FIRST SOLAR, INC., 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Document - shares
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-33156  
Entity Registrant Name First Solar, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-4623678  
Entity Address, Address Line One 4300 E Camelback Road, Suite 220  
Entity Address, City or Town Phoenix  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85018  
City Area Code 602  
Local Phone Number 414-9300  
Title of 12(b) Security Common stock, $0.001 par value  
Trading Symbol FSLR  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   107,453,363
Entity Central Index Key 0001274494  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net sales $ 1,044,240 $ 844,568
Cost of sales 558,109 500,165
Gross profit 486,131 344,403
Operating expenses:    
Selling, general and administrative 65,331 53,164
Research and development 66,944 52,389
Production start-up 8,553 17,606
Total operating expenses 140,828 123,159
Operating income 345,303 221,244
Foreign currency loss, net (9,063) (11,593)
Interest income 28,862 18,865
Interest expense, net (7,615) (9,525)
Other expense, net (3,153) (1,932)
Income before taxes 354,334 217,059
Income tax expense (7,715) (7,524)
Net income $ 346,619 $ 209,535
Net income per share:    
Basic $ 3.23 $ 1.96
Diluted $ 3.22 $ 1.95
Weighted-average number of shares used in per share calculations:    
Basic 107,355 107,122
Diluted 107,623 107,415
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net income $ 346,619 $ 209,535
Other comprehensive income (loss)    
Foreign currency translation adjustments (12,427) 7,280
Unrealized (loss) gain on marketable securities and restricted marketable securities, net of tax of $(74), $(331) (304) 5,431
Unrealized gain on derivative instruments, net of tax of $0 and $(87) 0 279
Other comprehensive (loss) income (12,731) 12,990
Comprehensive income 333,888 222,525
Supplemental Income Statement Elements [Abstract]    
Unrealized (loss) gain on marketable securities and restricted marketable securities, tax (74) (331)
Unrealized gain on derivative instruments, tax $ 0 $ (87)
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,362,979 $ 2,803,514
Marketable securities 63,582 51,849
Accounts receivable trade, net 1,373,954 1,294,040
Government grants receivable, net 285,158 499,592
Inventories 893,878 736,734
Other current assets 666,186 643,103
Total current assets 5,645,737 6,028,832
Property, plant and equipment, net 5,666,247 5,675,794
Deferred tax assets, net 207,468 194,672
Restricted marketable securities 214,670 217,172
Government grants receivable 537,583 125,607
Goodwill 30,582 31,095
Intangibles assets, net 64,881 51,007
Inventories 216,989 237,462
Other assets 766,940 759,669
Total assets 13,351,097 13,321,310
Current liabilities:    
Accounts payable 306,834 405,775
Income taxes payable 22,786 7,490
Accrued expenses 436,510 519,414
Current portion of debt 188,594 215,979
Deferred revenue 1,203,188 1,014,386
Other current liabilities 50,405 91,058
Total current liabilities 2,208,317 2,254,102
Accrued solar module collection and recycling liability 145,108 146,017
Long-term debt 237,182 282,593
Deferred revenue 582,379 805,018
Other liabilities 299,543 295,587
Total liabilities 3,472,529 3,783,317
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,307,994 and 107,060,281 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 107 107
Additional paid-in capital 2,908,700 2,902,013
Accumulated earnings 7,137,958 6,791,339
Accumulated other comprehensive loss (168,197) (155,466)
Total stockholders' equity 9,878,568 9,537,993
Total liabilities and stockholders' equity $ 13,351,097 $ 13,321,310
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Common Stock, Par Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Authorized 500,000,000 500,000,000
Common Stock, Shares Issued 107,453,003 107,309,794
Common Stock, Shares Outstanding 107,453,003 107,309,794
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Common stock, shares, beginning balance at Dec. 31, 2024   107,060,000      
Stockholders' equity, beginning balance at Dec. 31, 2024 $ 7,977,577 $ 107 $ 2,898,418 $ 5,263,110 $ (184,058)
Net income 209,535     209,535  
Other comprehensive (loss) income 12,990       12,990
Common stock issued for share-based compensation, shares   284,000      
Common stock issued for share-based compensation 0 $ 0 0    
Tax withholding related to vesting of restricted stock, shares   (100,000)      
Tax withholding related to vesting of restricted stock (15,421) $ 0 (15,421)    
Share-based compensation expense 2,653   2,653    
Common stock, shares, ending balance at Mar. 31, 2025   107,244,000      
Stockholders' equity, ending balance at Mar. 31, 2025 $ 8,187,334 $ 107 2,885,650 5,472,645 (171,068)
Common stock, shares, beginning balance at Dec. 31, 2025 107,309,794 107,310,000      
Stockholders' equity, beginning balance at Dec. 31, 2025 $ 9,537,993 $ 107 2,902,013 6,791,339 (155,466)
Net income 346,619     346,619  
Other comprehensive (loss) income (12,731)       (12,731)
Common stock issued for share-based compensation, shares   144,000      
Common stock issued for share-based compensation 0 $ 0 0    
Tax withholding related to vesting of restricted stock, shares   (1,000)      
Tax withholding related to vesting of restricted stock (174) $ 0 (174)    
Share-based compensation expense $ 6,861   6,861    
Common stock, shares, ending balance at Mar. 31, 2026 107,453,003 107,453,000      
Stockholders' equity, ending balance at Mar. 31, 2026 $ 9,878,568 $ 107 $ 2,908,700 $ 7,137,958 $ (168,197)
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 346,619 $ 209,535
Adjustments to reconcile net income to cash used in operating activities:    
Depreciation and amortization 147,393 124,843
Share-based compensation 6,781 2,584
Deferred income taxes (15,709) 4,740
Other, net 20,451 9,678
Changes in operating assets and liabilities:    
Accounts receivable, trade (85,756) (306,822)
Inventories (143,815) (202,781)
Government grants receivable (204,926) (99,118)
Other assets (33,880) (114,627)
Income tax receivable and payable 29,495 (5,928)
Accounts payable and accrued expenses (211,360) (145,797)
Deferred revenue (38,125) (91,169)
Other liabilities (32,034) 6,880
Net cash used in operating activities (214,866) (607,982)
Cash flows from investing activities:    
Purchases of property, plant and equipment (118,529) (205,966)
Purchases of marketable securities and restricted marketable securities (459,756) (389,832)
Proceeds from sales and maturities of marketable securities 444,752 502,937
Other investing activities (15,000) 4,652
Net cash used in investing activities (148,533) (88,209)
Cash flows from financing activities:    
Proceeds from borrowings under debt arrangements, net of issuance costs 60,832 92,340
Repayment of debt (132,497) (176,409)
Payments of tax withholdings for restricted shares (174) (15,421)
Other financing activities (379) (129)
Net cash used in financing activities (72,218) (99,619)
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents (2,045) 1,607
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents (437,662) (794,203)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period 2,814,031 1,638,223
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period 2,376,369 844,020
Supplemental disclosure of noncash investing and financing activities:    
Property, plant and equipment acquisitions funded by liabilities 169,600 325,717
Proceeds to be received from asset-based government grants $ 140,350 $ 156,900
v3.26.1
Note 10. Other Financing Arrangements (Notes)
 3 Months Ended
Mar. 31, 2026
Other Financing Arrangements [Abstract]  
Other Financing Arrangements
10. Other Financing Arrangements

Non-Recourse Factoring

We have entered into various revolving factoring arrangements to sell certain trade receivables to unrelated financial institutions. Transfers under these arrangements, which retained servicing but were without recourse, qualified as true sales under ASC 860.
During the year ended December 31, 2025, we factored $245.7 million under these arrangements and recorded $5.3 million of discounts on factored receivables in “Selling, general and administrative” expense. We also repurchased $27.0 million of previously transferred assets under these arrangements during the year ended December 31, 2025. The trade receivables sold that remained outstanding as of December 31, 2025 were $99.8 million. Proceeds from the sale of such receivables were classified as operating cash flows, whereas amounts paid to repurchase previously transferred receivables were classified as investing cash flows.

During the three months ended March 31, 2026, we did not sell any trade receivables under these agreements. There were no trade receivables sold that remained outstanding as of March 31, 2026.

Secured Borrowings

During the year ended December 31, 2025, we transferred $492.8 million of trade receivables to a financial institution under a factoring arrangement with recourse, while retaining servicing responsibilities. We did not transfer any trade receivables under this factoring agreement during the three months ended March 31, 2026. Transfers under this arrangement do not meet the criteria for a sale of receivables and are therefore accounted for as secured borrowings.

We record discounts on receivables factored with recourse as interest expense over the term of the respective receivables. Accordingly, during the year ended December 31, 2025, we recorded $6.5 million of interest expense associated with this arrangement. As of March 31, 2026 and December 31, 2025, there were no outstanding liabilities related to this arrangement.

Supplier Finance Program
We participate in a supplier finance program administered by a third-party financial institution. Under this program, suppliers that choose to participate have the option to receive early payment from the financial institution for invoices that we have confirmed as valid. Our contractual payment terms with suppliers are not impacted by their participation in this program. If the supplier participates, we pay the financial institution the full invoice amount on the original due date. We do not pledge assets or provide guarantees under this program. As of March 31, 2026 and December 31, 2025, our payment obligations outstanding under the supplier finance program were $7.8 million and $9.0 million, respectively, which were recorded within “Accounts payable” in our condensed consolidated balance sheets.
v3.26.1
1. Basis of Presentation (Notes)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of First Solar, Inc. and its subsidiaries in this Quarterly Report on Form 10-Q have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of First Solar management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Certain prior period balances were reclassified to conform to the current period presentation.

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any other period. The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2025 included in our Annual Report on Form 10-K, which has been filed with the SEC.

Unless expressly stated or the context otherwise requires, the term “condensed consolidated financial statements” refers to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q.
v3.26.1
2. Cash, Cash Equivalents, and Marketable Securities (Notes)
 3 Months Ended
Mar. 31, 2026
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash, Cash Equivalent, and Marketable Security
2. Cash, Cash Equivalents, and Marketable Securities

Cash, cash equivalents, and marketable securities consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
March 31,
2026		December 31,
2025
Cash and cash equivalents:
Cash$2,316,986 $2,606,319 
Money market funds45,993 197,195 
Total cash and cash equivalents2,362,979 2,803,514 
Marketable securities:
Time deposits63,582 42,562 
U.S. debt— 9,287 
Total marketable securities63,582 51,849 
Total cash, cash equivalents, and marketable securities$2,426,561 $2,855,363 
The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands):
Balance Sheet Line ItemMarch 31,
2026		December 31,
2025
Cash and cash equivalentsCash and cash equivalents$2,362,979 $2,803,514 
Restricted cash – noncurrent
Other assets3,624 3,617 
Restricted cash equivalents – noncurrentOther assets9,766 6,900 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$2,376,369 $2,814,031 

During the three months ended March 31, 2026, we sold marketable securities for proceeds of $4.3 million and realized a loss of $0.7 million on such sales. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our marketable securities.

The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of March 31, 2026 and December 31, 2025 (in thousands):
 As of March 31, 2026
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Time deposits$63,582 $— $— $63,582 
Total$63,582 $— $— $63,582 
 As of December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Time deposits$42,562 $— $— $42,562 
U.S. debt10,000 — 713 9,287 
Total$52,562 $— $713 $51,849 

As of March 31, 2026, the contractual maturities of our marketable securities were within one year.
v3.26.1
3. Restricted Marketable Securities (Notes)
 3 Months Ended
Mar. 31, 2026
Debt Securities, Available-for-Sale, Restricted [Abstract]  
Restricted Marketable Securities
3. Restricted Marketable Securities

Restricted marketable securities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):
 
 
March 31,
2026		December 31,
2025
U.S. debt$114,416 $115,350 
Foreign government obligations53,157 54,156 
Supranational debt28,204 28,276 
U.S. government obligations18,893 19,390 
Total restricted marketable securities$214,670 $217,172 
Our restricted marketable securities represent long-term investments to fund the estimated future cost of collecting and recycling modules covered under our solar module collection and recycling program. We have established a trust under which funds are put into custodial accounts with an established and reputable bank, for which First Solar, Inc.; First Solar Malaysia Sdn. Bhd.; and First Solar Holdings GmbH are grantors. As of March 31, 2026 and December 31, 2025, such custodial accounts also included noncurrent restricted cash and cash equivalents balances of $9.8 million and $6.9 million, respectively, which were reported within “Other assets.” Trust funds may be disbursed for qualified module collection and recycling costs (including capital and facility related recycling costs), payments to customers for assuming collection and recycling obligations, and reimbursements of any overfunded amounts. Investments in the trust must meet certain investment quality criteria comparable to highly rated government or agency bonds. As necessary, we fund any incremental amounts for our estimated collection and recycling obligations on an annual basis based on the estimated costs of collecting and recycling covered modules, estimated rates of return on our restricted marketable securities, and an estimated solar module life of 25 years, less amounts already funded in prior years. During the three months ended March 31, 2026 and 2025, we purchased no restricted securities and $5.0 million of restricted securities, respectively, as part of our ongoing management of the custodial accounts.

