Income Statement Snapshot

First Solar, Inc.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

15.6% CAGR

$5.2B

CAGR 15.6% (FY2021 to FY2025)

Gross Profit

FY2025

30.6% CAGR

$2.1B

CAGR 30.6% (FY2021 to FY2025)

Operating Income

FY2025

28.4% CAGR

$1.6B

CAGR 28.4% (FY2021 to FY2025)

Net Income

FY2025

34.4% CAGR

$1.5B

CAGR 34.4% (FY2021 to FY2025)

Metric	2025	2024	2023	2022	2021
Revenue	$5,219	$4,206	$3,319	$2,619	$2,923
Gross Profit	$2,120	$1,858	$1,301	$70	$730
Operating Income	$1,597	$1,394	$857	-$27	$587
Net Income	$1,528	$1,292	$831	-$44	$469
Filing	10-K	10-K	10-K	10-K	10-K

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for First Solar, Inc..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$5,219	$4,206	$3,319	$2,619	$2,923
Cost of Revenue	$3,099	$2,348	$2,018	$2,549	$2,193
Gross Profit	$2,120	$1,858	$1,301	$70	$730
Research & Development	$233	$191	$152	$113	$99
Selling, General & Administrative	$204	$188	$198	$165	$170
Operating Expenses	$523	$465	$450	$351	$290
Operating Income	$1,597	$1,394	$857	-$27	$587
Interest Expense	N/A	N/A	$13	$12	$13
Other Non-Operating Income (Expense)	-$15	-$13	-$29	$31	$0
Pretax Income	$1,581	$1,406	$891	$9	$572
Income Tax Expense (Benefit)	$53	$114	$61	$53	$103
Net Income	$1,528	$1,292	$831	-$44	$469
Basic EPS	$14.25	$12.07	$7.78	-$0.41	$4.41
Diluted EPS	$14.21	$12.02	$7.74	-$0.41	$4.38
Basic Average Shares	107.2M	107.0M	106.8M	106.6M	106.3M
Diluted Average Shares	107.5M	107.5M	107.4M	106.6M	106.9M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for First Solar, Inc.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

40.6%

Change vs FY2021: +1565 bps

Operating Margin

FY2025

vs FY2021

30.6%

Change vs FY2021: +1052 bps

Net Margin

FY2025

vs FY2021

29.3%

Change vs FY2021: +1325 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+24.1%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

+14.1%

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

+14.5%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

+18.3%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+24.1%	+26.7%	+26.7%	-10.4%	N/A
Gross Profit Growth %	+14.1%	+42.8%	+1761.9%	-90.4%	N/A
Operating Income Growth %	+14.5%	+62.7%	-3247.5%	-104.6%	N/A
Net Income Growth %	+18.3%	+55.5%	-1981.0%	-109.4%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

15.6%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

30.6%

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

28.4%

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

34.4%

Compounded annual growth across FY2021 to FY2025.

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Income Statement Snapshot

First Solar, Inc.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

15.6% CAGR

$5.2B

CAGR 15.6% (FY2021 to FY2025)

Gross Profit

FY2025

30.6% CAGR

$2.1B

CAGR 30.6% (FY2021 to FY2025)

Operating Income

FY2025

28.4% CAGR

$1.6B

CAGR 28.4% (FY2021 to FY2025)

Net Income

FY2025

34.4% CAGR

$1.5B

CAGR 34.4% (FY2021 to FY2025)

Metric	2025	2024	2023	2022	2021
Revenue	$5,219	$4,206	$3,319	$2,619	$2,923
Gross Profit	$2,120	$1,858	$1,301	$70	$730
Operating Income	$1,597	$1,394	$857	-$27	$587
Net Income	$1,528	$1,292	$831	-$44	$469
Filing	10-K	10-K	10-K	10-K	10-K

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for First Solar, Inc..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$5,219	$4,206	$3,319	$2,619	$2,923
Cost of Revenue	$3,099	$2,348	$2,018	$2,549	$2,193
Gross Profit	$2,120	$1,858	$1,301	$70	$730
Research & Development	$233	$191	$152	$113	$99
Selling, General & Administrative	$204	$188	$198	$165	$170
Operating Expenses	$523	$465	$450	$351	$290
Operating Income	$1,597	$1,394	$857	-$27	$587
Interest Expense	N/A	N/A	$13	$12	$13
Other Non-Operating Income (Expense)	-$15	-$13	-$29	$31	$0
Pretax Income	$1,581	$1,406	$891	$9	$572
Income Tax Expense (Benefit)	$53	$114	$61	$53	$103
Net Income	$1,528	$1,292	$831	-$44	$469
Basic EPS	$14.25	$12.07	$7.78	-$0.41	$4.41
Diluted EPS	$14.21	$12.02	$7.74	-$0.41	$4.38
Basic Average Shares	107.2M	107.0M	106.8M	106.6M	106.3M
Diluted Average Shares	107.5M	107.5M	107.4M	106.6M	106.9M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for First Solar, Inc.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

40.6%

Change vs FY2021: +1565 bps

Operating Margin

FY2025

vs FY2021

30.6%

Change vs FY2021: +1052 bps

Net Margin

FY2025

vs FY2021

29.3%

Change vs FY2021: +1325 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+24.1%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

+14.1%

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

+14.5%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

+18.3%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+24.1%	+26.7%	+26.7%	-10.4%	N/A
Gross Profit Growth %	+14.1%	+42.8%	+1761.9%	-90.4%	N/A
Operating Income Growth %	+14.5%	+62.7%	-3247.5%	-104.6%	N/A
Net Income Growth %	+18.3%	+55.5%	-1981.0%	-109.4%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

15.6%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

30.6%

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

28.4%

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

34.4%

Compounded annual growth across FY2021 to FY2025.

Commentary on First Solar, Inc. Performance

Over the five-year period, First Solar’s revenue has shown a generally upward trajectory, rising from 2,923 million USD in 2021 to 5,219 million USD in 2025. Notably, there was a significant decline in operational performance in 2022, where revenue fell to 2,619 million USD—coupled with a dramatic drop in gross profit to only 69.858 million USD and negative operating income of –27.236 million USD. This swing, which exceeds a 20% change relative to the previous year's figures, suggests that the company faced substantial operational disruptions or market headwinds during that year. However, recovery is evident in subsequent years, with 2023 gross profit rebounding to 1,300.679 million USD and operating income turning positive at 857.266 million USD. The leap continues in 2024 and 2025, with operating incomes of 1,394.42 million USD and 1,596.864 million USD, respectively, underscoring a rebound in operational efficiency and cost management. The net income follows a similar pattern, plummeting into negative territory in 2022 but then recovering robustly through 2025, when it reached 1,528.229 million USD. This rebound across revenue, gross profit, and operating and net income metrics indicates that First Solar effectively addressed earlier challenges, possibly through strategic operational adjustments or shifts in market demand in the renewable energy sector—a field known for its volatility yet strong growth potential. Based on these data-driven trends, the company appears to be on a sustainable recovery path with improving profitability metrics, suggesting a strengthening financial health over the analyzed period.

This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.

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FIRST SOLAR, INC.

FSLR Income Statement

Income Statement Snapshot

Income Statement Snapshot

Commentary on First Solar, Inc. Performance

Commentary on First Solar, Inc. Performance