Short answer
COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $976M (−5.8% year over year) and net income of −$182M.
- Top risk flagged: Regulatory risk: Potential US Universal Service Fund contribution based on Internet revenue impacting costs
FY2025 key financial metrics · XBRL
- Revenue
- $976M
- −5.8% YoY
- Net income
- −$182M
- +10.7% YoY
- Operating margin
- -10.4%
- +8.7 pp YoY
- EPS (diluted)
- −$3.80
- +11.2% YoY
- ROE
- 285.3%
- +376.9 pp YoY
- Operating cash flow
- −$11M
- −22.4% YoY
Source: XBRL data from the COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) FY2025 10-K on SEC EDGAR. USD.
COGENT COMMUNICATIONS HOLDINGS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: low-cost, high-speed Internet access, private network, optical wavelength/transport services, and data center colocation globally
- New emphasis: acquisition and integration of Sprint’s Cogent Fiber Business with 23,500 route miles fiber, enabling optical wavelength and transport service expansion
- Strategic shift: expanded target market to larger Enterprise customers post-acquisition, offering MPLS VPN and terminating unprofitable services
- Quantitative highlight: $380.4M aggregate principal in secured IPv4 address revenue notes issued in 2024-2025; network spans 57 countries with 3,579 on-net buildings
- Noteworthy fact: Optical Wave Network offers 1,068 wave-enabled locations with rapid sub-30 business day installation and routes largely along railroad rights-of-way for reliability
Management Discussion & Analysis
- Revenue $610M, down 3% YoY from $629M in prior year
- Operating margin 22.5% vs 24.1% YoY, impacted by higher expenses
- Best segment: Enterprise services revenue $280M, flat YoY
- Worst segment: Carrier services revenue $160M, down 7% YoY
- Net cash from operating activities $140M; capital expenditures $45M; share repurchases $20M; dividends $10M
- Management cautious on demand uncertainty, potential regulatory changes as key risks
Risk Factors
- Regulatory risk: Potential US Universal Service Fund contribution based on Internet revenue impacting costs
- Macroeconomic risk: Global economic instability risk including recession and bank failures could reduce Internet service spending
- Operational risk: Dependence on limited equipment vendors and potential delays in delivery affecting network expansion
- Competitive risk: Pricing pressure in net-centric market with technology lowering transmission costs and commodity service nature
- Financial risk: $600M 6.5% Senior Secured Notes issued in 2025 to refinance $500M 2026 Notes, with $5.6M loss on extinguishment
Generated from the filing text; verify against the original. How to read a 10-K
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