Tucows, Inc (TCX) Financials

TCX

Trailing 12 months to June 30, 2026

Revenue $394.4M +4.2% YoY

Net Income -$83.6M +12.5% YoY

Free Cash Flow -$14.4M +70.7% YoY

Operating Cash Flow $4.4M +131.2% YoY

Market Cap $117.4M as of Oct 16, 2026

Price / Sales 0.3x on $394.4M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TCX SEC filings page.

Tucows, Inc (TCX) reported $394.4M in revenue over the twelve months to Jun 30, 2026, up 4.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TCX FY2025 2026-10-03

Tucows’ 2025 recovery improved operating performance, but interest costs and negative equity still make the balance sheet the binding constraint.

Operating performance and cash generation moved together: operating loss narrowed to $23M in FY2025 from $65M in FY2024, while operating cash flow was -$6M. With interest expense at $57M, the improvement reached operations but did not yet translate into bottom-line profitability.

Gross margin recovered from 22.9% in FY2024 to 24.1% in FY2025, indicating the top-line improvement was accompanied by better economics per dollar sold. Operating margin improved to -6.0%, but the business still did not cover its operating cost base.

Total liabilities reached $895M against $731M of assets, so equity was negative. That makes the 0.6x current ratio important: short-term obligations exceed current assets, leaving a balance sheet that is tighter than the improving income statement suggests.

Financial Health Signals

Financial Health Score 22/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Tucows, Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Tucows, Inc has an operating margin of -6.0%, meaning the company loses $6 on every $100 of revenue. This results in a profitability score of 27/100. This is up from -17.9% the prior year.

Growth

Tucows, Inc's revenue grew 7.7% year-over-year to $390.3M, a solid pace of expansion. This earns a growth score of 58/100.

Leverage

Liquidity

Tucows, Inc's current ratio of 0.61 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Tucows, Inc's operations used $5.8M of cash, and capex of $17.1M added to the outflow, for a free cash flow shortfall of $22.9M. This results in a cash flow score of 9/100.

Returns

Altman Z-Score Distress

-0.14

Tucows, Inc scores -0.14, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($117.4M) relative to total liabilities ($895.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

Tucows, Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Tucows, Inc reported a net loss of $75.8M while operations used $5.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Tucows, Inc reported an operating loss of $23.5M against $57.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$100.6M

YoY+2.1%

QoQ+4.0%

5Y CAGR+6.0%

10Y CAGR+7.9%

Tucows, Inc generated $100.6M in revenue in Q2 2026. This represents an increase of 2.1% from the same quarter a year earlier. Against the prior quarter it is up 4.0%.

EBITDA

-$4.7M

YoY-128.1%

QoQ-50.5%

Tucows, Inc's EBITDA was -$4.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 128.1% from the same quarter a year earlier. Against the prior quarter it is down 50.5%.

Net Income

-$20.5M

YoY-30.9%

QoQ-13.1%

Tucows, Inc reported -$20.5M in net income in Q2 2026. This represents a decrease of 30.9% from the same quarter a year earlier. Against the prior quarter it is down 13.1%.

EPS (Diluted)

-$1.84

YoY-30.5%

Tucows, Inc earned -$1.84 per diluted share (EPS) in Q2 2026. This represents a decrease of 30.5% from the same quarter a year earlier.

Cash & Balance Sheet

Free Cash Flow

-$3.1M

YoY-200.6%

QoQ-55.6%

Tucows, Inc recorded an outflow of $3.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 200.6% from the same quarter a year earlier. Against the prior quarter it is down 55.6%.

Cash & Debt

$44.2M

YoY-15.1%

QoQ-0.3%

5Y CAGR+43.5%

10Y CAGR+22.3%

Tucows, Inc held $44.2M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

11M

YoY+0.9%

QoQ+0.3%

5Y CAGR+0.9%

10Y CAGR+0.7%

Tucows, Inc had 11M shares outstanding in Q2 2026. This represents an increase of 0.9% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

25.6%

YoY+3.2pp

QoQ+0.7pp

5Y change+1.4pp

10Y change+25.6pp

Tucows, Inc's gross margin was 25.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.

Operating Margin

-5.4%

YoY-2.5pp

QoQ-1.0pp

Tucows, Inc's operating margin was -5.4% in Q2 2026, reflecting core business profitability. This is down 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.

