Shenandoah Telecommunications Co
F:SH9
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Shenandoah Telecommunications Co
Shenandoah Telecommunications, known as Shentel, is a regional telecom company that builds and runs broadband networks in parts of the Mid-Atlantic and Appalachian region. It sells home internet, business internet, phone, and related services over its fiber and cable network, mainly under the Glo Fiber brand. It also owns communications towers and other network infrastructure that wireless carriers can use. Its main customers are households, small businesses, schools, and larger organizations that need reliable internet and voice service, plus other telecom companies that rent tower space or network capacity. Shentel makes money mostly from recurring subscription fees for broadband and voice service, along with rental and service income from its tower and fiber assets. What makes Shentel different is that it is not a national carrier trying to serve everywhere. It focuses on building local network infrastructure in areas that often have fewer high-speed options, then earns steady revenue from the long-lived assets it owns. That makes it part internet provider, part infrastructure landlord, with a business tied closely to the quality and reach of its network.
Shenandoah Telecommunications, known as Shentel, is a regional telecom company that builds and runs broadband networks in parts of the Mid-Atlantic and Appalachian region. It sells home internet, business internet, phone, and related services over its fiber and cable network, mainly under the Glo Fiber brand. It also owns communications towers and other network infrastructure that wireless carriers can use.
Its main customers are households, small businesses, schools, and larger organizations that need reliable internet and voice service, plus other telecom companies that rent tower space or network capacity. Shentel makes money mostly from recurring subscription fees for broadband and voice service, along with rental and service income from its tower and fiber assets.
What makes Shentel different is that it is not a national carrier trying to serve everywhere. It focuses on building local network infrastructure in areas that often have fewer high-speed options, then earns steady revenue from the long-lived assets it owns. That makes it part internet provider, part infrastructure landlord, with a business tied closely to the quality and reach of its network.
Strong fiber growth: Shentel posted a record 6,200 Glo Fiber net additions in the quarter and topped 100,000 Glo Fiber data customers, showing continued strong demand for its fiber service.
Revenue and EBITDA: Consolidated revenue rose 5.5% to $93.5 million, while adjusted EBITDA increased 12.9% to $32 million, with margins improving to 34.3%.
Fiber mix shift: Fiber revenue grew 21.4% year over year and made up 51% of total revenue for the first time, passing the company’s incumbent broadband and RLEC businesses combined.
Guidance affirmed: Management reiterated 2026 guidance for revenue of $370 million to $377 million, adjusted EBITDA of $131 million to $136 million, and CapEx net of grants of $220 million to $250 million.
Path to cash flow: The company said it expects to substantially complete its fiber build in 2026 and return to positive free cash flow beginning in 2027.
Competitive backdrop: Management said satellite competition had only a minimal impact in the quarter, while a new rate card in rural markets reduced churn and should support better retention and gross adds going forward.
