TMC net incomeQ2 2026-$60.12M
TMC net income was -$60.12M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$74.34M a year earlier. For the full fiscal 2025 it was -$319.84M, compared with -$81.94M in fiscal 2024.
TMC the metals company Inc. (TMC) financials
For the twelve months ended Jun 30, 2026, TMC the metals company Inc. reported -$305.64M of net income.
- Net income, TTM
- -$305.64M
- Free cash flow, TTM
- -$43.75M
- EPS, diluted, TTM
- $0.76
- Cash
- $98.66M
- Market cap
- $913.2M
FY2019FY2025
FY2023FY2025
TMC revenue and earnings growth
TMC EPSQ2 2026$0.14
- Quarter YoY
- -30.0%
- QoQ
- +180.0%
- FY YoY
- +232.0%
- 5Y CAGR
- +21.0%
TMC diluted EPS was $0.14 in fiscal Q2 2026 (ended Jun 30, 2026), down 30.0% from a year earlier and up 180.0% from the prior quarter. For the full fiscal 2025 it was $0.83, up 232.0% from fiscal 2024. Compound annual growth was +21.0% over 5 years.
TMC free cash flowQ2 2026-$20.13M
TMC free cash flow was -$20.13M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$10.71M a year earlier. For the full fiscal 2025 it was -$43.10M, compared with -$43.98M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Selling, general and admin | $99.77M | $30.64M | $22.54M | $29.52M | $56.58M | $7.72M | - |
| Operating income | -$140.05M | -$81.29M | -$72.39M | -$174.12M | -$149.59M | -$56.60M | - |
| Pre-tax income | -$319.70M | -$81.89M | -$73.74M | -$170.89M | -$141.30M | - | - |
| Income tax | $144.0K | $48.0K | $41.0K | $77.0K | - | - | - |
| Net income | -$319.84M | -$81.94M | -$73.78M | -$170.96M | -$141.30M | -$56.63M | -$9.0K |
| EPS, basic | $0.83 | $0.25 | $0.26 | $0.71 | $0.69 | $0.32 | - |
| EPS, diluted | $0.83 | $0.25 | $0.26 | $0.71 | $0.69 | $0.32 | - |
| Diluted shares | 384.5M | 321.9M | 288.6M | 239.9M | 204.9M | 178.6M | - |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $117.63M | $3.48M | $6.84M | $46.88M | $84.87M | $10.10M | $15.95M |
| Receivables | - | - | $1.98M | $2.73M | $3.69M | $38.0K | - |
| Current assets | $120.68M | $5.33M | $8.82M | $49.60M | $88.56M | $10.22M | $16.0K |
| Total assets | $181.63M | $63.00M | $68.90M | $94.78M | $133.13M | $54.69M | $119.6K |
| Current liabilities | $59.40M | $54.53M | $31.33M | $41.61M | $26.57M | $7.76M | $103.7K |
| Short-term debt | - | $11.78M | - | - | - | - | - |
| Total liabilities | $215.07M | $80.12M | $57.98M | $53.27M | $40.37M | $18.43M | $103.7K |
| Shareholders' equity | -$33.44M | -$17.12M | $10.92M | $41.51M | $92.75M | $36.25M | $8.19M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$42.85M | -$43.47M | -$59.57M | -$66.60M | -$56.09M | -$26.53M | - |
| Capital expenditures | $245.0K | $515.0K | $578.0K | - | - | - | - |
| Free cash flow | -$43.10M | -$43.98M | -$60.15M | - | - | - | - |
| Investing cash flow | $447.0K | -$515.0K | -$578.0K | -$1.17M | -$3.84M | -$607.0K | - |
| Financing cash flow | $156.59M | $40.69M | $20.07M | $29.72M | $134.70M | $21.29M | - |
| Stock-based compensation | $96.67M | $25.31M | $12.36M | $20.08M | $74.57M | $27.10M | - |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| EPS growth, YoY | 232.0% | -3.8% | -63.4% | 2.9% | 115.6% | - | - |
| Return on equity | - | - | -675.8% | -411.9% | -152.3% | -156.2% | -0.1% |
| Return on assets | -176.1% | -130.1% | -107.1% | -180.4% | -106.1% | -103.6% | -7.6% |
| Current ratio | 2.03 | 0.10 | 0.28 | 1.19 | 3.33 | 1.32 | 0.15 |
Income statement
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | $410.0K | $404.0K | - | - |
| Selling, general and admin | $15.63M | $20.73M | $34.07M | $45.73M | $11.48M | $8.50M | $8.04M | $8.15M | $7.89M | $6.56M | $6.58M | $4.61M |
| Operating income | -$71.72M | -$33.98M | -$44.70M | -$55.36M | -$21.98M | -$18.02M | -$16.35M | -$19.96M | -$20.30M | -$24.68M | -$33.26M | -$12.52M |
| Pre-tax income | -$60.01M | -$20.55M | -$40.38M | -$184.39M | -$74.34M | -$20.59M | -$16.01M | -$20.52M | - | - | -$33.42M | -$12.47M |
| Income tax | $116.0K | $44.0K | $21.0K | $123.0K | - | - | - | - | - | - | - | - |
| Net income | -$60.12M | -$20.60M | -$40.40M | -$184.52M | -$74.34M | -$20.59M | -$16.06M | -$20.52M | -$20.17M | -$25.19M | -$33.46M | -$12.47M |
| EPS, basic | $0.14 | $0.05 | $0.11 | $0.46 | $0.20 | $0.06 | $0.05 | $0.06 | $0.06 | $0.08 | $0.12 | $0.04 |
| EPS, diluted | $0.14 | $0.05 | $0.11 | $0.46 | $0.20 | $0.06 | $0.05 | $0.06 | $0.06 | $0.08 | $0.12 | $0.04 |