See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our restricted marketable securities.

The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by major security type, as of March 31, 2026 and December 31, 2025 (in thousands):
 As of March 31, 2026
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. debt$142,324 $— $27,908 $114,416 
Foreign government obligations66,077 — 12,920 53,157 
Supranational debt30,069 67 1,932 28,204 
U.S. government obligations24,249 — 5,356 18,893 
Total$262,719 $67 $48,116 $214,670 
 As of December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. debt$142,790 $— $27,440 $115,350 
Foreign government obligations67,091 — 12,935 54,156 
Supranational debt30,123 59 1,906 28,276 
U.S. government obligations24,274 — 4,884 19,390 
Total$264,278 $59 $47,165 $217,172 

As of March 31, 2026, the contractual maturities of these securities were between 5 years and 13 years, and restricted marketable securities with unrealized losses had generally been in a loss position for a period of time greater than 12 months. The unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase, and, based on the underlying credit quality of the investments, we expect to hold such securities until we recover our cost basis.
v3.26.1
4. Consolidated Balance Sheet Details (Notes)
 3 Months Ended
Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract]  
Consolidated Balance Sheet Details
4. Consolidated Balance Sheet Details

Accounts receivable trade, net

Accounts receivable trade, net consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Accounts receivable trade, gross (1)$1,389,038 $1,307,307 
Allowance for credit losses(15,084)(13,267)
Accounts receivable trade, net$1,373,954 $1,294,040 
——————————
(1)See Note 10. “Other Financing Arrangements” to our condensed consolidated financial statements for discussion of our various factoring arrangements.

Inventories

Inventories consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Raw materials$385,574 $429,675 
Work in process116,066 105,325 
Finished goods609,227 439,196 
Inventories$1,110,867 $974,196 
Inventories – current$893,878 $736,734 
Inventories – noncurrent$216,989 $237,462 

Other current assets

Other current assets consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Spare maintenance materials and parts$282,636 $278,767 
Indirect tax receivables134,626 124,045 
Prepaid expenses113,400 99,280 
Operating supplies52,028 57,427 
Insurance receivable for accrued litigation (1)21,800 21,800 
Derivative instruments (2)15,735 4,001 
Prepaid income taxes1,631 9,772 
Other44,330 48,011 
Other current assets$666,186 $643,103 
——————————
(1)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
Property, plant and equipment, net

Property, plant and equipment, net consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Land$39,515 $39,578 
Buildings and improvements 1,926,071 1,929,051 
Machinery and equipment 5,765,611 5,746,979 
Office equipment and furniture163,787 162,070 
Leasehold improvements34,128 34,136 
Construction in progress431,825 321,524 
Property, plant and equipment, gross8,360,937 8,233,338 
Accumulated depreciation(2,694,690)(2,557,544)
Property, plant and equipment, net$5,666,247 $5,675,794 

As of March 31, 2026, the recoverability of our property, plant, and equipment was based on certain expectations regarding the ongoing operation of our international manufacturing facilities. However, it is reasonably possible that the operational status of one or more of our international facilities may be adversely affected by geopolitical developments, including trade policies or tariffs, which may result in future decisions to reduce, pause, or cease operations at these facilities. Such decisions may result in certain property, plant, and equipment being sold or otherwise disposed of before the end of their previously estimated useful lives, which, in turn, could result in a decrease in the value, and possible impairment, of this property, plant, and equipment. Accordingly, any such changes to the operational status of our international manufacturing facilities could be material to our condensed consolidated financial statements and have a significant adverse effect on our results of operations.

Depreciation of property, plant and equipment was $143.8 million and $122.3 million for the three months ended March 31, 2026 and 2025, respectively.

Other assets

Other assets consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Advance payments for raw materials$328,642 $319,783 
Lease assets (1)199,542 196,058 
Income tax receivables104,575 110,067 
Project assets25,062 25,721 
Accounts receivable, trade16,000 16,000 
Prepaid expenses15,775 17,180 
Restricted cash equivalents9,766 6,900 
Restricted cash3,624 3,617 
Other (2)63,954 64,343 
Other assets$766,940 $759,669 
——————————
(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(2)During 2023, we entered into a power purchase agreement with Cleantech Solar (“Cleantech”), a leading provider of renewable energy solutions in India and Southeast Asia, and Cleantech committed to construct certain photovoltaic (“PV”) solar and wind power-generating assets to supply electricity to our manufacturing facility in India.

During 2024, we purchased ownership interests in two subsidiaries of Cleantech. These subsidiaries own certain of the power-generating assets that supply electricity to our facility, and we account for our investments in these subsidiaries using the equity method. As of March 31, 2026, the carrying amount of our investments in these subsidiaries was $6.9 million.

During the three months ended March 31, 2026 and 2025, we purchased $1.2 million and $0.1 million of electricity, respectively, from these subsidiaries.

Accrued expenses

Accrued expenses consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Accrued property, plant and equipment$115,672 $109,030 
Product warranty liability (1)56,273 59,266 
Accrued inventory 53,290 69,093 
Accrued other taxes52,406 58,601 
Accrued freight45,939 51,707 
Accrued compensation and benefits30,008 67,023 
Other82,922 104,694 
Accrued expenses$436,510 $519,414 
——————————
(1)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our product warranties.

Other current liabilities

Other current liabilities consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Accrued litigation (1)$21,800 $21,800 
Lease liabilities (2)17,306 18,090 
Derivative instruments (3)3,149 2,357 
Other8,150 48,811 
Other current liabilities$50,405 $91,058 
——————————
(1)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(3)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
Other liabilities

Other liabilities consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Lease liabilities (1)$144,041 $138,673 
Deferred tax liabilities, net66,965 69,691 
Other taxes payable52,330 51,711 
Product warranty liability (2)21,157 20,142 
Other15,050 15,370 
Other liabilities$299,543 $295,587 
——————————
(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our product warranties.
v3.26.1
5. Government Grants (Notes)
 3 Months Ended
Mar. 31, 2026
Government Assistance [Abstract]  
Government Grants
5. Government Grants

Government grants represent benefits provided by federal, state, or local governments that are outside the scope of Accounting Standards Codification (“ASC”) 740; we account for such grants under ASC 832. We recognize government grants when it is probable we will comply with the grant’s conditions and the grant will be received. Government grants whose primary condition relates to the purchase, construction, or acquisition of a long-lived asset are accounted for using the cost accumulation approach and are recognized as a reduction to the related asset’s cost basis, which reduces future depreciation expense. Other government grants not related to long-lived assets are considered income-related grants and are recognized as a reduction to the related cost of activities that generated the benefit.

In February 2021, the state government of Tamil Nadu, India granted First Solar certain incentives associated with the construction of our manufacturing facility in the state. Among other things, such incentives provided a 24% subsidy for eligible capital expenditures, contingent upon meeting certain minimum investment and employment commitments. We expect to receive the subsidy in six annual installments following the completion of the associated application and review process, which we expect to complete in 2026. Such incentives are reflected on our condensed consolidated balance sheets within “Government grants receivable, net” and “Government grants receivable,” depending on the expected timing of cash receipts. There were no amounts recognized during the three months ended March 31, 2026 related to government grants accounted for using the cost accumulation approach.

The following table presents the benefits recognized from income-related government grants in our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended
March 31,
Income Statement Line Item20262025
Cost of sales$418,033 $301,820 
Selling, general and administrative25 33 
Research and development149 1,844 
In August 2022, the previous U.S. President signed into law the Inflation Reduction Act of 2022 (“IRA”). Among other things, the IRA offers a tax credit, pursuant to Section 45X of the Internal Revenue Code (“IRC”), for solar modules and solar module components manufactured in the United States and sold to third parties. Such credit may be refundable by the Internal Revenue Service (“IRS”) or transferable to a third party and is available from 2023 to 2032, subject to phase down beginning in 2030. For eligible components, the credit is equal to (i) $12 per square meter for a PV wafer, (ii) 4 cents multiplied by the capacity of a PV cell in watts, and (iii) 7 cents multiplied by the capacity of a PV module in watts. Based on the current form factor of our modules, we believe we qualify for a credit of approximately 17 cents per watt for each module produced in the United States and sold to a third party. We recognize such credit as a reduction to “Cost of sales” in the period the modules are sold to customers. Such credit is also reflected on our condensed consolidated balance sheets within “Government grants receivable, net” and “Government grants receivable,” depending on the expected timing of cash receipts.

In December 2024, we entered into two agreements for the sale of $857.2 million of Section 45X tax credits we generated during 2024 for aggregate cash proceeds of $818.6 million. We received initial cash proceeds of $616.0 million in December 2024 and received the remaining cash proceeds of $202.6 million during the year ended December 31, 2025.

In June 2025 and July 2025, we entered into two agreements for the sale of $701.9 million of Section 45X tax credits we generated during 2025 for aggregate cash proceeds of $668.1 million. We received the full cash proceeds during the year ended December 31, 2025.

In October 2025, we entered into two agreements for the sale of $699.7 million of Section 45X tax credits we generated during 2025 for aggregate cash proceeds of $668.2 million. We received initial cash proceeds of $573.0 million during the year ended December 31, 2025 and received the remaining cash proceeds of $95.2 million during the three months ended March 31, 2026.

During the three months ended March 31, 2026, we received $117.6 million from the U.S. Department of the Treasury related to Section 45X tax credits generated during 2024.
v3.26.1
6. Derivative Financial Instruments (Notes)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
6. Derivative Financial Instruments

As a global company, we are exposed in the normal course of business to various risks, including foreign currency and commodity price risks, that could affect our financial position, results of operations, and cash flows. We may use derivative instruments to hedge against these risks and do not hold such instruments for speculative or trading purposes.

Depending on the terms of the specific derivative instruments and market conditions, some of our derivative instruments may be assets and others liabilities at any particular balance sheet date. We report all of our derivative instruments at fair value and account for changes in the fair value of derivative instruments within “Accumulated other comprehensive loss” if the derivative instruments qualify for hedge accounting. For those derivative instruments that do not qualify for hedge accounting (i.e., “economic hedges”), we record the changes in fair value directly to earnings. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the techniques we use to measure the fair value of our derivative instruments.
The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands):
 March 31, 2026
Other Current AssetsOther Current Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts$15,735 $3,149 
Total derivative instruments$15,735 $3,149 
 December 31, 2025
Other Current AssetsOther Current Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts$4,001 $2,357 
Total derivative instruments$4,001 $2,357 

The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive loss and our condensed consolidated statements of operations for the three months ended March 31, 2025 (in thousands):
Commodity Swap Contracts
Balance as of December 31, 2024$(366)
Amount reclassified to cost of sales366 
Balance as of March 31, 2025$— 

The following table presents the effect of derivative instruments not designated as hedges on our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):
Amount of Gain (Loss) Recognized in Income Statement
Three Months Ended
March 31,
Income Statement Line Item20262025
Foreign exchange forward contractsForeign currency loss, net$21,116 $(3,483)

Foreign Currency Risk

Many of our subsidiaries have assets and liabilities (primarily receivables, deferred taxes, payables, accrued expenses, debt, and solar module collection and recycling liabilities) that are denominated in currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates between the functional currencies of our subsidiaries and the other currencies in which these assets and liabilities are denominated will create fluctuations in our reported condensed consolidated statements of operations. We may enter into foreign exchange forward contracts or other financial instruments to economically hedge assets and liabilities against the effects of currency exchange rate fluctuations. The gains and losses on such foreign exchange forward contracts will economically offset all or part of the transaction gains and losses that we recognize in earnings on the related foreign currency denominated assets and liabilities.
We also enter into foreign exchange forward contracts to economically hedge balance sheet and other exposures related to transactions between certain of our subsidiaries and transactions with third parties. Such contracts are considered economic hedges and do not qualify for hedge accounting. Accordingly, we recognize gains or losses from the fluctuations in foreign exchange rates and the fair value of these derivative contracts in “Foreign currency loss, net” on our condensed consolidated statements of operations.

