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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and Wheels Up Experience Inc. (UP). 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 $183.8M, roughly 1.3× Wheels Up Experience Inc.). COGENT COMMUNICATIONS HOLDINGS, INC. runs the higher net margin — -12.8% vs -15.7%, a 2.9% gap on every dollar of revenue. On growth, COGENT COMMUNICATIONS HOLDINGS, INC. posted the faster year-over-year revenue change (-4.7% vs -10.2%). COGENT COMMUNICATIONS HOLDINGS, INC. produced more free cash flow last quarter ($-43.0M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% 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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
CCOI vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $183.8M |
| Net Profit | $-30.8M | $-28.9M |
| Gross Margin | 46.6% | 14.3% |
| Operating Margin | -4.7% | -0.9% |
| Net Margin | -12.8% | -15.7% |
| Revenue YoY | -4.7% | -10.2% |
| Net Profit YoY | 28.9% | 67.0% |
| EPS (diluted) | $-0.63 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $241.9M | $185.5M | ||
| Q2 25 | $246.2M | $189.6M | ||
| Q1 25 | $247.0M | $177.5M | ||
| Q4 24 | $252.3M | $204.8M | ||
| Q3 24 | $257.2M | $193.9M | ||
| Q2 24 | $260.4M | $196.3M | ||
| Q1 24 | $266.2M | $197.1M |
| Q4 25 | $-30.8M | $-28.9M | ||
| Q3 25 | $-41.5M | $-83.7M | ||
| Q2 25 | $-57.8M | $-82.3M | ||
| Q1 25 | $-52.0M | $-99.3M | ||
| Q4 24 | $-43.3M | $-87.5M | ||
| Q3 24 | $-63.1M | $-57.7M | ||
| Q2 24 | $-32.3M | $-97.0M | ||
| Q1 24 | $-65.3M | $-97.4M |
| Q4 25 | 46.6% | 14.3% | ||
| Q3 25 | 45.6% | 6.8% | ||
| Q2 25 | 44.2% | 8.3% | ||
| Q1 25 | 44.4% | 10.8% | ||
| Q4 24 | 38.5% | 13.9% | ||
| Q3 24 | 37.2% | 13.9% | ||
| Q2 24 | 40.0% | 2.3% | ||
| Q1 24 | 36.5% | -0.6% |
| Q4 25 | -4.7% | -0.9% | ||
| Q3 25 | -7.5% | -33.1% | ||
| Q2 25 | -12.8% | -31.4% | ||
| Q1 25 | -16.3% | -45.5% | ||
| Q4 24 | -13.2% | -26.0% | ||
| Q3 24 | -22.5% | -21.6% | ||
| Q2 24 | -18.1% | -40.3% | ||
| Q1 24 | -22.3% | -42.9% |
| Q4 25 | -12.8% | -15.7% | ||
| Q3 25 | -17.2% | -45.1% | ||
| Q2 25 | -23.5% | -43.4% | ||
| Q1 25 | -21.1% | -55.9% | ||
| Q4 24 | -17.2% | -42.7% | ||
| Q3 24 | -24.5% | -29.8% | ||
| Q2 24 | -12.4% | -49.4% | ||
| Q1 24 | -24.5% | -49.4% |
| Q4 25 | $-0.63 | $-0.04 | ||
| Q3 25 | $-0.87 | $-0.12 | ||
| Q2 25 | $-1.21 | $-0.12 | ||
| Q1 25 | $-1.09 | $-0.14 | ||
| Q4 24 | $-0.89 | $-0.13 | ||
| Q3 24 | $-1.33 | $-0.08 | ||
| Q2 24 | $-0.68 | $-0.14 | ||
| Q1 24 | $-1.38 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $1.7B | $671.3M |
| Stockholders' EquityBook value | $-63.8M | $-392.1M |
| Total Assets | $3.1B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $133.9M | ||
| Q3 25 | $147.1M | $125.3M | ||
| Q2 25 | $213.7M | $107.0M | ||
| Q1 25 | $153.8M | $171.8M | ||
| Q4 24 | $198.5M | $216.4M | ||
| Q3 24 | $279.2M | $115.9M | ||
| Q2 24 | $384.4M | $141.5M | ||
| Q1 24 | $118.4M | $180.9M |
| Q4 25 | $1.7B | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | $1.5B | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $-63.8M | $-392.1M | ||
| Q3 25 | $-39.2M | $-374.5M | ||
| Q2 25 | $46.7M | $-347.8M | ||
| Q1 25 | $142.8M | $-288.1M | ||
| Q4 24 | $222.8M | $-202.1M | ||
| Q3 24 | $323.6M | $-117.7M | ||
| Q2 24 | $415.5M | $-72.2M | ||
| Q1 24 | $500.6M | $936.0K |
| Q4 25 | $3.1B | $968.8M | ||
| Q3 25 | $3.1B | $973.0M | ||
| Q2 25 | $3.3B | $1.0B | ||
| Q1 25 | $3.1B | $1.1B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $3.2B | $1.0B | ||
| Q2 24 | $3.3B | $1.1B | ||
| Q1 24 | $3.1B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.53× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $-43.0M | $-58.3M |
| FCF MarginFCF / Revenue | -17.9% | -31.7% |
| Capex IntensityCapex / Revenue | 15.4% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-18.4M | ||
| Q3 25 | $3.1M | $-37.1M | ||
| Q2 25 | $-44.0M | $-62.9M | ||
| Q1 25 | $36.4M | $-47.9M | ||
| Q4 24 | $14.5M | $37.9M | ||
| Q3 24 | $-20.2M | $-16.9M | ||
| Q2 24 | $-22.2M | $-25.2M | ||
| Q1 24 | $19.2M | $-73.8M |
| Q4 25 | $-43.0M | $-58.3M | ||
| Q3 25 | $-33.1M | $-60.4M | ||
| Q2 25 | $-100.2M | $-78.6M | ||
| Q1 25 | $-21.7M | $-62.6M | ||
| Q4 24 | $-31.6M | $-70.2M | ||
| Q3 24 | $-79.5M | $-21.9M | ||
| Q2 24 | $-70.9M | $-30.8M | ||
| Q1 24 | $-21.7M | $-77.8M |
| Q4 25 | -17.9% | -31.7% | ||
| Q3 25 | -13.7% | -32.6% | ||
| Q2 25 | -40.7% | -41.5% | ||
| Q1 25 | -8.8% | -35.3% | ||
| Q4 24 | -12.5% | -34.3% | ||
| Q3 24 | -30.9% | -11.3% | ||
| Q2 24 | -27.2% | -15.7% | ||
| Q1 24 | -8.1% | -39.5% |
| Q4 25 | 15.4% | 21.7% | ||
| Q3 25 | 15.0% | 12.5% | ||
| Q2 25 | 22.8% | 8.3% | ||
| Q1 25 | 23.5% | 8.3% | ||
| Q4 24 | 18.3% | 52.8% | ||
| Q3 24 | 23.0% | 2.6% | ||
| Q2 24 | 18.7% | 2.9% | ||
| Q1 24 | 15.4% | 2.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
