TIC SOLUTIONS Financials

TICAW

FY2025 annual

Revenue $1.5B YoY not available

Net Income -$87.1M YoY not available

EPS (Diluted) Not reported for FY2025

Free Cash Flow $61.3M YoY not available

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

TIC SOLUTIONS (TICAW) reported $1.5B in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 2 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 TICAW FY2025 2026-08-06

Revenue growth and gross-margin improvement are being offset by heavy overhead and interest costs, leaving cash generation better than earnings.

From FY2023 to FY2025, gross margin expanded from 22.8% to 29.4% while revenue rose about 45.7%, so the business improved its gross economics as it scaled. But in FY2025, SG&A nearly matched gross profit at $441M versus $449M, and interest expense of $87.6M then pulled a near break-even operating result into a net loss.

The loss did not translate into equal cash burn: net income was -$87.1M, yet operating cash flow was $95.0M and free cash flow was $61.3M. Depreciation and amortization of $178.3M is the key bridge, which means reported earnings look weaker than near-term cash generation.

The balance sheet is liquid in the short run but the company was expanding with external funding. Cash of $439.5M and a 3.2x current ratio provide near-term flexibility, yet investing outflows of $874.1M were covered by $1.08B of financing cash flow, while long-term debt reached $1.59B and goodwill made up about 37.5% of assets.

Financial Health Signals

Financial health score not available

TIC SOLUTIONS does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Earnings Quality Mixed

N/A

TIC SOLUTIONS reported a net loss of $87.1M while generating $95.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

TIC SOLUTIONS reported an operating loss of $17.1M against $87.6M 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

$1.5B

TIC SOLUTIONS generated $1.5B in revenue in fiscal year 2025.

EBITDA

$161.2M

TIC SOLUTIONS's EBITDA was $161.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Net Income

-$87.1M

TIC SOLUTIONS reported -$87.1M in net income in fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$61.3M

TIC SOLUTIONS generated $61.3M in free cash flow in fiscal year 2025, representing cash available after capex.

Cash & Debt

$439.5M

TIC SOLUTIONS held $439.5M in cash against $1.6B in long-term debt as of fiscal year 2025.

Dividends Per Share

$10.28

TIC SOLUTIONS paid $10.28 per share in dividends in fiscal year 2025.

Shares Outstanding

220M

TIC SOLUTIONS had 220M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

29.4%

TIC SOLUTIONS's gross margin was 29.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

-1.1%

TIC SOLUTIONS's operating margin was -1.1% in fiscal year 2025, reflecting core business profitability.

Net Margin

-5.7%

TIC SOLUTIONS's net profit margin was -5.7% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

-4.0%

TIC SOLUTIONS's ROE was -4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

Capital Expenditures

$33.8M

TIC SOLUTIONS invested $33.8M in capex in fiscal year 2025, funding long-term assets and infrastructure.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

TICAW Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TICAW annual income statement

Metric	TTM	FY25	FY23
Revenue	$2.1B	$1.5B	$1.1B
Cost of Revenue	$1.4B	$1.1B	$810.5M
Gross Profit	$697.0M	$449.4M	$239.5M
SG&A Expenses	$688.8M	$440.8M	N/A
Operating Income	-$44.2M	-$17.1M	N/A
Interest Expense	$113.5M	$87.6M	N/A
Income Tax	-$36.1M	-$11.1M	N/A
Net Income	-$116.0M	-$87.1M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$584.3M+19.7%	$488.0M-4.0%	$508.3M+7.3%	$473.9M+51.0%	$313.9M+34.0%	$234.2M	N/A	$201.5M
Cost of Revenue	$380.2M+16.4%	$326.7M-0.8%	$329.4M+2.6%	$321.2M+33.9%	$239.8M+25.9%	$190.5M	N/A	$152.3M
Gross Profit	$204.2M+26.6%	$161.3M-9.8%	$178.9M+17.1%	$152.7M+106.1%	$74.1M+69.7%	$43.7M	N/A	$49.2M
SG&A Expenses	$193.3M+28.6%	$150.3M-26.6%	$204.7M+45.7%	$140.5M+152.0%	$55.8M+39.8%	$39.9M	N/A	$103.8M
Operating Income	$10.8M+137.3%	-$29.1M-49.1%	-$19.5M-199.3%	-$6.5M-135.5%	$18.4M+294.4%	-$9.4M	N/A	-$79.2M
Interest Expense	$28.4M-2.3%	$29.0M-2.1%	$29.6M+11.8%	$26.5M+71.6%	$15.5M-3.5%	$16.0M	N/A	$13.3M
Income Tax	-$3.2M+80.3%	-$16.5M-12858.1%	$129K+100.8%	-$16.6M-523.6%	$3.9M+166.8%	$1.5M	N/A	-$2.1M
Net Income	-$13.3M+67.9%	-$41.5M+12.0%	-$47.2M-239.8%	-$13.9M-5861.4%	-$233K+99.1%	-$25.8M	N/A	-$105.5M
EPS (Diluted)	N/A	N/A	N/A	-$0.08	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: R&D Expenses, EPS (Diluted).

