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MARKETS / NASDAQ / TCX
NASDAQ · SERVICES-COMPUTER PROCESSING & DATA PREPARATION · MID CAP

Tucows Inc. TCX

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$390.3M
▲ 7.7% YoY
$-75.8M
$-22.9M
In brief

What this company does

Tucows provides an automated service that enables users to register domain names. Its primary distribution channel is a global network of more than 32,000 resellers that operate in approximately 200 countries. During the year ended December 31, 2025, one customer, EchoStar, accounted for 11.7% of revenue. The company is organized into three operating and reporting segments: Ting, Wavelo, and Tucows Domains. Ting, with its wholly owned subsidiaries Cedar and Simply Bits, provides high-speed Internet access services to select towns throughout the United States, with operations focused on serving existing markets. Wavelo supplies full-service platforms and professional services to communication services providers, covering subscription and billing management, network orchestration and provisioning, and individual developer tools. Tucows Domains provides wholesale and retail domain name registration services, as well as value-added services, through the OpenSRS, Enom, Ascio, EPAG and Hover brands. The company was incorporated under the laws of the Commonwealth of Pennsylvania in November 1992 under the name Infonautics, Inc., and in August 2001 it acquired Tucows Inc., a Delaware corporation, and changed its name to Tucows Inc.

Written from the business description in TUCOWS INC /PA/'s annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth
USD 390.3M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 390.3 · Net income -75.8
200M-40M-80M200920112013201520172019202120232025
Compound annual growth
+6.7%
+4.6%
+8.6%
+10.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +4.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−19 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -6.0% · Net -19.4%
5%10%15%-10%-20%-30%200920112013201520172019202120232025
ROE
FY2023 · ROE -180.6%
20%40%-50%-100%-150%200920112013201520172019202120232025

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -22.9
8M16M-40M-80M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2022 · Dividends — · Net buybacks -1.1
8M16M-2M-4M2009201120132015201820202022

Total assetsUSD 730.9M
EquityUSD -164.2M
CashUSD 46.8M
Gross debtUSD 190.4M
Net debtUSD 143.6M
Current ratio0.61×

Equity was negative — liabilities exceeded assets. No ratio is shown.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.40.40.30.30.30.30.30.30.30.20.20.10.10.10.10.10.1
Operating income $B−0.0−0.1−0.1−0.0−0.00.00.00.00.00.00.00.00.00.00.00.00.0
EBITDA $B0.0−0.0−0.0−0.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Income tax $B0.00.0−0.0−0.00.00.00.00.00.00.00.00.00.00.0−0.00.0−0.0
Net income $B−0.1−0.1−0.1−0.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Free cash flow $B−0.0−0.1−0.1−0.1−0.0−0.0−0.00.00.00.00.00.00.00.00.00.00.0
EPS, diluted $··−8.85−2.560.310.541.431.592.071.501.000.540.370.360.440.040.17
Dividend / sh $·················
Payout %·················
ROE %··−180.6−26.03.15.817.724.545.650.136.720.415.615.522.77.739.4
Shares out B0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.050.05·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Computer Processing & Data Preparation
Listed onNASDAQ
Incorporated inPennsylvania
Fiscal year endsDecember 31
Data on record since2009

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