Canadian Solar Inc. cash flow statement

In fiscal 2025, Canadian Solar Inc.'s operations generated −$253m of cash; it spent $962m on capital projects, leaving free cash flow of −$1.21bn. It returned $70.1m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Canadian Solar Inc.: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	51	−58	60	−148	230	265	414	−278	204	216	600	−121	−408	917	685	−885	−253
Depreciation and amortisation	21	31	56	81	81	83	94	96	99	129	160	209	283	235	307	501	555
Stock-based pay	5	4	4	5	6	5	6	8	9	10	11	12	9	9	55	21	24
Capital spending	72	134	205	60	23	50	91	287	277	316	—	—	429	627	1,116	1,113	962
Free cash flow	−21	−193	−145	−208	206	215	323	−565	−73	−100	—	—	−837	290	−432	−1,998	−1,215
Free cash flow after stock pay	−27	−197	−149	−213	200	210	317	−573	−82	−110	—	—	−846	280	−487	−2,020	−1,239
Share buybacks	—	—	—	—	—	—	—	—	—	—	12	6	—	—	—	80	70
Shares issued	103	—	—	—	50	115	—	24	—	—	—	225	149	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Canadian Solar Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Canadian Solar Inc.