Net Margin

-20.4%

YoY-4.5pp

QoQ-1.6pp

5Y change-22.8pp

10Y change-20.4pp

Tucows, Inc's net profit margin was -20.4% in Q2 2026, showing the share of revenue converted to profit. This is down 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.6 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$4.9M

YoY+11.9%

QoQ+9.7%

Tucows, Inc invested $4.9M in research and development in Q2 2026. This represents an increase of 11.9% from the same quarter a year earlier. Against the prior quarter it is up 9.7%.

Capital Expenditures

$5.1M

YoY+45.7%

QoQ-8.6%

5Y CAGR-25.3%

10Y CAGR+17.9%

Tucows, Inc invested $5.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 45.7% from the same quarter a year earlier. Against the prior quarter it is down 8.6%.

Share Buybacks

Not reported for Q2 2026.

TCX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TCX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$394.4M	$390.3M+7.7%	$362.3M+6.8%	$339.3M+5.7%	$321.1M+5.5%	$304.3M-2.2%	$311.2M-7.7%	$337.1M-2.6%	$346.0M+5.0%	$329.4M+73.5%	$189.8M+10.6%	$171.7M+17.2%	$146.5M+12.8%	$129.9M+13.3%	$114.7M+18.2%	$97.1M
Cost of Revenue	$296.2M	$296.3M+6.1%	$279.2M+2.4%	$272.7M+12.3%	$242.9M+7.5%	$226.0M+0.1%	$225.7M-4.5%	$236.4M+1.8%	$232.1M+0.7%	$230.6M+91.9%	$120.2M+0.5%	$119.6M+11.7%	$107.1M+8.7%	$98.5M+11.3%	$88.5M+20.0%	$73.8M
Gross Profit	$98.2M	$94.0M+13.2%	$83.0M+24.5%	$66.7M-14.8%	$78.2M-0.1%	$78.3M-8.4%	$85.5M-15.2%	$100.8M+4.1%	$96.8M+14.5%	$84.5M+34.0%	$63.1M+21.1%	$52.1M+32.1%	$39.4M+25.3%	$31.4M+19.9%	$26.2M+12.5%	$23.3M
R&D Expenses	$18.4M	$17.8M-4.4%	$18.6M-3.1%	$19.2M+35.5%	$14.2M-0.9%	$14.3M+15.2%	$12.4M+27.9%	$9.7M+11.1%	$8.7M+20.5%	$7.3M+61.5%	$4.5M-0.2%	$4.5M+4.6%	$4.3M+3.5%	$4.2M-3.4%	$4.3M-11.6%	$4.9M
SG&A Expenses	$46.9M	$42.9M+15.7%	$37.1M+11.0%	$33.4M+8.3%	$30.8M+37.9%	$22.4M+10.4%	$20.3M+13.4%	$17.9M+1.0%	$17.7M+30.3%	$13.6M+19.2%	$11.4M+7.0%	$10.7M+12.7%	$9.5M+25.7%	$7.5M+13.8%	$6.6M+8.4%	$6.1M
Operating Income	-$28.3M	-$23.5M+63.9%	-$65.0M-2.1%	-$63.7M-101.0%	-$31.7M-307.3%	-$7.8M-212.4%	$6.9M-76.4%	$29.3M+0.1%	$29.3M+8.3%	$27.1M+8.1%	$25.0M+39.0%	$18.0M+87.0%	$9.6M+56.5%	$6.2M+1.0%	$6.1M+94.9%	$3.1M
EBITDA	N/A	-$20.0M+67.1%	-$60.7M-13.0%	-$53.8M-73.1%	-$31.1M-329.1%	-$7.2M-197.8%	$7.4M-75.2%	$29.8M+0.3%	$29.7M+7.5%	$27.7M+8.3%	$25.6M+39.8%	$18.3M+85.3%	$9.9M+54.8%	$6.4M+1.4%	$6.3M+89.6%	$3.3M
Interest Expense	$57.8M	$57.2M+5.0%	$54.4M+17.7%	$46.3M+217.1%	$14.6M+216.0%	$4.6M+227.9%	-$3.6M+24.3%	-$4.8M-29.3%	-$3.7M-3.4%	-$3.6M-692.7%	-$450K-183.0%	-$159K+23.1%	-$207K+41.7%	-$355K-84.0%	-$193K-282.6%	-$50K
