Telesat Corp balance sheet

At the end of fiscal 2025, Telesat Corp had total assets of $4.82bn, total liabilities of $3.53bn and shareholders' equity of $387m. It held $372m in cash against $2.55bn of debt: net debt of $2.18bn.

Balance sheet

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

Telesat Corp: balance sheet, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	792	642	1,135	1,240	1,264	383	372
Receivables	—	41	96	30	59	110	43
Inventory	—	4	13	1	3	1	1
Total current assets	—	701	1,266	1,322	1,376	709	607
Goodwill	—	1,918	1,915	1,808	1,853	1,815	1,615
Total assets	—	4,376	4,980	4,788	4,782	4,823	4,816
Total current liabilities	—	127	142	127	104	178	2,419
Short-term debt	—	—	—	—	—	—	1,707
Long-term debt	—	2,499	2,968	2,845	2,422	2,150	840
Total debt	0	2,499	2,968	2,845	2,422	2,150	2,548
Total liabilities	—	3,232	3,652	3,428	2,965	3,089	3,526
Shareholders' equity	961	1,145	325	356	501	493	387
Non-controlling interests and other (assets − liabilities − equity)	—	—	1,002	1,004	1,316	1,241	903
Net debt (negative = net cash)	−792	1,857	1,834	1,605	1,157	1,767	2,176
Shares outstanding	—	—	12m	13m	14m	14m	15m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Telesat Corp's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Telesat Corp.