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Shenandoah Telecom
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Latest analysis
Updated Oct 28, 2026
Shenandoah Telecom Q3 2026: Glo Fiber net adds accelerate 48% YoY to 8,600, fiber revenue reaches 52% of consolidated; free cash flow inflection expected 2027.
Shenandoah Telecom delivered Q3 2026 revenue growth of 4.6% year-over-year to $93.9 million, with adjusted EBITDA expanding 11.8% to $33.2 million, driven by accelerating Glo Fiber customer additions (8,600 net adds, +48% YoY) and combined fiber revenue reaching 52% of consolidated revenues. The company is substantially complete with network expansion (97% Glo Fiber, 99% incumbent broadband by quarter-end) and expects to transition to positive free cash flow starting in 2027 with adjusted EBITDA margins expanding 300-400 basis points; management projects fiber revenue will reach 60% of consolidated revenue by 2028.
Tone: bullishRevenue
$357.9M
SHEN 10-K · FY 2025
Employees
1,041
Revenue growth YoY
+9.1%
EBITDA margin
35.3%
Profile
SHEN 10-K Item 1 · Feb 26, 2026Shenandoah Telecommunications Company (Shentel) provides broadband internet, video, and voice services via fiber-optic and hybrid fiber coaxial cable networks to residential and commercial customers across eight contiguous eastern U.S. states. The company also leases dark fiber and provides Ethernet, wavelength, and managed network services to enterprise and wholesale customers. Its approximately 19,000-route-mile fiber network supports both incumbent cable markets and greenfield Glo Fiber expansion markets.
Read filing description ↓ Collapse description ↑
Shenandoah Telecommunications Company and its subsidiaries ('Shentel') provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial ('HFC') cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel's Broadband business also provides voice and digital subscriber line ('DSL') services as a Rural Local Exchange Carrier ('RLEC') to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. The Company served approximately 262,000 Revenue Generating Units ('RGUs') at December 31, 2025. The Company owns an extensive regional network with approximately 19,000 route miles of fiber. The Company's services include: broadband internet, video and voice; high-speed Ethernet, dedicated internet access and dark fiber leasing; and managed network services. Shentel provides service as both an incumbent broadband provider in cable markets, passing approximately 252,000 homes and businesses, and as a fiber-to-the-home ('FTTH') overbuilder under the Glo Fiber brand in greenfield expansion markets, passing approximately 427,000 homes and businesses. As the incumbent broadband provider, the Company competes against local telephone companies offering DSL and wireline broadband, as well as fixed wireless and satellite providers. Glo Fiber competes primarily against incumbent cable companies and, in approximately 12% of passings, against incumbent telephone company FTTH networks.
Primary products
- Broadband internet
- Video
- Voice
- High-speed Ethernet
- Dedicated internet access
- Dark fiber leasing
Business segments
End markets
Geographies
Named customers
No customer accounted for more than 10% of revenue for the years ended December 31, 2025, 2024, and 2023 and no customer made up more than 10% of accounts receivable as of December 31, 2025 and 2024.
Named competitors
“As the incumbent broadband provider passing approximately 252,000 homes and businesses, we compete against incumbent local telephone companies that provide digital subscriber line ('DSL') internet and voice services over hybrid fiber and copper-based networks as well as broadband overbuilder providers that offer data, voice, and video services over hybrid coaxial cable or fiber optic networks.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue grew $29.8 million, or 9.1%, year-over-year, driven primarily by 42.7% growth in Glo Fiber Expansion Markets revenue and 13.2% growth in Commercial Fiber revenue, partially offset by a 2.9% decline in Incumbent Broadband Markets revenue.
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