Cable One (CABO) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 11.7% YoY to $332.2M and Adjusted EBITDA declined 20.8% to $159.8M amid subscriber losses and competitive pricing.

• Residential data subscriber trends improved to the best results in seven quarters; net losses narrowed to ~7,500, though revenue and total subscribers remained lower YoY.

• GAAP net loss was $431.8M, primarily reflecting $412.1M of non-cash impairments.

• The MBI acquisition remained blocked by a court TRO, while upcoming debt maturities require financing or extensions beyond existing liquidity.

Financial highlights

• Q3 revenue was $332.2M versus $376.0M in Q3 2025; residential data revenue fell $23.5M, or 10.3% YoY.

• Adjusted EBITDA was $159.8M, or 48.1% of revenue, versus $201.9M and 53.7% in Q3 2025.

• Operating cash flow was $92.6M in Q3 and $331.7M for 9M; capital expenditures were $77.9M and $220.3M, respectively.

• Adjusted EBITDA less CapEx was $81.9M versus $130.1M a year earlier; Q3 CapEx rose $6.1M YoY.

• 9M revenue declined 9.1% to $1.034B and Adjusted EBITDA fell 15.0% to $516.6M; 9M operating loss was $781.3M, including $1.01B of non-cash asset impairments.

Outlook and guidance

• Long-term priorities include growing residential and business data customers and revenue, expanding margins, managing costs and increasing Adjusted EBITDA less capital expenditures.

• Network investment includes fiber density and coverage, capacity, reliability, multi-Gigabit service and DOCSIS 4.0 deployment; FY 2026 CapEx is expected in the high-$200M range.

• Residential data and business data growth remain strategic aims; residential video customers and revenue are expected to keep declining.

• Existing cash, credit facilities and operating cash flows are expected to fund requirements within 12 months; financing or maturity extensions are needed for later maturities and are not assured.