Revenue and margin trends show strong operating leverage, with operating margin rising from 29.9% in 2025Q1 to 44.4% in 2026Q3 while R&D and SG&A stayed within a narrow band, though quarterly revenue volatility and possible subsidy-driven gross margin support suggest the trajectory may not be steady.
First Solar, Inc. (FSLR) annual income statement — 23-year revenue, gross profit & net income history
| 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 | 5.01B | 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 % | -0.72% | 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 | 2.54B | 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 | - | 59.38% | 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 | 2.47B | 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 % | 49.25% | 40.62% | 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 % | - | 14.13% | 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 | 579.82M | 523.48M | 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 | - | 10.03% | 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 | 233.28M | 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 | 276.36M | 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 | 3.79M | 86.3M | 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 | 1.89B | 1.6B | 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 % | 37.69% | 30.59% | 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 % | - | 14.52% | 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 | 2.47B | 2.13B | 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 % | 49.33% | 40.73% | 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 % | 22.4% | 16.95% | 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) | 583.9M | 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 | 1.96B | 1.63B | 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 | 83.55M | 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 | 110.42M | 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 | 26.87M | 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 | 41.37M | -15.95M | 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 | 1.93B | 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 % | 38.51% | 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 | 69.95M | 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 % | 3.62% | 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 | 1.86B | 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 % | 37.12% | 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 % | 32.89% | 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) | 1.86B | 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) | 17.28 | 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 % | 32.72% | 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 | 107.7M | 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 | 107.47M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 $1.60B, resulting in an operating profit margin of 30.6%. 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.
Key Metrics
Top Statement Risk
Policy-dependent 45X credit exposure
Metrics are mathematically derived from official filings.
Volume-Driven Growth Masks Quarterly Volatility
Based on reported quarterly figures, FSLR revenue swung from $844.6M in 2025Q1 to roughly $1.7B in 2025Q4, a pattern that reflects shipment timing more than a steady underlying growth rate.
The sequential swings suggest revenue recognition is tied to the transfer of control and project site readiness rather than smooth demand. Year-over-year growth figures of 6.4% to 79.7% indicate the top line is expanding, but the sharp reversal to -22.8% in the latest quarter implies that trend-level growth should be read from multi-quarter averages. Investors should monitor whether record cumulative volume and the reported backlog convert into consistent quarterly revenue.
Gross Margin Rests on Subsidy Accounting
As reflected in reported figures, FSLR gross margin expanded from roughly 37.5% in 2024Q4 to 57.9% in 2026Q3, a level that appears materially lifted by Section 45X credits recorded within cost of sales.
The step-up in gross margin across the 2026 quarters appears to coincide with the scaling of newer US capacity, which suggests genuine operating leverage. However, a meaningful portion of the margin likely reflects federal manufacturing credits rather than customer-paid pricing alone. Margin durability therefore depends heavily on whether these credits persist and on the underlying cost-per-watt trajectory.
Net Income Exceeds Operating Profit Trend
According to reported quarterly statements, FSLR net income of $571.1M in 2026Q3 exceeded operating income of $546.1M, indicating non-operating items such as interest income on a large cash balance contributed to bottom-line results.
Net income running above operating income is not inherently problematic, but it means reported earnings are partly sustained by treasury returns rather than manufacturing alone. This may flatter net margin in periods where operating performance softens. Analysts should separate operating earnings from interest income when assessing the sustainability of EPS.
Subsidy-Dependent Margin Could Compress
Based on reported figures, the 2026Q3 gross margin of 57.9% sits far above the 38-40% range seen in late 2025, a gap that may reflect credit timing and could reverse if subsidy recognition normalizes.
The strongest bear argument is that the current margin profile is not a clean measure of manufacturing economics. If 45X credits are repealed, phased down, or recognized less favorably, margins could revert toward the late-2025 range. The reported Q2 EPS shortfall of $3.92 against a $4.63 consensus further suggests that cost or margin pressure can emerge quickly, warranting close monitoring.
Operating Income Scales Ahead of SG&A
According to reported quarterly figures, FSLR operating margin rose from 29.9% in 2025Q1 to 44.4% in 2026Q3 while R&D and SG&A stayed in a narrow $45M to $80M band, indicating strong operating leverage.
Because operating expenses have remained relatively flat while revenue scaled, incremental gross profit has flowed largely to operating income. This pattern is consistent with a high fixed-cost manufacturing base being absorbed by volume. The leverage is favorable on the way up, but it works in reverse if volumes or subsidy-supported pricing decline.