Revenue growth remains volatile at 4.8% in 2026Q1, while gross margins have compressed significantly to 27.5% due to the high operational costs of fiber-to-the-home deployment.
Shenandoah Telecommunications Company (SHEN) annual income statement — 30-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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 275.41M | 357.85M | 328.06M | 287.38M | 248.91M | 245.24M | 220.78M | 206.86M | 630.85M | 611.99M | 535.29M | 342.49M | 326.95M | 308.94M | 288.07M | 251.15M | 194.89M | 160.62M | 144.42M | 141.18M | 169.19M | 146.39M | 120.97M | 105.86M | 92.96M | 88.72M | 59.73M | 42.24M | 35.59M | 30.97M | 25.43M |
| Revenue Growth % | -21.19% | 9.08% | 14.16% | 15.45% | 1.5% | 11.08% | 6.73% | -67.21% | 3.08% | 14.33% | 56.3% | 4.75% | 5.83% | 7.24% | 14.7% | 28.87% | 21.34% | 11.21% | 2.3% | -16.56% | 15.58% | 21.01% | 14.28% | 13.88% | 4.78% | 48.53% | 41.4% | 18.67% | 14.93% | 21.79% | 16.02% |
| Cost of Revenue | 163.96M | 261.73M | 128.11M | 106.1M | 102.28M | 102.3M | 89.66M | 83.57M | 257.98M | 211.51M | 193.52M | 121.33M | 129.74M | 125.14M | 117.41M | 106.64M | 74.47M | 54.03M | 43.77M | 48.21M | 71.66M | 60.3M | 52.01M | 44.57M | 43M | 37.56M | 24.58M | 2.46M | 6.78M | 2.57M | 5.4M |
| Gross Profit | 111.45M | 96.12M | 199.95M | 181.28M | 146.63M | 142.94M | 131.12M | 123.29M | 372.87M | 400.48M | 341.77M | 221.16M | 197.2M | 183.8M | 170.67M | 144.5M | 120.42M | 106.58M | 100.65M | 92.97M | 97.54M | 86.09M | 68.96M | 61.29M | 49.96M | 51.15M | 35.15M | 39.78M | 28.82M | 28.4M | 20.03M |
| Gross Margin % | 40.47% | 26.86% | 60.95% | 63.08% | 58.91% | 58.29% | 59.39% | 59.6% | 59.11% | 65.44% | 63.85% | 64.57% | 60.32% | 59.49% | 59.24% | 57.54% | 61.79% | 66.36% | 69.69% | 65.85% | 57.65% | 58.81% | 57% | 57.89% | 53.75% | 57.66% | 58.85% | 94.19% | 80.96% | 91.69% | 78.78% |
| Gross Profit Growth % | - | -51.93% | 10.3% | 23.63% | 2.58% | 9.02% | 6.35% | -66.94% | -6.89% | 17.18% | 54.54% | 12.15% | 7.29% | 7.7% | 18.11% | 20% | 12.98% | 5.9% | 8.26% | -4.68% | 13.3% | 24.84% | 12.52% | 22.67% | -2.33% | 45.53% | -11.65% | 38.06% | 1.47% | 41.74% | 10.41% |
| Operating Expenses | 133.03M | 118.19M | 228.54M | 171.65M | 164.09M | 145.37M | 133.72M | 124.63M | 279.63M | 342.94M | 277.01M | 147.07M | 135.26M | 128.4M | 125.06M | 112.22M | 88.18M | 63.76M | 55M | 61.79M | 76.36M | 66.72M | 49.34M | 42.66M | 40.62M | 29.39M | 18.96M | 26.18M | 18.31M | 20.03M | 12.09M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 111.06M | 109.55M | 69.86M | 75.72M | 41.63M | 53.2M | 46.44M | 45.85M | 259.99M | 225.04M | 180.97M | 144.79M | 127.83M | 116.13M | 99.07M | 88.06M | 74.87M | 75.46M | 75.55M | 60.38M | 48.46M | 41.76M | 38.65M | 35.26M | 23.82M | 33.6M | 23.5M | 20.32M | 15.93M | 13.02M | 11.47M |
| EBITDA Margin % | 40.33% | 30.61% | 21.3% | 26.35% | 16.72% | 21.69% | 21.03% | 22.17% | 41.21% | 36.77% | 33.81% | 42.28% | 39.1% | 37.59% | 34.39% | 35.06% | 38.42% | 46.98% | 52.31% | 42.77% | 28.64% | 28.52% | 31.94% | 33.31% | 25.62% | 37.87% | 39.35% | 48.1% | 44.77% | 42.03% | 45.12% |
