NYSE · Financial Statements

CION Investment Corporation (CION) Financial Statements

$6.49 NYSE: CION Market Cap $319.33M

CION Investment Corporation most recently reported annual revenue of $201.0M, a net loss of $21.0M. Revenue grew at an average annual rate of 41.8% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

CION Investment Corporation: Revenue rose from $132.0M in 2016 to $201.0M in 2025, a change of +52.3% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from 90.3% to 34.7%, a shift of -55.7 percentage points; the most recent year shows a net loss of $21.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$132.0M$118.0M$86.0M$109.0M$35.0M$164.0M$111.0M$192.0M$143.0M$201.0M
Operating Expenses$13.0M$32.0M$55.0M$57.0M$45.0M$45.0M$60.0M$97.0M$109.0M$131.0M
Operating Profit$120.0M$86.0M$31.0M$52.0M$-11.0M$119.0M$51.0M$95.0M$34.0M$70.0M
Operating Margin90.3%72.6%36.4%47.5%-31.1%72.7%45.6%49.6%23.8%34.7%
Other Income$0$0$0$0$0$0$0$0$0$-91.0M
Interest$4.0M$23.0M$46.0M$50.0M$37.0M$32.0M$50.0M$86.0M$97.0M$91.0M
Depreciation$0$0$53.0M$11.0M$20.0M$0$5.0M$0$34.0M$0
Profit Before Tax$120.0M$86.0M$31.0M$52.0M$-11.0M$119.0M$51.0M$95.0M$34.0M$-21.0M
Tax$0$0$0$20,000$-2.5M$290,000$740,000$-60,000$310,000$410,000
Net Profit$120.0M$86.0M$31.0M$52.0M$-11.0M$119.0M$50.0M$95.0M$34.0M$-21.0M
EPS$2.26$1.54$0.55$0.92$-0.19$2.09$0.89$1.74$0.63$-0.39
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$72.0M$78.0M$34.0M$49.0M$26.0M$34.0M$-17.0M$53.0M$61.0M$-16.0M$50.0M$42.0M
Operating Expenses$25.0M$27.0M$27.0M$27.0M$27.0M$28.0M$26.0M$25.0M$26.0M$25.0M$48.0M$-23.0M
Operating Profit$47.0M$51.0M$6.0M$22.0M$0$6.0M$-43.0M$27.0M$36.0M$-41.0M$1.0M$65.0M
Operating Margin65.7%65.7%19.2%45.6%-1.5%16.4%257.4%52.0%58.4%258.1%3.0%154.7%
Interest$22.0M$24.0M$24.0M$24.0M$24.0M$25.0M$23.0M$23.0M$23.0M$22.0M$24.0M$24.0M
Profit Before Tax$47.0M$51.0M$6.0M$22.0M$0$6.0M$-43.0M$27.0M$36.0M$-41.0M$-23.0M$41.0M
Tax$-500,000$120,000$80,000$20,000$5.3M$2.1M$0$40,000$-270,000$0$-390,000$10,000
Net Profit$47.0M$51.0M$6.0M$22.0M$0$5.0M$-43.0M$27.0M$36.0M$-41.0M$-23.0M$41.0M
EPS$0.87$0.94$0.12$0.42$-0.01$0.10$-0.80$0.52$0.69$-0.80$-0.45$0.83

Over the 10 years reported for CION Investment Corporation, borrowings increased from $221.0M in 2016 to $1.1B in 2025, cash stood at $8.0M in the latest year, shareholders' equity was $0.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$1.3B$1.8B$1.9B$1.8B$1.6B$1.8B$1.9B$2.0B$1.9B$1.9B
Current Assets$170.0M$102.0M$41.0M$45.0M$45.0M$29.0M$112.0M$47.0M$57.0M$156.0M
Cash$15.0M$56.0M$18.0M$6.0M$20.0M$4.0M$83.0M$8.0M$8.0M$8.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$154.0M$42.0M$23.0M$38.0M$24.0M$24.0M$29.0M$38.0M$48.0M$0
Fixed Assets$0$0$0$0$0$0$0$0$0$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$0$0$0$0$0$0$0$1.8B
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$261.0M$757.0M$927.0M$858.0M$737.0M$852.0M$989.0M$1.1B$1.1B$1.1B
Current Liabilities$18.0M$40.0M$22.0M$6.0M$3.0M$18.0M$24.0M$27.0M$13.0M$0
Borrowings$221.0M$705.0M$893.0M$837.0M$720.0M$822.0M$951.0M$1.1B$1.1B$1.1B
Other Liabilities$40.0M$52.0M$35.0M$21.0M$17.0M$30.0M$37.0M$40.0M$26.0M$22.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$1.0B$1.1B$979.0M$953.0M$878.0M$931.0M$884.0M$880.0M$821.0M$708.0M

For CION Investment Corporation, operating cash flow was positive in 6 of 10 reported years; free cash flow in the latest year was $77.0M; free cash flow was positive in 6 of 10 years; financing activities used $21.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-226.0M$-414.0M$-115.0M$126.0M$199.0M$-49.0M$35.0M$55.0M$88.0M$77.0M
Investing Cash Flow$-534.0M$-1.0B$-1.0B$-318.0M$-282.0M$-661.0M$-488.0M$-50.0M$0$0
Financing Cash Flow$-25.0M$-50.0M$-67.0M$-38.0M$-29.0M$-16.0M$-17.0M$-20.0M$-24.0M$-21.0M
Net Cash Flow$-25.0M$39.0M$-39.0M$-11.0M$14.0M$-16.0M$79.0M$-74.0M$-1.0M$0
Free Cash Flow$-226.0M$-414.0M$-115.0M$126.0M$199.0M$-49.0M$35.0M$55.0M$88.0M$77.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.00
EV / EBITDA23.92
FCF Yield5.99%
Quick Ratio10.48
Interest Coverage0.66
Return 1Y-31.22%
Return 3Y-16.26%
Return 5Y—

CION Investment Corporation (CION) financials — frequently asked questions

What is CION Investment Corporation's annual revenue?

CION Investment Corporation (CION) reported annual revenue of $201.0M in its most recent fiscal year.

What is CION Investment Corporation's net profit?

CION Investment Corporation (CION) reported a net loss of $21.0M in its most recent fiscal year.

What is CION EV/EBITDA?

CION Investment Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 23.92.

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