Revenue growth remains under pressure with a 9.9% year-over-year decline in 2026Q1, while operating margins continue to fluctuate, recently dipping to -5.3% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 5.48B | 5.6B | 5.99B | 7.61B | 7.47B | 5.28B | 3.48B | 3.2B | 3.74B | 3.39B | 2.85B | 3.47B | 2.96B | 1.65B | 1.29B | 1.9B | 1.5B | 663.76M | 705.01M | 302.8M | 68.21M | 18.32M | 9.68M | 4.11M |
| Revenue Growth % | -6.56% | -6.65% | -21.28% | 1.94% | 41.53% | 51.8% | 8.62% | -14.53% | 10.44% | 18.83% | -17.72% | 17.12% | 78.96% | 27.77% | -31.81% | 26.97% | 125.31% | -5.85% | 132.83% | 343.91% | 272.26% | 89.2% | 135.46% | - |
| Cost of Goods Sold | 4.32B | 4.57B | 4.99B | 6.33B | 6.21B | 4.37B | 2.79B | 2.48B | 2.97B | 2.75B | 2.44B | 2.89B | 2.38B | 1.38B | 1.2B | 1.72B | 1.27B | 565.59M | 634M | 279.02M | 55.87M | 11.21M | 6.47M | 2.37M |
| COGS % of Revenue | - | 81.66% | 83.33% | 83.19% | 83.09% | 82.77% | 80.15% | 77.55% | 79.3% | 81.19% | 85.38% | 83.37% | 80.38% | 83.34% | 93.02% | 90.4% | 84.7% | 85.21% | 89.93% | 92.15% | 81.91% | 61.18% | 66.76% | 57.68% |
| Gross Profit | 1.16B | 1.03B | 999.32M | 1.28B | 1.26B | 909.31M | 689.91M | 718.5M | 775.08M | 637.6M | 417.19M | 576.77M | 580.99M | 275.69M | 90.36M | 182.28M | 228.77M | 98.18M | 71.01M | 23.78M | 12.34M | 7.11M | 3.22M | 1.74M |
| Gross Margin % | 21.12% | 18.34% | 16.67% | 16.81% | 16.91% | 17.23% | 19.85% | 22.45% | 20.7% | 18.81% | 14.62% | 16.63% | 19.62% | 16.66% | 6.98% | 9.6% | 15.3% | 14.79% | 10.07% | 7.85% | 18.09% | 38.82% | 33.24% | 42.32% |
| Gross Profit Growth % | - | 2.69% | -21.93% | 1.33% | 38.91% | 31.8% | -3.98% | -7.3% | 21.56% | 52.83% | -27.67% | -0.73% | 110.74% | 205.1% | -50.43% | -20.32% | 133.02% | 38.26% | 198.66% | 92.67% | 73.49% | 120.92% | 84.94% | - |
| Operating Expenses | 985.73M | 983.07M | 1.03B | 826.66M | 907.08M | 718.93M | 469.48M | 459.62M | 410.43M | 368.25M | 324.02M | 329.4M | 214.68M | 144.88M | 232.88M | 175.45M | 108.47M | 55.46M | 46.94M | 239.71M | 11.23M | 1.88M | 1.38M | 1.1M |
| OpEx % of Revenue | - | 17.57% | 17.18% | 10.86% | 12.15% | 13.62% | 13.5% | 14.36% | 10.96% | 10.86% | 11.36% | 9.5% | 7.25% | 8.76% | 17.99% | 9.24% | 7.25% | 8.35% | 6.66% | 79.17% | 16.46% | 10.27% | 14.24% | 26.68% |
| Selling, General & Admin | 957.73M | 964.4M | 1B | 810.16M | 901.05M | 707.59M | 449.84M | 423.11M | 410.78M | 387.03M | 349.16M | 312.34M | 202.62M | 133.19M | 219.88M | 155.61M | 101.63M | 52.28M | 45.12M | 24.73M | 10.83M | 1.87M | 1.34M | 1.08M |
| SG&A % of Revenue | - | 17.24% | 16.74% | 10.64% | 12.06% | 13.41% | 12.94% | 13.22% | 10.97% | 11.42% | 12.24% | 9.01% | 6.84% | 8.05% | 16.98% | 8.19% | 6.8% | 7.88% | 6.4% | 8.17% | 15.88% | 10.18% | 13.82% | 26.2% |
| Research & Development | 87.12M | 90.69M | 120.79M | 100.84M | 69.82M | 58.41M | 45.17M | 47.05M | 44.19M | 28.78M | 17.41M | 17.06M | 12.06M | 11.69M | 13M | 19.84M | 6.84M | 3.17M | 1.82M | 997.83K | 397.86K | 16.38K | 40.62K | 19.78K |
| R&D % of Revenue | - | 1.62% | 2.02% | 1.32% | 0.93% | 1.11% | 1.3% | 1.47% | 1.18% | 0.85% | 0.61% | 0.49% | 0.41% | 0.71% | 1% | 1.04% | 0.46% | 0.48% | 0.26% | 0.33% | 0.58% | 0.09% | 0.42% | 0.48% |
| Other Operating Expenses | -4M | -72.01M | -94.54M | -84.34M | -63.8M | -47.07M | -25.52M | -10.54M | -11.01M | -6.47M | -2.73M | 389K | 1.62M | 428K | 0 | 0 | 0 | 0 | 0 | 213.98M | 0 | 0 | 0 | 0 |
