Q2 25 EPS
$-1.21
MISS 2.83%
Est. $-1.18
Q2 25 Revenue
$246.2M
MISS 0.58%
Est. $247.7M
vs S&P Since Q2 25
-76.3%
TRAILING MARKET
CCOI -60.3% vs S&P +16.0%
Market Reaction
Did CCOI Beat Earnings? Q2 2025 Results
Cogent Communications delivered a disappointing second quarter, missing on both top and bottom lines as the ongoing wind-down of its T-Mobile Commercial Agreement continued to weigh on results. The company posted revenue of $246.25 million, falling s… Read more Cogent Communications delivered a disappointing second quarter, missing on both top and bottom lines as the ongoing wind-down of its T-Mobile Commercial Agreement continued to weigh on results. The company posted revenue of $246.25 million, falling short of the $247.67 million consensus by 0.58% and declining 5.5% year-over-year, while a net loss of $1.21 per diluted share came in worse than the $1.18 estimate by 2.83%, pressured by $48.69 million in interest expense and a $5.61 million loss on debt extinguishment tied to the refinancing of its 2026 notes. Bright spots were harder to ignore entirely, with wavelength revenue surging 149.8% year-over-year to $9.06 million and IPv4 leasing revenue climbing 40.1% to $15.32 million, though neither was large enough to offset broader declines in legacy off-net business. Shares fell sharply following the announcement, reflecting investor concern over a net loss that widened 79% from a year ago, even as Cogent raised its quarterly dividend for the 52nd consecutive quarter to $1.01 per share.
Key Takeaways
- • Wavelength revenue grew 149.8% YoY and 27.2% sequentially with customer connections up 94.8% YoY
- • IPv4 address leasing revenue grew 40.1% YoY and 6.3% sequentially
- • EBITDA margin expanded to 19.7% from 10.4% a year ago
- • Non-GAAP gross margin improved to 44.4% from 40.2% YoY
- • On-net buildings grew by 143 YoY to 3,529
- • Wave-enabled data centers expanded to 938 locations
- • Sales rep productivity increased to 4.8 units per FTE per month from 3.8 in Q2 2024
CCOI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CCOI Revenue by Segment
With YoY comparisons, source: SEC Filings
CCOI Earnings Trends
CCOI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCOI EPS Trend
Earnings per share: estimate vs actual
CCOI Revenue Trend
Quarterly revenue: estimate vs actual
CCOI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.98 | $-0.83 | +15.31% | $239.2M | -0.94% |
| Q4 25 BEAT FY | $-1.07 | $-0.64 | +40.37% | $240.5M | -1.33% |
| FY Full Year | $-4.28 | $-3.80 | +11.21% | $975.8M | -0.33% |
| Q3 25 BEAT | $-1.22 | $-0.87 | +28.69% | $241.9M | -1.70% |
| Q2 25 MISS | $-1.18 | $-1.21 | -2.83% | $246.2M | -0.58% |
| Q1 25 BEAT | $-1.11 | $-1.09 | +1.36% | $247.0M | -1.76% |