10-K · February 20, 2026
Cogent emphasizes a low-cost, narrow-product strategy and expanded its Optical Wave Network via the 2023 acquisition of the Sprint long-haul fiber (the "Cogent Fiber Business"). For fiscal 2025 service revenue fell 5.8%…
Earnings analysis · 10-Q
CCOI earnings analysis
Filed May 4, 2026 · Our reading of the company's report
The latest report
Cogent Communications reported a decline in service revenue by 3.2% year-over-year to $239.2 million. The company is experiencing operational challenges, reflected in an operating loss of $43.5 million and an increase…
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Cogent Communications reported a decline in service revenue by 3.2% year-over-year to $239.2 million. The company is experiencing operational challenges, reflected in an operating loss of $43.5 million and an increase in interest expenses due to higher debt levels. Despite lower revenue, Cogent has increased its wavelength service revenue significantly, hinting at growth potential in that segment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Service Revenue Decline
Service revenue fell by 3.2% to $239.2 million from $247.0 million YoY.
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Significant Growth in Wavelength Revenue
Wavelength revenue surged by 90.8% to $13.6 million from $7.1 million YoY.
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Operating Expenses Management
Network operations expenses decreased by 6.0% to $129.2 million from $137.4 million YoY.
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Cash Position Improvement
Cash and cash equivalents amounted to $179.3 million as of March 31, 2026.
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Increased ARPU on Wavelength Services
ARPU for wavelength services increased by 7.6% to $2,093 from $1,945 YoY.
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Expansion of On-net Buildings
On-net connected buildings increased to 3,605, up from 3,500 YoY.
What to watch
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Interest Expense Increase
Interest expense rose 28.2% to $43.9 million, attributed to increased debt obligations.
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Decreased Corporate Customer Revenue
Revenue from corporate customers decreased by 8.7% to $101.0 million, reflecting customer cancellations.
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Negative Operating Cash Flow
Net cash provided from operating activities dropped to $14.8 million from $36.4 million YoY.
Management's outlook
Future guidance remains uncertain due to the ongoing integration of the Cogent Fiber Business and shifting market conditions.
Earlier filings 4
10-K · February 28, 2025
Cogent positions itself as a low-cost, facilities-based provider of high-speed Internet, private network and optical wavelength services and is integrating the Sprint Business to expand enterprise and wavelength…
10-K · February 29, 2024
Cogent’s 2023 10-K emphasizes a low-cost, narrowly focused network strategy and the strategic acquisition of the Sprint Business (closed May 1, 2023). Service revenue surged 56.9% to $940.9M in 2023 driven by…
10-Q · November 9, 2023
Cogent reported service revenue of $275,429,000 for the quarter (up from $150,000,000 a year earlier) but recorded an operating loss of $50,558,000 and a net loss of $56,723,000 (diluted EPS $(1.20)). The quarter…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.