Shentel Q3: Fiber Revenue Up 32%, 2026 Capex Guidance Raised to $255M-$275M
SHEN is trading near its 52-week low of $9.535 (5.2% above the low).
Summary
Shentel grew Q3 revenue 4.6% to $93.9M and Adjusted EBITDA 11.8% to $33.2M on 32.2% fiber revenue growth, but raised 2026 capex guidance to $255M-$275M while holding revenue and EBITDA guidance unchanged.
Key Events · Earnings and Guidance · SHEN
-
Q3 Revenue $93.9M, Up 4.6%
Total revenue rose to $93.9M from $89.8M a year ago, led by Glo Fiber Expansion Markets revenue of $28.2M, up 32.2%.
-
Adjusted EBITDA Up 11.8% to $33.2M
Adjusted EBITDA margin expanded to 35% from 33%, even as the company posted a $9.2M net loss, or $0.19 per share.
-
Capex Guidance Raised to $255M-$275M
2026 capital expenditures net of government grant reimbursements move up from $220M-$250M, reflecting Glo Fiber passings now projected at 517,000 and subsidy reimbursements shifting into 2027; revenue and Adjusted EBITDA guidance are unchanged.
-
Liquidity $138.6M Against $747.1M Debt
Total available liquidity was $138.6M at September 30, 2026, including $18.6M unrestricted cash and $49.8M of revolver availability, against $747.1M of long-term debt.
Analysis · SHEN · Technology
The fiber build is delivering on the top line: Glo Fiber expansion revenue jumped 32.2% to $28.2M and Adjusted EBITDA rose 11.8% to $33.2M. Yet the company still lost $9.2M in the quarter and now expects to spend more this year than previously guided. Capex net of grant reimbursements moves to $255M-$275M from $220M-$250M, driven by more homes passed (517,000 vs 510,000) and subsidy reimbursements slipping into 2027. Revenue and EBITDA guidance were left unchanged, so the higher spend lands on the balance sheet rather than the income statement: long-term debt is already $747.1M against $138.6M of total available liquidity. The offset is the ~10% workforce reduction, expected to save ~$12.3M a year starting 2027 for ~$2.5M of restructuring cost, as the construction phase winds down by end-2026.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.5% of the 1494 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SHEN was trading at $10.03 on NASDAQ in the Technology sector, with a market capitalization of approximately $555.3M. The 52-week trading range was $9.54 to $17.35. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.