Saturday 17 October 2026 Export TCX’s income statement to Excel — free account

Tucows Inc.

Tucows Inc.’s revenue for fiscal 2025 (year ended December 2025) was $390.3 million, up 7.74% from fiscal 2024. In the quarter to June 2026, revenue grew 2.13%, EPS fell 30.5%, free cash flow fell 112.8% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years.

10.17 0.33 −3.14%

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Market cap: $117.4M
P/E: 0.0×
Fwd P/E: 0.0×
Dividend yield: —
F-score: 4/9
Altman Z: −0.05
Beneish M: −2.82
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 20.89%

Capital & Financial Ratios $m

Market Cap 117.42

Revenue 394.44

Net Income (83.63)

Free Cash Flow (5.48)

Net Debt 434.23

Current Ratio 0.57

Debt/Equity (2.41)

P/E ratio 0.00

Fwd P/E 0.00

P/S ratio 0.29

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth —

Next Y EPS Growth —

Next Y revenue growth 8.45%

Next 5Y EPS Growth 29.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 1.18%

10-year low 10-year high

EV/Sales against its own 10 years 18.84%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	96	62	52	49
Receivables	23	21	24	23
Inventory	7	4	—	—
Other	4	—	—	—
	243	205	203	198

	2023	2024	2025	Q'26
Payables	13	40	35	36
ST’ Debt	—	—	—	—
Other	19	19	158	303
	201	200	330	346

Compound Annual Growth %

	10y	5y	3y
Sales	8.56%	4.63%	6.72%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	97	101	—	—	—
’25	95	98	99	99	390
’24	87	89	92	93	362
’23	80	85	87	87	339
’22	81	83	78	79	321
’21	71	75	76	82	304
’20	84	82	74	71	311

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	4	2	—	—	—
’25	(11)	7	2	(3)	(6)
’24	(6)	(5)	(5)	(5)	(20)
’23	(5)	(2)	(7)	9	(5)
’22	5	13	(1)	3	20
’21	14	4	1	11	30
’20	14	9	11	2	36

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(2)	(2)	—	—	—
’25	(16)	14	5	(7)	(4)
’24	(20)	(21)	(20)	(16)	(76)
’23	(37)	(25)	(30)	(6)	(97)
’22	(18)	(18)	(48)	(34)	(118)
’21	0	(18)	(13)	(13)	(44)
’20	4	(3)	1	(10)	(8)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.63)	(1.84)	—	—	—
’25	(1.37)	(1.41)	(2.08)	(1.98)	(6.85)
’24	(2.42)	(1.70)	(2.03)	(4.11)	(10.27)
’23	(1.77)	(2.86)	(2.09)	(2.14)	(8.85)
’22	(0.28)	(0.29)	(0.74)	(1.25)	(2.56)
’21	0.20	0.17	0.13	(0.18)	0.31
’20	0.26	0.01	0.07	0.19	0.54

