Filing Flows › Tucows (TCX) › Q4 2025
Tucows (TCX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Tucows (TCX) reported revenue of $98.7M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +0.1% from the quarter before. Operating margin was -9.1%, net loss $22.0M (22.3% of revenue).
Tucows, Q4 2025: revenue $98.7M (+6% year over year), operating margin -9.1%, net loss $22.0M, operating cash flow −$2.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $98.7M | +0.1% | +6% |
| Operating profit | −$9.0M | — | — |
| Net earnings | −$22.0M | — | — |
| Operating cash flow | −$2.6M | -270% | — |
What changed
Revenue was $98.7M in Q4 2025, up 6% year over year and roughly flat from the previous quarter.
Gross margin was 24.5%, up 1.1 points from a year earlier. Operating costs exceeded revenue by $9.0M, an operating margin of -9.1%. Operating expenses fell 36% while revenue rose 6%. The fastest-growing cost line was General & admin (+118%). The quarter ended with a net loss of $22.0M, narrower than the previous quarter's $23.0M loss. Net interest and other expense of $11.4M was the main reason.
Operating cash flow was −$2.6M. Non-cash charges added back $1.0M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $15.6M. Capital expenditures of $4.4M exceeded it, leaving free cash flow of −$7.0M.
Questions
What was Tucows' revenue in the fourth quarter 2025?
Tucows (TCX) reported revenue of $98.7M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +0.1% from the quarter before.
Was Tucows profitable in the fourth quarter 2025?
Operating loss was $9.0M (-9.1% of revenue) and net loss $22.0M.
Source: Tucows 10-K on SEC EDGAR.