Gross margins have consistently remained above 37% since 2024Q4, suggesting that federal manufacturing tax credits are structurally supporting profitability despite significant quarterly revenue fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'01 |
|---|
| Sales/Revenue | 5.42B | 5.22B | 4.21B | 3.32B | 2.62B | 2.92B | 2.71B | 3.06B | 2.24B | 2.94B | 2.9B | 4.11B | 3.39B | 3.31B | 3.37B | 2.77B | 2.56B | 2.07B | 1.25B | 503.98M | 134.97M | 48.06M | 13.52M | 0 |
| Revenue Growth % | 27.3% | 24.09% | 26.75% | 26.7% | -10.4% | 7.82% | -11.48% | 36.5% | -23.71% | 1.27% | -29.37% | 21.27% | 2.46% | -1.75% | 21.77% | 7.91% | 24.07% | 65.79% | 147.29% | 273.39% | 180.83% | 255.44% | - | - |
| Cost of Goods Sold | 3.16B | 3.1B | 2.35B | 2.02B | 2.55B | 2.19B | 2.03B | 2.51B | 1.85B | 2.39B | 2.27B | 2.98B | 2.57B | 2.44B | 2.52B | 1.79B | 1.38B | 1.02B | 567.91M | 252.57M | 80.73M | 31.48M | 18.85M | 14.27M |
| COGS % of Revenue | - | 59.37% | 55.83% | 60.81% | 97.33% | 75.03% | 74.9% | 82.07% | 82.52% | 81.34% | 78.02% | 72.46% | 75.67% | 73.88% | 74.68% | 64.87% | 53.78% | 49.44% | 45.57% | 50.12% | 59.81% | 65.5% | 139.41% | - |
| Gross Profit | 2.26B | 2.12B | 1.86B | 1.3B | 69.86M | 729.95M | 680.67M | 549.21M | 392.18M | 548.95M | 638.42M | 1.13B | 824.94M | 864.63M | 852.75M | 971.75M | 1.18B | 1.04B | 678.39M | 251.4M | 54.24M | 16.58M | -5.33M | -14.27M |
| Gross Margin % | 41.74% | 40.63% | 44.17% | 39.19% | 2.67% | 24.97% | 25.1% | 17.93% | 17.48% | 18.66% | 21.98% | 27.54% | 24.33% | 26.12% | 25.32% | 35.13% | 46.22% | 50.56% | 54.43% | 49.88% | 40.19% | 34.5% | -39.41% | - |
| Gross Profit Growth % | - | 14.15% | 42.84% | 1761.89% | -90.43% | 7.24% | 23.94% | 40.04% | -28.56% | -14.01% | -43.64% | 37.31% | -4.59% | 1.39% | -12.25% | -17.98% | 13.43% | 53.98% | 169.84% | 363.47% | 227.17% | 411.13% | 62.66% | - |
| Operating Expenses | 472.45M | 437.18M | 463.44M | 443.41M | 97.09M | 143.2M | 363.18M | 711M | 352.06M | 371.1M | 1.21B | 402.6M | 402.94M | 494.23M | 890.31M | 1.04B | 435.94M | 364.97M | 240.05M | 114.22M | 51.43M | 21.37M | 11.45M | 11.46M |
| OpEx % of Revenue | - | 8.38% | 11.02% | 13.36% | 3.71% | 4.9% | 13.4% | 23.21% | 15.69% | 12.62% | 41.54% | 9.79% | 11.88% | 14.93% | 26.43% | 37.61% | 17.01% | 17.66% | 19.26% | 22.66% | 38.11% | 44.46% | 84.69% | - |
| Selling, General & Admin | 215.93M | 203.76M | 188.26M | 197.62M | 164.72M | 170.32M | 222.92M | 205.47M | 176.86M | 202.7M | 261.99M | 255.19M | 253.83M | 270.26M | 280.93M | 412.54M | 321.7M | 272.9M | 174.04M | 82.25M | 45.07M | 19M | 10.21M | 7.57M |
| SG&A % of Revenue | - | 3.9% | 4.48% | 5.96% | 6.29% | 5.83% | 8.22% | 6.71% | 7.88% | 6.89% | 9.02% | 6.21% | 7.48% | 8.17% | 8.34% | 14.91% | 12.55% | 13.21% | 13.96% | 16.32% | 33.39% | 39.53% | 75.52% | - |
| Research & Development | 247.98M | 233.42M | 191.38M | 152.31M | 112.8M | 99.11M | 93.74M | 96.61M | 84.47M | 88.57M | 124.76M | 130.59M | 143.97M | 134.3M | 132.46M | 140.52M | 94.8M | 78.16M | 33.52M | 15.11M | 6.36M | 2.37M | 1.24M | 3.77M |
| R&D % of Revenue | - | 4.47% | 4.55% | 4.59% | 4.31% | 3.39% | 3.46% | 3.15% | 3.76% | 3.01% | 4.3% | 3.18% | 4.25% | 4.06% | 3.93% | 5.08% | 3.7% | 3.78% | 2.69% | 3% | 4.71% | 4.94% | 9.17% | - |
