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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and VIASAT INC (VSAT). Click either name above to swap in a different company.
VIASAT INC is the larger business by last-quarter revenue ($1.2B vs $240.5M, roughly 4.8× COGENT COMMUNICATIONS HOLDINGS, INC.). VIASAT INC runs the higher net margin — 2.2% vs -12.8%, a 15.0% gap on every dollar of revenue. On growth, VIASAT INC posted the faster year-over-year revenue change (3.0% vs -4.7%). Over the past eight quarters, VIASAT INC's revenue compounded faster (0.3% 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.
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
CCOI vs VSAT — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $1.2B |
| Net Profit | $-30.8M | $25.0M |
| Gross Margin | 46.6% | — |
| Operating Margin | -4.7% | 2.3% |
| Net Margin | -12.8% | 2.2% |
| Revenue YoY | -4.7% | 3.0% |
| Net Profit YoY | 28.9% | 115.8% |
| EPS (diluted) | $-0.63 | $0.18 |
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 | $1.2B | ||
| Q3 25 | $241.9M | $1.1B | ||
| Q2 25 | $246.2M | $1.2B | ||
| Q1 25 | $247.0M | $1.1B | ||
| Q4 24 | $252.3M | $1.1B | ||
| Q3 24 | $257.2M | $1.1B | ||
| Q2 24 | $260.4M | $1.1B | ||
| Q1 24 | $266.2M | $1.2B |
| Q4 25 | $-30.8M | $25.0M | ||
| Q3 25 | $-41.5M | $-61.4M | ||
| Q2 25 | $-57.8M | $-56.4M | ||
| Q1 25 | $-52.0M | $-246.1M | ||
| Q4 24 | $-43.3M | $-158.4M | ||
| Q3 24 | $-63.1M | $-137.6M | ||
| Q2 24 | $-32.3M | $-32.9M | ||
| Q1 24 | $-65.3M | $-100.3M |
| 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% | 2.3% | ||
| Q3 25 | -7.5% | 3.1% | ||
| Q2 25 | -12.8% | 4.0% | ||
| Q1 25 | -16.3% | -13.4% | ||
| Q4 24 | -13.2% | 1.9% | ||
| Q3 24 | -22.5% | -2.2% | ||
| Q2 24 | -18.1% | 5.3% | ||
| Q1 24 | -22.3% | 0.0% |
| Q4 25 | -12.8% | 2.2% | ||
| Q3 25 | -17.2% | -5.4% | ||
| Q2 25 | -23.5% | -4.8% | ||
| Q1 25 | -21.1% | -21.5% | ||
| Q4 24 | -17.2% | -14.1% | ||
| Q3 24 | -24.5% | -12.3% | ||
| Q2 24 | -12.4% | -2.9% | ||
| Q1 24 | -24.5% | -8.7% |
| Q4 25 | $-0.63 | $0.18 | ||
| Q3 25 | $-0.87 | $-0.45 | ||
| Q2 25 | $-1.21 | $-0.43 | ||
| Q1 25 | $-1.09 | $-1.92 | ||
| Q4 24 | $-0.89 | $-1.23 | ||
| Q3 24 | $-1.33 | $-1.07 | ||
| Q2 24 | $-0.68 | $-0.26 | ||
| Q1 24 | $-1.38 | $-1.14 |
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 | $1.3B |
| Total DebtLower is stronger | $1.7B | $6.2B |
| Stockholders' EquityBook value | $-63.8M | $4.6B |
| Total Assets | $3.1B | $14.9B |
| Debt / EquityLower = less leverage | — | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $1.3B | ||
| Q3 25 | $147.1M | $1.2B | ||
| Q2 25 | $213.7M | $1.2B | ||
| Q1 25 | $153.8M | $1.6B | ||
| Q4 24 | $198.5M | $1.6B | ||
| Q3 24 | $279.2M | $3.5B | ||
| Q2 24 | $384.4M | $1.8B | ||
| Q1 24 | $118.4M | $1.9B |
| Q4 25 | $1.7B | $6.2B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | $1.5B | $6.5B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $7.1B |
| Q4 25 | $-63.8M | $4.6B | ||
| Q3 25 | $-39.2M | $4.5B | ||
| Q2 25 | $46.7M | $4.6B | ||
| Q1 25 | $142.8M | $4.6B | ||
| Q4 24 | $222.8M | $4.8B | ||
| Q3 24 | $323.6M | $4.9B | ||
| Q2 24 | $415.5M | $5.0B | ||
| Q1 24 | $500.6M | $5.0B |
| Q4 25 | $3.1B | $14.9B | ||
| Q3 25 | $3.1B | $14.8B | ||
| Q2 25 | $3.3B | $14.9B | ||
| Q1 25 | $3.1B | $15.4B | ||
| Q4 24 | $3.2B | $15.6B | ||
| Q3 24 | $3.2B | $17.8B | ||
| Q2 24 | $3.3B | $16.1B | ||
| Q1 24 | $3.1B | $16.3B |
| Q4 25 | — | 1.37× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | 1.43× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 6.53× | 1.37× | ||
| Q3 24 | — | 1.30× | ||
| Q2 24 | — | 1.42× | ||
| Q1 24 | — | 1.42× |
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 | $726.9M |
| Free Cash FlowOCF − Capex | $-43.0M | — |
| FCF MarginFCF / Revenue | -17.9% | — |
| Capex IntensityCapex / Revenue | 15.4% | — |
| Cash ConversionOCF / Net Profit | — | 29.11× |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $726.9M | ||
| Q3 25 | $3.1M | $282.2M | ||
| Q2 25 | $-44.0M | $258.5M | ||
| Q1 25 | $36.4M | $298.4M | ||
| Q4 24 | $14.5M | $219.5M | ||
| Q3 24 | $-20.2M | $239.2M | ||
| Q2 24 | $-22.2M | $151.1M | ||
| Q1 24 | $19.2M | $232.0M |
| Q4 25 | $-43.0M | — | ||
| Q3 25 | $-33.1M | — | ||
| Q2 25 | $-100.2M | — | ||
| Q1 25 | $-21.7M | — | ||
| Q4 24 | $-31.6M | — | ||
| Q3 24 | $-79.5M | — | ||
| Q2 24 | $-70.9M | — | ||
| Q1 24 | $-21.7M | — |
| Q4 25 | -17.9% | — | ||
| Q3 25 | -13.7% | — | ||
| Q2 25 | -40.7% | — | ||
| Q1 25 | -8.8% | — | ||
| Q4 24 | -12.5% | — | ||
| Q3 24 | -30.9% | — | ||
| Q2 24 | -27.2% | — | ||
| Q1 24 | -8.1% | — |
| Q4 25 | 15.4% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | 22.8% | — | ||
| Q1 25 | 23.5% | — | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 23.0% | — | ||
| Q2 24 | 18.7% | — | ||
| Q1 24 | 15.4% | — |
| Q4 25 | — | 29.11× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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.
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
