Cogent Communications (CCOI) Financials

$16.11 +0.34 (+2.16%)

Closing price 04:00 PM Eastern

Extended Trading

$16.44 +0.33 (+2.05%)

As of 06:10 PM Eastern

Annual Income Statements for Cogent Communications

This table shows Cogent Communications' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4.90	15	5.88	29	38	6.22	48	5.15	1,273	-204	-182
Consolidated Net Income / (Loss)	4.90	15	5.88	29	38	6.22	48	5.15	1,273	-204	-182
Net Income / (Loss) Continuing Operations	4.90	15	5.88	29	38	6.22	48	5.15	1,273	-204	-182
Total Pre-Tax Income	13	24	31	41	53	10	71	26	1,219	-260	-245
Total Operating Income	63	65	76	87	100	107	119	114	-129	-198	-101
Total Gross Profit	230	253	276	301	326	349	363	371	397	394	441
Total Revenue	404	447	485	520	546	568	590	600	941	1,036	976
Operating Revenue	404	447	485	520	546	568	590	600	941	1,036	976
Total Cost of Revenue	175	194	209	220	220	219	226	228	544	642	535
Operating Cost of Revenue	175	194	209	220	220	219	226	228	544	642	535
Total Operating Expenses	167	188	200	214	226	242	244	257	526	592	542
Selling, General & Admin Expense	113	121	128	134	147	158	162	163	275	276	274
Depreciation Expense	71	75	76	81	80	83	89	92	232	298	270
Other Operating Expenses / (Income)	-12	-	-	0.00	0.00	0.42	-7.39	0.00	0.21	-3.33	-2.74
Restructuring Charge	-	-	-	-	-	0.00	0.00	2.25	18	21	0.00
Total Other Income / (Expense), net	-50	-40	-45	-45	-48	-97	-48	-88	1,349	-62	-144
Interest Expense	51	41	48	51	57	63	73	123	65	99	149
Interest & Investment Income	0.96	1.02	3.67	5.88	7.60	0.98	1.44	3.44	7.03	15	4.94
Other Income / (Expense), net	-	-	-	0.00	2.27	-34	24	32	1,406	22	0.00
Income Tax Expense	7.82	9.33	25	13	15	4.10	23	21	-54	-56	-63
Basic Earnings per Share	$0.11	$0.33	$0.13	$0.63	$0.82	$0.14	$1.04	$0.11	$26.88	($4.28)	($3.80)
Weighted Average Basic Shares Outstanding	44.89M	44.64M	44.86M	45.28M	45.54M	45.95M	46.42M	46.88M	47.37M	47.63M	47.93M
Diluted Earnings per Share	$0.11	$0.33	$0.13	$0.63	$0.81	$0.13	$1.03	$0.11	$26.62	($4.28)	($3.80)
Weighted Average Diluted Shares Outstanding	45.16M	44.87M	45.18M	45.78M	46.08M	46.67M	46.96M	47.21M	47.84M	47.63M	47.93M
Weighted Average Basic & Diluted Shares Outstanding	44.50M	45.20M	45.20M	47.80M	46.85M	47.22M	47.93M	48.30M	47.43M	49.33M	50.06M
Cash Dividends to Common per Share	$1.46	$1.51	$1.80	$2.12	$2.44	$2.78	$3.17	$3.56	$3.76	$3.92	$3.05

This table shows Cogent Communications' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-57	200	-65	-32	-63	-43	-52	-58	-42	-31	-40
Consolidated Net Income / (Loss)	-57	432	-65	-32	-63	227	-52	-58	-42	-31	-40
Net Income / (Loss) Continuing Operations	-57	432	-65	-32	-63	227	-52	-58	-42	-31	-40
Total Pre-Tax Income	-70	180	-84	-40	-80	-55	-70	-75	-53	-48	-51
Total Operating Income	-51	-68	-59	-47	-58	-33	-40	-31	-18	-11	-14
Total Gross Profit	102	124	97	104	96	97	110	109	110	112	110
Total Revenue	275	299	266	260	257	252	247	246	242	241	239
Operating Revenue	275	299	266	260	257	252	247	246	242	241	239
Total Cost of Revenue	174	174	169	156	162	155	137	137	132	128	129
Operating Cost of Revenue	174	174	169	156	162	155	137	137	132	128	129
Total Operating Expenses	152	-66	157	151	153	-187	150	140	128	123	123
Selling, General & Admin Expense	65	81	77	68	68	63	74	65	70	65	72
Depreciation Expense	87	-164	71	74	86	-231	76	75	60	58	54
Other Operating Expenses / (Income)	-	-	-	-	0.00	-	0.00	-	-2.45	-	-2.93
Total Other Income / (Expense), net	-20	221	-25	6.95	-22	-68	-30	-43	-34	-36	-37
Interest Expense	18	34	22	23	21	57	29	41	39	40	40
Other Income / (Expense), net	-1.73	247	-2.73	30	-1.15	-26	-0.87	-2.42	4.56	-1.28	2.85
Income Tax Expense	-14	-21	-19	-7.85	-17	-12	-18	-17	-11	-17	-11
Basic Earnings per Share	($1.20)	$4.11	($1.38)	($0.68)	($1.33)	($0.89)	($1.09)	($1.21)	($0.87)	($0.63)	($0.83)
Weighted Average Basic Shares Outstanding	47.23M	47.37M	47.42M	47.51M	47.43M	47.63M	47.68M	47.59M	47.60M	47.93M	47.77M
Diluted Earnings per Share	($1.20)	$4.04	($1.38)	($0.68)	($1.33)	($0.89)	($1.09)	($1.21)	($0.87)	($0.63)	($0.83)
Weighted Average Diluted Shares Outstanding	47.23M	47.84M	47.42M	47.51M	47.43M	47.63M	47.68M	47.59M	47.60M	47.93M	47.77M
Weighted Average Basic & Diluted Shares Outstanding	48.62M	47.43M	49.02M	49.00M	49.02M	49.33M	49.34M	49.18M	49.12M	50.06M	50.08M
Cash Dividends to Common per Share	$0.95	$0.96	$0.97	$0.98	$0.99	$1.00	$1.01	$1.01	$1.02	$0.02	$0.02

