Filing Flows › Shenandoah Telecommunications (SHEN) › Q3 2025
Shenandoah Telecommunications (SHEN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Shenandoah Telecommunications (SHEN) reported revenue of $89.8M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +1% from the quarter before. Operating margin was -8.0%, net loss $9.4M (10.5% of revenue).
Shenandoah Telecommunications, Q3 2025: revenue $89.8M (+2% year over year), operating margin -8.0%, net loss $9.4M, operating cash flow $30.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $89.8M | +1% | +3% |
| Operating profit | −$7.2M | — | — |
| Net earnings | −$9.4M | — | — |
| Operating cash flow | $30.7M | +47% | +27% |
What changed
Revenue was $89.8M in Q3 2025, up 3% year over year and up 1% from the previous quarter. Residential & SMB - Incumbent Broadband Markets was the largest line at 47% of revenue. Residential & SMB - Glo Fiber Expansion Markets added $6.2M year over year (up 41%), 282% of the total change. RLEC & Other declined 17%.
Operating costs exceeded revenue by $7.2M, an operating margin of -8.0%. Total costs grew 6% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+19%). The quarter ended with a net loss of $9.4M, wider than the previous quarter's $9.0M loss. Net interest and other expense of $5.2M was the main reason.
Operating cash flow was $30.7M (up 27% year over year). Non-cash charges added back $34.5M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $3.6M. Capital expenditures of $82.1M exceeded it, leaving free cash flow of −$51.4M.
Questions
What was Shenandoah Telecommunications' revenue in the third quarter 2025?
Shenandoah Telecommunications (SHEN) reported revenue of $89.8M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +1% from the quarter before.
Was Shenandoah Telecommunications profitable in the third quarter 2025?
Operating loss was $7.2M (-8.0% of revenue) and net loss $9.4M.