Revenue
$390.30M
Fiscal year ended 2025-12-31Operating income
-$23.48M
Fiscal year ended 2025-12-31Free cash flow
-$22.87M
Fiscal year ended 2025-12-31TUCOWS INC /PA/ (TCX) reported revenue of $390.30M and net income of -$75.82M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from TUCOWS INC /PA/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Services-Computer Processing & Data Preparation.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $390.30M | $362.28M | $339.34M | $321.14M | $304.34M | $311.20M | $337.14M | $346.01M | $329.42M | $189.82M |
| Cost of revenue | $296.35M | $279.25M | $272.67M | $242.89M | $226.04M | $225.72M | $236.37M | $249.24M | $244.90M | $126.76M |
| Gross profit | $93.95M | $83.03M | $66.67M | $78.25M | $78.29M | $85.48M | $100.78M | $96.77M | $84.52M | $63.05M |
| Operating income | -$23.48M | -$65.01M | -$63.65M | -$31.66M | -$7.77M | $6.92M | $29.34M | $29.32M | $27.08M | $25.05M |
| Net income | -$75.82M | -$109.86M | -$96.20M | -$27.57M | $3.36M | $5.78M | $15.40M | $17.14M | $22.33M | $16.07M |
| Research & development | $17.81M | $18.63M | $19.22M | $14.19M | $14.31M | $12.43M | $9.72M | $8.75M | $7.26M | $4.50M |
| Weighted-average diluted shares | shares 11.07M | shares 10.97M | shares 10.86M | shares 10.77M | shares 10.82M | shares 10.69M | shares 10.77M | shares 10.79M | shares 10.79M | shares 10.71M |
| Pretax income | -$67.31M | -$101.87M | -$103.07M | -$27.79M | $7.27M | $10.76M | $24.57M | $26.16M | $24.08M | $25.11M |
| Income tax expense | $8.51M | $7.99M | -$6.87M | -$217.00K | $3.91M | $4.98M | $9.17M | $9.02M | $1.75M | $9.05M |
| Diluted EPS | Unavailable | Unavailable | $-8.85 | $-2.56 | $0.31 | $0.54 | $1.43 | $1.59 | $2.07 | $1.50 |
| Selling, general & administrative | $91.26M | $96.45M | $101.21M | $84.78M | $61.84M | $54.54M | $52.15M | $50.77M | $43.02M | $32.16M |
| General & administrative | $42.88M | $37.07M | $33.41M | $30.84M | $22.37M | $20.27M | $17.88M | $17.71M | $13.59M | $11.40M |
| Selling & marketing | $48.38M | $59.38M | $67.81M | $53.94M | $39.47M | $34.27M | $34.27M | $33.06M | $29.42M | $20.76M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $46.76M | $56.90M | $92.69M | $23.50M | $9.10M | $8.31M | $20.39M | $12.64M | $18.05M | $15.10M |
| Total assets | $730.91M | $758.80M | $798.43M | $664.75M | $539.60M | $451.90M | $425.92M | $339.58M | $350.65M | $154.41M |
| Current assets | $203.09M | $205.38M | $242.76M | $169.92M | $147.00M | $141.20M | $145.68M | $131.93M | $153.86M | $83.28M |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $330.43M | $199.85M | $201.34M | $188.19M | $173.68M | $162.96M | $156.91M | $165.35M | $178.56M | $84.43M |
| Total equity incl. NCI | -$164.20M | -$95.30M | $9.88M | $96.66M | $115.09M | $104.70M | $94.19M | $79.78M | $60.21M | $37.82M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $1.14M | $3.09M |
| Inventory | $3.87M | $3.98M | $6.79M | $7.28M | $3.28M | $1.88M | $3.46M | $3.78M | $2.94M | $1.21M |
