Tucows Inc (TCX) Financial Statements
Industry: Computer Processing & Data Preparation (Services)
In fiscal 2025, Tucows reported revenue of $390.3M, up 7.7% from $362.3M the year before. Net income was -$75.8M (a -19.4% net margin), or -$6.85 per diluted share. Gross margin was 24.1% and operating margin was -6.0%. Operating activities generated -$5.8M of cash, leaving -$22.9M of free cash flow. At fiscal year end, Tucows held $730.9M in total assets against $895.1M in total liabilities, including $46.8M of cash and equivalents.
Open the full interactive Tucows financials → Quarterly statements, key ratios, valuation history and price charts.
Tucows Key Stats
| Share Price | $9.54 |
|---|---|
| Market Cap | $106.4M |
| Revenue YoY Growth | +7.7% |
| 52-Week Range | $8.48 – $24.90 |
| Shares Outstanding | 11.1 million (basic, 2026 Q2) |
Tucows Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $311.2M | $304.3M | $321.1M | $339.3M | $362.3M | $390.3M |
| Cost of Goods Sold | — | — | — | — | — | $296.3M |
| Gross Profit | $85.5M | $78.3M | $78.2M | $66.7M | $83.0M | $94.0M |
| Operating Income | $6.9M | -$7.8M | -$31.7M | -$63.7M | -$65.0M | -$23.5M |
| Pre-Tax Income | $10.8M | $7.3M | -$27.8M | -$103.1M | -$101.9M | -$67.3M |
| Income Tax | $5.0M | $3.9M | -$217,000 | -$6.9M | $8.0M | $8.5M |
| Net Income | $5.8M | $3.4M | -$27.6M | -$96.2M | -$109.9M | -$75.8M |
| Diluted EPS | $0.54 | $0.31 | -$2.56 | -$8.85 | -$10.02 | -$6.85 |
Tucows Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $98.6M | $98.7M | $96.7M | $100.6M |
| Net Income | -$23.0M | -$22.0M | -$18.1M | -$20.5M |
| Diluted EPS | -$2.08 | -$1.99 | -$1.63 | -$1.84 |
Tucows Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.3M | $9.1M | $23.5M | $92.7M | $56.9M | $46.8M |
| Current Assets | $141.2M | $147.0M | $169.9M | $242.8M | $205.4M | $203.1M |
| Total Assets | $451.9M | $539.6M | $664.7M | $798.4M | $758.8M | $730.9M |
| Current Liabilities | $163.0M | $173.7M | $188.2M | $201.3M | $199.9M | $330.4M |
| Total Long-Term Debt | $122.4M | $191.4M | $239.7M | $211.9M | $195.4M | $190.4M |
| Total Liabilities | $347.2M | $424.5M | $568.1M | $788.6M | $854.1M | $895.1M |
| Shareholders' Equity | $104.7M | $115.1M | $96.7M | $9.9M | -$95.3M | -$164.2M |
Tucows Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $36.1M | $29.6M | $19.9M | -$4.8M | -$19.7M | -$5.8M |
| Cash From Investing | -$53.3M | -$102.0M | -$137.5M | -$92.6M | -$56.5M | $2.2M |
| Cash From Financing | $5.1M | $73.1M | $132.0M | $178.8M | $44.5M | -$5.4M |
| Free Cash Flow | -$8.4M | -$43.5M | -$116.8M | -$96.8M | -$76.2M | -$22.9M |
Figures from Tucows' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Tucows financials page for every line item.
Tucows Company Profile
| Ticker | TCX |
|---|---|
| Exchange | Nasdaq |
| Industry | Computer Processing & Data Preparation (Services) |
| Headquarters | Toronto, Ontario, Canada |
| Incorporated in | Pennsylvania |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0000909494 |
Frequently Asked Questions
What was Tucows' revenue in fiscal 2025?
Tucows (TCX) reported revenue of $390.3M for fiscal 2025.
What is Tucows' annual revenue history?
Tucows' annual revenue by fiscal year: 2020: $311.2M; 2021: $304.3M; 2022: $321.1M; 2023: $339.3M; 2024: $362.3M; 2025: $390.3M.
What was Tucows' net income in fiscal 2025?
Tucows reported net income of -$75.8M for fiscal 2025.
What was Tucows' earnings per share (EPS) in fiscal 2025?
Tucows' diluted EPS was -$6.85 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Tucows generate in fiscal 2025?
Tucows generated -$22.9M of free cash flow in fiscal 2025.
What was Tucows' revenue last quarter?
In its most recent reported quarter (2026 Q2), Tucows reported revenue of $100.6M.
How much debt does Tucows have?
Tucows reported $190.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Tucows are outstanding?
Tucows reported a weighted average of 11.1 million basic shares outstanding in 2026 Q2.
What is Tucows' market cap?
Based on its latest closing price, Tucows (TCX) has a market capitalization of about $106.4M.
When does Tucows' fiscal year end?
Tucows' fiscal year end, as registered with the SEC, is December 31.
Where is Tucows headquartered?
Tucows lists its business address in Toronto, Ontario, Canada in its SEC filings.