Income Tax	$9.6M	$8.5M+6.5%	$8.0M+216.2%	-$6.9M-3067.3%	-$217K-105.6%	$3.9M-21.6%	$5.0M-45.7%	$9.2M+1.7%	$9.0M+416.0%	$1.7M-80.7%	$9.0M+37.7%	$6.6M+115.1%	$3.1M+88.6%	$1.6M-19.2%	$2.0M+173.7%	-$2.7M
Net Income	-$83.6M	-$75.8M+31.0%	-$109.9M-14.2%	-$96.2M-248.9%	-$27.6M-919.6%	$3.4M-41.7%	$5.8M-62.5%	$15.4M-10.1%	$17.1M-23.3%	$22.3M+39.0%	$16.1M+41.3%	$11.4M+78.4%	$6.4M+52.5%	$4.2M-5.5%	$4.4M-28.3%	$6.2M
EPS (Basic)	N/A	-$6.85+31.6%	-$10.02-13.2%	-$8.85-245.7%	-$2.56-900.0%	$0.32-41.8%	$0.55-62.1%	$1.45-10.5%	$1.62-23.6%	$2.12+38.6%	$1.53+47.1%	$1.04+82.5%	$0.57+42.5%	$0.40+2.6%	$0.39-15.2%	$0.46
EPS (Diluted)	—	N/A	N/A	-$8.85-245.7%	-$2.56-925.8%	$0.31-42.6%	$0.54-62.2%	$1.43-10.1%	$1.59-23.2%	$2.07+38.0%	$1.50+50.0%	$1.00+85.2%	$0.54+45.9%	$0.37	$0.36-18.2%	$0.44
Diluted Shares (Avg)	N/A	11M+0.9%	11M+1.0%	11M+0.9%	11M-0.4%	11M+1.2%	11M-0.7%	11M-0.2%	11M0.0%	11M+0.7%	11M-5.7%	11M-3.2%	12M+4.0%	11M	12M-11.9%	14M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$100.6M+2.1%	$96.7M+2.2%	$98.7M+6.0%	$98.6M+6.8%	$98.5M+10.1%	$94.6M+8.2%	$93.1M+7.1%	$92.3M+6.1%
Cost of Revenue	$74.8M-2.1%	$72.5M+2.0%	$74.5M+4.4%	$74.4M+6.1%	$76.4M+11.3%	$71.1M+2.8%	$71.4M+3.2%	$70.1M-0.2%
Gross Profit	$25.8M+16.6%	$24.1M+2.5%	$24.1M+11.1%	$24.2M+9.0%	$22.1M+6.2%	$23.5M+28.5%	$21.7M+21.9%	$22.2M+32.4%
R&D Expenses	$4.9M+11.9%	$4.4M+0.5%	$4.4M-2.1%	$4.7M+1.5%	$4.3M-3.9%	$4.4M-12.1%	$4.5M-10.6%	$4.6M-4.2%
SG&A Expenses	$13.1M+35.6%	$9.8M+6.3%	$14.3M+117.8%	$9.7M-16.0%	$9.7M+5.1%	$9.2M-5.9%	$6.6M-15.4%	$11.5M+22.2%
Operating Income	-$5.5M-89.5%	-$4.3M-111.9%	-$9.0M+69.9%	-$9.6M+4.7%	-$2.9M+66.5%	-$2.0M+87.7%	-$29.9M-85.4%	-$10.0M+41.5%
EBITDA	-$4.7M-128.1%	-$3.1M-180.3%	-$8.0M+72.3%	-$8.8M+3.3%	-$2.1M+73.2%	-$1.1M+92.6%	-$28.9M-334.7%	-$9.1M+46.6%
Interest Expense	$14.7M+4.1%	$14.2M+0.3%	$14.5M+0.2%	$14.4M+4.5%	$14.1M+6.4%	$14.1M+9.7%	$14.5M+3.9%	$13.8M+0.5%
Income Tax	$3.1M+38.2%	$2.4M+10.4%	$1.6M-15.4%	$2.5M-20.1%	$2.3M+85.7%	$2.2M+22.1%	$1.9M+245.7%	$3.1M+474.0%
Net Income	-$20.5M-30.9%	-$18.1M-19.7%	-$22.0M+48.1%	-$23.0M-3.2%	-$15.6M+15.9%	-$15.1M+42.9%	-$42.5M-81.7%	-$22.3M+2.1%
EPS (Basic)	-$1.84-30.5%	-$1.63-19.0%	-$1.98+48.8%	-$2.08-2.5%	-$1.41+17.1%	-$1.37+43.4%	-$3.87-80.8%	-$2.03+2.9%
EPS (Diluted)	-$1.84-30.5%	N/A	N/A	N/A	-$1.41	N/A	N/A	N/A
Diluted Shares (Avg)	11M+0.8%	11M+0.8%	N/A	11M+0.9%	11M+1.0%	11M+1.0%	N/A	11M+1.0%