| EBITDA Growth % | 16.82% | 56.81% | -7.73% | 81.89% | -21.75% | 14.56% | 1.27% | -82.36% | 15.53% | 24.36% | 24.99% | 13.26% | 10.08% | 17.22% | 12.5% | 17.62% | -0.78% | -0.12% | 25.11% | 24.59% | 16.06% | 8.06% | 9.6% | 48.02% | -29.1% | 42.94% | 15.68% | 27.52% | 22.4% | 13.45% | -2.4% |
| Depreciation & Amortization | 132.64M | 131.61M | 98.45M | 66.09M | 59.08M | 55.63M | 49.04M | 47.2M | 166.75M | 178.53M | 158.44M | 70.7M | 65.89M | 60.72M | 64.41M | 55.77M | 42.63M | 32.63M | 29.9M | 29.2M | 27.29M | 22.38M | 19.02M | 16.63M | 14.48M | 11.83M | 7.32M | 6.71M | 5.43M | 4.65M | 3.53M |
| D&A / Revenue % | 48.16% | 36.78% | 30.01% | 23% | 23.74% | 22.68% | 22.21% | 22.82% | 26.43% | 29.17% | 29.6% | 20.64% | 20.15% | 19.65% | 22.36% | 22.21% | 21.87% | 20.32% | 20.7% | 20.68% | 16.13% | 15.29% | 15.72% | 15.71% | 15.58% | 13.34% | 12.25% | 15.89% | 15.25% | 15.02% | 13.88% |
| Operating Income (EBIT) | -21.58M | -22.06M | -28.59M | 9.62M | -17.46M | -2.43M | -2.6M | -1.34M | 93.25M | 46.51M | 22.53M | 74.09M | 61.94M | 55.41M | 34.66M | 32.29M | 32.24M | 42.83M | 45.65M | 31.18M | 21.17M | 19.38M | 19.63M | 18.63M | 9.34M | 21.76M | 16.19M | 13.61M | 10.5M | 8.37M | 7.94M |
| Operating Margin % | -7.84% | -6.17% | -8.72% | 3.35% | -7.01% | -0.99% | -1.18% | -0.65% | 14.78% | 7.6% | 4.21% | 21.63% | 18.95% | 17.93% | 12.03% | 12.86% | 16.54% | 26.66% | 31.61% | 22.09% | 12.51% | 13.24% | 16.22% | 17.6% | 10.05% | 24.53% | 27.1% | 32.21% | 29.51% | 27.02% | 31.24% |
| Operating Income Growth % | - | 22.83% | -397.08% | 155.13% | -618.35% | 6.57% | -93.82% | -101.44% | 100.49% | 106.47% | -69.59% | 19.6% | 11.8% | 59.87% | 7.33% | 0.16% | -24.73% | -6.18% | 46.37% | 47.28% | 9.28% | -1.27% | 5.35% | 99.49% | -57.09% | 34.45% | 18.95% | 29.54% | 25.54% | 5.32% | -10.65% |
| Interest Expense | 4M | 25.37M | 15.9M | 0 | 9.18M | 0 | 0 | 29.47M | 34.85M | 38.24M | 25.1M | 7.36M | 8.15M | 8.47M | 7.85M | 8.29M | 4.72M | 1.36M | 1.01M | 1.87M | 2.36M | 3.08M | 3.13M | 3.51M | 4.2M | 4.13M | 2.68M | 0 | 1.5M | 0 | 803.3K |
| Interest Coverage | - | -0.65x | -1.39x | - | -0.39x | - | - | -0.05x | -0.09x | 1.37x | 1.16x | 10.55x | 7.88x | 6.84x | 4.64x | 3.92x | 7.80x | 32.26x | 44.61x | 20.90x | 10.89x | 6.30x | 5.76x | 5.11x | 2.23x | 1.56x | 2.00x | - | 6.99x | - | 9.89x |
| Interest / Revenue % | 1.45% | 7.09% | 4.85% | 0% | 3.69% | 0% | 0% | 14.25% | 5.52% | 6.25% | 4.69% | 2.15% | 2.49% | 2.74% | 2.72% | 3.3% | 2.42% | 0.85% | 0.7% | 1.33% | 1.4% | 2.1% | 2.59% | 3.32% | 4.51% | 4.65% | 4.49% | 0% | 4.22% | 0% | 3.16% |
| Non-Operating Income | -4M | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -70K | -278K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -353K | -165K | -208.1K | 540.84K |
| Pretax Income | -49.61M | -41.86M | -38.03M | 11.01M | -18.82M | 6.24M | 586K | 1.94M | 62.11M | 13.26M | 1.95M | 68.59M | 56.03M | 49.46M | 28.61M | 24.2M | 32.07M | 42.55M | 44M | 31.77M | 30.37M | 17.45M | 16.32M | 15.06M | -5M | 30.86M | 15.85M | 10.22M | 10.34M | 8.16M | 8.49M |
| Pretax Margin % | -18.01% | -11.7% | -11.59% | 3.83% | -7.56% | 2.54% | 0.27% | 0.94% | 9.85% | 2.17% | 0.36% | 20.03% | 17.14% | 16.01% | 9.93% | 9.64% | 16.46% | 26.49% | 30.46% | 22.51% | 17.95% | 11.92% | 13.49% | 14.23% | -5.38% | 34.78% | 26.54% | 24.21% | 29.05% | 26.34% | 33.37% |
