EarningsQ2 2026 Earnings Report
MX:CCOI Q2 2026 EPS Results
Actual EPS$23.54
Consensus EPS-$17.12
Beat/MissBeat by +$40.66
One Year Ago EPS-$20.64
MX:CCOI Q2 2026 Revenue Results
Actual Revenue$4.02B
Expected Revenue$4.09B
Beat/MissMissed by -$68.07M
YoY Revenue Growth-4.34%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:CCOI Upcoming Earnings
Cogent Comms's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CCOI Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call conveyed measurable operational and financial progress — notable asset monetizations, margin expansion, deleveraging steps, strong wavelength revenue growth and traffic acceleration — but also highlighted continuing revenue pressure from the acquired Sprint base, substantial legacy debt and upcoming refinancing risk, constrained free cash flow (excluding T‑Mobile payments), and slower-than-desired wavelength conversion due to supply chain and data center constraints. Achievements on cost savings, on‑net product rotation, asset sales and traffic/EBITDA improvements are significant, yet material challenges remain that temper near‑term credit and cash flow outlooks.Company Guidance
Data Center Monetization — Closed Sale of 10 Former Sprint Facilities
Sold 10 converted Sprint data centers for $225.0 million in cash in Q2 2026, recording a GAAP gain of $130.7 million; proceeds used primarily to reduce gross and net leverage.
Leverage Reduction Progress
Net leverage (as adjusted, inclusive of T‑Mobile payments this quarter) improved to 6.23x EBITDA from 6.79x at prior quarter close and from 6.61x in Q2 2025; repurchased $138.8 million par value of 2032 notes to date at an average price of $90.348, realizing cumulative gains of $13.4 million.
Wavelength Business Rapid Year‑Over‑Year Growth
Wavelength revenue was $14.8 million, up 63.8% year‑over‑year and 9.2% sequentially; total wavelength customer connections increased 66.4% YoY and 8.0% sequentially to 2,445; sold wavelength services in 608 unique locations to 546 unique customers.
Gross Margin and EBITDA Margin Expansion
Gross margin increased 260 basis points YoY and 90 bps sequentially to 47%; EBITDA as adjusted was $71.1 million (up ~$0.9 million sequentially) and EBITDA as adjusted margin rose 90 bps sequentially to 30.2%.
On‑net Revenue and Product Rotation
On‑net revenue (including on‑net wavelength sales) was $150.2 million, up 6.2% YoY and 0.7% sequentially; on‑net mix increased to 64% of total revenues (from 62.4% last quarter), and 82% of incremental sales in Q2 were on‑net services.
Cost Reduction, Headcount Optimization and CapEx Discipline
Total headcount reduced to 1,682 (down 113 QoQ, down 207 YoY — ~6% QoQ reduction); Q2 CapEx declined 16.7% sequentially and 31.4% YoY to $38.5 million; management reports most integration cost savings realized (targeted $240M).
Traffic Growth and Operational Metrics
IP network traffic grew 3% sequentially (seasonally slow quarter) and accelerated to 16% YoY; DSO improved to 29 days (from 31), and bad debt expense was only 0.6% of revenues.
Strong Cash Position Including Restricted Cash
Total cash and restricted cash at quarter end was $369.7 million (includes $168 million initially restricted from data center sale proceeds under supplemental indenture).
MX:CCOI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed