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Shenandoah Telecommunications cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$41.0M in Q3 2026 · −$217M over twelve months

Operating cash flow$27.8M
Capital spending−$68.8M
Free cash flow−$41.0M
Cash conversion cycle-156 days

Analysis

In Q3 2026, Shenandoah Telecommunications generated $27.8M of operating cash flow and spent $68.8M on capital projects, leaving free cash flow of −$41.0M. That is $10.4M more than in Q3 2025 (−$51.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $105M; the largest uses were capital spending ($322M), other financing ($27.6M), taxes on employees’ shares ($1.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($224M), other investing ($45.5M); the cash balance rose by $23.0M.

Operating cash flow was $27.8M against net income of −$9.2M. The largest differences: depreciation & amortization +$33.7M, accrued liabilities +$3.7M, payables +$3.1M.

Its cash conversion cycle was -156 days (receivables 21 + inventory 0 − payables 177): suppliers fund its working capital.

Free cash flow

Shenandoah Telecommunications: free cash flow by quarterShenandoah Telecommunications: free cash flow by quarter−$72.0MQ4 2024−$62.7MQ1 2025−$65.2MQ2 2025−$51.4MQ3 2025−$78.6MQ4 2025−$51.5MQ1 2026−$45.9MQ2 2026−$41.0MQ3 2026
Operating cash flow less capital spending.
Shenandoah Telecommunications: operating cash flow against capital spendingShenandoah Telecommunications: operating cash flow against capital spendingOperating cash flowCapital spending$20.6M$92.6MQ4 2024$20.5M$83.2MQ1 2025$20.9M$86.2MQ2 2025$30.7M$82.1MQ3 2025$28.8M$107MQ4 2025$24.4M$75.8MQ1 2026$24.4M$70.4MQ2 2026$27.8M$68.8MQ3 2026
Latest (Q3 2026): Operating cash flow $27.8M, Capital spending $68.8M.

Capital allocation, year by year

Shenandoah Telecommunications: where the cash came from (up) and went (down), by fiscal yearShenandoah Telecommunications: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsDividendsFY2021: Operating cash flow −$251MFY2021: Net borrowing −$681MFY2021: Capital spending −$160MFY2021: Dividends −$940MFY2021FY2022: Operating cash flow $74.9MFY2022: Net borrowing $75.0MFY2022: Capital spending −$189MFY2022: Dividends −$4.0M$150MFY2022FY2023: Operating cash flow $114MFY2023: Net borrowing $225MFY2023: Capital spending −$255MFY2023: Dividends −$4.5M$339MFY2023FY2024: Operating cash flow $62.6MFY2024: Net borrowing $118MFY2024: Capital spending −$319MFY2024: Acquisitions −$347MFY2024: Dividends −$5.8M$181MFY2024FY2025: Operating cash flow $101MFY2025: Net borrowing $224MFY2025: Capital spending −$359MFY2025: Acquisitions −$5.0MFY2025: Dividends −$6.4M$325MFY2025
Over these 5 years operating cash flow totalled $101M; the largest uses were capital spending ($1.3B) and dividends ($961M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$18.6M
Debt$760M
Net debt$741M
Due within a year$9.5M

Shenandoah Telecommunications's operations bring cash in ($105M over twelve months), and it spends more than that on capital projects: a gap of $217M funded from its $18.6M of cash and investments and from borrowing ($760M of debt, $9.5M due within a year). That is a choice to invest, not a cash runway running down.

Shenandoah Telecommunications: debt maturities by year (FY2024)Shenandoah Telecommunications: debt maturities by year (FY2024)$9.5MYear 1$140MYear 2$6.3MYear 3$262MYear 4
Principal due in each year as disclosed in the annual report, against $18.6M of cash and investments now.

Where the cash came from and went

Shenandoah Telecommunications: sources (+) and uses (−) of cash, Q3 2026Shenandoah Telecommunications: sources (+) and uses (−) of cash, Q3 2026Capital spending−$68.8MNet borrowing (+) / repaid (−)$31.5MOperating cash flow$27.8MCash drawn (+) / kept (−)$9.1MOther investing$1.5MOther financing−$1.2M
Shenandoah Telecommunications: sources (+) and uses (−) of cash, TTM to Q3 2026Shenandoah Telecommunications: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$322MNet borrowing (+) / repaid (−)$224MOperating cash flow$105MOther investing$45.5MOther financing−$27.6MCash drawn (+) / kept (−)−$23.0MTaxes on employees’ shares−$1.8M

From profit to cash

Shenandoah Telecommunications: net income to operating cash flow, Q3 2026Shenandoah Telecommunications: net income to operating cash flow, Q3 2026Net income−$9.2MDepreciation & amortization$33.7MStock-based pay$1.3MDeferred taxes−$3.0MReceivables−$1.7MPayables$3.1MAccrued liabilities$3.7MOperating cash flow$27.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202621—177-156
Q2 202622—156-134
Q1 202627—163-136
Q4 202529—198-170
Q3 202531—198-167
Q2 202533—170-137
Q1 202530—160-129
Q4 202434—172-138

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$27.8M−$68.8M—$31.5M$9.1M−$41.0M
Q2 2026$24.4M−$70.4M—$21.0M$16.3M−$45.9M
Q1 2026$24.4M−$75.8M—$65.0M−$22.9M−$51.5M
Q4 2025$28.8M−$107M—$106M−$25.6M−$78.6M
Q3 2025$30.7M−$82.1M−$5.0M$22.3M$6.5M−$51.4M
Q2 2025$20.9M−$86.2M—−$2.7M$58.5M−$65.2M
Q1 2025$20.5M−$83.2M—$97.8M−$41.3M−$62.7M
Q4 2024$20.6M−$92.6M—$72.8M−$3.2M−$72.0M

Shenandoah Telecommunications: income statement and cash flow

Shenandoah Telecommunications, Q3 2026: revenue $93.9M (+5% year over year), operating margin -2.1%. The chart follows the revenue to costs, profit and cash.

Shenandoah Telecommunications: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.