Overview
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- TickerCSIQ on Nasdaq1
- IndustrySemiconductors & Related Devices1
- HeadquartersGuelph1
- Websitewww.canadiansolar.com
- Legal formBusiness corporations (which includes professional corporations)1
- Incorporated inOntario, Canada5
- Business address4273 King Street East, Suite 102, Kitchener, A6 N2P 2E95
- Filer categoryLarge accelerated filer5
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
18.3%Gross margin4
0.8%Operating margin4
-1.9%Net margin4
-6.6%Revenue growth, 20254
-3.7%Return on equity4
2.14×Debt to equity4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Manufacturing brought in 93% of the revenue Canadian Solar Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Manufacturing | $7.2B | $6.5B | $5.6B |
| Recurrent Energy | $497.7M | $323.5M | $403.6M |
Regions
Asia brought in 24% of the revenue Canadian Solar Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Asia | $3.1B | $1.8B | $1.2B |
| Europe | $1.9B | $1.1B | $1.2B |
| China | $2.2B | $1.2B | $711.0M |
| United Kingdoms | $145.0M | $185.2M | $355.5M |
| Australia | $128.2M | $115.1M | $347.9M |
| B R | $846.4M | $190.9M | $229.0M |
| PK | $78.2M | $266.1M | $203.0M |
| Other Countries Europe | $643.4M | $292.2M | $196.3M |
| Japan | $597.2M | $150.7M | $195.1M |
| Other Countries America | $283.8M | $136.7M | $151.7M |
| Spain | $445.3M | $221.8M | $141.8M |
| Other Countries Asia | $298.9M | $164.3M | $138.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue82¢$4.6B
- Research and development2¢$90.7M
- Other costs16¢$921.4M
- Income tax0¢$14.1M
Out of $5.6B in revenue.4 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net revenues | $5.6B | $6.0B | $7.6B |
| Cost of revenues | $4.6B | $5.0B | $6.3B |
| Gross profit | $1.0B | $999.3M | $1.3B |
| Selling and distribution expenses | $382.6M | $487.9M | $369.7M |
| General and administrative expenses | $581.8M | $515.2M | $440.5M |
| Research and development expenses | $90.7M | $120.8M | $100.8M |
| Other operating income, net | -$72.0M | -$94.5M | -$84.3M |
| Total operating expenses | $983.1M | $1.0B | $826.7M |
| Income (loss) from operations | $43.2M | -$30.1M | $453.3M |
| Interest expense | -$178.2M | -$137.5M | -$114.1M |
| Interest income | $46.1M | $88.5M | $51.6M |
| Loss on change in fair value of derivatives, net | -$42.4M | -$51.4M | -$27.5M |
| Foreign exchange gain (loss), net | -$16.8M | $46.8M | $30.6M |
| Investment income, net | $7.4M | $1.4M | $14.6M |
| Total other expenses | -$183.9M | -$52.2M | -$44.8M |
| Income (loss) before income taxes and equity in earnings (losses) of affiliates | -$140.7M | -$82.3M | $408.5M |
| Income tax benefit (expense) | -$14.1M | $16.6M | -$59.5M |
| Equity in earnings (losses) of affiliates | -$28.9M | -$12.1M | $14.6M |
| Net income (loss) | -$183.8M | -$77.9M | $363.6M |
| Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests | -$79.6M | -$113.9M | $89.4M |
| Net income (loss) attributable to Canadian Solar Inc. | -$104.1M | $36.1M | $274.2M |
| Earnings (loss) per share - basic | -$2.50 | $0.54 | $4.19 |
| Shares used in computation - basic | 67.4M shares | 66.6M shares | 65.4M shares |
| Earnings (loss) per share - diluted | -$2.50 | $0.54 | $3.87 |
| Shares used in computation - diluted | 67.4M shares | 66.9M shares | 72.2M shares |
No quarterly figures reported.