This table details how cash moves in and out of Cogent Communications' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-84	71	-27	29	123	-28	-43	-53	-162	114	-23
Net Cash From Operating Activities	84	108	112	134	149	140	170	174	17	-8.65	-11
Net Cash From Continuing Operating Activities	84	108	112	134	149	140	170	174	17	-8.65	-11
Net Income / (Loss) Continuing Operations	4.90	15	5.88	29	38	6.22	48	5.15	1,273	-204	-182
Consolidated Net Income / (Loss)	4.90	15	5.88	29	38	6.22	48	5.15	1,273	-204	-182
Depreciation Expense	71	75	76	81	80	83	89	92	232	298	270
Amortization Expense	0.17	1.11	1.24	1.53	1.81	1.89	1.76	1.46	-27	-21	-12
Non-Cash Adjustments To Reconcile Net Income	5.15	3.65	8.46	17	27	58	11	5.14	-1,317	-62	29
Changes in Operating Assets and Liabilities, net	3.07	13	20	5.89	2.38	-9.35	20	70	-144	-20	-115
Net Cash From Investing Activities	-35	-45	-46	-50	-47	-56	-70	-79	77	21	-88
Net Cash From Continuing Investing Activities	-35	-45	-46	-50	-47	-56	-70	-79	77	21	-88
Purchase of Property, Plant & Equipment	-36	-45	-46	-50	-47	-56	-70	-79	-130	-195	-188
Acquisitions	-	-	-	-	-	-	0.00	0.00	2.19	12	0.00
Other Investing Activities, net	-	-	-	-	-	-	0.00	0.00	204	204	100
Net Cash From Financing Activities	-129	8.34	-97	-53	22	-116	-141	-145	-258	106	63
Net Cash From Continuing Financing Activities	-129	8.34	-97	-53	22	-116	-141	-145	-258	106	63
Repayment of Debt	-272	-44	-3.80	-9.44	-10	-224	-466	-376	-	-	-505
Repurchase of Common Equity	-39	-4.49	-1.83	-6.56	0.00	-4.50	-	0.00	0.00	-7.97	-17
Payment of Dividends	-66	-68	-82	-98	-113	-129	-150	-170	-182	-189	-150
Issuance of Debt	249	124	0.00	70	152	240	497	446	0.00	490	768
Other Financing Activities, net	0.42	1.22	-9.98	-8.52	-7.46	1.38	-21	-45	-76	-187	-34
Effect of Exchange Rate Changes	-3.69	-0.35	4.06	-2.36	-0.54	3.51	-2.19	-2.60	1.65	-4.64	12
Cash Interest Paid	44	37	47	49	56	63	59	66	105	134	155
Cash Income Taxes Paid	0.58	0.14	0.44	2.44	3.41	3.45	4.45	7.16	35	3.17	-0.66

This table details how cash moves in and out of Cogent Communications' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-79	-284	49	263	-101	-133	-44	109	-71	-16	-26
Net Cash From Operating Activities	-52	-49	19	-22	-20	15	36	-44	3.10	-5.99	15
Net Cash From Continuing Operating Activities	-52	-281	19	-22	-20	-172	36	-44	3.10	-5.99	15
Net Income / (Loss) Continuing Operations	-57	200	-65	-32	-63	-43	-52	-58	-42	-31	-40
Consolidated Net Income / (Loss)	-57	200	-65	-32	-63	-43	-52	-58	-42	-31	-40
Depreciation Expense	87	-164	71	74	86	-231	76	75	60	58	54
Amortization Expense	-11	-9.21	-6.51	-5.57	-4.59	20	-3.92	-3.39	-2.63	-2.48	-2.05
Non-Cash Adjustments To Reconcile Net Income	-41	-237	-52	-40	27	38	8.01	9.94	6.38	4.61	4.64
Changes in Operating Assets and Liabilities, net	-30	-70	72	-19	-66	44	8.26	-68	-20	-36	-2.26
Net Cash From Investing Activities	62	60	51	26	-34	-21	-33	-31	-11	-12	-21
Net Cash From Continuing Investing Activities	62	60	51	26	-34	-225	-33	-31	-11	-12	-21
Purchase of Property, Plant & Equipment	-25	-44	-41	-49	-59	-46	-58	-56	-36	-37	-46
Other Investing Activities, net	88	88	88	79	25	-	25	25	25	25	25
Net Cash From Financing Activities	-86	-65	-24	256	-51	-75	-57	194	-63	-11	-15
Net Cash From Continuing Financing Activities	-86	-65	-24	256	-46	67	-57	194	-63	-11	-15
Payment of Dividends	-45	-46	-0.48	-93	-47	-48	-49	-50	-49	-2.30	-1.30
Other Financing Activities, net	18	-77	-23	23	0.75	1.25	-7.88	-8.49	-8.77	-8.53	-13
Effect of Exchange Rate Changes	-	-	2.87	-	-	-	9.81	-	-	-	-4.79

This table presents Cogent Communications' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	663	738	711	740	932	1,000	985	1,010	3,212	3,173	3,100
Total Current Assets	251	328	306	350	476	456	410	366	514	482	451
Cash & Equivalents	204	274	247	276	399	371	320	224	75	198	149
Restricted Cash	-	-	-	-	-	0.00	9.02	52	39	29	57
Accounts Receivable	31	34	39	42	40	44	42	44	135	97	88
Prepaid Expenses	17	20	20	33	36	41	39	46	81	74	68
Other Current Assets	-	-	-	-	-	-	-	0.00	184	83	90
Plant, Property, & Equipment, net	360	362	381	375	369	430	458	544	1,538	1,664	1,721
Plant, Property & Equipment, gross	1,070	1,136	1,234	1,301	1,367	1,516	1,620	1,715	2,947	3,320	3,643
Accumulated Depreciation	710	775	852	925	998	1,086	1,162	1,170	1,410	1,656	1,922
Total Noncurrent Assets	51	49	23	14	87	114	117	100	1,160	1,027	928
Intangible Assets	-	-	-	-	-	-	-	0.00	473	471	469
Other Noncurrent Operating Assets	6.20	6.39	5.57	11	87	114	117	100	687	556	459
Total Liabilities & Shareholders' Equity	663	738	711	740	932	1,000	985	1,010	3,212	3,173	3,100
Total Liabilities	675	791	813	889	1,136	1,294	1,358	1,529	2,602	2,950	3,164
Total Current Liabilities	69	68	75	75	90	94	81	120	373	253	221
Short-Term Debt	6.25	6.63	7.17	7.07	8.15	16	17	17	65	21	26
Accounts Payable	12	12	12	8.52	11	9.78	12	27	48	40	31
Accrued Expenses	38	47	48	51	51	51	39	64	121	135	110
Other Current Liabilities	12	2.59	7.82	8.28	19	18	13	12	140	58	55
Total Noncurrent Liabilities	606	723	739	814	1,046	1,199	1,277	1,409	2,229	2,697	2,943
Long-Term Debt	445	560	561	631	782	870	891	944	946	1,439	1,714
Capital Lease Obligations	130	135	150	157	162	203	229	287	420	517	597
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	48	471	398	333
Other Noncurrent Operating Liabilities	31	28	28	25	102	126	156	130	392	342	298
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-12	-53	-103	-149	-204	-293	-373	-519	610	223	-64
Total Preferred & Common Equity	-12	-53	-103	-149	-204	-293	-373	-519	610	223	-64
Total Common Equity	-12	-53	-103	-149	-204	-293	-373	-519	610	223	-64
Common Stock	434	443	457	471	493	516	548	575	607	630	643
Retained Earnings	-432	-479	-555	-609	-685	-808	-910	-1,075	17	-376	-709
Accumulated Other Comprehensive Income / (Loss)	-15	-17	-4.60	-11	-12	-1.31	-11	-19	-14	-31	1.43

