Cable One Pre-Announces Q2 Revenue of $346M–$352M, 16K–18K Subscriber Losses, and May Abandon MBI Debt Exchange
CABO is trading near its 52-week low of $39.52 (7.5% above the low).
Summary
Cable One pre-announced Q2 2026 revenue of $346M–$352M, 16K–18K residential data subscriber losses, and a sequential decline in Adjusted EBITDA. The company also disclosed it may not consummate the MBI Term Loan Exchange Offer, potentially leaving MBI's debt in place without new credit support.
Key Events · Earnings and Guidance · CABO
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Preliminary Q2 Revenue and Subscriber Losses
Revenue is expected between $346M and $352M, while net residential data subscriber losses of 16,000 to 18,000 extend a multi-quarter trend of customer attrition.
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Adjusted EBITDA Decline
Adjusted EBITDA is expected to come in lower than Q1 2026, consistent with the sequential decline seen from Q4 2025 to Q1 2026, indicating ongoing margin pressure.
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MBI Term Loan Exchange Offer May Be Abandoned
Cable One is considering not consummating the exchange offer and instead leaving MBI's senior secured term loans in place without new credit support, a significant shift in acquisition financing strategy.
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Balance Sheet Snapshot
As of June 30, 2026, cash stood at $166.2M, gross debt at $3,058.4M, and net debt at $2,892.2M — leverage remains extreme relative to the company's $231.8M market cap.
Analysis · CABO · Technology
Cable One disclosed preliminary Q2 results showing continued subscriber erosion and declining EBITDA, alongside a potential pivot in its MBI acquisition financing. The company lost another 16,000–18,000 residential data subscribers, extending a painful trend, and expects Adjusted EBITDA to fall sequentially. More critically, Cable One is considering walking away from its previously announced MBI Term Loan Exchange Offer, instead leaving MBI's debt in place without new credit support — a move that could preserve liquidity but signals the exchange terms were unfavorable. With $2.9 billion in net debt and a market cap of just $232 million, the balance sheet remains under severe pressure.
At the time of this filing, CABO was trading at $42.50 on NYSE in the Technology sector, with a market capitalization of approximately $231.8M. The 52-week trading range was $39.52 to $180.74. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.