Cogent Communications (CCOI) financial statements
Cogent Communications reported revenue of $976M in fiscal 2025, up 9.1% a year over 9 years.
Net income was -$182M and the operating margin -10.4%, against 14.3% in 2016.
Free cash flow was -$198M, and the company returned $150M in dividends and $17M in net buybacks.
The diluted share count rose 7% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cogent Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $447M | $485M | $520M | $546M | $568M | $590M | $600M | $941M | $1.0B | $976M |
| Cost of revenue | $194M | $209M | $220M | $220M | $219M | $226M | $228M | $544M | $642M | $535M |
| Gross profit | $253M | $276M | $301M | $326M | $349M | $363M | $371M | $397M | $394M | $441M |
| Selling, general and admin | $121M | $128M | $134M | $147M | $158M | $162M | $163M | $275M | $276M | $274M |
| Operating income | $64M | $76M | $87M | $100M | $107M | $119M | $114M | -$129M | -$198M | -$101M |
| Interest expense | $41M | $48M | $51M | $57M | $62M | $58M | $111M | $93M | $123M | — |
| Pre-tax income | $24M | $31M | $41M | $53M | $10M | $71M | $26M | $1.2B | -$260M | -$245M |
| Income tax | $9M | $25M | $13M | $15M | $4M | $23M | $21M | -$54M | -$56M | -$63M |
| Net income | $15M | $6M | $29M | $38M | $6M | $48M | $5M | $1.3B | -$204M | -$182M |
| EPS (diluted) | $0.33 | $0.13 | $0.63 | $0.81 | $0.13 | $1.03 | $0.11 | $26.62 | -$4.28 | -$3.80 |
| Diluted shares | 45M | 45M | 46M | 46M | 47M | 47M | 47M | 48M | 48M | 48M |
| Gross margin | 56.6% | 56.9% | 57.8% | 59.8% | 61.4% | 61.6% | 61.9% | 42.2% | 38.1% | 45.2% |
| Operating margin | 14.3% | 15.6% | 16.6% | 18.4% | 18.8% | 20.2% | 19.0% | -13.7% | -19.1% | -10.4% |
| Net margin | 3.3% | 1.2% | 5.5% | 6.9% | 1.1% | 8.2% | 0.9% | 135.3% | -19.7% | -18.7% |
Balance sheet
Fiscal years, from Cogent Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $274M | $247M | $276M | $399M | $371M | $320M | $224M | $75M | $198M | $149M |
| Receivables | $34M | $39M | $42M | $40M | $44M | $42M | $44M | $135M | $97M | $88M |
| Total current assets | $328M | $306M | $350M | $476M | $456M | $410M | $366M | $514M | $482M | $451M |
| Property, plant and equipment | $362M | $381M | $375M | $369M | $430M | $458M | $544M | $1.5B | $1.7B | $1.7B |
| Total assets | $738M | $711M | $740M | $932M | $1.0B | $985M | $1.0B | $3.2B | $3.2B | $3.1B |
| Total current liabilities | $68M | $75M | $75M | $90M | $94M | $81M | $120M | $373M | $253M | $221M |
| Total liabilities | $791M | $813M | $889M | $1.1B | $1.3B | $1.4B | $1.5B | $2.6B | $3.0B | $3.2B |
| Shareholders' equity | -$53M | -$103M | -$149M | -$204M | -$293M | -$373M | -$519M | $610M | $223M | -$64M |
| Net debt | -$274M | -$247M | -$276M | -$399M | -$371M | -$320M | -$224M | -$75M | -$198M | -$149M |
Cash flow
Fiscal years, from Cogent Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $108M | $112M | $134M | $149M | $140M | $170M | $174M | $17M | -$9M | -$11M |
| Capital spending | $45M | $46M | $50M | $47M | $56M | $70M | $79M | $130M | $195M | $188M |
| Free cash flow | $63M | $66M | $84M | $102M | $84M | $100M | $95M | -$112M | -$204M | -$198M |
| Stock-based compensation | $11M | $13M | $18M | $18M | $24M | $27M | $24M | $27M | $26M | $26M |
| Dividends paid | $68M | $82M | $98M | $113M | $129M | $150M | $170M | $182M | $189M | $150M |
| Share buybacks (net) | -$4M | -$2M | -$7M | — | -$4M | — | — | — | -$8M | -$17M |
| Net borrowing | -$21M | -$4M | -$9M | -$10M | -$11M | -$7M | -$790,000 | — | — | — |
| Free cash flow margin | 14.0% | 13.6% | 16.1% | 18.6% | 14.9% | 17.0% | 15.8% | -11.9% | -19.7% | -20.3% |
| Dividends per share | $1.52 | $1.81 | $2.14 | $2.44 | $2.77 | $3.20 | $3.60 | $3.80 | $3.98 | $3.13 |
Questions
What was Cogent Communications's revenue in 2025?
$976M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cogent Communications generate?
-$198M in fiscal 2025 (operating cash flow minus capital spending).
From Cogent Communications's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.