| Income Tax | -9.44M | -8.91M | -9.67M | 2.97M | -3.4M | -1.69M | -990K | 6K | 15.52M | -53.13M | 2.84M | 27.73M | 22.15M | 19.88M | 12.01M | 10.67M | 13.36M | 17.46M | 17.67M | 12.97M | 12.37M | 6.72M | 6.08M | 5.3M | -2.11M | 9.96M | 5.99M | 3.8M | 3.6M | 2.59M | 2.82M |
| Effective Tax Rate % | 19.03% | 21.29% | 25.43% | 27% | 18.07% | -27.17% | -168.94% | 0.31% | 24.98% | -400.79% | 146.02% | 40.42% | 39.53% | 40.19% | 41.97% | 44.07% | 41.64% | 41.05% | 40.16% | 40.82% | 40.73% | 38.48% | 37.24% | 35.21% | 42.16% | 32.28% | 37.82% | 37.13% | 34.81% | 31.79% | 33.25% |
| Net Income | -41.75M | -39.39M | 190.39M | 8.04M | -8.38M | 998.83M | 125.67M | 55.5M | 46.59M | 66.39M | -895K | 40.86M | 33.88M | 29.59M | 16.3M | 12.99M | 18.07M | 15.09M | 24.41M | 18.8M | 17.92M | 10.73M | 10.24M | 32.07M | 4.52M | 16.37M | 9.86M | 6.43M | 5.6M | 4.48M | 4.99M |
| Net Margin % | -15.16% | -11.01% | 58.03% | 2.8% | -3.37% | 407.29% | 56.92% | 26.83% | 7.39% | 10.85% | -0.17% | 11.93% | 10.36% | 9.58% | 5.66% | 5.17% | 9.27% | 9.4% | 16.9% | 13.32% | 10.59% | 7.33% | 8.47% | 30.3% | 4.86% | 18.45% | 16.5% | 15.22% | 15.74% | 14.46% | 19.64% |
| Net Income Growth % | -42.37% | -120.69% | 2268.6% | 195.93% | -100.84% | 694.79% | 126.44% | 19.11% | -29.82% | 7517.88% | -102.19% | 20.6% | 14.52% | 81.48% | 25.48% | -28.12% | 19.77% | -38.16% | 29.79% | 4.92% | 66.95% | 4.8% | -68.06% | 609.76% | -72.4% | 66.13% | 53.31% | 14.71% | 25.1% | -10.31% | -19.84% |
| EPS (Diluted) | -0.75 | -0.71 | 3.54 | 0.16 | -0.17 | 0.16 | 0.05 | 1.12 | 0.93 | 1.33 | -0.02 | 0.83 | 0.70 | 0.62 | 0.00 | 0.28 | 0.38 | 0.32 | 0.52 | 0.40 | 0.39 | 0.23 | 0.22 | 0.70 | 0.10 | 0.36 | 0.22 | 0.14 | 0.12 | 0.10 | 0.11 |
| EPS Growth % | -30.65% | -120.06% | 2112.5% | 194.12% | -206.25% | 204.76% | -95.31% | 20.43% | -30.08% | 7367.76% | -102.2% | 18.57% | 12.9% | - | -98.79% | -26.32% | 18.75% | -38.46% | 30% | 2.56% | 69.57% | 4.55% | -68.57% | 600.7% | -72.25% | 63.64% | 57.14% | 16.67% | 20.97% | -9.82% | -21.43% |
| EPS (Basic) | - | -0.71 | 3.54 | 0.16 | -0.17 | 0.16 | 0.05 | 1.12 | 0.94 | 1.35 | -0.02 | 0.84 | 0.70 | 0.62 | 0.00 | 0.28 | 0.38 | 0.32 | 0.52 | 0.40 | 0.39 | 0.23 | 0.22 | 0.70 | 0.10 | 0.36 | 0.22 | 0.14 | 0.12 | 0.10 | 0.11 |
| Diluted Shares Outstanding | 55.78M | 55.1M | 53.72M | 50.72M | 50.16M | 50.15M | 50.02M | 50.1M | 50.06M | 50.03M | 48.81M | 49.02M | 48.72M | 48.23M | 47.92M | 47.25M | 47.57M | 47.16M | 47.22M | 46.99M | 46.66M | 46.22M | 45.94M | 45.65M | 45.3M | 45.9M | 45.25M | 45.07M | 45.07M | 45.13M | 45.13M |
Quick answers to the most common questions about buying SHEN stock.
For fiscal year 2025, Shenandoah Telecommunications Company (SHEN) reported total revenue of $357.9M. This represents a 1307.2% increase compared to $25.4M in 1996.
Shenandoah Telecommunications Company (SHEN) reported a net loss of $39.4M for the fiscal year ending 2025.
