Canadian Solar Inc. (CSIQ) Cash Flow Statement
Where CSIQ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$252.7M
- Capital expenditures
- $1.39B 24.9% of revenue
- Free cash flow
- −$1.64B −29.4% margin
- Returned to shareholders
- $70.1M
- Change in cash
- −$340.8M cash at year-end $1.91B
Cash from operations
−$252.7M
Capital expenditures
−$1.39B
Investments (net)
−$119.5M
Acquisitions & other
+$7.5M
Share buybacks (net)
−$70.1M
Net borrowing (repayment)
+$1.21B
Other financing
+$212.6M
Currency & other
+$68.0M
Change in cash
−$340.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CSIQ operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CSIQ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$278.1M2016 | −$252.7M2025 | — | |
| Capital expenditures | $1.11B2016 | $1.39B2025 | +2.5%/yr | |
| Free cash flow | −$1.39B2016 | −$1.64B2025 | — | |
| Free cash flow margin | −48.7%2016 | −29.4%2025 | +19.3 pts | |
| Operating cash flow / net income | −4.262016 | 1.882023 | +6.14 | |
| Stock-based compensation | $7.8M2016 | $24.4M2025 | +13.6%/yr | |
| Dividends paid | $9.6M2016 | $02021 | −100.0% | |
| Share buybacks (net) | $02016 | $70.1M2025 | — | |
| Capex / revenue | 39.0%2016 | 24.9%2025 | −14.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSIQ cash flow by activity
OperatingInvestingFinancingChange in cash
CSIQ net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CSIQ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$104.1M | −$77.9M | $363.6M | $298.6M | $109.9M | $147.2M | $166.6M | $242.4M | $103.0M | $65.3M |
| Depreciation & amortization | $555.1M | $501.4M | $307.0M | $234.6M | $282.8M | $209.1M | $159.7M | $129.3M | $99.3M | $95.8M |
| Stock-based compensation | $24.4M | $21.4M | $55.3M | $9.4M | $8.8M | $12.3M | $10.7M | $10.3M | $9.3M | $7.8M |
| Change in working capital | −$969.1M | −$1.65B | −$189.7M | $285.1M | −$886.7M | −$560.4M | $216.0M | −$176.7M | −$36.7M | −$435.4M |
| Other non-cash items | $241.0M | $321.7M | $148.3M | $89.0M | $77.0M | $71.2M | $47.2M | $11.0M | $29.0M | −$11.5M |
| Cash from operating activities | −$252.7M | −$885.3M | $684.6M | $916.6M | −$408.3M | −$120.5M | $600.1M | $216.3M | $203.9M | −$278.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.39B | −$1.87B | −$1.53B | −$628.0M | −$429.5M | −$334.9M | −$291.2M | −$316.3M | −$310.7M | −$1.11B |
| Investments (net) | −$119.5M | −$1.96B | −$1.43B | −$630.5M | −$37.0M | $15.3M | −$3.0M | $29.1M | −$341.2M | −$1.04B |
| Acquisitions & other investing | $7.5M | $1.87B | $1.29B | $628.0M | $37.0M | $0 | $103,000 | $316.3M | $310.7M | $1.11B |
| Cash from investing activities | −$1.50B | −$1.96B | −$1.67B | −$630.5M | −$429.6M | −$319.7M | −$294.1M | $29.1M | −$341.2M | −$1.04B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | $0 | −$37.4M | −$1.1M | −$3.0M | −$9.6M | −$9.6M |
| Share repurchases & issuance (net) | −$70.1M | −$79.6M | — | $0 | $0 | −$6.0M | −$11.8M | $769,000 | $879,000 | $24.6M |
| Net borrowing (repayment) | $1.21B | $1.66B | $1.03B | $443.1M | $472.9M | $560.7M | −$22.8M | −$584.3M | $161.7M | $862.3M |
| Shares issued | $0 | $482.2M | $927.9M | $803.6M | $148.5M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $212.6M | $259.5M | $93.5M | −$818.1M | −$7.3M | $306.2M | $1.2M | $123.0M | $12.2M | $422.5M |
| Cash from financing activities | $1.35B | $2.32B | $2.05B | $428.6M | $614.1M | $823.5M | −$34.6M | −$463.6M | $165.3M | $1.30B |
| Summary | ||||||||||
| Net change in cash | −$340.8M | −$682.4M | $976.9M | $535.2M | −$205.4M | $434.3M | $264.4M | −$249.1M | $50.6M | −$42.0M |
| Cash at end of period | $1.91B | $2.26B | $2.95B | $1.97B | $1.43B | $1.64B | $1.21B | $941.0M | $561.7M | $511.0M |
| Free cash flow | −$1.64B | −$2.76B | −$840.8M | $288.6M | −$837.8M | −$455.5M | $308.9M | −$100.0M | −$106.8M | −$1.39B |
| Free cash flow margin | −29.4% | −46.0% | −11.0% | 3.9% | −15.9% | −13.1% | 9.7% | −2.7% | −3.1% | −48.7% |
| Capex / revenue | 24.9% | 31.2% | 20.0% | 8.4% | 8.1% | 9.6% | 9.1% | 8.4% | 9.2% | 39.0% |
