Filing Flows › Cogent Communications Holdings (CCOI) › Q3 2025
Cogent Communications Holdings (CCOI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Cogent Communications Holdings (CCOI) reported revenue of $242M for the third quarter 2025 (Q3 2025), -6% from a year earlier and -2% from the quarter before. Operating margin was -7.5%, net loss $41.5M (17.2% of revenue).
Cogent Communications Holdings, Q3 2025: revenue $242M (-6% year over year), operating margin -7.5%, net loss $41.5M, operating cash flow $3.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $242M | -2% | -6% |
| Operating profit | −$18.1M | — | — |
| Net earnings | −$41.5M | — | — |
| Operating cash flow | $3.1M | — | — |
What changed
Revenue was $241.9M in Q3 2025, down 6% year over year and down 2% from the previous quarter. On-net was the largest line at 56% of revenue. Off-net lost $16.2M year over year (down 15%), 106% of the total change.
Operating costs exceeded revenue by $18.1M, an operating margin of -7.5%. Total costs fell 17% while revenue fell 6%. The quarter ended with a net loss of $41.5M, narrower than the previous quarter's $57.8M loss. Net interest and other expense of $34.5M was the main reason.
Operating cash flow was $3.1M. Non-cash charges added back $60.4M of depreciation and amortization and $8.9M of share-based compensation. Working capital and other items used $24.7M. Capital expenditures of $36.2M exceeded it, leaving free cash flow of −$33.1M.
Questions
What was Cogent Communications Holdings' revenue in the third quarter 2025?
Cogent Communications Holdings (CCOI) reported revenue of $242M for the third quarter 2025 (Q3 2025), -6% from a year earlier and -2% from the quarter before.
Was Cogent Communications Holdings profitable in the third quarter 2025?
Operating loss was $18.1M (-7.5% of revenue) and net loss $41.5M.