As of March 31, 2026 and December 31, 2025, the U.S. dollar equivalent notional values of our foreign exchange forward contracts that do not qualify for hedge accounting were $414.5 million and $446.0 million, respectively, including contracts in Indian rupee, Euro, and Malaysian ringgit, among other currencies.

Commodity Price Risk

From time to time, we have used commodity swap contracts to mitigate our exposure to commodity price fluctuations for certain raw materials used in the production of our modules. During the year ended December 31, 2024, we entered into various commodity swap contracts to hedge a portion of our forecasted cash flows for purchases of steel between April 2024 and December 2024. Such swaps had an aggregate initial notional value based on short tons of forecasted steel purchases, equivalent to $7.6 million, and entitled us to receive the price based on the U.S. Midwest Hot-Rolled Coil Steel Index while requiring us to pay certain fixed prices. The notional amount of the commodity swap contracts proportionately adjusted with forecasted purchases of steel.

These commodity swap contracts qualified for accounting as cash flow hedges in accordance with ASC 815, and we designated them as such. We reported unrealized gains or losses on such contracts in “Accumulated other comprehensive loss” and subsequently reclassified applicable amounts into earnings when the hedged transactions occurred and impacted earnings. As of March 31, 2026 and December 31, 2025, we had no outstanding cash flow hedges.
v3.26.1
7. Leases (Notes)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Lessee, Operating Leases
7. Leases

Our lease arrangements include our corporate and administrative offices, certain warehouses, certain land for our manufacturing facilities, and certain of our manufacturing equipment. Such leases primarily relate to assets located in the United States, Malaysia, India, and Vietnam.

The following table presents certain quantitative information related to our lease arrangements for the three months ended March 31, 2026 and 2025, and as of March 31, 2026 and December 31, 2025 (in thousands):
Three Months Ended
March 31,
20262025
Finance lease cost:
Amortization of right-of-use assets$674$398
Interest on lease liabilities658532
Operating lease cost5,2044,115
Variable lease cost1,156895
Short-term lease cost518274
Total lease cost$8,210$6,214
Cash paid for amounts included in the measurement of:
Operating lease liabilities$5,225$3,846
Finance lease liabilities1,008465
Lease assets obtained in exchange for:
Operating lease liabilities$4,032$1,167
Finance lease liabilities5,310—
March 31, 2026December 31, 2025
Operating LeasesFinance
Leases		Operating LeasesFinance
Leases
Lease assets$160,762$38,780$161,756$34,302
Lease liabilities – current
13,4873,81915,1832,907
Lease liabilities – noncurrent
105,19338,848103,75334,920
Weighted-average remaining lease term12 years22 years12 years24 years
Weighted-average discount rate5.2 %6.3 %5.7 %6.6 %

As of March 31, 2026, the future payments associated with our lease liabilities were as follows (in thousands):
Operating LeasesFinance
Leases
Remainder of 2026$15,121 $3,572 
202714,192 4,821 
202813,746 4,907 
202912,001 5,019 
203010,367 5,088 
203110,421 4,846 
Thereafter86,651 51,769 
Total future payments162,499 80,022 
Less: interest(43,819)(37,355)
Total lease liabilities$118,680 $42,667 
Lessee, Finance Leases
7. Leases

Our lease arrangements include our corporate and administrative offices, certain warehouses, certain land for our manufacturing facilities, and certain of our manufacturing equipment. Such leases primarily relate to assets located in the United States, Malaysia, India, and Vietnam.

The following table presents certain quantitative information related to our lease arrangements for the three months ended March 31, 2026 and 2025, and as of March 31, 2026 and December 31, 2025 (in thousands):
Three Months Ended
March 31,
20262025
Finance lease cost:
Amortization of right-of-use assets$674$398
Interest on lease liabilities658532
Operating lease cost5,2044,115
Variable lease cost1,156895
Short-term lease cost518274
Total lease cost$8,210$6,214
Cash paid for amounts included in the measurement of:
Operating lease liabilities$5,225$3,846
Finance lease liabilities1,008465
Lease assets obtained in exchange for:
Operating lease liabilities$4,032$1,167
Finance lease liabilities5,310—
March 31, 2026December 31, 2025
Operating LeasesFinance
Leases		Operating LeasesFinance
Leases
Lease assets$160,762$38,780$161,756$34,302
Lease liabilities – current
13,4873,81915,1832,907
Lease liabilities – noncurrent
105,19338,848103,75334,920
Weighted-average remaining lease term12 years22 years12 years24 years
Weighted-average discount rate5.2 %6.3 %5.7 %6.6 %

As of March 31, 2026, the future payments associated with our lease liabilities were as follows (in thousands):
Operating LeasesFinance
Leases
Remainder of 2026$15,121 $3,572 
202714,192 4,821 
202813,746 4,907 
202912,001 5,019 
203010,367 5,088 
203110,421 4,846 
Thereafter86,651 51,769 
Total future payments162,499 80,022 
Less: interest(43,819)(37,355)
Total lease liabilities$118,680 $42,667 
v3.26.1
8. Fair Value Measurements (Notes)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
8. Fair Value Measurements

The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis:

•Cash Equivalents and Restricted Cash Equivalents. At March 31, 2026 and December 31, 2025, our cash equivalents and restricted cash equivalents consisted of money market funds. We value our cash equivalents and restricted cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics and classify the valuation techniques that use these inputs as Level 1.

•Marketable Securities and Restricted Marketable Securities. At March 31, 2026 and December 31, 2025, our marketable securities consisted of time deposits and U.S. debt, and our restricted marketable securities consisted of U.S. debt, foreign and U.S. government obligations, and supranational debt. We value our marketable securities and restricted marketable securities using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements.

•Derivative Assets and Liabilities. At March 31, 2026 and December 31, 2025, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our counterparties’ and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively.

At March 31, 2026 and December 31, 2025, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):
  Fair Value Measurements at Reporting
Date Using
 
 
 
 
 
 		March 31,
2026		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds$45,993 $45,993 $— $— 
Restricted cash equivalents:
Money market funds9,766 9,766 — — 
Marketable securities:
Time deposits63,582 63,582 — — 
Restricted marketable securities214,670 — 214,670 — 
Derivative assets15,735 — 15,735 — 
Total assets$349,746 $119,341 $230,405 $— 
Liabilities:
Derivative liabilities$3,149 $— $3,149 $— 
Total liabilities$3,149 $— $3,149 $— 
  Fair Value Measurements at Reporting
Date Using
 
 
 
 
 
 		December 31,
2025		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:    
Cash equivalents:
Money market funds$197,195 $197,195 $— $— 
Restricted cash equivalents:
Money market funds6,900 6,900 — — 
Marketable securities:
Time deposits42,562 42,562 — — 
U.S. debt9,287 — 9,287 — 
Restricted marketable securities217,172 — 217,172 — 
Derivative assets4,001 — 4,001 — 
Total assets$477,117 $246,657 $230,460 $— 
Liabilities:
Derivative liabilities$2,357 $— $2,357 $— 
Total liabilities$2,357 $— $2,357 $— 

Fair Value of Financial Instruments

At March 31, 2026 and December 31, 2025, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands):
 March 31, 2026December 31, 2025
 
 		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:    
Government grants receivable – noncurrent$537,583 $513,660 $125,607 $104,391 
Liabilities:
Long-term debt, including current maturities (1)$328,201 $337,267 $373,651 $382,318 
——————————
(1)Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year.

The carrying values in our condensed consolidated balance sheets of our trade accounts receivable, restricted cash, current government grants receivable, accounts payable, accrued expenses, and debt arrangements with an original maturity of less than one year approximated their fair values due to their nature and relatively short maturities; therefore, we excluded them from the foregoing table. The fair value measurements for our noncurrent government grants receivable and long-term debt are considered Level 2 measurements under the fair value hierarchy.

Credit Risk

We have certain financial instruments that subject us to credit risk. These consist primarily of cash, cash equivalents, marketable securities, accounts receivable, restricted cash, restricted cash equivalents, restricted marketable securities, and foreign exchange forward contracts. We are exposed to credit losses in the event of nonperformance by the counterparties to our financial instruments. We place these instruments with various high-quality financial institutions and limit the amount of credit risk from any one counterparty and we monitor the credit standing of these counterparty financial institutions. Our net sales are primarily concentrated among a limited number of customers. We monitor the financial condition of our customers and perform credit evaluations whenever considered necessary.
We typically require some form of payment security from our customers, including, but not limited to, advance payments, parent guarantees, letters of credit, bank guarantees, or surety bonds.
v3.26.1
9. Debt (Notes)
 3 Months Ended
Mar. 31, 2026
Debt Instruments [Abstract]  
Debt
9. Debt

Our debt arrangements consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
Balance (USD)
Loan AgreementCurrencyMarch 31,
2026		December 31,
2025
Credit FacilityUSD$— $— 
India Credit FacilityUSD328,201 373,651 
India Credit Agricole Working Capital FacilityINR44,384 41,157 
India JPM Working Capital FacilityINR30,118 26,140 
India Citibank Working Capital Facility
INR
23,249 11,123 
India HSBC Working Capital FacilityINR— 46,719 
Total debt principal425,952 498,790 
Less: unamortized issuance costs(176)(218)
Total debt425,776 498,572 
Less: current portion(188,594)(215,979)
Noncurrent portion$237,182 $282,593 

Credit Facility

In June 2023, we entered into a credit agreement with several financial institutions as lenders and JPMorgan Chase Bank, N.A. as administrative agent, which provided us with a senior secured credit facility (the “Revolving Credit Facility”) with an aggregate borrowing capacity of $1.0 billion. In February 2026, we entered into a new credit agreement with several financial institutions as lenders and JPMorgan Chase Bank, N.A. as administrative agent and terminated the prior Revolving Credit Facility. This new agreement provides us with a senior unsecured five-year revolving credit facility (the “Credit Facility”) with an aggregate borrowing capacity of $1.5 billion and a sub-limit of $450 million, $150 million of which is currently committed and available for the issuance of letters of credit. Borrowings under the Credit Facility bear interest at a rate per annum equal to, at our option, (i) the Term Secured Overnight Financing Rate (“Term SOFR”), plus a margin that ranges between 1.00% to 1.75% or (ii) an alternate base rate as defined in the credit agreement, plus a margin that ranges from 0.00% to 0.75%. The margins are based on our net leverage ratio or, if we elect to switch to a credit ratings-based system after the investment grade ratings trigger date occurs (as defined in the credit agreement), on our public debt rating.

In addition to paying interest on outstanding principal under the Credit Facility, we are required to pay an unused commitment fee that ranges from 0.100% to 0.225% per annum based on the same factors discussed above and the daily unused commitments under the facility. We are also required to pay (i) a letter of credit fee based on the applicable margin for Term SOFR, (ii) letter of credit fronting fees as agreed by us and such issuing lender, and (iii) other customary letter of credit fees.

As of March 31, 2026 and December 31, 2025, we had no outstanding debt or letters of credit under our Credit Facility and Revolving Credit Facility, respectively.
India Credit Facility

In July 2022, FS India Solar Ventures Private Limited (“FSISV”), our indirect wholly-owned subsidiary, entered into a finance agreement (the “India Credit Facility”) with the U.S. International Development Finance Corporation for aggregate borrowing of up to $500.0 million for the development and construction of a solar module manufacturing facility in India. Principal on the India Credit Facility is payable in scheduled semi-annual installments beginning in August 2024 through the facility’s expected maturity in August 2029. The India Credit Facility is guaranteed by First Solar, Inc.

India Credit Agricole Working Capital Facility

In August 2022, FSISV entered into a working capital facility agreement (the “India Credit Agricole Working Capital Facility”) with Credit Agricole Corporate and Investment Bank, for the issuance of letters of credit, bank guarantees, and overdrafts. In 2024, the India Credit Agricole Working Capital Facility was amended to include certain working capital loans, and during 2025, the facility limit was increased to INR 8.5 billion ($89.8 million). The outstanding balance matures in the second and third quarters of 2026. The India Credit Agricole Working Capital Facility is guaranteed by First Solar, Inc.

India JPM Working Capital Facility

In December 2022, FSISV entered into a working capital facility agreement (the “India JPM Working Capital Facility”) with JPMorgan Chase Bank, N.A. for the issuance of bank guarantees, bonds, and other similar forms of security. In 2023, the India JPM Working Capital Facility was amended to include certain working capital loans of up to INR 6.2 billion ($65.8 million). The outstanding balance matures in the second, third, and fourth quarters of 2026. The India JPM Working Capital Facility is guaranteed by First Solar, Inc.

