Tucows (TCX) Operating Expenses (2010 - 2026)
Tucows (TCX) recorded Operating Expenses of $31.24 million in Q2 2026, up 25.0% from $24.99 million a year earlier and up 9.9% from the prior quarter.
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Analysis
Tucows (TCX) Operating Expenses (2010 - 2026) Analysis & Trends
On a TTM basis, Tucows' Operating Expenses came in at $126.56 million as of Jun 30, 2026, down 5.8% year-over-year; for FY2025, it was $117.44 million, down 20.7% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 8.4% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $148.04 million in FY2024 (+13.6%), $130.32 million in FY2023 (+18.6%), $109.91 million in FY2022 (+27.7%) and $86.07 million in FY2021 (+9.5%).
- Quarterly Operating Expenses has ranged from $21.25 million in Q3 2021 to $51.57 million in Q4 2024 over the past five years.
- On a year-over-year basis, Operating Expenses rose in four of the last eight quarters, with growth averaging 1.3%.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 52.0% in Q4 2024, against a decline of 35.8% in Q4 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at $28.44 million (Q1 2026), $33.13 million (Q4 2025) and $33.76 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,781.98 Bn | 3,705.13 Bn | 60.48 Bn | 12.28 Bn |
| 2 | International Business Machines | 207.92 Bn | 158.82 Bn | 9.91 Bn | 7.29 Bn |
| 3 | Cloudflare | 114.07 Bn | 97.60 Bn | 499.52 Mn | 705.21 Mn |
| 4 | Equinix | 99.76 Bn | 88.32 Bn | 1.40 Bn | 1.96 Bn |
| 5 | Nebius | 58.67 Bn | 32.10 Bn | 448.70 Mn | 758.20 Mn |
| 6 | CoreWeave | 46.87 Bn | 33.97 Bn | 1.70 Bn | 2.62 Bn |
| 7 | Verisign | 25.50 Bn | 22.71 Bn | 384.60 Mn | 138.30 Mn |
| 8 | Nutanix | 18.59 Bn | 10.27 Bn | 651.35 Mn | 581.36 Mn |
| 9 | Akamai Technologies | 15.65 Bn | 9.06 Bn | 613.75 Mn | 1.02 Bn |
| 10 | Tucows | 107.03 Mn | -82.27 Mn | 25.78 Mn | 31.24 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 31.24 Mn |
| Mar 31, 2026 | 28.44 Mn |
| Dec 31, 2025 | 33.13 Mn |
| Sep 30, 2025 | 33.76 Mn |
| Jun 30, 2025 | 24.99 Mn |
| Mar 31, 2025 | 25.56 Mn |
| Dec 31, 2024 | 51.57 Mn |
| Sep 30, 2024 | 32.24 Mn |
| Jun 30, 2024 | 29.41 Mn |
| Mar 31, 2024 | 34.84 Mn |
| Dec 31, 2023 | 33.92 Mn |
| Sep 30, 2023 | 33.92 Mn |
| Jun 30, 2023 | 31.13 Mn |
| Mar 31, 2023 | 31.34 Mn |
| Dec 31, 2022 | 30.01 Mn |
| Sep 30, 2022 | 27.37 Mn |
| Jun 30, 2022 | 26.49 Mn |
| Mar 31, 2022 | 26.05 Mn |
| Dec 31, 2021 | 25.96 Mn |
| Sep 30, 2021 | 21.25 Mn |
API Access
Tucows Operating Expenses 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=operating-expenses&ticker=TCX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=TCX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();