TCX Balance Sheet

TCX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$730.9M-3.7%	$758.8M-5.0%	$798.4M+20.1%	$664.7M+23.2%	$539.6M+19.4%	$451.9M+6.1%	$425.9M+25.4%	$339.6M-3.2%	$350.6M+127.1%	$154.4M+19.6%	$129.1M+2.7%	$125.8M+3.7%	$121.4M+2.2%	$118.8M+2.7%	$115.7M
Current Assets	$203.1M-1.1%	$205.4M-15.4%	$242.8M+42.9%	$169.9M+15.6%	$147.0M+4.1%	$141.2M-3.1%	$145.7M+10.4%	$131.9M-14.3%	$153.9M+84.7%	$83.3M+22.7%	$67.9M-8.9%	$74.5M+9.3%	$68.1M+6.7%	$63.8M+9.4%	$58.3M
Cash & Equivalents	$46.8M-17.8%	$56.9M-38.6%	$92.7M+294.5%	$23.5M+158.1%	$9.1M+9.6%	$8.3M-59.2%	$20.4M+61.4%	$12.6M-30.0%	$18.0M+19.5%	$15.1M+95.6%	$7.7M-6.6%	$8.3M-33.4%	$12.4M+93.6%	$6.4M+0.1%	$6.4M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$3.9M-2.6%	$4.0M-41.4%	$6.8M-6.8%	$7.3M+122.3%	$3.3M+74.8%	$1.9M-45.8%	$3.5M-8.4%	$3.8M+28.2%	$2.9M+143.1%	$1.2M+34.0%	$904K+129.5%	$394K+27.2%	$310K-47.3%	$587K+185.6%	$206K
Accounts Receivable	$24.5M+17.3%	$20.9M-6.0%	$22.2M+20.7%	$18.4M+26.2%	$14.6M-6.2%	$15.5M+6.7%	$14.6M+34.4%	$10.8M-12.4%	$12.4M+13.3%	$10.9M+52.4%	$7.2M+5.6%	$6.8M+28.0%	$5.3M+20.2%	$4.4M+13.7%	$3.9M
Long-Term Investments	$2.0M0.0%	$2.0M0.0%	$2.0M0.0%	$2.0M0.0%	$2.0M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$130.4M0.0%	$130.4M0.0%	$130.4M0.0%	$130.4M0.0%	$130.4M+12.1%	$116.3M+5.9%	$109.8M+21.9%	$90.1M0.0%	$90.1M+328.7%	$21.0M0.0%	$21.0M+11.3%	$18.9M0.0%	$18.9M0.0%	$18.9M0.0%	$18.9M
Total Liabilities	$895.1M+4.8%	$854.1M+8.3%	$788.6M+38.8%	$568.1M+33.8%	$424.5M+22.3%	$347.2M+4.7%	$331.7M+27.7%	$259.8M-10.5%	$290.4M+149.1%	$116.6M+13.4%	$102.8M+14.0%	$90.2M-4.5%	$94.4M+2.4%	$92.2M+8.2%	$85.3M
Current Liabilities	$330.4M+65.3%	$199.9M-0.7%	$201.3M+7.0%	$188.2M+8.4%	$173.7M+6.6%	$163.0M+3.9%	$156.9M-5.1%	$165.3M-7.4%	$178.6M+111.5%	$84.4M+7.9%	$78.3M+12.6%	$69.5M-5.3%	$73.4M+3.8%	$70.8M+11.9%	$63.2M
Non-Current Liabilities	$564.7M-13.7%	$654.2M+11.4%	$587.2M+54.6%	$379.9M+51.5%	$250.8M+36.1%	$184.2M+5.4%	$174.8M+85.1%	$94.5M-15.6%	$111.9M+247.8%	$32.2M+31.1%	$24.5M+19.0%	$20.6M-1.8%	$21.0M-2.1%	$21.4M-2.7%	$22.0M
