What is the primary revenue source for First Solar (FSLR)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze FSLR's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out First Solar's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How First Solar Makes Money: FSLR Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 7.87 percentage points year over year.

Revenue: USD 2.10B
Cost of revenue: USD 1.01B
Research and development: USD 143.19M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Operating marginOperating income · operating_income / revenue * 100
Cost of revenueCost of sales · CostOfGoodsAndServicesSold
RevenueNet sales · Revenues
Research and developmentResearch and development · ResearchAndDevelopmentExpense

The filing lacks sufficient revenue breakdown data to identify specific revenue sources.

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Property, plant and equipment: USD 5.64B
Cash and cash equivalents: USD 1.69B
Accounts receivable: USD 1.48B
Total liabilities: USD 3.07B
Shareholder equity: USD 10.32B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Accounts receivableAccounts receivable trade, net · AccountsReceivableNetCurrent
Shareholder equityTotal stockholders' equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentNet

Cash

Did accounting profit ultimately turn into cash?

Watch

Net income is positive while operating cash flow is negative, so reported profit has not become cash.

Free cash flow is negative after capital expenditure.

Net income: USD 769.19M
Operating cash flow: USD −359.77M
Cash conversion: -46.77%
Free cash flow: USD −639.62M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Operating cash flowsum(waterfull.operating)
Cash conversionoperating_cash_flow / net_income * 100
Free cash flowcfo - capex

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

There was no material cash return; earnings stayed in the business without significant dilution.

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?