Business Description
Cogent Communications Holdings, Inc., founded in 1999 and based in Washington, D.C., functions as a multinational provider of high-speed internet connectivity, private networking solutions, and data center co-location services. Its extensive reach covers clients across North America, Europe, Asia, South America, Australia, and Africa. The company delivers its core services, including rapid internet access and secure private networks, in two primary ways: directly to customers located within buildings physically connected to its network (referred to as on-net services), and to those outside this direct infrastructure (off-net services). For corporate customers requiring off-net connections, Cogent frequently utilizes other carriers' circuits to complete the final segment of the network link to the customer's premises. Cogent serves a broad spectrum of organizations, from professional services firms like legal practices, financial institutions, advertising and marketing agencies, healthcare providers, and educational institutions, to other key players in the communications sector. This includes other internet service providers, telephone and cable television companies, web hosting providers, media and mobile phone operators, content delivery networks, and commercial content/application developers. Furthermore, Cogent operates 54 data centers, allowing customers to house their equipment securely and connect directly to its network. The company boasts a significant infrastructure presence, providing facilities to 3,035 buildings in total, with direct on-net services available to 1,817 multi-tenant office buildings. Cogent primarily caters to small and medium-sized enterprises, communications service providers, and organizations with substantial bandwidth demands.
Business History
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): -3.80
Total Equity: -$63.85M
Shares: 47,928,826
Total Debt: $2.06B
Cash: $205.11M
EBITDA: $186.58M
Total Debt: $2.06B
Cash: $205.11M
Revenue: $975.77M
Shares: 47,928,826
Revenue: $975.77M
Revenue: $975.77M
Revenue: $975.77M
Total Equity: -$63.85M
Tax Rate: 25.6%
Equity: -$63.85M
Total Debt: $2.06B
Cash: $205.11M
Current Liabilities: $220.84M
Long-Term Debt: $1.98B
Total Debt: $2.06B
Total Equity: -$63.85M
Shares: 47,928,826
Shares: 47,928,826
CapEx: -$187.57M
Shares: 47,928,826
Stock Price: $12.94
Net Income: -$182.17M
Industry Benchmarks
Deep Analysis
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Income Statement (Annual)
Last updated: Jun 26, 2026 10:19am (22h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $589.8M | $599.6M | $940.9M | $1.0B | $975.8M |
| Cost of Revenue | $226.3M | $228.2M | $544.2M | $641.8M | $805.1M |
| Gross Profit | $363.5M | $371.5M | $396.7M | $394.3M | $170.6M |
| Operating Expenses | $244.2M | $257.5M | $526.0M | $591.9M | $274.4M |
| Operating Income | $119.2M | $114.0M | -$129.3M | -$197.6M | -$103.8M |
| Net Income | $48.2M | $5.1M | $1.3B | -$204.1M | -$182.2M |
| EBITDA | $218.7M | $229.3M | $1.6B | $161.7M | $186.6M |
| EPS | $1.04 | $0.11 | $26.88 | $-4.28 | $-3.80 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 26, 2026 10:19am (22h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $319.6M | $223.8M | $75.1M | $198.5M | $205.1M |
