45% EBITDA jump for 2025 masks Q4 weakness
Watch: Next quarterly update will clarify whether Q4 was a one-off hiccup or the start of margin compression. Watch for commentary on debt paydown pace and whether legacy mobile obligations persist into 2026.
Tucows Inc reported full-year 2025 results that split along two timelines. Revenue climbed 8% to $390.3 million and adjusted EBITDA surged 45% to $50.6 million for the year. But Q4 adjusted EBITDA fell 14% year-over-year to $11.1 million, dragged down by obligations from its legacy mobile business. The company holds $20.9 million in unrestricted cash excluding Ting and is focused on paying down syndicated debt.
The steep annual EBITDA growth shows operating leverage kicking in, but the Q4 stumble raises questions about momentum heading into 2026. Deleveraging is the right move with debt costs elevated, though cash reserves look thin for a company this size.
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