Canadian Solar (CSIQ) Q4 2025 earnings summary

Executive summary

• 2025 was marked by persistent market headwinds and regulatory shifts, prompting a strategic pivot toward margin protection and high-value markets, especially in the U.S.

• Delivered 24.3 GW of solar modules and 7.8 GWh of energy storage globally in 2025, with record U.S. shipments and a $3.6 billion contracted storage backlog.

• Net loss attributable to shareholders was $104 million for the year, or $2.5 per diluted share.

• Strategic U.S. manufacturing expansion underway, including new CS PowerTech platform, Texas and Indiana capacity increases, and Kentucky facility plans.

• Resumed direct oversight of U.S. operations, forming CS PowerTech as the new U.S. manufacturing platform.

Financial highlights

• 2025 total revenue was $5.6 billion, impacted by lower solar and storage volumes and lighter project sales.

• Q4 2025 revenue was $1.2 billion, with a net loss attributable to shareholders of $86 million and a diluted loss per share of $1.66.

• Gross margin for Q4 2025 was 10.2%, down sequentially and year-over-year.

• Full-year gross profit was $1.03 billion with operating expenses of $983 million.

• Ended 2025 with $1.9 billion in cash and $6.5 billion in total debt, including $2.2 billion non-recourse debt under Recurrent Energy.

Outlook and guidance

• Q1 2026 guidance: solar module shipments of 2.2–2.4 GW, energy storage shipments of 1.7–1.9 GWh, revenue of $900M–$1.1B, gross margin 13%–15%.

• Full-year 2026 U.S. guidance: 6.5–7 GW module shipments, 4.5–5.5 GWh storage shipments; U.S. module shipments expected to be slightly lower due to supply constraints.

• 2026 is positioned as a transition year, focusing on U.S. manufacturing expansion and profitability diversification.

• U.S. solar module manufacturing is constrained in the near term by compliant cell supply, expected to improve as domestic capacity scales.