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Tucows (TCX)
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Tucows Income Statement 2025-2008 | TCX
Brief overview of financial results at Tucows
The figures are compared over a five-year interval. Revenue reported by Tucows was 311 million dollars at the beginning of the period and 390 million dollars at the end. The five-year change reached +25.4%, while CAGR stood at 4.6%. The business did not achieve meaningful top-line expansion.
The five-year change in gross profit reached +9.9%: from 85.5 million dollars to 94 million dollars. The relationship between sales and direct costs deteriorated. Gross margin moved from 27.5% to 24.1%. The contraction points to pressure from direct costs or weaker pricing power.
EBITDA changed from 7.4 million dollars to −20 million dollars (−369.5%). Operating performance weakened relative to revenue. EBITDA margin moved from 2.4% to −5.1%. Operating return per unit of revenue declined.
The final result was 5.8 million dollars initially and −75.8 million dollars in the final year. The business lost profitability by the end of the period.
Over the period, capitalization shifted from $783 million to $171 million (−78.2%). The market is not yet fully reflecting the fundamental progress.
Summary assessment
The financial trajectory is weak and requires a cautious interpretation. The overall view is constrained by a lower gross margin, limited revenue growth and a weaker final result. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Tucows
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
171 M | 169 M | 201 M | 258 M | 894 M | 783 M | 656 B | 760 B | 565 M | 527 M | 225 M | 197 T | 128 T | 359 T | 165 M | 144 M | 113 M | - |
Shares |
11.1 M | 11 M | 10.9 M | 10.8 M | 10.7 M | 10.6 M | 10.6 B | 10.6 B | 10.5 M | 10.5 M | 11 M | 11.2 T | 10.5 T | 45.8 T | 53.5 M | 58 M | 69.1 M | - |
Historical Prices |
15.4 | 15.4 | 18.5 | 23.9 | 83.8 | 73.9 | 61.8 | 60.1 | 70 | 35.2 | 21.1 | 19.4 | 14 | 5.76 | 3 | 2.48 | 1.64 | 2.52 |
Net Income |
-75.8 M | -110 M | -96.2 M | -27.6 M | 3.36 M | 5.78 M | 15.4 M | 17.1 M | 22.3 M | 16.1 M | 11.4 M | 6.37 M | 4.2 M | 4.4 M | 6.2 M | 2.12 M | 12.2 M | - |
Revenue |
390 M | 362 M | 339 M | 321 M | 304 M | 311 M | 337 M | 346 M | 329 M | 190 M | 172 M | 148 M | 130 M | 115 M | 97.1 M | - | - | - |
Cost of Revenue |
296 M | 279 M | 273 M | 243 M | 226 M | 226 M | 236 M | 249 M | 245 M | 127 M | 120 M | 107 M | 98.5 M | 88.5 M | 73.8 M | 64.5 M | 59.7 M | - |
Gross Profit |
94 M | 83 M | 66.7 M | 78.2 M | 78.3 M | 85.5 M | 101 M | 96.8 M | 84.5 M | 63.1 M | 52.1 M | 40.6 M | 31.4 M | 26.2 M | 23.3 M | 20.1 M | 21.2 M | - |
Operating Income |
-23.5 M | -65 M | -63.7 M | -31.7 M | -7.77 M | 6.92 M | 29.3 M | 29.3 M | 27.1 M | 25 M | 18 M | 9.64 M | 6.15 M | 6.09 M | 3.13 M | 2.44 M | 7.72 M | - |
Interest Expense |
