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Dec 31, 2025
Cogent Q4 2025 Earnings Report
Cogent reported a net loss in Q4 2025 as service revenue declined year over year but adjusted EBITDA improved sequentially.
Key Takeaways
In Q4 2025, Cogent generated $240.5 million in service revenue, down year over year, and reported a net loss of $30.8 million. Despite lower revenue, adjusted EBITDA rose sequentially to $76.7 million with a 31.9% margin, supported by growth in wavelength services and IPv4 revenue.
Service revenue totaled $240.5 million, declining year over year.
Net loss was $30.8 million, with diluted EPS of -$0.64.
Adjusted EBITDA increased to $76.7 million, with margin expanding to 31.9%.
Wavelength revenue grew strongly year over year to $12.1 million, with connections up 84.6%.
Revenue by Segment
Forward Guidance
The company did not provide explicit financial guidance for future quarters but highlighted continued focus on dividend payments and integration of acquired wireline assets.
Positive Outlook
- Quarterly dividend of $0.02 per share approved for Q1 2026.
- Strong growth in wavelength services and customer connections.
- Improved adjusted EBITDA margin sequentially.
- Continued monetization of IPv4 assets.
- Expansion of optical wavelength service footprint.
Challenges Ahead
- Year-over-year decline in service revenue.
- Net loss for the quarter.
- Negative operating cash flow during the quarter.
- Decline in off-net customer connections.
- High leverage ratios remain elevated.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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