This table presents Cogent Communications' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,021	998	3,163	2,962	3,145	3,344	3,204	3,121	3,271	3,148	3,057
Total Current Assets	414	329	713	581	473	689	569	423	561	480	430
Cash & Equivalents	269	184	192	110	118	384	279	154	214	147	140
Restricted Cash	55	50	52	56	45	42	37	30	93	79	39
Accounts Receivable	43	45	89	87	107	112	100	88	95	96	91
Prepaid Expenses	46	49	82	74	80	68	72	66	73	69	69
Other Current Assets	-	-	298	254	123	84	82	85	86	88	91
Plant, Property, & Equipment, net	504	572	1,607	1,618	1,561	1,581	1,621	1,692	1,725	1,713	1,733
Plant, Property & Equipment, gross	-	1,769	2,856	2,947	3,046	3,104	3,228	3,428	3,546	3,585	3,697
Accumulated Depreciation	-	1,197	1,249	1,329	1,485	1,523	1,607	1,736	1,821	1,872	1,964
Total Noncurrent Assets	103	98	842	763	1,111	1,074	1,014	1,006	984	956	893
Intangible Assets	-	-	56	54	472	472	471	471	470	470	469
Other Noncurrent Operating Assets	103	98	786	708	639	602	543	536	514	486	425
Total Liabilities & Shareholders' Equity	1,021	998	3,163	2,962	3,145	3,344	3,204	3,121	3,271	3,148	3,057
Total Liabilities	1,512	1,547	2,624	2,520	2,645	2,929	2,881	2,978	3,224	3,187	3,161
Total Current Liabilities	122	127	416	356	421	313	281	283	243	238	226
Short-Term Debt	24	20	20	63	64	21	22	25	27	25	24
Accounts Payable	18	19	30	29	46	39	53	56	49	28	36
Accrued Expenses	67	77	118	120	187	189	148	147	117	129	112
Other Current Liabilities	12	12	248	143	77	64	57	56	51	55	54
Total Noncurrent Liabilities	945	1,420	2,208	2,164	2,224	2,616	2,600	2,694	2,981	2,950	2,935
Long-Term Debt	498	945	945	945	946	1,437	1,438	1,441	1,711	1,712	1,715
Capital Lease Obligations	264	301	311	420	453	405	461	544	579	577	605
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	425	388	437	406	383	380	362	352	322
Other Noncurrent Operating Liabilities	183	174	527	410	388	367	318	330	328	309	293
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-492	-549	539	442	501	416	324	143	47	-39	-104
Total Preferred & Common Equity	-492	-549	539	442	501	416	324	143	47	-39	-104
Total Common Equity	-492	-549	539	442	501	416	324	143	47	-39	-104
Common Stock	568	583	590	599	615	611	620	639	633	638	652
Retained Earnings	-1,031	-1,114	-35	-137	-95	-174	-285	-478	-585	-675	-749
Accumulated Other Comprehensive Income / (Loss)	-28	-17	-16	-20	-19	-21	-12	-19	-1.20	-1.43	-6.33

