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Shenandoah Telecom
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Latest analysis
Updated Jul 29, 2026
Shentel Q2 2026: Fiber momentum masks broadband margin pressure and rising debt costs
Shentel delivered 32.8% year-over-year growth in Glo Fiber Expansion Markets revenue to $26.3 million and achieved 100,000 total fiber customers with a record 6,200 net additions, but total company revenue growth decelerated to 5.5% as incumbent broadband markets contracted 6.0% due to video RGU erosion and data ARPU pressure. Net loss improved to $7.7 million from $9.0 million, yet Adjusted EBITDA growth of 12.9% masked a 62% surge in interest expense to $9.7 million in the quarter, signaling rising refinancing costs. Fiber now represents 51% of revenue and is growing at 21% year-over-year, but capex guidance remains elevated at $220–250 million net of grants (20.7% below 2025), contingent on successful execution of a planned 10% workforce reduction targeting $12.3 million in annual savings starting 2027.
Tone: mixedRevenue
$357.9M
SHEN 10-K · FY 2025
Employees
1,041
Revenue growth YoY
+9.1%
Headquarters
Edinburg, VA
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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