COGENT COMMUNICATIONS HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COGENT COMMUNICATIONS HOLDINGS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	447	485	520	546	568	590	600	941	1,036	976
Cost of revenue	194	209	220	220	219	226	228	544	642	535
Gross profit	253	276	301	326	349	363	371	397	394	441
Selling, general and administrative	121	128	134	147	158	162	163	275	276	274
Operating income	64	75.9	86.6	100	107	119	114	-129	-198	-101
Interest expense	40.8	48.5	51.1	57.5	62.5	58.1	111	93.3	123
Pre-tax income	24.3	31.1	41.4	52.7	10.3	71.4	26.4	1,219	-260	-245
Income tax	9.33	25.2	12.7	15.2	4.1	23.2	21.2	-54	-55.6	-62.8
Net income	14.9	5.88	28.7	37.5	6.22	48.2	5.15	1,273	-204	-182
EBITDA	139	152	168	181	190	208	206	103	100	169
EPS, basic	0.33	0.13	0.63	0.82	0.14	1.04	0.11	26.88	-4.28	-3.80
EPS, diluted	0.33	0.13	0.63	0.81	0.13	1.03	0.11	26.62	-4.28	-3.80
Shares, basic (weighted)	44.6	44.9	45.3	45.5	45.9	46.4	46.9	47.4	47.6	47.9
Shares, diluted (weighted)	44.9	45.2	45.8	46.1	46.7	47	47.2	47.8	47.6	47.9
Dividend per share	1.51	1.80	2.12	2.44	2.78	3.17	3.56	3.76	3.92	3.05

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	274	247	276	399	371	320	224	75.1	198	149
Receivables	33.6	39.1	41.7	40.5	44.2	41.9	44.1	135	96.9	88.1
Other current assets	19.7	20	32.5	35.8	40.9	39	45.9	80.6	74.1	67.8
Total current assets	328	306	350	476	456	410	366	514	482	451
Property, plant and equipment	362	381	375	369	430	458	544	1,538	1,664	1,721
Intangible assets								473
Total assets	738	711	740	932	1,000	985	1,010	3,212	3,173	3,100
Accounts payable	11.6	11.6	8.52	11.1	9.78	11.9	27.2	48.4	39.8	30.6
Accrued liabilities	47.1	47.9	51.4	51.3	51	39.1	63.9	121	135	110
Deferred revenue	4.33	4.76	4.5	4.32	4.65	4.89	4.91	6.55	6.24	6.42
Total current liabilities	67.9	74.5	75.3	89.7	94.4	81	120	373	253	221
Lease liabilities				86.7	111	112	94.6	330	302	270
Other non-current liabilities	28	27.6	25.4	15.3	14.8	44.6	35	61.6	40.1	28.6
Total liabilities	791	813	889	1,136	1,294	1,358	1,529	2,602	2,950	3,164
Total debt	570	575	645	798	882	898	950	950	1,456	1,730
Paid-in capital	443	457	471	493	516	548	575	607	630	643
Retained earnings	-479	-555	-609	-685	-808	-910	-1,075	17.1	-376	-709
Other comprehensive income	-17.2	-4.6	-10.9
Shareholders' equity	-53.3	-103	-149	-204	-293	-373	-519	610	223	-63.8
Total equity	-53.3	-103	-149	-204	-293	-373	-519	610	223	-63.8
Total liabilities and equity	738	711	740	932	1,000	985	1,010	3,212	3,173	3,100
Shares outstanding	45.5	46	46.3	46.8	47.2	47.7	48	48.6	49	50.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.9	5.88	28.7	37.5	6.22	48.2	5.15	1,273	-204	-182
Depreciation and amortization	75.2	75.9	81.2	80.2	83.5	89.2	92.2	232	298	270
Stock-based compensation	10.7	13.3	17.7	18.5	23.5	26.8	24.4	26.9	25.7	26.4
Deferred income tax	9.22	24.7	11.1	12.2	0.28	18.2	16.5	-69.6	-51.6	-65
Change in receivables	-3.18	-4.16	-3.2	1.07	-2.7	1.39	-2.84	-51	38.5	8.88
Cash from operations	108	112	134	149	140	170	174	17.3	-8.65	-10.6
Capital expenditures	-45.2	-45.8	-49.9	-47	-56	-69.9	-79	-130	-195	-188
Acquisitions								2.19	12.3
Cash from investing	-45.2	-45.8	-49.9	-47	-56	-69.9	-79	76.7	21.5	-87.6
Debt repaid	-21.2	-3.8	-9.44	-10	-10.5	-6.92	-0.79
Stock issued	1.22	1.22	1.77	1.64	1.38	1.82	0.61	1.23	2.2	0.18
Share buybacks	-4.49	-1.83	-6.56		-4.5				-7.97	-16.7
Dividends paid	-68.2	-81.7	-97.9	-113	-129	-150	-170	-182	-189	-150
Cash from financing	8.34	-97.3	-52.5	22	-116	-141	-145	-258	106	62.9
Exchange rate effect						-2.19	-2.6	1.65	-4.64	12.4
Net change in cash	70.7	-27.3	29.1	123	-28.1	-42.7	-52.7	-162	114	-22.8
Free cash flow	62.7	65.9	84	102	84.4	100	94.7	-112	-204	-198
Interest paid	37.1	47	48.9	56	62.9	59.5	66.5	105	134	155
Income taxes paid	0.14	0.44	2.44	3.41	3.45	4.45	7.16	35.3	3.17	-0.66

