Filing Flows › Cogent Communications Holdings (CCOI) › Q2 2026 › vs Q1 2026
Cogent Communications Holdings (CCOI) Q2 2026 vs Q1 2026 (quarter over quarter)
Cogent Communications Holdings's revenue fell $3.6M (-2%) from $239M in Q1 2026 to $236M in Q2 2026. The biggest changes: Off-net IP −$4.5M (-5%); Wavelength +$1.2M (+9%); On-net IP −$200K (-0.1%). Operating margin 50.5% against -5.6% (+56.1 pts).
Cogent Communications Holdings, Q2 2026: revenue $236M (-4% year over year), operating margin 50.5%, net earnings $66.6M, operating cash flow $3.2M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 50.5% | -5.6% | +56.1 pts |
| Net margin | 28.3% | -16.5% | +44.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| On-net IP | $135M | $136M | −$200K | -0.1% |
| Off-net IP | $84.5M | $89.0M | −$4.5M | -5% |
| Wavelength | $14.8M | $13.6M | $1.2M | +9% |
| Non-core | $873K | $1.0M | −$138K | -14% |
| Revenue | $236M | $239M | −$3.6M | -2% |
| Operating profit | $119M | −$13.5M | $132M | — |
| Costs & expenses | $117M | $253M | −$136M | -54% |
| Pre-tax earnings | $83.1M | −$51.0M | $134M | — |
| Other expense, net | $35.8M | $37.5M | −$1.7M | -4% |
| SG&A | $72.1M | $72.3M | −$242K | -0.3% |
| Other operating costs | $44.5M | $51.1M | −$6.6M | -13% |
| Net earnings | $66.6M | −$39.5M | $106M | — |
| Income tax | $16.5M | −$11.4M | $27.9M | — |
| Operating cash sources | $127M | $22.1M | $105M | +476% |
| Depreciation & amortization | $53.0M | $54.1M | −$1.1M | -2% |
| Share-based compensation | $7.6M | $7.6M | $79K | +1% |
| Working capital & other | $124M | $7.2M | $117M | 17× |
| Operating cash flow | $3.2M | $14.8M | −$11.6M | -78% |
| Capital expenditures | $38.5M | $46.2M | −$7.7M | -17% |
| Negative free cash flow (OCF − capex) | $35.3M | $31.4M | $3.9M | +13% |
Questions
How much did Cogent Communications Holdings's revenue grow quarter over quarter in Q2 2026?
Cogent Communications Holdings's revenue fell $3.6M (-2%) from $239M in Q1 2026 to $236M in Q2 2026.
What drove Cogent Communications Holdings's revenue change in Q2 2026?
Off-net IP −$4.5M (-5%); Wavelength +$1.2M (+9%); On-net IP −$200K (-0.1%).