This table displays calculated financial ratios and metrics derived from Cogent Communications' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.38%	10.55%	8.56%	7.22%	4.99%	4.02%	3.82%	1.66%	61.39%	7.07%	-5.82%
EBITDA Growth	6.80%	5.30%	8.59%	10.61%	9.01%	-14.49%	48.10%	2.34%	422.46%	-115.52%	53.94%
EBIT Growth	17.22%	2.29%	17.47%	14.02%	18.45%	-29.33%	97.00%	1.95%	777.62%	-115.47%	42.38%
NOPAT Growth	154.39%	63.44%	-63.95%	318.28%	19.10%	-9.75%	24.81%	-72.36%	-707.42%	-2.42%	48.85%
Net Income Growth	514.30%	204.92%	-60.64%	387.87%	30.88%	-83.43%	675.18%	-89.32%	29,158.65%	-95.61%	10.73%
EPS Growth	450.00%	200.00%	-60.61%	384.62%	28.57%	-83.95%	692.31%	-89.32%	24,100.00%	-116.08%	11.22%
Operating Cash Flow Growth	14.73%	28.83%	3.46%	19.89%	11.12%	-5.70%	21.33%	2.03%	-90.01%	-149.84%	-22.37%
Free Cash Flow Firm Growth	1,140.22%	-46.94%	-35.88%	192.92%	58.12%	-111.61%	745.03%	-94.43%	-41,768.56%	88.48%	10.11%
Invested Capital Growth	-8.58%	2.37%	-1.50%	0.41%	-5.67%	21.53%	2.65%	4.22%	324.25%	2.43%	4.85%
Revenue Q/Q Growth	2.13%	2.39%	2.02%	1.33%	1.53%	0.64%	0.57%	0.80%	3.68%	0.00%	-1.19%
EBITDA Q/Q Growth	3.15%	0.91%	3.05%	2.08%	4.01%	-17.12%	15.06%	17.88%	4.02%	0.00%	200.00%
EBIT Q/Q Growth	5.25%	-1.28%	7.28%	2.10%	8.46%	-32.59%	27.20%	32.14%	23.83%	0.00%	31.76%
NOPAT Q/Q Growth	42.39%	17.11%	-65.58%	79.80%	7.30%	-16.28%	22.75%	-68.49%	-10.11%	0.00%	17.91%
Net Income Q/Q Growth	137.21%	10.45%	-63.26%	86.88%	0.99%	-69.38%	108.97%	-77.43%	50.16%	0.00%	-341.41%
EPS Q/Q Growth	175.00%	6.45%	-51.85%	0.00%	0.00%	-69.05%	106.00%	-77.08%	26.22%	0.00%	6.40%
Operating Cash Flow Q/Q Growth	5.09%	12.36%	-2.21%	7.52%	3.74%	-5.73%	-0.92%	0.20%	-83.06%	87.97%	-206.38%
Free Cash Flow Firm Q/Q Growth	26.69%	44.51%	-55.54%	67.93%	3.13%	-139.74%	45.74%	-95.27%	-13.91%	0.00%	19.51%
Invested Capital Q/Q Growth	-2.43%	-3.33%	-3.98%	-3.21%	-2.85%	3.65%	1.90%	9.02%	12.99%	0.00%	0.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.83%	56.58%	56.87%	57.80%	59.76%	61.42%	61.62%	61.95%	43.76%	38.05%	45.18%
EBITDA Margin	33.12%	31.54%	31.55%	32.55%	33.80%	27.78%	39.63%	39.89%	129.14%	-18.72%	16.06%
Operating Margin	15.63%	14.46%	15.65%	16.64%	18.36%	18.82%	20.22%	19.01%	-13.36%	-19.07%	-10.36%
EBIT Margin	15.63%	14.46%	15.65%	16.64%	18.77%	12.75%	24.20%	24.27%	131.97%	-19.07%	-10.36%
Profit (Net Income) Margin	1.21%	3.34%	1.21%	5.51%	6.87%	1.09%	8.17%	0.86%	155.59%	6.38%	-18.67%
Tax Burden Percent	38.51%	61.54%	18.88%	69.27%	71.23%	60.28%	67.47%	19.51%	123.47%	-25.46%	74.37%
Interest Burden Percent	20.12%	37.54%	40.99%	47.81%	51.38%	14.23%	50.04%	18.13%	95.49%	131.40%	242.36%
Effective Tax Rate	61.49%	38.46%	81.12%	30.73%	28.77%	39.72%	32.53%	80.49%	-4.43%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.36%	10.75%	3.86%	16.23%	19.86%	16.67%	18.71%	5.00%	-11.35%	-7.10%	-3.50%
ROIC Less NNEP Spread (ROIC-NNEP)	0.76%	4.58%	1.98%	9.91%	13.53%	7.50%	14.48%	3.08%	132.01%	6.24%	-9.24%
Return on Net Nonoperating Assets (RNNOA)	7.33%	-56.32%	-11.40%	-39.03%	-41.13%	-19.17%	-33.17%	-6.15%	3,323.24%	22.98%	-225.65%
Return on Equity (ROE)	13.69%	-45.57%	-7.54%	-22.79%	-21.28%	-2.50%	-14.46%	-1.15%	3,311.89%	15.88%	-229.15%
Cash Return on Invested Capital (CROIC)	15.32%	8.41%	5.37%	15.82%	25.70%	-2.77%	16.10%	0.87%	-135.05%	-9.50%	-8.24%
Operating Return on Assets (OROA)	8.91%	9.23%	10.48%	11.94%	12.26%	7.50%	14.38%	14.59%	60.50%	-6.19%	-3.22%
Return on Assets (ROA)	0.69%	2.13%	0.81%	3.95%	4.49%	0.64%	4.85%	0.52%	71.33%	2.07%	-5.81%
Return on Common Equity (ROCE)	13.69%	-45.57%	-7.54%	-22.79%	-21.28%	-2.50%	-14.46%	-1.15%	3,311.89%	15.88%	-229.15%
Return on Equity Simple (ROE_SIMPLE)	-39.90%	-28.03%	-5.73%	-19.24%	-18.42%	-2.12%	-12.91%	-0.99%	247.01%	29.66%	0.00%
Net Operating Profit after Tax (NOPAT)	24	40	14	60	71	64	80	22	-135	-138	-71
NOPAT Margin	6.02%	8.90%	2.95%	11.53%	13.08%	11.35%	13.64%	3.71%	-13.96%	-13.35%	-7.25%
Net Nonoperating Expense Percent (NNEP)	5.60%	6.17%	1.88%	6.32%	6.32%	9.17%	4.23%	1.92%	-143.36%	-13.33%	5.74%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.05%	-6.62%	-6.29%	-3.11%
Cost of Revenue to Revenue	43.17%	43.42%	43.13%	42.20%	40.24%	38.58%	38.38%	38.05%	56.24%	61.95%	54.82%
SG&A Expenses to Revenue	27.98%	27.01%	26.36%	25.73%	26.90%	27.90%	27.53%	27.19%	28.45%	26.62%	28.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.20%	42.11%	41.22%	41.16%	41.40%	42.60%	41.41%	42.94%	30.36%	26.54%	55.53%
Earnings before Interest and Taxes (EBIT)	63	65	76	87	103	72	143	146	1,277	-198	-101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	134	141	153	169	185	158	234	239	1,250	-194	157
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.74	16.95	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.57	0.00	0.00
Price to Revenue (P/Rev)	2.56	2.89	3.07	3.02	4.41	4.05	5.03	4.08	3.61	3.65	1.09
Price to Earnings (P/E)	211.21	86.51	253.88	54.86	64.20	370.14	61.56	474.95	2.75	0.00	0.00
Dividend Yield	4.59%	5.32%	5.54%	6.26%	4.74%	5.70%	5.09%	6.98%	5.23%	5.09%	14.15%
Earnings Yield	0.47%	1.16%	0.39%	1.82%	1.56%	0.27%	1.62%	0.21%	36.43%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.86	4.59	5.33	5.65	8.48	7.11	8.67	7.53	2.50	2.80	1.54
Enterprise Value to Revenue (EV/Rev)	3.49	3.85	4.05	4.02	5.42	5.31	6.40	5.70	4.97	5.34	3.27
Enterprise Value to EBITDA (EV/EBITDA)	10.55	12.19	12.82	12.35	16.04	19.12	16.15	14.28	3.85	0.00	20.37
Enterprise Value to EBIT (EV/EBIT)	22.35	26.60	25.86	24.17	28.89	41.66	26.45	23.48	3.77	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	58.02	43.22	136.93	34.89	41.47	46.83	46.93	153.67	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	16.85	15.92	17.57	15.62	19.90	21.51	22.17	19.67	277.44	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	24.07	55.24	98.38	35.79	32.05	0.00	54.55	885.93	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-47.38	-13.18	-7.00	-5.34	-4.68	-3.71	-3.05	-2.41	2.35	8.87	-36.61
Long-Term Debt to Equity	-46.88	-13.05	-6.93	-5.29	-4.64	-3.66	-3.00	-2.37	2.24	8.78	-36.20
