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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $240.5M, roughly 1.7× COGENT COMMUNICATIONS HOLDINGS, INC.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -12.8%, a 14.8% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -4.7%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-43.0M). Over the past eight quarters, Madison Square Garden Sports Corp.'s revenue compounded faster (-3.1% 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.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
CCOI vs MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $403.4M |
| Net Profit | $-30.8M | $8.2M |
| Gross Margin | 46.6% | — |
| Operating Margin | -4.7% | 5.5% |
| Net Margin | -12.8% | 2.0% |
| Revenue YoY | -4.7% | 12.8% |
| Net Profit YoY | 28.9% | 641.9% |
| EPS (diluted) | $-0.63 | $0.34 |
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 | $403.4M | ||
| Q3 25 | $241.9M | $39.5M | ||
| Q2 25 | $246.2M | $204.0M | ||
| Q1 25 | $247.0M | $424.2M | ||
| Q4 24 | $252.3M | $357.8M | ||
| Q3 24 | $257.2M | $53.3M | ||
| Q2 24 | $260.4M | $227.3M | ||
| Q1 24 | $266.2M | $430.0M |
| Q4 25 | $-30.8M | $8.2M | ||
| Q3 25 | $-41.5M | $-8.8M | ||
| Q2 25 | $-57.8M | $-1.8M | ||
| Q1 25 | $-52.0M | $-14.2M | ||
| Q4 24 | $-43.3M | $1.1M | ||
| Q3 24 | $-63.1M | $-7.5M | ||
| Q2 24 | $-32.3M | $25.5M | ||
| Q1 24 | $-65.3M | $37.9M |
| 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% | 5.5% | ||
| Q3 25 | -7.5% | -69.5% | ||
| Q2 25 | -12.8% | -11.1% | ||
| Q1 25 | -16.3% | 7.6% | ||
| Q4 24 | -13.2% | 3.7% | ||
| Q3 24 | -22.5% | -15.5% | ||
| Q2 24 | -18.1% | 23.0% | ||
| Q1 24 | -22.3% | 18.5% |
| Q4 25 | -12.8% | 2.0% | ||
| Q3 25 | -17.2% | -22.3% | ||
| Q2 25 | -23.5% | -0.9% | ||
| Q1 25 | -21.1% | -3.4% | ||
| Q4 24 | -17.2% | 0.3% | ||
| Q3 24 | -24.5% | -14.1% | ||
| Q2 24 | -12.4% | 11.2% | ||
| Q1 24 | -24.5% | 8.8% |
| Q4 25 | $-0.63 | $0.34 | ||
| Q3 25 | $-0.87 | $-0.37 | ||
| Q2 25 | $-1.21 | $-0.08 | ||
| Q1 25 | $-1.09 | $-0.59 | ||
| Q4 24 | $-0.89 | $0.05 | ||
| Q3 24 | $-1.33 | $-0.31 | ||
| Q2 24 | $-0.68 | $1.07 | ||
| Q1 24 | $-1.38 | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $-63.8M | $-282.1M |
| Total Assets | $3.1B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $81.3M | ||
| Q3 25 | $147.1M | $48.6M | ||
| Q2 25 | $213.7M | $144.6M | ||
| Q1 25 | $153.8M | $96.5M | ||
| Q4 24 | $198.5M | $107.8M | ||
| Q3 24 | $279.2M | $52.3M | ||
| Q2 24 | $384.4M | $89.1M | ||
| Q1 24 | $118.4M | $40.0M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-63.8M | $-282.1M | ||
| Q3 25 | $-39.2M | $-294.2M | ||
| Q2 25 | $46.7M | $-281.4M | ||
| Q1 25 | $142.8M | $-283.4M | ||
| Q4 24 | $222.8M | $-273.1M | ||
| Q3 24 | $323.6M | $-277.5M | ||
| Q2 24 | $415.5M | $-266.3M | ||
| Q1 24 | $500.6M | $-294.0M |
| Q4 25 | $3.1B | $1.5B | ||
| Q3 25 | $3.1B | $1.5B | ||
| Q2 25 | $3.3B | $1.5B | ||
| Q1 25 | $3.1B | $1.5B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.2B | $1.4B | ||
| Q2 24 | $3.3B | $1.3B | ||
| Q1 24 | $3.1B | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.53× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $32.4M |
| Free Cash FlowOCF − Capex | $-43.0M | $31.6M |
| FCF MarginFCF / Revenue | -17.9% | 7.8% |
| Capex IntensityCapex / Revenue | 15.4% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $32.4M | ||
| Q3 25 | $3.1M | $-85.0M | ||
| Q2 25 | $-44.0M | $49.7M | ||
| Q1 25 | $36.4M | $6.3M | ||
| Q4 24 | $14.5M | $61.8M | ||
| Q3 24 | $-20.2M | $-26.2M | ||
| Q2 24 | $-22.2M | $108.4M | ||
| Q1 24 | $19.2M | $4.0M |
| Q4 25 | $-43.0M | $31.6M | ||
| Q3 25 | $-33.1M | $-85.3M | ||
| Q2 25 | $-100.2M | $49.4M | ||
| Q1 25 | $-21.7M | $3.9M | ||
| Q4 24 | $-31.6M | $61.2M | ||
| Q3 24 | $-79.5M | $-26.5M | ||
| Q2 24 | $-70.9M | $108.0M | ||
| Q1 24 | $-21.7M | $3.9M |
| Q4 25 | -17.9% | 7.8% | ||
| Q3 25 | -13.7% | -216.3% | ||
| Q2 25 | -40.7% | 24.2% | ||
| Q1 25 | -8.8% | 0.9% | ||
| Q4 24 | -12.5% | 17.1% | ||
| Q3 24 | -30.9% | -49.7% | ||
| Q2 24 | -27.2% | 47.5% | ||
| Q1 24 | -8.1% | 0.9% |
| Q4 25 | 15.4% | 0.2% | ||
| Q3 25 | 15.0% | 0.9% | ||
| Q2 25 | 22.8% | 0.2% | ||
| Q1 25 | 23.5% | 0.6% | ||
| Q4 24 | 18.3% | 0.1% | ||
| Q3 24 | 23.0% | 0.7% | ||
| Q2 24 | 18.7% | 0.2% | ||
| Q1 24 | 15.4% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CCOI
Segment breakdown not available.
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
