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Cogent Communications Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$32.5M in Q3 2026 · −$142M over twelve months

Operating cash flow$3.8M
Capital spending−$36.3M
Free cash flow−$32.5M
Cash conversion cycle10 days

Analysis

In Q3 2026, Cogent Communications Holdings generated $3.8M of operating cash flow and spent $36.3M on capital projects, leaving free cash flow of −$32.5M. That is $628K more than in Q3 2025 (−$33.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $15.8M; the largest uses were other financing ($175M), capital spending ($158M), net borrowing (+) / repaid (−) ($38.6M); besides operations, cash came from other investing ($324M); the cash balance fell by $45.0M.

Operating cash flow was $3.8M against net income of −$29.8M. The largest differences: depreciation & amortization +$53.1M, stock-based pay +$7.9M, receivables −$5.6M.

Its cash conversion cycle was 10 days (receivables 35 + inventory 0 − payables 25).

Free cash flow

Cogent Communications Holdings: free cash flow by quarterCogent Communications Holdings: free cash flow by quarter−$31.6MQ4 2024−$21.7MQ1 2025−$100MQ2 2025−$33.1MQ3 2025−$43.0MQ4 2025−$31.4MQ1 2026−$35.3MQ2 2026−$32.5MQ3 2026
Operating cash flow less capital spending.
Cogent Communications Holdings: operating cash flow against capital spendingCogent Communications Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$14.5M$46.1MQ4 2024$36.4M$58.1MQ1 2025−$44.0M$56.2MQ2 2025$3.1M$36.2MQ3 2025−$6.0M$37.0MQ4 2025$14.8M$46.2MQ1 2026$3.2M$38.5MQ2 2026$3.8M$36.3MQ3 2026
Latest (Q3 2026): Operating cash flow $3.8M, Capital spending $36.3M.

Capital allocation, year by year

Cogent Communications Holdings: where the cash came from (up) and went (down), by fiscal yearCogent Communications Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $170MFY2021: Net borrowing $467MFY2021: Shares issued $1.8MFY2021: Capital spending −$69.9MFY2021: Dividends −$150M$639MFY2021FY2022: Operating cash flow $174MFY2022: Net borrowing −$46.3MFY2022: Shares issued $614KFY2022: Capital spending −$79.0MFY2022: Dividends −$170M$174MFY2022FY2023: Operating cash flow $17.3MFY2023: Net borrowing −$77.4MFY2023: Shares issued $1.2MFY2023: Capital spending −$130MFY2023: Acquisitions $2.2MFY2023: Dividends −$182M$20.8MFY2023FY2024: Operating cash flow −$8.6MFY2024: Net borrowing −$74.6MFY2024: Shares issued $2.2MFY2024: Capital spending −$195MFY2024: Acquisitions $12.3MFY2024: Buybacks −$8.0MFY2024: Dividends −$189M$14.5MFY2024FY2025: Operating cash flow −$10.6MFY2025: Net borrowing −$33.8MFY2025: Shares issued $175KFY2025: Capital spending −$188MFY2025: Buybacks −$16.7MFY2025: Dividends −$150M$175KFY2025
Over these 5 years operating cash flow totalled $342M; the largest uses were dividends ($841M) and capital spending ($661M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$167M
Debt$1.7B
Net debt$1.6B

Cogent Communications Holdings's operations bring cash in ($15.8M over twelve months), and it spends more than that on capital projects: a gap of $142M funded from its $167M of cash and investments and from borrowing ($1.7B of debt). That is a choice to invest, not a cash runway running down.

Cogent Communications Holdings: debt maturities by year (FY2025)Cogent Communications Holdings: debt maturities by year (FY2025)$750MYear 2$206MYear 4$174MYear 5$600MAfter year 5
Principal due in each year as disclosed in the annual report, against $167M of cash and investments now.

Where the cash came from and went

Cogent Communications Holdings: sources (+) and uses (−) of cash, Q3 2026Cogent Communications Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$188MOther financing−$156MCapital spending−$36.3MOther investing$16.7MExchange rates−$7.8MNet borrowing (+) / repaid (−)−$7.1MOperating cash flow$3.8MDividends−$1.3M
Cogent Communications Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Cogent Communications Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$324MOther financing−$175MCapital spending−$158MCash drawn (+) / kept (−)$45.0MNet borrowing (+) / repaid (−)−$38.6MOperating cash flow$15.8MDividends−$7.2MExchange rates−$6.0M

From profit to cash

Cogent Communications Holdings: net income to operating cash flow, Q3 2026Cogent Communications Holdings: net income to operating cash flow, Q3 2026Net income−$29.8MDepreciation & amortization$53.1MStock-based pay$7.9MDeferred taxes$374KGains on disposals−$2.3MReceivables−$5.6MPrepaid and other assets−$2.5MOperating cash flow$3.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202635—2510
Q2 202634—268
Q1 202634—2310
Q4 202535—2114
Q3 202536—279
Q2 202534—35-1
Q1 202534—312
Q4 202436—288

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.8M−$36.3M—−$1.3M−$7.1M—$188M−$32.5M
Q2 2026$3.2M−$38.5M—−$2.3M−$9.7M—−$190M−$35.3M
Q1 2026$14.8M−$46.2M−$106M−$1.3M−$13.4M—$25.8M−$31.4M
Q4 2025−$6.0M−$37.0M—−$2.3M−$8.5M—$21.2M−$43.0M
Q3 2025$3.1M−$36.2M−$5.2M−$49.1M−$8.8M$24K$80.4M−$33.1M
Q2 2025−$44.0M−$56.2M−$11.5M−$49.6M−$8.5M$30K−$123M−$100M
Q1 2025$36.4M−$58.1M—−$49.1M−$8.0M$121K$43.9M−$21.7M
Q4 2024$14.5M−$46.1M—−$48.4M−$28.0M$1.3M$88.2M−$31.6M

Cogent Communications Holdings: income statement and cash flow

Cogent Communications Holdings, Q3 2026: revenue $231M (-4% year over year), operating margin -3.0%. The chart follows the revenue to costs, profit and cash.

Cogent Communications Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.