First Solar, Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $5.2B |
| Gross margin | 40.6% |
| Operating income | $1.6B |
| Net income | $1.5B |
| Diluted EPS | $14.21 |
| Cash & equivalents | $2.8B |
| Total assets | $13.3B |
| Long-term debt | $282.6M |
Key takeaway
First Solar posted $5.22 billion in revenue and $1.53 billion in net income for 2025, with a 40.6% gross margin.
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Beneath the surface
Net cash position is substantial: cash of $2.80 billion plus restricted/available-for-sale securities (~$217 million restricted, $52 million AFS) far exceeds total debt of $498.6 million (DebtLongtermAndShorttermCombinedAmount), suggesting a strong net cash balance sheet despite the modest headline long-term debt figure.
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