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First Solar (FSLR)
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First Solar Income Statement 2025-2006 | FSLR
Brief overview of income trends at First Solar
This overview is based on financial performance over the past five years. Revenue at First Solar moved from $2.7 billion in 2020 to $5.2 billion in 2025. Overall revenue changed by +92.5%, equal to an annualized rate of about 14%. The trajectory reflects meaningful expansion of the business.
Gross profit was $681 million at the start and $2.1 billion at the end of the period (+211.5%). The cost base moved more slowly than the top line, which supported margins. Gross profit as a share of revenue changed from 25.1% to 40.6%. Improving gross profitability strengthens the quality of revenue growth.
EBITDA changed from 550 million dollars to 2.1 billion dollars (+286.3%). Operating profitability strengthened faster than the scale of sales. EBITDA margin was 20.3% at the start and 40.7% at the end. The business generated more EBITDA from each unit of revenue.
Net profit was $398 million at the start and $1.5 billion at the end. The period finished with its strongest net-income result.
Market value was $10.5 billion at the start and $26.4 billion at the end. Market value lagged the financial performance.
Overall conclusion
The five-year financial profile is predominantly positive. The positive side is supported by net-income growth, positive operating leverage and better sales economics. Further direction will depend on top-line growth, operating profitability, and net income.
Annual Income Statement First Solar
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
26.4 B | 15.9 B | 15.5 B | 17.9 B | 8.33 B | 10.5 B | 5.34 B | 5.31 B | 7 B | 3.19 B | 6.93 B | 4.23 B | 4.82 B | 2.42 B | 3.77 B | 9.09 B | 15.8 B | 20.5 B | 5.09 B | - |
Shares |
107 M | 107 M | 107 M | 107 M | 106 M | 106 M | 105 M | 105 M | 104 M | 103 M | 101 M | 100 M | 93.7 M | 86.9 M | 86.1 M | 84.9 M | 83.5 M | 80.2 M | 74.7 M | - |
Historical Prices |
246 | 148 | 145 | 168 | 78.4 | 99.2 | 49.6 | 50.6 | 67.2 | 31.2 | 68.7 | 42.3 | 50.6 | 28.2 | 42.3 | 107 | 189 | 256 | 68.2 | - |
Net Income |
1.53 B | 1.29 B | 831 M | -44.2 M | 469 M | 398 M | -115 M | 144 M | -166 M | -358 M | 546 M | 397 M | 353 M | -96.3 M | -39.5 M | 664 M | 640 M | 348 M | 158 M | - |
Revenue |
5.22 B | 4.21 B | 3.32 B | 2.62 B | 2.92 B | 2.71 B | 3.06 B | 2.24 B | 2.94 B | 2.95 B | 3.58 B | 3.39 B | 3.31 B | 3.37 B | 2.77 B | - | - | - | - | - |
Cost of Revenue |
3.1 B | 2.35 B | 2.02 B | 2.55 B | 2.19 B | 2.03 B | 2.51 B | 1.85 B | 2.39 B | 2.27 B | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
2.12 B | 1.86 B | 1.3 B | 69.9 M | 730 M | 681 M | 549 M | 392 M | 549 M | 704 M | 919 M | 827 M | 863 M | 853 M | 972 M | 1.18 B | 1.04 B | 678 M | 251 M | - |
Operating Income |
1.6 B | 1.39 B | 857 M | -27.2 M | 587 M | 317 M | -162 M | 40.1 M | 178 M | -568 M | 730 M | 422 M | 370 M | -37.6 M | -68.7 M | 749 M | 680 M | 438 M | 137 M | - |
Interest Expense |
-15 M | -13.3 M | 13 M | 12.2 M | 13.1 M | 24 M | 27.1 M | 25.9 M | 25.8 M | 20.5 M | 6.98 M | 1.98 M | 1.88 M | 13.9 M | 100 K | 6 K | 5.26 M | 509 K | 2.29 M | - |
EBITDA |
