Shenandoah Telecommunications Company (SHEN) Q2 2026 earnings summary

Executive summary

• Total revenue for Q2 2026 increased 5.5% year-over-year to $93.5 million, driven by record 6,200 Glo Fiber net additions and strong expansion in Glo Fiber and Commercial Fiber segments.

• Adjusted EBITDA rose 12.9% year-over-year to $32.0 million, with margin improving to 34%.

• Net loss narrowed to $7.7 million from $9.0 million in Q2 2025.

• Fiber revenue grew 21.4% year-over-year, now representing 51% of consolidated revenue.

• Glo Fiber Expansion Markets revenue surged 32.8% year-over-year, offsetting declines in Incumbent Broadband and RLEC revenues.

Financial highlights

• Glo Fiber Expansion Markets revenue grew $6.5 million or 32.8% year-over-year, driven by a 32.1% increase in data RGUs.

• Commercial Fiber revenue increased $1.9 million or 9.8% year-over-year.

• Adjusted EBITDA margin improved by 200 basis points to 34% year-over-year.

• Incumbent Broadband Markets revenue declined $2.6 million (6.0%) due to lower video and data ARPU.

• Net loss per share for Q2 was $0.17.

Outlook and guidance

• 2026 revenue guidance: $370–$377 million, up from $358 million in 2025.

• 2026 Adjusted EBITDA guidance: $131–$136 million, up from $119 million in 2025.

• 2026 capital expenditures (net of grants) expected at $220–$250 million, down from $296 million in 2025.

• Positive free cash flow projected for 2027 and beyond, supported by EBITDA growth and lower capital intensity.

• Guidance excludes potential impacts from tariffs, chip shortages, and geopolitical conflicts.