11.4 M | 14.4 M | 46.3 M | 14.6 M | 4.62 M | -158 K | - | 518 K | 560 K | 516 K | 85.9 K | -207 K | -355 K | 530 K | -50.4 K | -116 K | -225 K | - |
EBITDA |
-20 M | -60.7 M | -53.8 M | -31.1 M | -7.24 M | 7.4 M | 48.6 M | 44.3 M | 39.2 M | 27.8 M | 19.7 M | 11.2 M | 8 M | 7.92 M | 5.13 M | 2.61 M | 7.99 M | - |
Operating Expenses |
117 M | 148 M | 130 M | 110 M | 86.1 M | 78.6 M | 71.6 M | 67.2 M | 57.4 M | 38.1 M | 34.2 M | 29 M | 24.6 M | 20.7 M | 19.6 M | - | - | - |
General and Administrative Expenses |
42.9 M | 37.1 M | 33.4 M | 30.8 M | 22.4 M | 20.3 M | 17.9 M | 17.7 M | 13.6 M | 11.4 M | 10.7 M | 8.51 M | 7.2 M | 6.61 M | 6.1 M | 5.12 M | 4.54 M | - |
All numbers in USD currency
Quarterly Income Statement Tucows
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
11.1 M | 11.1 M | 11.1 M | 11.1 M | 11 M | 11 M | 11 M | 11 M | 10.9 M | 10.9 M | 10.9 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.7 M | 10.7 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.7 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.6 M | 10.5 M | 10.5 M | 10.5 M | 10.4 M | 10.5 M | 10.7 M | 10.7 M | 11 M | 11 M | 11.1 M | 11.3 M | 11.3 M | 11.2 M | 11 M | 10.9 M | 10.8 M | 10.1 M | 10.1 M | 11.1 M | 45.1 M | 45.9 M | 46.2 M | 53.5 M | 53.5 M | 53.4 M | 53.4 M |
Net Income |
-20.5 M | -18.1 M | -23 M | -15.6 M | -15.1 M | - | -22.3 M | -18.6 M | -26.5 M | - | -22.8 M | -31 M | -19.1 M | - | -7.98 M | -3.12 M | -3.02 M | -1.97 M | 1.38 M | 1.81 M | 2.15 M | 2.07 M | 716 K | 157 K | 2.83 M | 5.78 M | 4.2 M | 2.62 M | 2.8 M | 4.44 M | 5.35 M | 3.61 M | 3.74 M | 11.2 M | 3.44 M | 5.24 M | 2.45 M | 2.82 K | 4.74 K | 4.07 K | 4.44 K | - | 3.16 M | 2.28 M | 2.83 M | - | 2.69 M | 1.35 M | 477 K | - | 2.59 M | 588 K | 76.6 K | - | 1.64 M | 696 K | 1.66 M | - | -1.18 M | 566 K | 728 K |
Revenue |
101 M | 96.7 M | 98.6 M | 98.5 M | 94.6 M | - | 92.3 M | 89.4 M | 87.5 M | - | 87 M | 85 M | 80.4 M | - | 78 M | 83.1 M | 81.1 M | 82.5 M | 75.9 M | 75.1 M | 70.9 M | 70.8 M | 74.3 M | 82.1 M | 84 M | 85.9 M | 88.1 M | 84.1 M | 79 M | 85.6 M | 83.5 M | 81.1 M | 95.8 M | 90.6 M | 85 M | 84.2 M | 69.6 M | - | 49.1 M | 47.2 M | 44.7 M | - | 44.3 M | 42.9 M | 40.5 M | - | 38.9 M | 35.6 M | 34.4 M | - | 35.6 M | 31.2 M | 30 M | - | - | - | - | - | - | - | - |
Cost of Revenue |
74.8 M | 72.5 M | 74.4 M | 76.4 M | 71.1 M | - | 70.1 M | 68.6 M | 69.1 M | - | 70.2 M | 66.9 M | 66.4 M | - | 60.1 M | 61 M | 59.9 M | - | 57.9 M | 56.9 M | 53.4 M | - | 54.4 M | 59.2 M | 58.8 M | - | 60.6 M | 59.6 M | 56.3 M | - | 59.3 M | 58.9 M | 73.2 M | - | 64.5 M | 62.9 M | 52.6 M | - | 32.4 M | 31.6 M | 30.4 M | - | 30.5 M | 30 M | 28.2 M | - | 27.3 M | 26.1 M | 25.6 M | - | 25.6 M | 24.5 M | 23.5 M | - | 22.8 M | 21.5 M | 20.7 M | - | 19 M | 17.7 M | 17.2 M |
Gross Profit |