| Operating Income | 170.83M | 43.16M | -30.08M | 453.32M | 356.06M | 190.38M | 220.43M | 258.88M | 364.66M | 269.35M | 93.16M | 247.37M | 366.31M | 130.82M | -142.52M | 6.84M | 120.3M | 42.72M | 24.07M | -1.96M | 1.11M | 5.23M | 1.84M | 643.27K |
| Operating Margin % | 3.12% | 0.77% | -0.5% | 5.95% | 4.77% | 3.61% | 6.34% | 8.09% | 9.74% | 7.94% | 3.27% | 7.13% | 12.37% | 7.91% | -11.01% | 0.36% | 8.04% | 6.44% | 3.41% | -0.65% | 1.63% | 28.55% | 19% | 15.64% |
| Operating Income Growth % | - | 243.47% | -106.64% | 27.32% | 87.03% | -13.63% | -14.85% | -29.01% | 35.39% | 189.11% | -62.34% | -32.47% | 180.02% | 191.79% | -2184.79% | -94.32% | 181.6% | 77.52% | 1329.67% | -276.34% | -78.78% | 184.22% | 186.12% | - |
| EBITDA | 301M | 598.21M | 471.36M | 760.36M | 600.48M | 473.15M | 437.58M | 437.5M | 493.91M | 368.62M | 189.01M | 341.59M | 448.94M | 211.64M | -61.12M | 62.95M | 151.57M | 63.23M | 33.35M | -258.85K | 2.02M | 5.45M | 1.88M | 681.02K |
| EBITDA Margin % | 5.5% | 10.69% | 7.86% | 9.99% | 8.04% | 8.97% | 12.59% | 13.67% | 13.19% | 10.87% | 6.62% | 9.85% | 15.16% | 12.79% | -4.72% | 3.32% | 10.13% | 9.53% | 4.73% | -0.09% | 2.97% | 29.73% | 19.44% | 16.56% |
| EBITDA Growth % | 1745.92% | 26.91% | -38.01% | 26.63% | 26.91% | 8.13% | 0.02% | -11.42% | 33.99% | 95.02% | -44.67% | -23.91% | 112.13% | 446.28% | -197.08% | -58.46% | 139.71% | 89.6% | 12982.82% | -112.78% | -62.83% | 189.36% | 176.45% | - |
| D&A (Non-Cash Add-back) | 145.78M | 555.05M | 501.44M | 307.04M | 244.42M | 282.77M | 217.15M | 178.62M | 129.26M | 99.27M | 95.85M | 94.22M | 82.63M | 80.82M | 81.4M | 56.12M | 31.27M | 20.51M | 9.28M | 1.7M | 914.86K | 216.54K | 42.14K | 37.75K |
| EBIT | 153.73M | 37.43M | 55.17M | 522.62M | 430.73M | 196.62M | 206.36M | 261M | 404.52M | 252.49M | 157.38M | 277.62M | 369.74M | 102.51M | -145.31M | -30.52M | 89.6M | 30.94M | 14.32M | -215.94M | -6.8M | 4.65M | 1.84M | 643.27K |
| Net Interest Income | -139.43M | -132.11M | -49M | -62.48M | -33.65M | -47.1M | -62.57M | -69.29M | -94.83M | -107.49M | -59.49M | -37.32M | -34.54M | -34.27M | -39.94M | -35.4M | -15.23M | -4.37M | -8.67M | -1.81M | -1.83M | -217.5K | 11.2K | 1.09K |
| Interest Income | 50.62M | 46.05M | 88.47M | 51.62M | 40.62M | 11.05M | 9.31M | 12.04M | 11.21M | 10.48M | 10.24M | 16.83M | 14.36M | 11.97M | 13.36M | 8.45M | 6.94M | 5.08M | 3.53M | 562.01K | 362.53K | 21.72K | 11.2K | 1.09K |
| Interest Expense | 190.05M | 178.17M | 137.47M | 114.1M | 74.27M | 58.15M | 71.87M | 81.33M | 106.03M | 117.97M | 69.72M | 54.15M | 48.91M | 46.24M | 53.3M | 43.84M | 22.16M | 9.46M | 11.27M | 2.37M | 2.19M | 239.22K | 0 | 0 |
| Other Income/Expense | -237.24M | -212.77M | -64.36M | -30.18M | 15.85M | -44.66M | -85.95M | -79.21M | -63.6M | -105.37M | 11.54M | -23.9M | -45.48M | -43.05M | -56.1M | -81.2M | -52.72M | -21.24M | -23.54M | 1.56M | -10.11M | -821.75K | -20.99K | -199.06K |
| Pretax Income | -66.41M | -169.61M | -94.44M | 423.13M | 371.91M | 145.72M | 134.48M | 179.67M | 298.49M | 134.52M | 87.66M | 223.47M | 320.83M | 56.27M | -198.62M | -74.36M | 67.58M | 57.68M | 527.86K | -394.65K | -9M | 4.41M | 1.82M | 444.2K |
| Pretax Margin % | -1.21% | -3.03% | -1.58% | 5.56% | 4.98% | 2.76% | 3.87% | 5.61% | 7.97% | 3.97% | 3.07% | 6.44% | 10.84% | 3.4% | -15.34% | -3.92% | 4.52% | 8.69% | 0.07% | -0.13% | -13.19% | 24.06% | 18.79% | 10.8% |
| Income Tax | 54.21M | 14.15M | -16.58M | 59.5M | 73.35M | 35.84M | -1.98M | 13.12M | 61.97M | 40.95M | 17.98M | 49.51M | 77.43M | 7.64M | -5.43M | 16.54M | 16.75M | 4.44M | 9.92M | -184.98K | 431.99K | 605.4K | 362.88K | 33.56K |