Financial Leverage	9.70	-12.29	-5.77	-3.94	-3.04	-2.56	-2.29	-2.00	25.17	3.68	24.42
Leverage Ratio	19.82	-21.38	-9.30	-5.77	-4.74	-3.89	-2.98	-2.24	46.43	7.67	39.45
Compound Leverage Factor	3.99	-8.02	-3.81	-2.76	-2.44	-0.55	-1.49	-0.41	44.34	10.08	95.62
Debt to Total Capital	102.16%	108.21%	116.66%	123.06%	127.21%	136.85%	148.82%	171.06%	70.11%	89.87%	102.81%
Short-Term Debt to Total Capital	1.10%	1.02%	1.16%	1.09%	1.09%	1.97%	2.23%	2.35%	3.17%	0.96%	1.15%
Long-Term Debt to Total Capital	101.06%	107.19%	115.49%	121.96%	126.12%	134.87%	146.59%	168.71%	66.95%	88.91%	101.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-2.16%	-8.21%	-16.66%	-23.06%	-27.21%	-36.85%	-48.82%	-71.06%	29.89%	10.13%	-2.81%
Debt to EBITDA	4.34	4.98	4.69	4.70	5.16	6.90	4.87	5.22	1.14	-10.20	14.92
Net Debt to EBITDA	2.82	3.03	3.08	3.07	3.00	4.55	3.46	4.07	1.05	-9.02	13.61
Long-Term Debt to EBITDA	4.30	4.93	4.64	4.65	5.11	6.80	4.79	5.15	1.09	-10.09	14.75
Debt to NOPAT	23.90	17.65	50.10	13.26	13.33	16.89	14.14	56.15	-10.59	-14.30	-33.04
Net Debt to NOPAT	15.53	10.75	32.87	8.66	7.74	11.13	10.05	43.74	-9.75	-12.65	-30.14
Long-Term Debt to NOPAT	23.64	17.48	49.60	13.14	13.22	16.65	13.93	55.38	-10.11	-14.14	-32.67
Altman Z-Score	1.26	1.39	1.43	1.44	1.69	1.18	1.50	0.83	2.48	0.81	0.18
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.65	4.82	4.11	4.65	5.30	4.83	5.06	3.04	1.38	1.90	2.04
Quick Ratio	3.40	4.53	3.84	4.22	4.90	4.40	4.46	2.23	0.56	1.17	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	59	31	20	58	92	-11	69	3.86	-1,607	-185	-166
Operating Cash Flow to CapEx	236.27%	238.69%	243.89%	268.18%	316.90%	250.79%	243.52%	219.96%	13.38%	-4.43%	-5.64%
Free Cash Flow to Firm to Interest Expense	1.14	0.75	0.41	1.14	1.61	-0.17	0.95	0.03	-17.22	-1.50	-1.12
Operating Cash Flow to Interest Expense	1.63	2.61	2.30	2.62	2.59	2.22	2.34	1.42	0.19	-0.07	-0.07
Operating Cash Flow Less CapEx to Interest Expense	0.94	1.52	1.36	1.64	1.77	1.34	1.38	0.77	-1.20	-1.65	-1.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.64	0.67	0.72	0.65	0.59	0.59	0.60	0.46	0.32	0.31
Accounts Receivable Turnover	12.67	13.90	13.35	12.88	13.29	13.42	13.70	13.93	10.78	8.92	10.55
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.12	1.24	1.31	1.38	1.47	1.42	1.33	1.20	0.93	0.65	0.58
Accounts Payable Turnover	13.59	16.20	18.09	21.83	22.44	21.02	20.86	11.66	14.40	14.56	15.20
Days Sales Outstanding (DSO)	28.81	26.26	27.34	28.35	27.46	27.20	26.65	26.19	33.87	40.94	34.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.86	22.52	20.18	16.72	16.27	17.36	17.50	31.30	25.34	25.07	24.01
Cash Conversion Cycle (CCC)	1.94	3.74	7.16	11.63	11.20	9.84	9.15	-5.11	8.53	15.87	10.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	366	374	369	370	349	424	436	454	1,926	1,973	2,068
Invested Capital Turnover	1.06	1.21	1.31	1.41	1.52	1.47	1.37	1.35	0.81	0.53	0.48
Increase / (Decrease) in Invested Capital	-34	8.65	-5.62	1.52	-21	75	11	18	1,472	47	96
Enterprise Value (EV)	1,412	1,719	1,963	2,092	2,962	3,018	3,775	3,417	4,812	5,528	3,191
Market Capitalization	1,034	1,292	1,492	1,573	2,409	2,301	2,966	2,444	3,496	3,778	1,059
Book Value per Share	($0.27)	($1.17)	($2.23)	($3.21)	($4.35)	($6.20)	($7.83)	($10.80)	$12.54	$4.55	($1.30)
Tangible Book Value per Share	($0.27)	($1.17)	($2.23)	($3.21)	($4.35)	($6.20)	($7.83)	($10.80)	$2.81	($5.06)	($10.85)
Total Capital	569	649	616	646	749	796	764	730	2,040	2,201	2,273
Total Debt	581	702	718	795	952	1,089	1,137	1,248	1,430	1,978	2,337
Total Long-Term Debt	575	695	711	788	944	1,073	1,120	1,231	1,366	1,957	2,311
Net Debt	378	427	471	519	553	717	809	973	1,316	1,750	2,132
Capital Expenditures (CapEx)	35	45	46	50	47	56	70	79	130	195	188
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15	-7.98	-8.25	6.01	-5.23	6.30	17	-13	91	22	51
Debt-free Net Working Capital (DFNWC)	189	266	239	282	394	378	346	263	205	250	256
Net Working Capital (NWC)	182	260	232	275	386	362	329	246	140	229	230
Net Nonoperating Expense (NNE)	19	25	8.46	31	34	58	32	17	-1,641	-204	111
Net Nonoperating Obligations (NNO)	378	427	471	519	553	717	809	973	1,316	1,750	2,132
Total Depreciation and Amortization (D&A)	71	76	77	83	82	85	91	94	-27	3.69	258
Debt-free, Cash-free Net Working Capital to Revenue	-3.69%	-1.79%	-1.70%	1.16%	-0.96%	1.11%	2.88%	-2.18%	9.42%	2.13%	5.20%
Debt-free Net Working Capital to Revenue	46.68%	59.60%	49.21%	54.23%	72.17%	66.47%	58.60%	43.83%	21.17%	24.13%	26.22%
Net Working Capital to Revenue	45.13%	58.11%	47.73%	52.87%	70.68%	63.70%	55.71%	40.97%	14.50%	22.08%	23.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.13	$0.63	$0.00	$0.14	$1.04	$0.11	$26.88	($4.28)	($3.80)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	44.86M	45.28M	0.00	45.95M	46.42M	46.88M	47.37M	47.63M	47.93M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.13	$0.63	$0.00	$0.13	$1.03	$0.11	$26.62	($4.28)	($3.80)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	45.18M	45.78M	0.00	46.67M	46.96M	47.21M	47.84M	47.63M	47.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	45.97M	46.35M	0.00	47.22M	47.93M	48.30M	47.43M	49.33M	50.06M
Normalized Net Operating Profit after Tax (NOPAT)	40	35	50	59	71	64	80	81	-78	-123	-71
Normalized NOPAT Margin	10.00%	7.83%	10.40%	11.40%	12.94%	11.31%	13.64%	13.57%	-8.02%	-11.90%	-7.25%
Pre Tax Income Margin	3.14%	5.43%	6.41%	7.96%	9.64%	1.82%	12.11%	4.40%	126.02%	-25.06%	-25.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.23	1.56	1.57	1.70	1.78	1.15	1.96	1.19	13.68	-1.60	-0.68
NOPAT to Interest Expense	0.47	0.96	0.30	1.17	1.24	1.02	1.11	0.18	-1.45	-1.12	-0.48
EBIT Less CapEx to Interest Expense	0.54	0.47	0.62	0.72	0.97	0.26	1.00	0.54	12.29	-3.18	-1.94
NOPAT Less CapEx to Interest Expense	-0.22	-0.13	-0.65	0.20	0.43	0.13	0.14	-0.46	-2.84	-2.70	-1.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,354.45%	456.90%	1,389.67%	341.46%	300.23%	2,081.92%	311.90%	3,300.76%	12.07%	286.56%	-82.37%
Augmented Payout Ratio	2,159.07%	486.99%	1,420.80%	364.36%	300.23%	2,154.23%	311.90%	3,300.76%	12.07%	298.62%	-91.53%