Shenandoah Telecommunications Company (SHEN) reported an operating income of $-22.1M, resulting in an operating profit margin of -6.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Shenandoah Telecommunications Company (SHEN) generated $96.1M in gross profit for the year, representing a gross profit margin of 26.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fiber build-out execution risk
Metrics are mathematically derived from official filings.
Revenue Growth Amidst Strategic Pivot
According to recent quarterly filings, SHEN's revenue growth has exhibited significant volatility, with a 4.8% year-over-year increase in 2026Q1 following a period of inconsistent performance, suggesting that the transition toward a pure-play fiber provider remains in a complex, early-stage maturation phase for the company.
The top-line trajectory reflects the ongoing shift from legacy services to the Glo Fiber initiative, which complicates year-over-year comparisons. Investors should monitor whether the recent growth uptick represents a sustainable acceleration in subscriber acquisition or merely the impact of inorganic expansion through recent acquisitions like Horizon Telcom.
Structural Margin Compression Under Pressure
As reported in financial statements, SHEN's gross margin experienced a sharp contraction to 27.5% in 2026Q1, down from historical levels exceeding 60%, which highlights the substantial operational costs associated with aggressive fiber-to-the-home deployment and the current lack of scale in new service territories.
The volatility in gross margins suggests that the company is absorbing significant upfront costs that are not yet offset by recurring subscription revenue. This margin profile appears to be a direct consequence of the heavy capital intensity required to build out fiber passings, which may continue to weigh on profitability until penetration rates reach critical mass.
Operating Leverage Remains Elusive Currently
Based on SHEN's reported figures, the company continues to struggle with negative operating margins, reaching -8.7% in 2026Q1, indicating that SG&A expenses are currently scaling in tandem with or faster than gross profit, thereby preventing the realization of meaningful operating leverage during this intensive investment cycle.
The persistent operating losses suggest that the company's fixed cost base is currently too high relative to its existing revenue footprint. Until the fiber network achieves higher utilization, the company may remain unable to demonstrate the operating leverage typically expected from mature telecommunications infrastructure providers.
Sustainability of Fiber Capital Allocation
Data from recent income statements suggests that SHEN's reliance on heavy capital expenditure to drive growth may be unsustainable, as evidenced by the persistent net losses and the -18.8% net margin reported in 2026Q1, which warrants further investigation into the long-term return on invested capital.
Short-term observers might argue that the company's inability to generate consistent net income reflects a fundamental flaw in the unit economics of its fiber expansion strategy. Investors should carefully scrutinize whether the cost-to-acquire customers is rising to levels that could permanently impair the company's ability to achieve self-sustaining profitability.