25.8 M | 24.1 M | 24.2 M | 22.1 M | 23.5 M | - | 22.2 M | 20.8 M | 18.3 M | - | 16.8 M | 18 M | 14.1 M | - | 18 M | 22.1 M | 21.2 M | 24.6 M | 18 M | 18.2 M | 17.5 M | 17.4 M | 19.9 M | 23 M | 25.2 M | 26 M | 27.6 M | 24.5 M | 22.7 M | 27.7 M | 24.3 M | 22.2 M | 22.6 M | 25.7 M | 20.5 M | 21.3 M | 16.9 M | 16.4 K | 16.6 K | 15.6 K | 14.3 K | - | 13.8 M | 12.9 M | 12.2 M | - | 11.6 M | 9.53 M | 8.76 M | - | 10 M | 6.71 M | 6.48 M | - | 6.45 M | 6.63 M | 6.83 M | - | 6.06 M | 5.37 M | 5.34 M |
Operating Income |
-5.46 M | -4.31 M | -9.58 M | -2.88 M | -2.03 M | - | -10 M | -8.6 M | -16.5 M | - | -17.2 M | -13.1 M | -17.3 M | - | -9.38 M | -4.44 M | -4.85 M | - | -3.22 M | -2.03 M | -1.13 M | - | 1.31 M | 1.54 M | 5.17 M | - | 8.6 M | 5.75 M | 5.03 M | - | 7.65 M | 5.71 M | 5.7 M | - | 5.97 M | 7.07 M | 3.06 M | - | 7.24 M | 6.14 M | 6.26 M | - | 5.07 M | 3.88 M | 4.41 M | - | 3.9 M | 2.08 M | 802 K | - | 3.67 M | 895 K | 296 K | - | 2.26 M | 1.06 M | 2.04 M | - | -737 K | 713 K | 555 K |
Interest Expense |
2.56 M | 2.46 M | 2.92 M | 3.13 M | 2.68 M | - | 3.92 M | 3.77 M | 3.69 M | - | - | - | 7.93 M | - | -27 K | -50 K | -50 K | - | -95 K | -83 K | -96 K | - | -86 K | -85 K | -87 K | - | - | - | -972 K | - | -16 K | 73 K | 124 K | - | 157 K | 225 K | 129 K | - | 130 K | 129 K | 129 K | - | -79 K | -57.4 K | -24.8 K | - | -63.5 K | -69.3 K | -73.8 K | - | -79 K | -93.4 K | -99.4 K | - | -50.2 K | -54.5 K | -41 K | - | -18.7 K | -8.66 K | -11.5 K |
EBITDA |
-4.68 M | -3.11 M | -8.79 M | -2.05 M | -1.11 M | - | -9.09 M | -7.65 M | -15.1 M | - | -17 M | -13 M | -17.1 M | - | -9.23 M | -4.29 M | -4.7 M | - | -3.09 M | -1.91 M | -1.01 M | - | 1.44 M | 1.66 M | 5.28 M | - | 8.72 M | 5.88 M | 5.15 M | - | 7.75 M | 5.82 M | 5.8 M | - | 6.12 M | 7.24 M | 3.23 M | - | 7.42 M | 6.22 M | 6.33 M | - | 5.14 M | 3.94 M | 4.47 M | - | 3.96 M | 2.14 M | 859 K | - | 3.73 M | 950 K | 347 K | - | 2.31 M | 1.1 M | 2.09 M | - | -688 K | 758 K | 601 K |
Operating Expenses |
31.2 M | 28.4 M | 33.8 M | 25 M | 25.6 M | - | 32.2 M | 29.4 M | 34.8 M | - | 33.9 M | 31.1 M | 31.3 M | - | 27.4 M | 26.5 M | 26 M | - | 21.2 M | 20.3 M | 18.6 M | - | 18.6 M | 21.4 M | 20 M | - | 19 M | 18.8 M | 17.6 M | - | 16.6 M | 16.4 M | 16.9 M | - | 14.5 M | 14.3 M | 13.9 M | - | 9.4 M | 9.5 M | 8.09 M | - | 8.72 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
13.1 M | 9.83 M | 9.65 M | 9.66 M | 9.24 M | - | 11.5 M | 9.19 M | 9.82 M | - | 9.4 M | 8.08 M | 8.15 M | - | 7.9 M | 6.81 M | 7.3 M | - | 5.07 M | 5.21 M | 4.95 M | - | 4.87 M | 5.46 M | 4.74 M | - | 4.57 M | 4.8 M | 4.45 M | - | 4.12 M | 4.26 M | 4.53 M | - | 3.38 M | 3.28 M | 3.46 M | - | 2.17 M | 2.93 M | 2.4 M | - | 2.61 M | 2.75 M | 2.47 M | - | 2.73 M | 1.89 M | 1.77 M | - | 1.87 M | 1.7 M | 1.7 M | - | 1.49 M | 1.75 M | 1.78 M | - | 1.61 M | 1.44 M | 1.56 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Tucows (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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