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.3%	Gross profit / revenue.
Operating margin	8.0%	Operating income / revenue.
EBITDA margin	31.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.1%	Pre-tax income / revenue.
Net margin	-4.7%	Net income / revenue.
FCF margin	-14.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.6%	Cash from operations / revenue.
Return on assets (ROA)	-1.5%	Net income / average total assets.
SG&A / revenue	29.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	16.5%	Capital expenditures / revenue.
D&A / revenue	23.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	68.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-22.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-5.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-128.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	45.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	25.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.63x	Current assets / current liabilities.
Quick ratio	0.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	101.1%	Total liabilities / total assets.
Working capital	-$353.4M	Current assets - current liabilities.
Tangible book value	-$34.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	0.58x	Revenue / average property, plant and equipment.
Receivables turnover	11.2x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	1,044.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.93	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.77	Revenue / diluted weighted shares.
FCF per share	-$2.95	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.31	Cash from operations / diluted weighted shares.
Book value per share	-$0.67	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.67	Tangible book value / shares outstanding.
Cash per share	$3.59	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$393.8M	Share price x shares outstanding.
Enterprise value	$210.1M	Market cap + total debt - cash - short-term investments.
P/S	0.41x	Market cap / revenue.
P/OCF	26.0x	Market cap / cash from operations, when positive.
EV/Sales	0.22x	Enterprise value / revenue.
EV/EBIT	2.76x	Enterprise value / operating income, when both are positive.
EV/EBITDA	0.70x	Enterprise value / EBITDA, when both are positive.
FCF yield	-36.3%	Free cash flow / market cap.
Earnings yield	-11.5%	Net income / market cap (the inverse of P/E).
Dividend yield	14.0%	Dividends paid over the period / market cap.
Shareholder yield	14.0%	(Dividends paid + share buybacks) / market cap.

What was COGENT COMMUNICATIONS HOLDINGS, INC.'s revenue in fiscal 2025?

COGENT COMMUNICATIONS HOLDINGS, INC. reported revenue of $975.8M for fiscal 2025, 5.8% lower than the year before.

Was COGENT COMMUNICATIONS HOLDINGS, INC. profitable in fiscal 2025?

No. It reported a net loss of $182.2M.

How much free cash flow did COGENT COMMUNICATIONS HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $10.6M minus capital expenditures of $187.6M left free cash flow of -$198.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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