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

No annual filing on record for: FY2024.

TICAW Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TICAW annual balance sheet

Metric	FY25	FY23
Total Assets	$4.4B	N/A
Current Assets	$1.0B	N/A
Cash & Equivalents	$439.5M	N/A
Accounts Receivable	$366.3M	N/A
Goodwill	$1.6B	N/A
Total Liabilities	$2.2B	N/A
Current Liabilities	$319.0M	N/A
Long-Term Debt	$1.6B	N/A
Total Equity	$2.2B	N/A
Retained Earnings	-$194.1M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$4.3B-0.9%	$4.3B-1.5%	$4.4B+4.2%	$4.2B+88.2%	$2.2B+2.8%	$2.2B-1.2%	$2.2B-5.2%	$2.3B
Current Assets	$1.0B-0.6%	$1.0B-0.1%	$1.0B+28.9%	$791.9M+98.4%	$399.1M+6.0%	$376.7M-4.5%	$394.2M	N/A
Cash & Equivalents	$362.4M-15.0%	$426.6M-3.0%	$439.5M+167.3%	$164.4M+26.4%	$130.1M-16.5%	$155.7M+11.9%	$139.1M0.0%	$139.1M
Accounts Receivable	$381.2M+10.7%	$344.2M-6.0%	$366.3M-2.8%	$376.9M+46.3%	$257.6M+24.7%	$206.7M-2.8%	$212.6M	N/A
Goodwill	$1.7B+0.8%	$1.6B-0.1%	$1.6B+5.4%	$1.6B+78.4%	$876.8M+3.3%	$849.0M+0.4%	$845.9M	N/A
Total Liabilities	$2.2B-0.1%	$2.2B-0.8%	$2.2B-2.3%	$2.3B+113.5%	$1.1B+1.1%	$1.1B-0.5%	$1.1B-5.4%	$1.1B
Current Liabilities	$348.2M+4.4%	$333.4M+4.5%	$319.0M-3.0%	$329.0M+176.0%	$119.2M+10.4%	$107.9M+1.5%	$106.3M	N/A
Long-Term Debt	$1.6B+0.3%	$1.6B-0.1%	$1.6B-0.2%	$1.6B+114.0%	$743.5M-0.2%	$744.7M-0.3%	$747.0M	N/A
Total Equity	$2.1B-1.8%	$2.1B-2.1%	$2.2B+11.7%	$2.0B+65.4%	$1.2B+4.4%	$1.1B-1.9%	$1.2B-5.0%	$1.2B
Retained Earnings	-$249.0M-5.7%	-$235.7M-21.4%	-$194.1M-32.1%	-$146.9M-10.4%	-$133.0M-0.2%	-$132.8M-24.1%	-$107.0M	N/A

Not reported in any period shown, so not listed: Inventory.

No annual filing on record for: FY2024.

TICAW Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TICAW annual cash flow statement

Metric	TTM	FY25	FY23
Operating Cash Flow	$68.9M	$95.0M	N/A
Capital Expenditures	$46.6M	$33.8M	N/A
Free Cash Flow	$22.2M	$61.3M	N/A
Investing Cash Flow	-$879.1M	-$874.1M	N/A
Financing Cash Flow	$1.0B	$1.1B	N/A
Dividends Paid	N/A	$0	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$9.8M-198.4%	$9.9M-80.0%	$49.7M+161.2%	$19.0M+393.3%	-$6.5M-119.8%	$32.8M	N/A	$2.6M
Capital Expenditures	$19.7M+245.5%	$5.7M-54.7%	$12.6M+44.6%	$8.7M+8.4%	$8.0M+79.1%	$4.5M	N/A	$13.2M
Free Cash Flow	-$29.5M-796.6%	$4.2M-88.6%	$37.1M+259.2%	$10.3M+171.2%	-$14.5M-151.2%	$28.3M	N/A	-$10.6M
Investing Cash Flow	-$25.1M-202.5%	-$8.3M+53.0%	-$17.6M+97.9%	-$828.0M-5013.2%	-$16.2M-32.6%	-$12.2M	N/A	-$1.8B
Financing Cash Flow	-$27.9M-116.2%	-$12.9M-105.3%	$241.9M-71.3%	$844.2M+18049.7%	-$4.7M+16.1%	-$5.6M	N/A	$1.4B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

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

No annual filing on record for: FY2024.

