Uniti Group (UNIT) Q4 2025 earnings summary

Executive summary

• Completed transformative merger with Windstream, fully integrating teams and establishing a new leadership team with deep fiber transformation experience.

• Achieved record fiber subscriber growth and highest-ever consumer fiber gross adds at Kinetic, with the largest customer contract in company history signed with a major hyperscaler.

• Reignited fiber builds at Kinetic and Fiber Infrastructure, significantly lowering cost of capital through landmark ABS transactions and refinancing activities.

• Reached approximately 1.9 million homes with fiber at year-end, targeting 2.3–2.35 million by end of 2026 and 3.5 million by 2029.

• Set ambitious targets for fiber build and subscriber growth through 2029, focusing on operational excellence and customer experience.

Financial highlights

• Kinetic fiber subscribers grew 20% year-over-year, with consumer fiber revenue up 24% in Q4.

• Fiber Infrastructure revenue grew 6% year-over-year; Kinetic fiber-based revenue (consumer, business, wholesale) up 16%.

• Consolidated Q4 2025 revenue was $917.3M–$962M, with Adjusted EBITDA of $365.6M–$366M and a net loss of $305.7M.

• Fiber ARPU increased 5% year-over-year, reaching $76.18 in Q4 2025, with penetration at 28.9%–29%.

• Total fiber revenue mix increased from 34% to 41% of total revenue year-over-year in Q4.

Outlook and guidance

• 2026 targets: 2.3–2.35 million homes passed with fiber, 675,000–700,000 fiber subscribers at Kinetic, and 10–15% fiber revenue growth.

• 2026 revenue outlook: $3.61B–$3.66B; Adjusted EBITDA: $1.425B–$1.48B; net CapEx: $1.4B–$1.45B.

• Kinetic consumer fiber revenue projected at $635M–$655M in 2026, a 25–30% increase from prior year.

• Fiber Infrastructure 2026 revenue and contribution margin expected at $975M and $560M, respectively.

• Anticipate recurring and non-recurring revenue from hyperscaler deals to be lumpy, with significant recognition in Q1 and Q4 2026.