Telesat Corporation (TSAT) Income Statement
TSAT 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsTSAT revenue and net income
Where TSAT's revenue goes
2025Each bar shows an amount and its share of revenue. TSAT kept −37.2% of revenue as net income.
TSAT profit margins
TSAT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −26.9% | −18.1% | −12.6% | −7.9% |
| Gross profit | −71.2% | −39.8% | −27.9% | −14.9% |
| Operating income | — | −42.2% | −32.4% | −19.9% |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TSAT income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$417.6M | C$571.0M | C$704.2M | C$759.2M | C$758.2M | C$820.5M | C$910.9M | C$902.9M | C$927.4M | C$930.9M |
| Cost of revenue | C$264.0M | C$38.0M | C$38.5M | C$54.0M | C$30.2M | C$33.4M | C$37.2M | C$389.4M | C$187.7M | C$174.9M |
| Gross profit | C$153.6M | C$533.1M | C$665.6M | C$705.2M | C$728.0M | C$787.1M | C$873.7M | C$513.5M | C$739.7M | C$755.9M |
| Research & development | — | — | C$48.3M | C$65.8M | C$31.7M | C$21.1M | C$7.1M | — | — | — |
| Sales, general & admin | C$92.6M | C$110.3M | C$117.9M | C$152.2M | C$156.1M | C$89.9M | C$87.9M | — | — | — |
| Total operating expenses | C$96.3M | C$573.3M | C$96.8M | C$408.7M | C$318.9M | C$382.6M | C$395.4M | C$45.6M | C$36.5M | C$193.7M |
| Operating income | C$57.2M | −C$40.3M | C$568.8M | C$296.5M | C$409.1M | C$404.5M | C$478.3M | C$467.9M | C$486.1M | C$496.2M |
| Interest income | C$24.9M | C$66.1M | C$67.1M | C$23.5M | C$3.4M | C$5.2M | C$33.2M | — | — | — |
| Interest expense | C$218.6M | C$243.9M | C$271.0M | C$221.8M | C$188.0M | C$203.8M | C$271.5M | C$0 | C$0 | — |
| Income before taxes | −C$597.1M | −C$315.5M | C$672.9M | −C$30.2M | C$233.4M | C$240.5M | C$202.3M | −C$29.9M | C$585.3M | C$376.8M |
| Income taxes | −C$67.3M | −C$13.0M | C$89.6M | C$51.4M | C$71.0M | −C$4.4M | C$15.1M | C$61.1M | C$80.2M | C$83.9M |
| Net income | −C$155.2M | −C$87.7M | C$157.1M | −C$23.8M | C$92.5M | C$244.8M | C$187.2M | −C$90.9M | C$505.0M | C$292.9M |
| EBITDA | −C$229.8M | C$67.0M | C$1.14B | C$395.3M | C$641.2M | C$678.3M | C$740.0M | C$711.5M | C$733.5M | C$748.6M |
| Gross margin | 36.8% | 93.4% | 94.5% | 92.9% | 96.0% | 95.9% | 95.9% | 56.9% | 79.8% | 81.2% |
| Operating margin | 13.7% | −7.1% | 80.8% | 39.0% | 54.0% | 49.3% | 52.5% | 51.8% | 52.4% | 53.3% |
| Net margin | −37.2% | −15.4% | 22.3% | −3.1% | 12.2% | 29.8% | 20.6% | −10.1% | 54.5% | 31.5% |
| 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$79.5M | C$87.3M | C$94.0M | C$101.1M | C$106.1M | C$116.7M | C$128.0M | C$138.4M | C$152.4M | C$152.2M | C$165.9M | C$175.1M |
| Cost of revenue | C$61.5M | C$64.0M | C$66.4M | C$4.8M | C$4.3M | C$6.7M | C$10.0M | C$6.2M | C$11.1M | C$10.7M | C$8.8M | C$10.4M |
| Gross profit | C$18.1M | C$23.3M | C$27.5M | C$96.3M | C$101.8M | C$110.0M | C$118.0M | C$132.2M | C$141.3M | C$141.5M | C$157.1M | C$164.7M |
| Research & development | — | — | — | — | — | — | — | — | C$3.7M | C$41.8M | C$13.4M | C$12.7M |