Long-Term Debt	$190.4M-2.6%	$195.4M-7.8%	$211.9M-11.6%	$239.7M+25.2%	$191.4M+56.4%	$122.4M+7.0%	$114.4M+75.6%	$65.2M-16.2%	$77.8M+624.5%	$10.7M	N/A	N/A	N/A	N/A	N/A
Total Equity	-$164.2M-72.3%	-$95.3M-1065.1%	$9.9M-89.8%	$96.7M-16.0%	$115.1M+9.9%	$104.7M+11.2%	$94.2M+18.1%	$79.8M+32.5%	$60.2M+59.2%	$37.8M+43.6%	$26.3M-26.1%	$35.6M+32.4%	$26.9M+1.4%	$26.6M-12.7%	$30.4M
Retained Earnings	-$226.0M-50.5%	-$150.2M-272.6%	-$40.3M-172.1%	$55.9M-33.0%	$83.5M+4.2%	$80.1M+5.1%	$76.2M+25.3%	$60.8M+42.5%	$42.7M+109.2%	$20.4M+365.5%	$4.4M+163.0%	-$7.0M+47.8%	-$13.3M+23.9%	-$17.5M+20.2%	-$21.9M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$727.7M-2.0%	$729.2M-1.7%	$730.9M-3.7%	$735.5M-8.0%	$742.2M-2.1%	$741.9M-4.9%	$758.8M-5.0%	$799.0M-1.8%
Current Assets	$197.7M-6.6%	$200.0M+2.9%	$203.1M-1.1%	$208.9M-5.7%	$211.7M+12.0%	$194.5M-9.1%	$205.4M-15.4%	$221.6M-16.8%
Cash & Equivalents	$44.2M-15.1%	$44.3M+16.4%	$46.8M-17.8%	$54.1M-28.1%	$52.0M+32.4%	$38.1M-42.8%	$56.9M-38.6%	$75.2M-32.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$4.0M-1.4%	$4.0M+1.6%	$3.9M-2.6%	$4.0M-16.4%	$4.0M-27.5%	$3.9M-35.9%	$4.0M-41.4%	$4.8M-38.2%
Accounts Receivable	$23.1M-4.8%	$27.8M+15.2%	$24.5M+17.3%	$28.0M+48.1%	$24.2M+34.8%	$24.1M+22.5%	$20.9M-6.0%	$18.9M-21.9%
Long-Term Investments	$2.0M0.0%	$2.0M0.0%	$2.0M0.0%	$2.0M0.0%	$2.0M0.0%	$2.0M0.0%	$2.0M0.0%	$2.0M0.0%
Goodwill	$130.4M0.0%	$130.4M0.0%	$130.4M0.0%	$130.4M0.0%	$130.4M0.0%	$130.4M0.0%	$130.4M0.0%	$130.4M0.0%
Total Liabilities	$928.5M+7.5%	$910.6M+7.1%	$895.1M+4.8%	$879.5M+3.2%	$863.9M+9.2%	$850.2M+6.8%	$854.1M+8.3%	$852.1M+8.7%
Current Liabilities	$345.7M+72.3%	$337.1M+74.7%	$330.4M+65.3%	$194.5M-2.2%	$200.6M-1.7%	$193.0M-7.3%	$199.9M-0.7%	$198.9M+5.6%
Non-Current Liabilities	$582.8M-12.1%	$573.5M-12.7%	$564.7M-13.7%	$685.0M+4.9%	$663.2M+13.0%	$657.2M+11.8%	$654.2M+11.4%	$653.2M+9.7%
Long-Term Debt	N/A	N/A	$190.4M-2.6%	N/A	N/A	N/A	$195.4M-7.8%	N/A
Total Equity	-$200.8M-65.0%	-$181.3M-67.5%	-$164.2M-72.3%	-$144.1M-171.4%	-$121.7M-268.0%	-$108.3M-579.0%	-$95.3M-1065.1%	-$53.1M-276.6%
Retained Earnings	-$264.6M-46.2%	-$244.1M-47.7%	-$226.0M-50.5%	-$203.9M-89.4%	-$180.9M-111.9%	-$165.3M-147.5%	-$150.2M-272.6%	-$107.7M-536.3%

