MARKETS / NASDAQ / SHEN

NASDAQ · TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE) · LARGE CAP

Shenandoah Telecommunications Co. SHEN

17 fiscal years on record · USD · FY2025 reported · SEC filings only

3 YEARS OF DIVIDEND GROWTH

Revenue

$357.9M

▲ 9.1% YoY

Net income

$-32.9M

▼ 117.0% YoY

Free cash flow

$-257.9M

In brief

What this company does

Shenandoah Telecommunications Company and its subsidiaries provide broadband services through fiber-optic and cable networks to customers in eight contiguous states in the eastern United States. Its services include broadband internet, video and voice, high-speed Ethernet, dark fiber leasing, and managed network services. The company owns a regional network with approximately 19,000 route miles of fiber. The company served approximately 262,000 Revenue Generating Units at December 31, 2025. As of December 31, 2025, the company employed 1,041 people, located predominately in and around the Mid-Atlantic and Mid-West regions of the United States.

Written from the business description in SHENANDOAH TELECOMMUNICATIONS CO/VA/'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth

USD 357.9M

Revenue, FY2025 · full 17-year series below

Revenue $M Net income $M

FY2025 · Revenue 357.9 · Net income -32.9

Compound annual growth

Revenue

+12.9%

+10.1%

+0.4%

+4.1%

Dividend / share

+11.2%

−20.2%

−7.5%

Returned to shareholders

+17.3%

−17.1%

−6.8%

−0.8%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +10.1% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−9 cents

lost on every revenue dollar

Operating margin Net margin

FY2025 · Operating -6.5% · Net -9.2%

ROE

FY2025 · ROE -3.7%

Gross margin63.6%

Operating margin-6.5%

Net margin-9.2%

Return on assets-1.8%

EBITDAUSD 106.4M

Each USD of equity lost 4 cents this year.

Cash & shareholders

USD 6.4M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF -257.9

Net buybacks $M Dividends $M

FY2025 · Dividends 6.4 · Net buybacks —

Dividends paidUSD 6.4M

Net buybacks—

Share of profit-19.6%

Consecutive raises3 years

USD 6.4M in dividends went back to shareholders in a year without profit.

Total assetsUSD 1.9B

EquityUSD 880.8M

CashUSD 27.3M

Gross debtUSD 628.2M

Net debtUSD 601.0M

Current ratio0.90×

Net debt stands at 68% of equity.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	0.4	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.6	0.5	0.3	0.3	0.3	0.3	0.3	0.2	0.2
Operating income $B	−0.0	−0.0	0.0	−0.0	−0.0	−0.0	−0.0	−0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0
EBITDA $B	0.1	0.1	0.1	0.0	0.1	0.0	0.0	0.0	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Income tax $B	−0.0	−0.0	0.0	−0.0	−0.0	−0.0	0.0	−0.0	−0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	−0.0	0.2	0.0	−0.0	1.0	0.1	0.1	0.0	0.1	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Free cash flow $B	−0.3	−0.3	−0.1	−0.1	−0.4	0.2	0.2	0.2	0.1	−0.0	0.0	0.0	−0.0	0.0	0.0	0.0	0.0
EPS, diluted $	−0.71	3.54	0.16	−0.17	19.92	2.51	1.11	0.93	1.33	−0.02	0.83	0.70	0.61	0.68	0.55	0.76	0.64
Dividend / sh $	0.11	0.10	0.09	0.08	18.82	0.34	0.29	0.27	0.26	0.25	0.24	0.23	0.18	0.33	0.33	0.33	0.32
Payout %	−20	3	56	−48	94	13	25	28	18	−1308	27	32	28	45	56	40	46
ROE %	−3.7	24.7	1.2	−1.3	163.8	24.0	12.2	11.8	20.5	−0.3	14.9	13.8	13.4	8.0	6.7	9.9	8.6
Shares out B	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.02	0.02	0.02	0.00	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Shenandoah Telecommunications Co.vsVerizon Communications Inc.Same industry: Telephone Communications (No Radiotelephone)Shenandoah Telecommunications Co.vsAT&T Inc.Same industry: Telephone Communications (No Radiotelephone)Shenandoah Telecommunications Co.vsLumen Technologies, Inc.Same industry: Telephone Communications (No Radiotelephone)Shenandoah Telecommunications Co.vsUniti Group Inc.Same industry: Telephone Communications (No Radiotelephone)Shenandoah Telecommunications Co.vsIDT Corp.Same industry: Telephone Communications (No Radiotelephone)Shenandoah Telecommunications Co.vsTelephone & Data Systems Inc.Same industry: Telephone Communications (No Radiotelephone)Shenandoah Telecommunications Co.vsATN International, Inc.Same industry: Telephone Communications (No Radiotelephone)

Provenance

Company facts, as filed

How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityTelephone Communications (No Radiotelephone)

Listed onNASDAQ

Incorporated inVirginia

Fiscal year endsDecember 31

Data on record since2009