Canadian Solar Inc. (CSIQ) Income Statement
CSIQ 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCSIQ revenue and net income
Where CSIQ's revenue goes
2025Each bar shows an amount and its share of revenue. CSIQ kept −1.9% of revenue as net income.
CSIQ profit margins
CSIQ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.6% | −9.2% | +10.0% | +4.9% |
| Gross profit | +2.7% | −6.7% | +8.3% | +5.9% |
| Operating income | — | −50.5% | −27.8% | −16.0% |
| Net income | −388.8% | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CSIQ quarterly EPS vs estimates
Canadian Solar beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 12, 2026 (estimate $-1.05).
CSIQ income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.60B | $5.99B | $7.61B | $7.47B | $5.28B | $3.48B | $3.20B | $3.74B | $3.39B | $2.85B |
| Cost of revenue | $4.57B | $4.99B | $6.33B | $6.21B | $4.37B | $2.79B | $2.48B | $2.97B | $2.75B | $2.44B |
| Gross profit | $1.03B | $999.3M | $1.28B | $1.26B | $909.3M | $689.9M | $718.5M | $775.1M | $637.6M | $417.2M |
| Research & development | $90.7M | $120.8M | $100.8M | $69.8M | $58.4M | $45.2M | $47.0M | $44.2M | $28.8M | $17.4M |
| Sales, general & admin | $581.8M | $515.2M | $440.5M | $342.1M | $308.9M | $225.6M | $242.8M | $245.4M | $231.0M | $203.8M |
| Total operating expenses | $983.1M | $1.03B | $826.7M | $907.1M | $718.9M | $469.5M | $459.6M | $410.4M | $368.3M | $324.0M |
| Operating income | $43.2M | −$30.1M | $453.3M | $356.1M | $190.4M | $220.4M | $258.9M | $364.7M | $269.3M | $93.2M |
| Interest income | $46.1M | $88.5M | $45.3M | $40.6M | $11.1M | $9.3M | $12.0M | $11.2M | $10.5M | $10.2M |
| Interest expense | $178.2M | $137.5M | $114.1M | $74.3M | $58.2M | $71.9M | $81.3M | $106.0M | $118.0M | $69.7M |
| Income before taxes | −$169.6M | −$94.4M | $423.1M | $371.9M | $145.7M | $134.5M | $179.7M | $298.5M | $134.5M | $87.7M |
| Income taxes | $14.1M | −$16.6M | $59.5M | $73.4M | $35.8M | −$2.0M | $13.1M | $62.0M | $41.0M | $18.0M |
| Net income | −$104.1M | $36.1M | $274.2M | $240.0M | $95.2M | $146.7M | $171.6M | $237.1M | $99.6M | $65.2M |
| EBITDA | $592.5M | $556.6M | $829.7M | $665.3M | $479.4M | $415.5M | $420.7M | $533.8M | $351.8M | $253.2M |
| EPS (diluted) | −$3.27 | −$1.57 | $3.88 | $3.44 | $1.13 | $2.19 | $2.26 | $3.88 | $1.02 | $1.58 |
| Gross margin | 18.3% | 16.7% | 16.8% | 16.9% | 17.2% | 19.8% | 22.4% | 20.7% | 18.8% | 14.6% |
| Operating margin | 0.8% | −0.5% | 6.0% | 4.8% | 3.6% | 6.3% | 8.1% | 9.7% | 7.9% | 3.3% |
| Net margin | −1.9% | 0.6% | 3.6% | 3.2% | 1.8% | 4.2% | 5.4% | 6.3% | 2.9% | 2.3% |
| 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 | $1.21B | $1.08B | $1.22B | $1.49B | $1.69B | $1.20B | $1.52B | $1.51B | $1.64B | $1.33B | $1.70B | $1.85B |
| Cost of revenue | $1.04B | $807.1M | $1.09B | $1.23B | $1.19B | $1.06B | $1.30B | $1.26B | $1.35B | $1.08B | $1.49B | $1.54B |
| Gross profit | $168.5M | $270.8M | $124.4M | $256.3M | $505.0M | $140.5M | $217.0M | $247.4M | $282.1M | $252.8M | $213.4M | $308.0M |
| Research & development | $20.8M | $20.7M | $21.7M | $20.0M | $24.7M | $24.3M | $30.5M | $30.5M | $25.6M | $34.3M | $31.5M | $28.9M |
| Sales, general & admin | $152.3M | $135.5M | $106.9M | $116.5M | $252.7M | $105.7M | $351.3M | $100.0M | $100.9M | $183.1M | $202.1M | $114.0M |
