Tucows Inc Financials
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).
Revenue recovery is improving operating losses, but financing costs and a weakening liability structure still govern the business.
The 2025 rebound in operating cash flow from-$19.7M in FY2024 to-$5.8M coincided with free cash flow improving from-$76.2M to-$22.9M ; that pairing reflects reduced reinvestment pressure and better cash conversion, but not self-funding operations. The net loss of-$75.8M remained heavily shaped by interest expense of$57.2M , so accounting losses still outpaced the operating cash deficit.
Gross margin recovered from
Liabilities of
Financial Health Signals
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.
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 29/100. This is up from -17.9% the prior year.
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.
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.
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 13/100.
Tucows Inc scores -0.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($118.3M) 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.
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.
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.
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
Earnings & Revenue
Tucows Inc generated $390.3M in revenue in fiscal year 2025. This represents an increase of 7.7% from the prior year.
Tucows Inc's EBITDA was -$20.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 67.1% from the prior year.
Tucows Inc reported -$75.8M in net income in fiscal year 2025. This represents an increase of 31.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Tucows Inc recorded an outflow of $22.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 70.0% from the prior year.
Tucows Inc held $46.8M in cash against $190.4M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Tucows Inc's gross margin was 24.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.
Tucows Inc's operating margin was -6.0% in fiscal year 2025, reflecting core business profitability. This is up 11.9 percentage points from the prior year.
Tucows Inc's net profit margin was -19.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Tucows Inc invested $17.8M in research and development in fiscal year 2025. This represents a decrease of 4.4% from the prior year.
Tucows Inc invested $17.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 69.7% from the prior year.
Not reported for fiscal year 2025.
TCX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $100.6M+4.0% | $96.7M-2.0% | $98.7M+0.1% | $98.6M+0.1% | $98.5M+4.1% | $94.6M+1.6% | $93.1M+0.9% | $92.3M |
| Cost of Revenue | $74.8M+3.1% | $72.5M-2.7% | $74.5M+0.2% | $74.4M-2.6% | $76.4M+7.4% | $71.1M-0.4% | $71.4M+1.8% | $70.1M |
| Gross Profit | $25.8M+6.9% | $24.1M0.0% | $24.1M-0.2% | $24.2M+9.4% | $22.1M-6.0% | $23.5M+8.4% | $21.7M-2.1% | $22.2M |
| R&D Expenses | $4.9M+9.7% | $4.4M+1.2% | $4.4M-6.5% | $4.7M+7.8% | $4.3M-1.4% | $4.4M-1.5% | $4.5M-3.1% | $4.6M |
| SG&A Expenses | $13.1M+33.3% | $9.8M-31.4% | $14.3M+48.4% | $9.7M-0.1% | $9.7M+4.5% | $9.2M+40.5% | $6.6M-42.7% | $11.5M |
| Operating Income | -$5.5M-26.7% | -$4.3M+52.1% | -$9.0M+6.1% | -$9.6M-232.7% | -$2.9M-41.6% | -$2.0M+93.2% | -$29.9M-197.1% | -$10.0M |
| Interest Expense | $14.7M+3.5% | $14.2M-2.6% | $14.5M+0.8% | $14.4M+2.5% | $14.1M-0.3% | $14.1M-2.7% | $14.5M+5.2% | $13.8M |
| Income Tax | $3.1M+30.9% | $2.4M+47.5% | $1.6M-34.0% | $2.5M+8.4% | $2.3M+4.6% | $2.2M+12.9% | $1.9M-37.6% | $3.1M |
