2025
$1.32
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Owner earnings computed excluding the Ting Internet fiber subsidiary. Ting is disclosed as a bankruptcy-remote subsidiary whose $291.6M of term notes and $137.0M of redeemable preferred units (reclassified to current after a December 2025 payment default/'Trigger Event' asserted by preferred holder Generate) have no recourse to Tucows Inc. or its other subsidiaries; Ting is under a formal strategic-alternatives review. Segment Adjusted EBITDA ex-Ting: Tucows Domain $48,675K + Wavelo $17,485K = $66,160K. Plus 'Corporate and other' reconciling item -$9,314K (unallocated overhead/retail mobile/eliminations) = $56,846K pre-SBC. Less SBC allocable to non-Ting ops ($7,139K total less Ting's own $1,571K equity-plan expense = $5,568K) = $51,278K. Less estimated non-Ting D&A (~$12,000K of $46,247K consolidated D&A; Ting's fiber network and customer-installation assets are ~72% of gross PP&E and are excluded) = EBIT $39,278K. Less estimated interest on the ex-Ting syndicated revolver (~$19,000K; balance $189.5M; Ting's own interest and PIK preferred accretion of $14,456K are excluded as non-recourse) = pretax $20,278K. Less cash taxes paid, $5,651K = owner earnings $14,627K. Diluted shares 11,065,708. OE/share=$1.32. For reference, the unadjusted consolidated formula (CFO -$5,758K, less working-capital movement of -$7,805K, less SBC $7,139K, less mechanically-computed maintenance capex of $10,831K) gives approximately -$1.44/share consolidated -- dominated by Ting's debt service and capex, which is why the segment-adjusted basis above is used instead; see analysis notes. D&A and interest splits between Ting and the core business are estimated from segment, PP&E-composition and debt-balance disclosures, not separately reported by the filer. Source: FY2025 10-K, accession 0001437749-26-008009.
2025
$1.63
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OE = CFO − ΔWC − SBC − maintenance capex, recomputed with core-business (ex-Ting) interest expense corrected. Prior analysis estimated core interest expense at ~$19M/year; recomputing at ~7.5% effective rate against actual disclosed facility balances gives ~$14-15M/year, ~$4-5M lower. FY2025 corrected OE/sh = $1.63 (prior stored value $1.32). Source: FY2025 10-K and credit agreement disclosures, Tucows Inc.
2024
$1.18
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Owner earnings computed excluding the Ting Internet fiber subsidiary (bankruptcy-remote, non-recourse debt). Segment Adjusted EBITDA ex-Ting: Tucows Domain $44,390K + Wavelo $13,806K = $58,196K. Plus 'Corporate and other' reconciling item -$762K = $57,434K pre-SBC. Less SBC allocable to non-Ting ops ($7,021K total less Ting's $1,640K equity-plan expense = $5,381K) = $52,053K. Less estimated non-Ting D&A (~$12,000K of $45,620K consolidated) = EBIT $40,053K. Less estimated interest on the ex-Ting syndicated revolver (~$19,500K; balance $194.4M) = pretax $20,553K. Less cash taxes paid, $7,653K = owner earnings $12,900K. Diluted shares 10,967,581. OE/share=$1.18. D&A and interest splits are estimated from segment/debt disclosures, not separately reported. Source: FY2024 10-K, accession 0001437749-25-007558.
2024
$1.54
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OE = CFO − ΔWC − SBC − maintenance capex, recomputed with core-business (ex-Ting) interest expense corrected. Prior analysis estimated core interest expense at ~$19M/year against the disclosed credit-facility balances; recomputing at ~7.5% effective rate against actual disclosed facility balances gives ~$14-15M/year, which is ~$4-5M lower than previously assumed. This raises owner earnings by that amount net of tax effect. FY2024 corrected OE/sh = $1.54 (prior stored value $1.18). Source: FY2024 10-K and credit agreement disclosures, Tucows Inc.
2023
$1.68
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Owner earnings computed excluding the Ting Internet fiber subsidiary (bankruptcy-remote, non-recourse debt). Segment Adjusted EBITDA ex-Ting: Tucows Domain $42,623K + Wavelo $10,573K = $53,196K. Plus 'Corporate and other' reconciling item +$6,406K = $59,602K pre-SBC. Less SBC allocable to non-Ting ops ($8,134K total SBC less Ting's own equity-plan expense $1,755K = $6,379K) = $53,223K. Less estimated non-Ting D&A (~$12,000K of $47,260K consolidated) = EBIT $41,223K. Less estimated interest on the ex-Ting syndicated revolver (~$18,000K; revolver balance $210.4M at year end, rates rising through the year; Ting's Term Notes were issued May 2023 so bore only a partial year of interest, and are excluded here as non-recourse) = pretax $23,223K. Less cash taxes paid, $4,929K = owner earnings $18,294K. Diluted shares 10,864,086. OE/share=$1.68. D&A and interest splits are estimated from segment/debt disclosures, not separately reported. Source: FY2023 10-K, accession 0001437749-24-010358.
2022
$2.05
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Owner earnings computed excluding the Ting Internet fiber subsidiary (bankruptcy-remote, non-recourse debt per FY2025 10-K disclosure; wholly-owned but financially ring-fenced from Tucows Inc.). Segment Adjusted EBITDA ex-Ting: Tucows Domain $44,834K + Wavelo $3,875K = $48,709K. Plus 'Corporate and other' reconciling item +$10,438K (unallocated overhead, retail mobile, eliminations) = $59,147K pre-SBC. Less SBC allocable to non-Ting ops (~$7,599K; Ting's own equity comp plan was not yet active in 2022) = $51,548K. Less estimated non-Ting D&A (~$12,000K of $39,581K consolidated D&A; the rest is Ting's fiber/customer-install assets) = EBIT $39,548K. Less estimated interest on the ex-Ting syndicated revolver (~$13,000K; consolidated interest expense net was only $14,456K in 2022 since Ting's Series A preferred financing only closed Aug 2022) = pretax $26,548K. Less estimated cash taxes (~$4,500K) = owner earnings $22,048K. Diluted shares 10,769,280. OE/share=$2.05. D&A and interest splits between Ting and the core business are estimated from segment/PP&E/debt disclosures, not separately reported by the filer. Source: FY2022 10-K, accession 0001437749-23-006745 (segment comparatives also shown in FY2024 10-K, accession 0001437749-25-007558).
Owner's earnings per share by fiscal year, most recent first. Tap a row to see how that figure was calculated, including the source filing.