Every line of the balance sheet in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $1.4B | $1.7B | |
| Restricted cash | $541.7M | $551.4M | |
| Accounts receivable trade, net | $830.0M | $1.1B | |
| Accounts receivable, unbilled | $228.4M | $142.6M | |
| Inventories | $1.1B | $1.2B | |
| Value added tax recoverable | $252.3M | $221.5M | |
| Advances to suppliers, net | $217.9M | $124.4M | |
| Derivative assets | $15.0M | $14.0M | |
| Project assets | $549.3M | $394.4M | |
| Prepaid expenses and other current assets | $822.5M | $436.6M | |
| Total current assets | $6.0B | $5.9B | |
| Restricted cash | $28.3M | $11.1M | |
| Property, plant and equipment, net | $3.4B | $3.2B | |
| Solar power and battery energy storage systems, net | $2.1B | $2.0B | |
| Deferred tax assets, net | $634.2M | $473.5M | |
| Advances to suppliers, net | $104.5M | $118.1M | |
| Investments in affiliates | $289.6M | $233.0M | |
| Intangible assets, net | $32.0M | $31.0M | |
| Project assets | $1.5B | $889.9M | |
| Right-of-use assets | $441.3M | $378.5M | |
| Amounts due from related parties | $76.8M | $75.2M | |
| Other non-current assets | $663.1M | $232.5M | |
| Total Assets | $15.2B | $13.5B | |
| Short-term borrowings | $2.4B | $1.9B | |
| Convertible notes | $228.9M | ||
| Green bonds | $153.2M | ||
| Accounts payable | $878.8M | $1.1B | |
| Short-term notes payable | $939.5M | $637.5M | |
| Other payables | $779.2M | $984.0M | |
| Advances from customers | $162.6M | $204.8M | |
| Derivative liabilities | $6.2M | $13.7M | |
| Operating lease liabilities | $26.8M | $21.3M | |
| Total current liabilities | $5.9B | $5.4B | |
| Long-term borrowings | $3.6B | $2.7B | |
| Convertible notes | $195.3M | ||
| Green bonds | $146.5M | ||
| Liability for uncertain tax positions | $5.8M | $5.8M | |
| Deferred tax liabilities | $296.7M | $204.8M | |
| Operating lease liabilities | $354.5M | $271.8M | |
| Other non-current liabilities | $578.2M | $582.3M | |
| Total Liabilities | $10.9B | $9.4B | |
| Redeemable non-controlling interests | $326.6M | $247.8M | |
| Common shares: no par value, unlimited authorized, 66,954,634 and 67,810,136 outstanding, respectively | $835.5M | $835.5M | |
| Additional paid-in capital | $568.9M | $590.6M | |
| Retained earnings | $1.5B | $1.6B | |
| Accumulated other comprehensive loss | -$78.1M | -$196.4M | |
| Total Canadian Solar Inc. shareholders' equity | $2.8B | $2.8B | |
| Non-controlling interests | $1.1B | $1.1B | |
| Total Equity | $3.9B | $3.9B | $3.7B |
| Total Liabilities, Redeemable Interests and Equity | $15.2B | $13.5B | |
| Common share, par value (in dollars per share) | $0 | $0 | |
| Common shares, shares issued (in shares) | 67.8M shares | 67.0M shares | |
| Common shares, shares outstanding (in shares) | 67.8M shares | 67.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$183.8M | -$77.9M | $363.6M |
| Depreciation and amortization | $555.1M | $501.4M | $307.0M |
| Write-down of inventories | $74.0M | $152.0M | $113.1M |
| Allowance for credit losses | -$1.4M | $39.1M | $12.0M |
| Impairment loss of property, plant and equipment | $54.0M | $65.3M | $5.9M |
| Impairment loss of project assets | $60.2M | $33.1M | $16.2M |
| Impairment loss of solar power systems | $11.1M | $21.4M | $0 |
| Impairment loss of investments in affiliates | $600.0K | ||
| Share-based compensation | $24.4M | $21.4M | $55.3M |
| Deferred taxes | -$71.9M | -$98.2M | -$17.9M |
| Loss on change in fair value of derivatives, net | $42.4M | $51.4M | $27.5M |
| Loss (gain) on change in fair value of other financial assets | -$6.9M | $590.0K | -$12.7M |
| Equity in losses (earnings) of affiliates | $28.9M | $12.1M | -$14.6M |
| Non-cash operating lease expenses | $52.0M | $35.9M | $18.8M |
| Accretion of green bonds and convertible notes | $4.4M | $3.4M | $2.1M |
| Others | $73.9M | $5.1M | -$2.2M |
| Accounts receivable trade | $327.5M | -$221.5M | $59.0M |
| Accounts receivable, unbilled | -$79.6M | -$42.5M | -$43.6M |
| Inventories | -$110.4M | -$312.5M | $182.8M |
| Project assets | -$806.2M | -$697.8M | -$349.8M |