| Net Income | -$20.5M-13.1% | -$18.1M+17.8% | -$22.0M+4.3% | -$23.0M-47.2% | -$15.6M-3.3% | -$15.1M+64.4% | -$42.5M-90.5% | -$22.3M |
| EPS (Diluted) | -$1.84 | N/A | N/A | N/A | -$1.41 | N/A | N/A | N/A |
TCX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $727.7M-0.2% | $729.2M-0.2% | $730.9M-0.6% | $735.5M-0.9% | $742.2M0.0% | $741.9M-2.2% | $758.8M-5.0% | $799.0M |
| Current Assets | $197.7M-1.2% | $200.0M-1.5% | $203.1M-2.8% | $208.9M-1.3% | $211.7M+8.8% | $194.5M-5.3% | $205.4M-7.3% | $221.6M |
| Cash & Equivalents | $44.2M-0.3% | $44.3M-5.2% | $46.8M-13.5% | $54.1M+4.0% | $52.0M+36.6% | $38.1M-33.1% | $56.9M-24.3% | $75.2M |
| Inventory | $4.0M0.0% | $4.0M+2.5% | $3.9M-3.7% | $4.0M0.0% | $4.0M+3.0% | $3.9M-1.8% | $4.0M-17.4% | $4.8M |
| Accounts Receivable | $23.1M-17.0% | $27.8M+13.5% | $24.5M-12.5% | $28.0M+15.5% | $24.2M+0.4% | $24.1M+15.5% | $20.9M+10.5% | $18.9M |
| Goodwill | $130.4M0.0% | $130.4M0.0% | $130.4M0.0% | $130.4M0.0% | $130.4M0.0% | $130.4M0.0% | $130.4M0.0% | $130.4M |
| Total Liabilities | $928.5M+2.0% | $910.6M+1.7% | $895.1M+1.8% | $879.5M+1.8% | $863.9M+1.6% | $850.2M-0.5% | $854.1M+0.2% | $852.1M |
| Current Liabilities | $345.7M+2.5% | $337.1M+2.0% | $330.4M+69.8% | $194.5M-3.0% | $200.6M+4.0% | $193.0M-3.4% | $199.9M+0.5% | $198.9M |
| Long-Term Debt | N/A | N/A | $190.4M | N/A | N/A | N/A | $195.4M | N/A |
| Total Equity | -$200.8M-10.7% | -$181.3M-10.4% | -$164.2M-14.0% | -$144.1M-18.4% | -$121.7M-12.4% | -$108.3M-13.6% | -$95.3M-79.6% | -$53.1M |
| Retained Earnings | -$264.6M-8.4% | -$244.1M-8.0% | -$226.0M-10.8% | -$203.9M-12.7% | -$180.9M-9.5% | -$165.3M-10.1% | -$150.2M-39.4% | -$107.7M |
TCX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.9M-45.1% | $3.5M+235.2% | -$2.6M-269.9% | $1.5M-76.6% | $6.6M+158.4% | -$11.3M-134.6% | -$4.8M-5.1% | -$4.6M |
| Capital Expenditures | $5.1M-8.6% | $5.5M+26.8% | $4.4M+13.2% | $3.9M+11.0% | $3.5M-36.2% | $5.4M-53.4% | $11.7M-19.6% | $14.5M |
| Free Cash Flow | -$3.1M-55.6% | -$2.0M+71.2% | -$7.0M-200.6% | -$2.3M-174.8% | $3.1M+118.6% | -$16.7M-1.4% | -$16.5M+13.7% | -$19.1M |
| Investing Cash Flow | -$3.7M+37.0% | -$5.8M-49.4% | -$3.9M-210.2% | $3.5M-49.3% | $7.0M+256.3% | -$4.5M+59.8% | -$11.1M+25.8% | -$15.0M |
| Financing Cash Flow | $0 | $0 | $0+100.0% | -$2.9M-9529.0% | $31K+101.2% | -$2.5M-29.3% | -$1.9M-103.3% | $58.5M |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.6%+0.7pp | 25.0%+0.5pp | 24.5%-0.1pp | 24.5%+2.1pp | 22.5%-2.4pp | 24.9%+1.6pp | 23.3%-0.7pp | 24.0% |
| Operating Margin | -5.4%-1.0pp | -4.5%+4.7pp | -9.1%+0.6pp | -9.7%-6.8pp | -2.9%-0.8pp | -2.1%+29.9pp | -32.1%-21.2pp | -10.9% |
| Net Margin | -20.4%-1.6pp | -18.7%+3.6pp | -22.3%+1.0pp | -23.4%-7.5pp | -15.9%+0.1pp | -16.0%+29.6pp | -45.6%-21.5pp | -24.2% |
| Return on Assets | -2.8%-0.3pp | -2.5%+0.5pp | -3.0%+0.1pp | -3.1%-1.0pp | -2.1%-0.1pp | -2.0%+3.6pp | -5.6%-2.8pp | -2.8% |
| Current Ratio | 0.570.0x | 0.590.0x | 0.61-0.5x | 1.070.0x | 1.060.0x | 1.010.0x | 1.03-0.1x | 1.11 |
| FCF Margin | -3.1%-1.0pp | -2.1%+5.0pp | -7.1%-4.7pp | -2.4%-5.5pp | 3.1%+20.8pp | -17.6%0.0pp | -17.7%+3.0pp | -20.7% |
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.
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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.
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.
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 -0.13, 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 24 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.