| Other Operating Expenses | 1000K | 0 | 83.81M | 93.48M | -180.43M | -126.23M | 46.53M | 408.92M | 90.73M | 79.82M | 819.81M | 16.82M | 5.15M | 89.66M | 476.92M | 487.35M | 19.44M | 13.91M | 32.5M | 16.87M | 0 | 0 | 0 | 119K |
| Operating Income | 1.79B | 1.68B | 1.39B | 857.27M | -27.24M | 586.75M | 317.49M | -161.78M | 40.11M | 177.85M | -568.15M | 730.16M | 422M | 370.41M | -37.56M | -68.66M | 748.9M | 679.62M | 438.34M | 137.18M | 2.81M | -4.79M | -16.78M | -25.73M |
| Operating Margin % | 33.02% | 32.26% | 33.15% | 25.83% | -1.04% | 20.07% | 11.71% | -5.28% | 1.79% | 6.05% | -19.56% | 17.75% | 12.44% | 11.19% | -1.12% | -2.48% | 29.21% | 32.89% | 35.17% | 27.22% | 2.08% | -9.97% | -124.1% | - |
| Operating Income Growth % | - | 20.73% | 62.66% | 3247.55% | -104.64% | 84.81% | 296.24% | -503.32% | -77.45% | 131.3% | -177.81% | 73.02% | 13.93% | 1086.1% | 45.29% | -109.17% | 10.2% | 55.04% | 219.53% | 4781.89% | 158.66% | 71.46% | 34.77% | - |
| EBITDA | 2.19B | 2.21B | 1.82B | 1.17B | 242.49M | 846.65M | 550.41M | 43.69M | 170.85M | 293.16M | -337.21M | 987.98M | 667.8M | 604.78M | 225.15M | 166.57M | 905M | 809.24M | 497.86M | 161.66M | 13.02M | -1.41M | -14.84M | -25.73M |
| EBITDA Margin % | 40.47% | 42.39% | 43.22% | 35.11% | 9.26% | 28.96% | 20.3% | 1.43% | 7.61% | 9.97% | -11.61% | 24.02% | 19.69% | 18.27% | 6.68% | 6.02% | 35.3% | 39.17% | 39.95% | 32.08% | 9.65% | -2.94% | -109.72% | - |
| EBITDA Growth % | 17.76% | 21.72% | 56.01% | 380.54% | -71.36% | 53.82% | 1159.82% | -74.43% | -41.72% | 186.94% | -134.13% | 47.95% | 10.42% | 168.61% | 35.17% | -81.59% | 11.83% | 62.55% | 207.96% | 1141.64% | 1020.79% | 90.47% | 42.33% | - |
| D&A (Non-Cash Add-back) | 403.34M | 529.22M | 423.5M | 307.99M | 269.72M | 259.9M | 232.93M | 205.47M | 130.74M | 115.31M | 230.94M | 257.82M | 245.8M | 234.37M | 262.72M | 235.23M | 156.09M | 129.63M | 59.52M | 24.48M | 10.21M | 3.38M | 1.94M | 0 |
| EBIT | 1.44B | 1.68B | 1.45B | 904.25M | 20.82M | 585.27M | 317.23M | -93.06M | 139.07M | 227.88M | -516.71M | 740.3M | 434.08M | 382.86M | -25.92M | -53.61M | 762.08M | 691.57M | 464.29M | 137.18M | 2.81M | -4.79M | -16.78M | 0 |
| Net Interest Income | 28.29M | 37.63M | 50.22M | 84.7M | 21.06M | -6.93M | -7.48M | 21.82M | 33.87M | 9.94M | 4.66M | 15.54M | 16.05M | 14.87M | -1.06M | 13.29M | 14.37M | 4.48M | 20.65M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 91.76M | 81.76M | 89.09M | 97.67M | 33.28M | 6.18M | 16.56M | 48.89M | 59.79M | 35.7M | 25.19M | 22.52M | 18.03M | 16.75M | 12.82M | 13.39M | 14.38M | 9.73M | 21.16M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 26.99M | 44.13M | 38.87M | 12.96M | 12.22M | 13.11M | 24.04M | 27.07M | 25.92M | 25.77M | 20.54M | 6.97M | 1.98M | 1.88M | 13.89M | 100K | 6K | 5.26M | 509K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -71.42M | -102.61M | 11.92M | 34.02M | 35.83M | -14.59M | -26.43M | 41.37M | 107.65M | 28.53M | 175.21M | -104.42M | 5.15M | 10.41M | -2.24M | 14.95M | 13.17M | 6.7M | 25.44M | 18.78M | 6.37M | -1.76M | 10K | -1.41M |
