TUCOWS INC /PA/
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $390.3M | $362.3M | $339.3M | $321.1M | $304.3M |
| Cost of revenue | $296.3M | $279.2M | $272.7M | $242.9M | $226.0M |
| Gross profit | $94.0M | $83.0M | $66.7M | $78.2M | $78.3M |
| Research and development | $17.8M | $18.6M | $19.2M | $14.2M | $14.3M |
| Operating expenses | $117.4M | $148.0M | $130.3M | $109.9M | $86.1M |
| Operating income | -$23.5M | -$65.0M | -$63.7M | -$31.7M | -$7.8M |
| Interest expense | $57.2M | $54.4M | $46.3M | $14.6M | $4.6M |
| Pretax income | -$67.3M | -$101.9M | -$103.1M | -$27.8M | $7.3M |
| Income tax expense | $8.5M | $8.0M | -$6.9M | -$217,000 | $3.9M |
| Net income | -$75.8M | -$109.9M | -$96.2M | -$27.6M | $3.4M |
| Balance Sheet | |||||
| Cash and equivalents | $46.8M | $56.9M | $92.7M | $23.5M | $9.1M |
| Current assets | $203.1M | $205.4M | $242.8M | $169.9M | $147.0M |
| Total assets | $730.9M | $758.8M | $798.4M | $664.7M | $539.6M |
| Current liabilities | $330.4M | $199.9M | $201.3M | $188.2M | $173.7M |
| Stockholders' equity | -$164.2M | -$95.3M | $9.9M | $96.7M | $115.1M |
| Cash Flow Statement | |||||
| Cash from operations | -$5.8M | -$19.7M | -$4.8M | $19.9M | $29.6M |
| Depreciation and amortization | $41.6M | $40.3M | $36.4M | $28.2M | $18.0M |
| Stock-based compensation | $7.1M | $7.0M | $8.1M | $7.6M | $4.6M |
| Capital expenditure | $17.1M | $56.5M | $92.1M | $136.7M | $73.2M |
| Free cash flow | -$22.9M | -$76.2M | -$96.8M | -$116.8M | -$43.5M |
| Share repurchases | — | — | — | $0 | $0 |
| Impairments | $11.5M | $19.1M | $0 | $0 | $0 |
Shares outstanding 11.1M
Annual filing data through FY ended December 31, 2025; float as of July 11, 2026.