| Total Current Assets | $409.6M | $365.9M | $513.6M | $482.1M | $450.6M |
| Total Assets | $984.6M | $1.0B | $3.2B | $3.2B | $3.1B |
| Current Liabilities | $81.0M | $120.3M | $373.3M | $253.3M | $220.8M |
| Long-Term Debt | $891.4M | $944.3M | $945.6M | $1.4B | $2.0B |
| Total Liabilities | $1.4B | $1.5B | $2.6B | $3.0B | $3.2B |
| Total Equity | -$373.1M | -$518.6M | $609.6M | $222.8M | -$63.8M |
| Retained Earnings | -$909.9M | -$1.1B | $17.1M | -$376.3M | -$708.6M |
Cash Flow (Annual)
Last updated: Jun 26, 2026 10:19am (22h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $170.3M | $173.7M | $17.3M | -$8.6M | -$10.6M |
| Capital Expenditure | -$69.9M | -$79.0M | -$129.6M | -$195.0M | -$187.6M |
| Free Cash Flow | $100.3M | $94.7M | -$112.3M | -$203.6M | -$198.1M |
| Acquisitions (net) | $0 | $0 | $2.2M | $12.3M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | -$8.0M | -$16.7M |
| Net Change in Cash | -$42.7M | -$52.7M | -$162.1M | $114.1M | -$22.8M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:19am (22h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$1.0B $987.4M – $1.0B
|
$1.1B $1.1B – $1.1B
|
$1.2B $1.1B – $1.2B
|
$1.2B $1.2B – $1.3B
|
| EBITDA |
$423.2M $414.8M – $427.2M
|
$450.3M $450.0M – $450.6M
|
$487.8M $478.3M – $495.6M
|
$521.4M $511.2M – $529.8M
|
| Net Income |
-$149.4M -$177.2M – -$124.6M
|
-$117.0M -$131.2M – -$93.8M
|
-$49.7M -$50.7M – -$48.4M
|
-$6.2M -$6.4M – -$6.1M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 26, 2026 10:19am (22h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +1.7% | +56.9% | +10.1% | -5.8% |
| Gross Profit Growth | +2.2% | +6.8% | -0.6% | -56.7% |
| Operating Income Growth | -4.4% | -213.5% | -52.8% | +47.5% |
| Net Income Growth | -89.3% | +24,646.2% | -116.0% | +10.7% |
| EBITDA Growth | +4.8% | +579.7% | -89.6% | +15.4% |
Dividend History (Last 20)
Last updated: Jun 26, 2026 10:19am (22h ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-18 | $0.02 | 2026-05-01 | 2026-05-18 | 2026-06-02 |
| 2026-03-06 | $0.02 | 2026-02-18 | 2026-03-06 | 2026-03-20 |
| 2025-11-21 | $0.02 | 2025-11-05 | 2025-11-21 | 2025-12-08 |
| 2025-08-21 | $1.02 | 2025-08-06 | 2025-08-21 | 2025-09-05 |
| 2025-05-22 | $1.01 | 2025-05-07 | 2025-05-22 | 2025-06-06 |
| 2025-03-13 | $1.01 | 2025-02-26 | 2025-03-13 | 2025-03-28 |
| 2024-11-22 | $1.00 | 2024-11-07 | 2024-11-22 | 2024-12-06 |
| 2024-08-22 | $0.99 | 2024-08-07 | 2024-08-22 | 2024-09-06 |
| 2024-05-22 | $0.98 | 2024-05-08 | 2024-05-23 | 2024-06-07 |
| 2024-03-14 | $0.97 | 2024-02-28 | 2024-03-15 | 2024-04-09 |
| 2023-11-22 | $0.96 | 2023-11-01 | 2023-11-24 | 2023-12-08 |
| 2023-08-23 | $0.95 | 2023-08-02 | 2023-08-24 | 2023-09-08 |
| 2023-05-17 | $0.94 | 2023-05-03 | 2023-05-18 | 2023-06-02 |
| 2023-03-09 | $0.93 | 2023-02-22 | 2023-03-10 | 2023-03-24 |
| 2022-11-17 | $0.92 | 2022-11-02 | 2022-11-18 | 2022-12-02 |
| 2022-08-17 | $0.91 | 2022-08-04 | 2022-08-18 | 2022-08-31 |
| 2022-05-12 | $0.88 | 2022-04-29 | 2022-05-13 | 2022-05-27 |
| 2022-03-08 | $0.86 | 2022-02-23 | 2022-03-09 | 2022-03-25 |
| 2021-11-18 | $0.83 | 2021-11-04 | 2021-11-19 | 2021-12-03 |
| 2021-08-19 | $0.81 | 2021-08-04 | 2021-08-20 | 2021-09-03 |
Narrative Economics
market-narrative step).