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, reigniting fiber build initiatives.

• Achieved record Kinetic Consumer Fiber gross and net subscriber adds in Q4 2025, highest fiber premises constructed in over three years, and record fiber subscriber growth.

• Signed the largest customer contract in company history with a major hyperscaler, with deals to date representing ~$670M in contracted value.

• Strengthened balance sheet through inaugural Kinetic ABS and refinancing activities, reducing blended debt yields by 560 basis points over three years.

• 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.

Financial highlights

• Q4 2025: Consolidated revenue $917.3M–$962M, Adjusted EBITDA $365.6M–$366M (40% margin), net loss $305.7M.

• Full year 2025: Revenue $2,234.5M, Adjusted EBITDA $1,173.8M (53% margin), net income $1,304.7M (includes $1,683.9M one-time gain from Windstream merger settlement).

• Kinetic fiber subscribers grew 20% year-over-year, reaching 535,000 at year-end; consumer fiber revenue up 24% year-over-year in Q4.

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

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

Outlook and guidance

• 2026 revenue outlook: $3,605M–$3,66B; Adjusted EBITDA: $1,425M–$1,48B; net capex: $1.4B–$1.45B.

• Targeting 2.3–2.35 million homes passed with fiber at Kinetic by end of 2026, aiming for 675,000–700,000 fiber subs and $635M–$655M consumer fiber revenue (25–30% growth from prior year).

• Fiber Infrastructure expected to deliver $975M revenue and $560M contribution margin in 2026, with $140M net CapEx (14% capital intensity).

• Uniti Solutions projected to generate $700M revenue and $310M contribution margin in 2026, with mid-teens annual revenue and EBITDA declines as legacy services wind down.

• 2026 net loss guidance: $(410)M to $(360)M; interest expense projected at $775M.