India HSBC Working Capital Facility

In February 2024, FSISV entered into a working capital facility agreement (the “India HSBC Working Capital Facility”) with the Hongkong and Shanghai Banking Corporation Limited, which provides certain working capital loans of up to INR 8.2 billion ($86.7 million). The India HSBC Working Capital Facility is guaranteed by First Solar, Inc.

India Citibank Working Capital Facility

In August 2024, FSISV entered into a working capital facility agreement (the “India Citibank Working Capital Facility”) with Citibank, N.A. In January 2025, the India Citibank Working Capital Facility was amended to provide certain working capital loans of up to INR 6.4 billion ($67.6 million). The outstanding balance matures in the second and third quarters of 2026. The India Citibank Working Capital Facility is guaranteed by First Solar, Inc.
v3.26.1
11. Commitments and Contingencies (Notes)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
11. Commitments and Contingencies

Commercial Commitments

During the normal course of business, we enter into commercial commitments in the form of letters of credit and surety bonds to provide financial and performance assurance to third parties. As of March 31, 2026, the issued and outstanding amounts and available capacities under these commitments were as follows (in millions):
Issued and OutstandingAvailable Capacity
Credit Facility (1)
$— $250.0 
Bilateral facilities (2)234.5 165.2 
Surety bonds140.8 144.3 
——————————
(1)Our Credit Facility provides us with a committed sub-limit of $250.0 million to issue letters of credit, at a fee based on the applicable margin for Term SOFR loans, a fronting fee, and other customary letter of credit fees.

(2)Of the total letters of credit issued under the bilateral facilities, $1.6 million was secured with cash.
Product Warranties

When we recognize revenue for sales of modules, we accrue liabilities for the estimated future costs of meeting our limited warranty obligations. We estimate our limited product warranty liability for power output and defects in materials and workmanship under normal use and service conditions based on return rates for each series of module technology and other factors. We make and revise these estimates based primarily on the number of solar modules under warranty installed at customer locations, our historical experience with and projections of warranty claims, and our estimated per-module replacement costs. We also monitor our expected future module performance through certain quality and reliability testing and actual performance in certain field installation sites. From time to time, we have taken remediation actions with respect to affected modules beyond our limited warranties and may elect to do so in the future, in which case we would incur additional costs. Such potential voluntary future remediation actions beyond our limited warranty obligations may be material to our condensed consolidated statements of operations if we commit to any such remediation actions.

Product warranty activities during the three months ended March 31, 2026 and 2025 were as follows (in thousands):
Three Months Ended
March 31,
 20262025
Product warranty liability, beginning of period$79,408 $76,435 
Accruals for new warranties issued4,462 2,656 
Settlements(5,069)(3,511)
Changes in estimate of product warranty liability(1,371)(14)
Product warranty liability, end of period$77,430 $75,566 
Current portion of warranty liability$56,273 $60,662 
Noncurrent portion of warranty liability$21,157 $14,904 

During the year ended December 31, 2024, we identified manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024 that may cause the modules to experience premature power loss once installed in the field. Subsequently, we identified the causes of these issues and compiled and evaluated data on the expected impact such issues may have on performance, including collecting samples of module performance data from several locations. We have settled certain of our obligations related to these issues and have continued to engage in settlement discussions with various additional customers. Based on such settlement experience, the estimated number of affected modules, and projections of probable costs to remediate the issues, we believe a reasonable estimate of potential future losses will range from approximately $35 million to $70 million. Within that range, we recorded a specific warranty liability of $47 million as of March 31, 2026, which represents our best estimate of expected future losses related to the identified manufacturing issues. The ultimate loss we will incur will depend on the extent of the premature power loss that is experienced in relation to the obligations under our limited product warranties, as well as any potential additional commitments we may make to remediate the affected modules. As additional information becomes available to us, our estimate of the aggregate losses related to these manufacturing issues may change, and any change in estimate may also result in a change to our product warranty liability.
Indemnifications

In certain limited circumstances, we have provided indemnifications to customers or other parties under which we are contractually obligated to compensate such parties for losses they suffer resulting from a breach of a representation, warranty, or covenant; the resolution of specific matters associated with a solar project’s development or construction; guarantees of a third party’s payment or performance obligations; or any disallowance or lack of the right to claim all or any portion of certain tax credits. For contracts that have such indemnification provisions, we initially recognize a liability under ASC 460 for the estimated premium that would be required by a guarantor to issue the same indemnity in a standalone arm’s-length transaction with an unrelated party. We may base these estimates on the cost of insurance or other instruments that cover the underlying risks being indemnified and may purchase such instruments to mitigate our exposure to potential indemnification payments. We subsequently measure such liabilities at the greater of the initially estimated premium or the contingent liability required to be recognized under ASC 450. We recognize any indemnification liabilities as a reduction of earnings associated with the related transaction.

After an indemnification liability is recorded, we derecognize such amount pursuant to ASC 460 depending on the nature of the indemnity, which derecognition typically occurs upon expiration or settlement of the arrangement, and any contingent aspects of the indemnity are accounted for in accordance with ASC 450. As of March 31, 2026 and December 31, 2025, we had no accrued indemnification liabilities. Our potential future payments under these indemnifications primarily relate to legislative changes that may adversely affect an entity’s ability to benefit from previously transferred Section 45X tax credits.

Solar Module Collection and Recycling Liability

We previously established a module collection and recycling program, which has since been discontinued, to collect and recycle modules sold and covered under such program once the modules reach the end of their service lives. For legacy customer sales contracts that are covered under this program, we agreed to pay the costs for the collection and recycling of qualifying solar modules, and the end-users agreed to notify us, disassemble their solar power systems, package the solar modules for shipment, and revert ownership rights over the modules back to us at the end of the modules’ service lives. Accordingly, we recorded any collection and recycling obligations within “Cost of sales” at the time of sale based on the estimated cost to collect and recycle the covered solar modules.

We estimate the cost of our collection and recycling obligations based on the present value of the expected future cost of collecting and recycling the solar modules, which includes estimates for the cost of packaging materials; the cost of freight from the solar module installation sites to a recycling center; material, labor, and capital costs; and by-product credits for certain materials recovered during the recycling process. We base these estimates on our experience collecting and recycling solar modules and on certain assumptions regarding costs at the time the solar modules will be collected and recycled. In the periods between the time of sale and the related settlement of the collection and recycling obligation, we accrete the carrying amount of the associated liability and classify the corresponding expense within “Selling, general and administrative” expense on our condensed consolidated statements of operations.

Our module collection and recycling liability was $145.1 million and $146.0 million as of March 31, 2026 and December 31, 2025, respectively. See Note 3. “Restricted Marketable Securities” to our condensed consolidated financial statements for more information about our arrangements for funding this liability.
Legal Proceedings

During the year ended December 31, 2022, we received several indemnification demands from certain customers, for whom we provided EPC services, regarding claims that such customers’ PV tracker systems infringe, in part, on patents owned by Rovshan Sade (“Plaintiff”), the owner of a company called Trabant Solar, Inc. In January 2023, we were notified by two of our customers that Plaintiff served them with patent infringement complaints, and we have assumed the defense of these claims. We have conducted due diligence on the patents and claims and believe that we will prevail in the actions. After a series of stays of the proceedings, the last of which was lifted on July 14, 2025, the parties have begun responding to their respective discovery demands. Each party has submitted its claim construction filings with the court, and a claim construction hearing took place on February 20, 2026. The court then requested mediation hearings, which took place on April 23, 2026. At this time, we are not in a position to assess the likelihood of any potential loss or adverse effect on our financial condition or to estimate the amount or range of possible loss, if any, from these actions.

In April 2019, a subcontractor of First Solar sustained certain injuries while performing work at a former project site and, in May 2019, commenced legal action against a subsidiary of the Company. In June 2023, a jury awarded damages of approximately $51.3 million to the plaintiff. On September 21, 2023, the Superior Court of California for Monterey County ruled, in response to a motion for remittitur filed by the Company, that the damages awarded to the plaintiff were excessive and reduced the award from $51.3 million to $21.8 million. The plaintiff and defendant have appealed and cross appealed varying aspects of the verdict and the remittitur. Accordingly, due to the uncertainty surrounding the multiple decisions and appeals, as of March 31, 2026, we recorded a $21.8 million accrued litigation payable included in “Other current liabilities” in our condensed consolidated balance sheet. We believe the full amount of awarded damages will be covered by our various insurance policies. Accordingly, we also recorded a $21.8 million receivable included in “Other current assets” in our condensed consolidated balance sheet as of March 31, 2026. The plaintiff did not accept the reduced award by the court ordered deadline of October 10, 2023. As a result, the $21.8 million award has been vacated, and a new trial is expected to be scheduled. We, in conjunction with our insurance carriers, are challenging the initial verdict in an appellate court, and the plaintiff is cross appealing from the decision to reduce the award, among other issues, stemming from the trial. We filed our initial briefs with the court on December 20, 2024. The plaintiff submitted its briefs on April 23, 2025. The appeal was fully briefed on November 25, 2025. There is no deadline by which the appellate court must issue a ruling.

We are party to other legal matters and claims in the normal course of our operations. While we believe the ultimate outcome of these matters and claims will not have a material adverse effect on our financial position, results of operations, or cash flows, the outcome of such matters and claims is not determinable with certainty, and negative outcomes may adversely affect us.
v3.26.1
12. Revenue from Contracts with Customers (Notes)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers [Text Block]
12. Revenue from Contracts with Customers

We recognize revenue for module sales at a point in time following the transfer of control of the modules to the customer, which typically occurs upon delivery of the modules to the location specified in the terms of the underlying contract. Our customer contracts generally contain provisions that (i) require us to pay the customer liquidated damages if we fail to deliver modules by scheduled dates or if we fail to deliver modules that meet certain U.S. domestic content requirements and (ii) entitle us to a termination payment if the customer defaults on its contractual obligations and the contract is terminated. For sales of modules imported into the United States, our customer contracts generally include provisions that are intended to mitigate the adverse impact from changes in trade policy, such as tariffs. If a contract is terminated on the basis of these trade policy provisions, such contract would effectively be canceled without liability to either party, resulting in a corresponding reduction in future sales of solar modules related to such contract and the return of any customer deposit under the contract, if applicable.
The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue,” for the three months ended March 31, 2026 (in thousands):
 March 31,
2026		December 31,
2025		Three Month Change
Deferred revenue$1,785,567 $1,819,404 $(33,837)(2)%

During the three months ended March 31, 2026, our contract liabilities decreased by $33.8 million primarily due to (i) the recognition of revenue for sales of solar modules for which payment was received in prior years, partially offset by (ii) advance payments received or accrued in the current period for future sales of solar modules. During the three months ended March 31, 2026 and 2025, we recognized revenue of $104.6 million and $132.8 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods.

As of March 31, 2026, we had entered into contracts with customers for the future sale of 47.9 GW of solar modules for an aggregate transaction price of $14.4 billion, which we expect to recognize as revenue through 2030 as we transfer control of the modules to the customers. This volume and transaction price exclude contracts with customers in India for which payment has not been fully secured. This transaction price also excludes estimates of variable consideration associated with (i) future module technology improvements, including enhancements to certain energy related attributes; (ii) sales freight in excess of defined thresholds; (iii) changes to certain commodity prices; (iv) the module wattage committed for delivery; (v) the volume of modules sold that meet certain U.S. domestic content requirements; and (vi) changes to certain tariff structures within a defined threshold, among other things. As a result, the revenue recognized from such contracts may increase or decrease in future periods relative to the original transaction price or may otherwise be impacted if a contract is terminated. These contracts may also be subject to amendments as agreed to by the parties to the contract. These amendments may increase or decrease the volume of modules to be sold under the contract, change delivery schedules, or otherwise adjust the expected revenue under these contracts.
v3.26.1
13. Share-Based Compensation (Notes)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Share-Based Compensation
13. Share-Based Compensation

The following table presents share-based compensation expense recognized in our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended
March 31,
20262025
Cost of sales$732 $344 
Selling, general and administrative4,755 1,885 
Research and development1,294 355 
Total share-based compensation expense$6,781 $2,584 

As of March 31, 2026, we had $33.2 million of unrecognized share-based compensation expense related to unvested restricted stock and performance units, which we expect to recognize over a weighted-average period of approximately 1.5 years.
In March 2022 and March 2023, the compensation committee of our board of directors approved grants of performance units for key executive officers to be earned over multi-year performance periods, which ended in December 2024 and December 2025, respectively. Vesting of the 2022 and 2023 grants of performance units was contingent upon the specific attainment targets of each grant, which targets included metrics such as contracted revenue, return on capital, cost per watt, production, and operating income metrics. In February 2025, the compensation committee certified the achievement of the vesting conditions applicable to the 2022 grants, which approximated the maximum level of performance. In February 2026, the compensation committee certified the achievement of the vesting conditions applicable to the 2023 grants, which approximated the target level of performance. Accordingly, each participant received one share of common stock for each vested performance unit granted, net of any tax withholdings.

