Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TUCOWS INC /PA/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
190
329
346
337
311
304
321
339
362
390
Cost of revenue
127
245
249
236
226
226
243
273
279
296
Gross profit
63.1
84.5
96.8
101
85.5
78.3
78.2
66.7
83
94
Research and development
4.5
7.26
8.75
9.72
12.4
14.3
14.2
19.2
18.6
17.8
Selling and marketing
20.8
29.4
33.1
34.3
34.3
39.5
53.9
67.8
59.4
48.4
General and administrative
11.4
13.6
17.7
17.9
20.3
22.4
30.8
33.4
37.1
42.9
Operating expenses
38
57.4
67.4
71.4
78.6
86.1
110
130
148
117
Operating income
25
27.1
29.3
29.3
6.92
-7.77
-31.7
-63.7
-65
-23.5
Interest expense
4.62
14.6
46.3
54.4
57.2
Interest income
0
0.13
4.49
3.16
1.91
Other non-operating income
0.07
-3.01
-3.17
-4.77
3.84
15
3.87
-39.4
-36.9
-43.8
Pre-tax income
25.1
24.1
26.2
24.6
10.8
7.27
-27.8
-103
-102
-67.3
Income tax
9.05
1.75
9.02
9.17
4.99
3.91
-0.22
-6.87
7.99
8.51
Net income
16.1
22.3
17.1
15.4
5.78
3.36
-27.6
-96.2
-110
-75.8
EBITDA
25.6
27.7
29.7
29.8
7.41
-7.24
-31.1
-53.8
-60.7
-20
EPS, basic
1.53
2.12
1.62
1.45
0.55
0.32
-2.56
-8.85
-10.02
-6.85
EPS, diluted
1.50
2.07
1.59
1.43
0.54
0.31
-2.56
-8.85
-10.02
-6.85
Shares, basic (weighted)
10.5
10.5
10.6
10.6
10.6
10.7
10.8
10.9
11
11.1
Shares, diluted (weighted)
10.7
10.8
10.8
10.8
10.7
10.8
10.8
10.9
11
11.1
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
15.1
18
12.6
20.4
8.31
9.11
23.5
92.7
56.9
46.8
Receivables
10.9
12.4
10.8
14.6
15.5
14.6
18.4
22.2
20.9
24.5
Inventory
1.21
2.94
3.78
3.46
1.88
3.28
7.28
6.79
3.98
3.87
Other current assets
49.4
103
15.5
13.5
16.8
21
17
17.4
0
1
Total current assets
83.3
154
132
146
141
147
170
243
205
203
Property, plant and equipment
13.5
24.6
48.1
82.1
118
173
281
340
331
282
Lease right-of-use assets
11.3
11.2
17.5
20.5
27.5
35.6
63.3
Goodwill
21
90.1
90.1
110
116
130
130
130
130
130
Intangible assets
20
58.4
49.4
57.7
47.4
50.4
39.8
29.5
24.8
19.7
Long-term investments
0
2.01
2.01
2.01
2.01
2.01
Other non-current assets
4.35
4.38
Total assets
154
351
340
426
452
540
665
798
759
731
Accounts payable
4.79
7.03
8.45
6.67
6.33
10
17.2
12.7
9.01
9.9
Accrued liabilities
7.1
6.41
5.9
9.37
10.2
15.2
22.7
35.4
31.2
25.4
Deferred revenue
62.8
129
117
123
127
124
123
127
136
132
Total current liabilities
84.4
179
165
157
163
174
188
201
200
330
Long-term debt
0
223
288
292
Lease liabilities
9.42
9.18
11.9
12.4
18.3
25.9
57.8
Other non-current liabilities
0.94
0.43
0
3.42
1.8
0
0
1.37
Total liabilities
117
290
260
332
347
425
568
789
854
895
Total debt
10.7
77.8
65.2
114
122
191
240
212
195
190
Paid-in capital
2.86
2.17
3.95
0.88
1.46
2.76
8.11
14.1
19.2
23.5
Retained earnings
20.4
42.7
60.8
76.2
80.1
83.5
55.9
-40.3
-150
-226
Other comprehensive income
0.1
0
-0.81
0.47
2.34
0.34
0.78
1.73
-0.96
-0.06
Shareholders' equity
37.8
60.2
79.8
94.2
105
115
96.7
9.88
-95.3
-164
Total equity
37.8
60.2
79.8
94.2
105
115
96.7
9.88
-95.3
-164
Total liabilities and equity
154
351
340
426
452
540
665
798
759
731
Shares outstanding
10.5
10.6
10.6
10.6
10.6
10.7
10.8
10.9
11
11.1
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
16.1
22.3
17.1
15.4
5.78
3.36
-27.6
-96.2
-110
-75.8
Depreciation and amortization
0.5
0.59
0.42
0.49
0.49
0.53
0.6
9.89
4.29
3.53
Stock-based compensation
0.8
1.46
2.57
2.88
3.72
4.59
7.6
8.13
7.02
7.14
Deferred income tax
1.19
-3.34
1.04
1.29
-3.94
-1.33
-6.98
-13
0.85
-0.29
Change in receivables
-3.75
1.01
1.54
-3.02
-0.28
1.59
-3.83
-3.8
1.33
-3.62
Change in inventory
-0.31
-1.73
-0.83
0.32
0.95
-0.79
