Canadian Solar (CSIQ) financial statements
Canadian Solar reported revenue of $5.6B in fiscal 2025, up 7.8% a year over 9 years.
Net income was -$104M and the operating margin 0.8%, against 3.3% in 2016.
Free cash flow was -$1.2B.
The diluted share count rose 16% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Canadian Solar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B | $3.4B | $3.7B | $3.2B | $3.5B | $5.3B | $7.5B | $7.6B | $6.0B | $5.6B |
| Cost of revenue | $2.4B | $2.8B | $3.0B | $2.5B | $2.8B | $4.4B | $6.2B | $6.3B | $5.0B | $4.6B |
| Gross profit | $417M | $638M | $775M | $718M | $690M | $909M | $1.3B | $1.3B | $999M | $1.0B |
| Research and development | $17M | $29M | $44M | $47M | $45M | $58M | $70M | $101M | $121M | $91M |
| Selling, general and admin | $349M | $387M | $411M | $423M | $450M | $708M | $901M | $810M | $1.0B | $964M |
| Operating income | $93M | $269M | $365M | $259M | $220M | $190M | $356M | $453M | -$30M | $43M |
| Interest expense | $70M | $118M | $106M | $81M | $72M | $58M | $74M | $114M | $137M | $178M |
| Pre-tax income | $83M | $144M | $304M | $209M | $134M | $138M | $356M | $409M | -$82M | -$141M |
| Income tax | $18M | $41M | $62M | $42M | -$2M | $36M | $73M | $60M | -$17M | $14M |
| Net income | $65M | $100M | $237M | $172M | $147M | $95M | $240M | $274M | $36M | -$104M |
| EPS (diluted) | $1.12 | $1.69 | $3.88 | $2.83 | $2.38 | $1.46 | $3.44 | $3.87 | $0.54 | -$2.50 |
| Diluted shares | 58M | 62M | 62M | 61M | 62M | 69M | 71M | 72M | 67M | 67M |
| Gross margin | 14.6% | 18.8% | 20.7% | 22.4% | 19.8% | 17.2% | 16.9% | 16.8% | 16.7% | 18.3% |
| Operating margin | 3.3% | 7.9% | 9.7% | 8.1% | 6.3% | 3.6% | 4.8% | 6.0% | -0.5% | 0.8% |
| Net margin | 2.3% | 2.9% | 6.3% | 5.4% | 4.2% | 1.8% | 3.2% | 3.6% | 0.6% | -1.9% |
Balance sheet
Fiscal years, from Canadian Solar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $511M | $562M | $444M | $669M | $1.2B | $870M | $1000M | $2.0B | $1.7B | $1.4B |
| Receivables | $400M | $358M | $498M | $437M | $409M | $651M | $971M | $905M | $1.1B | $830M |
| Inventory | $295M | $346M | $262M | $554M | $696M | $1.2B | $1.5B | $1.2B | $1.2B | $1.1B |
| Total current assets | $3.8B | $4.1B | $3.1B | $3.3B | $4.2B | $4.8B | $5.6B | $6.1B | $5.9B | $6.0B |
| Property, plant and equipment | $462M | $747M | $885M | $1.0B | $1.2B | $1.4B | $1.8B | $3.1B | $3.2B | $3.4B |
| Goodwill | $8M | $6M | $1M | — | — | — | — | — | — | — |
| Total assets | $5.4B | $5.9B | $4.9B | $5.5B | $6.5B | $7.4B | $9.0B | $11.9B | $13.5B | $15.2B |
| Total current liabilities | $3.7B | $4.1B | $2.9B | $3.1B | $3.6B | $4.0B | $5.3B | $5.9B | $5.4B | $5.9B |
| Long-term debt | $493M | $404M | $394M | — | — | — | — | — | — | — |
| Total liabilities | $4.5B | $4.8B | $3.6B | $4.0B | $4.6B | $5.3B | $6.7B | $8.2B | $9.4B | $10.9B |
| Shareholders' equity | $885M | $1.0B | $1.2B | $1.4B | $1.6B | $1.8B | $1.9B | $2.6B | $2.8B | $2.8B |
| Net debt | $658M | $561M | $120M | -$555M | -$889M | -$691M | $462M | -$133M | $172M | -$1.4B |
Cash flow
Fiscal years, from Canadian Solar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$278M | $204M | $216M | $600M | -$121M | -$408M | $917M | $685M | -$885M | -$253M |
| Capital spending | $287M | $277M | $316M | — | — | $429M | $627M | $1.1B | $1.1B | $962M |
| Free cash flow | -$565M | -$73M | -$100M | — | — | -$837M | $290M | -$432M | -$2.0B | -$1.2B |
| Stock-based compensation | $8M | $9M | $10M | $11M | $12M | $9M | $9M | $55M | $21M | $24M |
| Share buybacks (net) | — | — | — | -$12M | -$6M | — | — | — | — | — |
| Net borrowing | $1.1B | $691M | $383M | $531M | — | — | — | — | — | — |
| Free cash flow margin | -19.8% | -2.2% | -2.7% | — | — | -15.9% | 3.9% | -5.7% | -33.3% | -21.7% |
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Open CSIQ in InvestinglyQuestions
What was Canadian Solar's revenue in 2025?
$5.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Canadian Solar generate?
-$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Canadian Solar's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.