TICAW Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

TICAW annual financial ratios

Metric	FY25	FY23
Gross Margin	29.4%	22.8%
Operating Margin	-1.1%	N/A
Net Margin	-5.7%	N/A
Return on Equity	-4.0%	N/A
Return on Assets	-2.0%	N/A
Current Ratio	3.20	N/A
Debt-to-Equity	0.73	N/A
FCF Margin	4.0%	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	34.9%+1.9pp	33.1%-2.1pp	35.2%+3.0pp	32.2%+8.6pp	23.6%+5.0pp	18.6%	N/A	24.4%
Operating Margin	1.9%+7.8pp	-6.0%-2.1pp	-3.8%-2.5pp	-1.4%-7.2pp	5.9%+9.9pp	-4.0%	N/A	-39.3%
Net Margin	-2.3%+6.2pp	-8.5%+0.8pp	-9.3%-6.4pp	-2.9%-2.9pp	-0.1%+10.9pp	-11.0%	N/A	-52.3%
Return on Equity	-0.6%+1.3pp	-1.9%+0.2pp	-2.2%-1.5pp	-0.7%-0.7pp	0.0%+2.3pp	-2.3%	N/A	-8.7%
Return on Assets	-0.3%+0.6pp	-1.0%+0.1pp	-1.1%-0.7pp	-0.3%-0.3pp	0.0%+1.2pp	-1.2%	N/A	-4.5%
Current Ratio	2.91-0.1x	3.06-0.1x	3.20+0.8x	2.41-0.9x	3.35-0.1x	3.49-0.2x	3.71	N/A
Debt-to-Equity	0.760.0x	0.740.0x	0.73-0.1x	0.82+0.2x	0.630.0x	0.660.0x	0.65-0.3x	0.92
FCF Margin	-5.0%-5.9pp	0.9%-6.4pp	7.3%+5.1pp	2.2%+6.8pp	-4.6%-16.7pp	12.1%	N/A	-5.3%

No annual filing on record for: FY2024.

Where TIC SOLUTIONS Ranks

Frequently Asked Questions

What is TIC SOLUTIONS's annual revenue?

TIC SOLUTIONS (TICAW) reported $1.5B in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is TIC SOLUTIONS profitable?

No, TIC SOLUTIONS (TICAW) reported a net income of -$87.1M in fiscal year 2025, with a net profit margin of -5.7%.

What is TIC SOLUTIONS's EBITDA?

TIC SOLUTIONS (TICAW) had EBITDA of $161.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does TIC SOLUTIONS have?

As of fiscal year 2025, TIC SOLUTIONS (TICAW) had $439.5M in cash and equivalents against $1.6B in long-term debt.

What is TIC SOLUTIONS's gross margin?

TIC SOLUTIONS (TICAW) had a gross margin of 29.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is TIC SOLUTIONS's operating margin?

TIC SOLUTIONS (TICAW) had an operating margin of -1.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is TIC SOLUTIONS's net profit margin?

TIC SOLUTIONS (TICAW) had a net profit margin of -5.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does TIC SOLUTIONS pay dividends?

Yes, TIC SOLUTIONS (TICAW) paid $10.28 per share in dividends during fiscal year 2025.

What is TIC SOLUTIONS's return on equity (ROE)?

TIC SOLUTIONS (TICAW) has a return on equity of -4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is TIC SOLUTIONS's free cash flow?

TIC SOLUTIONS (TICAW) generated $61.3M in free cash flow during fiscal year 2025. 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 TIC SOLUTIONS's operating cash flow?

TIC SOLUTIONS (TICAW) generated $95.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are TIC SOLUTIONS's total assets?

TIC SOLUTIONS (TICAW) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are TIC SOLUTIONS's capital expenditures?

TIC SOLUTIONS (TICAW) invested $33.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does TIC SOLUTIONS have outstanding?

TIC SOLUTIONS (TICAW) had 220M shares outstanding as of fiscal year 2025.

What is TIC SOLUTIONS's current ratio?

TIC SOLUTIONS (TICAW) had a current ratio of 3.20 as of fiscal year 2025, which is generally considered healthy.

What is TIC SOLUTIONS's debt-to-equity ratio?

TIC SOLUTIONS (TICAW) had a debt-to-equity ratio of 0.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is TIC SOLUTIONS's return on assets (ROA)?

TIC SOLUTIONS (TICAW) had a return on assets of -2.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Are TIC SOLUTIONS's earnings high quality?

TIC SOLUTIONS (TICAW) reported a net loss of $87.1M while generating $95.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, 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 TIC SOLUTIONS cover its interest payments?

TIC SOLUTIONS (TICAW) reported an operating loss of $17.1M against $87.6M 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.