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	17.67	35.30	49.69	45.01	42.50	70.55	28.01	15.65	15.01	13.27	Analyst estimates 2026–2028 Powerpack
	High	37.00	71.75	70.05	90.21	79.25	94.20	83.91	38.00	27.15	24.35
People
People	Employees	375	558	584	633	800	1,000	1,100	1,129	864	871
	Revenue/emp, $m	0.51	0.59	0.59	0.53	0.39	0.30	0.29	0.30	0.42	0.45
Income, $m
Income, $m	Revenue	190	329	346	337	311	304	321	339	362	390
	Gross margin, %	33.22	25.66	27.97	29.89	27.47	25.73	24.37	19.65	22.92	24.07
	EBT	25	24	26	25	11	7	(28)	(103)	(102)	(67)
	EBT margin, %	13.23	7.31	7.56	7.29	3.46	2.39	(8.65)	(30.37)	(28.12)	(17.25)
	Net income	16	22	17	15	6	3	(28)	(96)	(110)	(76)
	Depreciation	3	12	15	20	24	28	39	49	50	51
Per share, $
Per share, $	Revenue	18.04	31.26	32.63	31.73	29.38	28.54	29.82	31.23	33.03	35.27
	Earnings	1.53	2.12	1.62	1.45	0.55	0.32	(2.56)	(8.85)	(10.27)	(6.85)
	Cash flow	2.14	3.03	3.51	3.80	3.41	2.78	1.85	(0.44)	(1.80)	(0.52)
	Capex	(1.37)	(1.51)	(2.69)	(4.48)	(4.20)	(6.89)	(12.77)	(8.52)	(5.15)	0.19
	Free cash flow	0.77	1.52	0.82	(0.68)	(0.80)	(4.11)	(10.92)	(8.96)	(6.95)	(0.33)
	Book value	3.59	5.71	7.52	8.87	9.89	10.79	8.98	0.91	(8.69)	(14.84)
	Shares, m	11	11	11	11	11	11	11	11	11	11
Valuation, ×
Valuation, ×	P/E	23.82	29.76	37.30	42.32	135.60	261.94	0.00	0.00	0.00	0.00
	P/S	2.02	2.02	1.84	1.95	2.51	2.94	1.12	0.81	0.52	0.64
	P/B	10.14	11.04	7.98	6.97	7.47	7.77	3.70	27.98	0.00	0.00
	EV/Sales	2.00	2.20	1.99	2.23	2.88	3.54	2.49	2.47	2.30	2.32
	EV/FCF	60.23	45.98	78.96	(97.44)	(106.52)	(24.62)	(6.80)	(8.62)	(10.95)	(251.01)
Cash, $m
Cash, $m	Operating cash flow	23	32	37	40	36	30	20	(5)	(20)	(6)
	Capex	(14)	(16)	(28)	(48)	(45)	(73)	(137)	(93)	(56)	2
	Free cash flow	8	16	9	(7)	(8)	(44)	(118)	(97)	(76)	(4)
Balance, $m
Balance, $m	Working capital	(1)	(25)	(33)	(11)	(22)	(27)	(18)	41	6	(127)
	Total debt	10	77	65	114	122	191	239	433	482	481
	Net debt	(5)	59	52	93	113	182	215	337	421	429
	Shareholders’ equity	38	60	80	94	105	115	97	10	(95)	(164)
Returns, %
Returns, %	ROA	11.33	8.84	4.97	4.02	1.32	0.68	(4.58)	(13.15)	(14.11)	(10.18)
	ROIC	47.49	14.21	13.91	9.79	1.98	(1.64)	(6.34)	(11.47)	(12.49)	(5.54)
	ROE	50.09	45.55	24.48	17.70	5.81	3.06	(26.04)	(180.60)	257.21	58.43

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
EXOD Exodus Movement, Inc.	$182.4M	— (loss-making)	— (loss-making)	+1.55% (above 0%: growing)	n/m	−825.45% (below 0%: shrinking)	100.00%	(174.61%)	Compare
SANG Sangoma Technologies Corporation	$160.2M	— (loss-making)	—	−21.16% (below 0%: shrinking)	n/m	−61.34% (below 0%: shrinking)	62.50%	(17.39%)	Compare
AMBR Amber International Holding Limited - Sponsored ADR	$156.5M	298×	— (loss-making)	−26.53% (below 0%: shrinking)	+57.00% (above 0%: growing)	+274.25% (above 0%: growing)	79.48%	7.43%	Compare
DVLT Datavault AI Inc.	$133.8M	— (loss-making)	— (loss-making)	+287.15% (above 0%: growing)	n/m	−956.82% (below 0%: shrinking)	42.85%	(393.87%)	Compare
SKYA SkyAI, Inc.	$118.5M	— (loss-making)	—	—	n/m	+106.15% (above 0%: growing)	0.00%	0.00%	Compare
TCX Tucows Inc.	$117.4M	— (loss-making)	— (loss-making)	+2.13% (above 0%: growing)	n/m	−112.80% (below 0%: shrinking)	25.64%	(5.43%)
AGPU Axe Compute Inc.	$97.5M	— (loss-making)	13.9×	+118,974.07% (above 0%: growing)	n/m	+221.90% (above 0%: growing)	6.27%	(538.97%)	Compare
DAVA Endava PLC Sponsored ADR	$87.9M	— (loss-making)	— (loss-making)	+17.21% (above 0%: growing)	n/m	−136.07% (below 0%: shrinking)	18.60%	(207.59%)	Compare
USIO Usio Inc	$81.4M	— (loss-making)	— (loss-making)	+18.62% (above 0%: growing)	n/m	−56.12% (below 0%: shrinking)	24.18%	1.59%	Compare
Median of peers	$126.2M	—	—	+17.21%	—	−58.73%	33.52%	(96.00%)

All 173 Software Infrastructure stocks →

Tucows Inc. (TCX) key facts

Strength: Tucows Inc.’s revenue for fiscal 2025 (year ended December 2025) was $390.3 million, up 7.74% from fiscal 2024.
Tucows Inc. (TCX) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, TCX traded at $10.17, a market capitalization of $117.4 million.
Return on equity was 58.4% and debt-to-equity -2.41.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −0.05 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.