Cable One (CABO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues declined 6.1% year-over-year to $363.7M, with residential broadband and video revenues both decreasing due to subscriber losses, partially offset by ARPU increases and rate adjustments.

• Net loss improved to $7.6M in Q4 2025 from $105.2M in Q4 2024, mainly due to the absence of a prior-year non-cash impairment charge.

• Full year 2025 revenues were $1.5B, down from $1.58B in 2024, with a net loss of $356.5M versus net income of $14.5M in 2024, driven by $456.2M in non-cash asset impairment charges.

• The company is focused on defending its customer base, pursuing profitable growth, and executing efficiency initiatives amid a competitive environment.

• Leadership transition completed, with new CEO and SVP of Business Services joining to drive operational improvements and growth.

Financial highlights

• Q4 2025 revenues were $363.7M, down 6.1% year-over-year; full-year 2025 revenues were $1.5B.

• Adjusted EBITDA for Q4 was $193.9M (down 8.1% YoY); full-year adjusted EBITDA was $801.7M (53.4% margin).

• Free cash flow (adjusted EBITDA less CapEx) was $119.9M in Q4 and $516.5M for 2025, both down year-over-year.

• Operating expenses and SG&A both decreased in Q4, with OpEx at $93.9M and SG&A at $92.9M.

• Capital expenditures were $74M in Q4 and $285.3M for the year.

Outlook and guidance

• 2026 capital expenditures expected to remain consistent with 2025 levels.

• Cash income taxes for 2026 projected at $40–50M, with $120M in tax savings anticipated through 2027 due to 2025 legislation.

• No specific subscriber guidance for 2026, but early trends in 2026 show continued improvement in connects and churn.

• Management is focused on defending the customer base, pursuing profitable growth, and executing efficiency initiatives in 2026.

• Opportunities identified for market share gains and deeper penetration with higher-value products.