MDA Space Ltd. (MDA) Income Statement
MDA 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsMDA revenue and net income
Where MDA's revenue goes
2025Each bar shows an amount and its share of revenue. MDA kept 6.6% of revenue as net income.
MDA profit margins
MDA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +58.5% | +36.0% | +38.7% | — |
| Gross profit | +45.2% | +22.2% | +54.9% | — |
| Operating income | +84.2% | +77.3% | — | — |
| Net income | +43.2% | +59.7% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MDA income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | C$1.19B | C$750.6M | C$609.3M | C$473.0M | C$377.0M | C$232.0M |
| Cost of revenue | C$952.6M | C$587.5M | C$460.3M | C$343.3M | C$288.9M | C$205.5M |
| Gross profit | C$236.7M | C$163.1M | C$149.0M | C$129.8M | C$88.2M | C$26.5M |
| Research & development | C$60.1M | C$55.0M | C$54.0M | C$64.4M | C$36.9M | C$14.9M |
| Sales, general & admin | C$129.2M | C$91.0M | C$80.7M | C$68.5M | — | — |
| Total operating expenses | C$154.2M | C$118.3M | C$114.9M | C$114.9M | C$93.7M | C$58.2M |
| Operating income | C$82.6M | C$44.8M | C$34.1M | C$14.8M | −C$5.5M | −C$31.7M |
| Interest income | C$7.8M | C$7.0M | C$2.0M | C$400,000 | — | — |
| Interest expense | C$12.4M | C$19.5M | C$6.5M | C$21.5M | C$25.5M | C$23.1M |
| Income before taxes | C$78.6M | C$47.7M | C$26.4M | −C$15.0M | −C$11.3M | −C$34.6M |
| Income taxes | −C$364,100 | −C$7.4M | −C$10.4M | −C$34.4M | −C$13.6M | −C$21.0M |
| Net income | C$79.0M | C$55.2M | C$36.8M | C$19.4M | C$2.3M | −C$13.6M |
| EBITDA | C$193.4M | C$130.4M | C$91.8M | C$62.7M | C$77.2M | C$14.1M |
| Gross margin | 19.9% | 21.7% | 24.5% | 27.4% | 23.4% | 11.4% |
| Operating margin | 6.9% | 6.0% | 5.6% | 3.1% | −1.5% | −13.7% |
| Net margin | 6.6% | 7.4% | 6.0% | 4.1% | 0.6% | −5.9% |
| 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 | C$351.0M | C$333.7M | C$363.4M | C$294.2M | C$274.2M | C$243.9M | C$240.9M | C$208.7M | C$176.8M | C$154.4M | C$154.7M | C$150.7M |
| Cost of revenue | C$284.6M | C$273.3M | C$293.7M | C$238.3M | C$213.2M | C$196.6M | C$191.9M | C$161.3M | C$136.9M | C$120.7M | C$119.9M | C$116.3M |
| Gross profit | C$66.5M | C$60.4M | C$69.8M | C$55.9M | C$61.0M | C$47.3M | C$48.9M | C$47.4M | C$39.9M | C$33.7M | C$34.8M | C$34.4M |
| Research & development | C$14.8M | C$11.8M | C$20.9M | C$20.8M | C$8.2M | C$3.8M | C$17.2M | C$13.0M | C$14.4M | C$12.6M | C$17.2M | C$11.9M |
| Sales, general & admin | C$51.7M | C$36.0M | C$35.3M | C$33.1M | C$33.5M | C$27.3M | C$24.5M | — | — | — | — | — |
| Total operating expenses | C$50.5M | C$37.2M | C$46.6M | C$44.4M | C$32.8M | C$22.8M | C$34.3M | C$28.8M | C$31.7M | C$28.4M | C$33.5M | C$27.0M |
| Operating income | C$15.9M | C$23.2M | C$23.2M | C$11.6M | C$28.2M | C$24.5M | C$14.7M | C$18.6M | C$8.2M | C$5.2M | C$1.3M | C$7.4M |
| Interest income | C$3.0M | C$1.0M | C$700,000 | C$1.9M | C$3.5M | C$1.7M | C$3.3M | — | — | — | — | — |
| Interest expense | C$3.2M | C$4.6M | C$2.6M | C$4.0M | C$2.1M | C$3.4M | C$6.7M | C$3.3M | C$5.8M | C$4.5M | C$75,450 | C$1.8M |
| Income before taxes | C$23.7M | C$24.0M | C$13.5M | C$15.7M | C$22.5M | C$31.5M | C$16.3M | C$22.3M | C$2.6M | C$8.4M | −C$679,050 | C$6.8M |
| Income taxes | C$4.0M | C$2.7M | −C$4.0M | −C$1.9M | C$2.5M | C$8.6M | −C$1.1M | C$517,335 | −C$5.4M | −C$1.8M | −C$10.9M | −C$73,610 |
| Net income | C$19.6M | C$21.3M | C$17.5M | C$17.5M | C$20.0M | C$22.9M | C$17.4M | C$21.8M | C$8.0M | C$10.2M | C$10.2M | C$6.8M |
| EBITDA | C$50.1M | C$61.8M | C$49.8M | C$50.8M | C$43.4M | C$52.5M | C$40.0M | C$41.3M | C$24.8M | C$29.7M | C$15.2M | C$23.1M |
| Gross margin | 18.9% | 18.1% | 19.2% | 19.0% | 22.3% | 19.4% | 20.3% | 22.7% | 22.6% | 21.8% | 22.5% | 22.8% |
| Operating margin | 4.5% | 7.0% | 6.4% | 3.9% | 10.3% | 10.1% | 6.1% | 8.9% | 4.6% | 3.4% | 0.8% | 4.9% |
| Net margin | 5.6% | 6.4% | 4.8% | 6.0% | 7.3% | 9.4% | 7.2% | 10.4% | 4.5% | 6.6% | 6.6% | 4.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in MDA's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MDA financial results
In fiscal year 2025 (ended December 31, 2025), MDA Space reported revenue of C$1.2 billion, up 58.5% from the year before. It had net income of C$79.0 million (up 43.2%), a net profit margin of 6.6%. Over five years revenue grew at an average rate of 38.7% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the MDA stock overview for the latest quote and news, or the MDA chart for price history and technical indicators.
MDA income statement FAQ
What is MDA Space's annual revenue?
MDA Space reported total revenue of C$1.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 58.5% from C$750.6 million the previous year.
Is MDA Space profitable?
Yes. MDA Space reported net income of C$79.0 million in fiscal 2025, a net profit margin of 6.6%; its operating margin was 6.9%.
What is MDA Space's gross margin?
MDA Space's gross margin was 19.9% in fiscal 2025: for every $100 of revenue, MDA Space kept $20 after the direct cost of its products and services.
How much does MDA Space spend on research and development?
MDA Space spent C$60.1 million on research and development in fiscal 2025, 5.1% of revenue.
How fast is MDA Space growing?
Revenue grew 38.7% a year on average over the last five fiscal years, from C$232.0 million to C$1.2 billion.
When will MDA Space report its next earnings?
MDA Space is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does MDA Space's fiscal year end?
MDA Space's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.