The story
Founded by David Schaeffer in 1999.1
CCOI on Nasdaq
Logo: ™/®Cogent Communications Holdings, Inc., Public domain, via Wikimedia Commons5
Multinational internet service provider based in the United States
Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.3 It was founded by David Schaeffer.1 Its chief executive is David Schaeffer.1 Its shares trade on Nasdaq under the symbol CCOI.1 Wikipedia text CC BY-SA 4.0
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Last updated Oct 21, 2026.
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Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.3
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue by product, business segment and region, as the company reports it to the SEC.
On-net brought in 54% of the revenue Cogent Communications broke down this way in fiscal 2025.
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| On-net | $512.9M | $544.6M | $531.5M |
| Off-net | $393.5M | $454.1M | $397.5M |
| Wavelength Services | $5.7M | $19.2M | $38.5M |
| Non-core | $28.8M | $18.2M | $8.3M |
North America brought in 84% of the revenue Cogent Communications broke down this way in fiscal 2025.
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| North America | $802.7M | $888.0M | $819.5M |
| Europe | $108.4M | $116.1M | $122.0M |
| Oceania | $21.4M | $23.3M | $24.8M |
| South America | $7.6M | $8.0M | $8.8M |
| Africa | $786.0K | $642.0K | $588.0K |
Out of $975.8M in revenue.9 The company lost money this year.
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Service revenue | $975.8M | $1.0B | $940.9M |
| Network operations (including $1,885, $1,681 and $1,069 of equity-based compensation expense, respectively), exclusive of amounts shown separately | $535.0M | $641.8M | $544.2M |
| Selling, general, and administrative (including $24,532, $24,057 and $25,855 of equity-based compensation expense, respectively) | $274.4M | $275.8M | $275.3M |
| Acquisition costs - Cogent Fiber Business | $21.4M | $18.5M | |
| Depreciation and amortization | $270.2M | $298.0M | $232.2M |
| Total operating expenses | $1.1B | $1.2B | $1.1B |
| Gains on lease terminations and other | $2.7M | $3.3M | -$212.0K |
| Operating loss | -$101.1M | -$197.6M | -$129.3M |
| Interest expense, including change in valuation - interest rate swap | -$161.4M | -$123.3M | -$93.3M |
| Loss on debt extinguishment and redemption - 2026 Notes | -$5.6M | ||
| Gain on bargain purchase - Cogent Fiber Business | $22.2M | $1.4B | |
| Interest income - IP Transit Services Agreement | $16.4M | $23.8M | $26.8M |
| Interest income - Purchase Agreement | $1.7M | $748.0K | $1.9M |
| Interest income and other | $4.9M | $14.6M | $7.0M |
| (Loss) income before income taxes | -$245.0M | -$259.6M | $1.2B |
| Income tax benefit | $62.8M | $55.6M | $54.0M |
| Net (loss) income | -$182.2M | -$204.1M | $1.3B |
| Foreign currency translation adjustment | $32.1M | -$16.3M | $4.8M |
| Comprehensive (loss) income | -$150.1M | -$220.4M | $1.3B |
| Basic net (loss) income per common share | -$3.80 | -$4.28 | $26.88 |
| Diluted net (loss) income per common share | -$3.80 | -$4.28 | $26.62 |
| Dividends declared per common share | $3.05 | $3.92 | $3.76 |
| Weighted-average common shares-basic | 47.9M shares | 47.6M shares | 47.4M shares |
| Weighted-average common shares -diluted | 47.9M shares | 47.6M shares | 47.8M shares |
| Equity-based compensation expense | $26.4M | $25.7M | $26.9M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $148.5M | $198.5M | ||
| Restricted cash | $56.6M | $29.4M | ||
| Accounts receivable, net of allowance for credit losses of $4,610 and $9,762, respectively | $88.0M | $96.9M | ||
| Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $10,401 and $16,915, respectively | $89.6M | $83.1M | ||
| Due from T-Mobile, Transition Services Agreement | $119.0K | $62.0K | ||
| Prepaid expenses and other current assets | $67.7M | $74.1M | ||
| Total current assets | $450.6M | $482.1M | ||
| Property and equipment | $3.6B | $3.3B | ||
| Accumulated depreciation and amortization | -$1.9B | -$1.7B | ||
| Total property and equipment, net | $1.7B | $1.7B | ||
| Right-of-use leased assets | $310.5M | $324.3M | ||
| IPv4 intangible asset | $458.0M | $458.0M | ||
| Other intangible assets, net | $11.3M | $13.0M | ||
| Due from T-Mobile, IP Transit Services Agreement, net of discount of $2,255 and $12,122, respectively | $89.4M | $179.5M | ||
