Earnings summaries and quarterly performance for COGENT COMMUNICATIONS HOLDINGS.
Executive leadership at COGENT COMMUNICATIONS HOLDINGS.
Board of directors at COGENT COMMUNICATIONS HOLDINGS.
Research analysts who have asked questions during COGENT COMMUNICATIONS HOLDINGS earnings calls.
MR
Michael Rollins
Citigroup
6 questions for CCOI
Also covers: AD, AMT, ATUS +18 more
CS
Christopher Schoell
UBS
5 questions for CCOI
Also covers: ASTS, EA, PLTK +2 more
GW
Gregory Williams
TD Cowen
5 questions for CCOI
Also covers: CABO, FYBR, LUMN +3 more
Timothy Horan
Oppenheimer & Co. Inc.
4 questions for CCOI
Also covers: AI, ASTS, BKSY +19 more
WP
Walter Piecyk
LightShed Partners
4 questions for CCOI
Also covers: AMX, GSAT, IRDM +6 more
Brandon Nispel
KeyBanc Capital Markets
3 questions for CCOI
Also covers: AMT, CABO, CCI +5 more
DB
David Barden
Bank of America
3 questions for CCOI
Also covers: AD, AMT, BCE +12 more
Nicholas Del Deo
MoffettNathanson
3 questions for CCOI
Also covers: AMT, CCI, DLR +4 more
Nick Del Deo
MoffettNathanson LLC
3 questions for CCOI
Also covers: AMT, CCI, DLR +4 more
SP
Sebastiano Petti
JPMorgan Chase & Co.
3 questions for CCOI
Also covers: AD, ATUS, BCE +16 more
Ana Goshko
Bank of America
2 questions for CCOI
Also covers: COMM, UIS
FL
Frank Louthan
Raymond James
2 questions for CCOI
Also covers: AKAM, ATUS, CABO +15 more
JS
James Schneider
Goldman Sachs
2 questions for CCOI
Also covers: ACN, AMAT, AMKR +29 more
MF
Michael Funk
Bank of America
2 questions for CCOI
Also covers: ADSK, AMT, ASAN +24 more
Alexander Waters
Bank of America
1 question for CCOI
Also covers: CCI, DLR, DY
FG
Frank G. Louthan
Raymond James Financial, Inc.
1 question for CCOI
MF
Mike Funk
Bank of America
1 question for CCOI
Also covers: AMT, CCCS, EQIX +2 more
Recent press releases and 8-K filings for CCOI.
Cogent Communications Reports Q4 and Full-Year 2025 Results, Highlights Revenue Mix Shift and Growth in Specialized Services
CCOI
Earnings
Guidance Update
Debt Issuance
- Cogent Communications reported Q4 2025 total revenue of $240.5 million and full-year 2025 total revenue of $975.8 million. The company's EBITDA Classic for full-year 2025 was $192.8 million, an increase from $122.8 million in 2024, with margins improving from 11.9% to 19.8%.
- The company's revenue mix shifted significantly towards more profitable On-Net products, with On-Net revenues increasing to 61% of total revenues in Q4 2025 from 47% in Q3 2023. This contributed to a sequential increase in gross margin to 46.8% in Q4 2025.
- Specialized services showed strong growth, with Wavelength revenue reaching $12.1 million in Q4 2025 (a 74% year-over-year increase) and $38.5 million for full-year 2025 (a 100% increase from 2024). IPv4 leasing revenue for full-year 2025 was $64.5 million, a 44% year-over-year increase.
- The acquired Sprint Wireline revenue base declined by 64% since the May 2023 acquisition, from $118 million to $43 million per quarter in Q4 2025, while Cogent Classic revenue increased by 27% to $197 million per quarter. The company anticipates returning to positive sequential revenue growth and projects a multi-year annual growth rate of 6%-8%.
- Cogent plans to refinance its $750 million unsecured notes with new secured notes by June 2026 and is in active discussions for the monetization of surplus data center facilities acquired from Sprint.
8 days ago
Cogent Communications Holdings Reports Q4 and Full Year 2025 Results with Margin Expansion and Wavelength Growth
CCOI
Earnings
Guidance Update
Debt Issuance
- Cogent Communications Holdings (CCOI) reported Q4 2025 total revenue of $240.5 million and full-year 2025 total revenue of $975.8 million, experiencing a sequential quarterly decline of 0.6% but noting month-over-month increases within the quarter.
- The company achieved significant margin expansion, with Q4 2025 gross margin at 46.8% and full-year 2025 gross margin at 45.4%. EBITDA (excluding IP Transit Agreement payments and Sprint acquisition costs) for Q4 2025 was $51.7 million and $192.8 million for the full year 2025, with the full-year EBITDA margin increasing by 790 basis points to 19.8%.