| Pretax Income | 1.72B | 1.58B | 1.41B | 891.29M | 8.6M | 572.16M | 291.06M | -120.41M | 147.77M | 206.38M | -392.94M | 625.74M | 427.15M | 380.82M | -39.8M | -53.71M | 762.08M | 686.31M | 463.78M | 155.96M | 9.18M | -6.55M | -16.77M | -27.13M |
| Pretax Margin % | 31.71% | 30.29% | 33.43% | 26.86% | 0.33% | 19.57% | 10.73% | -3.93% | 6.58% | 7.02% | -13.53% | 15.21% | 12.6% | 11.51% | -1.18% | -1.94% | 29.73% | 33.22% | 37.21% | 30.95% | 6.8% | -13.63% | -124.03% | - |
| Income Tax | 37.45M | 52.68M | 114.29M | 60.51M | 52.76M | 103.47M | -107.29M | -5.48M | 3.44M | 372M | 23.17M | 32.33M | 31.19M | 30.1M | 56.53M | -14.22M | 97.88M | 46.18M | 115.45M | -2.39M | 5.21M | 0 | 0 | 0 |
| Effective Tax Rate % | 2.18% | 3.33% | 8.13% | 6.79% | 613.68% | 18.08% | -36.86% | 4.55% | 2.33% | 180.25% | -5.9% | 5.17% | 7.3% | 7.9% | -142.03% | 26.47% | 12.84% | 6.73% | 24.89% | -1.53% | 56.71% | 0% | 0% | 0% |
| Net Income | 1.67B | 1.53B | 1.29B | 830.78M | -44.17M | 468.69M | 398.36M | -114.93M | 144.33M | -165.62M | -416.11M | 593.41M | 395.96M | 350.72M | -96.34M | -39.49M | 664.2M | 640.14M | 348.33M | 158.35M | 3.97M | -6.46M | -16.77M | -27.13M |
| Net Margin % | 30.73% | 29.28% | 30.72% | 25.03% | -1.69% | 16.03% | 14.69% | -3.75% | 6.43% | -5.63% | -14.33% | 14.43% | 11.68% | 10.6% | -2.86% | -1.43% | 25.91% | 30.98% | 27.95% | 31.42% | 2.94% | -13.44% | -124.03% | - |
| Net Income Growth % | 31.65% | 18.28% | 55.52% | 1981.03% | -109.42% | 17.66% | 446.6% | -179.63% | 187.15% | 60.2% | -170.12% | 49.86% | 12.9% | 464.05% | -143.94% | -105.95% | 3.76% | 83.77% | 119.97% | 3884.75% | 161.5% | 61.47% | 38.19% | - |
| Net Income (Continuing) | 1.67B | 1.53B | 1.29B | 830.78M | -44.17M | 468.69M | 398.36M | -114.93M | 144.33M | -165.62M | -416.11M | 593.41M | 395.96M | 350.72M | -96.34M | -39.49M | 664.2M | 640.14M | 348.33M | 158.35M | 3.97M | -6.55M | -16.77M | -27.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 15.47 | 14.21 | 12.02 | 7.74 | -0.41 | 4.38 | 3.73 | -1.09 | 1.36 | -1.59 | -3.48 | 5.37 | 3.91 | 3.70 | -1.11 | -0.46 | 7.68 | 7.53 | 4.24 | 2.03 | 0.07 | -0.13 | -0.38 | -0.50 |
| EPS Growth % | 31.63% | 18.22% | 55.3% | 1987.8% | -109.36% | 17.43% | 442.2% | -180.15% | 185.53% | 54.31% | -164.8% | 37.34% | 5.68% | 433.33% | -141.3% | -105.99% | 1.99% | 77.59% | 108.87% | 2800% | 153.85% | 65.79% | 24% | - |
| EPS (Basic) | - | 14.25 | 12.07 | 7.78 | -0.41 | 4.41 | 3.76 | -1.09 | 1.38 | -1.59 | -3.48 | 5.42 | 3.97 | 3.77 | -1.11 | -0.46 | 7.82 | 7.67 | 4.34 | 2.12 | 0.07 | -0.13 | -0.39 | -0.50 |
| Diluted Shares Outstanding | 107.62M | 107.54M | 107.53M | 107.37M | 106.55M | 106.92M | 106.69M | 105.31M | 106.11M | 104.33M | 102.87M | 101.81M | 101.64M | 95.47M | 86.86M | 86.07M | 86.49M | 85.04M | 82.12M | 77.97M | 58.26M | 48.85M | 43.92M | 53.76M |
| Basic Shares Outstanding | 107.36M | 107.23M | 107.02M | 106.8M | 106.55M | 106.26M | 105.87M | 105.31M | 104.75M | 104.16M | 102.74M | 100.89M | 100.05M | 93.7M | 86.79M | 86.07M | 84.89M | 83.5M | 80.18M | 74.7M | 56.31M | 48.85M | 43.2M | 53.76M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Subsidy dependency and policy