This table displays calculated financial ratios and metrics derived from Cogent Communications' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	50,062,158.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	50,062,158.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.79
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	83.62%	96.67%	73.30%	8.61%	-6.62%	-15.59%	-7.18%	-5.45%	-5.93%	-4.66%	-3.18%
EBITDA Growth	-30.19%	-95.07%	-95.90%	-95.11%	-6.60%	-5,714.85%	1,269.39%	-26.13%	98.82%	68.51%	33.55%
EBIT Growth	-579.25%	142.15%	-309.47%	-101.51%	-12.81%	-133.36%	33.75%	-99.42%	76.99%	66.58%	74.11%
NOPAT Growth	-279.95%	-4,011.63%	-396.27%	6.70%	-14.38%	69.50%	32.16%	33.27%	68.65%	66.33%	66.48%
Net Income Growth	-608.42%	50,646.71%	-1,162.25%	-102.88%	-11.26%	-47.53%	20.31%	-78.76%	34.17%	28.94%	24.02%
EPS Growth	-605.88%	20,100.00%	-1,161.54%	-102.88%	-10.83%	-122.03%	21.01%	-77.94%	34.59%	29.21%	23.85%
Operating Cash Flow Growth	-197.88%	-234.07%	-46.35%	0.00%	61.42%	129.84%	89.14%	-98.64%	115.33%	-141.23%	-59.19%
Free Cash Flow Firm Growth	-4,411.62%	-9,325.24%	-2,274.22%	73.81%	80.03%	95.47%	-210.60%	28.21%	49.58%	-47.69%	31.65%
Invested Capital Growth	309.34%	324.25%	283.11%	17.88%	13.13%	2.43%	0.00%	10.98%	6.25%	4.85%	4.72%
Revenue Q/Q Growth	14.85%	8.52%	-10.95%	0.00%	-1.24%	-1.91%	0.00%	-0.32%	-1.75%	-0.59%	-0.56%
EBITDA Q/Q Growth	-97.96%	-79.82%	-52.96%	0.00%	-61.01%	-1,313.28%	0.00%	22.82%	16.31%	-1.71%	-4.88%
EBIT Q/Q Growth	-104.66%	441.24%	-134.82%	0.00%	-247.24%	-0.91%	0.00%	17.70%	59.94%	8.11%	14.56%
NOPAT Q/Q Growth	-0.06%	-115.59%	45.51%	0.00%	-22.67%	42.51%	0.00%	21.92%	42.38%	38.25%	-20.66%
Net Income Q/Q Growth	-105.05%	862.23%	-115.10%	0.00%	-95.16%	459.45%	0.00%	-11.08%	28.13%	25.91%	-28.46%
EPS Q/Q Growth	-105.07%	436.67%	-134.16%	0.00%	-95.59%	33.08%	0.00%	-11.01%	28.10%	27.59%	-31.75%
Operating Cash Flow Q/Q Growth	-163.44%	7.12%	139.47%	0.00%	0.00%	171.85%	150.14%	-221.15%	107.04%	-293.29%	347.56%
Free Cash Flow Firm Q/Q Growth	-10.36%	-16.98%	9.18%	0.00%	15.84%	73.49%	0.00%	-50.60%	40.90%	22.33%	1.13%
Invested Capital Q/Q Growth	8.45%	12.99%	-4.12%	0.00%	4.08%	2.30%	0.00%	4.47%	-0.35%	0.95%	-0.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.97%	41.62%	36.53%	40.04%	37.19%	38.49%	44.37%	44.17%	45.58%	46.64%	45.97%
EBITDA Margin	8.65%	1.61%	0.85%	21.91%	8.65%	-106.98%	12.53%	15.44%	18.28%	18.07%	17.29%
Operating Margin	-18.36%	-22.91%	-22.31%	-18.10%	-22.48%	-13.18%	-16.31%	-12.78%	-7.49%	-4.65%	-5.65%
EBIT Margin	-18.98%	59.69%	-23.34%	-6.52%	-22.93%	-23.59%	-16.66%	-13.76%	-5.61%	-5.19%	-4.45%
Profit (Net Income) Margin	-20.59%	144.65%	-24.54%	-12.42%	-24.54%	89.92%	-21.07%	-23.48%	-17.17%	-12.80%	-16.53%
Tax Burden Percent	80.63%	240.68%	77.35%	80.46%	78.88%	-412.37%	74.07%	77.57%	78.99%	64.69%	77.57%
Interest Burden Percent	134.54%	100.68%	135.92%	236.61%	135.65%	92.43%	170.72%	220.01%	387.55%	381.55%	478.45%
Effective Tax Rate	0.00%	-11.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-11.31%	-20.76%	-14.49%	0.00%	0.00%	-4.90%	-11.80%	-4.59%	-2.60%	-1.57%	-1.90%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.28%	23.69%	-16.49%	0.00%	0.00%	11.41%	-14.41%	-6.67%	-4.17%	-2.76%	-3.41%
Return on Net Nonoperating Assets (RNNOA)	580.50%	596.26%	818.05%	0.00%	0.00%	42.04%	-184.14%	-49.70%	-54.11%	-67.27%	-351.48%
Return on Equity (ROE)	569.19%	575.49%	803.56%	0.00%	0.00%	37.13%	-195.94%	-54.29%	-56.72%	-68.85%	-353.38%
Cash Return on Invested Capital (CROIC)	-133.03%	-135.05%	-136.76%	0.00%	0.00%	-9.50%	-212.70%	-16.24%	-10.40%	-8.24%	-7.19%
Operating Return on Assets (OROA)	-8.90%	27.37%	-12.17%	0.00%	0.00%	-7.66%	-5.43%	-4.17%	-1.74%	-1.61%	-1.40%
Return on Assets (ROA)	-9.65%	66.31%	-12.79%	0.00%	0.00%	29.18%	-6.86%	-7.12%	-5.34%	-3.98%	-5.18%
Return on Common Equity (ROCE)	569.19%	575.49%	803.56%	0.00%	0.00%	37.13%	-195.94%	-54.29%	-56.72%	-68.85%	-353.38%
Return on Equity Simple (ROE_SIMPLE)	226.79%	0.00%	0.00%	0.00%	0.00%	0.00%	55.56%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-35	-76	-42	-33	-40	-23	-28	-22	-13	-7.84	-9.45
NOPAT Margin	-12.85%	-25.53%	-15.62%	-12.67%	-15.74%	-9.22%	-11.42%	-8.94%	-5.24%	-3.26%	-3.95%
Net Nonoperating Expense Percent (NNEP)	1.97%	-44.45%	2.00%	-0.05%	1.58%	-16.32%	2.61%	2.08%	1.56%	1.18%	1.51%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.74%	-2.12%	-	-	-1.06%	-1.31%	-0.93%	-0.56%	-0.34%	-0.42%
Cost of Revenue to Revenue	63.03%	58.38%	63.47%	59.96%	62.81%	61.51%	55.63%	55.84%	54.42%	53.36%	54.03%
SG&A Expenses to Revenue	23.71%	27.19%	28.81%	26.24%	26.31%	25.00%	29.90%	26.37%	29.11%	27.12%	30.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	55.33%	-22.12%	58.84%	58.14%	59.67%	-73.94%	60.68%	56.94%	53.07%	51.29%	51.62%
Earnings before Interest and Taxes (EBIT)	-52	178	-62	-17	-59	-60	-41	-34	-14	-12	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24	4.81	2.26	57	22	-270	31	38	44	43	41
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.45	5.74	5.72	6.57	11.50	16.34	21.17	50.97	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	7.36	25.57	101.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.06	3.61	2.65	0.00	0.00	3.52	2.97	2.37	1.91	1.09	0.97
Price to Earnings (P/E)	2.85	2.75	2.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	6.37%	5.23%	6.29%	6.90%	5.11%	5.28%	6.46%	8.29%	10.50%	14.15%	10.96%
Earnings Yield	35.14%	36.43%	41.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.41	2.50	2.26	2.25	2.76	2.73	2.46	2.13	1.94	1.54	1.51
Enterprise Value to Revenue (EV/Rev)	4.41	4.97	3.86	0.00	0.00	5.20	4.77	4.38	4.02	3.27	3.21
Enterprise Value to EBITDA (EV/EBITDA)	3.43	3.85	3.48	0.00	0.00	0.00	0.00	0.00	0.00	20.37	18.60
Enterprise Value to EBIT (EV/EBIT)	3.99	3.77	3.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	40.20	277.44	5,605.13	0.00	0.00	0.00	571.40	0.00	399.61	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.23	2.35	2.92	4.48	5.94	8.87	14.07	49.63	-59.08	-36.61	-22.51
Long-Term Debt to Equity	3.09	2.24	2.80	4.43	5.87	8.78	13.89	49.06	-58.45	-36.20	-22.28
Financial Leverage	-43.73	25.17	-49.61	2.59	3.74	3.68	12.78	7.46	12.99	24.42	103.16
