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Cogent Communications Holdings Income Statement 2025-2011 | CCOI
Brief overview of financial performance at Cogent Communications Holdings
The conclusions below are based on five years of reported results. Revenue at Cogent Communications Holdings moved from $568 million in 2020 to $976 million in 2025. The total change was +71.8%, with a CAGR of approximately 11.4%. The pace indicates confident and sustained business growth.
Gross profit changed from $349 million to $441 million (+26.3%). Direct costs outpaced revenue, limiting the benefit of changes in sales. Comparing the endpoints gives gross margins of 61.4% and 45.2%. The margin decline reflects a less favorable sales-and-cost structure.
The five-year EBITDA result moved by −11.2%: from 190 million dollars to 169 million dollars. EBITDA lagged revenue, showing weaker operating momentum. EBITDA margin moved from 33.5% to 17.3%. The business retained less EBITDA from each unit of revenue.
Net income moved from 6.2 million dollars at the start to −182 million dollars at the end. The business lost profitability by the end of the period.
Market value was $2.5 billion at the start and $906 million at the end. The market has not yet confirmed the improvement in fundamentals.
Financial takeaway
The results contain several connected negative signals. Key strengths include a larger revenue base. The main areas of concern are pressure on operating profitability, weaker gross profitability and a weaker final result. The next reporting periods will show whether revenue, margins, and final profitability can strengthen.
Annual Income Statement Cogent Communications Holdings
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
906 M | 3.43 B | 3.81 B | 2.94 B | 2.95 B | 2.53 B | 3.3 B | 2.14 B | 2.01 B | 1.87 B | 1.5 B | 1.7 B | 1.89 B | 1.1 B | 691 M |
Shares |
47.9 M | 47.6 M | 47.4 M | 46.9 M | 46.4 M | 45.9 M | 45.5 M | 45.3 M | 44.9 M | 44.6 M | 44.9 M | 46 M | 46.3 M | 45.5 M | 45.2 M |
Historical Prices |
18.9 | 72 | 80.4 | 62.8 | 63.6 | 55 | 66 | 43.1 | 38.4 | 34.1 | 26.2 | 27.9 | 30.1 | 17.7 | 10.8 |
Net Income |
-182 M | -204 M | 1.27 B | 5.15 M | 48.2 M | 6.22 M | 37.5 M | 28.7 M | 5.88 M | 14.9 M | 4.9 M | 797 K | 56.7 M | -4.25 M | 7.54 M |
Revenue |
976 M | 1.04 B | 941 M | 600 M | 590 M | 568 M | 546 M | 520 M | 485 M | 447 M | 404 M | 380 M | 348 M | 317 M | 306 M |
Cost of Revenue |
535 M | 642 M | 544 M | 228 M | 226 M | 219 M | 220 M | 220 M | 209 M | 194 M | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | 326 M | 301 M | 276 M | 253 M | 230 M | 220 M | 198 M | 173 M | 173 M |
Operating Income |
-101 M | -198 M | -129 M | 114 M | 119 M | 107 M | 100 M | 86.6 M | 75.9 M | 64 M | 53 M | 53.9 M | 46.2 M | 31 M | 36.5 M |
Interest Expense |
- | - | - | 111 M | 58.1 M | 62.5 M | 57.5 M | 51.1 M | 48.5 M | 40.8 M | 41.3 M | 49.9 M | 41.8 M | 36.3 M | 34.5 M |
EBITDA |
169 M | 100 M | 103 M | 206 M | 208 M | 190 M | 179 M | 167 M | 148 M | 132 M | 117 M | 112 M | 111 M | 93.4 M | 96.4 M |
Operating Expenses |
- | - | - | - | - | - | 227 M | 215 M | 204 M | 196 M | 184 M | 177 M | 152 M | 142 M | 137 M |
General and Administrative Expenses |
274 M | 276 M | 275 M | 163 M | 162 M | 158 M | 147 M | 134 M | 128 M | 121 M | 113 M | 108 M | 87.2 M | 79.9 M | 77 M |
All numbers in USD currency
Quarterly Income Statement Cogent Communications Holdings
| 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
