Filing Flows › Cogent Communications Holdings (CCOI) › Q2 2026 › vs Q2 2025
Cogent Communications Holdings (CCOI) Q2 2026 vs Q2 2025 (year over year)
Cogent Communications Holdings's revenue fell $10.7M (-4%) from $246M in Q2 2025 to $236M in Q2 2026. The biggest changes: Off-net IP −$17.7M (-17%); Wavelength +$5.8M (+64%); On-net IP +$3.0M (+2%). Operating margin 50.5% against -12.8% (+63.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 50.5% | -12.8% | +63.3 pts |
| Net margin | 28.3% | -23.5% | +51.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| On-net IP | $135M | $132M | $3.0M | +2% |
| Off-net IP | $84.5M | $102M | −$17.7M | -17% |
| Wavelength | $14.8M | $9.1M | $5.8M | +64% |
| Non-core | $873K | $2.7M | −$1.8M | -67% |
| Revenue | $236M | $246M | −$10.7M | -4% |
| Operating profit | $119M | −$31.5M | $150M | — |
| Costs & expenses | $117M | $278M | −$161M | -58% |
| Pre-tax earnings | $83.1M | −$74.5M | $158M | — |
| Other expense, net | $35.8M | $43.1M | −$7.2M | -17% |
| SG&A | $72.1M | $64.9M | $7.2M | +11% |
| Other operating costs | $44.5M | $75.3M | −$30.8M | -41% |
| Net earnings | $66.6M | −$57.8M | $124M | — |
| Income tax | $16.5M | −$16.7M | $33.2M | — |
| Operating cash sources | $127M | $22.1M | $105M | +474% |
| Depreciation & amortization | $53.0M | $75.3M | −$22.3M | -30% |
| Share-based compensation | $7.6M | $4.7M | $3.0M | +64% |
| Working capital & other | $124M | $66.2M | $57.9M | +87% |
| Operating cash flow | $3.2M | −$44.0M | $47.2M | — |
| Capital expenditures | $38.5M | $56.2M | −$17.7M | -31% |
| Negative free cash flow (OCF − capex) | $35.3M | $100M | −$64.9M | -65% |
Questions
How much did Cogent Communications Holdings's revenue grow year over year in Q2 2026?
Cogent Communications Holdings's revenue fell $10.7M (-4%) from $246M in Q2 2025 to $236M in Q2 2026.
What drove Cogent Communications Holdings's revenue change in Q2 2026?
Off-net IP −$17.7M (-17%); Wavelength +$5.8M (+64%); On-net IP +$3.0M (+2%).