First Solar, Inc. (FSLR) Income Statement
FSLR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFSLR revenue and net income
Where FSLR's revenue goes
2025Each bar shows an amount and its share of revenue. FSLR kept 29.3% of revenue as net income.
FSLR profit margins
FSLR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +24.1% | +25.8% | +14.0% | +2.4% |
| Gross profit | +14.1% | +211.9% | +25.5% | +6.5% |
| Operating income | +14.5% | — | +38.1% | +8.1% |
| Net income | +18.3% | — | +30.9% | +9.9% |
| EPS (diluted) | +18.3% | — | +30.7% | +11.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FSLR quarterly EPS vs estimates
First Solar beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 29, 2026 (estimate $4.64).
FSLR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.22B | $4.21B | $3.32B | $2.62B | $2.92B | $2.71B | $3.06B | $2.24B | $2.94B | $2.90B |
| Cost of revenue | $3.10B | $2.35B | $2.02B | $2.55B | $2.19B | $2.03B | $2.51B | $1.85B | $2.39B | $2.27B |
| Gross profit | $2.12B | $1.86B | $1.30B | $69.9M | $730.0M | $680.7M | $549.2M | $392.2M | $548.9M | $638.4M |
| Research & development | $233.4M | $191.4M | $152.3M | $112.8M | $99.1M | $93.7M | $96.6M | $84.5M | $88.6M | $124.8M |
| Sales, general & admin | $203.8M | $188.3M | $183.3M | $164.7M | $170.3M | $222.9M | $205.5M | $176.9M | $202.7M | $262.0M |
| Total operating expenses | $523.5M | $463.4M | $443.4M | $97.1M | $143.2M | $363.2M | $711.0M | $352.1M | $371.1M | $1.21B |
| Operating income | $1.60B | $1.39B | $857.3M | −$27.2M | $586.8M | $317.5M | −$161.8M | $40.1M | $177.9M | −$568.2M |
| Interest income | $81.8M | $89.1M | $92.4M | $33.3M | $6.2M | $16.6M | $48.9M | $59.8M | $35.7M | $25.2M |
| Interest expense | $44.1M | $38.9M | $13.0M | $12.2M | $13.1M | $24.0M | $27.1M | $25.9M | $25.8M | $20.5M |
| Income before taxes | $1.58B | $1.41B | $891.3M | $8.6M | $572.2M | $291.1M | −$120.4M | $147.8M | $206.4M | −$392.9M |
| Income taxes | $52.7M | $114.3M | $60.5M | $52.8M | $103.5M | −$107.3M | −$5.5M | $3.4M | $372.0M | $23.2M |
| Net income | $1.53B | $1.29B | $830.8M | −$44.2M | $468.7M | $398.4M | −$114.9M | $144.3M | −$165.6M | −$416.1M |
| EBITDA | $2.15B | $1.87B | $1.21B | $290.5M | $845.2M | $550.2M | $112.4M | $269.8M | $343.2M | −$285.8M |
| EPS (diluted) | $14.21 | $12.01 | $8.04 | −$1.34 | $3.26 | $3.73 | $1.48 | $1.35 | $2.59 | $5.26 |
| Gross margin | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% | 25.1% | 17.9% | 17.5% | 18.7% | 22.0% |
| Operating margin | 30.6% | 33.2% | 25.8% | −1.0% | 20.1% | 11.7% | −5.3% | 1.8% | 6.0% | −19.6% |
| Net margin | 29.3% | 30.7% | 25.0% | −1.7% | 16.0% | 14.7% | −3.8% | 6.4% | −5.6% | −14.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.06B | $1.04B | $1.68B | $1.59B | $1.10B | $844.6M | $1.51B | $887.7M | $1.01B | $794.1M | $1.16B | $801.1M |
| Cost of revenue | $451.2M | $558.1M | $1.02B | $984.1M | $597.3M | $500.2M | $946.4M | $442.4M | $511.6M | $448.1M | $656.5M | $424.9M |
| Gross profit | $605.0M | $486.1M | $665.3M | $610.7M | $499.9M | $344.4M | $567.7M | $445.3M | $498.9M | $346.0M | $502.0M | $376.2M |
| Research & development | $76.2M | $66.9M | $66.0M | $60.6M | $54.5M | $52.4M | $46.5M | $50.2M | $51.9M | $42.7M | $43.9M | $41.2M |
| Sales, general & admin | $51.9M | $65.3M | $50.7M | $47.3M | $52.6M | $53.2M | $49.6M | $46.3M | $46.6M | $45.8M | $57.1M | $50.2M |
