Q4 25 EPS
$-0.64
BEAT +40.37%
Est. $-1.07
Q4 25 Revenue
$240.5M
MISS 1.33%
Est. $243.8M
vs S&P Since Q4 25
-31.4%
TRAILING MARKET
CCOI -25.1% vs S&P +6.4%
Full Year 2025 Results
FY 25 EPS
$-3.80
BEAT +11.21%
Est. $-4.28
FY 25 Revenue
$975.8M
MISS 0.33%
Est. $979.0M
Market Reaction
Did CCOI Beat Earnings? Q4 2025 Results
Cogent Communications delivered a mixed fourth quarter for fiscal 2025, narrowing its loss more than Wall Street expected while falling short on revenue. The company posted an EPS loss of $0.64, well ahead of the $1.00 consensus estimate by 36.00%, b… Read more Cogent Communications delivered a mixed fourth quarter for fiscal 2025, narrowing its loss more than Wall Street expected while falling short on revenue. The company posted an EPS loss of $0.64, well ahead of the $1.00 consensus estimate by 36.00%, but revenue of $240.52 million missed expectations of $262.96 million by 8.53% and slipped 4.7% year-over-year. The primary driver behind the bottom-line outperformance was a significant reduction in network operations expenses, alongside lower depreciation following Cogent's July 2024 decision to extend the estimated useful life of its owned fiber from 14 to 40 years, which meaningfully reduced per-period charges. Adjusted EBITDA rose 14.8% year-over-year to $76.74 million, with margin expanding to 31.9% from 26.5% a year ago, even as legacy off-net revenue continued to erode. Wavelength services offered a rare growth story, surging 73.7% year-over-year to $12.10 million. Still, the stock has faced considerable pressure, with UBS trimming its price target to $21 following the results, reflecting concern over the pace of the company's newer revenue ramp.
Key Takeaways
- • Wavelength revenue increased 73.7% YoY and 18.8% sequentially with customer connections up 84.6% YoY
- • IPv4 address leasing revenue increased 43.8% for full year 2025
- • EBITDA as adjusted margin expanded to 31.9% from 26.5% YoY
- • GAAP gross margin improved to 22.3% from 11.8% YoY, driven by lower network operations costs and reduced depreciation
- • IP network traffic increased 10% YoY and 4% sequentially
- • On-net revenue grew 4.3% YoY despite overall revenue decline
- • Off-net revenue declined 17.9% YoY as lower-margin connections were shed
CCOI YoY Financials
Q4 2025 vs Q4 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% |