| Diluted shares | 433.2M | 425.8M | - | 405.5M | 366.6M | 345.3M | - | 323.7M | 320.9M | 311.5M | - | 294.6M |
Balance sheet
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $98.66M | $119.68M | $117.63M | $115.65M | $115.76M | $2.35M | $3.48M | $360.0K | $474.0K | $3.99M | $6.84M | $22.55M |
| Receivables | - | - | - | - | - | - | - | - | - | - | $1.98M | - |
| Current assets | $101.41M | $122.78M | $120.68M | $117.21M | $117.28M | $7.36M | $5.33M | $2.92M | $1.71M | $5.94M | $8.82M | $27.87M |
| Total assets | $180.86M | $184.87M | $181.63M | $175.62M | $173.69M | $64.48M | $63.00M | $61.31M | $60.65M | $65.45M | $68.90M | $87.82M |
| Current liabilities | $52.62M | $56.55M | $59.40M | $46.83M | $49.58M | $55.22M | $54.53M | $57.24M | $43.66M | $36.47M | $31.33M | $19.34M |
| Short-term debt | - | - | - | - | $2.48M | $9.98M | $11.78M | $9.18M | $5.88M | - | - | - |
| Total debt | - | - | - | - | - | - | - | - | - | - | - | $15.0K |
| Total liabilities | $208.30M | $212.22M | $215.07M | $216.24M | $91.83M | $81.25M | $80.12M | $82.78M | $70.25M | $63.65M | $57.98M | $46.22M |
| Shareholders' equity | -$27.44M | -$27.35M | -$33.44M | -$40.62M | $81.86M | -$16.77M | -$17.12M | -$21.47M | -$9.61M | $1.81M | $10.92M | $41.61M |
Cash flow
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$20.10M | -$615.0K | -$11.36M | -$11.49M | -$10.66M | -$9.35M | -$13.72M | -$5.78M | -$12.11M | -$11.85M | -$15.19M | -$12.51M |
| Capital expenditures | $33.0K | $35.0K | $105.0K | $20.0K | $50.0K | $70.0K | $50.0K | $50.0K | $75.0K | $340.0K | $403.0K | $100.0K |
| Free cash flow | -$20.13M | -$650.0K | -$11.46M | -$11.51M | -$10.71M | -$9.42M | -$13.77M | -$5.83M | -$12.19M | -$12.19M | -$15.59M | -$12.61M |
| Investing cash flow | -$881.0K | -$35.0K | $241.0K | -$20.0K | $296.0K | -$70.0K | -$50.0K | -$50.0K | -$75.0K | -$340.0K | -$403.0K | -$100.0K |
| Financing cash flow | $56.0K | $2.72M | $13.11M | $11.41M | $123.78M | $8.29M | $17.30M | $5.67M | $8.66M | $9.05M | -$150.0K | $15.14M |
| Stock-based compensation | $16.80M | $23.98M | $34.41M | $42.97M | $8.92M | $10.38M | $6.18M | $6.31M | $5.92M | $6.90M | $2.65M | $2.53M |
Key ratios
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | - | - | - | - | - | - | - | - | 262.8% | 512.1% | - | - |
| EPS growth, YoY | -30.0% | -16.7% | - | 666.7% | 233.3% | -25.0% | - | 50.0% | 20.0% | 60.0% | - | -66.7% |
| Operating margin | - | - | - | - | - | - | - | - | -4950.0% | -6109.4% | - | - |
| Net margin | - | - | - | - | - | - | - | - | -4919.0% | -6236.1% | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | -2972.9% | -3017.8% | - | - |
| Current ratio | 1.93 | 2.17 | 2.03 | 2.50 | 2.37 | 0.13 | 0.10 | 0.05 | 0.04 | 0.16 | 0.28 | 1.44 |
| Debt to equity | - | - | - | - | - | - | - | - | - | - | - | 0.00 |
Source: XBRL data TMC the metals company Inc. files with the SEC, latest filing dated Aug 13, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
TMC peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| TMC | - | - | -$305.64M | - | $913.2M |
| SCCO | $17.11B | +38.7% | $6.36B | 37.2% | $139.64B |
| RIO | $57.64B | +6.3% | $9.97B | 17.3% | $104.45B |
| FCX | $25.89B | +0.3% | $2.94B | 11.4% | $83.15B |
| VALE | $38.40B | +0.9% | $2.35B | 6.1% | $48.89B |
| HBM | $2.21B | +9.4% | $568.50M | 25.7% | $9.14B |
| BVN | $1.73B | +49.2% | $782.14M | 45.2% | $7.20B |
| CLF | $20.07B | +7.8% | -$473.00M | -2.4% | $6.43B |
| MP | $305.38M | +26.1% | -$60.62M | -19.9% | $6.01B |
TMC FAQ
6 questionsIs TMC profitable?
No. TMC the metals company Inc. reported a net loss of $305.64M for the twelve months ended Jun 30, 2026.How much cash and debt does TMC have?
TMC the metals company Inc. reported $98.66M in cash and cash equivalents on its most recent balance sheet in SEC filings.What is TMC free cash flow?
TMC the metals company Inc. generated -$43.75M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$43.56M less capital expenditures.What is TMC earnings per share?
Diluted earnings per share were $0.76 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.When did TMC last report financial results?
The latest statements here come from TMC the metals company Inc.'s 10-Q filed on Aug 13, 2026, covering the period ended Jun 30, 2026.Where does this TMC financial data come from?
Quantisnow builds these statements from the structured XBRL data TMC the metals company Inc. files with the SEC. It is provided for information only and is not investment advice.