NASDAQ$CSIQ
Canadian Solar Inc. · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Canadian Solar beats gross margin expectations despite revenue miss on project timing
Canadian Solar reported Q2 2025 results on August 21 with net revenue of $1.69 billion, up 42% sequentially and 4% year over year, as higher battery storage and module shipments partially offset delayed project sales. Gross margin of 29.8% exceeded guidance of 23–25%, helped by a higher North America module mix, storage volumes, and a U.S. AD/CVD true-up. GAAP net income attributable to shareholders was $7 million ($0.08 loss per diluted share) after impairment charges; non-GAAP adjusted loss was $0.53 per share. Operating cash flow was $189 million and cash ended the quarter at $2.3 billion.
- Q2 revenue of $1.69B (+42% QoQ, +4% YoY); module shipments recognized were 7.9 GW (+14% QoQ).
- Gross margin of 29.8% beat guidance (23–25%) on storage mix and U.S. project lease profit release.
- GAAP net income of $7M; adjusted non-GAAP loss of $23M ($0.53/share) after impairments.
- Q3 revenue guidance $1.3–1.5B with gross margin 14–16%; full-year revenue trimmed to $5.6–6.3B.
- Operating cash inflow of $189M; total debt rose to $6.3B from new project development borrowings.
Headline financials
Revenue & EPS history
Canadian Solar · Revenue · Quarterly
$1.69B
Revenue by segment
Canadian Solar · $1.97B total across 3 segments · Q4 2022
- CSI Solar$1.98B+47.1%100.2%
- Recurrent Energy$73.7M-68.3%3.7%
- Eliminations-$78.1M-66.2%-4.0%
Forward guidance
Q3 2025 revenue expected $1.3–1.5B with gross margin 14–16%; CSI Solar module shipments 5.0–5.3 GW and storage shipments 2.1–2.3 GWh. Full-year 2025 revenue $5.6–6.3B with module shipments 25–27 GW and storage 7–9 GWh.
Tailwinds
- Storage backlog of $3B provides multi-year earnings visibility.
- Full-year module and storage volume guidance maintained despite revenue trim.
Headwinds
- Second-half margins expected to moderate on normalized storage pricing and rising supply chain costs.
- Certain project sales shifted to 2026, reducing near-term revenue.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
-1.2%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+0.8%
Avg return
30 days after
47%
30 / 64 earnings
Positive
+16.7%
Q3 2018
Best reaction
-27.0%
Q4 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -27.0% | -20.9% | -16.5% | |
| Q3 2025 | +0.8% | -7.1% | -20.4% | |
| Q2 2025 | -18.6% | -10.7% | -8.2% | |
| Q1 2025 | +5.8% | +8.1% | +9.2% | |
| Q4 2024 | +0.5% | -4.9% | -4.4% | |
| Q3 2024 | -0.5% | +4.8% | +1.0% | |
| Q2 2024 | -7.4% | -10.4% | -3.5% | |
| Q1 2024 | -10.8% | -1.9% | -1.2% | |
| Q4 2023 | -0.6% | -4.3% | -19.5% | |
| Q3 2023 | -2.0% | -2.5% | +13.4% | |
| Q2 2023 | -12.6% | -15.1% | -14.9% | |
| Q1 2023 | +3.8% | +11.8% | +6.7% | |
| Q4 2022 | +5.2% | +7.7% | +12.4% | |
| Q3 2022 | +1.1% | -2.3% | -12.7% | |
| Q2 2022 | +7.1% | +12.3% | +2.3% | |
| Q1 2022 | +0.2% | +7.4% | +11.1% | |
| Q4 2021 | +5.8% | +12.2% | +1.1% | |
| Q3 2021 | +5.8% | +1.5% | -17.5% | |
| Q2 2021 | -7.0% | -16.3% | -12.3% | |
| Q1 2021 | +5.7% | +3.3% | +6.6% | |
| Q4 2020 | +9.7% | +14.5% | +6.5% | |
| Q3 2020 | -0.7% | +4.9% | +16.3% | |
| Q2 2020 | +3.6% | +6.0% | +28.3% | |
| Q1 2020 | -2.5% | -4.6% | -4.2% | |
| Q4 2019 | -1.1% | +3.0% | +9.1% | |
| Q3 2019 | -13.1% | -11.3% | +20.1% | |
| Q2 2019 | +13.5% | +16.7% | +3.4% | |
| Q1 2019 | +7.9% | +16.5% | +23.4% | |
| Q4 2018 | -20.6% | -22.9% | -19.5% | |
| Q3 2018 | +16.7% | +18.0% | +21.5% | |
| Q2 2018 | -2.9% | -3.5% | +8.0% | |
| Q1 2018 | +3.9% | +5.6% | -28.8% | |
| Q4 2017 | +7.9% | +10.3% | +4.9% | |
| Q3 2017 | -5.7% | -7.5% | -8.6% | |
| Q2 2017 | -1.5% | -3.3% | -4.0% | |
| Q1 2017 | -1.1% | -0.5% | +20.1% | |
| Q4 2016 | -11.7% | -17.7% | -0.3% | |
| Q3 2016 | -9.0% | -1.0% | +5.3% | |
| Q2 2016 | +13.8% | +10.2% | -2.9% | |
| Q1 2016 | +10.2% | — | — | |
| Q4 2015 | -8.8% | — | — | |
| Q3 2015 | -0.9% | — | — | |
| Q2 2015 | -16.6% | — | — | |
| Q1 2015 | +7.1% | — | — | |
| Q4 2014 | +11.2% | — | — | |
| Q3 2014 | -8.1% | — | — | |
| Q2 2014 | +3.1% | — | — | |
| Q1 2014 | +3.2% | — | — | |
| Q4 2013 | -10.5% | — | — | |
| Q3 2013 | +8.7% | — | — | |
| Q2 2013 | +7.4% | — | — | |
| Q1 2013 | -7.0% | — | — | |
| Q4 2012 | -7.0% | — | — | |
| Q3 2012 | -7.6% | — | — | |
| Q2 2012 | +6.9% | — | — | |
| Q4 2009 | +3.1% | — | — | |
| Q4 2010 | +3.1% | — | — | |
| Q4 2011 | +3.1% | — | — | |
| Q3 2011 | -15.4% | — | — | |
| Q2 2011 | -1.2% | — | — | |
| Q1 2011 | -4.2% | — | — | |
| Q3 2010 | -7.8% | — | — | |
| Q2 2010 | -7.8% | — | — | |
| Q1 2010 | -4.0% | — | — |
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