TSAT revenueFY2025C$417.96M
- FY YoY
- -26.8%
- 5Y CAGR
- -12.6%
TSAT revenue was C$417.96M for fiscal 2025 (ended Dec 31, 2025), down 26.8% from fiscal 2024. Compound annual growth was -12.6% over 5 years. It rose in 1 of the last 6 fiscal years.
Telesat Corporation (TSAT) financials
For fiscal 2025 (ended Dec 31, 2025), Telesat Corporation reported C$417.96M of revenue and -C$155.35M of net income. Figures are in CAD, the currency of its SEC filings.
- Revenue, FY2025
- C$417.96M
- Revenue growth, YoY
- -26.8%
- Net income, FY2025
- -C$155.35M
- Net margin
- -37.2%
- Free cash flow, FY2025
- -C$73.82M
- EPS, diluted, FY2025
- -C$10.61
- Cash
- C$509.80M
- Total debt
- C$1.15B
FY2019FY2025
FY2019FY2025
FY2019FY2025
TSAT revenue and earnings growth
TSAT net incomeFY2025-C$155.35M
TSAT net income was -C$155.35M for fiscal 2025 (ended Dec 31, 2025), compared with -C$87.72M in fiscal 2024.
TSAT EPSFY2025-C$10.61
TSAT diluted EPS was -C$10.61 for fiscal 2025 (ended Dec 31, 2025), compared with -C$6.29 in fiscal 2024.
TSAT free cash flowFY2025-C$73.82M
TSAT free cash flow was -C$73.82M for fiscal 2025 (ended Dec 31, 2025), compared with -C$2.34M 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 | C$417.96M | C$571.04M | C$704.16M | C$759.17M | C$758.21M | C$820.47M | C$910.89M |
| Cost of revenue | - | C$37.97M | C$38.52M | C$54.00M | C$30.21M | C$33.37M | C$37.22M |
| Gross profit | - | C$533.07M | C$665.65M | C$705.16M | C$728.00M | C$787.10M | C$873.67M |
| Research and development | C$11.60M | C$11.60M | - | - | - | - | - |
| Operating income | -C$303.88M | -C$40.27M | C$568.85M | C$296.45M | C$409.12M | C$404.54M | C$478.29M |
| Interest expense | C$217.67M | C$243.76M | C$270.35M | C$221.76M | C$187.99M | C$203.76M | C$258.26M |
| Pre-tax income | -C$597.60M | -C$315.50M | C$672.87M | -C$30.19M | C$233.40M | C$244.82M | C$187.20M |
| Income tax | -C$67.38M | -C$13.04M | C$89.60M | C$51.41M | C$71.03M | -C$4.35M | C$15.12M |
| Net income | -C$155.35M | -C$87.72M | C$157.12M | -C$23.76M | C$92.53M | C$244.82M | C$187.20M |
| EPS, basic | -C$10.61 | -C$6.29 | C$11.71 | -C$1.93 | C$2.05 | C$4.95 | C$3.78 |
| EPS, diluted | -C$10.61 | -C$6.29 | C$11.29 | -C$1.93 | C$1.99 | C$4.92 | C$3.76 |
| Diluted shares | 14.6M | 13.9M | 15.3M | 12.3M | 46.6M | 49.8M | 49.8M |
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 | C$509.80M | C$552.06M | C$1.67B | C$1.68B | C$1.45B | C$818.38M | C$1.03B |
| Receivables | C$58.42M | C$158.93M | C$78.29M | C$41.25M | C$122.70M | C$51.93M | - |
| Inventory | C$1.49M | C$1.46M | C$4.32M | C$2.02M | C$16.98M | C$5.22M | - |
| Current assets | C$832.06M | C$1.02B | C$1.82B | C$1.79B | C$1.62B | C$893.62M | - |
| Goodwill | C$2.21B | C$2.61B | C$2.45B | C$2.45B | C$2.45B | C$2.45B | - |
| Total assets | C$6.60B | C$6.95B | C$6.31B | C$6.48B | C$6.36B | C$5.58B | - |
| Current liabilities | C$3.32B | C$256.58M | C$137.73M | C$171.40M | C$181.96M | C$162.13M | - |
| Long-term debt | C$1.15B | C$3.10B | C$3.20B | C$3.85B | C$3.79B | C$3.19B | - |
| Total debt | C$1.15B | C$3.10B | C$3.20B | C$3.85B | C$3.79B | C$3.19B | - |
| Total liabilities | C$4.83B | C$4.45B | C$3.91B | C$4.64B | C$4.67B | C$4.12B | - |
| Shareholders' equity | C$530.82M | C$710.28M | C$2.40B | C$1.84B | C$1.70B | C$1.46B | C$1.25B |
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 | C$66.70M | C$62.46M | C$170.06M | C$239.55M | C$293.50M | C$371.68M | C$375.62M |