| Total operating expenses | $239.5M | $198.0M | $188.5M | $221.7M | $377.6M | $195.3M | $381.8M | $247.1M | $234.4M | $217.4M | $233.6M | $225.0M |
| Operating income | −$71.1M | $72.9M | −$64.1M | $34.6M | $127.4M | −$54.8M | −$164.7M | $294,000 | $47.6M | $35.4M | −$20.2M | $83.0M |
| Interest income | $21.0M | $16.7M | $9.0M | $15.1M | $9.9M | $12.1M | $26.3M | $13.7M | $14.1M | $34.3M | $15.6M | $18.6M |
| Interest expense | $63.6M | $52.4M | $48.5M | $44.4M | $44.8M | $40.5M | $35.4M | $34.2M | $33.0M | $34.9M | $33.2M | $29.9M |
| Income before taxes | −$69.4M | $3.4M | −$135.0M | −$13.9M | $79.1M | −$99.8M | −$147.2M | −$25.9M | $40.5M | $45.9M | −$15.1M | $51.9M |
| Income taxes | $16.3M | $16.9M | −$4.2M | $7.1M | $34.3M | −$23.1M | −$11.7M | −$19.8M | $5.3M | $9.7M | −$4.7M | −$10.6M |
| Net income | −$76.9M | −$32.1M | −$86.3M | $9.0M | $7.2M | −$34.0M | $33.9M | −$14.0M | $3.8M | $12.4M | −$1.4M | $21.9M |
| EBITDA | $56.7M | $61.1M | −$70.1M | $36.8M | $271.7M | −$55.2M | −$111.8M | $13.7M | $195.5M | $189.8M | $155.9M | $162.5M |
| EPS (diluted) | −$1.40 | −$1.84 | −$1.28 | −$0.58 | −$0.34 | −$1.07 | −$1.47 | −$0.31 | $0.02 | $0.19 | −$0.02 | $0.32 |
| Gross margin | 13.9% | 25.1% | 10.2% | 17.2% | 29.8% | 11.7% | 14.3% | 16.4% | 17.2% | 19.0% | 12.5% | 16.7% |
| Operating margin | −5.9% | 6.8% | −5.3% | 2.3% | 7.5% | −4.6% | −10.8% | 0.0% | 2.9% | 2.7% | −1.2% | 4.5% |
| Net margin | −6.4% | −3.0% | −7.1% | 0.6% | 0.4% | −2.8% | 2.2% | −0.9% | 0.2% | 0.9% | −0.1% | 1.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CSIQ's financial statements (latest annual report filed April 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CSIQ financial results
In fiscal year 2025 (ended December 31, 2025), Canadian Solar reported revenue of $5.6 billion, down 6.6% from the year before. It had a net loss of $104.1 million, a net profit margin of −1.9%. Diluted earnings per share came to −$3.27. Over five years revenue grew at an average rate of 10.0% a year.
See the CSIQ stock overview for the latest quote and news, or the CSIQ chart for price history and technical indicators.
CSIQ income statement FAQ
What is Canadian Solar's annual revenue?
Canadian Solar reported total revenue of $5.6 billion for fiscal year 2025, which ended on December 31, 2025. That was down 6.6% from $6.0 billion the previous year.
Is Canadian Solar profitable?
No. Canadian Solar reported a net loss of $104.1 million in fiscal 2025, a net profit margin of −1.9%; its operating margin was 0.8%.
What is Canadian Solar's gross margin?
Canadian Solar's gross margin was 18.3% in fiscal 2025: for every $100 of revenue, Canadian Solar kept $18 after the direct cost of its products and services.
How much does Canadian Solar spend on research and development?
Canadian Solar spent $90.7 million on research and development in fiscal 2025, 1.6% of revenue.
How fast is Canadian Solar growing?
Revenue grew 10.0% a year on average over the last five fiscal years, from $3.5 billion to $5.6 billion.
What are Canadian Solar's earnings per share?
Canadian Solar earned $-3.27 per diluted share in fiscal 2025, compared with $-1.57 a year earlier.
When will Canadian Solar report its next earnings?
Canadian Solar is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 before the market opens.
When does Canadian Solar's fiscal year end?
Canadian Solar's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 10, 2026.