In March 2024 and May 2025, the compensation committee approved additional grants of performance units for key executive officers; such grants are expected to be earned over a multi-year performance period ending in December 2026 and December 2027, respectively. Vesting of the 2024 and 2025 grants of performance units is contingent upon the specific attainment targets of each grant, which targets include metrics such as contracted revenue, production, incremental average selling price, operating margin, and technology development.

Vesting of performance units is also contingent upon the employment of program participants through the applicable vesting dates, with limited exceptions in case of death, disability, a qualifying retirement, or a change-in-control of First Solar. Outstanding performance units are included in the computation of diluted net income per share based on the number of shares that would be issuable if the end of the reporting period were the end of the contingency period.
v3.26.1
14. Income Taxes (Notes)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
14. Income Taxes

In July 2025, the U.S. President signed the budget reconciliation legislation (House of Representatives 1, or “H.R.1”) into law, commonly referred to as the “One Big Beautiful Bill.” H.R.1 includes significant provisions, such as (i) the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, (ii) modifications to the international tax framework, and (iii) the restoration of favorable tax treatment for certain business provisions. H.R.1 has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The enactment of H.R.1 did not result in a material impact on our condensed consolidated financial statements.

In August 2022, the previous U.S. President signed into law the IRA, which revised U.S. tax law by, among other things, including a new corporate alternative minimum tax of 15% on certain large corporations, imposing a 1% excise tax on stock buybacks, and providing various incentives, including the introduction of the advanced manufacturing production credit under Section 45X of the IRC. The provisions of the IRA are generally effective for tax years beginning after 2022.

In December 2021, the OECD released model rules for a new global minimum tax framework (“Pillar Two”). Certain governments in countries in which we operate have enacted local Pillar Two legislation, with effective dates between January 1, 2024 and January 1, 2025; such local legislation may include qualified domestic minimum top‑up tax and undertaxed profits rules. We continue to monitor developments related to Pillar Two and evaluate their potential impact on our results of operations.

Our effective tax rate was 2.2% and 3.5% for the three months ended March 31, 2026 and 2025, respectively. The decrease in our effective tax rate was primarily driven by the relative amounts of advanced manufacturing production credits earned in each period, partially offset by lower relative amounts of income earned in foreign jurisdictions with lower statutory tax rates and higher prior period excess tax benefits associated with share-based compensation. Our provision for income taxes differed from the amount computed by applying the U.S. statutory federal income tax rate of 21% primarily due to the effect of tax law associated with the IRA.
Our Malaysian subsidiary has been granted a long-term tax holiday that expires in 2027. The tax holiday, which generally provides for a full exemption from Malaysian income tax, is conditional upon our continued compliance with certain employment and investment thresholds. We are currently in compliance with such thresholds.

Our Vietnamese subsidiary has been granted a long-term tax incentive that generally provides a full exemption from Vietnamese income tax through 2023, followed by reduced tax rates of 5% through 2032 and 10% through 2036. Such long-term tax incentive is conditional upon our continued compliance with certain revenue and research and development (“R&D”) spending thresholds. We are currently in compliance with such thresholds.

We are subject to audit by federal, state, local, and foreign tax authorities. We are currently under examination in India, Chile, and the United States, along with the States of North Carolina, Tennessee, and Texas. We believe that adequate provisions have been made for any adjustments that may result from tax examinations. However, the outcome of tax examinations cannot be predicted with certainty. If any issues addressed by our tax examinations are not resolved in a manner consistent with our expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs.
v3.26.1
15. Net Income per Share (Notes)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Income per Share
15. Net Income per Share

The calculation of basic and diluted net income per share for the three months ended March 31, 2026 and 2025 was as follows (in thousands, except per share amounts):
Three Months Ended
March 31,
20262025
Basic net income per share
Numerator:
Net income$346,619 $209,535 
Denominator:
Weighted-average common shares outstanding107,355 107,122 
Diluted net income per share
Denominator:
Weighted-average common shares outstanding107,355 107,122 
Effect of restricted stock and performance units268 293 
Weighted-average shares used in computing diluted net income per share107,623 107,415 
Net income per share:
Basic$3.23 $1.96 
Diluted$3.22 $1.95 

There were no anti-dilutive shares for the three months ended March 31, 2026 and 2025.
v3.26.1
16. Accumulated Other Comprehensive Loss (Notes)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss
16. Accumulated Other Comprehensive Loss

The following table presents the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2026 (in thousands):
Foreign Currency Translation Adjustment
Unrealized Loss on Marketable Securities and Restricted Marketable Securities
Total
Balance as of December 31, 2025$(109,560)$(45,906)$(155,466)
Other comprehensive loss before reclassifications(11,404)(968)(12,372)
Amounts reclassified from accumulated other comprehensive loss(1,023)738 (285)
Net tax effect
— (74)(74)
Net other comprehensive loss(12,427)(304)(12,731)
Balance as of March 31, 2026$(121,987)$(46,210)$(168,197)

The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):
Comprehensive Income Components
Income Statement
Line Item
Three Months Ended
March 31,
20262025
Foreign currency translation adjustmentOther expense, net$1,023 $(323)
Unrealized loss on marketable securities Other expense, net(738)— 
Unrealized loss on derivative instruments:
Commodity swap contractsCost of sales— (366)
Total gain (loss) reclassified$285 $(689)
v3.26.1
17. Segment Reporting (Notes)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
17. Segment Reporting

First Solar operates as one business, which involves the design, manufacture, and sale of cadmium telluride (“CdTe”) solar modules, which convert sunlight into electricity. As such, we operate as a single operating segment. Third-party customers of this segment include system developers, independent power producers, utilities, commercial and industrial companies, large corporate energy buyers, and other system owners and operators. Our business is managed by our Chief Executive Officer, who is also considered our chief operating decision maker (“CODM”).

Although our CODM regularly uses gross profit for key operating decisions about allocating resources and assessing performance, we have concluded that consolidated net income is also used and is the measure of profit or loss required to be disclosed under the provisions of ASC 280 for our single operating segment. Accordingly, we considered whether there were any significant expense categories to disclose and concluded that the condensed consolidated financial statements and accompanying notes thereto include the relevant categories regularly provided to our CODM. The measure of segment assets is reported in our condensed consolidated balance sheets as “Total assets.”
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
From time to time, our directors and officers may adopt plans for the purchase or sale of our securities. Such plans may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K). During the three months ended March 31, 2026, none of our officers or directors terminated Rule 10b5-1 trading arrangements or adopted or terminated non-Rule 10b5-1 trading arrangements. However, certain of our officers adopted Rule 10b5-1 trading plans for the sale of our securities. The following table provides certain terms of such plans:
Name
Position
Action
Adoption Date
Expiration Date
Aggregate Number of
Securities to be Sold (1)
Caroline StockdaleChief People & Communications OfficerAdoptionFebruary 27, 2026October 30, 202610,628
Patrick BuehlerChief Product OfficerAdoptionMarch 4, 2026November 13, 20263,000
——————————
(1)Represents the gross number of shares subject to the Rule 10b5-1(c) plan, excluding the potential effect of shares withheld for taxes.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Caroline Stockdale [Member]  
Trading Arrangements, by Individual  
Name Caroline Stockdale
Title Chief People & Communications Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2026
Expiration Date October 30, 2026
Aggregate Available 10,628
Patrick Buehler [Member]  
Trading Arrangements, by Individual  
Name Patrick Buehler
Title Chief Product Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 4, 2026
Expiration Date November 13, 2026
Aggregate Available 3,000
v3.26.1
2. Cash, Cash Equivalents and Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Schedule of Cash, Cash Equivalents, and Marketable Securities
Cash, cash equivalents, and marketable securities consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
March 31,
2026		December 31,
2025
Cash and cash equivalents:
Cash$2,316,986 $2,606,319 
Money market funds45,993 197,195 
Total cash and cash equivalents2,362,979 2,803,514 
Marketable securities:
Time deposits63,582 42,562 
U.S. debt— 9,287 
Total marketable securities63,582 51,849 
Total cash, cash equivalents, and marketable securities$2,426,561 $2,855,363 
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands):
Balance Sheet Line ItemMarch 31,
2026		December 31,
2025
Cash and cash equivalentsCash and cash equivalents$2,362,979 $2,803,514 
Restricted cash – noncurrent
Other assets3,624 3,617 
Restricted cash equivalents – noncurrentOther assets9,766 6,900 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$2,376,369 $2,814,031 
Available-for-sale Marketable Securities
The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of March 31, 2026 and December 31, 2025 (in thousands):
 As of March 31, 2026
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Time deposits$63,582 $— $— $63,582 
Total$63,582 $— $— $63,582 
 As of December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Time deposits$42,562 $— $— $42,562 
U.S. debt10,000 — 713 9,287 
Total$52,562 $— $713 $51,849 
v3.26.1
3. Restricted Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Securities, Available-for-Sale, Restricted [Abstract]  
Schedule of restricted marketable securities
Restricted marketable securities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):
 
