CAN revenueFY2025$529.74M
- FY YoY
- +96.7%
- 5Y CAGR
- +50.5%
CAN revenue was $529.74M for fiscal 2025 (ended Dec 31, 2025), up 96.7% from fiscal 2024. Compound annual growth was +50.5% over 5 years. It rose in 3 of the last 6 fiscal years.
Canaan Inc. (CAN) financials
For fiscal 2025 (ended Dec 31, 2025), Canaan Inc. reported $529.74M of revenue and -$210.27M of net income.
- Revenue, FY2025
- $529.74M
- Revenue growth, YoY
- +96.7%
- Net income, FY2025
- -$210.27M
- Net margin
- -39.7%
- Free cash flow, FY2025
- -$295.83M
- EPS, diluted, FY2025
- -$2.99
- Cash
- $80.78M
- Total debt
- $52.25M
- P/S
- 0.26
- Market cap
- $139.2M
FY2019FY2025
FY2019FY2025
FY2019FY2025
CAN revenue and earnings growth
CAN net incomeFY2025-$210.27M
CAN net income was -$210.27M for fiscal 2025 (ended Dec 31, 2025), compared with -$249.75M in fiscal 2024.
CAN EPSFY2025-$2.99
CAN diluted EPS was -$2.99 for fiscal 2025 (ended Dec 31, 2025).
CAN free cash flowFY2025-$295.83M
CAN free cash flow was -$295.83M for fiscal 2025 (ended Dec 31, 2025), compared with -$218.57M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $529.74M | $269.32M | $211.48M | $651.53M | $772.76M | $68.61M | $204.35M |
| Cost of revenue | $488.58M | $353.64M | $452.26M | $421.24M | $331.00M | $62.82M | $278.47M |
| Gross profit | $41.16M | -$84.32M | -$240.78M | $230.29M | $441.76M | $5.79M | -$74.12M |
| Research and development | $63.15M | $61.32M | $64.84M | $81.75M | $52.17M | $21.46M | $24.27M |
| Selling, general and admin | $68.07M | $71.69M | $71.25M | $88.30M | $91.06M | $20.17M | $49.93M |
| Operating income | -$112.23M | -$227.13M | -$410.88M | $42.94M | $282.97M | -$38.91M | - |
| Interest expense | $1.97M | $521.0K | - | - | - | $550.0K | $2.88M |
| Pre-tax income | -$207.49M | -$172.27M | -$465.49M | $88.33M | $316.85M | -$32.96M | -$148.60M |
| Income tax | $2.78M | $77.48M | -$51.34M | $18.45M | $7.76M | $0 | - |
| Net income | -$210.27M | -$249.75M | -$414.15M | $69.88M | $309.09M | -$32.96M | -$148.60M |
| EPS, basic | -$2.99 | -$6.13 | -$16.06 | $2.73 | $12.26 | -$1.41 | -$6.90 |
| EPS, diluted | -$2.99 | -$6.13 | -$16.06 | $2.71 | $12.00 | -$1.41 | -$6.90 |
| Diluted shares | 7.04B | 4.07B | 2.58B | 2.58B | 2.58B | 2.35B | 2.15B |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $80.78M | $96.49M | $96.15M | $101.55M | $421.03M | $59.97M | $74.21M |
| Short-term investments | - | - | - | - | - | $9.56M | $1.58M |
| Receivables | $19.29M | $1.51M | $3.00M | - | $58.0K | $1.09M | $413.0K |
| Inventory | $180.82M | $94.62M | $142.29M | $211.64M | $127.48M | $34.56M | $28.16M |
| Current assets | $433.29M | $334.02M | $363.68M | $555.71M | $827.52M | $154.36M | $135.14M |
| Total assets | $602.88M | $463.01M | $493.30M | $684.96M | $883.82M | $158.83M | $142.41M |
| Current liabilities | $131.09M | $178.57M | $135.19M | $75.26M | $327.20M | $90.80M | $40.97M |
| Short-term debt | $28.52M | $16.66M | - | - | - | $5.33M | $14.35M |
| Long-term debt | $23.73M | $7.28M | - | - | - | - | - |
| Total debt | $52.25M | $23.94M | - | - | - | - | - |
| Total liabilities | $165.52M | $196.76M | $145.11M | $77.30M | $341.08M | $92.54M | $42.90M |
| Shareholders' equity | $437.37M | $266.25M | $348.19M | $607.67M | $542.48M | $66.30M | $99.51M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$271.22M | -$199.26M | -$123.62M | -$182.60M | $202.28M | $6.48M | -$40.23M |