| Effective Tax Rate % | -81.63% | -8.34% | 17.55% | 14.06% | 19.72% | 24.6% | -1.47% | 7.3% | 20.76% | 30.44% | 20.51% | 22.16% | 24.13% | 13.58% | 2.74% | -22.24% | 24.79% | 7.69% | 1878.55% | 46.87% | -4.8% | 13.73% | 19.94% | 7.56% |
| Net Income | -102.25M | -104.13M | 36.05M | 274.19M | 239.97M | 95.25M | 146.7M | 171.59M | 237.07M | 99.57M | 65.25M | 171.86M | 239.5M | 31.66M | -195.47M | -90.81M | 50.57M | 53.11M | -9.39M | -209.68K | -9.43M | 3.8M | 1.46M | 761.25K |
| Net Margin % | -1.87% | -1.86% | 0.6% | 3.6% | 3.21% | 1.8% | 4.22% | 5.36% | 6.33% | 2.94% | 2.29% | 4.96% | 8.09% | 1.91% | -15.1% | -4.78% | 3.38% | 8% | -1.33% | -0.07% | -13.82% | 20.76% | 15.04% | 18.51% |
| Net Income Growth % | -895.41% | -388.83% | -86.85% | 14.26% | 151.94% | -35.07% | -14.5% | -27.62% | 138.09% | 52.6% | -62.03% | -28.24% | 656.53% | 116.2% | -115.26% | -279.57% | -4.79% | 665.74% | -4377.5% | 97.78% | -347.9% | 161.14% | 91.35% | - |
| Net Income (Continuing) | -120.62M | -183.76M | -77.86M | 363.63M | 298.56M | 109.88M | 136.47M | 166.56M | 242.43M | 102.98M | 65.28M | 173.32M | 243.89M | 45.56M | -193.19M | -90.9M | 50.83M | 22.78M | -9.39M | -209.68K | -9.43M | 3.8M | 1.46M | 410.64K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.47B | 1.46B | 1.33B | 1.15B | 365.06M | 325.36M | 322.36M | 31.92M | 47.37M | 27.55M | 14.71M | 13.54M | 12.96M | 10.97M | 10.68M | 1.04M | 658K | 285K | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.51 | -1.55 | 0.54 | 3.87 | 3.44 | 1.46 | 2.38 | 2.84 | 3.81 | 1.69 | 1.12 | 2.93 | 4.11 | 0.63 | -4.53 | -2.11 | 1.16 | 0.60 | -0.30 | -0.01 | -0.50 | 0.25 | 0.05 | 0.05 |
| EPS Growth % | -316.09% | -387.04% | -86.05% | 12.5% | 135.62% | -38.66% | -16.2% | -25.46% | 125.44% | 50.89% | -61.77% | -28.71% | 552.38% | 113.91% | -114.69% | -281.9% | 93.33% | 300% | - | 98.46% | -300% | 368.16% | 6.8% | - |
| EPS (Basic) | - | -1.55 | 0.54 | 4.27 | 3.73 | 1.55 | 2.46 | 2.88 | 3.88 | 1.71 | 1.13 | 3.08 | 4.40 | 0.68 | -4.53 | -2.11 | 1.18 | 0.61 | -0.30 | -0.01 | -0.50 | 0.25 | 0.05 | 0.05 |
| Diluted Shares Outstanding | 67.82M | 67.37M | 66.94M | 72.19M | 71.18M | 68.87M | 62.31M | 60.78M | 62.29M | 61.55M | 58.06M | 60.43M | 59.35M | 50.39M | 43.19M | 43.08M | 43.68M | 37.73M | 31.57M | 27.28M | 18.99M | 15.43M | 27.27M | 15.43M |
| Basic Shares Outstanding | 67.82M | 67.37M | 66.62M | 65.38M | 64.32M | 61.61M | 59.58M | 59.63M | 61.09M | 58.17M | 57.52M | 55.73M | 54.41M | 46.31M | 43.15M | 43.08M | 42.84M | 37.14M | 31.57M | 27.28M | 18.99M | 15.43M | 27.27M | 15.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 0.65% | 1.27% | 9.62% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Margin Compression Risk
As indicated by the most recent quarterly data, Canadian Solar has experienced a 9.9% year-over-year revenue decline, marking a sustained period of top-line pressure that reflects the broader industry's struggle with module oversupply and the inherent volatility of its project-based revenue recognition model.
The consistent negative growth rates across the last ten quarters suggest that the company is struggling to maintain volume in a commoditized hardware environment. Investors should monitor whether the shift toward battery storage can eventually offset the structural decline in module pricing, which currently appears to be the primary drag on top-line performance.