- Wavelength services revenue demonstrated strong growth, reaching $12.1 million in Q4 2025 (a 74% year-over-year increase) and $38.5 million for the full year 2025 (a 100% increase from 2024).
- The acquired Sprint Wireline revenue base declined by 64% since the acquisition to $43 million in Q4 2025, while the Cogent Classic revenue base grew by 27% to $197 million in Q4 2025.
- CCOI plans to refinance its $750 million 2027 unsecured notes and is committed to achieving 4x net leverage before altering its capital return strategy. The company anticipates multi-year revenue growth in the 6%-8% range and EBITDA margin expansion of approximately 200 basis points annually.
8 days ago
Cogent Communications Holdings Reports Q4 and Full-Year 2025 Results, Outlines Refinancing and Growth Plans
CCOI
Guidance Update
Debt Issuance
Revenue Acceleration/Inflection
- Cogent Communications Holdings reported Q4 2025 total revenue of $240.5 million and full-year 2025 total revenue of $975.8 million. Full-year 2025 EBITDA, excluding IP Transit Agreement or Sprint acquisition costs, increased by $70 million to $192.8 million from $122.8 million in full-year 2024, with the EBITDA margin rising from 11.9% to 19.8% for full-year 2025.
- The company anticipates multi-year revenue growth in the 6%-8% range and expects EBITDA margin expansion to moderate to approximately 200 basis points a year.
- Cogent intends to refinance its $750 million 2027 unsecured notes with new secured notes of the same amount as soon as the make-whole period expires in June. The integration of Sprint and Cogent's network is effectively complete , with the acquired Sprint Wireline revenue base declining by 64% since the May 2023 acquisition, while Cogent Classic revenues increased by 27%. The company is also in active discussions to sell several data centers.
8 days ago
Cogent Communications Reports Q4 and Full Year 2025 Results
CCOI
Earnings
Dividends
Demand Weakening
- Service revenue for Q4 2025 was $240.5 million, a 0.6% sequential decrease, and $975.8 million for full year 2025, down from $1,036.1 million in full year 2024.
- EBITDA, as adjusted, increased 4.0% sequentially to $76.7 million in Q4 2025, achieving a 31.9% margin. For full year 2025, adjusted EBITDA was $292.8 million with a 30.0% margin.
- The company reported a basic and diluted net loss per share of $(0.64) for Q4 2025 and $(3.80) for full year 2025.
- Wavelength revenue grew significantly, increasing 18.8% sequentially to $12.1 million in Q4 2025 and 100.3% year-over-year to $38.5 million for full year 2025.
- Cogent's Board approved a quarterly dividend of $0.02 per share for Q1 2026.
8 days ago
Cogent Communications Reports Q4 and Full Year 2025 Results
CCOI
Earnings
Dividends
- Service revenue for Q4 2025 was $240.5 million and $975.8 million for full year 2025, reflecting a 0.6% sequential decrease and a 6.3% decrease year-over-year on a constant currency basis for the full year.
- Wavelength revenue demonstrated significant growth, rising 18.8% sequentially to $12.1 million in Q4 2025 and 100.3% year-over-year to $38.5 million for full year 2025.
- EBITDA, as adjusted, increased 4.0% sequentially to $76.7 million in Q4 2025, achieving an adjusted margin of 31.9%.
- The company reported a net loss of $(30.781) million for Q4 2025 and $(182.174) million for full year 2025, resulting in a basic net loss per common share of $(0.64) and $(3.80), respectively.
- A quarterly dividend of $0.02 per share was approved for Q1 2026, following $3.05 per share paid in 2025, which was generally treated as a return of capital.
8 days ago
Robbins Geller Rudman & Dowd LLP Launches Investigation into Cogent Communications Holdings
CCOI
Legal Proceedings
Dividends
Demand Weakening
- Robbins Geller Rudman & Dowd LLP has launched an investigation into Cogent Communications Holdings, Inc. for potential violations of U.S. federal securities laws, focusing on whether the company made false or misleading statements or failed to disclose material information to investors.
- The investigation follows Cogent Communications' November 6, 2025, report of third quarter 2025 financial results, which revealed a nearly 6% year-over-year decrease in service revenue.
- Cogent also disclosed a 98% dividend cut, reducing it from $1.015 per share in the prior quarter to $0.02 per share, which resulted in a nearly 35% fall in the company's share price.
Dec 27, 2025, 3:15 PM
Cogent Discusses Dividend Reduction, Deleveraging, and Growth Initiatives
CCOI
Dividends
Share Buyback
Guidance Update
- Cogent reduced its dividend by 98% to $0.02 per share and temporarily paused its buyback program to address increased leverage (6.6 times LTM), with a goal to reach four times net leverage.
