Uniti Group (UNIT) Q1 2026 earnings summary

Executive summary

• Achieved consolidated Q1 2026 revenue of $987.5 million and Adjusted EBITDA of $441.6 million, with 15% year-over-year fiber revenue growth and record Kinetic Consumer Fiber gross adds and low churn.

• Completed a transformative merger with Windstream, expanding operations and segment structure, with $809.3 million of Q1 revenue from acquired Windstream operations.

• Strategic focus on expanding fiber footprint, operational excellence, and customer retention, with over 50% of Kinetic subscribers and consumer revenue now on fiber.

• Positioned to benefit from AI-driven demand and unique network locations, with significant opportunities in dark fiber and WAVES markets.

• Balance sheet remains strong, with plans for opportunistic capital market activity and ongoing integration of Uniti and Windstream.

Financial highlights

• Q1 2026 consolidated revenue: $987.5 million; Adjusted EBITDA: $441.6 million (45% margin); net loss: $70.3 million.

• Kinetic Consumer Fiber revenue grew 26% year-over-year, with ARPU up 5% and fiber penetration at 29.1%.

• Fiber Infrastructure revenue up 13% year-over-year; bookings MRR at $1.6 million; $70 million in one-time dark fiber sales-type lease revenue recognized.

• Adjusted EBITDA for Q1 2026 rose from $237.8 million in Q1 2025 to $441.6 million.

• Net loss per share was ($0.34) basic and diluted, compared to $0.08 in Q1 2025.

Outlook and guidance

• Full-year 2026 revenue guidance: $3.605–$3.655 billion; Adjusted EBITDA: $1.425–$1.475 billion; net loss: $(450)–$(400) million.

• Kinetic targets: $2.15 billion revenue, $905 million contribution margin, 2.3–2.35 million homes passed, 675,000–700,000 fiber subscribers, $635–$655 million consumer fiber revenue.

• Fiber Infrastructure targets: $975 million revenue, $560 million contribution margin, $140 million net CapEx.

• Revenue from large hyperscaler deals expected to be lumpy, with significant recognition in Q1 and Q4.

• Management expects continued integration of Uniti and Windstream to influence results.