| Sales, general & admin | C$25.2M | C$24.5M | C$22.6M | C$22.4M | C$21.6M | C$26.1M | C$34.6M | C$22.1M | C$56.2M | C$25.3M | C$46.3M | C$44.2M |
| Total operating expenses | C$30.8M | C$20.2M | C$20.9M | C$90.3M | C$83.9M | C$79.2M | C$345.6M | C$72.5M | C$79.7M | C$75.6M | C$166.8M | C$89.4M |
| Operating income | −C$12.7M | C$3.1M | C$6.7M | C$6.0M | C$17.9M | C$30.8M | −C$227.5M | C$59.7M | C$61.7M | C$65.9M | −C$9.7M | C$75.3M |
| Interest income | C$2.4M | C$4.1M | C$5.3M | C$6.0M | C$6.8M | C$6.5M | C$9.0M | C$15.7M | C$20.3M | C$21.2M | C$18.4M | C$16.2M |
| Interest expense | C$50.8M | C$50.4M | C$53.4M | C$54.5M | C$53.6M | C$56.9M | C$58.0M | C$59.5M | C$62.0M | C$64.5M | C$65.8M | C$67.9M |
| Income before taxes | −C$553.4M | −C$160.7M | −C$488.1M | −C$137.9M | C$79.3M | −C$50.5M | −C$500.5M | C$73.0M | C$157.8M | −C$45.9M | C$29.1M | C$14.9M |
| Income taxes | C$5.4M | −C$9.4M | −C$55.2M | −C$16.8M | C$3.8M | C$918,000 | −C$53.2M | C$5.2M | C$28.5M | C$6.5M | −C$8.9M | C$18.4M |
| Net income | −C$165.9M | −C$45.6M | −C$125.4M | −C$35.3M | C$21.0M | −C$15.5M | −C$126.3M | C$17.9M | C$35.5M | −C$14.8M | C$10.1M | −C$1.1M |
| EBITDA | C$18.1M | −C$79.5M | −C$397.7M | −C$46.0M | C$170.5M | C$43.2M | −C$412.6M | C$167.5M | C$254.2M | C$57.8M | C$140.7M | C$133.1M |
| Gross margin | 22.7% | 26.6% | 29.3% | 95.3% | 95.9% | 94.2% | 92.2% | 95.5% | 92.7% | 93.0% | 94.7% | 94.1% |
| Operating margin | −16.0% | 3.5% | 7.1% | 5.9% | 16.8% | 26.4% | −177.8% | 43.2% | 40.5% | 43.3% | −5.8% | 43.0% |
| Net margin | −208.5% | −52.3% | −133.5% | −34.9% | 19.8% | −13.3% | −98.7% | 12.9% | 23.3% | −9.7% | 6.1% | −0.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in TSAT's financial statements (latest annual report filed March 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TSAT financial results
In fiscal year 2025 (ended December 31, 2025), Telesat reported revenue of C$417.6 million, down 26.9% from the year before. It had a net loss of C$155.2 million, a net profit margin of −37.2%. Over five years revenue grew at an average rate of −12.6% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the TSAT stock overview for the latest quote and news, or the TSAT chart for price history and technical indicators.
TSAT income statement FAQ
What is Telesat's annual revenue?
Telesat reported total revenue of C$417.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 26.9% from C$571.0 million the previous year.
Is Telesat profitable?
No. Telesat reported a net loss of C$155.2 million in fiscal 2025, a net profit margin of −37.2%; its operating margin was 13.7%.
What is Telesat's gross margin?
Telesat's gross margin was 36.8% in fiscal 2025: for every $100 of revenue, Telesat kept $37 after the direct cost of its products and services.
How fast is Telesat growing?
Revenue grew −12.6% a year on average over the last five fiscal years, from C$820.5 million to C$417.6 million.
When will Telesat report its next earnings?
Telesat is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Telesat's fiscal year end?
Telesat's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 17, 2026.