As reported in recent financial filings, FSLR's revenue growth has exhibited significant quarterly fluctuations, ranging from a 6.4% increase in 2025Q1 to a 79.7% surge in 2025Q3, reflecting the lumpy nature of project-based revenue recognition inherent in the company's utility-scale manufacturing business model.
The inconsistent top-line trajectory suggests that revenue is heavily dependent on the timing of project completions and customer delivery schedules rather than steady-state demand. Investors should monitor whether the company can maintain consistent backlog conversion rates as it scales its Series 7 production capacity.
Based on the provided income statement data, gross margins have consistently remained above 37% since 2024Q4, a performance level that appears structurally supported by the inclusion of Section 45X Advanced Manufacturing Production credits as a direct reduction to the cost of sales for the company.
These elevated margins may not reflect pure manufacturing efficiency but rather the impact of federal industrial policy on the income statement. Analysts should consider that any potential legislative changes to these credits could lead to a material compression of current profitability levels.
According to the quarterly income statement, operating income has scaled effectively alongside revenue growth, with operating margins reaching as high as 36.9% in 2024Q2, indicating that the company is successfully leveraging its high fixed-cost manufacturing base as production volumes increase across its newer facilities.
The ability to keep SG&A expenses relatively contained while revenue expands suggests disciplined overhead management. This operating leverage is critical for maintaining profitability, though it leaves the company vulnerable to margin erosion should capacity utilization rates decline due to market oversupply.
As indicated by the company's financial disclosures, the reliance on federal tax credits to bolster net income creates a potential vulnerability, as the current profitability profile may be more reflective of policy-driven tailwinds than sustainable, long-term competitive advantages in the global solar module manufacturing market.
Short-term performance metrics may be masking underlying operational risks, particularly if silicon-based competitors continue to innovate or if trade protections are relaxed. Investors should evaluate the company's ability to maintain its current margin profile in a hypothetical post-subsidy environment.
Quick answers to the most common questions about buying FSLR stock.
For fiscal year 2025, First Solar, Inc. (FSLR) reported total revenue of $5.22B.
First Solar, Inc. (FSLR) is profitable, generating $1.53B in net income for the fiscal year ending 2025 with a net profit margin of 29.3%.
First Solar, Inc. (FSLR) reported an operating income of $1.68B, resulting in an operating profit margin of 32.3%. This margin reflects the operational efficiency of the business before interest and taxes.
First Solar, Inc. (FSLR) generated $2.12B in gross profit for the year, representing a gross profit margin of 40.6%. This demonstrates the company's core pricing power and production efficiency.