Cogeco Communications (FRA:COG) Operating Income: €449 Mil (TTM As of Feb. 2026)

What is Cogeco Communications Operating Income?

Cogeco Communications FRA:COG -0.51% 82 Operating Income is €449 Mil as of Feb. 2026. GuruFocus rates FRA:COG with a GF Score™ of 82/100 and a GF Value™ of €38.37 (Fairly Valued). The stock has 6 warning signs investors should review.

Cogeco Communications's Operating Income for the three months ended in Feb. 2026 was €107 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was €449 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Cogeco Communications's Operating Income for the three months ended in Feb. 2026 was €107 Mil. Cogeco Communications's Revenue for the three months ended in Feb. 2026 was €430 Mil. Therefore, Cogeco Communications's Operating Margin % for the quarter that ended in Feb. 2026 was 24.88%.

Warning Sign:

Cogeco Communications Inc operating margin has been in a 5-year decline. The average rate of decline per year is -1.8%.

Cogeco Communications's 5-Year average Growth Rate for Operating Margin % was -1.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Cogeco Communications's annualized ROC % for the quarter that ended in Feb. 2026 was 5.58%. Cogeco Communications's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 20.69%.

Cogeco Communications (FRA:COG) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Cogeco Communications's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

	ROC % (Q: Feb. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Nov. 2025 )	+	Invested Capital (Q: Feb. 2026 ))	/ count )
=	427.844 * ( 1 - 21.13% )	/	( (6069.863	+	6025.483)	/ 2 )
=	337.4405628	/	6047.673
=	5.58 %

where

	Invested Capital		(Q: Nov. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	6029.663	-	213.449	-	( 40.08	-	max(0, 424.878	-	171.229	+	40.08	))
=	6069.863

	Invested Capital		(Q: Feb. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5995.39	-	186.498	-	( 33.784	-	max(0, 412.047	-	195.456	+	33.784	))
=	6025.483

Note: The Operating Income data used here is four times the quarterly (Feb. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Cogeco Communications's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Feb. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Nov. 2025		Q: Feb. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	418.78	/	( ( (2037.662 + max(-139.937, 0))	+	(2010.955 + max(-91.311, 0)) )	/	2 )
=	418.78	/	( ( 2037.662	+	2010.955 )	/	2 )
=	418.78	/	2024.3085
=	20.69 %

where Working Capital is:

	Working Capital		(Q: Nov. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(88.322	+	0	+	40.484)	-	(213.449	+	0	+	55.294)
=	-139.937

	Working Capital		(Q: Feb. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(99.69	+	0	+	49.917)	-	(186.498	+	0	+	54.42)
=	-91.311

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Feb. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Cogeco Communications's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Feb. 2026 )	/	Revenue (Q: Feb. 2026 )
	=	106.961	/	429.918
	=	24.88 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Cogeco Communications Operating Income Related Terms

Cogeco Communications Operating Income Historical Data

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The historical data trend for Cogeco Communications's Operating Income can be seen below:

Cogeco Communications Operating Income Chart

Cogeco Communications Annual Data

Trend

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Aug24

Aug25

Operating Income

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469.08

589.88

544.70

510.63

453.25

Cogeco Communications Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Operating Income	Get a 7-Day Free Trial															116.54	115.22	115.17	111.84	106.96

82GF Score

Cogeco Communications Inc FRA:COG

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Cogeco Communications Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €449 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of €449 Mil mean?

Cogeco Communications (FRA:COG) has a Operating Income of €449 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Cogeco Communications and its competitors.

Is Cogeco Communications' Operating Income too high?

Cogeco Communications' current Operating Income is €449 Mil. Overall, Cogeco Communications has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Cogeco Communications' Operating Income compare to TMUS and VZ?

Cogeco Communications' Operating Income of €449 Mil can be compared against companies in the Telecommunication Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Telecommunication Services company?

A good Operating Income depends on the Telecommunication Services industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Cogeco Communications and its competitors. Cogeco Communications's current Operating Income is €449 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Cogeco Communications stock overvalued right now?

Based on GuruFocus' analysis, Cogeco Communications (FRA:COG) is currently considered Fairly Valued. The stock's GF Value™ is €38.37, compared to a current price of €39.00 — trading 1.6% above its estimated fair value. The current Operating Income is €449 Mil. Cogeco Communications' overall GF Score™ is 82/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Cogeco Communications (FRA:COG), the current Operating Income is €449 Mil as of Feb. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Cogeco Communications (FRA:COG) Overvalued in 2026?

Based on GuruFocus' analysis, Cogeco Communications stock appears to be overvalued. The current stock price of €39.00 is trading 1.6% above its estimated GF Value™ of €38.37. GuruFocus considers Cogeco Communications to be Fairly Valued.

Key valuation signals for FRA:COG:

Operating Income: €449 Mil
GF Value™: €38.37 vs. price of €39.00 (1.6% above fair value)
GF Score™: 82/100 with 6 warning signs

No single metric tells the full story. See the FRA:COG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Cogeco Communications Business Description

Industry Communication Services Telecommunication Services

Comparable Companies TSX:CGO TSX:TGO TSXV:USS TSXV:ADYA TSXV:GOK TSE:9984 SHSE:600941 TMUS VZ T XTER:DTE NSE:BHARTIARTL CMCSA MEX:AMXB TSE:9432 HKSE:00728 TSE:9433 TSE:9434 SAU:7010 SGX:Z74

Other Exchanges CGEAF:USA COG:Germany CCA:Canada

Address 1 Place Ville Marie, Suite 3301, Montreal, QC, CAN, H3B 0B3

Website https://www.cogeco.ca

Cogeco Communications is a telecom service provider in Canada and the US, specifically in rural and suburban geographies. It offers wireline services such as broadband internet, TV, and landline phone services. In Canada, the firm operates under its Cogeco Connexion and Oxio brands, reaching roughly 2.1 million homes and businesses throughout Ontario and Quebec. In the US, Cogeco operates under its Breezeline brand throughout the East Coast, Pennsylvania, and Ohio, reaching 1.8 million homes and businesses. Cogeco is expanding its offerings to include consumer wireless services, operating as a mobile virtual network operator.

82GF Score

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€39.00

Price

€38.37

GF Value

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