Shenandoah Telecommunications Company (Shentel) reported fourth‑quarter and full‑year 2025 results that included a net loss per share of $‑0.10, beating analyst expectations of $‑0.17 to $‑0.2045. Total revenue for the quarter was $91.6 million, a slight miss of about $0.2 million against consensus estimates of roughly $91.8 million.
The earnings beat was driven by disciplined cost management and a favorable mix of high‑margin Glo Fiber services. While the company’s overall revenue fell short of expectations, the stronger-than‑anticipated profitability reflects the company’s ability to control operating expenses amid a capital‑intensive build‑out. The EPS beat also signals that the company’s pricing power in its fiber‑centric segments is translating into better-than‑expected profitability.
Revenue for the quarter missed estimates by a narrow margin, largely because the Incumbent Broadband Markets segment declined 2.9% YoY to $45.3 million, offsetting gains in other areas. Nevertheless, Glo Fiber revenue grew 42.7% YoY to $38.7 million, and Commercial Fiber revenue increased 18.4% YoY to $20.5 million, underscoring the company’s successful shift toward high‑margin fiber services.
Shentel’s asset‑backed securitization refinancing raised $567.4 million, which will reduce annual cash interest expense by more than $10 million and fully fund the completion of its Glo Fiber build‑out by the end of 2026. “Our Asset‑Backed Securitization refinancing will reduce annual cash interest expense by over $10 million and fully fund completion of our Glo Fiber build by the end of 2026. With Glo Fiber and Commercial Fiber serving as primary growth engines, we are well positioned for sustained long‑term growth and positive free cash in 2027,” said President and CEO Ed McKay.
The company guided for 2026 revenue of $370 million to $377 million and Adjusted EBITDA of $131 million to $136 million, a 12.1% increase over 2025 guidance. This upward revision reflects management’s confidence in continued demand for fiber services and the expected benefits of the ABS refinancing on the balance sheet.
Pre‑market market reaction was positive, driven by the EPS beat and the strong Adjusted EBITDA guidance. Investors viewed the company’s ability to control costs and the successful refinancing as key factors supporting the outlook for 2026.
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