First Solar, Inc. income statement FSLR

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, First Solar, Inc. reported revenue of $5.2 billion, up 24.1% from the year before. Net income was $1.5 billion, a profit margin of 29.3%. Operating income came to $1.6 billion, an operating margin of 30.6%. Diluted earnings per share were $14.21. Over the twelve months ended Sep 30, 2026, revenue was $5.0 billion and net income was $1.9 billion. Across the 10 fiscal years shown, revenue grew from $2.9 billion in fiscal 2016 to $5.2 billion in fiscal 2025, about 6.7% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2026 Sep 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Revenue	5,014 -0.7%	5,219 +24.1%	4,206 +26.7%	3,319 +26.7%	2,619 -10.4%	2,923 +7.8%	2,711 -11.5%	3,063 +36.5%	2,244 -23.7%	2,941 +1.3%	2,905 -29.4%
Cost of revenue	2,545 -16.0%	3,099 +32.0%	2,348 +16.4%	2,018 -20.8%	2,549 +16.2%	2,193 +8.0%	2,031 -19.2%	2,514 +35.7%	1,852 -22.6%	2,392 +5.6%	2,266 -24.0%
Gross profit	2,470 +22.1%	2,120 +14.1%	1,858 +42.8%	1,301 +1761.9%	70 -90.4%	730 +7.2%	681 +23.9%	549 +40.0%	392 -28.6%	549 -14.0%	638 -43.6%
Research and development	276 +29.2%	233 +22.0%	191 +25.7%	152 +35.0%	113 +13.8%	99 +5.7%	94 -3.0%	97 +14.4%	84 -4.6%	89 -29.0%	125 -4.5%
Selling, general and administrative	233 +15.1%	204 +8.2%	188 -4.7%	198 +20.0%	165 -3.3%	170 -23.6%	223 +8.5%	205 +16.2%	177 -12.7%	203 -22.6%	262 +2.7%
Operating income	1,890 +25.5%	1,597 +14.5%	1,394 +62.7%	857 +3247.5%	-27 -104.6%	587 +84.8%	317 +296.2%	-162 -503.3%	40 -77.4%	178 +131.3%	-568 -177.8%
Interest income	110 +60.2%	82 -8.2%	89 -8.8%	98	—	—	—	—	—	—	—
Interest expense	27 -38.5%	44 +13.5%	39	—	—	—	—	—	—	—	—
Foreign currency gain (loss)	-31 +16.6%	-39 -54.4%	-25 -16.0%	-22 -31.2%	-16 -105.8%	-8 -63.1%	-5 -313.4%	2 +501.9%	-1 +94.1%	-10 +31.2%	-14 -103.9%
Other non-operating income (expense)	-11 +37.8%	-15 -12.7%	-13 +54.3%	-29 -193.4%	31 +9832.8%	0 +102.6%	-12 -168.0%	18 -55.8%	40 +65.8%	24 -40.5%	40 +831.6%
Pretax income	1,931 +30.8%	1,581 +12.4%	1,406 +57.8%	891 +10266.2%	9 -98.5%	572 +95.2%	293 +344.1%	-120 -206.2%	113 -44.0%	202 +137.6%	-537 -173.3%
Income tax	70 -7.3%	53 -53.9%	114 +88.9%	61 +14.7%	53 -49.0%	103 +196.4%	-107 -1857.9%	-5 -259.3%	3 -99.1%	372 +1505.7%	23 -28.3%
Net income	1,861 +32.9%	1,528 +18.3%	1,292 +55.5%	831 +1981.0%	-44 -109.4%	469 +17.7%	398 +446.6%	-115 -179.6%	144 +187.1%	-166 +60.2%	-416 -170.1%
Basic EPS	17.33 +32.6%	14.25 +18.1%	12.07 +55.1%	7.78 +1997.6%	-0.41 -109.3%	4.41 +17.3%	3.76 +445.0%	-1.09 -179.0%	1.38 +186.8%	-1.59 +60.7%	-4.05 -168.9%
Diluted EPS	17.29 +32.7%	14.21 +18.2%	12.02 +55.3%	7.74 +1987.8%	-0.41 -109.4%	4.38 +17.4%	3.73 +442.2%	-1.09 -180.1%	1.36 +185.5%	-1.59 +60.7%	-4.05 -169.5%
Weighted average shares, basic	107 +0.2%	107 +0.2%	107 +0.2%	107 +0.2%	107 +0.3%	106 +0.4%	106 +0.5%	105 +0.5%	105 +0.4%	104 +1.4%	103 +2.0%
Weighted average shares, diluted	108 +0.1%	108 +0.0%	108 +0.1%	107 +0.8%	107 -0.3%	107 +0.2%	107 +1.3%	105 -0.8%	106 +1.7%	104 +1.4%	103 +1.0%
Other measures
Depreciation and amortization	—	—	—	—	—	—	—	—	—	92 -55.0%	204 -9.3%
EBITDA	—	—	—	—	—	—	—	—	—	270 +174.1%	-364 -138.1%
Interest coverage	70.33x	36.18x	35.87x	—	—	—	—	—	—	—	—
Margins
Gross margin	49.25%	40.62%	44.17%	39.19%	2.67%	24.97%	25.10%	17.93%	17.48%	18.66%	21.98%
Operating margin	37.69%	30.59%	33.15%	25.83%	-1.04%	20.07%	11.71%	-5.28%	1.79%	6.05%	-19.56%
Pretax margin	38.51%	30.29%	33.43%	26.86%	0.33%	19.57%	10.81%	-3.92%	5.04%	6.87%	-18.50%
Profit margin	37.12%	29.28%	30.72%	25.03%	-1.69%	16.03%	14.69%	-3.75%	6.43%	-5.63%	-14.33%
EBITDA margin	—	—	—	—	—	—	—	—	—	9.17%	-12.53%
Effective tax rate	3.62%	3.33%	8.13%	6.79%	613.68%	18.08%	-36.60%	—	3.04%	184.05%	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.

New to this? Read How to Read an Income Statement, With a Real Example.

Company profile

Industry: Semiconductors & Related Devices (SIC 3674)
Listed as: FSLR (Nasdaq)
Fiscal year ends: December 31
Incorporated in: DE
Headquarters: Phoenix, AZ
SEC filer status: Large accelerated filer
SEC CIK: 1274494
Former names: FIRST SOLAR HOLDINGS LLC (until Dec 23, 2003)

Other Semiconductors & Related Devices companies

All 112 Semiconductors & Related Devices companies

Source: SEC EDGAR filings. This is company-reported data, not investment advice.