COGENT COMMUNICATIONS HOLDINGS, INC.

For the period ended Jun 30, 2026. Filed Aug 6, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2026 · Filed Aug 6, 2026

CCOI$4.35-2.2%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

ITEM 1.

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2026 AND DECEMBER 31, 2025

(IN THOUSANDS, EXCEPT SHARE DATA)


· · June 30, · · December 31,
· · 2026 · · 2025
· · (Unaudited) · · ·
Assets
Current assets:
Cash and cash equivalents	$183,703	$148,515
Restricted cash	185,971	56,597
Accounts receivable, net of allowance for credit losses of $5,501 and $4,610, respectively	85,820	88,050
Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $6,369 and $10,401, respectively	85,298	89,599
Prepaid expenses and other current assets	65,358	67,820
Total current assets	606,150	450,581
Property and equipment:
Property and equipment	3,575,657	3,642,906
Accumulated depreciation and amortization	(1,937,453)	(1,921,832)
Total property and equipment, net	1,638,204	1,721,074
Right-of-use leased assets	294,444	310,523
IPv4 intangible asset	458,000	458,000
Other intangible assets, net	10,370	11,251
Deposits and other assets	30,520	34,834
Due from T-Mobile, IP Transit Services Agreement, net of discount of $519 and $2,255, respectively	41,147	89,412
Due from T-Mobile, Purchase Agreement, net of discount of $3,081 and $4,006, respectively	25,034	24,109
Total assets	$3,103,869	$3,099,784
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$36,255	$30,571
Accrued and other current liabilities	102,773	109,582
Senior unsecured 2027 notes, net of unamortized debt costs of $827 and discount of $2,909	746,264	—
Current maturities, operating lease liabilities	53,102	54,576
Finance lease obligations, current maturities	21,171	26,112
Total current liabilities	959,565	220,841
Senior unsecured 2027 notes, net of unamortized debt costs of $1,236 and discount of $4,344	—	744,420
Secured IPv4 notes, net of unamortized debt costs of $7,804 and $8,863, respectively	372,596	371,537
Senior secured 2032 notes, net of unamortized debt costs of $2,285 and $2,020, respectively	577,315	597,980
Operating lease liabilities, net of current maturities	256,374	269,753
Finance lease obligations, net of current maturities	609,039	597,239
Deferred income tax liabilities	333,906	333,294
Other long-term liabilities	29,204	28,568
Total liabilities	3,137,999	3,163,632
Commitments and contingencies:
Stockholders’ deficit:
Common stock, $0.001 par value; 75,000,000 shares authorized; 51,215,736 and 50,062,158 shares issued and outstanding, respectively	51	50
Additional paid-in capital	659,927	643,256
Accumulated other comprehensive (loss) income	(9,040)	1,428
Accumulated deficit	(685,068)	(708,582)
Total stockholders’ deficit	(34,130)	(63,848)
Total liabilities and stockholders’ deficit	$3,103,869	$3,099,784

The accompanying notes are an integral part of these condensed consolidated balance sheets.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS**)**

FOR THE THREE MONTHS ENDED JUNE 30, 2026 AND JUNE 30, 2025

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· · Three Months Ended · · Three Months Ended
· · June 30, 2026 · · June 30, 2025
· · (Unaudited) · (Unaudited)
Service revenue	$235,559	$246,247
Operating expenses:
Network operations (including $97 and $506 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	125,006	137,492
Selling, general, and administrative (including $7,545 and $4,158 of equity-based compensation expense, respectively)	72,096	64,924
Depreciation and amortization	52,952	75,290
Total operating expenses	250,054	277,706
Gains on asset sales	132,041	—
Gains on finance lease terminations	1,397	—
Operating income (loss)	118,943	(31,459)
Interest expense, including change in valuation interest rate swap agreement	(43,764)	(39,777)
Gain on debt extinguishment – 2032 notes	1,579	—
Loss on debt extinguishment and redemption – 2026 notes	—	(5,606)
Interest income – IP Transit Services Agreement	2,676	4,299
Interest income – Purchase Agreement	467	433
Interest income and other, net	3,223	(2,415)
Income (loss) before income taxes	83,124	(74,525)
Income tax (provision) benefit	(16,488)	16,718
Net income (loss)	$66,636	$(57,807)

Comprehensive income (loss):
Net income (loss)	$66,636	$(57,807)
Foreign currency translation adjustment	(2,713)	17,737
Comprehensive income (loss)	$63,923	$(40,070)