 
March 31,
2026		December 31,
2025
U.S. debt$114,416 $115,350 
Foreign government obligations53,157 54,156 
Supranational debt28,204 28,276 
U.S. government obligations18,893 19,390 
Total restricted marketable securities$214,670 $217,172 
Schedule of restricted marketable securities, including unrealized gain or loss
The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by major security type, as of March 31, 2026 and December 31, 2025 (in thousands):
 As of March 31, 2026
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. debt$142,324 $— $27,908 $114,416 
Foreign government obligations66,077 — 12,920 53,157 
Supranational debt30,069 67 1,932 28,204 
U.S. government obligations24,249 — 5,356 18,893 
Total$262,719 $67 $48,116 $214,670 
 As of December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. debt$142,790 $— $27,440 $115,350 
Foreign government obligations67,091 — 12,935 54,156 
Supranational debt30,123 59 1,906 28,276 
U.S. government obligations24,274 — 4,884 19,390 
Total$264,278 $59 $47,165 $217,172 
v3.26.1
4. Consolidated Balance Sheet Details (Tables)
 3 Months Ended
Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract]  
Schedule of Accounts Receivable Trade, Net
Accounts receivable trade, net consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Accounts receivable trade, gross (1)$1,389,038 $1,307,307 
Allowance for credit losses(15,084)(13,267)
Accounts receivable trade, net$1,373,954 $1,294,040 
Schedule of Inventories, Current and Noncurrent
Inventories consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Raw materials$385,574 $429,675 
Work in process116,066 105,325 
Finished goods609,227 439,196 
Inventories$1,110,867 $974,196 
Inventories – current$893,878 $736,734 
Inventories – noncurrent$216,989 $237,462 
Schedule of Other Current Assets
Other current assets consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Spare maintenance materials and parts$282,636 $278,767 
Indirect tax receivables134,626 124,045 
Prepaid expenses113,400 99,280 
Operating supplies52,028 57,427 
Insurance receivable for accrued litigation (1)21,800 21,800 
Derivative instruments (2)15,735 4,001 
Prepaid income taxes1,631 9,772 
Other44,330 48,011 
Other current assets$666,186 $643,103 
——————————
(1)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
Schedule of Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Land$39,515 $39,578 
Buildings and improvements 1,926,071 1,929,051 
Machinery and equipment 5,765,611 5,746,979 
Office equipment and furniture163,787 162,070 
Leasehold improvements34,128 34,136 
Construction in progress431,825 321,524 
Property, plant and equipment, gross8,360,937 8,233,338 
Accumulated depreciation(2,694,690)(2,557,544)
Property, plant and equipment, net$5,666,247 $5,675,794 
Schedule of Other Assets
Other assets consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Advance payments for raw materials$328,642 $319,783 
Lease assets (1)199,542 196,058 
Income tax receivables104,575 110,067 
Project assets25,062 25,721 
Accounts receivable, trade16,000 16,000 
Prepaid expenses15,775 17,180 
Restricted cash equivalents9,766 6,900 
Restricted cash3,624 3,617 
Other (2)63,954 64,343 
Other assets$766,940 $759,669 
Schedule of Accrued Expenses
Accrued expenses consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Accrued property, plant and equipment$115,672 $109,030 
Product warranty liability (1)56,273 59,266 
Accrued inventory 53,290 69,093 
Accrued other taxes52,406 58,601 
Accrued freight45,939 51,707 
Accrued compensation and benefits30,008 67,023 
Other82,922 104,694 
Accrued expenses$436,510 $519,414 
——————————
(1)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our product warranties.
Schedule of Other Current Liabilities
Other current liabilities consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Accrued litigation (1)$21,800 $21,800 
Lease liabilities (2)17,306 18,090 
Derivative instruments (3)3,149 2,357 
Other8,150 48,811 
Other current liabilities$50,405 $91,058 
——————————
(1)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(3)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
Schedule of Other Liabilities
Other liabilities consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Lease liabilities (1)$144,041 $138,673 
Deferred tax liabilities, net66,965 69,691 
Other taxes payable52,330 51,711 
Product warranty liability (2)21,157 20,142 
Other15,050 15,370 
Other liabilities$299,543 $295,587 
——————————
(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our product warranties.
v3.26.1
5. Government Grants (Tables)
 3 Months Ended
Mar. 31, 2026
Government Assistance [Abstract]  
Schedule of Benefits Recognized From Income-Based Government Grants
The following table presents the benefits recognized from income-related government grants in our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended
March 31,
Income Statement Line Item20262025
Cost of sales$418,033 $301,820 
Selling, general and administrative25 33 
Research and development149 1,844 
v3.26.1
6. Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands):
 March 31, 2026
Other Current AssetsOther Current Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts$15,735 $3,149 
Total derivative instruments$15,735 $3,149 
 December 31, 2025
Other Current AssetsOther Current Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts$4,001 $2,357 
Total derivative instruments$4,001 $2,357 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive loss and our condensed consolidated statements of operations for the three months ended March 31, 2025 (in thousands):
Commodity Swap Contracts
Balance as of December 31, 2024$(366)
Amount reclassified to cost of sales366 
Balance as of March 31, 2025$— 
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents the effect of derivative instruments not designated as hedges on our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):
Amount of Gain (Loss) Recognized in Income Statement
Three Months Ended
March 31,
Income Statement Line Item20262025
Foreign exchange forward contractsForeign currency loss, net$21,116 $(3,483)
v3.26.1
7. Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of lease cost and related information
The following table presents certain quantitative information related to our lease arrangements for the three months ended March 31, 2026 and 2025, and as of March 31, 2026 and December 31, 2025 (in thousands):
Three Months Ended
March 31,
20262025
Finance lease cost:
Amortization of right-of-use assets$674$398
Interest on lease liabilities658532
Operating lease cost5,2044,115
Variable lease cost1,156895
Short-term lease cost518274
Total lease cost$8,210$6,214
Cash paid for amounts included in the measurement of:
Operating lease liabilities$5,225$3,846
Finance lease liabilities1,008465
Lease assets obtained in exchange for:
Operating lease liabilities$4,032$1,167
Finance lease liabilities5,310—
March 31, 2026December 31, 2025
Operating LeasesFinance
Leases		Operating LeasesFinance
Leases
Lease assets$160,762$38,780$161,756$34,302
Lease liabilities – current
13,4873,81915,1832,907
Lease liabilities – noncurrent
105,19338,848103,75334,920
Weighted-average remaining lease term12 years22 years12 years24 years
Weighted-average discount rate5.2 %6.3 %5.7 %6.6 %
Operating lease liability maturity
As of March 31, 2026, the future payments associated with our lease liabilities were as follows (in thousands):
Operating LeasesFinance
Leases
Remainder of 2026$15,121 $3,572 
202714,192 4,821 
202813,746 4,907 
202912,001 5,019 
203010,367 5,088 
203110,421 4,846 
Thereafter86,651 51,769 
Total future payments162,499 80,022 
Less: interest(43,819)(37,355)
Total lease liabilities$118,680 $42,667 
Finance lease liabilities maturity
As of March 31, 2026, the future payments associated with our lease liabilities were as follows (in thousands):
Operating LeasesFinance
Leases
Remainder of 2026$15,121 $3,572 
202714,192 4,821 
202813,746 4,907 
202912,001 5,019 
203010,367 5,088 
203110,421 4,846 
Thereafter86,651 51,769 
Total future payments162,499 80,022 
Less: interest(43,819)(37,355)
Total lease liabilities$118,680 $42,667 
v3.26.1
8. Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair value of assets and liabilities measured on a recurring basis
At March 31, 2026 and December 31, 2025, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):
  Fair Value Measurements at Reporting
Date Using
 
 
 
 
 
 		March 31,
2026		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds$45,993 $45,993 $— $— 
Restricted cash equivalents:
Money market funds9,766 9,766 — — 
Marketable securities:
Time deposits63,582 63,582 — — 
Restricted marketable securities214,670 — 214,670 — 
Derivative assets15,735 — 15,735 — 
Total assets$349,746 $119,341 $230,405 $— 
Liabilities:
Derivative liabilities$3,149 $— $3,149 $— 
Total liabilities$3,149 $— $3,149 $— 
  Fair Value Measurements at Reporting
Date Using
 
 
 
 
 
 		December 31,
2025		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:    
Cash equivalents:
Money market funds$197,195 $197,195 $— $— 
Restricted cash equivalents:
Money market funds6,900 6,900 — — 
Marketable securities:
Time deposits42,562 42,562 — — 
U.S. debt9,287 — 9,287 — 
Restricted marketable securities217,172 — 217,172 — 
Derivative assets4,001 — 4,001 — 
Total assets$477,117 $246,657 $230,460 $— 
Liabilities:
Derivative liabilities$2,357 $— $2,357 $— 
Total liabilities$2,357 $— $2,357 $— 
Carrying value and fair value of financial instruments not measured at fair value
At March 31, 2026 and December 31, 2025, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands):
 March 31, 2026December 31, 2025
 
 		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:    
Government grants receivable – noncurrent$537,583 $513,660 $125,607 $104,391 
Liabilities:
Long-term debt, including current maturities (1)$328,201 $337,267 $373,651 $382,318 
——————————
(1)Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year.
v3.26.1
9. Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Instruments [Abstract]  
Schedule of Debt Arrangements
Our debt arrangements consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
Balance (USD)
Loan AgreementCurrencyMarch 31,
2026		December 31,
2025
Credit FacilityUSD$— $— 
India Credit FacilityUSD328,201 373,651 
India Credit Agricole Working Capital FacilityINR44,384 41,157 
India JPM Working Capital FacilityINR30,118 26,140 
India Citibank Working Capital Facility
INR
23,249 11,123 
India HSBC Working Capital FacilityINR— 46,719 
Total debt principal425,952 498,790 
Less: unamortized issuance costs(176)(218)
Total debt425,776 498,572 
Less: current portion(188,594)(215,979)
Noncurrent portion$237,182 $282,593 
v3.26.1
11. Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Commercial Commitments As of March 31, 2026, the issued and outstanding amounts and available capacities under these commitments were as follows (in millions):
Issued and OutstandingAvailable Capacity
Credit Facility (1)
$— $250.0 
Bilateral facilities (2)234.5 165.2 
Surety bonds140.8 144.3 
——————————
(1)Our Credit Facility provides us with a committed sub-limit of $250.0 million to issue letters of credit, at a fee based on the applicable margin for Term SOFR loans, a fronting fee, and other customary letter of credit fees.

