Cogent Communications
Tier 1 IP backbone built on distressed fiber, serving corporate, net-centric, and enterprise buyers.
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Profile
Runs a Tier 1 IP backbone serving corporate tenants in office buildings, bandwidth-heavy net-centric buyers, and enterprise customers across a global fiber network grown through distressed-asset acquisitions. The 2023 Sprint Wireline deal added long-haul wavelength capacity and pushed the company into optical transport and colocation alongside its core Internet transit business.
Operates a Tier 1 all-optical IP backbone built through acquisitions of distressed fiber assets — a model set in 1999 and applied most dramatically when the Sprint Wireline long-haul network was acquired for a nominal sum in 2023.
Revenue spans three customer types: corporate buyers in multi-tenant office buildings taking dedicated Internet access; net-centric buyers — CDNs, streaming platforms, gaming companies, and access ISPs — that carry most network traffic; and enterprise customers on large multi-site contracts, mostly served over third-party last-mile.
IP transit and dedicated access dominate the product mix, while optical wavelength services are expanding rapidly across the data center footprint added in the Sprint deal. Colocation is present but small.
Flat-rate pricing and deep on-net building penetration anchor the corporate and net-centric lines. Founder David Schaeffer has been Chairman, CEO, and President since 1999.
Company facts
Key statistics
Year to date −54.1% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | UBS | Target | $11 | $9 | ||
| Aug 19, 2026 | JP Morgan | Downgrade | Neutral | Underweight | ||
| Aug 17, 2026 | UBS | Reiterate | Neutral | $17 | $11 | |
| Aug 13, 2026 | RBC Capital | Reiterate | Sector Perform | $18 | $12 | |
| Aug 7, 2026 | Goldman Sachs | Target | $22 | $12 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$1.00 | $1.38 | +238.0% | $239.6M | $235.6M | −1.7% | −15.23% |
| May 4, 2026Q1 FY26 | −$1.03 | −$0.83 | +19.4% | $241.3M | $239.2M | −0.9% | +10.32% |
| Feb 20, 2026Q4 FY25 | −$1.09 | −$0.64 | +41.3% | $243.5M | $240.5M | −1.2% | −3.87% |
| Nov 6, 2025Q3 FY25 | −$1.15 | −$0.87 | +24.3% | $243.8M | $222.7M | −8.6% | −5.85% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $247.0M | $246.2M | $222.7M | $240.5M | $239.2M | $474.7M | |
| Gross profit | $109.6M | $33.5M | $110.3M | $53.7M | $110.0M | $220.5M | |
| Operating income | −$40.3M | −$31.5M | −$18.1M | −$11.5M | −$13.5M | $105.4M | |
| Net income | −$52.0M | −$57.8M | −$41.5M | −$30.8M | −$39.5M | $27.1M | |
| Diluted EPS | −$1.09 | −$1.21 | −$0.87 | −$0.64 | −$0.83 | $0.56 | |
| Gross margin | 44.4% | 13.6% | 49.5% | 22.3% | 46.0% | 46.4% | |
| Operating margin | -16.3% | -12.8% | -8.1% | -4.8% | -5.6% | 22.2% |
Fiscal years (4-quarter sums)FY21 $589.8M · FY22 $599.6M · FY23 $929.9M · FY24 $1.04B · FY25 $956.6M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $183.7M · Total debt $2.64B · Total assets $3.10B · Shareholders' equity −$34.1M
Dividends
Last cut to $0.02 from $1.015 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 21, 2026 | Aug 21 | Sep 4 | $0.02 | |
| May 18, 2026 | May 18 | Jun 2 | $0.02 | |
| Mar 6, 2026 | Mar 6 | Mar 20 | $0.02 | |
| Nov 21, 2025 | Nov 21 | Dec 8 | $0.02 | cut from $1.015 |
| Aug 21, 2025 | Aug 21 | Sep 5 | $1.015 | raised from $1.01 |
| May 22, 2025 | May 22 | Jun 6 | $1.01 | raised from $1.005 |
| Mar 13, 2025 | Mar 13 | Mar 28 | $1.005 | raised from $0.995 |
| Nov 22, 2024 | Nov 22 | Dec 6 | $0.995 | raised from $0.985 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 50.08M · Float 47.30M · 94.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.38M | 14.73% | 13F | Aug 7, 2026 |
| Turtle Creek Asset Management Inc. | 4.20M | 8.39% | 13F | Aug 14, 2026 |
| Park West Asset Management LLC | 3.11M | 6.20% | 13F | Aug 14, 2026 |
| State Street Corp | 2.78M | 5.55% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.38M | 4.76% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 16, 2026 | Thaddeus Gerard Weed | officer: VICE PRESIDENT, CFO | −4,850 | $16.79 |
| Jun 15, 2026 | Henry W. Kilmer | officer: VP OF NETWORK STRATEGY | −2,400 | $17.01 |
| May 28, 2026 | Lewis H. FERGUSON | director | −2,800 | $20.36 |
| May 14, 2026 | Sheryl Lynn Kennedy | director | −3,300 | $16.22 |
| Mar 6, 2026 | Henry W. Kilmer | officer: VP OF NETWORK STRATEGY | −2,400 | $23.35 |
Peers
- Lumen Technologies
Broadest overlap: IP transit, wavelength, enterprise WAN, and DIA.
- Verizon
Tier 1 backbone rival competing in IP transit, wavelength, and enterprise WAN.
- AT&T
Tier 1 US carrier competing in DIA, IP transit, wavelength, and enterprise WAN.
- Comcast
Comcast Business competes on DIA and Carrier Ethernet in its US cable footprint.
- Equinix
World's largest carrier-neutral colo operator; 273 IBX data centers globally.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cogent Communications | $9.53 | +0.61% | $474.7M | — | — | 0.4 | −4.3% |
| Lumen Technologies | $6.10 | +0.91% | $6.22B | — | — | 0.5 | −9.3% |
| Verizon | $49.91 | −0.34% | $209.20B | 13.0 | 9.8 | 1.5 | −0.7% |
| AT&T | $25.98 | −0.08% | $178.16B | 8.6 | 10.7 | 1.4 | +2.3% |
| Comcast | $27.08 | +0.09% | $96.03B | 8.8 | 7.7 | 0.8 | −1.2% |
| Equinix | $1,031.43 | −1.20% | $103.05B | 67.3 | 59.8 | 10.5 | +16.4% |
| Median | 10.9 | 10.3 | 1.4 | −0.7% |