TCX (TCX) financial statements
TCX reported revenue of $390M in fiscal 2025, up 8.3% a year over 9 years.
Net income was -$76M and the operating margin -6.0%, against 13.2% in 2016.
Free cash flow was -$23M.
The diluted share count rose 3% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TCX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $190M | $329M | $346M | $337M | $311M | $304M | $321M | $339M | $362M | $390M |
| Cost of revenue | $127M | $245M | $249M | $236M | $226M | $226M | $243M | $273M | $279M | $296M |
| Gross profit | $63M | $85M | $97M | $101M | $85M | $78M | $78M | $67M | $83M | $94M |
| Research and development | $4M | $7M | $9M | $10M | $12M | $14M | $14M | $19M | $19M | $18M |
| Selling, general and admin | $32M | $43M | $51M | $52M | $55M | $62M | $85M | $101M | $96M | $91M |
| Operating income | $25M | $27M | $29M | $29M | $7M | -$8M | -$32M | -$64M | -$65M | -$23M |
| Interest expense | — | — | — | — | — | $5M | $15M | $46M | $54M | $57M |
| Pre-tax income | $25M | $24M | $26M | $25M | $11M | $7M | -$28M | -$103M | -$102M | -$67M |
| Income tax | $9M | $2M | $9M | $9M | $5M | $4M | -$217,000 | -$7M | $8M | $9M |
| Net income | $16M | $22M | $17M | $15M | $6M | $3M | -$28M | -$96M | -$110M | -$76M |
| EPS (diluted) | $1.50 | $2.07 | $1.59 | $1.43 | $0.54 | $0.31 | -$2.56 | -$8.85 | -$10.02 | -$6.85 |
| Diluted shares | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M |
| Gross margin | 33.2% | 25.7% | 28.0% | 29.9% | 27.5% | 25.7% | 24.4% | 19.6% | 22.9% | 24.1% |
| Operating margin | 13.2% | 8.2% | 8.5% | 8.7% | 2.2% | -2.6% | -9.9% | -18.8% | -17.9% | -6.0% |
| Net margin | 8.5% | 6.8% | 5.0% | 4.6% | 1.9% | 1.1% | -8.6% | -28.3% | -30.3% | -19.4% |
Balance sheet
Fiscal years, from TCX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $15M | $18M | $13M | $20M | $8M | $9M | $23M | $93M | $57M | $47M |
| Receivables | $11M | $12M | $11M | $15M | $16M | $15M | $18M | $22M | $21M | $24M |
| Inventory | $1M | $3M | $4M | $3M | $2M | $3M | $7M | $7M | $4M | $4M |
| Total current assets | $83M | $154M | $132M | $146M | $141M | $147M | $170M | $243M | $205M | $203M |
| Property, plant and equipment | $13M | $25M | $48M | $82M | $118M | $173M | $281M | $340M | $331M | $282M |
| Goodwill | $21M | $90M | $90M | $110M | $116M | $130M | $130M | $130M | $130M | $130M |
| Total assets | $154M | $351M | $340M | $426M | $452M | $540M | $665M | $798M | $759M | $731M |
| Total current liabilities | $84M | $179M | $165M | $157M | $163M | $174M | $188M | $201M | $200M | $330M |
| Total liabilities | $117M | $290M | $260M | $332M | $347M | $425M | $568M | $789M | $854M | $895M |
| Shareholders' equity | $38M | $60M | $80M | $94M | $105M | $115M | $97M | $10M | -$95M | -$164M |
| Net debt | -$15M | -$18M | -$13M | -$20M | -$8M | -$9M | -$23M | -$93M | -$57M | -$47M |
Cash flow
Fiscal years, from TCX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $23M | $32M | $37M | $40M | $36M | $30M | $20M | -$5M | -$20M | -$6M |
| Capital spending | $8M | $13M | $28M | $44M | $44M | $73M | $137M | $92M | $56M | $17M |
| Free cash flow | $15M | $19M | $9M | -$4M | -$8M | -$44M | -$117M | -$97M | -$76M | -$23M |
| Stock-based compensation | $799,000 | $1M | $3M | $3M | $4M | $5M | $8M | $8M | $7M | $7M |
| Share buybacks (net) | -$7M | — | $0 | -$5M | -$3M | $0 | $0 | — | — | — |
| Net borrowing | — | — | — | — | — | $0 | $0 | $227M | $63M | $0 |
| Free cash flow margin | 7.7% | 5.8% | 2.7% | -1.1% | -2.7% | -14.3% | -36.4% | -28.5% | -21.0% | -5.9% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for TCX.
Open TCX in InvestinglyQuestions
What was TCX's revenue in 2025?
$390M in fiscal 2025, from its 10-K filing.
How much free cash flow does TCX generate?
-$23M in fiscal 2025 (operating cash flow minus capital spending).
From TCX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.