Cogent Comms (CCOI) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 23, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-1.06

Last Year’s EPS

-1.09

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 7 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 20, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presents a mixed but constructive picture: management showcased clear operational progress — margin expansion, EBITDA growth, strong wavelength and IPv4 leasing momentum, improved on‑net mix, and a plan to reduce capital intensity — while also acknowledging material challenges from the rapid attrition of Sprint-acquired revenues, a sizable infrastructure EBITDA drag, continued high leverage and an upcoming debt refinancing, and pricing pressure on some product metrics. Management’s tone was optimistic about future revenue mix improvements, continued margin expansion (albeit at a moderated pace), and active data‑center monetization and refinancing plans, but several execution and timing risks remain.

Company Guidance

Management’s guidance was that growth should normalize to a multiyear revenue CAGR of about 6–8% with EBITDA-margin expansion of roughly 200 basis points per year (after nearly 800 bps of expansion in 2025); they plan to refinance the $750M 2027 unsecured notes with $750M of secured notes after the make‑whole period in June and target reducing net leverage to ~4x before materially restoring capital returns. Key operating targets and progress cited: on‑net revenue mix has risen from 47% in 2023 to roughly 61% this quarter (58.4% for the year) while off‑net has fallen from 48% to ~39% (non‑core <1%); Wavelength footprint now wave‑enabled in ~1,096 locations (1,068 at year‑end), sold in 518 locations, with Q4 Wavelength revenue $12.1M (+74% YoY, +19% sequential), full‑year $38.5M (+100% YoY), 2,064 wavelength connections (up 18% sequential) and an ambition to capture ~25% of the North American wavelength market. Financial and cash‑flow metrics referenced include Q revenue $200.14M and FY revenue $975.8M, EBITDA Classic FY2025 ~$192.8M (margin 19.8% vs 11.9% FY2024), EBITDA as‑adjusted Q4 $76.7M (31.9% margin) and FY as‑adjusted margin ~30%, gross debt at par ~$2.4B and net debt ~$1.9B (including $203.1M due from T‑Mobile), adjusted gross debt/EBITDA ~7.35 (vs 7.45 prior quarter) and net debt/EBITDA ~6.64 (vs 6.65), CapEx Q4 $37M and FY $187.6M, IPv4 leasing revenue $64.5M (+44% YoY) with 15.3M addresses leased (title to 37.8M), ARPUs: on‑net $509, off‑net $1,234, wavelength $2,114, IPv4 $0.30/address, monthly churns on‑net 1.2% / off‑net 1.9% / wavelength <0.5%, and IP traffic +10% YoY (+4% sequential).

Wavelength Revenue and Footprint Expansion

Wavelength revenue was $12.1M in Q4, up 74% year-over-year and ~19% sequentially; full-year 2025 wavelength revenue was $38.5M, +100% YoY. The service footprint increased to ~1,096 enabled locations (1,068 at year-end reported) with ~2,064 wavelength connections (end of quarter) and provisioning intervals of ~30 days. Wavelength customers grew 18% sequentially and 85% YoY for the year.

Strong Gross Margin Improvement

Q4 gross margin was $112.5M, up $1.6M sequentially; gross margin rate increased 100 bps sequentially to 46.8%. Full-year 2025 gross margin was $442.7M, up $46.7M YoY; full-year gross margin rate improved to 45.4% from 38.2% (+720 bps YoY).

EBITDA and Margin Expansion (Multiple Measures)

Quarterly EBITDA as adjusted increased by $3.0M to $76.7M with adjusted EBITDA margin (Dave’s metric) expanding ~140 bps to 31.9% sequentially. EBITDA Classic for full year 2025 was ~$192.8M, up ~$70M YoY from ~$122.8M, and EBITDA Classic margin rose to 19.8% from 11.9% (+~790 bps YoY).

On-net Revenue Mix Shift Toward Higher-Margin Products

On-net revenues rose materially: on-net as a percentage of total revenues increased from 47% in 2023 to ~61% this quarter (off-net fell from 48% to ~39%; non-core down from 5% to <1%). On-net revenue (including on-net wavelength) was $146.4M in the quarter, +7.8% YoY and +0.6% sequentially.

IPv4 Leasing Acceleration

Full-year 2025 IPv4 leasing revenue was $64.5M, +44% YoY. Leased addresses totaled 15.3M (up 2.2M or +17% YoY) and Cogent holds title to 37.8M IPv4 addresses, supporting ongoing leasing revenue.

Traffic and Sales Trends

IP network traffic grew 4% sequentially and 10% YoY in the quarter (9% for the full year). Over 80% of 2025 sales were on-net. Sales force: 590 quota-bearing reps; sales rep productivity was 4.1 units in Q4 (improved vs 2024). Churn improved: on-net monthly churn 1.2% (1.3% prior quarter), off-net 1.9% (2.1% prior quarter), wavelength <0.5%.

Capital Intensity and CapEx Progress

CapEx declined as integration and data-center modernization completed; Q4 CapEx $37M and full-year CapEx $187.6M. Management cited a $41M reduction in CapEx tied to completion of reconfiguration work in Sprint-acquired facilities and conversion of 125 facilities into data centers.

Improving Leverage Metrics and Clear Deleveraging Plan

Gross-debt leverage (adjusted) improved to 7.35 from 7.45 QoQ; net-debt ratio improved to 6.64 from 6.65. Management intends to refinance the $750M 2027 unsecured notes with $750M secured notes and targets ~4x net leverage before materially resuming returns of capital (dividends/share buybacks). T-Mobile receivables ($203.1M) are being treated as part of leverage calculus.

Cogent Comms (CCOI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CCOI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2026	2026 (Q1)	-1.06 / -	-1.09	―	―	―
Feb 20, 2026	2025 (Q4)	-1.03 / -0.64	-0.91	29.67% (+0.27)
Nov 06, 2025	2025 (Q3)	-1.10 / -0.87	-1.33	34.59% (+0.46)
Aug 07, 2025	2025 (Q2)	-1.00 / -1.21	-0.68	-77.94% (-0.53)
May 08, 2025	2025 (Q1)	-1.06 / -1.09	-1.38	21.01% (+0.29)
Feb 27, 2025	2024 (Q4)	-1.21 / -0.91	4.17	-121.82% (-5.08)
Nov 07, 2024	2024 (Q3)	-1.19 / -1.33	-1.2	-10.83% (-0.13)	―
Aug 08, 2024	2024 (Q2)	-1.26 / -0.68	23.65	-102.88% (-24.33)	―
May 09, 2024	2024 (Q1)	-1.17 / -1.38	0.13	-1161.54% (-1.51)
Feb 29, 2024	2023 (Q4)	-1.01 / 4.17	0.02	20750.00% (+4.15)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CCOI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 20, 2026	$26.31	$18.59	-29.36%
Nov 06, 2025	$38.25	$24.92	-34.86%
Aug 07, 2025	$42.64	$34.34	-19.46%
May 08, 2025	$50.57	$46.86	-7.35%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Cogent Communications (CCOI) report earnings?

Cogent Communications (CCOI) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).

What is Cogent Communications (CCOI) earnings time?

Cogent Communications (CCOI) earnings time is at Apr 23, 2026, Before Open (Confirmed).

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What is CCOI EPS forecast?

CCOI EPS forecast for the fiscal quarter 2026 (Q1) is -1.06.