%2016 | 16.7%2025 | +8.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FSLR cash flow by activity
OperatingInvestingFinancingChange in cash
FSLR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FSLR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.53B | $1.29B | $830.8M | −$44.2M | $468.7M | $398.4M | −$114.9M | $144.3M | −$165.6M | −$358.0M |
| Depreciation & amortization | $529.2M | $423.5M | $308.0M | $269.7M | $259.9M | $232.9M | $205.5M | $130.7M | $115.3M | $230.9M |
| Stock-based compensation | $19.2M | $28.1M | $34.2M | $28.7M | $20.9M | $29.3M | $37.4M | $34.2M | $35.1M | $28.7M |
| Change in working capital | $127.6M | −$483.1M | −$526.7M | $998.6M | −$336.7M | −$562.5M | $225.3M | −$326.3M | $1.17B | −$481.6M |
| Other non-cash items | −$147.2M | −$42.5M | −$44.1M | −$379.5M | −$175.2M | −$61.0M | −$179.0M | −$309.7M | $189.8M | $786.6M |
| Cash from operating activities | $2.06B | $1.22B | $602.3M | $873.4M | $237.6M | $37.1M | $174.2M | −$326.8M | $1.34B | $206.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$869.9M | −$1.53B | −$1.39B | −$903.6M | −$540.3M | −$416.6M | −$668.7M | −$739.8M | −$514.4M | −$229.5M |
| Investments (net) | $113.1M | −$1.56B | −$869.7M | −$1.19B | $147.5M | $290.9M | $309.3M | $63.3M | −$112.2M | $102.7M |
| Acquisitions & other investing | −$8.4M | $1.53B | $1.78B | $903.6M | $293.8M | −$5.5M | −$2.9M | −$6.1M | −$243,000 | $271.3M |
| Cash from investing activities | −$765.2M | −$1.56B | −$472.8M | −$1.19B | −$99.0M | −$131.2M | −$362.3M | −$682.7M | −$626.8M | $144.5M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$15.5M | −$20.2M | −$31.1M | −$12.1M | −$16.0M | −$13.1M | −$16.1M | −$11.2M | −$5.1M | −$20.4M |
| Net borrowing (repayment) | −$102.9M | $52.6M | $368.0M | $321.5M | $56.5M | −$68.7M | $90.0M | $272.0M | $186.1M | −$115.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$810,000 | −$7.6M | $0 | $0 | $0 | −$804,000 | $999,000 | −$5.6M | $11.1M | −$159,000 |
| Cash from financing activities | −$119.2M | $24.8M | $336.9M | $309.4M | $40.5M | −$82.6M | $74.9M | $255.2M | $192.0M | −$136.4M |
| Summary | ||||||||||
| Net change in cash | $1.18B | −$326.8M | $471.6M | $37.6M | $182.2M | −$172.9M | −$116.1M | −$767.9M | $914.8M | $208.6M |
| Cash at end of period | $2.81B | $1.64B | $1.97B | $1.49B | $1.46B | $1.27B | $1.45B | $1.56B | $2.33B | $1.42B |
| Free cash flow | $1.19B | −$308.1M | −$784.5M | −$30.2M | −$302.7M | −$379.5M | −$494.5M | −$1.07B | $826.3M | −$22.7M |
| Free cash flow margin | 22.7% | −7.3% | −23.6% | −1.2% | −10.4% | −14.0% | −16.1% | −47.5% | 28.1% | −0.8% |
| Capex / revenue | 16.7% | 36.3% | 41.8% | 34.5% | 18.5% | 15.4% | 21.8% | 33.0% | 17.5% | 7.9% |
| Operating cash flow / net income | 1.35 | 0.94 | 0.72 | — | 0.51 | 0.09 | — | −2.26 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $422.6M | $346.6M | $520.9M | $455.9M | $341.9M | $209.5M | $393.1M | $313.0M | $349.4M | $236.6M | $349.2M | $268.4M |
| Depreciation & amortization | $147.8M | $147.4M | $140.6M | $140.3M | $124.6M | $125.9M | $124.4M | $111.2M | $97.3M | $90.6M | $89.7M | $77.7M |
| Stock-based compensation | $7.0M | $6.8M | $2.5M | $7.3M | $6.8M | $2.6M | $6.1M | $6.8M | $8.4M | $6.8M | $11.0M | $8.2M |
| Change in working capital | −$933.0M | −$533.0M | $833.8M | $630.6M | −$323.4M | −$959.4M | $246.7M | −$459.3M | −$235.2M | −$35.3M | $109.2M | −$194.5M |
| Other non-cash items | $210.7M | −$182.6M | −$255.9M | $39.4M | −$348,000 | $13.4M | $40.7M | −$25.4M | −$26.9M | −$31.0M | $1.9M | $5.6M |