Based on reported financial statements, the company's gross margin has fluctuated significantly, reaching a recent peak of 29.8% in 2025Q2 before compressing to 25.1% in 2026Q1, highlighting the sensitivity of the manufacturing segment to raw material costs and competitive pricing pressures in the global solar market.
The inability to maintain consistent gross margins suggests that the company lacks sufficient pricing power to pass through commodity cost volatility to end customers. This margin instability warrants further investigation into the effectiveness of the company's vertical integration strategy, which appears to be failing to provide a meaningful buffer against industry-wide price erosion.
According to the income statement, the company's operating margin has frequently dipped into negative territory, including a -5.3% margin in 2025Q4, demonstrating that high fixed costs and SG&A expenses are currently overwhelming the gross profit generated by the manufacturing and project development segments.
The lack of positive operating leverage indicates that the company's cost structure is too rigid to adapt to the current cyclical downturn. Without a significant reduction in overhead or a major improvement in project-level profitability, the company may continue to struggle to convert gross profit into meaningful operating income.
As reported in recent filings, the company has posted negative net income in several of the last ten quarters, including a -3.0% net margin in 2026Q1, which suggests that non-operating items and interest expenses are further eroding the already thin margins generated by core operations.
The recurring net losses raise concerns regarding the sustainability of the current business model, particularly given the capital-intensive nature of the project development pipeline. Investors should monitor whether these losses are primarily driven by non-cash inventory write-downs or if they reflect a more fundamental issue with the profitability of the company's integrated energy services.
While some analysts point to the project pipeline as a hidden asset, the income statement data suggests that the company's reliance on lumpy project divestitures creates significant earnings risk, as evidenced by the erratic quarterly net income swings observed over the past two and a half years.
Short-sellers may focus on the company's inability to generate consistent bottom-line growth despite its scale, arguing that the project development business is merely masking deeper manufacturing inefficiencies. The persistent negative net margins suggest that the company's current valuation may be overly optimistic if the expected recovery in module pricing fails to materialize.
Quick answers to the most common questions about buying CSIQ stock.
For fiscal year 2025, Canadian Solar Inc. (CSIQ) reported total revenue of $5.60B. This represents a 135928.9% increase compared to $4.1M in 2003.
Canadian Solar Inc. (CSIQ) reported a net loss of $104.1M for the fiscal year ending 2025.
Canadian Solar Inc. (CSIQ) reported an operating income of $43.2M, resulting in an operating profit margin of 0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Canadian Solar Inc. (CSIQ) generated $1.03B in gross profit for the year, representing a gross profit margin of 18.3%. This demonstrates the company's core pricing power and production efficiency.