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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
COGENT COMMUNICATIONS HOLDINGS, INC. is the larger business by last-quarter revenue ($240.5M vs $143.5M, roughly 1.7× FTAI Infrastructure Inc.). COGENT COMMUNICATIONS HOLDINGS, INC. runs the higher net margin — -12.8% vs -68.1%, a 55.3% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -4.7%). COGENT COMMUNICATIONS HOLDINGS, INC. produced more free cash flow last quarter ($-43.0M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -4.9%).
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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
CCOI vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $143.5M |
| Net Profit | $-30.8M | $-97.7M |
| Gross Margin | 46.6% | — |
| Operating Margin | -4.7% | -45.7% |
| Net Margin | -12.8% | -68.1% |
| Revenue YoY | -4.7% | 77.7% |
| Net Profit YoY | 28.9% | 21.6% |
| EPS (diluted) | $-0.63 | $-1.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $240.5M | $143.5M | ||
| Q3 25 | $241.9M | $140.6M | ||
| Q2 25 | $246.2M | $122.3M | ||
| Q1 25 | $247.0M | $96.2M | ||
| Q4 24 | $252.3M | $80.8M | ||
| Q3 24 | $257.2M | $83.3M | ||
| Q2 24 | $260.4M | $84.9M | ||
| Q1 24 | $266.2M | $82.5M |
| Q4 25 | $-30.8M | $-97.7M | ||
| Q3 25 | $-41.5M | $-104.5M | ||
| Q2 25 | $-57.8M | $-70.0M | ||
| Q1 25 | $-52.0M | $120.2M | ||
| Q4 24 | $-43.3M | $-124.7M | ||
| Q3 24 | $-63.1M | $-43.0M | ||
| Q2 24 | $-32.3M | $-48.1M | ||
| Q1 24 | $-65.3M | $-50.3M |
| Q4 25 | 46.6% | — | ||
| Q3 25 | 45.6% | — | ||
| Q2 25 | 44.2% | — | ||
| Q1 25 | 44.4% | — | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.2% | — | ||
| Q2 24 | 40.0% | — | ||
| Q1 24 | 36.5% | — |
| Q4 25 | -4.7% | -45.7% | ||
| Q3 25 | -7.5% | -70.8% | ||
| Q2 25 | -12.8% | -56.4% | ||
| Q1 25 | -16.3% | 81.8% | ||
| Q4 24 | -13.2% | -152.7% | ||
| Q3 24 | -22.5% | -51.7% | ||
| Q2 24 | -18.1% | -56.4% | ||
| Q1 24 | -22.3% | -58.8% |
| Q4 25 | -12.8% | -68.1% | ||
| Q3 25 | -17.2% | -74.4% | ||
| Q2 25 | -23.5% | -57.2% | ||
| Q1 25 | -21.1% | 125.0% | ||
| Q4 24 | -17.2% | -154.4% | ||
| Q3 24 | -24.5% | -51.6% | ||
| Q2 24 | -12.4% | -56.7% | ||
| Q1 24 | -24.5% | -60.9% |
| Q4 25 | $-0.63 | $-1.04 | ||
| Q3 25 | $-0.87 | $-1.38 | ||
| Q2 25 | $-1.21 | $-0.73 | ||
| Q1 25 | $-1.09 | $0.89 | ||
| Q4 24 | $-0.89 | $-1.21 | ||
| Q3 24 | $-1.33 | $-0.45 | ||
| Q2 24 | $-0.68 | $-0.52 | ||
| Q1 24 | $-1.38 | $-0.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $148.5M | $57.4M |
| Total DebtLower is stronger | $1.7B | $3.8B |
| Stockholders' EquityBook value | $-63.8M | $21.3M |
| Total Assets | $3.1B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $57.4M | ||
| Q3 25 | $147.1M | $34.7M | ||
| Q2 25 | $213.7M | $33.6M | ||
| Q1 25 | $153.8M | $26.3M | ||
| Q4 24 | $198.5M | $27.8M | ||
| Q3 24 | $279.2M | $20.3M | ||
| Q2 24 | $384.4M | $33.1M | ||
| Q1 24 | $118.4M | $23.0M |
| Q4 25 | $1.7B | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $-63.8M | $21.3M | ||
| Q3 25 | $-39.2M | $181.1M | ||
| Q2 25 | $46.7M | $375.5M | ||
| Q1 25 | $142.8M | $476.2M | ||
| Q4 24 | $222.8M | $202.7M | ||
| Q3 24 | $323.6M | $370.8M | ||
| Q2 24 | $415.5M | $394.8M | ||
| Q1 24 | $500.6M | $402.5M |
| Q4 25 | $3.1B | $5.7B | ||
| Q3 25 | $3.1B | $5.5B | ||
| Q2 25 | $3.3B | $4.4B | ||
| Q1 25 | $3.1B | $4.1B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.2B | $2.4B | ||
| Q2 24 | $3.3B | $2.5B | ||
| Q1 24 | $3.1B | $2.3B |
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | 6.53× | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.0M | $-2.8M |
| Free Cash FlowOCF − Capex | $-43.0M | $-68.6M |
| FCF MarginFCF / Revenue | -17.9% | -47.8% |
| Capex IntensityCapex / Revenue | 15.4% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-2.8M | ||
| Q3 25 | $3.1M | $-24.4M | ||
| Q2 25 | $-44.0M | $-5.2M | ||
| Q1 25 | $36.4M | $-85.7M | ||
| Q4 24 | $14.5M | $-8.1M | ||
| Q3 24 | $-20.2M | $14.2M | ||
| Q2 24 | $-22.2M | $-17.6M | ||
| Q1 24 | $19.2M | $-3.9M |
| Q4 25 | $-43.0M | $-68.6M | ||
| Q3 25 | $-33.1M | $-90.7M | ||
| Q2 25 | $-100.2M | $-87.5M | ||
| Q1 25 | $-21.7M | $-151.7M | ||
| Q4 24 | $-31.6M | $-34.3M | ||
| Q3 24 | $-79.5M | $-11.7M | ||
| Q2 24 | $-70.9M | $-32.1M | ||
| Q1 24 | $-21.7M | $-16.7M |
| Q4 25 | -17.9% | -47.8% | ||
| Q3 25 | -13.7% | -64.5% | ||
| Q2 25 | -40.7% | -71.6% | ||
| Q1 25 | -8.8% | -157.7% | ||
| Q4 24 | -12.5% | -42.4% | ||
| Q3 24 | -30.9% | -14.0% | ||
| Q2 24 | -27.2% | -37.9% | ||
| Q1 24 | -8.1% | -20.3% |
| Q4 25 | 15.4% | 45.9% | ||
| Q3 25 | 15.0% | 47.2% | ||
| Q2 25 | 22.8% | 67.3% | ||
| Q1 25 | 23.5% | 68.6% | ||
| Q4 24 | 18.3% | 32.5% | ||
| Q3 24 | 23.0% | 31.1% | ||
| Q2 24 | 18.7% | 17.2% | ||
| Q1 24 | 15.4% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CCOI
Segment breakdown not available.
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