| Capital expenditures | C$140.53M | C$64.80M | C$42.92M | C$32.70M | C$31.73M | C$16.30M | C$8.35M |
| Free cash flow | -C$73.82M | -C$2.34M | C$127.14M | C$206.85M | C$261.77M | C$355.38M | C$367.27M |
| Investing cash flow | -C$761.23M | -C$1.09B | C$212.05M | C$11.70M | -C$269.97M | -C$92.23M | -C$39.61M |
| Financing cash flow | C$672.36M | -C$170.20M | -C$355.74M | -C$127.19M | C$605.24M | -C$450.24M | -C$40.32M |
| Dividends paid | - | - | - | - | C$10.0K | C$10.0K | C$20.0K |
| Stock-based compensation | C$4.14M | C$17.56M | C$33.02M | C$67.43M | C$73.72M | C$12.50M | C$16.04M |
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 | -26.8% | -18.9% | -7.2% | 0.1% | -7.6% | -9.9% | - |
| Net income growth, YoY | - | - | - | - | -62.2% | 30.8% | - |
| EPS growth, YoY | - | - | - | - | -59.6% | 30.9% | - |
| Gross margin | - | 93.4% | 94.5% | 92.9% | 96.0% | 95.9% | 95.9% |
| Operating margin | -72.7% | -7.1% | 80.8% | 39.0% | 54.0% | 49.3% | 52.5% |
| Net margin | -37.2% | -15.4% | 22.3% | -3.1% | 12.2% | 29.8% | 20.6% |
| Free cash flow margin | -17.7% | -0.4% | 18.1% | 27.2% | 34.5% | 43.3% | 40.3% |
| Return on equity | -29.3% | -12.4% | 6.5% | -1.3% | 5.4% | 16.8% | 15.0% |
| Return on assets | -2.4% | -1.3% | 2.5% | -0.4% | 1.5% | 4.4% | - |
| Current ratio | 0.25 | 3.98 | 13.19 | 10.43 | 8.89 | 5.51 | - |
| Debt to equity | 2.17 | 4.36 | 1.33 | 2.09 | 2.23 | 2.19 | - |
Source: XBRL data Telesat Corporation files with the SEC, latest filing dated Mar 17, 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.
TSAT peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| TSAT | C$417.96M | -26.8% | -C$155.35M | -37.2% | $1.51B |
| PH | $22.41B | +11.9% | $3.72B | 16.6% | $115.74B |
| HWM | $9.73B | +22.0% | $2.05B | 21.1% | $81.84B |
| RS | $17.37B | +24.7% | $1.11B | 6.4% | $21.24B |
| RBC | $2.02B | +17.4% | $354.40M | 17.5% | $15.02B |
| CR | $2.76B | +21.5% | $342.00M | 12.4% | $11.63B |
| WTS | $2.79B | +18.7% | $447.00M | 16.0% | $11.56B |
| MLI | $5.00B | +20.8% | $863.59M | 17.3% | $11.54B |
| GNRC | $4.62B | +6.1% | $301.26M | 6.5% | $10.43B |
TSAT FAQ
8 questionsWhat is TSAT revenue?
Telesat Corporation (TSAT) reported C$417.96M of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 26.8% from the year before.Is TSAT profitable?
No. Telesat Corporation reported a net loss of C$155.35M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does TSAT have?
Telesat Corporation reported C$509.80M in cash and cash equivalents and C$1.15B of debt on its most recent balance sheet in SEC filings.How fast is TSAT revenue growing?
Telesat Corporation's revenue changed -26.8% in fiscal 2025, to C$417.96M. Its compound annual growth rate was -12.6% over 5 years.What is TSAT free cash flow?
Telesat Corporation generated -C$73.82M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of C$66.70M less capital expenditures.What is TSAT earnings per share?
Diluted earnings per share were -C$10.61 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did TSAT last report financial results?
The latest statements here come from Telesat Corporation's 20-F filed on Mar 17, 2026, covering the period ended Dec 31, 2025.Where does this TSAT financial data come from?
Quantisnow builds these statements from the structured XBRL data Telesat Corporation files with the SEC. It is provided for information only and is not investment advice.