Filing Flows › Cogent Communications Holdings (CCOI) › Q4 2025
Cogent Communications Holdings (CCOI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Cogent Communications Holdings (CCOI) reported revenue of $241M for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and -0.6% from the quarter before. Operating margin was -4.7%, net loss $30.8M (12.8% of revenue).
Cogent Communications Holdings, Q4 2025: revenue $241M (-5% year over year), operating margin -4.7%, net loss $30.8M, operating cash flow −$6.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $241M | -0.6% | -5% |
| Operating profit | −$11.2M | — | — |
| Net earnings | −$30.8M | — | — |
| Operating cash flow | −$6.0M | -293% | — |
What changed
Revenue was $240.5M in Q4 2025, down 5% year over year and down 1% from the previous quarter. On-net was the largest line at 56% of revenue.
Operating costs exceeded revenue by $11.2M, an operating margin of -4.7%. Total costs fell 12% while revenue fell 5%. The quarter ended with a net loss of $30.8M, narrower than the previous quarter's $41.5M loss. Net interest and other expense of $36.4M was the main reason.
Operating cash flow was −$6.0M. Non-cash charges added back $58.4M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items used $38.4M. Capital expenditures of $37.0M exceeded it, leaving free cash flow of −$43.0M.
Questions
What was Cogent Communications Holdings' revenue in the fourth quarter 2025?
Cogent Communications Holdings (CCOI) reported revenue of $241M for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and -0.6% from the quarter before.
Was Cogent Communications Holdings profitable in the fourth quarter 2025?
Operating loss was $11.2M (-4.7% of revenue) and net loss $30.8M.