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Shenandoah Telecommunications (SHEN) Q4 2025 earnings results (fourth quarter 2025)

10-K filed Feb 26, 2026

Shenandoah Telecommunications (SHEN) reported revenue of $91.6M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before. Operating margin was -1.0%, net loss $5.4M (5.9% of revenue).

Revenue$91.6M
Year over year+7%
Quarter over quarter+2%
Operating margin-1.0%
Net earnings−$5.4M

Shenandoah Telecommunications, Q4 2025: revenue $91.6M (+7% year over year), operating margin -1.0%, net loss $5.4M, operating cash flow $28.8M. The chart follows the revenue to costs, profit and cash.

Q4 2025AmountQ/QY/Y
Revenue$91.6M+2%+7%
Operating profit−$873K——
Net earnings−$5.4M——
Operating cash flow$28.8M-6%+40%

What changed

Revenue was $91.6M in Q4 2025, up 7% year over year and up 2% from the previous quarter. Residential and SMB - Incumbent Broadband Markets was the largest line at 45% of revenue.

Operating costs exceeded revenue by $873K, an operating margin of -1.0%. Total costs grew 1% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+13%). The quarter ended with a net loss of $5.4M, narrower than the previous quarter's $9.4M loss. Net interest and other expense of $6.3M was the main reason.

Operating cash flow was $28.8M (up 40% year over year). Non-cash charges added back $32.1M of depreciation and amortization and $1.6M of share-based compensation. Capital expenditures of $107.4M exceeded it, leaving free cash flow of −$78.6M.

Questions

What was Shenandoah Telecommunications' revenue in the fourth quarter 2025?

Shenandoah Telecommunications (SHEN) reported revenue of $91.6M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before.

Was Shenandoah Telecommunications profitable in the fourth quarter 2025?

Operating loss was $873K (-1.0% of revenue) and net loss $5.4M.

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Source: Shenandoah Telecommunications 10-K on SEC EDGAR.