Q2 26 EPS GAAP
$1.38
BEAT +245.26%
Est. $-0.95
Includes $132,041 thousand in gains on asset sales ($132,041K) and finance lease terminations ($1,397K) from the sale of ten owned data centers in Q2 2026; also includes $1,579 thousand gain on debt extinguishment of 2032 notes
Q2 26 Revenue
$235.6M
MISS 1.76%
Est. $239.8M
vs S&P Since Q2 26
-20.7%
TRAILING MARKET
CCOI -20.2% vs S&P +0.6%
Market Reaction
Did CCOI Beat Earnings? Q2 2026 Results
Cogent Communications Holdings posted a headline-grabbing Q2 2026 earnings beat, though the story behind the numbers is dominated by a one-time asset sale rather than operational momentum. The company reported GAAP diluted EPS of $1.38, beating the c… Read more Cogent Communications Holdings posted a headline-grabbing Q2 2026 earnings beat, though the story behind the numbers is dominated by a one-time asset sale rather than operational momentum. The company reported GAAP diluted EPS of $1.38, beating the consensus estimate of $-0.95 by 245.26%, a result that reflects $132.04 million in gains on asset sales and finance lease terminations tied to the divestiture of ten owned data centers, plus a $1.58 million gain on debt extinguishment of its 2032 notes. Strip away that context and the underlying picture is more restrained: service revenue of $235.56 million missed the $239.79 million consensus by 1.76% and fell 4.3% year-over-year, continuing a pattern of top-line pressure. Wavelength revenue grew 63.8% year-over-year to $14.83 million, but that growth is now shadowed by an active securities class action alleging the company's wavelength backlog was misleading and unlikely to convert to actual revenue, a claim Cogent has not publicly conceded.
Key Takeaways
- • On-net revenue including wavelengths grew 6.2% YoY driven by on-net customer connection growth and rapid wavelength adoption
- • Wavelength revenue grew 63.8% YoY with 66.4% growth in wavelength customer connections
- • IP network traffic increased 16% YoY
- • EBITDA as adjusted margin improved to 30.2% from 29.3% in Q1 2026
- • Non-GAAP gross margin expanded to 47.0% from 44.4% in Q2 2025
- • Network operations expenses declined 3.1% sequentially
- • Data center asset sales generated $224.2 million in net proceeds and $132 million gain
CCOI YoY Financials
Q2 2026 vs Q2 2025, 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes $132,041 thousand in gains on asset sales ($132,041K) and finance lease terminations ($1,397K) from the sale of ten owned data centers in Q2 2026; also includes $1,579 thousand gain on debt extinguishment of 2032 notes | $-0.95 | $1.38 | +245.26% | $235.6M | -1.76% |
| 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% |