TCX Cash Flow Statement

TCX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$4.4M	-$5.8M+70.8%	-$19.7M-313.9%	-$4.8M-124.0%	$19.9M-32.9%	$29.6M-17.9%	$36.1M-10.6%	$40.4M+8.5%	$37.2M+16.7%	$31.9M+41.7%	$22.5M+34.2%	$16.8M+89.0%	$8.9M+2.0%	$8.7M+37.2%	$6.3M+7.8%	$5.9M
Depreciation & Amortization	N/A	$3.5M-17.7%	$4.3M-56.7%	$9.9M+1553.8%	$598K+12.0%	$534K+9.4%	$488K+0.4%	$486K+14.6%	$424K-27.5%	$585K+16.1%	$504K+94.4%	$259K+14.5%	$226K+5.1%	$215K+13.1%	$190K+1.8%	$187K
Stock-Based Compensation	N/A	$7.1M+1.7%	$7.0M-13.7%	$8.1M+7.0%	$7.6M+65.5%	$4.6M+23.5%	$3.7M+29.3%	$2.9M+11.7%	$2.6M+76.7%	$1.5M+82.4%	$799K+51.9%	$526K-3.1%	$543K+26.0%	$431K+19.5%	$361K+16.0%	$311K
Capital Expenditures	$18.8M	$17.1M-69.7%	$56.5M-38.7%	$92.1M-32.7%	$136.7M+86.8%	$73.2M+64.7%	$44.4M+0.8%	$44.1M+57.8%	$27.9M+115.8%	$12.9M+63.4%	$7.9M+166.8%	$3.0M+317.0%	$712K-47.1%	$1.3M+35.0%	$997K+17.2%	$851K
Free Cash Flow	-$14.4M	-$22.9M+70.0%	-$76.2M+21.3%	-$96.8M+17.1%	-$116.8M-168.3%	-$43.5M-421.0%	-$8.4M-126.5%	-$3.7M-139.7%	$9.3M-51.0%	$19.0M+29.9%	$14.6M+5.7%	$13.8M+69.1%	$8.2M+11.0%	$7.4M+37.6%	$5.3M+6.2%	$5.0M
Investing Cash Flow	-$9.9M	$2.2M+103.8%	-$56.5M+39.0%	-$92.6M+32.7%	-$137.5M-34.8%	-$102.0M-91.4%	-$53.3M+30.0%	-$76.1M-156.3%	-$29.7M+68.5%	-$94.1M-551.4%	-$14.4M-538.5%	$3.3M+137.0%	-$8.9M-562.2%	-$1.3M-175.6%	-$488K+84.9%	-$3.2M
Financing Cash Flow	-$2.9M	-$5.4M-112.1%	$44.5M-75.1%	$178.8M+35.5%	$132.0M+80.5%	$73.1M+1329.5%	$5.1M-88.2%	$43.5M+435.9%	-$12.9M-119.9%	$65.2M+9682.6%	-$680K+96.7%	-$20.6M-401.2%	-$4.1M-203.6%	-$1.4M+76.8%	-$5.8M-1231.1%	-$439K
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0-100.0%	$3.3M-34.2%	$5.0M	$0	N/A	$7.2M-69.6%	$23.6M+1898.2%	$1.2M-81.9%	$6.5M-28.3%	$9.1M+49329.7%	$18K

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.9M-70.5%	$3.5M+131.3%	-$2.6M+45.6%	$1.5M+133.6%	$6.6M+239.5%	-$11.3M-98.2%	-$4.8M-153.3%	-$4.6M+34.2%
Depreciation & Amortization	$778K-6.0%	$1.2M+29.8%	$989K+4.9%	$785K-17.8%	$828K-12.9%	$924K-35.7%	$943K-90.0%	$955K+597.1%
Stock-Based Compensation	$1.2M-16.0%	$1.1M-27.3%	N/A	$1.4M-23.3%	$1.4M-18.6%	$1.5M-19.6%	N/A	$1.8M-21.7%
Capital Expenditures	$5.1M+45.7%	$5.5M+1.7%	$4.4M-62.6%	$3.9M-73.5%	$3.5M-78.3%	$5.4M-62.0%	$11.7M-20.0%	$14.5M-35.7%
Free Cash Flow	-$3.1M-200.6%	-$2.0M+88.0%	-$7.0M+57.7%	-$2.3M+87.9%	$3.1M+115.0%	-$16.7M+16.6%	-$16.5M-195.2%	-$19.1M+35.3%
Investing Cash Flow	-$3.7M-152.5%	-$5.8M-30.4%	-$3.9M+64.9%	$3.5M+123.6%	$7.0M+143.8%	-$4.5M+69.0%	-$11.1M+24.3%	-$15.0M+33.7%
Financing Cash Flow	$0-100.0%	$0+100.0%	$0+100.0%	-$2.9M-105.0%	$31K+100.5%	-$2.5M+54.5%	-$1.9M+83.5%	$58.5M+865.3%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

