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Shenandoah Telecommunications Company
Shenandoah Telecommunications Company (SHEN) investor relations material
Shenandoah Telecommunications Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved strong year-over-year growth in Glo Fiber and commercial fiber, with fiber-based revenue surpassing incumbent broadband revenue in Q4 2025.
Passed 427,000 homes and businesses in Glo Fiber markets, up 81,000 annually; government-subsidized passings in incumbent markets more than doubled to 22,000.
Glo Fiber Expansion Markets saw 35% year-over-year growth in data RGUs and 31% penetration.
Adjusted EBITDA margin improved by 670bps year-over-year, with 31.3% growth in Adjusted EBITDA.
Closed $567.4 million in secured fiber network revenue term notes, strengthening liquidity and funding Glo Fiber build completion by end of 2026.
Financial highlights
Q4 2025 revenues grew 7.2% to $91.6 million, driven by 39% Glo Fiber revenue growth and 10.8% commercial fiber revenue growth year-over-year.
Full-year 2025 revenue reached $357.9 million, up 9.1%, with a 10% CAGR since 2020.
Adjusted EBITDA for 2025 was $119.1 million, up 26%, with margin expanding to 33.3%.
Net CapEx for 2025 was $296 million after $63 million in government grants; total CapEx was $358.9 million.
Interest expense increased 85% in Q4 and 59.6% for the year, reflecting higher outstanding debt.
Outlook and guidance
2026 revenue guidance: $370–$377 million (4.4% growth at midpoint); adjusted EBITDA: $131–$136 million (12.1% growth at midpoint).
2026 CapEx (net of grants) expected at $220–$250 million, a 21% decline at midpoint.
Capital intensity projected to decline to 59–67% in 2026, trending lower in 2027.
Guidance excludes potential impacts from tariff changes and U.S. government shutdown-related funding delays.
Positive free cash flow expected in 2027, driven by fiber growth, lower capital intensity, and reduced cost of capital.
Glo Fiber penetration post-2026 build
Impact of 10% workforce reduction on operations
Strategy for Incumbent Broadband market decline
Impact of Ohio market exits on CapEx?
Quantify annual savings from workforce reduction.
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Next Shenandoah Telecommunications Company earnings date
Morgan Stanley Technology, Media & Telecom Conference 20264 Mar, 2026
Shenandoah Telecommunications Company
Next Shenandoah Telecommunications Company earnings date
Morgan Stanley Technology, Media & Telecom Conference 20264 Mar, 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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