Shentel (SHEN) Q3 2026 Earnings Call: Fiber Growth Lifts EBITDA as CapEx Guidance Rises
Source Tradingkey
Key Takeaways
- Shenandoah Telecommunications reported Q3 2026 revenue of $93.9 million, up 4.6% year over year, while adjusted EBITDA rose 11.8% to $33.2 million.
- Glo Fiber and Commercial Fiber revenue increased 19.5% and contributed 52% of consolidated revenue. Management expects the share to reach approximately 60% by 2028.
- Glo Fiber added a record 8,600 data customers, 48% more than in Q3 2025. Data customers reached approximately 109,000, up 32% year over year.
- The company reiterated 2026 revenue guidance of $370 million to $377 million and adjusted EBITDA guidance of $131 million to $136 million.
- Capital expenditure guidance increased to $255 million-$275 million from $220 million-$250 million, reflecting additional Glo Fiber passings and delayed government grant reimbursements.
- Management expects the major network expansion to be substantially complete by year-end and continues to target positive free cash flow beginning in 2027.
Core Financial Results
| Metric | Q3 2026 | Change / Commentary |
|---|---|---|
| Revenue | $93.9 million | Up 4.6% year over year |
| Adjusted EBITDA | $33.2 million | Up 11.8% year over year |
| Adjusted EBITDA margin | — | Expanded 200 basis points year over year |
| Incremental adjusted EBITDA margin | 85% | Driven by high-margin Glo Fiber revenue growth |
| Glo Fiber expansion revenue | — | Up $6.9 million, or 32.2% |
| Commercial Fiber revenue | — | Up $1.2 million, or 5.9% |
| Combined fiber revenue | — | Up 19.5%; 52% of consolidated revenue |
| Incumbent broadband revenue | — | Down $2.8 million |
| RLEC revenue | — | Down $1.1 million |
| Nine-month capital expenditures | $215 million | Government grants collected totaled $22 million |
| Nine-month net capital expenditures | $193 million | Down 9% year over year |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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