Key Highlights

  • Consensus EPS of negative 0.23 compares with second-quarter EPS of negative 0.17, against negative 0.19 a year earlier.
  • Consensus revenue of USD 94.10 million compares with second-quarter revenue of USD 93,462 thousand, against USD 88,568 thousand.
  • Management guided 2026 revenue of USD 370 million to USD 377 million, a midpoint growth of 4.4%.
  • Glo Fiber data customers reached 100,155, up 31.3%, with penetration at 21.1% across 475,677 passings.

Shenandoah Telecommunications (NASDAQ:SHEN) reports third-quarter results on Wednesday, Oct. 28, before the market opens. Consensus stands at EPS of -0.23 on revenue of USD 94.10 million, and the company has a market capitalization of USD 561.40 million.

Shenandoah Telecommunications provides fiber, broadband and commercial services, including its Glo Fiber residential brand. Second-quarter revenue was USD 93,462 thousand against USD 88,568 thousand, and the net loss was USD 7,699 thousand against USD 9,048 thousand.

Estimates Against the Second-Quarter Loss and 2026 Guidance

The EPS estimate of negative 0.23 is below the second-quarter EPS of negative 0.17, which compared with negative 0.19 a year earlier, and the estimates table does not state its EPS basis. The revenue estimate of USD 94.10 million is above the USD 93,462 thousand reported.

Management guided 2026 revenue of USD 370 million to USD 377 million, adjusted EBITDA of USD 131 million to USD 136 million and net capital expenditures of USD 220 million to USD 250 million.

What Management Guided and What It Left Open

Management announced a 10% reduction in force that it put at USD 12.3 million of annual savings beginning in 2027. It cited softer demand in rural markets where inflation pressures household budgets, and wired competition across roughly 35% of incumbent passings.

Management left open the pace of churn in incumbent broadband, where data churn was 1.73%, and gave no third-quarter dollar guidance. Government-subsidized construction slowed, with USD 20.6 million of grant receipts in the first half and USD 27.4 million of reimbursements remaining available.

Glo Fiber and Commercial Fiber Detail

Fiber revenue was USD 47.7 million, up 21.4% and 51% of consolidated revenue. Glo Fiber added 6,200 net customers, data ARPU was 76.57 against 76.72 and monthly churn was 1.21%. More than 80% of new residential customers chose speeds of 1 gig or higher.

Commercial fiber revenue was USD 21.4 million, up 9.8%, with monthly sales bookings of USD 180,000. Incumbent broadband revenue was USD 40.3 million, down 6.0%, with data ARPU of 80.93, down 2.6%, and RLEC and other revenue was USD 5.5 million, down 14.7%.

Earnings Lines, Capital Spending and Debt

Adjusted EBITDA was USD 32.0 million, up 12.9%, and the margin was 34.3%, up 200 basis points. The operating loss was USD 1,016 thousand against USD 9,108 thousand, and the pre-tax loss was USD 10,240 thousand against USD 12,096 thousand.

First-half capital expenditures were USD 146.2 million against USD 169.4 million. Liquidity was USD 158.9 million, including USD 54.8 million in cash, and total debt was USD 728 million, 78% at fixed rates with no significant maturities until 2029. The estimates table lists a market capitalization of USD 561.40 million.

Items to Track in the Report

Reported EPS against negative 0.23 and revenue against USD 94.10 million are the headline comparisons. Other markers are Glo Fiber customer counts, incumbent broadband churn and capital spending.