Revenue growth has contracted to -7.3% in 2026Q1, while gross margins have exhibited extreme instability, dropping to zero in the most recent quarter.
Cable One, Inc. (CABO) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Revenue | 1.4B | 1.5B | 1.58B | 1.68B | 1.71B | 1.61B | 1.33B | 1.17B | 1.07B | 960.03M | 819.63M | 807.27M | 814.81M | 825.71M |
| Revenue Growth % | -8.34% | -4.95% | -5.87% | -1.64% | 6.24% | 21.17% | 13.46% | 8.92% | 11.69% | 17.13% | 1.53% | -0.93% | -1.32% | - |
| Cost of Revenue | 452.58M | 730.65M | 416.82M | 440.92M | 470.92M | 455.35M | 418.7M | 388.55M | 370.27M | 337.04M | 304.44M | 310.93M | 327.97M | 351.18M |
| Gross Profit | 613.04M | 770.77M | 1.16B | 1.24B | 1.24B | 1.15B | 906.52M | 779.45M | 702.03M | 622.99M | 515.19M | 496.34M | 486.84M | 474.52M |
| Gross Margin % | 43.86% | 51.34% | 73.61% | 73.72% | 72.4% | 71.64% | 68.41% | 66.73% | 65.47% | 64.89% | 62.86% | 61.48% | 59.75% | 57.47% |
| Gross Profit Growth % | - | -33.71% | -6.02% | 0.17% | 7.36% | 26.91% | 16.3% | 11.03% | 12.69% | 20.92% | 3.8% | 1.95% | 2.59% | - |
| Operating Expenses | 1.03B | 372.88M | 720.84M | 710.26M | 696.14M | 693.91M | 437.18M | 468.99M | 419.95M | 386.42M | 326.98M | 334.6M | 323.02M | 310.08M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | -332.86M | 736.44M | 783.63M | 869.79M | 889.45M | 795.6M | 735.01M | 527.14M | 465.64M | 417.62M | 336.05M | 302.38M | 297.98M | 290.15M |
| EBITDA Margin % | -23.81% | 49.05% | 49.61% | 51.83% | 52.14% | 49.54% | 55.46% | 45.13% | 43.42% | 43.5% | 41% | 37.46% | 36.57% | 35.14% |
| EBITDA Growth % | -144.82% | -6.02% | -9.91% | -2.21% | 11.8% | 8.24% | 39.43% | 13.21% | 11.5% | 24.27% | 11.13% | 1.48% | 2.7% | - |
| Depreciation & Amortization | 346.59M | 338.55M | 341.75M | 342.89M | 350.46M | 339.02M | 265.66M | 216.69M | 197.73M | 181.62M | 147.84M | 140.63M | 134.17M | 125.71M |
| D&A / Revenue % | 24.8% | 22.55% | 21.64% | 20.43% | 20.54% | 21.11% | 20.05% | 18.55% | 18.44% | 18.92% | 18.04% | 17.42% | 16.47% | 15.22% |
| Operating Income (EBIT) | -679.46M | 397.89M | 441.88M | 526.9M | 538.99M | 456.57M | 469.35M | 310.45M | 267.91M | 236M | 188.21M | 161.74M | 163.81M | 164.45M |
| Operating Margin % | -48.61% | 26.5% | 27.98% | 31.4% | 31.59% | 28.43% | 35.42% | 26.58% | 24.98% | 24.58% | 22.96% | 20.04% | 20.1% | 19.92% |
| Operating Income Growth % | - | -9.96% | -16.14% | -2.24% | 18.05% | -2.72% | 51.18% | 15.88% | 13.52% | 25.39% | 16.36% | -1.26% | -0.38% | - |
| Interest Expense | 2M | 129.97M | 138M | 170.15M | 124.04M | 113.45M | 73.61M | 71.73M | 60.41M | 46.86M | 30.22M | 16.09M | 0 | 0 |
| Interest Coverage | - | -2.42x | 2.77x | 3.42x | 4.03x | 3.97x | 6.15x | 4.26x | 4.70x | 5.06x | 6.36x | 10.04x | - | - |
| Interest / Revenue % | 0.14% | 8.66% | 8.74% | 10.14% | 7.27% | 7.06% | 5.55% | 6.14% | 5.63% | 4.88% | 3.69% | 1.99% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -135K |
| Pretax Income | -1.38B | -444.32M | 39.68M | 411.4M | 332.71M | 337.59M | 380.71M | 233.81M | 211.98M | 189.8M | 163.11M | 145.42M | 238.01M | 164.31M |
| Pretax Margin % | -98.98% | -29.59% | 2.51% | 24.52% | 19.5% | 21.02% | 28.73% | 20.02% | 19.77% | 19.77% | 19.9% | 18.01% | 29.21% | 19.9% |
| Income Tax | -39.15M | -87.86M | 25.2M | 72.84M | 119.65M | 45.77M | 76.32M | 55.23M | 47.22M | -44.23M | 64.17M | 56.39M | 90.7M | 59.8M |
| Effective Tax Rate % | 2.83% | 19.77% | 63.51% | 17.71% | 35.96% | 13.56% | 20.05% | 23.62% | 22.28% | -23.3% | 39.34% | 38.78% | 38.11% | 36.39% |
| Net Income | -1.57B | -356.46M | 14.48M | 224.62M | 213.06M | 291.82M | 304.39M | 178.58M | 164.76M | 234.03M | 98.94M | 89.03M | 147.31M | 104.51M |
| Net Margin % | -112.2% | -23.74% | 0.92% | 13.39% | 12.49% | 18.17% | 22.97% | 15.29% | 15.37% | 24.38% | 12.07% | 11.03% | 18.08% | 12.66% |
| Net Income Growth % | -245.38% | -2561.73% | -93.55% | 5.43% | -26.99% | -4.13% | 70.45% | 8.39% | -29.6% | 136.54% | 11.13% | -39.56% | 40.95% | - |
| EPS (Diluted) | -274.76 | -63.21 | 2.58 | 38.08 | 37.08 | 45.69 | 51.27 | 31.12 | 28.77 | 40.72 | 17.14 | 15.67 | 25.27 | 17.93 |
