Cable One, Inc.

Cable One, Inc. is a broadband communications provider operating under the Sparklight® brand. The company delivers data, video, and voice products using a fiber-based infrastructure. Cable One serves non-metropolitan, secondary, and tertiary markets across 24 Western, Midwestern, and Southern states. As of December 31, 2025, approximately 75% of its customers were located in Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina, and Texas. As of December 31, 2025, Cable One provided services to approximately 1.0 million residential and business customers out of approximately 2.9 million passings. Of these customers, approximately 999,000 subscribed to data services, 88,000 subscribed to video services, and 94,000 subscribed to voice services. The company generates substantially all its revenues from three primary product lines. In 2025, these were residential data (60.1% of total revenues), business data (15.3% of total revenues), and residential video (12.5% of total revenues). In 2025, the adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") margins for residential data and business data were approximately three and four times greater, respectively, than for residential video.