| Capital expenditures | $24.61M | $19.30M | $3.31M | $17.75M | $5.64M | $333.0K | $1.20M |
| Free cash flow | -$295.83M | -$218.57M | -$126.93M | -$200.35M | $196.64M | $6.15M | -$41.43M |
| Investing cash flow | $56.73M | $60.97M | $39.63M | -$8.10M | $848.0K | -$7.60M | -$2.35M |
| Financing cash flow | $197.88M | $139.75M | $90.00M | -$56.18M | $139.22M | -$17.16M | $39.92M |
| Share repurchases | $5.00M | - | - | $37.38M | $16.11M | $3.67M | - |
| Stock-based compensation | $22.80M | $30.92M | $42.07M | $63.02M | $76.50M | $452.0K | $38.82M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 96.7% | 27.4% | -67.5% | -15.7% | 1026.3% | -66.4% | - |
| Net income growth, YoY | - | - | - | -77.4% | - | - | - |
| EPS growth, YoY | - | - | - | -77.4% | - | - | - |
| Gross margin | 7.8% | -31.3% | -113.9% | 35.3% | 57.2% | 8.4% | -36.3% |
| Operating margin | -21.2% | -84.3% | -194.3% | 6.6% | 36.6% | -56.7% | - |
| Net margin | -39.7% | -92.7% | -195.8% | 10.7% | 40.0% | -48.0% | -72.7% |
| Free cash flow margin | -55.8% | -81.2% | -60.0% | -30.8% | 25.4% | 9.0% | -20.3% |
| Return on equity | -48.1% | -93.8% | -118.9% | 11.5% | 57.0% | -49.7% | -149.3% |
| Return on assets | -34.9% | -53.9% | -84.0% | 10.2% | 35.0% | -20.8% | -104.3% |
| Current ratio | 3.31 | 1.87 | 2.69 | 7.38 | 2.53 | 1.70 | 3.30 |
| Debt to equity | 0.12 | 0.09 | - | - | - | - | - |
Source: XBRL data Canaan Inc. files with the SEC, latest filing dated Apr 15, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
CAN peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| CAN | $529.74M | +96.7% | -$210.27M | -39.7% | $139.2M |
| AXP | $77.59B | +10.2% | $12.26B | 15.8% | $217.47B |
| SPGI | $17.21B | +18.2% | $4.99B | 29.0% | $136.57B |
| MCO | $8.18B | +9.0% | $2.88B | 35.3% | $88.11B |
| NU | $15.77B | +37.0% | $2.87B | 18.2% | $60.02B |
| RKT | $11.46B | +90.4% | $1.30B | 11.4% | $43.11B |
| COIN | $5.63B | -26.6% | -$701.62M | -12.5% | $36.03B |
| AFRM | $4.59B | +32.7% | $2.01B | 43.9% | $23.06B |
| SYF | $19.31B | +2.6% | $3.33B | 17.3% | $22.80B |
CAN FAQ
9 questionsWhat is CAN revenue?
Canaan Inc. (CAN) reported $529.74M of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 96.7% from the year before.Is CAN profitable?
No. Canaan Inc. reported a net loss of $210.27M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does CAN have?
Canaan Inc. reported $80.78M in cash and cash equivalents and $52.25M of debt on its most recent balance sheet in SEC filings.How fast is CAN revenue growing?
Canaan Inc.'s revenue changed +96.7% in fiscal 2025, to $529.74M. Its compound annual growth rate was +50.5% over 5 years.What is CAN gross margin?
Canaan Inc.'s gross profit was $41.16M on $529.74M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 7.8%.What is CAN free cash flow?
Canaan Inc. generated -$295.83M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -$271.22M less capital expenditures.What is CAN earnings per share?
Diluted earnings per share were -$2.99 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did CAN last report financial results?
The latest statements here come from Canaan Inc.'s 20-F filed on Apr 15, 2026, covering the period ended Dec 31, 2025.Where does this CAN financial data come from?
Quantisnow builds these statements from the structured XBRL data Canaan Inc. files with the SEC. It is provided for information only and is not investment advice.