(2)Of the total letters of credit issued under the bilateral facilities, $1.6 million was secured with cash.
Schedule of Product Warranty Liability
Product warranty activities during the three months ended March 31, 2026 and 2025 were as follows (in thousands):
Three Months Ended
March 31,
 20262025
Product warranty liability, beginning of period$79,408 $76,435 
Accruals for new warranties issued4,462 2,656 
Settlements(5,069)(3,511)
Changes in estimate of product warranty liability(1,371)(14)
Product warranty liability, end of period$77,430 $75,566 
Current portion of warranty liability$56,273 $60,662 
Noncurrent portion of warranty liability$21,157 $14,904 
v3.26.1
12. Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Changes in Contract Liabilities [Table Text Block]
The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue,” for the three months ended March 31, 2026 (in thousands):
 March 31,
2026		December 31,
2025		Three Month Change
Deferred revenue$1,785,567 $1,819,404 $(33,837)(2)%
v3.26.1
13. Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Schedule of Share-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations
The following table presents share-based compensation expense recognized in our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended
March 31,
20262025
Cost of sales$732 $344 
Selling, general and administrative4,755 1,885 
Research and development1,294 355 
Total share-based compensation expense$6,781 $2,584 
v3.26.1
15. Net Income per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Net Income per Share, Basic and Diluted
The calculation of basic and diluted net income per share for the three months ended March 31, 2026 and 2025 was as follows (in thousands, except per share amounts):
Three Months Ended
March 31,
20262025
Basic net income per share
Numerator:
Net income$346,619 $209,535 
Denominator:
Weighted-average common shares outstanding107,355 107,122 
Diluted net income per share
Denominator:
Weighted-average common shares outstanding107,355 107,122 
Effect of restricted stock and performance units268 293 
Weighted-average shares used in computing diluted net income per share107,623 107,415 
Net income per share:
Basic$3.23 $1.96 
Diluted$3.22 $1.95 
v3.26.1
16. Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Loss, Net of Tax
The following table presents the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2026 (in thousands):
Foreign Currency Translation Adjustment
Unrealized Loss on Marketable Securities and Restricted Marketable Securities
Total
Balance as of December 31, 2025$(109,560)$(45,906)$(155,466)
Other comprehensive loss before reclassifications(11,404)(968)(12,372)
Amounts reclassified from accumulated other comprehensive loss(1,023)738 (285)
Net tax effect
— (74)(74)
Net other comprehensive loss(12,427)(304)(12,731)
Balance as of March 31, 2026$(121,987)$(46,210)$(168,197)
Schedule of Pretax Amounts Reclassified Out of Accumulated Other Comprehensive Loss Into Our Condensed Consolidated Statements of Operations
The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):
Comprehensive Income Components
Income Statement
Line Item
Three Months Ended
March 31,
20262025
Foreign currency translation adjustmentOther expense, net$1,023 $(323)
Unrealized loss on marketable securities Other expense, net(738)— 
Unrealized loss on derivative instruments:
Commodity swap contractsCost of sales— (366)
Total gain (loss) reclassified$285 $(689)
v3.26.1
Note 10. Other Financing Arrangements (Details) - Factoring of Receivables - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Mar. 31, 2026
Non-Recourse Factoring [Abstract]    
Receivables Sold Under Factoring Arrangements $ 245.7  
Discounts on Factored Receivables 5.3  
Repurchase of Previously Transferred Receivables 27.0  
Receivables Sold Under Factoring Agreements, Amount Outstanding 99.8 $ 0.0
Secured Borrowings [Abstract]    
Accounts Receivable transferred accounted for as Secured Borrowings 492.8  
Interest Expense, Other 6.5  
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount $ 0.0 $ 0.0
v3.26.1
Note 10. Other Financing Arrangements (Details) - Supplier Finance Program - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other Financing Arrangements [Abstract]    
Supplier Finance Program, Obligation, Ending Balance $ 7.8 $ 9.0
v3.26.1
2. Cash, Cash Equivalents, and Marketable Securities (Details) - Cash, Cash Equivalents, and Marketable Securities - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]        
Cash and cash equivalents $ 2,362,979 $ 2,803,514    
Marketable securities 63,582 51,849    
Total cash, cash equivalents, and marketable securities 2,426,561 2,855,363    
Restricted cash - noncurrent 3,624 3,617    
Restricted cash equivalents - noncurrent 9,766 6,900    
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 2,376,369 2,814,031 $ 844,020 $ 1,638,223
Marketable securities, sale proceeds 4,300      
Marketable securities, realized loss (700)      
Time deposits [Member]        
Debt Securities, Available-for-sale [Line Items]        
Marketable securities 63,582 42,562    
U.S. debt [Member]        
Debt Securities, Available-for-sale [Line Items]        
Marketable securities 0 9,287    
Cash [Member]        
Debt Securities, Available-for-sale [Line Items]        
Cash and cash equivalents 2,316,986 2,606,319    
Money market funds [Member]        
Debt Securities, Available-for-sale [Line Items]        
Cash and cash equivalents $ 45,993 $ 197,195    
v3.26.1
2. Cash, Cash Equivalents, and Marketable Securities (Details) - Available For Sale - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost $ 63,582 $ 52,562
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0 713
Marketable securities 63,582 51,849
Time deposits [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 63,582 42,562
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0 0
Marketable securities $ 63,582 42,562
Contractual Maturities Of Marketable Securities (In Years) 1 year  
U.S. debt [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost   10,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax   0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax   713
Marketable securities $ 0 $ 9,287
v3.26.1
3. Restricted Marketable Securities (Details) - Restricted Marketable Securities - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]      
Restricted marketable securities $ 214,670   $ 217,172
Product minimum service life 25 years    
Restricted Debt Securities [Member]      
Debt Securities, Available-for-sale [Line Items]      
Restricted marketable securities $ 214,670   217,172
Payments to acquire restricted marketable securities 0 $ 5,000  
Cash Held In Trust [Member]      
Debt Securities, Available-for-sale [Line Items]      
Restricted cash and cash equivalents - noncurrent 9,800   6,900
U.S. debt [Member] | Restricted Debt Securities [Member]      
Debt Securities, Available-for-sale [Line Items]      
Restricted marketable securities 114,416   115,350
Foreign government obligations [Member] | Restricted Debt Securities [Member]      
Debt Securities, Available-for-sale [Line Items]      
Restricted marketable securities 53,157   54,156
Supranational debt [Member] | Restricted Debt Securities [Member]      
Debt Securities, Available-for-sale [Line Items]      
Restricted marketable securities 28,204   28,276
U.S. government obligations [Member] | Restricted Debt Securities [Member]      
Debt Securities, Available-for-sale [Line Items]      
Restricted marketable securities $ 18,893   $ 19,390
v3.26.1
3. Restricted Marketable Securities (Details) - Available For Sale - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost $ 63,582 $ 52,562
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0 713
Restricted marketable securities 214,670 217,172
Restricted Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 262,719 264,278
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 67 59
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 48,116 47,165
Restricted marketable securities $ 214,670 217,172
Minimum [Member] | Restricted Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Contractual maturities of Debt securities, Available-for-sale, range start (in years) 5 years  
Maximum [Member] | Restricted Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Contractual Maturities Of Debt securities, Available-for-sale, Range End (In Years) 13 years  
U.S. debt [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost   10,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax   0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax   713
U.S. debt [Member] | Restricted Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost $ 142,324 142,790
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 27,908 27,440
Restricted marketable securities 114,416 115,350
Foreign government obligations [Member] | Restricted Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 66,077 67,091
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 12,920 12,935
Restricted marketable securities 53,157 54,156
Supranational debt [Member] | Restricted Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 30,069 30,123
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 67 59
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 1,932 1,906
Restricted marketable securities 28,204 28,276
U.S. government obligations [Member] | Restricted Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 24,249 24,274
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 5,356 4,884
Restricted marketable securities $ 18,893 $ 19,390
v3.26.1
4. Consolidated Balance Sheet Details (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Accounts receivable trade      
Accounts receivable trade, gross $ 1,389,038   $ 1,307,307
Allowance for credit losses (15,084)   (13,267)
Accounts receivable trade, net 1,373,954   1,294,040
Inventories      
Raw materials 385,574   429,675
Work in process 116,066   105,325
Finished goods 609,227   439,196
Inventories 1,110,867   974,196
Inventories - current 893,878   736,734
Inventories - noncurrent 216,989   237,462
Other current assets      
Spare maintenance materials and parts 282,636   278,767
Indirect tax receivables, current 134,626   124,045
Prepaid expenses 113,400   99,280
Operating supplies 52,028   57,427
Insurance receivable for accrued litigation 21,800   21,800
Derivative instruments 15,735   4,001
Prepaid income taxes 1,631   9,772
Other 44,330   48,011
Other current assets 666,186   643,103
Property, plant and equipment, net      
Property, plant and equipment, gross 8,360,937   8,233,338
Accumulated depreciation (2,694,690)   (2,557,544)
Property, plant and equipment, net 5,666,247   5,675,794
Other assets      
Advance payments for raw materials 328,642   319,783
Lease assets 199,542   196,058
Income tax receivables 104,575   110,067
Project assets 25,062   25,721
Accounts receivable, trade - noncurrent 16,000   16,000
Prepaid expense 15,775   17,180
Restricted cash equivalents - noncurrent 9,766   6,900
Restricted cash - noncurrent 3,624   3,617
Other 63,954   64,343
Other assets 766,940   759,669
Accrued expenses      
Accrued property, plant and equipment 115,672   109,030
Product warranty liability, current 56,273   59,266
Accrued inventory 53,290   69,093
Accrued other taxes 52,406   58,601
Accrued freight 45,939   51,707
Accrued compensation and benefits 30,008   67,023
Other 82,922   104,694
Accrued expenses 436,510   519,414
Other current liabilities      
Accrued litigation 21,800   21,800
Lease liabilities, current 17,306   18,090
Derivative instruments 3,149   2,357
Other 8,150   48,811
Other current liabilities 50,405   91,058
Other liabilities      
Lease liabilities, noncurrent 144,041   138,673
Deferred tax liabilities, net 66,965   69,691
Other taxes payable 52,330   51,711
Product warranty liability, noncurrent 21,157   20,142
Other 15,050   15,370
Other liabilities 299,543   295,587
Cleantech Solar      
Other assets      
Purchases from related party 1,200 $ 100  
Cleantech Solar      
Other assets      
Equity Method Investments 6,900    
Property, Plant and Equipment [Member]      
Property, plant and equipment, net      
Depreciation 143,800 $ 122,300  
Land [Member]      
Property, plant and equipment, net      
Property, plant and equipment, gross 39,515   39,578
Buildings and improvements [Member]      
Property, plant and equipment, net      
Property, plant and equipment, gross 1,926,071   1,929,051
Machinery and equipment [Member]      
Property, plant and equipment, net      
Property, plant and equipment, gross 5,765,611   5,746,979
Office equipment and furniture [Member]      
Property, plant and equipment, net      
Property, plant and equipment, gross 163,787   162,070
Leasehold improvements [Member]      
Property, plant and equipment, net      
Property, plant and equipment, gross 34,128   34,136
Construction in progress [Member]      
Property, plant and equipment, net      
Property, plant and equipment, gross $ 431,825   $ 321,524
v3.26.1
5. Government Grants (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Government Assistance [Line Items]        
Government Assistance, Refunds Received $ 117,600      
December 2024 Agreement        
Government Assistance [Line Items]        
Government Assistance, Gross Amount Prior To Transfer       $ 857,200
Aggregate Transaction Price for Sale of Section 45X Tax Credits       818,600
Cash Proceeds Received from Sale of Section 45X Tax Credits     $ 202,600 $ 616,000
June and July 2025 Agreements        
Government Assistance [Line Items]        
Government Assistance, Gross Amount Prior To Transfer     701,900  
Aggregate Transaction Price for Sale of Section 45X Tax Credits     668,100  
Cash Proceeds Received from Sale of Section 45X Tax Credits     668,100  
October 2025 Agreement        
Government Assistance [Line Items]        
Government Assistance, Gross Amount Prior To Transfer     699,700  
Aggregate Transaction Price for Sale of Section 45X Tax Credits     668,200  
Cash Proceeds Received from Sale of Section 45X Tax Credits 95,200   $ 573,000  
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Government Assistance [Line Items]        
Government Grants, Amount, Consolidated Statement of Operations $ 418,033 $ 301,820    
Government Assistance, Operating Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of sales Cost of sales    
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Government Assistance [Line Items]        
Government Grants, Amount, Consolidated Statement of Operations $ 149 $ 1,844    
Government Assistance, Operating Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration] Research and development Research and development    
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense        
Government Assistance [Line Items]        
Government Grants, Amount, Consolidated Statement of Operations $ 25 $ 33    
Government Assistance, Operating Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative Selling, general and administrative    
v3.26.1
6. Derivative Financial Instruments (Details) - Summary - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent    
Derivatives, Fair Value [Line Items]    
Derivative Assets (Liabilities), at Fair Value, Net $ 15,735 $ 4,001
Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent    
Derivatives, Fair Value [Line Items]    
Derivative Assets (Liabilities), at Fair Value, Net (3,149) (2,357)
Foreign exchange forward contracts [Member] | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent | Not Designated as Hedging Instrument [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 15,735 4,001
Foreign exchange forward contracts [Member] | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent | Not Designated as Hedging Instrument [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability $ 3,149 $ 2,357
v3.26.1
6. Derivative Financial Instruments (Details) - Hedging Relationship - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2024
Commodity swap contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Balance in accumulated other comprehensive income (loss)   $ 0 $ (366)
Commodity swap contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount reclassified to cost of sales   366  
Foreign exchange forward contracts [Member] | Not Designated as Hedging Instrument [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ 21,116 $ (3,483)  
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Foreign currency loss, net Foreign currency loss, net  
v3.26.1
6. Derivative Financial Instruments (Details) - Risk Management - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Apr. 30, 2024
Commodity swap contracts [Member] | Cash Flow Hedging [Member]      
Derivatives, Fair Value [Line Items]      
Derivative, notional amount $ 0.0 $ 0.0 $ 7.6
v3.26.1
6. Derivative Financial Instruments (Details) - Transaction Exposure - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Foreign exchange forward contracts [Member] | Not Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Derivative, notional amount $ 414.5 $ 446.0
v3.26.1
7. Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Lease, Cost [Abstract]      
Finance lease, amortization of right-of-use assets $ 674 $ 398  
Finance lease, interest on lease liabilities 658 532  
Operating lease cost 5,204 4,115  
Variable lease cost 1,156 895  
Short-term lease cost 518 274  
Total lease cost 8,210 6,214  
Payments of amounts included in the measurement of operating lease liabilities 5,225 3,846  
Payments of amounts included in the measurement of finance lease liabilities 1,008 465  
