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Visual21 Nov 2025
Data center suppliers
Shenandoah Telecommunications Company (SHEN) investor relations material
Shenandoah Telecommunications Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue increased 2.5% year-over-year to $89.8 million, driven by 41.1% growth in Glo Fiber Expansion Markets, while net loss widened to $10.9 million due to higher depreciation and interest expense.
Adjusted EBITDA rose 11.8% to $29.7 million, with margin expanding to 33% from 30% in Q3 2024, supported by cost synergies from the Horizon acquisition and Glo Fiber growth.
Strategic refinancing and capital allocation initiatives are underway to lower debt costs, enhance flexibility, and support industry consolidation opportunities.
The company completed the acquisition of Virginia FTTH assets in July 2025 and continued integrating the Horizon acquisition finalized in April 2024.
Focus remains on operational efficiency via AI, network expansion, and achieving positive free cash flow by 2027.
Financial highlights
Glo Fiber Expansion Markets revenue grew 41.1% to $21.3 million, with passings reaching 400,000 and data RGUs up 39.5% to 83,000.
Consolidated revenues rose 2.5% year-over-year to $89.8 million in Q3 2025; adjusted EBITDA increased 11.8% to $29.7 million, with margin at 33%.
Commercial fiber revenue declined $1.1 million due to non-cash adjustments and lower early termination fees, but grew 2.3% excluding these items.
Incumbent broadband revenue declined $1.6 million, mainly from a 14.9% drop in video RGUs and a 1.3% decrease in data ARPU.
RLEC & Other revenue fell $1.3 million due to lower government support and a 21% decrease in DSL subscribers.
Outlook and guidance
2025 revenue guidance reiterated at $352–$357 million; adjusted EBITDA at $113–$118 million, with capital expenditures expected at $260–$290 million.
Management expects capital expenditures to continue exceeding operating cash flows through 2026 due to ongoing Glo Fiber network expansion.
Positive free cash flow targeted for full year 2027, with significant free cash flow expected from 2028 onward.
Guidance does not account for potential impacts from tariffs or a U.S. government shutdown, which could affect federal funding and grant payments.
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Next Shenandoah Telecommunications Company earnings date
Q4 202520 Feb, 2026
Next Shenandoah Telecommunications Company earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Shenandoah Telecommunications Company (Shentel) is a telecommunications provider offering broadband, fiber, and wireless services. The company delivers high-speed internet, phone, and video services primarily to residential, business, and government customers in the Mid-Atlantic region of the United States. Shentel's focus includes expanding its fiber network to provide enhanced connectivity, as well as offering cable and fixed wireless broadband solutions in rural and underserved areas. The company serves a range of sectors, including healthcare, education, and enterprise businesses. The company is headquartered in Edinburg, Virginia, and its shares are listed on the Nasdaq.
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