| Advances to suppliers | -$86.2M | $62.5M | $54.9M |
| Accounts payable | -$217.0M | $268.2M | $13.1M |
| Short-term notes payable | $275.9M | -$221.2M | -$590.4M |
| Advances from customers | -$44.6M | -$184.3M | $59.4M |
| Prepaid expenses and other current assets | -$248.5M | -$99.7M | -$22.3M |
| Value added tax recoverable | -$19.6M | -$65.2M | -$6.0M |
| Net settlement of derivatives | -$50.9M | -$49.1M | -$39.1M |
| Other payables | $4.7M | $90.8M | $169.9M |
| Other liabilities | $102.3M | -$104.3M | $337.1M |
| Others | -$16.4M | -$75.3M | -$14.7M |
| Net cash provided by (used in) operating activities | -$252.7M | -$885.3M | $684.6M |
| Purchase of property, plant and equipment and intangible assets | -$962.3M | -$1.1B | -$1.1B |
| Purchase of solar power and battery energy storage systems | -$429.2M | -$757.6M | -$409.0M |
| Investment in affiliates | -$62.2M | -$28.8M | -$113.4M |
| Acquisition of subsidiaries, net of cash | -$14.8M | -$10.9M | -$9.4M |
| Investment in bank time deposits and structured deposits | -$119.5M | -$64.7M | |
| Proceeds from disposal of property, plant and equipment and right-of-use assets | $46.6M | ||
| Proceeds from disposal of solar power systems | $45.5M | ||
| Others | -$7.7M | $12.5M | -$23.1M |
| Net cash used in investing activities | -$1.5B | -$2.0B | -$1.7B |
| Proceeds from short-term borrowings | $1.1B | $1.8B | $1.6B |
| Repayments of short-term borrowings | -$2.5B | -$1.6B | -$1.6B |
| Proceeds from long-term borrowings | $2.6B | $1.4B | $1.0B |
| Net proceeds from issuance of convertible notes and green bonds | $193.3M | $121.0M | |
| Repayment of convertible notes | -$230.0M | ||
| Repayments of finance lease obligations | -$48.0M | -$72.2M | -$39.8M |
| Proceeds from subsidiary's issuance of preferred shares | $482.2M | ||
| Capital contributions from tax equity investors in subsidiaries | $207.7M | $226.9M | |
| Proceeds from subsidiary's offering of equity interests | $927.9M | ||
| Repurchase of shares by subsidiary | -$70.1M | -$79.6M | |
| Distributions to non-controlling interests | -$27.0M | -$27.6M | -$4.0M |
| Proceeds from sales-leaseback arrangements | $56.1M | $91.6M | |
| Others | $31.9M | $60.1M | -$23.5M |
| Net cash provided by financing activities | $1.3B | $2.3B | $2.1B |
| Effect of exchange rate changes | $85.1M | -$154.6M | -$89.1M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -$323.6M | -$682.4M | $976.9M |
| Interest paid, net of amounts capitalized | $170.5M | $131.0M | $121.7M |
| Income taxes paid, net of tax refunds | $149.7M | $113.9M | $83.1M |
| Reclassification of project assets to solar power and battery energy storage systems | $312.8M | $119.1M | |
| Reclassification of inventories to solar power and battery energy storage systems | $115.6M | $111.5M | $46.2M |
| Borrowings assumed by third parties in connection with project asset sales | $53.5M | $161.7M | |
| Property, plant and equipment costs included in other payables | $226.7M | $478.6M | $933.0M |
Subsidiaries and ownership
Subsidiaries
- Recurrent Energy
From Wikidata.1
Timeline
- Oct 22, 2001Founded Founded1
Recent filings
- Oct 14, 20264 OWNERSHIP DOCUMENT
- Oct 14, 20264 OWNERSHIP DOCUMENT
- Oct 14, 20264 OWNERSHIP DOCUMENT
- Oct 14, 20264 OWNERSHIP DOCUMENT
- Oct 7, 20264 OWNERSHIP DOCUMENT
- Oct 7, 20264 OWNERSHIP DOCUMENT
- Oct 7, 20264 OWNERSHIP DOCUMENT
- Oct 7, 20264 OWNERSHIP DOCUMENT
- Oct 7, 20264 OWNERSHIP DOCUMENT
- Sep 21, 2026S-8
- Aug 27, 20266-K
- Aug 13, 20266-K
- Jul 27, 2026SCHEDULE 13G
- Jul 23, 20266-K
- Jul 23, 2026SCHEDULE 13G/A
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitewww.canadiansolar.com1
- X (Twitter)x.com/Canadian_Solar1
- Facebookwww.facebook.com/Canadian.Solar.CSIQ1
- Instagramwww.instagram.com/canadiansolar1
- LinkedInwww.linkedin.com/company/canadian-solar-inc-1
- WikidataQ121323756
- SEC EDGARCIK 1375877
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataCanadian Solar Inc. on Wikidata
- 2
- 3Company websiteCanadian Solar Inc. logo
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