Lease assets obtained in exchange for operating lease liabilities 4,032 1,167  
Lease assets obtained in exchange for finance lease liabilities 5,310 $ 0  
Operating Lease [Abstract]      
Operating lease assets 160,762   $ 161,756
Operating lease liabilities - current 13,487   15,183
Operating lease liabilities - noncurrent $ 105,193   $ 103,753
Operating lease, Weighted-average remaining lease term 12 years   12 years
Operating lease, Weighted-average discount rate 5.20%   5.70%
Finance Lease [Abstract]      
Finance lease assets $ 38,780   $ 34,302
Finance lease liabilities - current 3,819   2,907
Finance lease liabilities - noncurrent $ 38,848   $ 34,920
Finance lease, Weighted-average remaining lease term 22 years   24 years
Finance lease, Weighted-average discount rate 6.30%   6.60%
Lessee, Operating Lease, Liability, to be Paid [Abstract]      
Operating lease, liability, to be paid, remainder of fiscal year $ 15,121    
Operating lease, liability, to be paid, year one 14,192    
Operating lease, liability, to be paid, year two 13,746    
Operating lease, liability, to be paid, year three 12,001    
Operating lease, liability, to be paid, year four 10,367    
Operating lease, liability, to be paid, year five 10,421    
Operating lease, liability, to be paid, after year five 86,651    
Operating lease liabilities, total future payments 162,499    
Less: interest on operating lease liabilities (43,819)    
Total operating lease liabilities 118,680    
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]      
Finance lease, liability, to be paid, remainder of fiscal year 3,572    
Finance lease, liability, to be paid, year one 4,821    
Finance lease, liability, to be paid, year two 4,907    
Finance lease, liability, to be paid, year three 5,019    
Finance lease, liability, to be paid, year four 5,088    
Finance lease, liability, to be paid, year five 4,846    
Finance lease, liability, to be paid, after year five 51,769    
Finance lease liabilities, total future payments 80,022    
Less: interest on finance lease liabilities (37,355)    
Total finance lease liabilities $ 42,667    
Lessee, Lease, Description [Line Items]      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities   Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities   Other liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities   Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities   Other liabilities
v3.26.1
8. Fair Value Measurements (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Marketable securities $ 63,582 $ 51,849
Restricted marketable securities 214,670 217,172
Time deposits [Member]    
Assets:    
Marketable securities 63,582 42,562
U.S. debt [Member]    
Assets:    
Marketable securities 0 9,287
Fair Value, Measurements, Recurring [Member]    
Assets:    
Cash equivalents, Money market funds 45,993 197,195
Restricted cash equivalents, Money market funds 9,766 6,900
Restricted marketable securities 214,670 217,172
Derivative assets 15,735 4,001
Total assets 349,746 477,117
Liabilities:    
Derivative liabilities 3,149 2,357
Total liabilities 3,149 2,357
Fair Value, Measurements, Recurring [Member] | Time deposits [Member]    
Assets:    
Marketable securities 63,582 42,562
Fair Value, Measurements, Recurring [Member] | U.S. debt [Member]    
Assets:    
Marketable securities   9,287
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Assets:    
Cash equivalents, Money market funds 45,993 197,195
Restricted cash equivalents, Money market funds 9,766 6,900
Restricted marketable securities 0 0
Derivative assets 0 0
Total assets 119,341 246,657
Liabilities:    
Derivative liabilities 0 0
Total liabilities 0 0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Time deposits [Member]    
Assets:    
Marketable securities 63,582 42,562
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. debt [Member]    
Assets:    
Marketable securities   0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Assets:    
Cash equivalents, Money market funds 0 0
Restricted cash equivalents, Money market funds 0 0
Restricted marketable securities 214,670 217,172
Derivative assets 15,735 4,001
Total assets 230,405 230,460
Liabilities:    
Derivative liabilities 3,149 2,357
Total liabilities 3,149 2,357
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Time deposits [Member]    
Assets:    
Marketable securities 0 0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. debt [Member]    
Assets:    
Marketable securities   9,287
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Assets:    
Cash equivalents, Money market funds 0 0
Restricted cash equivalents, Money market funds 0 0
Restricted marketable securities 0 0
Derivative assets 0 0
Total assets 0 0
Liabilities:    
Derivative liabilities 0 0
Total liabilities 0 0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Time deposits [Member]    
Assets:    
Marketable securities $ 0 0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. debt [Member]    
Assets:    
Marketable securities   $ 0
v3.26.1
8. Fair Value Measurements (Details) - Balance Sheet Grouping - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Government grants receivable - noncurrent $ 537,583 $ 125,607
Carrying Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Government grants receivable - noncurrent 537,583 125,607
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Long-term debt, including current maturities 328,201 373,651
Estimate of Fair Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Government grants receivable - noncurrent 513,660 104,391
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Long-term debt, including current maturities $ 337,267 $ 382,318
v3.26.1
9. Debt (Details)
$ in Thousands, ₨ in Billions
 1 Months Ended 3 Months Ended
Feb. 28, 2026
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
INR (₨)
Jan. 31, 2025
USD ($)
Jan. 31, 2025
INR (₨)
Feb. 29, 2024
USD ($)
Feb. 29, 2024
INR (₨)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
INR (₨)
Jun. 30, 2023
USD ($)
Jul. 31, 2022
USD ($)
Debt                        
Total debt principal   $ 425,952 $ 498,790                  
Less: unamortized issuance costs   (176) (218)                  
Total debt   425,776 498,572                  
Current portion of debt   188,594 215,979                  
Noncurrent portion of debt   $ 237,182 282,593                  
Revolving Credit Facility                        
Debt                        
Debt instrument, currency   USD                    
Revolving credit facility   $ 0 0                  
Line of Credit Facility, Current Borrowing Capacity $ 1,500,000                   $ 1,000,000  
Line of Credit Facility, Letter of Credit Sub-Limit 450,000 $ 250,000                    
Line of Credit Facility, Capacity Committed and Available $ 150,000                      
Debt Instrument, Description of Variable Rate Basis Borrowings under the Credit Facility bear interest at a rate per annum equal to, at our option, (i) the Term Secured Overnight Financing Rate (“Term SOFR”), plus a margin that ranges between 1.00% to 1.75% or (ii) an alternate base rate as defined in the credit agreement, plus a margin that ranges from 0.00% to 0.75%.                      
Revolving Credit Facility | Minimum [Member]                        
Debt                        
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.10%                      
Revolving Credit Facility | Maximum [Member]                        
Debt                        
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.225%                      
India Credit Facility                        
Debt                        
Debt instrument, currency   USD                    
Long-term debt, gross   $ 328,201 373,651                  
India Credit Facility | DFC | FS India Solar Ventures Private Limited                        
Debt                        
Line of Credit Facility, Current Borrowing Capacity                       $ 500,000
India Credit Agricole Working Capital Facility                        
Debt                        
Debt instrument, currency   INR                    
Short-term debt   $ 44,384 41,157                  
India Credit Agricole Working Capital Facility | Credit Agricole Corporate and Investment Bank | FS India Solar Ventures Private Limited                        
Debt                        
Line of Credit Facility, Current Borrowing Capacity     89,800 ₨ 8.5                
India JPM Working Capital Facility                        
Debt                        
Debt instrument, currency   INR                    
Short-term debt   $ 30,118 26,140                  
India JPM Working Capital Facility | JPMorgan Chase Bank, N.A. | FS India Solar Ventures Private Limited                        
Debt                        
Line of Credit Facility, Current Borrowing Capacity                 $ 65,800 ₨ 6.2    
India Citibank Working Capital Facility                        
Debt                        
Debt instrument, currency   INR                    
Short-term debt   $ 23,249 11,123                  
India Citibank Working Capital Facility | Citibank, N.A. | FS India Solar Ventures Private Limited                        
Debt                        
Line of Credit Facility, Current Borrowing Capacity         $ 67,600 ₨ 6.4            
India HSBC Working Capital Facility                        
Debt                        
Debt instrument, currency   INR                    
Short-term debt   $ 0 $ 46,719                  
India HSBC Working Capital Facility | Hong Kong and Shanghai Banking Corporation Limited | FS India Solar Ventures Private Limited                        
Debt                        
Line of Credit Facility, Current Borrowing Capacity             $ 86,700 ₨ 8.2        
v3.26.1
11. Commitments and Contingencies (Details) - Commercial Commitments - USD ($)
$ in Millions
Mar. 31, 2026
Feb. 28, 2026
Revolving Credit Facility    
Debt Instrument [Line Items]    
Letters of Credit, Issued and Outstanding $ 0.0  
Letters of Credit, Available Capacity 250.0  
Line of Credit Facility, Letter of Credit Sub-Limit 250.0 $ 450.0
Bilateral facilities [Member]    
Debt Instrument [Line Items]    
Letters of Credit, Issued and Outstanding 234.5  
Letters of Credit, Available Capacity 165.2  
Letters of Credit Outstanding, Secured by Cash 1.6  
Surety bonds    
Debt Instrument [Line Items]    
Surety Bonds, Issued and Outstanding 140.8  
Surety Bonds, Available Capacity $ 144.3  
v3.26.1
11. Commitments and Contingencies (Details) - Product Warranties - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]    
Product warranty liability, beginning of period $ 79,408 $ 76,435
Accruals for new warranties issued 4,462 2,656
Settlements (5,069) (3,511)
Changes in estimate of product warranty liability (1,371) (14)
Product warranty liability, end of period 77,430 75,566
Current portion of warranty liability 56,273 60,662
Noncurrent portion of warranty liability 21,157 $ 14,904
Series 7 modules manufacturing issue    
Movement in Standard Product Warranty Accrual [Roll Forward]    
Current portion of warranty liability 47,000  
Warranty Obligations | Minimum [Member]    
Movement in Standard Product Warranty Accrual [Roll Forward]    
Loss Contingency, Estimate of Possible Loss 35,000  
Warranty Obligations | Maximum [Member]    
Movement in Standard Product Warranty Accrual [Roll Forward]    
Loss Contingency, Estimate of Possible Loss $ 70,000  
v3.26.1
11. Commitments and Contingencies (Details) - Indemnifications - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Indemnification liabilities, current $ 0.0 $ 0.0
v3.26.1
11. Commitments and Contingencies (Details) - Solar Module Collection and Recycling Liability - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Accrued solar module collection and recycling liability $ 145,108 $ 146,017
v3.26.1
11. Commitments and Contingencies (Details) - Legal Proceedings - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2026
Dec. 31, 2025
Estimated Litigation Liability [Line Items]        
Accrued litigation     $ 21,800 $ 21,800
Insurance receivable for accrued litigation     21,800 $ 21,800
Other Matters and Claims - Workplace Injury [Member]        
Estimated Litigation Liability [Line Items]        
Litigation Settlement, Amount Awarded to Other Party $ 21,800 $ 51,300    
Accrued litigation     21,800  
Insurance receivable for accrued litigation     $ 21,800  
v3.26.1
12. Revenue from Contracts with Customers (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Revenue from Contracts with Customers [Line Items]      
Deferred revenue $ 1,785,567   $ 1,819,404
Contract Liabilities, Net Change $ (33,837)    
Contract Liabilities, Percent Change (2.00%)    
Sales Revenue Net, from Beginning Contract Liability $ 104,600 $ 132,800  
Solar modules [Member]      
Revenue from Contracts with Customers [Line Items]      
Remaining Performance Obligation, Aggregate Transaction Price $ 14,400,000    
v3.26.1
13. Share-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation expense $ 6,781 $ 2,584
Restricted Stock and Performance Units    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation expense, unrecognized, unvested restricted stock and performance units $ 33,200  
Share-based compensation expense, unrecognized, unvested weighted average period of recognition (in years) 1 year 6 months  
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation expense $ 732 344
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation expense 1,294 355
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation expense $ 4,755 $ 1,885
v3.26.1
14. Income Taxes (Details)
 1 Months Ended 3 Months Ended 48 Months Ended 108 Months Ended
Aug. 31, 2022
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2036
Dec. 31, 2032
Income Tax Disclosure [Abstract]          
Corporate Alternative Minimum Tax, Inflation Reduction Act, Percent 15.00%        
Excise Tax on Stock Buybacks, Inflation Reduction Act, Percent 1.00%        
Effective income tax rate   2.20% 3.50%    
U.S. statutory federal income tax rate   21.00%      
Forecast          
Income Tax Holiday [Line Items]          
Vietnam long-term tax incentive tax rate       10.00% 5.00%
v3.26.1
15. Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income $ 346,619 $ 209,535
Weighted-average common shares outstanding 107,355 107,122
Effect of restricted stock and performance units 268 293
Weighted-average shares used in computing diluted net income per share 107,623 107,415
Net income per share, basic $ 3.23 $ 1.96
Net income per share, diluted $ 3.22 $ 1.95
Anti-dilutive shares 0 0
v3.26.1
16. Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Stockholders' equity, beginning balance $ 9,537,993 $ 7,977,577
Amounts reclassified from accumulated other comprehensive loss (285) 689
Net other comprehensive loss (12,731) 12,990
Stockholders' equity, ending balance 9,878,568 8,187,334
Other expense, net (3,153) (1,932)
Cost of sales 558,109 500,165
Total gain (loss) reclassified 285 (689)
Foreign Currency Translation Adjustment [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Stockholders' equity, beginning balance (109,560)  
Other comprehensive loss before reclassifications (11,404)  
Amounts reclassified from accumulated other comprehensive loss (1,023)  
Net tax effect 0  
Net other comprehensive loss (12,427)  
Stockholders' equity, ending balance (121,987)  
Total gain (loss) reclassified 1,023  
Foreign Currency Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other expense, net 1,023 (323)
Unrealized (Loss) Gain on Marketable Securities and Restricted Marketable Securities [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Stockholders' equity, beginning balance (45,906)  
Other comprehensive loss before reclassifications (968)  
Amounts reclassified from accumulated other comprehensive loss 738  
Net tax effect (74)  
Net other comprehensive loss (304)  
Stockholders' equity, ending balance (46,210)  
Total gain (loss) reclassified (738)  
Unrealized (Loss) Gain on Marketable Securities and Restricted Marketable Securities [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other expense, net (738) 0
Total, Accumulated Other Comprehensive (Loss) Income [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Stockholders' equity, beginning balance (155,466) (184,058)
Other comprehensive loss before reclassifications (12,372)  
Amounts reclassified from accumulated other comprehensive loss (285)  
Net tax effect (74)  
Net other comprehensive loss (12,731) 12,990
Stockholders' equity, ending balance (168,197) (171,068)
Total gain (loss) reclassified 285  
Commodity swap contracts [Member] | Unrealized (Loss) Gain on Derivative Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Cost of sales $ 0 $ (366)
v3.26.1
17. Segment Reporting (Details)
 3 Months Ended
Mar. 31, 2026
segments
Segment Reporting [Abstract]  
Number of Reportable Segments 1
Segment Reporting, CODM, Individual Title and Position [Extensible Enumeration] Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Although our CODM regularly uses gross profit for key operating decisions about allocating resources and assessing performance, we have concluded that consolidated net income is also used and is the measure of profit or loss required to be disclosed under the provisions of ASC 280 for our single operating segment.
Segment Reporting, Expense Information Used by CODM, Description Accordingly, we considered whether there were any significant expense categories to disclose and concluded that the condensed consolidated financial statements and accompanying notes thereto include the relevant categories regularly provided to our CODM.