2.13 B | 1.82 B | 1.17 B | 242 M | 847 M | 550 M | 407 M | 171 M | 330 M | 547 M | 774 M | 670 M | 690 M | 694 M | 620 M | 905 M | 809 M | 498 M | 137 M | - |
Operating Expenses |
523 M | 465 M | 450 M | 351 M | 290 M | 363 M | 348 M | 352 M | 334 M | 388 M | 403 M | 403 M | 407 M | 421 M | 587 M | 436 M | 365 M | 240 M | 114 M | - |
General and Administrative Expenses |
204 M | 188 M | 198 M | 165 M | 170 M | 223 M | 205 M | 177 M | 203 M | 262 M | 255 M | 254 M | 270 M | 281 M | 446 M | 322 M | 273 M | 174 M | 82.2 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement First Solar
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q4 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
107 M | 107 M | 107 M | 24 K | 107 M | 107 M | 107 M | 107 M | 107 M | 107 M | 107 M | 107 M | 107 M | 107 M | 107 M | 19 K | 107 M | 107 M | 106 M | 22 K | 106 M | 106 M | 106 M | 37 M | 106 M | 106 M | 106 M | 38 M | 105 M | 105 M | 105 M | 34 M | 105 M | 105 M | 105 M | 41 M | 104 M | 104 M | 104 M | 370 K | 103 M | 102 M | 102 M | 173 M | 101 M | 101 M | 100 M | 67 M | 100 M | 100 M | 99.6 M | 1.95 M | 98.7 M | 89.2 M | 87.2 M | 75 M | 87 M | 86.9 M | 86.5 M | 121 M | 86.3 M | 86.2 M | 85.3 M | 81 M | 85.1 M | 84.9 M | 84.5 M | 304 K | 84.2 M | 83.7 M |
Net Income |
571 M | 423 M | 347 M | 521 M | 456 M | 342 M | 210 M | 393 M | 313 M | 349 M | 237 M | 349 M | 268 M | 171 M | 42.6 M | -7.55 M | -49.2 M | 55.8 M | -43.3 M | 131 M | 45.2 M | 82.4 M | 210 M | 116 M | 155 M | 36.9 M | 90.7 M | -59.4 M | 30.6 M | -18.5 M | -67.6 M | 52.1 M | 57.8 M | -48.5 M | 83 M | -432 M | 206 M | 52 M | 9.13 M | -751 M | 150 M | -11.4 M | 196 M | 211 M | 349 M | 93.9 M | -60.9 M | 193 M | 89.8 M | 4.53 M | 112 M | 62.9 M | 195 M | 33.6 M | 59.1 M | 154 M | 87.9 M | 111 M | -449 M | -413 M | 197 M | 61.1 M | 116 M | 156 M | 177 M | 159 M | 172 M | 142 M | 153 M | 181 M |
Revenue |
1.23 B | 1.06 B | 1.04 B | 1.68 B | 1.59 B | 1.1 B | 845 M | 1.51 B | 888 M | 1.01 B | 794 M | 1.16 B | 801 M | 811 M | 548 M | 1 B | 629 M | 621 M | 367 M | 907 M | 584 M | 629 M | 803 M | 609 M | 928 M | 642 M | 532 M | 1.4 B | 547 M | 585 M | 532 M | 691 M | 676 M | 309 M | 567 M | 339 M | 1.09 B | 623 M | 892 M | - | 681 M | 1.02 B | 876 M | - | 1.27 B | 896 M | 469 M | - | 890 M | 544 M | 950 M | - | 1.27 B | 520 M | 755 M | - | 839 M | 957 M | 497 M | - | 1.01 B | 533 M | 567 M | - | - | - | - | - | - | - |
Cost of Revenue |
518 M | 451 M | 558 M | 1.02 B | 984 M | 597 M | 500 M | 946 M | 442 M | 512 M | 448 M | 657 M | 425 M | 500 M | 436 M | 942 M | 608 M | 644 M | 356 M | 661 M | 459 M | 455 M | 619 M | 449 M | 635 M | 505 M | 442 M | 1.07 B | 408 M | 508 M | 532 M | 593 M | 547 M | 317 M | 394 M | 277 M | 795 M | 512 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
713 M | 605 M | 486 M | 665 M | 611 M | 500 M | 344 M | 568 M | 445 M | 499 M | 346 M | 502 M | 376 M | 310 M | 112 M | 60.6 M | 21 M | -23.2 M | 11.5 M | 246 M | 125 M | 174 M | 185 M | 160 M | 293 M | 137 M | 90.3 M | 334 M | 138 M | 77.2 M | 112 K | 98.3 M | 129 M | -8.06 M | 173 M | 62.1 M | 292 M | 111 M | 84.2 M | 7.85 M | 171 M | 182 M | 278 M | 445 M | 484 M | 164 M | 39 M | 308 M | 189 M | 92.7 M | 237 M | 191 M | 364 M | 140 M | 169 M | 294 M | 239 M | 244 M | 76.7 M | 138 M | 379 M | 195 M | 260 M | 297 M | 322 M | 284 M | 282 M | 266 M | 245 M | 298 M |
Operating Income |