| Due from T-Mobile, Purchase Agreement, net of discount of $4,006 and $5,755, respectively | $24.1M | $22.4M | ||
| Deposits and other assets | $34.8M | $29.6M | ||
| Total assets | $3.1B | $3.2B | ||
| Accounts payable | $30.6M | $39.8M | ||
| Accrued and other current liabilities | $109.6M | $134.6M | ||
| Due to T-Mobile - Transition Services Agreement | $525.0K | |||
| Current maturities, operating lease liabilities | $54.6M | $57.2M | ||
| Finance lease obligations, current maturities | $26.1M | $21.2M | ||
| Total current liabilities | $220.8M | $253.3M | ||
| Operating lease liabilities, net of current maturities | $269.8M | $302.0M | ||
| Finance lease obligations, net of current maturities | $597.2M | $517.2M | ||
| Deferred income tax liabilities | $333.3M | $398.3M | ||
| Other long-term liabilities | $28.6M | $40.1M | ||
| Total liabilities | $3.2B | $3.0B | ||
| Common stock, $0.001 par value; 75,000,000 shares authorized; 50,062,158 and 49,034,925 shares issued and outstanding, respectively | $50.0K | $49.0K | ||
| Additional paid-in capital | $643.3M | $629.8M | ||
| Accumulated other comprehensive income (loss) | $1.4M | -$30.7M | ||
| Accumulated deficit | -$708.6M | -$376.3M | ||
| Total stockholders' (deficit) equity | -$63.8M | $222.8M | $609.6M | -$518.6M |
| Total liabilities and stockholders' (deficit) equity | $3.1B | $3.2B | ||
| Accounts receivable, net of allowance for credit losses | $4.6M | $9.8M | $3.7M | $2.3M |
| Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount | $10.4M | $16.9M | ||
| Due from T-Mobile, IP Transit Services Agreement, noncurrent portion discount | $2.3M | $12.1M | ||
| Due from T-Mobile, Purchase Agreement, net of discount | $4.0M | $5.8M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized | 75.0M shares | 75.0M shares | ||
| Common stock, shares issued | 50.1M shares | 49.0M shares | ||
| Common stock, shares outstanding | 50.1M shares | 49.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $148.5M | $198.5M | ||
| Restricted cash | $56.6M | $29.4M | ||
| Accounts receivable, net of allowance for credit losses of $4,610 and $9,762, respectively | $88.0M | $96.9M | ||
| Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $10,401 and $16,915, respectively | $89.6M | $83.1M | ||
| Due from T-Mobile, Transition Services Agreement | $119.0K | $62.0K | ||
| Prepaid expenses and other current assets | $67.7M | $74.1M | ||
| Total current assets | $450.6M | $482.1M | ||
| Property and equipment | $3.6B | $3.3B | ||
| Accumulated depreciation and amortization | -$1.9B | -$1.7B | ||
| Total property and equipment, net | $1.7B | $1.7B | ||
| Right-of-use leased assets | $310.5M | $324.3M | ||
| IPv4 intangible asset | $458.0M | $458.0M | ||
| Other intangible assets, net | $11.3M | $13.0M | ||
| Due from T-Mobile, IP Transit Services Agreement, net of discount of $2,255 and $12,122, respectively | $89.4M | $179.5M | ||
| Due from T-Mobile, Purchase Agreement, net of discount of $4,006 and $5,755, respectively | $24.1M | $22.4M | ||
| Deposits and other assets | $34.8M | $29.6M | ||
| Total assets | $3.1B | $3.2B | ||
| Accounts payable | $30.6M | $39.8M | ||
| Accrued and other current liabilities | $109.6M | $134.6M | ||
| Due to T-Mobile - Transition Services Agreement | $525.0K | |||
| Current maturities, operating lease liabilities | $54.6M | $57.2M | ||
| Finance lease obligations, current maturities | $26.1M | $21.2M | ||
| Total current liabilities | $220.8M | $253.3M | ||
| Operating lease liabilities, net of current maturities | $269.8M | $302.0M | ||
| Finance lease obligations, net of current maturities | $597.2M | $517.2M | ||
| Deferred income tax liabilities | $333.3M | $398.3M | ||
| Other long-term liabilities | $28.6M | $40.1M | ||
| Total liabilities | $3.2B | $3.0B | ||
| Common stock, $0.001 par value; 75,000,000 shares authorized; 50,062,158 and 49,034,925 shares issued and outstanding, respectively | $50.0K | $49.0K | ||
| Additional paid-in capital | $643.3M | $629.8M | ||
| Accumulated other comprehensive income (loss) | $1.4M | -$30.7M | ||
| Accumulated deficit | -$708.6M | -$376.3M | ||
| Total stockholders' (deficit) equity | -$63.8M | $222.8M | $609.6M | -$518.6M |
| Total liabilities and stockholders' (deficit) equity | $3.1B | $3.2B | ||
| Accounts receivable, net of allowance for credit losses | $4.6M | $9.8M | $3.7M | $2.3M |
| Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount | $10.4M | $16.9M | ||
| Due from T-Mobile, IP Transit Services Agreement, noncurrent portion discount | $2.3M | $12.1M | ||
| Due from T-Mobile, Purchase Agreement, net of discount | $4.0M | $5.8M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized | 75.0M shares | 75.0M shares | ||
| Common stock, shares issued | 50.1M shares | 49.0M shares | ||
| Common stock, shares outstanding | 50.1M shares | 49.0M shares |
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss) income | -$182.2M | -$204.1M | $1.3B |
| Depreciation and amortization | $270.2M | $298.0M | $232.2M |
| Amortization of debt discounts and premium | $5.7M | $3.7M | $1.3M |
| Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements | -$18.1M | -$24.5M | -$28.7M |
| Equity-based compensation expense (net of amounts capitalized) | $26.4M | $25.7M | $26.9M |
| Gain on bargain purchase - Cogent Fiber Business | -$22.2M | -$1.4B | |
| Loss on extinguishment & redemption of 2026 notes | $5.6M | ||
| Gains - lease terminations and other | -$2.7M | -$3.3M | $212.0K |
| Deferred income taxes | -$65.0M | -$51.6M | -$69.6M |
| Accounts receivable | $8.9M | $38.5M | -$51.0M |
| Prepaid expenses and other current assets | -$1.4M | -$5.8M | -$11.0M |
| Due to T-Mobile - Transition Services Agreement | -$525.0K | -$66.4M | $66.9M |
| Due from T-Mobile - Transition Services Agreement | -$57.0K | $4.5M | -$4.5M |
| Deposits and other assets | -$6.9M | -$4.0M | -$1.5M |
| Accounts payable, accrued liabilities and other long-term liabilities | -$50.4M | $2.9M | -$10.9M |
| Net cash (used in) provided by operating activities | -$10.6M | -$8.6M | $17.3M |
| Cash receipts - IP Transit Services Agreement - T-Mobile | $100.0M | $204.2M | $204.2M |
| Acquisition of Cogent Fiber Business, net of $47.1 million of cash acquired in 2023 | $12.3M | $2.2M | |
| Purchases of property and equipment | -$187.6M | -$195.0M | -$129.6M |
| Net cash (used in) provided by investing activities | -$87.6M | $21.5M | $76.7M |
| Redemption and extinguishment of secured 2026 notes | -$505.0M | ||
| Dividends paid | -$150.1M | -$189.4M | -$181.7M |
| Purchases and retirement of common stock | -$16.7M | -$8.0M | |
| Principal payments of finance lease obligations | -$33.8M | -$74.6M | -$77.4M |
| Settlement of a finance lease - at a discount | -$114.6M | ||
| Proceeds from exercises of common stock options | $175.0K | $2.2M | $1.2M |
| Net cash provided by (used in) financing activities | $62.9M | $105.9M | -$257.9M |
| Effect of exchange rate changes on cash | $12.4M | -$4.6M | $1.6M |
| Net (decrease) increase in cash and cash equivalents & restricted cash | -$22.8M | $114.1M | -$162.1M |
| Cash paid for interest | $154.7M | $134.0M | $104.7M |
| Cash paid for income taxes net of (refunds) for 2025 -See Note 5 | -$659.0K | $3.2M | $35.3M |
| Finance lease obligations incurred | $149.1M | $241.2M | $232.5M |
| Fair value of equipment acquired in leases | $141.0K | ||
| Cash acquired | $47.1M |
No quarter-by-quarter statement was filed.
Cogent Communications sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Cogent Communications
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
Founded by David Schaeffer in 1999.1
Who has led Cogent Communications, and when. Pick a name to see everywhere that person has worked.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Cogent was founded in 1999 at the peak of the industry's growth and was funded by angel investors including members of Keiretsu Forum. In three years, Cogent acquired 13 other failing carriers, purchasing $14 billion in capital for $60 million, including $4 billion worth of Property, Plant and Equipment.
September 2001 – Acquires the assets of NetRail
February 2002 – Acquires Allied Riser
April 2002 – Acquires Building Access Agreements from OnSite Access
April 2002 – Acquires Major US Assets of PSINet
September 2002 – Acquires Major Assets of FiberCity Networks
February 2003 – Acquires Fiber Network Solutions
May 2003 – Acquires Assets of Applied Theory
January 2004 – Acquires LambdaNet France & Spain
March 2004 – Acquires Fiber Network and Equipment in Germany Out of Former Carrier1 Assets
September 2004 – Acquires Global Access
October 2004 – Acquires Aleron Broadband
December 2004 – Acquires NTT/Verio Dedicated Access Business in U.S.
