Filing Flows › TSS (TSSI) › Q4 2025
TSS (TSSI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 18, 2026
TSS (TSSI) reported revenue of $60.9M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +45% from the quarter before. Operating margin was 1.5%, net earnings $12.2M (20.0% of revenue).
TSS, Q4 2025: revenue $60.9M (+22% year over year), operating margin 1.5%, net earnings $12.2M, operating cash flow $16.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $60.9M | +45% | +22% |
| Gross profit | $11.3M | +145% | +57% |
| Operating profit | $904K | — | 48× |
| Net earnings | $12.2M | — | +536% |
| Operating cash flow | $16.3M | — | — |
| Free cash flow | $15.8M | — | — |
What changed
Revenue was $60.9M in Q4 2025, up 22% year over year and up 45% from the previous quarter. Procurement Revenues Segment was the largest line at 71% of revenue.
Gross margin was 18.6%, up 4.2 points from a year earlier. Operating profit was $904K, a 1.5% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 0% margin then. Operating expenses grew 45% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+58%). Net earnings were $12.2M, up 536% year over year. The tax line was a benefit of $7.8M on pre-tax earnings of $4.4M. Non-operating items added $3.5M, 79% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $16.3M, 134% of net earnings. Non-cash charges added back $329K of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $2.8M. Capital expenditures of $537K left free cash flow of $15.8M.
Questions
What was TSS' revenue in the fourth quarter 2025?
TSS (TSSI) reported revenue of $60.9M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +45% from the quarter before.
Was TSS profitable in the fourth quarter 2025?
Operating profit was $904K (1.5% of revenue) and net earnings $12.2M.
Source: TSS 10-K on SEC EDGAR.