Q4 2025 Financial Highlights
- Service revenue was $240.5 million for Q4 2025 and was $241.9 million for Q3 2025.
- Service revenue was $975.8 million for full year 2025 and was $1,036 million for full year 2024.
- Wavelength revenue increased by 18.8% sequentially from Q3 2025 to $12.1 million for Q4 2025 and increased by 73.7% from Q4 2024.
- Wavelength revenue increased by 100.3% from full year 2024 to $38.5 million for full year 2025
- Wavelength customer connections increased by 17.9%, sequentially from Q3 2025 to 2,064 connections for Q4 2025 and increased by 84.6% from Q4 2024.
- Revenue from leasing IPv4 addresses increased by 43.8% from full year 2024 to $64.5 million for full year 2025
- EBITDA, as adjusted, increased by 4.0% to $76.7 million for Q4 2025 from Q3 2025 and increased by 14.8% from $66.9 million for Q4 2024.
- EBITDA, as adjusted, margin was 31.9% for Q4 2025, 30.5% for Q3 2025 and was 26.5% for Q4 2024.
- Net cash provided by (used in) operating activities was $(6.0) million for Q4 2025, $3.1 million for Q3 2025 and $14.5 million for Q4 2024.
- Net cash provided by (used in) operating activities was $(10.6) million for full year 2025 and $(8.6) million for full year 2024.
- IP Network traffic for Q4 2025 increased by 4% from Q3 2025, increased by 10% from Q4 2024 and increased by 9% for full year 2025 from full year 2024.
- Cogent approved a quarterly dividend of $0.02 per share for Q1 2026.
- Cogent paid four quarterly dividends in 2025 totaling $150.1 million, or $3.05 per share.
- The tax treatment of these full year 2025 dividends is generally that 100.0% are treated as a return of capital.