China Automotive Systems, Inc. (CAAS) Income Statement
CAAS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCAAS revenue and net income
Where CAAS's revenue goes
2025Each bar shows an amount and its share of revenue. CAAS kept 5.6% of revenue as net income.
CAAS profit margins
CAAS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.6% | +13.1% | +12.9% | +5.6% |
| Gross profit | +33.2% | +20.4% | +21.3% | +6.2% |
| Operating income | +47.9% | +95.6% | — | +7.2% |
| Net income | +42.9% | +26.5% | — | +4.6% |
| EPS (diluted) | +43.4% | +27.2% | +95.3% | +5.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CAAS quarterly EPS vs estimates
China Automotive Systems beat the analyst EPS estimate in 5 of the last 5 quarters. Next report: November 11, 2026.
CAAS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $765.7M | $650.9M | $576.4M | $529.6M | $498.0M | $417.6M | $431.4M | $496.2M | $499.1M | $462.1M |
| Cost of revenue | $620.3M | $541.8M | $472.6M | $446.2M | $425.9M | $362.3M | $369.4M | $430.7M | $414.4M | $381.1M |
| Gross profit | $145.5M | $109.2M | $103.8M | $83.4M | $72.1M | $55.3M | $62.0M | $65.4M | $84.6M | $80.9M |
| Research & development | $45.1M | $27.6M | $29.2M | $36.1M | $28.2M | $25.7M | $28.0M | $33.6M | $33.5M | $27.7M |
| Sales, general & admin | $24.8M | $40.6M | $35.0M | $34.4M | $35.3M | $31.1M | $17.6M | $19.8M | $14.7M | $29.8M |
| Total operating expenses | $85.9M | $68.9M | $64.5M | $75.4M | $66.6M | $63.5M | $55.8M | $68.3M | $65.4M | $57.9M |
| Operating income | $59.5M | $40.3M | $39.2M | $8.0M | $5.5M | −$8.1M | $6.2M | −$2.9M | $19.3M | $23.0M |
| Interest income | $1.6M | $2.4M | $1.2M | $1.2M | $1.2M | $1.7M | $2.1M | $2.3M | $3.4M | $2.1M |
| Interest expense | $1.7M | $1.8M | $1.2M | $1.4M | $1.4M | $1.9M | $3.4M | $3.5M | $2.2M | $1.3M |
| Income before taxes | $63.5M | $43.8M | $48.2M | $25.4M | $14.7M | −$8.1M | $9.0M | −$2.5M | $20.4M | $24.9M |
| Income taxes | $11.6M | $5.9M | $5.1M | $3.1M | $4.0M | $2.2M | $586,000 | −$1.5M | $41.6M | $2.5M |
| Net income | $42.8M | $30.0M | $37.7M | $21.2M | $11.1M | −$5.0M | $10.0M | $2.4M | −$19.3M | $22.5M |
| EBITDA | $77.4M | $66.2M | $68.2M | $49.7M | $36.9M | $11.4M | $23.4M | $17.2M | $38.0M | $40.1M |
| EPS (diluted) | $1.42 | $0.99 | $1.25 | $0.69 | $0.35 | $0.05 | $0.32 | $0.09 | $0.64 | $0.71 |
| Gross margin | 19.0% | 16.8% | 18.0% | 15.7% | 14.5% | 13.3% | 14.4% | 13.2% | 17.0% | 17.5% |
| Operating margin | 7.8% | 6.2% | 6.8% | 1.5% | 1.1% | −2.0% | 1.4% | −0.6% | 3.9% | 5.0% |
| Net margin | 5.6% | 4.6% | 6.5% | 4.0% | 2.2% | −1.2% | 2.3% | 0.5% | −3.9% | 4.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $206.2M | $206.2M | $229.2M | $193.2M | $193.2M | $167.1M | $188.7M | $164.2M | $158.6M | $139.4M | $159.2M | $137.5M |
| Cost of revenue | $162.0M | $162.0M | $176.2M | $159.8M | $159.8M | $138.5M | $159.3M | $137.9M | $129.3M | $115.3M | $124.5M | $112.8M |
| Gross profit | $44.3M | $44.3M | $53.0M | $33.4M | $33.4M | $28.6M | $29.5M | $26.4M | $29.3M | $24.1M | $34.7M | $24.8M |
| Research & development | $10.4M | $10.4M | $17.8M | $10.4M | $10.4M | $8.7M | $7.8M | $6.4M | $8.2M | $5.3M | $9.3M | $6.9M |
| Sales, general & admin | $7.3M | $7.3M | $7.4M | $10.8M | $10.8M | $7.6M | $9.5M | $5.1M | $7.4M | $5.5M | $7.9M | $6.1M |
| Total operating expenses | $22.6M | $22.6M | $27.2M | $179.3M | $21.2M | $19.9M | $20.8M | $15.3M | $18.5M | $14.4M | $21.1M | $14.6M |