| EPS Growth % | -238.01% | -2550% | -93.22% | 2.7% | -18.84% | -10.88% | 64.75% | 8.17% | -29.35% | 137.57% | 9.38% | -37.99% | 40.94% | - |
| EPS (Basic) | - | -63.21 | 2.58 | 40.86 | 39.73 | 48.49 | 51.73 | 31.45 | 28.98 | 41.20 | 17.23 | 15.69 | 25.27 | 17.93 |
| Diluted Shares Outstanding | 5.71M | 5.64M | 5.62M | 6.06M | 6.31M | 6.39M | 5.94M | 5.74M | 5.73M | 5.75M | 5.77M | 5.86M | 5.83M | 5.83M |
Quick answers to the most common questions about buying CABO stock.
For fiscal year 2025, Cable One, Inc. (CABO) reported total revenue of $1.50B. This represents a 81.8% increase compared to $825.7M in 2013.
Cable One, Inc. (CABO) reported a net loss of $356.5M for the fiscal year ending 2025.
Cable One, Inc. (CABO) reported an operating income of $397.9M, resulting in an operating profit margin of 26.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Cable One, Inc. (CABO) generated $770.8M in gross profit for the year, representing a gross profit margin of 51.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fixed Wireless Access competition
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
According to the company's recent financial disclosures, Cable One has experienced a consistent decline in top-line performance, with quarterly revenue growth reaching -7.3% in 2026Q1, signaling that the firm's historical pricing power is no longer sufficient to offset ongoing subscriber attrition in its core segments.
The persistent negative revenue growth suggests that the company's rural-first strategy is facing significant headwinds as market saturation and alternative connectivity options erode the subscriber base. Investors should monitor whether this trend reflects a structural shift in demand or merely a temporary adjustment period as the company pivots away from legacy video services.
Gross Margin Volatility and Compression
As reported in recent quarterly filings, the company's gross margin profile has exhibited significant instability, dropping from historical levels above 70% to a reported zero in 2026Q1, which suggests a fundamental disruption in the cost-to-revenue relationship that warrants immediate and deep investigation by market participants.
The extreme fluctuation in gross margins indicates that the company may be struggling to manage its underlying cost structure amidst a declining revenue environment. This volatility implies that the firm's ability to maintain its historical competitive advantage in rural markets is currently under severe pressure, potentially due to rising infrastructure maintenance costs or shifts in accounting treatment.
Net Income Distorted by Impairments
Based on the provided income statement data, Cable One's net income has been highly erratic, highlighted by a massive -114.9% net margin in 2025Q2, which suggests that headline earnings are being heavily impacted by non-recurring charges, likely goodwill impairments or asset write-downs related to past acquisitions.
The stark divergence between operating margins and net margins indicates that the company's core operational profitability is being masked by significant non-cash accounting adjustments. Analysts should be wary of relying on net income as a proxy for cash-generating ability, as these recurring impairments suggest a potential overvaluation of legacy assets on the balance sheet.
Structural Risks to Rural Moat
While management has historically relied on geographic insulation to protect margins, the recent financial data suggests that the competitive threat from Fixed Wireless Access is intensifying, as evidenced by the -4.95% average revenue decline that appears to challenge the long-term viability of the current business model.
Short-sellers would likely focus on the company's inability to stabilize its subscriber base despite its rural market dominance, suggesting that the 'rural moat' may be more porous than previously assumed. If the company cannot demonstrate a return to positive revenue growth, the market may be forced to re-rate the stock to reflect a terminal decline in its core broadband business.