| Accounts receivable | $24.49M | $20.88M | $22.21M | $18.40M | $14.58M | $15.54M | $14.56M | $10.84M | $12.38M | $10.93M |
| Goodwill | $130.41M | $130.41M | $130.41M | $130.41M | $130.41M | $116.30M | $109.82M | $90.05M | $90.05M | $21.01M |
| Long-term debt | $190.40M | $195.40M | $211.90M | $239.70M | $191.40M | $122.40M | $114.40M | $65.16M | $77.75M | $10.73M |
| Accounts payable | $9.90M | $9.01M | $12.68M | $17.17M | $10.02M | $6.33M | $6.67M | $8.44M | $7.03M | $4.79M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5.76M | -$19.74M | -$4.77M | $19.88M | $29.64M | $36.08M | $40.38M | $37.21M | $31.90M | $22.51M |
| Capital expenditures | $17.11M | $56.46M | $92.06M | $136.71M | $73.18M | $44.44M | $44.07M | $27.92M | $12.94M | $7.92M |
| Investing cash flow | $2.16M | -$56.49M | -$92.58M | -$137.49M | -$101.98M | -$53.28M | -$76.09M | -$29.68M | -$94.11M | -$14.45M |
| Financing cash flow | -$5.39M | $44.50M | $178.84M | $132.01M | $73.14M | $5.12M | $43.46M | -$12.94M | $65.16M | -$680.00K |
| Net change in cash | -$8.99M | -$31.74M | $81.48M | $14.39M | $794.00K | -$12.08M | $7.76M | -$5.41M | $2.94M | $7.38M |
| Stock-based compensation | $7.14M | $7.02M | $8.13M | $7.60M | $4.59M | $3.72M | $2.88M | $2.57M | $1.46M | $799.00K |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | Unavailable | Unavailable | Unavailable | $0 | $0 | $3.28M | $4.99M | $0 | Unavailable | $7.18M |
| Depreciation & amortization | $3.53M | $4.28M | $9.89M | $598.00K | $534.00K | $488.00K | $486.00K | $424.00K | $585.00K | $504.00K |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$22.87M | -$76.20M | -$96.83M | -$116.83M | -$43.54M | -$8.36M | -$3.69M | $9.29M | $18.96M | $14.59M |
| Gross margin | 24.1% | 22.9% | 19.6% | 24.4% | 25.7% | 27.5% | 29.9% | 28.0% | 25.7% | 33.2% |
| Operating margin | -6.0% | -17.9% | -18.8% | -9.9% | -2.6% | 2.2% | 8.7% | 8.5% | 8.2% | 13.2% |
| FCF margin | -5.9% | -21.0% | -28.5% | -36.4% | -14.3% | -2.7% | -1.1% | 2.7% | 5.8% | 7.7% |
| SBC / revenue | 1.8% | 1.9% | 2.4% | 2.4% | 1.5% | 1.2% | 0.9% | 0.7% | 0.4% | 0.4% |
| Current ratio | 0.61x | 1.03x | 1.21x | 0.90x | 0.85x | 0.87x | 0.93x | 0.80x | 0.86x | 0.99x |
| Revenue YoY growth | 7.7% | 6.8% | 5.7% | 5.5% | -2.2% | -7.7% | -2.6% | 5.0% | 73.5% | Unavailable |
| Net margin | -19.4% | -30.3% | -28.3% | -8.6% | 1.1% | 1.9% | 4.6% | 5.0% | 6.8% | 8.5% |
| R&D / revenue | 4.6% | 5.1% | 5.7% | 4.4% | 4.7% | 4.0% | 2.9% | 2.5% | 2.2% | 2.4% |
| CapEx / revenue | 4.4% | 15.6% | 27.1% | 42.6% | 24.0% | 14.3% | 13.1% | 8.1% | 3.9% | 4.2% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | 53.7% | 46.3% | 37.3% | 34.5% | 7.3% | 36.0% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open TCX in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-06View SEC filing
10-Q · Filed 2026-05-07View SEC filing
10-K · Filed 2026-03-12View SEC filing
10-Q · Filed 2025-11-06View SEC filing
10-Q · Filed 2025-08-07View SEC filing
10-Q · Filed 2025-05-08View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.