| Operating income | $21.7M | $21.7M | $25.8M | $13.9M | $12.1M | $8.6M | $8.7M | $11.1M | $10.8M | $9.7M | $13.6M | $10.2M |
| Interest income | — | — | $1.8M | $120,000 | $578,000 | $378,000 | $1.0M | $508,000 | $393,000 | $444,000 | $638,000 | $322,000 |
| Interest expense | $410,500 | $410,500 | $354,000 | $467,000 | $467,000 | $589,000 | $1.1M | $271,000 | $237,000 | $355,000 | $304,000 | $274,000 |
| Income before taxes | $21.8M | $21.8M | $22.7M | $14.9M | $15.0M | $11.4M | $9.8M | $12.1M | $10.9M | $11.0M | $14.3M | $11.9M |
| Income taxes | $5.0M | $5.0M | $1.4M | — | $3.2M | $2.9M | −$2.0M | $4.0M | $2.1M | $1.7M | $2.1M | $688,000 |
| Net income | $14.7M | $14.7M | $18.4M | $9.7M | $9.7M | $7.1M | $9.1M | $5.5M | $7.1M | $8.3M | $10.9M | $9.5M |
| EBITDA | $25.6M | $25.6M | $22.8M | $15.3M | $18.3M | $17.2M | $15.5M | $16.9M | $16.6M | $17.2M | $20.3M | $15.6M |
| EPS (diluted) | $0.25 | $0.61 | — | $0.32 | $0.25 | $0.24 | $0.30 | $0.18 | $0.24 | $0.27 | $0.36 | $0.31 |
| Gross margin | 21.5% | 21.5% | 23.1% | 17.3% | 17.3% | 17.1% | 15.6% | 16.0% | 18.5% | 17.3% | 21.8% | 18.0% |
| Operating margin | 10.5% | 10.5% | 11.2% | 7.2% | 6.3% | 5.2% | 4.6% | 6.8% | 6.8% | 6.9% | 8.5% | 7.4% |
| Net margin | 7.1% | 7.1% | 8.0% | 5.0% | 5.0% | 4.3% | 4.8% | 3.4% | 4.5% | 5.9% | 6.8% | 6.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CAAS's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CAAS financial results
In fiscal year 2025 (ended December 31, 2025), China Automotive Systems reported revenue of $765.7 million, up 17.6% from the year before. It had net income of $42.8 million (up 42.9%), a net profit margin of 5.6%. Diluted earnings per share came to $1.42. Over five years revenue grew at an average rate of 12.9% a year.
See the CAAS stock overview for the latest quote and news, or the CAAS chart for price history and technical indicators.
CAAS income statement FAQ
What is China Automotive Systems's annual revenue?
China Automotive Systems reported total revenue of $765.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 17.6% from $650.9 million the previous year.
Is China Automotive Systems profitable?
Yes. China Automotive Systems reported net income of $42.8 million in fiscal 2025, a net profit margin of 5.6%; its operating margin was 7.8%.
What is China Automotive Systems's gross margin?
China Automotive Systems's gross margin was 19.0% in fiscal 2025: for every $100 of revenue, China Automotive Systems kept $19 after the direct cost of its products and services.
How much does China Automotive Systems spend on research and development?
China Automotive Systems spent $45.1 million on research and development in fiscal 2025, 5.9% of revenue.
How fast is China Automotive Systems growing?
Revenue grew 12.9% a year on average over the last five fiscal years, from $417.6 million to $765.7 million.
What are China Automotive Systems's earnings per share?
China Automotive Systems earned $1.42 per diluted share in fiscal 2025, compared with $0.99 a year earlier.
When will China Automotive Systems report its next earnings?
China Automotive Systems is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does China Automotive Systems's fiscal year end?
China Automotive Systems's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.