Tucows (TCX) Gross Margin (2010 - 2026)
Tucows (TCX) recorded Gross Margin of 25.64% in Q2 2026, up 3.19 percentage points from 22.46% a year earlier and up 0.68 percentage points from the prior quarter.
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Analysis
Tucows (TCX) Gross Margin (2010 - 2026) Analysis & Trends
On a TTM basis, Tucows' Gross Margin came in at 24.90% as of Jun 30, 2026, up 1.24 percentage points year-over-year; for FY2025, it came in at 24.07%, up 1.15 percentage points from FY2024.
- Annual Gross Margin has a five-year change of -3.40 percentage points (FY2020 to FY2025).
- Across earlier years, Gross Margin came in at 22.92% in FY2024 (+3.27 pp), 19.65% in FY2023 (-4.72 pp), 24.37% in FY2022 (-1.36 pp) and 25.73% in FY2021 (-1.74 pp).
- The Q2 2026 figure is the highest quarterly Gross Margin since Q2 2022.
- On a year-over-year basis, Gross Margin has increased for four consecutive quarters, with an average year-over-year change of +1.95 percentage points over the last eight quarters.
- Peak year-over-year performance for Gross Margin in the last five years was a gain of 5.18 percentage points in Q4 2021, against a drop of 8.66 percentage points in Q1 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at 24.96% (Q1 2026), 24.46% (Q4 2025) and 24.53% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,781.98 Bn | 3,705.13 Bn | 60.48 Bn | 67.20% |
| 2 | International Business Machines | 207.92 Bn | 158.82 Bn | 9.91 Bn | 57.73% |
| 3 | Cloudflare | 114.07 Bn | 97.60 Bn | 499.52 Mn | 71.76% |
| 4 | Equinix | 99.76 Bn | 88.32 Bn | 1.40 Bn | 53.14% |
| 5 | Nebius | 58.67 Bn | 32.10 Bn | 448.70 Mn | 77.06% |
| 6 | CoreWeave | 46.87 Bn | 33.97 Bn | 1.70 Bn | 65.86% |
| 7 | Verisign | 25.50 Bn | 22.71 Bn | 384.60 Mn | 88.50% |
| 8 | Nutanix | 18.59 Bn | 10.27 Bn | 651.35 Mn | 86.03% |
| 9 | Akamai Technologies | 15.65 Bn | 9.06 Bn | 613.75 Mn | 55.81% |
| 10 | Tucows | 107.03 Mn | -82.27 Mn | 25.78 Mn | 25.64% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 25.64% |
| Mar 31, 2026 | 24.96% |
| Dec 31, 2025 | 24.46% |
| Sep 30, 2025 | 24.53% |
| Jun 30, 2025 | 22.46% |
| Mar 31, 2025 | 24.87% |
| Dec 31, 2024 | 23.32% |
| Sep 30, 2024 | 24.04% |
| Jun 30, 2024 | 23.27% |
| Mar 31, 2024 | 20.94% |
| Dec 31, 2023 | 20.49% |
| Sep 30, 2023 | 19.26% |
| Jun 30, 2023 | 21.22% |
| Mar 31, 2023 | 17.48% |
| Dec 31, 2022 | 21.56% |
| Sep 30, 2022 | 23.05% |
| Jun 30, 2022 | 26.54% |
| Mar 31, 2022 | 26.14% |
| Dec 31, 2021 | 29.80% |
| Sep 30, 2021 | 23.75% |
API Access
Tucows Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=TCX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "TCX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=TCX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();