| Cash from operating activities | −$144.9M | −$214.9M | $1.24B | $1.27B | $149.6M | −$608.0M | $811.0M | −$53.7M | $193.0M | $267.7M | $561.1M | $165.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$161.3M | −$118.5M | −$171.7M | −$204.0M | −$288.1M | −$206.0M | −$313.5M | −$433.9M | −$365.2M | −$413.5M | −$346.9M | −$286.2M |
| Investments (net) | $25.9M | −$15.0M | −$4.2M | −$227.7M | −$262.0M | −$88.2M | −$221.4M | −$665.9M | −$107.3M | −$568.6M | −$173.2M | $444.0M |
| Acquisitions & other investing | −$7.6M | −$15.0M | −$11.3M | $204.0M | $288.1M | $206.0M | $313.5M | $433.9M | $365.2M | $413.5M | $346.9M | $286.2M |
| Cash from investing activities | −$143.1M | −$148.5M | −$187.2M | −$227.7M | −$262.0M | −$88.2M | −$221.4M | −$665.9M | −$107.3M | −$568.6M | −$173.2M | $444.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $174,000 | −$174,000 | −$46,000 | −$43,000 | −$15,000 | −$15.4M | −$34,000 | −$996,000 | −$196,000 | −$19.0M | −$30,000 | −$853,000 |
| Net borrowing (repayment) | −$391.5M | −$71.7M | −$243.3M | −$222.3M | $446.8M | −$84.1M | $30.8M | $22.8M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$398,000 | −$379,000 | −$283,000 | −$261,000 | −$137,000 | −$129,000 | −$45,000 | −$41,000 | −$68.2M | $59.6M | $60.8M | $60.4M |
| Cash from financing activities | −$391.7M | −$72.2M | −$243.7M | −$222.6M | $446.6M | −$99.6M | $30.7M | $21.8M | −$68.4M | $40.7M | $60.7M | $59.5M |
| Summary | ||||||||||||
| Net change in cash | −$673.8M | −$437.7M | $812.1M | $821.9M | $336.1M | −$794.2M | $616.8M | −$697.8M | $13.7M | −$262.1M | $454.8M | $665.6M |
| Cash at end of period | $1.70B | $2.38B | $2.81B | $2.00B | $1.18B | $844.0M | $1.64B | $1.01B | $1.71B | $1.69B | $1.97B | $1.51B |
| Free cash flow | −$306.2M | −$333.4M | $1.07B | $1.07B | −$138.6M | −$813.9M | $497.5M | −$487.7M | −$172.1M | −$145.7M | $214.2M | −$120.8M |
| Free cash flow margin | −29.0% | −31.9% | 63.6% | 67.1% | −12.6% | −96.4% | 32.9% | −54.9% | −17.0% | −18.4% | 18.5% | −15.1% |
| Capex / revenue | 15.3% | 11.4% | 10.2% | 12.8% | 26.3% | 24.4% | 20.7% | 48.9% | 36.1% | 52.1% | 29.9% | 35.7% |
| Operating cash flow / net income | −0.34 | −0.62 | 2.38 | 2.79 | 0.44 | −2.90 | 2.06 | −0.17 | 0.55 | 1.13 | 1.61 | 0.62 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
FSLR cash generation
In fiscal 2025 (ended December 31, 2025), First Solar generated $2.1 billion of cash from operations (up 68.9%) and spent $869.9 million on capital expenditures, leaving free cash flow of $1.2 billion, 22.7% of revenue. It returned $15.5 million to shareholders through dividends ($0) and net share buybacks ($15.5 million). Cash and equivalents rose by $1.2 billion over the year.
Related: FSLR income statement, FSLR balance sheet. See the FSLR stock overview for the latest quote and news.
FSLR cash flow FAQ
What is First Solar's free cash flow?
First Solar's free cash flow was $1.2 billion in fiscal 2025: $2.1 billion of operating cash flow minus $869.9 million of capital expenditures It was -$308.1 million a year earlier..
How much cash does First Solar generate from operations?
First Solar generated $2.1 billion of cash from operating activities in fiscal 2025, 1.35 times its net income of $1.5 billion.
How much does First Solar spend on capital expenditures?
First Solar spent $869.9 million on capital expenditures in fiscal 2025, 16.7% of revenue, compared with $1.5 billion the year before.
How much stock does First Solar buy back?
First Solar spent $15.5 million on net share repurchases in fiscal 2025.