Telesat Corp cash flow statement

In fiscal 2025, Telesat Corp's operations generated $47.8m of cash; it spent $101m on capital projects, leaving free cash flow of −$52.9m.

Cash flow statement

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

Telesat Corp: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	283	277	234	184	126	46	48
Depreciation and amortisation	201	175	175	157	145	101	107
Stock-based pay	12	9	59	52	24	13	3
Capital spending	6	12	25	25	32	47	101
Free cash flow	277	265	209	159	94	−2	−53
Free cash flow after stock pay	265	256	150	107	70	−15	−56
Dividends paid	0	0	0	—	—	—	—

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 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.