COGENT COMMUNICATIONS HOLDINGS, INC. CCOI
We are a facilities-based provider of low-cost, high-speed Internet access, private network services, optical wavelength and optical transport services and data center colocation space and power. Our network is specifically designed and optimized to transmit packet-routed data. We deliver our services to a diverse global base of businesses, communications service providers and other bandwidth-intensive organizations in 57 countries across North America, Europe, South America, Asia, Oceania and Africa. We are a Delaware corporation headquartered in Washington, DC.
We provide our on-net Internet access and private network services to corporate, net-centric and enterprise customers. Our corporate customers are typically located in multi-tenant office buildings and consist of law firms, financial services firms, advertising and marketing firms, health care providers, educational institutions and other professional services businesses. Our net-centric customers include access networks comprised of other internet service providers ("ISPs"), telephone companies, mobile operators and cable television companies as well as bandwidth-intensive users that leverage our network to deliver content to end users. Content delivery customers include over the top media service providers, content delivery networks, web hosting companies, and commercial content and application software providers. These net-centric customers generally receive our services in carrier neutral colocation facilities or in our own data centers. We operate data centers throughout North America and Europe that allow our customers to collocate their equipment and access our network. Additionally, as part of our acquisition of the Cogent Fiber Business (as defined below) we acquired a number of "Enterprise" customers that are larger than our historical customer base. We have continued to serve these acquired Enterprise customers and have expanded our target market to include these larger Enterprise customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $975.8M | $1.04B | $940.9M | $599.6M | $589.8M | $568.1M | $546.2M | $520.2M | $485.2M | $446.9M |
| Cost of revenue | $535.0M | $641.8M | $544.2M | $228.2M | $226.3M | $219.2M | $219.8M | $219.5M | $209.3M | $194.1M |
| Gross profit | $440.8M | $394.3M | $396.7M | $371.4M | $363.5M | $348.9M | $326.4M | $300.7M | $275.9M | $252.8M |
| SG&A | $274.4M | $275.8M | $275.3M | $163.0M | $162.4M | $158.5M | $146.9M | $133.9M | $127.9M | $120.7M |
| Total operating expenses | $1.08B | $1.24B | $1.07B | $485.6M | $478.0M | $461.1M | $447.0M | $434.6M | $413.1M | $390.0M |
| Operating income | -$101.1M | -$197.6M | -$129.3M | $114.0M | $119.2M | $106.9M | $100.3M | $86.6M | $75.9M | $64.0M |
| Interest expense | — | $123.3M | $93.3M | $110.7M | $58.1M | $62.5M | $57.5M | $51.1M | $48.5M | $40.8M |
| Pre-tax income | -$245.0M | -$259.6M | $1.22B | $26.4M | $71.4M | $10.3M | $52.7M | $41.4M | $31.1M | $24.3M |
| Income tax | $62.8M | $55.6M | $54.0M | $21.2M | $23.2M | $4.1M | $15.2M | $12.7M | $25.2M | $9.3M |
| Net income | -$182.2M | -$204.1M | $1.27B | $5.1M | $48.2M | $6.2M | $37.5M | $28.7M | $5.9M | $14.9M |
| EPS, basic | -3.80 | -4.28 | 26.88 | 0.11 | 1.04 | 0.14 | 0.82 | 0.63 | 0.13 | 0.33 |
| EPS, diluted | -3.80 | -4.28 | 26.62 | 0.11 | 1.03 | 0.13 | 0.81 | 0.63 | 0.13 | 0.33 |
| Shares, diluted (wtd. avg.) | $47.9M | $47.6M | $47.8M | $47.2M | $47.0M | $46.7M | $46.1M | $45.8M | $45.2M | $44.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $148.5M | $198.5M | $113.8M | $275.9M | $328.6M | $371.3M | $399.4M | $276.1M | $247.0M | $274.3M |
| Receivables | $88.0M | $96.9M | $135.5M | $44.1M | $41.9M | $44.2M | $40.5M | $41.7M | $39.1M | $33.6M |
| Total current assets | $450.6M | $482.1M | $513.6M | $365.9M | $409.6M | $456.3M | $475.7M | $350.3M | $306.1M | $327.6M |
| Property, plant and equipment | $1.72B | $1.66B | $1.54B | $544.4M | $457.9M | $430.3M | $368.9M | $375.3M | $381.3M | $361.6M |
| Other intangibles | — | — | $472.8M | — | — | — | — | — | — | — |
| Total assets | $3.10B | $3.17B | $3.21B | $1.01B | $984.6M | $1.00B | $932.1M | $739.9M | $710.6M | $737.9M |
| Accounts payable | $30.6M | $39.8M | $48.4M | $27.2M | $11.9M | $9.8M | $11.1M | $8.5M | $11.6M | $11.6M |
| Total current liabilities | $220.8M | $253.3M | $373.3M | $120.3M | $81.0M | $94.4M | $89.7M | $75.3M | $74.5M | $67.9M |
| Long-term debt | $1.73B | $1.46B | $950.0M | $950.0M | $897.8M | $882.0M | $798.1M | $645.5M | $575.0M | $569.7M |
| Total liabilities | $3.16B | $2.95B | $2.60B | $1.53B | $1.36B | $1.29B | $1.14B | $888.9M | $813.1M | $791.1M |
| Retained earnings | -$708.6M | -$376.3M | $17.1M | -$1.07B | -$909.9M | -$807.8M | -$684.6M | -$609.5M | -$554.7M | -$478.9M |
| Total equity | -$63.8M | $222.8M | $609.6M | -$518.6M | -$373.1M | -$293.2M | -$203.7M | -$149.0M | -$102.5M | -$53.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.6M | -$8.6M | $17.3M | $173.7M | $170.3M | $140.3M | $148.8M | $133.9M | $111.7M | $108.0M |
| Depreciation and amortisation | $270.2M | $298.0M | $232.2M | $92.2M | $89.2M | $83.5M | $80.2M | $81.2M | $75.9M | $75.2M |
| Stock-based compensation | — | — | — | — | — | — | — | — | $13.3M | $10.7M |
| Capital expenditure | $187.6M | $195.0M | $129.6M | $79.0M | $69.9M | $56.0M | $47.0M | $49.9M | $45.8M | $45.2M |
| Investing cash flow | -$87.6M | $21.5M | $76.7M | -$79.0M | -$69.9M | -$56.0M | -$47.0M | -$49.9M | -$45.8M | -$45.2M |
| Financing cash flow | $62.9M | $105.9M | -$257.9M | -$144.8M | -$140.8M | -$116.0M | $22.0M | -$52.5M | -$97.3M | $8.3M |
| Dividends paid | $150.1M | $189.4M | $181.7M | $169.9M | $150.3M | $129.4M | $112.6M | $97.9M | $81.7M | $68.2M |
| Buybacks | $16.7M | $8.0M | — | — | — | $4.5M | — | $6.6M | $1.8M | $4.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-017968.
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