546 M | 450 M | 345 M | 548 M | 466 M | 362 M | 221 M | 457 M | 322 M | 373 M | 243 M | 398 M | 273 M | 169 M | 18 M | -45.9 M | -68.4 M | 145 M | -57.8 M | 173 M | 50.9 M | 110 M | 252 M | 57.8 M | 207 M | 50.9 M | 1.66 M | -118 M | 41.3 M | -8.58 M | -76.6 M | 11 M | 58.5 M | -104 M | 74.3 M | -35.1 M | 207 M | 13.9 M | -8 M | -821 M | 73.3 M | -243 K | 180 M | 345 M | 398 M | 57.1 M | -70.1 M | 199 M | 83.9 M | 1.91 M | 139 M | 62.2 M | 208 M | 39.1 M | 61.2 M | 172 M | 107 M | 140 M | -456 M | -485 M | 223 M | 64.5 M | 129 M | 166 M | 212 M | 180 M | 191 M | 145 M | 163 M | 204 M |
Interest Expense |
-1.93 M | -1.38 M | -3.15 M | -4.42 M | -6.03 M | -2.63 M | -1.93 M | -6.89 M | -3.07 M | -565 K | -2.8 M | -27.7 M | -1.03 M | 997 K | -1.46 M | 28.5 M | 4.77 M | -1.88 M | -212 K | -2.28 M | -2.6 M | -3.25 M | 8.45 M | -3.28 M | -3.24 M | -3.2 M | -2.22 M | 21.9 M | -3.4 M | -4.44 M | 3.51 M | 32.1 M | -5.97 M | -4.33 M | 17.9 M | -1.22 M | 2.02 M | -2.7 M | 25.9 M | -8.47 M | 6.42 M | 6.75 M | 35.6 M | -1.77 M | -1.68 M | -792 K | -1.26 M | 213 K | -1.76 M | -1.17 M | -1.77 M | -2.43 M | -2.43 M | 504 K | -833 K | 280 K | 3.21 M | -1.33 M | -1.21 M | 9 K | -1.35 M | 2.35 M | -349 K | 3.83 M | -380 K | -439 K | -734 K | -309 K | -247 K | -1.1 M |
EBITDA |
546 M | 598 M | 493 M | 171 M | 598 M | 485 M | 346 M | 168 M | 433 M | 470 M | 334 M | 190 M | 351 M | 306 M | 20.6 M | -234 M | -930 K | 274 M | -55.1 M | 176 M | 53.6 M | 113 M | 255 M | 60.5 M | 210 M | 53.6 M | 4.26 M | -115 M | 43.9 M | -6.08 M | -74.1 M | 13.5 M | 61 M | -101 M | 76.7 M | -33 M | 209 M | 16 M | -5.9 M | -819 M | 75.4 M | 2.76 M | 183 M | 348 M | 401 M | 59.3 M | -69.1 M | 200 M | 84.3 M | 2.11 M | 140 M | 62.5 M | 208 M | 95.5 M | 118 M | -28 M | 171 M | 205 M | -383 M | -650 M | 285 M | 121 M | 178 M | 209 M | 247 M | 219 M | 230 M | 184 M | 197 M | 204 M |
Operating Expenses |
167 M | 155 M | 141 M | 117 M | 145 M | 138 M | 123 M | 111 M | 123 M | 126 M | 104 M | 111 M | 103 M | 142 M | 94 M | 107 M | 95.3 M | 77.4 M | 71.2 M | 73.3 M | 71.8 M | 62 M | 83.3 M | 102 M | 85.9 M | 86.6 M | 88.7 M | 451 M | 97.1 M | 85.8 M | 76.8 M | 87.3 M | 70.7 M | 95.6 M | 98.5 M | 97.1 M | 84.8 M | 97 M | 92.2 M | 829 M | 97.6 M | 182 M | 97.7 M | 99.6 M | 86.5 M | 107 M | 109 M | 109 M | 106 M | 90.8 M | 97.4 M | 129 M | 156 M | 101 M | 108 M | 122 M | 132 M | 104 M | 533 M | 623 M | 156 M | 130 M | 130 M | 131 M | 110 M | 104 M | 90.9 M | 121 M | 82.2 M | 94.1 M |
General and Administrative Expenses |
65.3 M | 51.9 M | 65.3 M | 50.7 M | 47.3 M | 52.6 M | 53.2 M | 49.6 M | 46.3 M | 46.6 M | 45.8 M | 57.1 M | 50.2 M | 46.3 M | 44 M | 42.7 M | 46.4 M | 38.9 M | 36.7 M | 38.4 M | 43.5 M | 36.3 M | 52.1 M | 62.7 M | 49.9 M | 51.8 M | 58.6 M | 55.6 M | 53.5 M | 50.9 M | 45.4 M | 51.3 M | 33.5 M | 50.9 M | 41.1 M | 55 M | 50.5 M | 49 M | 48.2 M | 70.4 M | 60.3 M | 63.8 M | 67.5 M | 62.9 M | 53.7 M | 70.9 M | 67.7 M | 71 M | 66.5 M | 57.7 M | 58.7 M | 65.7 M | 63.9 M | 66.3 M | 74.5 M | 63.4 M | 73.5 M | 52.2 M | 91.8 M | 126 M | 113 M | 86.9 M | 87 M | 91.3 M | 85 M | 78.6 M | 66.9 M | 96.7 M | 54 M | 72.9 M |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company First Solar (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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