Leverage Ratio	-80.23	46.43	-86.50	6.82	8.05	7.67	21.85	14.31	22.34	39.45	159.69
Compound Leverage Factor	-107.94	46.75	-117.57	16.13	10.92	7.09	37.30	31.49	86.57	150.53	764.06
Debt to Total Capital	76.36%	70.11%	74.51%	81.77%	85.58%	89.87%	93.36%	98.02%	101.72%	102.81%	104.65%
Short-Term Debt to Total Capital	3.38%	3.17%	3.26%	0.93%	0.98%	0.96%	1.15%	1.12%	1.10%	1.15%	1.07%
Long-Term Debt to Total Capital	72.98%	66.95%	71.25%	80.83%	84.61%	88.91%	92.22%	96.90%	100.62%	101.66%	103.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	23.64%	29.89%	25.49%	18.23%	14.42%	10.13%	6.64%	1.98%	-1.72%	-2.81%	-4.65%
Debt to EBITDA	1.19	1.14	1.22	0.00	0.00	-10.20	-12.16	-12.96	-14.77	14.92	14.03
Net Debt to EBITDA	1.05	1.05	1.09	0.00	0.00	-9.02	-11.05	-11.25	-13.33	13.61	12.96
Long-Term Debt to EBITDA	1.14	1.09	1.17	0.00	0.00	-10.09	-12.01	-12.81	-14.61	14.75	13.89
Debt to NOPAT	-11.65	-10.59	-6.43	0.00	0.00	-14.30	-16.08	-20.32	-26.85	-33.04	-45.08
Net Debt to NOPAT	-10.29	-9.75	-5.71	0.00	0.00	-12.65	-14.61	-17.63	-24.23	-30.14	-41.64
Long-Term Debt to NOPAT	-11.13	-10.11	-6.15	0.00	0.00	-14.14	-15.88	-20.09	-26.56	-32.67	-44.62
Altman Z-Score	0.96	1.35	0.91	0.00	0.00	0.93	0.73	0.58	0.45	0.27	0.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.63	1.38	1.12	2.20	2.03	1.90	1.49	2.31	2.02	2.04	1.90
Quick Ratio	0.55	0.56	0.54	1.59	1.35	1.17	0.85	1.27	1.02	1.07	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,323	-1,548	-1,406	-314	-264	-70	-1,996	-225	-133	-103	-102
Operating Cash Flow to CapEx	-206.67%	-111.67%	47.01%	0.00%	-34.14%	31.52%	62.58%	-78.36%	8.55%	-16.18%	32.08%
Free Cash Flow to Firm to Interest Expense	-73.28	-44.88	-64.41	-13.53	-12.33	-1.23	-67.60	-5.55	-3.41	-2.61	-2.54
Operating Cash Flow to Interest Expense	-2.90	-1.41	0.88	0.00	-0.94	0.26	1.23	-1.08	0.08	-0.15	0.37
Operating Cash Flow Less CapEx to Interest Expense	-4.31	-2.68	-0.99	0.00	-3.71	-0.56	-0.74	-2.47	-0.85	-1.09	-0.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.46	0.52	0.00	0.00	0.32	0.33	0.30	0.31	0.31	0.31
Accounts Receivable Turnover	14.29	10.78	14.18	0.00	0.00	8.92	11.56	9.70	10.11	10.55	10.81
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.88	0.93	1.01	0.00	0.00	0.65	0.60	0.61	0.59	0.58	0.57
Accounts Payable Turnover	22.49	14.40	20.32	0.00	0.00	14.56	10.93	13.50	13.80	15.20	11.46
Days Sales Outstanding (DSO)	25.54	33.87	25.74	0.00	0.00	40.94	31.57	37.64	36.11	34.60	33.76
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	16.23	25.34	17.97	0.00	0.00	25.07	33.40	27.04	26.46	24.01	31.86
Cash Conversion Cycle (CCC)	9.30	8.53	7.77	0.00	0.00	15.87	-1.83	10.59	9.66	10.59	1.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,704	1,926	1,847	1,853	1,928	1,973	1,968	2,056	2,049	2,068	2,061
Invested Capital Turnover	0.88	0.81	0.93	0.00	0.00	0.53	1.03	0.51	0.50	0.48	0.48
Increase / (Decrease) in Invested Capital	1,288	1,472	1,365	281	224	47	1,968	203	121	96	93
Enterprise Value (EV)	4,115	4,812	4,165	4,167	5,325	5,392	4,849	4,388	3,974	3,191	3,108
Market Capitalization	2,853	3,496	2,864	2,730	3,720	3,642	3,024	2,379	1,886	1,059	943
Book Value per Share	$9.04	$12.54	$10.56	$8.48	$6.60	$4.55	$2.90	$0.95	($0.80)	($1.30)	($2.08)
Tangible Book Value per Share	$7.93	$2.81	$0.60	($1.15)	($3.02)	($5.06)	($6.64)	($8.58)	($10.35)	($10.85)	($11.45)
Total Capital	1,871	2,040	1,964	2,279	2,244	2,201	2,152	2,363	2,275	2,273	2,240
Total Debt	1,428	1,430	1,463	1,863	1,921	1,978	2,009	2,316	2,314	2,337	2,344
Total Long-Term Debt	1,365	1,366	1,399	1,842	1,899	1,957	1,985	2,290	2,289	2,311	2,320
Net Debt	1,262	1,316	1,300	1,437	1,605	1,750	1,825	2,009	2,088	2,132	2,165
Capital Expenditures (CapEx)	25	44	41	0.00	59	46	58	56	36	37	46
Debt-free, Cash-free Net Working Capital (DFCFNWC)	123	91	-47	-28	-5.38	22	-20	37	41	51	49
Debt-free Net Working Capital (DFNWC)	289	205	117	398	311	250	164	344	267	256	228
Net Working Capital (NWC)	226	140	53	377	289	229	139	318	242	230	204
Net Nonoperating Expense (NNE)	21	-509	24	-0.66	23	-250	24	36	29	23	30
Net Nonoperating Obligations (NNO)	1,262	1,316	1,346	1,437	1,605	1,750	1,825	2,009	2,088	2,132	2,165
Total Depreciation and Amortization (D&A)	76	-174	64	74	81	-210	72	72	58	56	52
Debt-free, Cash-free Net Working Capital to Revenue	13.15%	9.42%	-4.32%	0.00%	0.00%	2.13%	-1.97%	3.74%	4.14%	5.20%	5.05%
Debt-free Net Working Capital to Revenue	30.94%	21.17%	10.79%	0.00%	0.00%	24.13%	16.12%	34.33%	27.06%	26.22%	23.57%
Net Working Capital to Revenue	24.17%	14.50%	4.86%	0.00%	0.00%	22.08%	13.69%	31.68%	24.53%	23.54%	21.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.20)	$4.11	($1.38)	($0.68)	($1.33)	($0.89)	($1.09)	($1.21)	($0.87)	($0.63)	($0.83)
Adjusted Weighted Average Basic Shares Outstanding	47.23M	47.37M	47.42M	47.51M	47.43M	47.63M	47.68M	47.59M	47.60M	47.93M	47.77M
Adjusted Diluted Earnings per Share	($1.20)	$4.04	($1.38)	($0.68)	($1.33)	($0.89)	($1.09)	($1.21)	($0.87)	($0.63)	($0.83)
Adjusted Weighted Average Diluted Shares Outstanding	47.23M	47.84M	47.42M	47.51M	47.43M	47.63M	47.68M	47.59M	47.60M	47.93M	47.77M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	48.62M	47.43M	49.02M	49.00M	49.02M	49.33M	49.34M	49.18M	49.12M	50.06M	50.08M
Normalized Net Operating Profit after Tax (NOPAT)	-35	-36	-35	-24	-40	-23	-28	-22	-13	-7.84	-9.45
Normalized NOPAT Margin	-12.76%	-12.06%	-13.24%	-9.35%	-15.74%	-9.22%	-11.42%	-8.94%	-5.24%	-3.26%	-3.95%
Pre Tax Income Margin	-25.54%	60.10%	-31.72%	-15.43%	-31.11%	-21.81%	-28.44%	-30.26%	-21.74%	-19.78%	-21.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.90	5.17	-2.85	-0.73	-2.75	-1.05	-1.39	-0.83	-0.35	-0.31	-0.26
NOPAT to Interest Expense	-1.96	-2.21	-1.90	-1.42	-1.89	-0.41	-0.96	-0.54	-0.33	-0.20	-0.23
EBIT Less CapEx to Interest Expense	-4.30	3.91	-4.72	0.00	-5.51	-1.86	-3.36	-2.22	-1.28	-1.25	-1.41
NOPAT Less CapEx to Interest Expense	-3.36	-3.48	-3.78	0.00	-4.65	-1.22	-2.92	-1.92	-1.25	-1.13	-1.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.88%	12.07%	9.54%	0.00%	0.00%	286.56%	299.97%	360.56%	259.97%	-82.37%	-60.25%
Augmented Payout Ratio	17.88%	12.07%	9.54%	0.00%	0.00%	298.62%	299.97%	381.93%	282.08%	-91.53%	-60.25%

