CCOI COGENT COMMUNICATIONS HOLDINGS, INC.
Price Chart
Executive Summary
Cogent Communications reported Q1 2026 service revenue of $239.2M, down 3.2% YoY, and a GAAP net loss per share of $(0.83), improving from $(1.09) a year ago. While on-net revenue (+4.6% YoY) and wavelength revenue (+90.8% YoY) grew, total revenue continued to decline driven by a 17% drop in off-net revenue, and adjusted EBITDA margin contracted sequentially from 31.9% to 29.3%.
Key Financial Metrics
Actionable Insight
Revenue continues to shrink YoY for the sixth consecutive quarter, with the core off-net business contracting 17%. The adjusted EBITDA margin decline from Q4 2025 (31.9% to 29.3%) suggests operating leverage is reversing. Monitor the Q2 2026 earnings call for any guidance on when the revenue decline might stabilize, and watch for further deterioration in off-net customer connections.
Key Facts
- Q1 2026 service revenue $239.2M, down 3.2% YoY from $247.0M
- GAAP net loss per share $(0.83) vs $(1.09) in Q1 2025
- On-net revenue $135.6M, +4.6% YoY; off-net revenue $89.0M, -17.0% YoY
- Wavelength revenue $13.6M, +90.8% YoY; IPv4 revenue $18.0M, +24.8% YoY
- Adjusted EBITDA $70.2M, +2.1% YoY; margin 29.3% vs 27.8% a year ago but down from 31.9% in Q4 2025
- Operating cash flow $14.8M vs $36.4M in Q1 2025
- Quarterly dividend maintained at $0.02/share
- Total customer connections declined 3.2% YoY to 116,809
- Net leverage ratio 7.41x, essentially flat vs 7.34x in Q4 2025
Financial Impact
Revenue decline of ~$7.9M YoY; net loss improved by ~$12.5M YoY but remains negative
Risk Factors
- Sustained revenue decline driven by off-net segment contraction
- Adjusted EBITDA margin compression from Q4 2025 levels
- Net leverage remains elevated at 7.41x with interest coverage declining to 2.29x
- Operating cash flow weakened significantly YoY ($14.8M vs $36.4M)
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-054436 |
| Document: tm2613224d3_8k.htm | 0001104659-26-054436 |
| Document: 0001104659-26-054436-index-headers.html | 0001104659-26-054436 |
| Document: 0001104659-26-054436-index.html | 0001104659-26-054436 |
| Document: 0001104659-26-054436.txt | 0001104659-26-054436 |
| 8-K Data (Synthetic) | 0001104659-26-054436 |
Filters
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May 28, 2026
15d ago
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144
| $19.82 $16.39 | ▼ −17.31% | ▼ −17.26% | $15.86 (−19.98%) |
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May 4, 2026
5w ago
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8-K
| $16.37 $16.40 | ▲ +0.18% | ▼ −2.75% | $15.86 (−3.12%) |
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May 4, 2026
5w ago
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8-K
| $16.37 $16.40 | ▼ −0.18% | ▲ +2.75% | $15.86 (+3.12%) |
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Mar 5, 2026
14w ago
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Insider Cluster
| $22.75 $19.63 | ▼ −13.71% | ▼ −11.48% | $15.86 (−30.29%) |
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Mar 5, 2026
14w ago
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Insider Cluster
| $22.75 $19.63 | ▼ −13.71% | ▼ −11.48% | $15.86 (−30.29%) |
US Market Status
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