Telesat (TSAT) financial statements

Technology · Communication Equipment · Market cap $2.4B

Telesat reported revenue of 418M CAD in fiscal 2025, down 12.2% a year over 6 years.

Net income was -155M CAD and the operating margin -72.7%, against 52.5% in 2019.

Free cash flow was -74M CAD.

The diluted share count fell 71% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions (CAD).

-0.200.20.50.812019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CAD, from Telesat's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Revenue911M CAD820M CAD758M CAD759M CAD704M CAD571M CAD418M CAD
Cost of revenue37M CAD33M CAD30M CAD54M CAD39M CAD38M CAD—
Gross profit874M CAD787M CAD728M CAD705M CAD666M CAD533M CAD—
Research and development—————12M CAD12M CAD
Operating income478M CAD405M CAD409M CAD296M CAD569M CAD-40M CAD-304M CAD
Interest expense258M CAD204M CAD188M CAD222M CAD270M CAD244M CAD218M CAD
Pre-tax income187M CAD245M CAD233M CAD-30M CAD673M CAD-316M CAD-598M CAD
Income tax15M CAD-4M CAD71M CAD51M CAD90M CAD-13M CAD-67M CAD
Net income187M CAD245M CAD93M CAD-24M CAD157M CAD-88M CAD-155M CAD
EPS (diluted)3.76 CAD4.92 CAD1.99 CAD-1.93 CAD11.29 CAD-6.29 CAD-10.61 CAD
Diluted shares50M50M47M12M15M14M15M
Gross margin95.9%95.9%96.0%92.9%94.5%93.4%—
Operating margin52.5%49.3%54.0%39.0%80.8%-7.1%-72.7%
Net margin20.6%29.8%12.2%-3.1%22.3%-15.4%-37.2%

Balance sheet

Fiscal years, in CAD, from Telesat's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Cash and short-term investments1.0B CAD818M CAD1.4B CAD1.7B CAD1.7B CAD552M CAD510M CAD
Receivables—52M CAD123M CAD41M CAD78M CAD159M CAD58M CAD
Inventory—5M CAD17M CAD2M CAD4M CAD1M CAD1M CAD
Total current assets—894M CAD1.6B CAD1.8B CAD1.8B CAD1.0B CAD832M CAD
Property, plant and equipment—1.3B CAD1.4B CAD1.4B CAD1.3B CAD2.3B CAD2.7B CAD
Goodwill—2.4B CAD2.4B CAD2.4B CAD2.4B CAD2.6B CAD2.2B CAD
Total assets—5.6B CAD6.4B CAD6.5B CAD6.3B CAD6.9B CAD6.6B CAD
Total current liabilities—162M CAD182M CAD171M CAD138M CAD257M CAD3.3B CAD
Long-term debt—3.2B CAD3.8B CAD3.9B CAD3.2B CAD3.1B CAD1.2B CAD
Total liabilities—4.1B CAD4.7B CAD4.6B CAD3.9B CAD4.4B CAD4.8B CAD
Shareholders' equity1.2B CAD1.5B CAD416M CAD481M CAD662M CAD710M CAD531M CAD
Net debt-1.0B CAD2.4B CAD2.3B CAD2.2B CAD1.5B CAD2.5B CAD3.0B CAD

Cash flow

Fiscal years, in CAD, from Telesat's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Operating cash flow376M CAD372M CAD293M CAD240M CAD170M CAD62M CAD67M CAD
Capital spending36M CAD16M CAD33M CAD33M CAD56M CAD65M CAD141M CAD
Free cash flow340M CAD355M CAD261M CAD207M CAD114M CAD-2M CAD-74M CAD
Stock-based compensation16M CAD12M CAD74M CAD67M CAD33M CAD18M CAD4M CAD
Dividends paid20,000 CAD10,000 CAD10,000 CAD————
Net borrowing43M CAD-454M CAD620M CAD-97M CAD-344M CAD-156M CAD685M CAD
Free cash flow margin37.3%43.3%34.4%27.2%16.2%-0.4%-17.7%
Dividends per share0.00 CAD0.00 CAD0.00 CAD————
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Questions

What was Telesat's revenue in 2025?

418M CAD in fiscal 2025, from its 10-K filing.

How much free cash flow does Telesat generate?

-74M CAD in fiscal 2025 (operating cash flow minus capital spending).

From Telesat's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.