Financials Breakdown Chart

Key Financial Trends

Here are key trends for Cogent Communications (CCOI) based on the latest four years of quarterly statements (income, cash flow, and balance sheet). The bullets highlight notable changes and potential implications for investors.

Gross margin expansion in Q4 2025: Gross margin rose to about 46.7% (112,168,000 / 240,522,000) in Q4 2025, up from about 38.5% in Q4 2024 (97,107,000 / 252,291,000).
Operating expenses trimming in Q4 2025: Total operating expenses were 123,362,000 in Q4 2025, down from 128,400,000 in Q3 2025, indicating improved cost discipline.
Net income loss narrowed in Q4 2025: Net income attributable to common shareholders improved to -30,781,000 in Q4 2025 from -41,554,000 in Q3 2025, signaling a smaller quarterly loss.
Positive quarterly cash flow in mid-2025: Operating cash flow turned positive in Q3 2025, with net cash from continuing operating activities of 3,100,000, marking a turn toward cash generation on a quarterly basis.
Revenue stability in 2025: The company posted quarterly operating revenue in the 240–247 million range across 2025 (Q4 2025: 240.5M; Q3 2025: 241.9M; Q2 2025: 246.2M; Q1 2025: 247.0M), indicating a relatively flat topline despite margin changes.
Improved short-term liquidity in 2025: Current ratios reached about 2.02x in Q3 2025 (479,769,000 total current assets vs 237,546,000 total current liabilities) and about 2.31x in Q2 2025 (560,971,000 vs 243,286,000), suggesting stronger near-term liquidity than earlier in 2025.
Sizable fixed asset base: Plant, Property & Equipment net around 1.71–1.72 billion in 2025 quarters, indicating a substantial fixed asset base supporting network infrastructure.
Healthy cash balances amid liquidity swings: Cash and equivalents hovered roughly between 147 million and 214 million across 2025 quarters, providing a liquidity cushion for operations and capex.
Ongoing losses across 2025: Net income remained negative for all 2025 quarters (Q4 -30.8M, Q3 -41.5M, Q2 -57.8M, Q1 -52.0M), highlighting persistent profitability challenges.
High leverage and debt burden: Long-term debt around 1.7 billion and total liabilities near 3.18 billion as of mid-2025 reflect a heavy debt load and funded obligations relative to equity.
Negative equity in recent quarters: Total equity and common equity were reported as negative in 2025 quarters (e.g., Total Common Equity around -39 million), signaling ongoing balance sheet leverage and deficit accumulation.

05/14/26 08:49 PM ETAI Generated. May Contain Errors.

Cogent Communications Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cogent Communications' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cogent Communications' net income appears to be on an upward trend, with a most recent value of -$182.17 million in 2025, falling from $4.90 million in 2015. The previous period was -$204.07 million in 2024. See where experts think Cogent Communications is headed by visiting Cogent Communications' forecast page.

Cogent Communications' total operating income in 2025 was -$101.07 million, based on the following breakdown:

Total Gross Profit: $440.80 million
Total Operating Expenses: $541.88 million

Over the last 10 years, Cogent Communications' total revenue changed from $404.23 million in 2015 to $975.77 million in 2025, a change of 141.4%.

Cogent Communications' total liabilities were at $3.16 billion at the end of 2025, a 7.2% increase from 2024, and a 368.6% increase since 2015.

In the past 10 years, Cogent Communications' cash and equivalents has ranged from $75.09 million in 2023 to $399.42 million in 2019, and is currently $148.52 million as of their latest financial filing in 2025.

Over the last 10 years, Cogent Communications' book value per share changed from -0.27 in 2015 to -1.30 in 2025, a change of 378.6%.

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Financial statements for NASDAQ:CCOI last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cogent Communications (CCOI) Financials

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