Tucows Inc (TCX) financials
Tucows revenue and earnings by year
Tucows's revenue was $390 million in the fiscal year to December 31, 2025, up 7.7% from the year before. Net income was -$75.8 million, -19.4% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 8.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 390 | 362 | 339 | 321 | 304 | 311 | 337 | 346 | 329 | 190 |
| Revenue growth | 7.7% | 6.8% | 5.7% | 5.5% | -2.2% | -7.7% | -2.6% | 5.0% | 73.5% | — |
| Gross profit | 94 | 83 | 67 | 78 | 78 | 85 | 101 | 97 | 85 | 63 |
| Gross margin | 24.1% | 22.9% | 19.6% | 24.4% | 25.7% | 27.5% | 29.9% | 28.0% | 25.7% | 33.2% |
| Operating income | -23 | -65 | -64 | -31 | -8 | 7 | 29 | 30 | 27 | 25 |
| Operating margin | -6.0% | -17.9% | -18.8% | -9.7% | -2.5% | 2.2% | 8.7% | 8.5% | 8.2% | 13.1% |
| Net income | -76 | -110 | -96 | -28 | 3 | 6 | 15 | 17 | 22 | 16 |
| Net margin | -19.4% | -30.3% | -28.3% | -8.6% | 1.1% | 1.9% | 4.6% | 5.0% | 6.8% | 8.5% |
| Diluted EPS | -$6.85 | -$10.02 | -$8.85 | -$2.56 | $0.32 | $0.53 | $1.43 | $1.59 | $2.08 | $1.50 |
| Free cash flow | -8 | -76 | -97 | -118 | -44 | -8 | -7 | 9 | 19 | 15 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open TCX in Markets.
How Tucows makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Tucows Domain Name Services | $65.0M | 66.1% |
| Ting | $21.6M | 22.0% |
| Wavelo | $11.8M | 12.0% |
See also: TCX valuation and P/E history · TCX returns
No forecast, no recommendation. This page describes Tucows Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.