-4.01
0.36
2.81
Change in payables
0.39
-3.83
0.17
-1.22
-0.9
4.07
6.75
-5.32
-3.39
-4.67
Cash from operations
22.5
31.9
37.2
40.4
36.1
29.6
19.9
-4.77
-19.7
-5.76
Capital expenditures
-7.92
-12.9
-27.9
-44.1
-44.4
-73.2
-137
-92.1
-56.5
-17.1
Acquisitions
-76.2
Purchases of investments
0
0
-2.01
0
0
Cash from investing
-14.4
-94.1
-29.7
-76.1
-53.3
-102
-137
-92.6
-56.5
2.16
Debt issued
0
0
227
63
0
Stock issued
0.15
0.22
0.11
0.4
0.99
4.82
1.1
0
0.04
0.03
Share buybacks
-7.18
0
-4.99
-3.28
0
0
Cash from financing
-0.68
65.2
-12.9
43.5
5.12
73.1
132
179
44.5
-5.39
Net change in cash
7.38
2.94
-5.41
7.76
-12.1
0.79
14.4
81.5
-31.7
-8.99
Free cash flow
14.6
19
9.29
-3.69
-8.36
-43.5
-117
-96.8
-76.2
-22.9
Interest paid
0.42
3.59
3.71
4.79
3.57
4.49
10.3
24.7
38
43.8
Income taxes paid
3.77
7.82
6.8
7.94
8.93
8.83
3.88
4.93
7.65
5.65
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.98 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
24.9%
Gross profit / revenue.
Operating margin
-7.2%
Operating income / revenue.
EBITDA margin
-6.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-18.8%
Pre-tax income / revenue.
Net margin
-21.2%
Net income / revenue.
FCF margin
-3.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
1.1%
Cash from operations / revenue.
Return on assets (ROA)
-11.5%
Net income / average total assets.
R&D / revenue
4.7%
Research and development expense / revenue.
Stock-based pay / revenue
1.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
4.8%
Capital expenditures / revenue.
D&A / revenue
1.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
7.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
6.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
4.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
13.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
6.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
1.9%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-3.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
3.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
10.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
0.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
0.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
0.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.57x
Current assets / current liabilities.
Quick ratio
0.19x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.13x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
428.3%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$7.50
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$35.38
Revenue / diluted weighted shares.
FCF per share
-$1.29
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.39
Cash from operations / diluted weighted shares.
Book value per share
-$17.99
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.28x
Market cap / revenue.
P/OCF
25.4x
Market cap / cash from operations, when positive.
EV/Sales
0.17x
Enterprise value / revenue.
FCF yield
-12.9%
Free cash flow / market cap.
Earnings yield
-74.9%
Net income / market cap (the inverse of P/E).
What was TUCOWS INC /PA/'s revenue in fiscal 2025?
TUCOWS INC /PA/ reported revenue of $390.3M for fiscal 2025, 7.7% higher than the year before.
Was TUCOWS INC /PA/ profitable in fiscal 2025?
No. It reported a net loss of $75.8M.
How much free cash flow did TUCOWS INC /PA/ generate in fiscal 2025?
Cash from operations of $5.8M minus capital expenditures of $17.1M left free cash flow of -$22.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.