In September, 2022, it was announced that Cogent was buying the Sprint Corporation wireline business from T-Mobile for $1.00, assuming some liabilities.
From Wikipedia’s article on Cogent Communications, shared under CC BY-SA 4.0.7
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
661 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 62 major events, 407 insider forms, 24 large holders, 148 other. The latest 20:
The 661 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Dave SchaefferChief Executive Officer | $0 | $25.4M73 | |
| 2025 | Thaddeus WeedChief Financial Officer | $370.2K | $4.8M73 | |
| 2025 | John ChangChief Legal Officer | $294.2K | $3.6M73 | |
| 2025 | Mark HarrisChief Revenue Officer | $321.1K | $2.8M73 | |
| 2025 | Henry KilmerChief Network Officer | $258.1K | $1.4M73 | |
| 2025 | James BubeckFormer Chief Revenue Officer | $300.4K | $1.3M73 | |
| 2024 | Dave SchaefferChief Executive Officer | $0 | $12.7M73 | |
| 2024 | Thaddeus WeedChief Financial Officer | $361.2K | $4.5M73 | |
| 2024 | John ChangChief Legal Officer | $287.1K | $3.5M73 | |
| 2024 | James BubeckFormer Chief Revenue Officer | $267.1K | $2.2M73 | |
| 2024 | Henry KilmerChief Network Officer | $251.8K | $1.5M73 | |
| 2023 | Dave SchaefferChief Executive Officer | $0 | $9.0M73 | |
| 2023 | Thaddeus WeedChief Financial Officer | $349.0K | $2.3M73 | |
| 2023 | John ChangChief Legal Officer | $277.3K | $976.3K73 | |
| 2023 | James BubeckFormer Chief Revenue Officer | $258.0K | $957.0K73 | |
| 2023 | Henry KilmerChief Network Officer | $243.3K | $938.2K73 |
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 7,376,384 | $102.4M | 0.0% | +301,012 |
| Turtle Creek Asset Management Inc. | 4,203,527 | $58.3M | 2.3% | −145,370 |
| Park West Asset Management LLC | 3,106,339 | $43.1M | 2.9% | +1,171,138 |
| State Street Corp | 2,779,367 | $38.6M | 0.0% | +506,102 |
| Vanguard Portfolio Management LLC | 2,384,929 | $33.1M | 0.0% | −363,830 |
| EdgePoint Investment Group Inc. | 2,283,378 | $31.7M | 0.2% | No change |
| Vanguard Capital Management LLC | 2,037,716 | $28.3M | 0.0% | −82,815 |
| Newtyn Management, LLC | 1,655,895 | $23.0M | 2.9% | +55,895 |
| Geode Capital Management, LLC | 1,245,445 | $17.3M | 0.0% | +39,810 |
| Citadel Advisors LLC | 1,172,541 | $16.3M | 0.0% | +746,261 |
| Magnolia Group, LLC | 979,686 | $13.6M | 2.9% | −310,518 |
| Goldman Sachs Group Inc | 973,138 | $13.5M | 0.0% | +260,204 |
| Charles Schwab Investment Management Inc | 805,244 | $11.2M | 0.0% | +45,127 |
| Gilder Gagnon Howe & Co LLC | 783,783 | $10.9M | 0.1% | +284,493 |
| Broad Run Investment Management, LLC | 660,130 | $9.2M | 1.4% | −3,070 |
| Morgan Stanley | 627,593 | $8.7M | 0.0% | −1,255,479 |
| Aqr Capital Management LLC | 615,561 | $8.5M | 0.0% | +405,652 |
| Harspring Capital Management, LLC | 599,418 | $8.3M | 15.5% | −487,582 |
| Northern Trust Corp | 516,683 | $7.2M | 0.0% | +19,488 |
| UBS Group AG | 512,618 | $7.1M | 0.0% | +86,650 |
| CenterBook Partners LP | 503,457 | $7.0M | 0.3% | +9,174 |
| AYAL Capital Advisors Ltd | 400,000 | $5.6M | 2.8% | New |
| Frontier Capital Management Co LLC | 382,608 | $5.3M | 0.0% | −16,600 |
| Vanguard Fiduciary Trust Co | 344,108 | $4.8M | 0.0% | +9,680 |
| Bnp Paribas Financial Markets | 328,127 | $4.6M | 0.0% | +250,321 |
13F reports cover disclosed long positions in U.S. stocks only.
How Cogent Communications is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
The numbers on this page point here. Each one links to the record it came from.