Telesat Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	417.96	571.04	704.16	759.17	758.21
Revenue Growth (YoY)	-26.81%	-18.90%	-7.25%	0.13%	-7.59%
Cost of Revenue	207.52	203.06	203.47	258.68	236.95
Gross Profit	210.43	367.98	500.69	500.49	521.26
Selling, General & Admin	1.77	2.79	0.86	2.39	3.68
Amortization of Goodwill & Intangibles	44.18	11.34	13.09	14.98	15.98
Other Operating Expenses	-	-	-344.68	-	-108.46
Operating Expenses	150.66	141.41	-148.06	206.12	114.97
Operating Income	59.77	226.58	648.75	294.37	406.3
Interest Expense	-217.8	-242.76	-269.49	-219.37	-184.32
Interest & Investment Income	23.8	66	63.84	23.56	3.42
Currency Exchange Gain (Loss)	106.21	-244.53	77.76	-239.59	27.54
Other Non Operating Income (Expenses)	-212.95	-55.44	2.69	4.23	-18.68
EBT Excluding Unusual Items	-240.98	-250.16	523.55	-136.8	234.25
Impairment of Goodwill	-302.22	-	-	-	-
Gain (Loss) on Sale of Assets	4.06	2.09	0.06	0.01	-0.85
Asset Writedown	-63	-267.02	-79.74	-	-
Other Unusual Items	4.55	199.59	229	106.61	-
Pretax Income	-597.6	-315.5	672.87	-30.19	233.4
Income Tax Expense	-67.38	-13.04	89.6	51.41	71.04
Earnings From Continuing Operations	-530.22	-302.47	583.27	-81.6	162.37
Minority Interest in Earnings	374.86	214.75	-426.15	57.83	-69.84
Net Income	-155.35	-87.72	157.12	-23.76	92.53
Net Income to Common	-155.35	-87.72	157.12	-23.76	92.53
Net Income Growth	-	-	-	-	-62.20%
Shares Outstanding (Basic)	15	14	13	12	45
Shares Outstanding (Diluted)	15	14	15	12	47
Shares Change (YoY)	5.04%	-8.83%	24.18%	-73.59%	-6.39%
EPS (Basic)	-10.61	-6.29	11.71	-1.93	2.05
EPS (Diluted)	-10.61	-6.29	11.29	-1.93	1.99
EPS Growth	-	-	-	-	-59.55%
Free Cash Flow	-698.42	-1,048	43.82	175.05	-18.17
Free Cash Flow Per Share	-47.70	-75.19	2.87	14.22	-0.39
Gross Margin	50.35%	64.44%	71.10%	65.93%	68.75%
Operating Margin	14.30%	39.68%	92.13%	38.78%	53.59%
Profit Margin	-37.17%	-15.36%	22.31%	-3.13%	12.20%
Free Cash Flow Margin	-167.10%	-183.53%	6.22%	23.06%	-2.40%
EBITDA	204.52	361.75	844.51	498.11	626.05
EBITDA Margin	48.93%	63.35%	119.93%	65.61%	82.57%
D&A For EBITDA	144.75	135.17	195.76	203.73	219.76
EBIT	59.77	226.58	648.75	294.37	406.3
EBIT Margin	14.30%	39.68%	92.13%	38.78%	53.59%
Effective Tax Rate	-	-	13.32%	-	30.44%

Updated Mar 17, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q