- The company has achieved nine consecutive quarters of EBITDA growth post-Sprint acquisition, with EBITDA margins improving from 1% to 20% (or 30% including T-Mobile subsidy).
- Wavelength revenue grew 93% year-over-year and 14% sequentially, and Cogent aims for an annual run rate of $500 million by mid-2028.
- Cogent plans to monetize surplus assets, including 24 data centers, excess dark fiber, and 22 million surplus IPv4 addresses, with IPv4 leasing income projected to exceed $70 million exiting 2025.
- The NetCentric business is growing at approximately 8% year-over-year, and the corporate on-net business is growing at 3-4% year-over-year, while the acquired Sprint base is still declining at about 2.5% annually.
Dec 9, 2025, 7:20 PM
Cogent Addresses Dividend Cut, Deleveraging Strategies, and Wavelength Growth
CCOI
Dividends
Share Buyback
Guidance Update
Revenue Acceleration/Inflection
- Cogent reduced its dividend by 98% to $0.02 per share and temporarily paused its share buyback program due to increased leverage (6.6 times LTM) following the Sprint wireline acquisition, with a goal to reach four times net leverage.
- Despite an average revenue decline of 2.4% over nine quarters post-acquisition, Cogent has achieved nine consecutive quarters of EBITDA growth by reducing costs, improving EBITDA margins from 1% to 20% (or 30% with T-Mobile subsidy).
- The company is actively pursuing deleveraging through asset monetization, including the sale of 24 surplus data centers (targeting $1 billion from 109 megawatts at $10 million/megawatt) and monetizing over 22 million surplus IPv4 addresses, with leasing income projected to exceed $70 million annually by late 2025.
- Cogent's wavelength business, which represents about 4% of total revenues, grew 93% year-over-year and 14% sequentially, with a target annual run rate of $500 million by mid-year 2028.
- The legacy Netcentric business is growing at approximately 8% year-over-year, and the legacy Cogent corporate business is growing at 3-4% year-over-year.
Dec 9, 2025, 7:20 PM
Cogent Discusses Dividend Reduction, Deleveraging, and Growth Strategies
CCOI
Dividends
Share Buyback
Guidance Update
- Cogent reduced its dividend by 98% to $0.02 per share and temporarily paused its buyback program due to increased leverage (6.6 times levered) following the Sprint wireline acquisition. The company aims to reach four times net leverage before reinstating the previous dividend level.
- The company has grown EBITDA for nine consecutive quarters post-Sprint acquisition, with EBITDA margins improving from 1% to 20% (or 30% with T-Mobile subsidy). Capital expenditures have also fallen, returning to a stabilized rate of about $100 million annually.
- Cogent is pursuing deleveraging through the divestiture of surplus assets, including 24 data centers (targeting $10 million per megawatt for 109 megawatts of power) and over 22 million surplus IPv4 addresses. IPv4 leasing income is projected to reach a run rate of over $70 million by exiting 2025, up from $12 million in 2022.
- Wavelength revenue, representing about 4% of total revenues, grew 93% year-over-year and 14% sequentially. Cogent reiterates its target of an annual run rate of $500 million by mid-2028 for the wavelength business.
- The Netcentric business revenue is growing at about 8% year-over-year, while the legacy Cogent corporate business is growing at 3% to 4% year-over-year. The acquired Sprint corporate business is still declining but is expected to moderate.
Dec 9, 2025, 7:20 PM
Cogent Communications Discusses Strategic Initiatives and Financial Outlook at UBS Conference
CCOI
Guidance Update
Dividends
Revenue Acceleration/Inflection
- Cogent Communications' acquired Sprint business experienced an accelerated decline of 24.2% year over year post-acquisition, but the company has successfully improved combined EBITDA margins from 1% to slightly above 20%.
- The company aims for a $500 million revenue run rate in its WAVE business by mid-year 2028, targeting 25% market share in the intercity segment, significantly up from its current run rate of approximately $40 million.
- Aggregate leverage increased to 6.6 times, resulting in a 98% reduction in the dividend; the company plans to resume dividend increases once leverage reaches four times.
- Cogent expects to grow top-line revenues 6%-8% and expand EBITDA margins by approximately 200 basis points annually, with total revenue growth anticipated in Q4.
- The IPv4 leasing business has seen substantial growth, from a $12 million annual run rate in 2022 to about a $65 million run rate as of last quarter, contributing to deleveraging efforts.
Dec 8, 2025, 8:00 PM
Quarterly earnings call transcripts for COGENT COMMUNICATIONS HOLDINGS.
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