| Total operating expenses | $154.6M | $140.8M | $117.4M | $144.7M | $138.2M | $123.2M | $110.9M | $123.3M | $126.4M | $102.9M | $104.2M | $103.2M |
| Operating income | $450.4M | $345.3M | $547.9M | $466.1M | $361.6M | $221.2M | $456.8M | $322.0M | $372.5M | $243.1M | $397.8M | $273.0M |
| Interest income | $29.9M | $28.9M | $27.5M | $23.3M | $12.1M | $18.9M | $14.7M | $22.6M | $24.6M | $27.2M | $23.6M | $23.3M |
| Interest expense | $5.6M | $7.6M | $11.3M | $14.1M | $9.2M | $9.5M | $10.9M | $9.0M | $9.8M | $9.2M | $7.1M | $3.7M |
| Income before taxes | $459.4M | $354.3M | $551.3M | $460.3M | $352.2M | $217.1M | $446.3M | $327.3M | $377.1M | $255.5M | $376.7M | $290.5M |
| Income taxes | $36.8M | $7.7M | $30.5M | $4.4M | $10.3M | $7.5M | $53.2M | $14.4M | $27.8M | $18.9M | $27.4M | $22.1M |
| Net income | $422.6M | $346.6M | $520.9M | $455.9M | $341.9M | $209.5M | $393.1M | $313.0M | $349.4M | $236.6M | $349.2M | $268.4M |
| EBITDA | $612.8M | $509.3M | $703.3M | $614.8M | $486.0M | $352.5M | $581.7M | $447.5M | $484.2M | $355.3M | $473.4M | $371.9M |
| EPS (diluted) | $3.92 | $3.22 | $4.84 | $4.24 | $3.18 | $1.95 | $3.65 | $2.91 | $3.25 | $2.20 | $3.25 | $2.50 |
| Gross margin | 57.3% | 46.6% | 39.5% | 38.3% | 45.6% | 40.8% | 37.5% | 50.2% | 49.4% | 43.6% | 43.3% | 47.0% |
| Operating margin | 42.6% | 33.1% | 32.6% | 29.2% | 33.0% | 26.2% | 30.2% | 36.3% | 36.9% | 30.6% | 34.3% | 34.1% |
| Net margin | 40.0% | 33.2% | 31.0% | 28.6% | 31.2% | 24.8% | 26.0% | 35.3% | 34.6% | 29.8% | 30.1% | 33.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FSLR's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FSLR financial results
In fiscal year 2025 (ended December 31, 2025), First Solar reported revenue of $5.2 billion, up 24.1% from the year before. It had net income of $1.5 billion (up 18.3%), a net profit margin of 29.3%. Diluted earnings per share came to $14.21. Over five years revenue grew at an average rate of 14.0% a year.
See the FSLR stock overview for the latest quote and news, or the FSLR chart for price history and technical indicators.
FSLR income statement FAQ
What is First Solar's annual revenue?
First Solar reported total revenue of $5.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 24.1% from $4.2 billion the previous year.
Is First Solar profitable?
Yes. First Solar reported net income of $1.5 billion in fiscal 2025, a net profit margin of 29.3%; its operating margin was 30.6%.
What is First Solar's gross margin?
First Solar's gross margin was 40.6% in fiscal 2025: for every $100 of revenue, First Solar kept $41 after the direct cost of its products and services.
How much does First Solar spend on research and development?
First Solar spent $233.4 million on research and development in fiscal 2025, 4.5% of revenue.
How fast is First Solar growing?
Revenue grew 14.0% a year on average over the last five fiscal years, from $2.7 billion to $5.2 billion.
What are First Solar's earnings per share?
First Solar earned $14.21 per diluted share in fiscal 2025, compared with $12.01 a year earlier.
When will First Solar report its next earnings?
First Solar is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does First Solar's fiscal year end?
First Solar's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.