47.6 M | 47.6 M | 47.7 M | 49 M | 47.4 M | 47.5 M | 47.4 M | 48.6 M | 47.2 M | 47.1 M | 47 M | 48 M | 46.7 M | 46.7 M | 46.6 M | 47.7 M | 46.3 M | 46.2 M | 46.1 M | 47.2 M | 45.8 M | 45.8 M | 45.7 M | 45.6 M | 45.4 M | 45.4 M | 45.2 M | 45.3 M | 45.1 M | 45 M | 44.9 M | 44.8 M | 44.8 M | 44.7 M | 44.6 M | 44.6 M | 44.6 M | 44.5 M | 44.4 M | 44.6 M | 44.6 M | 44.5 M | 44.4 M | 45.2 B | 45.6 B | 45.9 B | 46.4 B | 46.3 M | 46.2 M | 46 M | 45.5 M | 45.5 M | 45.4 M | 45.3 M | 45.2 M | 45 M | 45.1 M | 45 M | 44.7 M |
Net Income |
-41.5 M | -57.8 M | -52 M | - | -63.1 M | -32.3 M | -65.3 M | - | -56.7 M | 1.12 B | 6.15 M | - | -8.01 M | 11.2 M | 1.14 M | - | 29.7 M | -2.49 M | 18.9 M | - | 12.8 M | 17.8 M | 9.23 M | 7.46 M | 30.1 M | 16.4 M | 9.22 M | 7.1 M | 21.6 M | 13.3 M | 6.78 M | -6.23 M | 3.65 M | 4.32 M | 4.14 M | 3.89 M | 3.46 M | 4.22 M | 3.35 M | 3.89 M | 3.46 M | 4.22 M | 3.35 M | -352 K | -184 K | 1.21 M | 125 K | 52.6 M | 2.12 M | 1.61 M | 361 K | -276 K | -94 K | -1.79 M | -2.09 M | 5.42 M | 281 K | 2.12 M | -278 K |
Revenue |
242 M | 246 M | 247 M | - | 257 M | 260 M | 266 M | - | 275 M | 240 M | 154 M | - | 150 M | 148 M | 149 M | - | 148 M | 148 M | 147 M | - | 142 M | 141 M | 141 M | 140 M | 137 M | 135 M | 134 M | 132 M | 130 M | 129 M | 129 M | 125 M | 123 M | 120 M | 117 M | 116 M | 113 M | 110 M | 108 M | 116 M | 113 M | 110 M | 108 M | 96.7 M | 95.7 M | 94.6 M | 92.9 M | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
132 M | 137 M | 137 M | - | 162 M | 156 M | 169 M | - | 174 M | 138 M | 58.6 M | - | 57.2 M | 56.5 M | 57.4 M | - | 56.6 M | 56.2 M | 57.1 M | - | 54.5 M | 53.9 M | 55.9 M | 56 M | 55.3 M | 54.4 M | 54.2 M | 55.7 M | 54.6 M | 54.4 M | 54.9 M | 53.9 M | 53.6 M | 51.1 M | 50.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
-18.1 M | -31.5 M | -40.3 M | - | -57.8 M | -47.1 M | -59.4 M | - | -50.6 M | -34.6 M | 24.3 M | - | 28.1 M | 29.6 M | 28.8 M | - | 28.6 M | 28.2 M | 26.3 M | - | 26 M | 27.6 M | 25.8 M | 28 M | 25.8 M | 22 M | 24.4 M | 22.3 M | 22.3 M | 21.4 M | 20.6 M | 20.5 M | 17.7 M | 19 M | 18.7 M | 14.8 M | 16.1 M | 17.5 M | 15.7 M | 14.8 M | 16.1 M | 17.5 M | 15.7 M | 13.1 M | 13.6 M | 14.3 M | 12.9 M | 12.1 M | 12.6 M | 11.6 M | 9.9 M | 9.17 M | 8.03 M | 7.8 M | 5.97 M | 10.9 M | 9.58 M | 8.67 M | 7.36 M |
Interest Expense |
4.56 M | -2.42 M | -865 K | - | -1.15 M | 2.48 M | 2.74 M | - | 1.6 M | 200 K | 19 M | - | 17.9 M | 13.5 M | 14.2 M | - | 14.3 M | 14.2 M | 15.8 M | - | 15.8 M | 15.5 M | 15.2 M | - | 15.2 M | 13.6 M | 13.5 M | - | 12.8 M | 12.4 M | 12.4 M | - | 12.3 M | 12.1 M | 11.9 M | - | 9.89 M | 10.2 M | 10.1 M | - | 10 M | 9.69 M | 11.3 M | - | 12.7 M | 13.8 M | 11.3 M | - | 10.6 M | 10.2 M | 9.87 M | - | 9.02 M | 8.99 M | 8.99 M | - | 8.95 M | 9.14 M | 7.58 M |
EBITDA |
42.3 M | 43.8 M | 35.7 M | - | 28 M | 26.9 M | 11.5 M | - | 36.2 M | 17.9 M | 49.5 M | - | 51 M | 52.6 M | 51.5 M | - | 51.2 M | 50.3 M | 48.3 M | - | 47.7 M | 47.5 M | 45.4 M | 28 M | 45.8 M | 42 M | 44.7 M | 22.3 M | 42.5 M | 41.6 M | 40.4 M | 20.5 M | 36.9 M | 37.9 M | 37.2 M | 14.8 M | 34.9 M | 36.1 M | 33.4 M | 14.8 M | 33.7 M | 34.9 M | 33.2 M | 13.1 M | 31 M | 31.6 M | 30.1 M | 12.1 M | 28.6 M | 27.5 M | 25.8 M | 9.17 M | 23.6 M | 23.3 M | 21.2 M | 10.9 M | 24.8 M | 23.4 M | 22.1 M |
General and Administrative Expenses |
70.4 M | 64.9 M | 73.9 M | - | 67.7 M | 68.3 M | 76.7 M | - | 65.3 M | 83.7 M | 45.1 M | - | 39.1 M | 39.4 M | 40.6 M | - | 40.1 M | 41.4 M | 41.4 M | - | 39.7 M | 39.8 M | 39.7 M | - | 36 M | 38.6 M | 35.9 M | 33.2 M | 33.4 M | 33.7 M | 33.5 M | - | 32.9 M | 31.8 M | 31.5 M | - | 30 M | 29.8 M | 29.5 M | - | 27.3 M | 28.9 M | 29.7 M | - | 27.4 M | 26.1 M | 26.3 M | - | 21.7 M | 21.2 M | 21.5 M | - | 19.5 M | 19.4 M | 21.3 M | - | 19 M | 18.9 M | 19.5 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Cogent Communications Holdings (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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