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Calix vs Cogent Communications: revenue, profit, margins and growth compared

Calix brought in $1B of revenue in fiscal 2025, Cogent Communications $975.8M in fiscal 2025. Revenue changed by +20.3% at Calix and -5.8% at Cogent Communications on the year before, so Calix grew faster. Calix kept 1.8% of its revenue as net profit, Cogent Communications -18.7%. Free cash flow was $115.5M at Calix and -$198.1M at Cogent Communications.

Side by side, latest fiscal year

CALXCCOI
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1B$975.8M
Revenue growth+20.3%-5.8%
Net income$17.9M-$182.2M
Net margin1.8%-18.7%
Free cash flow$115.5M-$198.1M
Free cash flow margin11.6%-20.3%
Earnings per share (diluted)$0.26-$3.80
Cash$143.1M$148.5M
Debtn/a$1.7B
Price to earnings127.5n/a
Market value$2.1B$393.8M
Dividend yieldn/a39.66%
Rank by revenue in sector#459 of 778 · Consumer discretionary#465 of 778 · Consumer discretionary

Over the years

Revenue
CALX FY2018: $441.3MCALX FY2019: $424.3MCALX FY2020: $541.2MCALX FY2021: $679.4MCALX FY2022: $867.8MCALX FY2023: $1BCALX FY2024: $831.5MCALX FY2025: $1BCCOI FY2018: $520.2MCCOI FY2019: $546.2MCCOI FY2020: $568.1MCCOI FY2021: $589.8MCCOI FY2022: $599.6MCCOI FY2023: $940.9MCCOI FY2024: $1BCCOI FY2025: $975.8MFY18FY19FY20FY21FY22FY23FY24FY25
CALX $1BCCOI $975.8M
Net income
CALX FY2018: -$19.3MCALX FY2019: -$17.7MCALX FY2020: $33.5MCALX FY2021: $238.4MCALX FY2022: $41MCALX FY2023: $29.3MCALX FY2024: -$29.7MCALX FY2025: $17.9MCCOI FY2018: $28.7MCCOI FY2019: $37.5MCCOI FY2020: $6.2MCCOI FY2021: $48.2MCCOI FY2022: $5.1MCCOI FY2023: $1.3BCCOI FY2024: -$204.1MCCOI FY2025: -$182.2MFY18FY19FY20FY21FY22FY23FY24FY25
CALX $17.9MCCOI -$182.2M
Net margin
CALX FY2018: -4.4%CALX FY2019: -4.2%CALX FY2020: 6.2%CALX FY2021: 35.1%CALX FY2022: 4.7%CALX FY2023: 2.8%CALX FY2024: -3.6%CALX FY2025: 1.8%CCOI FY2018: 5.5%CCOI FY2019: 6.9%CCOI FY2020: 1.1%CCOI FY2021: 8.2%CCOI FY2022: 0.9%CCOI FY2023: 135.3%CCOI FY2024: -19.7%CCOI FY2025: -18.7%FY18FY19FY20FY21FY22FY23FY24FY25
CALX 1.8%CCOI -18.7%
Revenue growth
CALX FY2019: -3.8%CALX FY2020: +27.6%CALX FY2021: +25.5%CALX FY2022: +27.7%CALX FY2023: +19.8%CALX FY2024: -20.0%CALX FY2025: +20.3%CCOI FY2019: +5.0%CCOI FY2020: +4.0%CCOI FY2021: +3.8%CCOI FY2022: +1.7%CCOI FY2023: +56.9%CCOI FY2024: +10.1%CCOI FY2025: -5.8%FY19FY20FY21FY22FY23FY24FY25
CALX +20.3%CCOI -5.8%
Free cash flow
CALX FY2018: -$6.9MCALX FY2019: -$8.7MCALX FY2020: $43.6MCALX FY2021: $46.3MCALX FY2022: $13.1MCALX FY2023: $38.4MCALX FY2024: $50.3MCALX FY2025: $115.5MCCOI FY2018: $84MCCOI FY2019: $101.9MCCOI FY2020: $84.4MCCOI FY2021: $100.3MCCOI FY2022: $94.7MCCOI FY2023: -$112.3MCCOI FY2024: -$203.6MCCOI FY2025: -$198.1MFY18FY19FY20FY21FY22FY23FY24FY25
CALX $115.5MCCOI -$198.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Calix and Cogent Communications

Which is bigger by revenue, Calix or Cogent Communications?

Calix is bigger by revenue: $1B in fiscal 2025, against $975.8M for Cogent Communications in fiscal 2025.

Which keeps more of its revenue as profit, Calix or Cogent Communications?

Calix had a net margin of 1.8% in fiscal 2025; Cogent Communications had -18.7% in fiscal 2025.

Which grew revenue faster, Calix or Cogent Communications?

In their latest fiscal years revenue changed by +20.3% at Calix and -5.8% at Cogent Communications.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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