| Operating cash flow / net income | — | — | 1.88 | 3.07 | −3.72 | −0.82 | 3.60 | 0.89 | 1.98 | −4.26 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$76.9M | −$13.5M | −$86.3M | −$21.1M | $44.8M | −$76.7M | $33.9M | −$6.1M | $3.8M | $12.4M | −$1.4M | $62.5M |
| Depreciation & amortization | $127.8M | — | — | — | $145.8M | $208.3M | — | — | $122.0M | $110.0M | $137.7M | $76.0M |
| Stock-based compensation | — | — | — | — | — | $21.4M | — | — | — | $55.3M | $55.3M | $55.3M |
| Change in working capital | −$216.6M | −$348.0M | −$98.7M | −$304.3M | −$222.3M | −$349.3M | −$249.3M | −$282.3M | −$626.9M | −$486.1M | $19.6M | $14.1M |
| Other non-cash items | −$15.0M | $152.8M | $118.2M | $213.3M | $220.3M | −$68.0M | $284.4M | $57.4M | $71.7M | $16.9M | $561.2M | −$50.0M |
| Cash from operating activities | −$180.8M | −$208.7M | −$66.9M | −$112.1M | $188.6M | −$264.2M | $69.0M | −$231.0M | −$429.3M | −$291.5M | $772.5M | $157.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$194.3M | −$193.3M | −$329.1M | −$294.5M | −$392.4M | −$385.1M | −$535.3M | −$484.6M | −$401.2M | −$439.8M | −$514.6M | −$384.8M |
| Investments (net) | — | — | — | −$287.7M | −$448.3M | −$469.0M | −$633.9M | −$496.7M | −$398.7M | −$433.0M | −$495.4M | −$484.7M |
| Acquisitions & other investing | $56.4M | $60.2M | $20.6M | $294.5M | $392.4M | $385.1M | — | $484.6M | $404.2M | $439.8M | $510.6M | $384.8M |
| Cash from investing activities | −$137.9M | −$133.1M | −$308.6M | −$287.7M | −$448.3M | −$469.0M | — | −$496.7M | −$395.6M | −$433.0M | −$499.3M | −$484.7M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | −$25.1M | −$25.1M | −$271,563 | −$24.2M | −$21.4M | −$1.7M | −$7.1M | −$70.6M | −$70.4M | — | $0 |
| Net borrowing (repayment) | $0 | $223.0M | — | — | $0 | $43.9M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $200.0M | $297.0M | $0 | $0 | $124.3M |
| Other financing | $331.1M | $140.0M | $53.7M | $310.7M | $495.3M | $521.7M | −$93.6M | $1.08B | −$42.1M | $793.8M | −$343.4M | −$24.5M |
| Cash from financing activities | $331.1M | $337.9M | $28.6M | $310.4M | $471.1M | $544.2M | −$95.3M | $1.27B | $184.2M | $723.4M | −$343.4M | $99.7M |
| Summary | ||||||||||||
| Net change in cash | −$32.9M | −$57.1M | −$256.9M | −$84.3M | $230.3M | −$230.1M | −$563.8M | $635.6M | −$701.9M | −$49.0M | −$47.2M | −$257.1M |
| Cash at end of period | $1.85B | $1.88B | $1.91B | $2.18B | $2.26B | $2.03B | $2.25B | $2.83B | $2.19B | $2.89B | $2.94B | $2.99B |
| Free cash flow | −$375.0M | −$401.9M | −$396.0M | −$406.5M | −$203.9M | −$649.3M | −$466.3M | −$715.5M | −$830.5M | −$731.3M | $257.9M | −$226.9M |
| Free cash flow margin | −31.1% | −37.3% | −32.5% | −27.3% | −12.0% | −54.3% | −30.7% | −47.5% | −50.8% | −55.0% | 15.2% | −12.3% |
| Capex / revenue | 16.1% | 17.9% | 27.0% | 19.8% | 23.2% | 32.2% | 35.2% | 32.1% | 24.5% | 33.1% | 30.2% | 20.8% |
| Operating cash flow / net income | — | — | — | — | 4.21 | — | 2.04 | — | −112.33 | −23.60 | — | 2.53 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CSIQ cash generation
In fiscal 2025 (ended December 31, 2025), Canadian Solar generated -$252.7 million of cash from operations and spent $1.4 billion on capital expenditures, leaving free cash flow of -$1.6 billion, −29.4% of revenue. It returned $70.1 million to shareholders through dividends ($0) and net share buybacks ($70.1 million). Cash and equivalents fell by $340.8 million over the year.
Related: CSIQ income statement, CSIQ balance sheet. See the CSIQ stock overview for the latest quote and news.
CSIQ cash flow FAQ
What is Canadian Solar's free cash flow?
Canadian Solar's free cash flow was -$1.6 billion in fiscal 2025: -$252.7 million of operating cash flow minus $1.4 billion of capital expenditures It was -$2.8 billion a year earlier..
How much cash does Canadian Solar generate from operations?
Canadian Solar generated -$252.7 million of cash from operating activities in fiscal 2025.
How much does Canadian Solar spend on capital expenditures?
Canadian Solar spent $1.4 billion on capital expenditures in fiscal 2025, 24.9% of revenue, compared with $1.9 billion the year before.
How much stock does Canadian Solar buy back?
Canadian Solar spent $70.1 million on net share repurchases in fiscal 2025.