Cogent Communications Holdings (CCOI) FY2025 results: revenue $976 million, down 5.8% on the year
Cogent Communications Holdings, Inc. (CCOI) reported revenue of $976 million for fiscal 2025, the year ended 31 December 2025, down 5.8% on the year before. Net income was -$182 million, and diluted earnings per share $-3.80. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$976 million
-5.8% on the year
FY2018FY2025
Operating margin
-10.4%
-19.1% a year earlier
FY2018FY2025
Net income
-$182 million
FY2018FY2025
Diluted EPS
-$3.80
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
Service revenue declined year over year: Service revenue was $240.5 million for the fourth quarter, down 0.6% sequentially and down 4.7% from the prior-year quarter. Full-year service revenue was $975.8 million against $1,036.1 million.
Adjusted EBITDA rose year over year: EBITDA, as adjusted for Sprint acquisition costs and cash IP Transit payments, was $76.7 million, up 4.0% sequentially and 14.8% from $66.9 million a year earlier. Margin was 31.9%.
Off-net revenue fell 17.9% year over year: Off-net revenue was $92.9 million, down 2.3% sequentially and down 17.9% from the prior-year quarter. Full-year off-net revenue was $397.5 million, down 12.5%.
Wavelength revenue grew fastest: Wavelength revenue was $12.1 million for the fourth quarter, up 18.8% sequentially and 73.7% year over year. Full-year wavelength revenue was $38.5 million, up 100.3%.
Network traffic grew 10% year over year: IP network traffic rose 4% sequentially and 10% from the fourth quarter of 2024. Full-year 2025 traffic increased 9% from 2024.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-10.6
-8.6
17.3
Capital expenditure
188
195
130
-3.8%
Free cash flow
-198
-204
-112
Free cash flow margin
-20.3%
-19.7%
-11.9%
Cash from investing
-87.6
21.5
76.7
Cash from financing
62.9
106
-258
-40.6%
Depreciation and amortisation
270
298
232
-9.3%
Share-based compensation
26.4
25.7
26.9
+2.6%
Buybacks
16.7
8.0
n/a
+109.4%
Dividends paid
150
189
182
-20.8%
Dividend per share
$3.05
$3.92
$3.76
-22.2%
Diluted shares, weighted
48m
48m
48m
+0.6%
Shares outstanding at period end
50m
49m
49m
+2.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
-63.8
223
610
Debt
1,730
1,456
950
+18.8%
Operating lease liabilities
270
302
330
-10.7%
Finance lease liabilities
597
517
420
+15.5%
Other liabilities
566
675
902
-16.1%
Total liabilities and equity
3,100
3,173
3,212
-2.3%
Fixed assets
1,721
1,664
1,538
+3.4%
Intangible assets
n/a
n/a
473
Cash and equivalents
149
198
75.1
-25.2%
Receivables
88.0
96.9
135
-9.2%
Other assets
1,142
1,214
990
-5.9%
Total assets
3,100
3,173
3,212
-2.3%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.