Net income (loss) per common share:
Basic net income (loss) per common share	$1.39	$(1.21)
Diluted net income (loss) per common share	$1.38	$(1.21)
Dividends declared per common share	$0.02	$1.010

Weighted-average common shares - basic	47,921,120	47,592,836

Weighted-average common shares - diluted	48,429,166	47,592,836

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND JUNE 30, 2025

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· · Six Months Ended · · Six Months Ended
· · June 30, 2026 · · June 30, 2025
· · (Unaudited) · · (Unaudited)
Service revenue	$474,746	$493,298
Operating expenses:
Network operations (including $416 and $996 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	254,236	274,930
Selling, general, and administrative (including $14,789 and $11,681 of equity-based compensation expense, respectively)	144,434	138,787
Depreciation and amortization	107,008	151,328
Total operating expenses	505,678	565,045
Gains on asset sales	132,583	—
Gains on finance lease terminations	3,782	—
Operating income (loss)	105,433	(71,747)
Interest expense, including change in valuation interest rate swap agreement	(87,637)	(73,971)
Gain on debt extinguishment – 2032 notes	1,579	—
Loss on debt extinguishment and redemption – 2026 notes	—	(5,606)
Interest income – IP Transit Services Agreement	5,769	8,984
Interest income – Purchase Agreement	925	858
Interest income and other, net	6,074	(3,306)
Income (loss) before income taxes	32,143	(144,788)
Income tax (provision) benefit	(5,049)	34,939
Net income (loss)	$27,094	$(109,849)

Comprehensive income (loss):
Net income (loss)	$27,094	$(109,849)
Foreign currency translation adjustment	(10,468)	29,489
Comprehensive income (loss)	$16,626	$(80,360)

Net income (loss) per common share:
Basic net income (loss) per common share	$0.56	$(2.30)
Diluted net income (loss) per common share	$0.56	$(2.30)
Dividends declared per common share	$0.04	$2.015

Weighted-average common shares - basic	47,972,542	47,804,421

Weighted-average common shares - diluted	48,333,924	47,804,421

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND JUNE 30, 2025

(IN THOUSANDS)


· · Six Months Ended · · Six Months Ended
· · June 30, 2026 · · June 30, 2025
· · (Unaudited) · · (Unaudited)
Cash flows from operating activities:
Net income (loss)	$27,094	$(109,849)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	107,008	151,328
Amortization of debt costs and discounts	3,022	2,534
Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements	(6,694)	(9,842)
Equity-based compensation expense (net of amounts capitalized)	15,205	12,677
Gain on debt extinguishment – 2032 notes	(1,579)	—
Loss on debt extinguishment and redemption – 2026 notes	—	5,606
Gains on asset sales and finance lease terminations	(136,365)	—
Deferred income taxes	612	(35,802)
Changes in operating assets and liabilities:
Accounts receivable	2,230	1,807
Prepaid expenses and other current assets	2,462	(6,222)
Accounts payable, accrued liabilities and other long-term liabilities	863	(18,300)
Deposits and other assets	4,171	(1,624)
Net cash provided by (used in) operating activities	18,029	(7,687)
Cash flows from investing activities:
Proceeds from sale of data center assets, net	224,159	—
Cash receipts - IP Transit Services Agreement – T-Mobile	58,333	50,000
Purchases of property and equipment	(84,774)	(114,288)
Net cash provided by (used in) investing activities	197,718	(64,288)
Cash flows from financing activities:
Dividends paid	(3,580)	(98,693)
Purchases of common stock	—	(11,517)
Net proceeds from issuance of secured IPv4 notes – net of debt costs of $4.0 million and $7.6 million, respectively	—	170,479
Net proceeds from issuance of senior secured 2032 notes - net of debt costs of $2.2 million	—	597,842
Debt extinguishment – 2032 notes	(18,759)	—
Debt extinguishment and redemption – 2026 notes	—	(505,000)
Proceeds from exercises of stock options	—	151
Principal payments of finance lease obligations	(23,007)	(16,523)
Net cash (used in) provided by financing activities	(45,346)	136,739
Effect of exchange rates changes on cash	(5,839)	14,045
Net increase in cash, cash equivalents and restricted cash	164,562	78,809
Cash, cash equivalents and restricted cash, beginning of period	205,112	227,916
Cash, cash equivalents and restricted cash, end of period	$369,674	$306,725
Supplemental disclosure of non-cash financing activities:
Finance lease obligations incurred	$52,102	$79,076

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.