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Shenandoah Telecommunications (SHEN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Shenandoah Telecommunications (SHEN) Q3 2026 earnings results →
Q3 2026 Revenue up 5% year over year to $93.9M · 10¢ of every $1 of revenue lost · operating margin -2.1%
Shenandoah Telecommunications made $93.9M in Q3 2026 (+5% Y/Y): Residential & SMB - Incumbent Broadband Markets $39.1M, Residential & SMB - Glo Fiber Expansion Markets $28.2M, Commercial Fiber $21.1M. Operating margin -2.1%, net loss $9.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $93.9M in Q3 2026, up 5% year over year and up 1% from the previous quarter. Residential & SMB - Incumbent Broadband Markets was the largest line at 42% of revenue. Residential & SMB - Glo Fiber Expansion Markets added $6.9M year over year (up 32%), 166% of the total change. RLEC & Other declined 16%.
Operating costs exceeded revenue by $2.0M, an operating margin of -2.1%. Total costs fell 1% while revenue rose 5%. The quarter ended with a net loss of $9.2M, wider than the previous quarter's $7.7M loss. Net interest and other expense of $10.3M was the main reason.
Operating cash flow was $27.8M (down 9% year over year). Non-cash charges added back $33.7M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items added $2.0M. Capital expenditures of $68.8M exceeded it, leaving free cash flow of −$41.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $93.9M | +5% | -2.1% | −$9.2M | $27.8M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $93.5M | +6% | -1.1% | −$7.7M | $24.4M |
| Q1 2026 | 10-Q | May 1, 2026 | $92.2M | +5% | -11.4% | −$15.8M | $24.4M |
| Q4 2025 | 10-K | Feb 26, 2026 | $91.6M | +7% | -1.0% | −$5.4M | $28.8M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $89.8M | +2% | -8.0% | −$9.4M | $30.7M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $88.6M | +3% | -10.3% | −$9.0M | $20.9M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $87.9M | +27% | -6.9% | −$9.1M | $20.5M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Shenandoah Telecommunications
Shenandoah Telecommunications Company and its subsidiaries (“Shentel”, “we”, “our”, “us”, or the “Company”), provide broadband services through its high speed, state-of-the-art fiber-optic and cable networks to customers in eight contiguous states in the eastern United States. The Company’s services include: broadband internet, video and voice; high-speed Ethernet, dark fiber leasing; and managed network services. The Company owns an extensive regional network with approximately 19,000 route miles of fiber. For more information, please visit www.shentel.com.
In its own words, from its 10-K, filed Feb 26, 2026.
Shenandoah Telecommunications against its Telephone Communications (No Radiotelephone) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +5%. Operating margin: -2.1% against the peers' median 3.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SHEN Shenandoah Telecommunications | Q3 2026 | $93.9M | +5% | -2.1% |
| VZ Verizon Communications | Q3 2026 | $34.3B | +2% | 25.2% |
| T AT&T | Q3 2026 | $32.3B | +5% | 12.7% |
| LUMN Lumen Technologies | Q3 2026 | $2.7B | -12% | -6.2% |
| UNIT Uniti Group | Q2 2026 | $910M | +202% | 3.5% |
| IDT IDT | Q4 FY26 | $339M | +7% | 9.8% |
| TDS Telephone & Data Systems | Q3 2026 | $307M | -0.6% | -9.8% |
| ATNI ATN International | Q3 2026 | $183M | 0% | 7.1% |
| IQST iQSTEL | Q2 2026 | $109M | +51% | -1.0% |
Source: Shenandoah Telecommunications 10-Q on SEC EDGAR · CIK 354963 · Telephone Communications (No Radiotelephone)
Guidance and outlook
13F: who owns SHEN and who is buying
More on SHEN
- How Shenandoah Telecommunications makes money: revenue by segment
- Shenandoah Telecommunications next earnings date and what analysts expect
- Shenandoah Telecommunications stock forecast, price target and fair value
- Who owns Shenandoah Telecommunications stock: holders, funds and Congress trades
- Shenandoah Telecommunications guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Shenandoah Telecommunications guidance history: guided vs reported
- Shenandoah Telecommunications capital expenditures by quarter
- Shenandoah Telecommunications Residential & SMB - Incumbent Broadband Markets revenue by quarter
- Shenandoah Telecommunications Residential & SMB - Glo Fiber Expansion Markets revenue by quarter
- Shenandoah Telecommunications Commercial Fiber revenue by quarter