COGENT COMMUNICATIONS HOLDINGS, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Table of Contents
COGENT COMMUNICATIONS HOLDINGS, INC.
ANNUAL REPORT ON FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2025
TABLE OF CONTENTS
| | | | Page |
|---|---|---|---|
| Part I · · | |||
| Item 1 | Business | | 4 |
| Item 1A | Risk Factors | | 17 |
| Item 1B | Unresolved Staff Comments | | 34 |
| Item 1C | Cybersecurity | | 34 |
| Item 2 | Properties | | 35 |
| Item 3 | Legal Proceedings | | 36 |
| Item 4 | Mine Safety Disclosures | | 36 |
| Part II | | | |
| Item 5 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | | 37 |
| Item 7 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | | 38 |
| Item 7A | Quantitative and Qualitative Disclosures About Market Risk | | 53 |
| Item 8 | Financial Statements and Supplementary Data | | 55 |
| Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | | 94 |
| Item 9A | Controls and Procedures | | 94 |
| Item 9B | Other Information | | 97 |
| Item 9C | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | | 97 |
| Part III | | | |
| Item 10 | Directors, Executive Officers and Corporate Governance | | 98 |
| Item 11 | Executive Compensation | | 98 |
| Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | | 98 |
| Item 13 | Certain Relationships and Related Transactions, and Director Independence | | 98 |
| Item 14 | Principal Accountant Fees and Services | | 98 |
| Part IV | | | |
| Item 15 | Exhibit and Financial Statement Schedules | | 99 |
| Signatures | 105 | ||
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K of Cogent Communications Holdings, Inc. (the “Company,” “Cogent,” “we,” “our” or “us”) may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future results and events. You can identify these forward-looking statements by our use of words such as “anticipates,” “believes,” “continues,” “expects,” “intends,” “likely,” “may,” “opportunity,” “plans,” “potential,” “project,” “will,” and similar expressions to identify forward-looking statements, whether in the negative or the affirmative, though not all forward-looking statements use these words. We cannot guarantee that we actually will achieve these plans, intentions or expectations. These forward-looking statements are subject to risks and uncertainties including those discussed in Item 1A “Risk Factors” and other factors, some of which are beyond our control, which could cause actual results to differ materially from those forecasts or anticipated in such forward-looking statements.
You should not place undue reliance on these forward-looking statements, which reflect our view only as of the date of this report. We undertake no obligation to update these statements or publicly release the result of any revisions to these statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.