TCX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TCX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	24.1%+1.2pp	22.9%+3.3pp	19.7%-4.7pp	24.4%-1.4pp	25.7%-1.7pp	27.5%-2.4pp	29.9%+1.9pp	28.0%+2.3pp	25.7%-7.6pp	33.2%+2.9pp	30.3%+3.4pp	26.9%+2.7pp	24.2%+1.4pp	22.8%-1.2pp	24.0%
Operating Margin	-6.0%+11.9pp	-17.9%+0.8pp	-18.8%-8.9pp	-9.9%-7.3pp	-2.5%-4.8pp	2.2%-6.5pp	8.7%+0.2pp	8.5%+0.3pp	8.2%-5.0pp	13.2%+2.7pp	10.5%+3.9pp	6.6%+1.8pp	4.7%-0.6pp	5.3%+2.1pp	3.2%
Net Margin	-19.4%+10.9pp	-30.3%-2.0pp	-28.3%-19.8pp	-8.6%-9.7pp	1.1%-0.7pp	1.9%-2.7pp	4.6%-0.4pp	5.0%-1.8pp	6.8%-1.7pp	8.5%+1.8pp	6.6%+2.3pp	4.3%+1.1pp	3.2%-0.6pp	3.9%-2.5pp	6.4%
Return on Equity	N/A	N/A	-974.1%-945.6pp	-28.5%-31.4pp	2.9%-2.6pp	5.5%-10.8pp	16.4%-5.1pp	21.5%-15.6pp	37.1%-5.4pp	42.5%-0.7pp	43.2%+25.3pp	17.9%+2.3pp	15.5%-1.1pp	16.7%-3.6pp	20.3%
Return on Assets	-10.4%+4.1pp	-14.5%-2.4pp	-12.0%-7.9pp	-4.2%-4.8pp	0.6%-0.7pp	1.3%-2.3pp	3.6%-1.4pp	5.1%-1.3pp	6.4%-4.0pp	10.4%+1.6pp	8.8%+3.7pp	5.1%+1.6pp	3.4%-0.3pp	3.7%-1.6pp	5.3%
Current Ratio	0.61-0.4x	1.03-0.2x	1.21+0.3x	0.90+0.1x	0.850.0x	0.87-0.1x	0.93+0.1x	0.80-0.1x	0.86-0.1x	0.99+0.1x	0.87-0.2x	1.07+0.1x	0.930.0x	0.900.0x	0.92
Debt-to-Equity	N/A	N/A	21.46+19.0x	2.48+0.8x	1.66+0.5x	1.170.0x	1.21+0.4x	0.82-0.5x	1.29+1.0x	0.28-3.6x	3.90+1.4x	2.53-1.0x	3.510.0x	3.47+0.7x	2.80
Asset Turnover	0.53+0.1x	0.48+0.1x	0.42-0.1x	0.48-0.1x	0.56-0.1x	0.69-0.1x	0.79-0.2x	1.02+0.1x	0.94-0.3x	1.23-0.1x	1.33+0.2x	1.16+0.1x	1.07+0.1x	0.97+0.1x	0.84
FCF Margin	-5.9%+15.2pp	-21.0%+7.5pp	-28.5%+7.9pp	-36.4%-22.1pp	-14.3%-11.6pp	-2.7%-1.6pp	-1.1%-3.8pp	2.7%-3.1pp	5.8%-1.9pp	7.7%-0.4pp	8.0%+2.5pp	5.6%-0.1pp	5.7%+1.0pp	4.7%-0.5pp	5.2%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	25.6%+3.2pp	25.0%+0.1pp	24.5%+1.1pp	24.5%+0.5pp	22.5%-0.8pp	24.9%+3.9pp	23.3%+2.8pp	24.0%+4.8pp
Operating Margin	-5.4%-2.5pp	-4.5%-2.3pp	-9.1%+22.9pp	-9.7%+1.2pp	-2.9%+6.7pp	-2.1%+16.7pp	-32.1%-13.5pp	-10.9%+8.8pp
Net Margin	-20.4%-4.5pp	-18.7%-2.7pp	-22.3%+23.3pp	-23.4%+0.8pp	-15.9%+4.9pp	-16.0%+14.3pp	-45.6%-18.7pp	-24.2%+2.0pp
Return on Assets	-2.8%-0.7pp	-2.5%-0.4pp	-3.0%+2.6pp	-3.1%-0.3pp	-2.1%+0.3pp	-2.0%+1.3pp	-5.6%-2.7pp	-2.8%0.0pp
Current Ratio	0.57-0.5x	0.59-0.4x	0.61-0.4x	1.070.0x	1.06+0.1x	1.010.0x	1.03-0.2x	1.11-0.3x
Asset Turnover	0.140.0x	0.130.0x	0.140.0x	0.130.0x	0.130.0x	0.130.0x	0.120.0x	0.120.0x
FCF Margin	-3.1%-6.3pp	-2.1%+15.6pp	-7.1%+10.6pp	-2.4%+18.3pp	3.1%+26.3pp	-17.6%+5.2pp	-17.7%-11.3pp	-20.7%+13.3pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

