Core Insights - Cogent Communications reported a service revenue of $975.8 million for the full year 2025, a decrease from $1,036 million in 2024, with a notable increase in wavelength revenue by 100.3% to $38.5 million for the same period [1] - The company experienced a decrease in total customer connections by 4.7% year-over-year, totaling 117,643 as of December 31, 2025 [1] - EBITDA, as adjusted, for Q4 2025 was $76.7 million, reflecting a 4.0% increase from Q3 2025 and a 14.8% increase from Q4 2024 [1] Financial Performance - Service revenue for Q4 2025 was $240.5 million, down 0.6% from Q3 2025 and down 4.7% from Q4 2024 [1] - On-net revenue for Q4 2025 was $134.3 million, a decrease of 0.7% from Q3 2025 but an increase of 4.3% from Q4 2024 [1] - Off-net revenue for Q4 2025 was $92.9 million, down 2.3% from Q3 2025 and down 17.9% from Q4 2024 [1] Customer Connections - On-net customer connections increased by 0.5% year-over-year to 87,944 as of December 31, 2025, while off-net connections decreased by 14.9% to 24,656 [1] - Wavelength customer connections rose by 84.6% year-over-year to 2,064 as of December 31, 2025 [1] - Non-core customer connections decreased to 2,979 as of December 31, 2025, down from 5,802 a year earlier [1] Dividends and Tax Treatment - Cogent paid a total of $150.1 million in dividends for 2025, equating to $3.05 per share, with 100% treated as a return of capital for tax purposes [1] - A regular quarterly dividend of $0.02 per share was approved on February 18, 2026, payable on March 20, 2026 [1] Operational Highlights - The company has expanded its optical wavelength services to 1,068 locations across the U.S., Mexico, and Canada as of December 31, 2025 [1] - The acquisition of the Sprint network has allowed Cogent to enhance its product offerings significantly [1]