For the year ending 2025-12-31, FSLR had $1,175,808K increase in cash & cash equivalents over the period. $1,187,230K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,528,229 | 1,292,044 | 830,777 | -44,166 |
| Depreciation, amortization and accretion | 529,216 | 423,498 | 307,994 | 269,724 |
| Impairments and net losses on disposal of long-lived assets | - | 1,360 | 1,568 | 63,338 |
| Share-based compensation | 19,223 | 28,104 | 34,219 | 28,656 |
| Deferred income taxes | 25,611 | -54,754 | -60,813 | -12,799 |
| Gain on sales of businesses, net | 0 | 1,115 | 6,883 | 253,511 |
| Loss (gain) on sales of marketable securities and restricted marketable securities | - | - | -9 | 0 |
| Liabilities assumed by customers for the sale of systems | - | 0 | 0 | 145,281 |
| Gain on debt forgiveness | - | 0 | 0 | 30,201 |
| Other, net | 44,233 | 11,982 | 22,053 | -1,029 |
| Accounts receivable, trade | -30,620 | 505,336 | 304,183 | -118,724 |
| Inventories | -377,718 | 276,807 | 205,106 | -16,693 |
| Project assets and pv solar power systems | - | - | -8,626 | 14,336 |
| Government grants receivable | 151,039 | -270,300 | 659,745 | - |
| Other assets | 171,808 | 311,363 | 224,333 | 72,602 |
| Income tax receivable and payable | -31,814 | 47,421 | 8,656 | 43,592 |
| Accounts payable and accrued expenses | 4,677 | 268,731 | 79,328 | 5,569 |
| Deferred revenue | -189,919 | 698 | 783,207 | 912,946 |
| Other liabilities | 42,158 | 23,236 | -13,114 | -11,948 |
| Net cash provided by operating activities | 2,057,105 | 1,217,999 | 602,260 | 873,369 |
| Purchases of property, plant and equipment | 869,875 | 1,526,076 | 1,386,775 | 903,605 |
| Purchases of marketable securities and restricted marketable securities | 1,540,435 | 2,516,097 | 3,612,801 | 3,375,008 |
| Proceeds from sales and maturities of marketable securities | 1,653,536 | 2,491,857 | 4,563,890 | 2,646,787 |
| Proceeds from sales of businesses, net of cash and restricted cash sold | 0 | 0 | 7,680 | 442,302 |
| Acquisitions, net of cash acquired | 0 | 0 | 35,739 | - |
| Other investing activities | 8,394 | 12,991 | 9,046 | 3,050 |
| Net cash used in investing activities | -765,168 | -1,563,307 | -472,791 | -1,192,574 |
| Proceeds from borrowings under debt arrangements, net of issuance costs | 370,470 | 258,461 | 367,983 | - |
| Repayment of debt | 473,363 | 205,821 | 0 | - |
| Repayment of long-term debt | - | - | - | 75,896 |
| Proceeds from other borrowings | 487,323 | - | - | - |
| Proceeds from borrowings under long-term debt, net of discounts and issuance costs | - | - | - | 397,380 |
| Repayments of other borrowings | 487,323 | - | - | - |
| Payments of tax withholdings for restricted shares | 15,525 | 20,178 | 31,130 | 12,092 |
| Contingent consideration payment and other financing activities | -810 | -7,613 | - | 0 |
| Net cash (used in) provided by financing activities | -119,228 | 24,849 | 336,853 | 309,392 |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | 3,099 | -6,387 | 5,285 | 47,438 |
| Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | - | -326,846 | 471,607 | 37,625 |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,175,808 | - | - | - |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period | 1,638,223 | 1,965,069 | 1,493,462 | 1,455,837 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period | 2,814,031 | 1,638,223 | 1,965,069 | 1,493,462 |
FIRST SOLAR, INC. (FSLR)
FIRST SOLAR, INC. (FSLR)