Note: Shareholder equity is negative (-$164.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.61), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Tucows, Inc TCX	FY2025	$390.3M	-$75.8M	-19.4%	$117.4M	22/100
Veritone, Inc. VERI	FY2025	$92.2M	-$111.7M	N/A	$53.8M	35/100
Sangoma Technologies Corporation SANG	FY2025	$236.7M	-$5.0M	-2.1%	$158.9M	33/100
ZenaTech, Inc. ZENA	FY2025	N/A	-$45.2M	N/A	$219.3M	—
Paysign, Inc. PAYS	FY2025	$82.0M	$7.6M	9.2%	$856.0M	65/100
Bakkt, Inc. BKKT	FY2025	N/A	-$107.2M	N/A	$269.5M	—

Where Tucows, Inc Ranks

Frequently Asked Questions

What is Tucows, Inc's annual revenue?

Tucows, Inc (TCX) reported $390.3M in total revenue for fiscal year 2025. This represents a 7.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Tucows, Inc's revenue growing?

Tucows, Inc (TCX) revenue grew by 7.7% year-over-year, from $362.3M to $390.3M in fiscal year 2025.

Is Tucows, Inc profitable?

No, Tucows, Inc (TCX) reported a net income of -$75.8M in fiscal year 2025, with a net profit margin of -19.4%.

What is Tucows, Inc's EBITDA?

Tucows, Inc (TCX) had EBITDA of -$20.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Tucows, Inc have?

As of fiscal year 2025, Tucows, Inc (TCX) had $46.8M in cash and equivalents against $190.4M in long-term debt.

What is Tucows, Inc's gross margin?

Tucows, Inc (TCX) had a gross margin of 24.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Tucows, Inc's operating margin?

Tucows, Inc (TCX) had an operating margin of -6.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Tucows, Inc's net profit margin?

Tucows, Inc (TCX) had a net profit margin of -19.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Tucows, Inc's free cash flow?

Tucows, Inc (TCX) recorded an outflow of $22.9M in free cash flow during fiscal year 2025. This represents a 70.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tucows, Inc's operating cash flow?

Tucows, Inc (TCX) recorded an outflow of $5.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Tucows, Inc's total assets?

Tucows, Inc (TCX) had $730.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tucows, Inc's capital expenditures?

Tucows, Inc (TCX) invested $17.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Tucows, Inc spend on research and development?

Tucows, Inc (TCX) invested $17.8M in research and development during fiscal year 2025.

How many shares does Tucows, Inc have outstanding?

Tucows, Inc (TCX) had 11M shares outstanding as of fiscal year 2025.

What is Tucows, Inc's current ratio?

Tucows, Inc (TCX) had a current ratio of 0.61 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Tucows, Inc's return on assets (ROA)?

Tucows, Inc (TCX) had a return on assets of -10.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tucows, Inc's P/E ratio?

Tucows, Inc (TCX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $117.4M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Tucows, Inc's price-to-sales ratio?

Tucows, Inc (TCX) trades at 0.3x sales, its market capitalization divided by revenue of $394.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $117.4M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Tucows, Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Tucows, Inc (TCX) held $48.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.8M over that year. Dividing the one by the other, the reported balance equals about 102 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

Why is Tucows, Inc's debt-to-equity ratio negative or not reported?

Tucows, Inc (TCX) has negative shareholder equity of -$164.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Tucows, Inc's Altman Z-Score?

Tucows, Inc (TCX) has an Altman Z-Score of -0.14, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Tucows, Inc's Piotroski F-Score?

Tucows, Inc (TCX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tucows, Inc's earnings high quality?

Tucows, Inc (TCX) reported a net loss of $75.8M while operations used $5.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Tucows, Inc cover its interest payments?

Tucows, Inc (TCX) reported an operating loss of $23.5M against $57.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Tucows, Inc?

Tucows, Inc (TCX) scores 22 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.