Key Highlights

● Second quarter Revenue was $909.7 million with Adjusted EBITDA of $357.1 million.

● Debt was roughly $10.6 billion against $608.9 million of cash.

● A $1.1 billion secured fiber note offering closed on July 15, 2026.

● Kinetic consumer fiber revenue rose 19%, with about 38,000 net adds.

Uniti Group Inc. (NASDAQ:UNIT) combines a consumer fiber Business under the Kinetic Brand with a fiber infrastructure and solutions arm, and it funds that buildout with a large and layered Debt stack.

Losses Persist Beside Fiber Revenue

For the quarter ended June 30, 2026, Uniti reported revenue of $909.7 million, a net loss of $155.9 million, or $0.68 per diluted share, and Adjusted EBITDA of $357.1 million. Updated 2026 guidance called for revenue of $3,630 million to $3,680 million, Adjusted EBITDA of $1,450 million to $1,500 million, a net loss of $480 million to $530 million, and net interest expense of $805 million. The Balance Sheet showed roughly $10.6 billion of debt against $608.9 million of cash, according to the filing. Using the guidance midpoint, this author calculates gross debt at around 7.2 times Adjusted EBITDA, a rough illustration rather than a company-reported Leverage metric. Preferred dividends declared were $15.7 million in the second quarter, and no common Dividend was mentioned in the release.

Securitizations and Heavy Capital Spending

Financing activity has been active. Uniti said a $1.1 billion secured fiber network revenue term note offering closed on July 15, 2026 at a weighted average coupon of about 6.180%, and that nearly $3 billion has been raised through asset securitizations to date. The company also launched a prepayment offer of up to $167.8 million on its 2032 term Loan and asset sale offers of up to $332.2 million on certain senior secured notes.

On the operating side, Kinetic consumer fiber revenue rose 19%, with about 38,000 net adds and 141,000 premises constructed in the quarter, while Fiber Infrastructure delivered a record new bookings figure of about $2.2 million in monthly recurring revenue. Quarterly capex was heavy, led by $350.9 million at Kinetic. Contribution Margin in Fiber Infrastructure was about 52% on $234.1 million of revenue, which indicates the more stable infrastructure arm may support cash needs while consumer fiber construction continues.

Interest Costs and Fiber Returns

Investors may watch whether the third-quarter report shows interest expense tracking the $805 million guidance and whether further securitizations or note offerings change the cost and Maturity profile of the debt. Net loss guidance suggests that Depreciation and interest still outweigh operating earnings, so progress toward the stated target of 3.5 million fiber homes passed by the end of 2029 may be judged against the cash needed to get there. Kinetic penetration rates, churn and construction costs per passing could influence returns on that capital. Asset sale proceeds and their use for debt reduction may also draw attention, as could any updated guidance range and commentary on integration of the Windstream business. Regulatory and pole attachment issues, along with competition from cable and wireless providers, could also affect penetration assumptions.

Financing Structure Meets Fiber Demand

Uniti's story is as much about financing structure as about fiber demand. Rising fiber revenue and record bookings sit alongside a debt load, large capex and a net loss, so the balance between growth and leverage may remain central. Upcoming disclosures could clarify how quickly buildout spending translates into earnings.