Revenue growth of 2.4% in 2026Q1 is offset by significant NOI margin compression from historical 100% levels to 31.4%, indicating rising operational costs.
| 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 |
|---|
| Revenue | 2.93B | 2.23B | 1.17B | 1.15B | 1.13B | 1.1B | 1.07B | 1.06B | 1.02B | 916.03M | 770.41M | 714.47M | 36.02M | 45.13M | 63.48M |
| Revenue Growth % | 149.33% | 91.49% | 1.49% | 1.86% | 2.57% | 3.14% | 0.89% | 3.93% | 11.09% | 18.9% | 7.83% | 1883.82% | -20.19% | -28.91% | - |
| Property Operating Expenses | 1.86B | 1.41B | 0 | 157.41M | 0 | 154.41M | 223.21M | 203.73M | 154.18M | 107.98M | 48.84M | 28.43M | 19.06M | 23.24M | 32.36M |
| Net Operating Income (NOI) | 1.07B | 825.3M | 1.17B | 992.42M | 1.13B | 946.11M | 843.83M | 853.88M | 863.46M | 808.05M | 721.57M | 686.04M | 16.95M | 21.89M | 31.12M |
| NOI Margin % | 36.46% | 36.93% | 100% | 86.31% | 100% | 85.97% | 79.08% | 80.74% | 84.85% | 88.21% | 93.66% | 96.02% | 47.08% | 48.5% | 49.02% |
| Operating Expenses | 606.27M | 351.5M | 560.21M | 102.73M | 536.91M | 101.18M | 104.97M | 102.9M | 85.2M | 72.05M | 35.4M | 16.81M | 80K | 121K | 6.6M |
| G&A Expenses | 491.84M | 351.5M | 105.02M | 102.73M | 100.99M | 101.18M | 104.97M | 102.9M | 85.2M | 72.05M | 35.4M | 16.81M | 80K | 121K | 682K |
| EBITDA | 1.05B | 1.14B | 921.53M | 1.2B | 884.72M | 1.14B | 1.07B | 1.16B | 1.23B | 1.17B | 1.06B | 1.03B | 21.46M | 27.02M | 30.43M |
| EBITDA Margin % | 35.8% | 51.04% | 78.97% | 104.38% | 78.37% | 103.21% | 100.11% | 109.37% | 120.87% | 127.75% | 137.87% | 143.79% | 59.59% | 59.87% | 47.94% |
| Depreciation & Amortization | 586.86M | 666.6M | 314.81M | 310.53M | 292.79M | 290.94M | 329.4M | 405.75M | 451.75M | 434.2M | 375.97M | 358.12M | 4.59M | 5.25M | 5.92M |
| D&A / Revenue % | 20.04% | 29.83% | 26.98% | 27.01% | 25.94% | 26.44% | 30.87% | 38.37% | 44.39% | 47.4% | 48.8% | 50.12% | 12.73% | 11.64% | 9.33% |
| Operating Income | 461.27M | 473.8M | 606.72M | 889.68M | 591.94M | 844.93M | 738.85M | 750.98M | 778.26M | 736.01M | 686.17M | 669.23M | 16.88M | 21.77M | 24.51M |
| Operating Margin % | 15.75% | 21.2% | 51.99% | 77.38% | 52.44% | 76.78% | 69.24% | 71.01% | 76.48% | 80.35% | 89.07% | 93.67% | 46.86% | 48.23% | 38.62% |
| Interest Expense | 4M | 602.8M | 488.63M | 484.71M | 376.83M | 446.3M | 497.13M | 390.11M | 319.59M | 305.99M | 275.39M | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.79x | 1.16x | 1.19x | 0.93x | 1.24x | 0.82x | 0.88x | 1.02x | 0.99x | 1.13x | - | - | - | - |
| Non-Operating Income | 24.58M | 0 | 42.22M | 310.53M | 242.96M | 290.94M | 329.4M | 405.75M | 451.75M | 434.2M | 375.97M | 358.12M | 4.59M | 5.25M | 0 |
| Pretax Income | 1.09B | 1.17B | 75.88M | -150.22M | -25.49M | 119.83M | -734.01M | 15.57M | 11.12M | -47.68M | 305K | 38.41M | 12.29M | 16.51M | 24.51M |
| Pretax Margin % | 37.25% | 52.28% | 6.5% | -13.06% | -2.26% | 10.89% | -68.79% | 1.47% | 1.09% | -5.2% | 0.04% | 5.38% | 34.12% | 36.59% | 38.62% |
| Income Tax | -131.38M | -136.5M | -17.55M | -68.47M | -17.36M | -4.92M | -15.2M | 4.66M | -5.42M | -38.85M | 517K | 1.11M | 0 | 0 | 0 |
| Effective Tax Rate % | -12.04% | -11.68% | -23.14% | 45.58% | 68.13% | -4.1% | 2.07% | 29.95% | -48.73% | 81.48% | 169.51% | 2.88% | 0% | 0% | 0% |
| Net Income | 1.19B | 1.3B | 93.41M | -81.71M | -8.28M | 123.66M | -706.3M | 10.58M | 16.19M | -9.44M | -212K | 37.3M | 12.29M | 16.51M | 24.51M |
| Net Margin % | 40.53% | 58.39% | 8% | -7.11% | -0.73% | 11.24% | -66.19% | 1% | 1.59% | -1.03% | -0.03% | 5.22% | 34.12% | 36.59% | 38.62% |
| Net Income Growth % | 1745.76% | 1296.81% | 214.31% | -887.47% | -106.69% | 117.51% | -6774.55% | -34.63% | 271.49% | -4352.36% | -100.57% | 203.56% | -25.58% | -32.64% | - |
| Funds From Operations (FFO) | 2.06B | 1.97B | 408.22M | 228.81M | 284.51M | 414.6M | -376.9M | 416.34M | 467.94M | 424.77M | 375.76M | 395.43M | 16.88M | 21.77M | 30.43M |
| FFO Margin % | 70.47% | 88.22% | 34.98% | 19.9% | 25.2% | 37.67% | -35.32% | 39.37% | 45.98% | 46.37% | 48.77% | 55.35% | 46.86% | 48.23% | 47.94% |
| FFO Growth % | 1849.23% | 382.91% | 78.4% | -19.58% | -31.38% | 210% | -190.53% | -11.03% | 10.16% | 13.04% | -4.97% | 2243.27% | -22.47% | -28.48% | - |
| FFO per Share | 8.18 | 7.40 | 2.85 | 1.61 | 2.00 | 2.60 | -3.07 | 3.69 | 4.38 | 4.17 | 4.09 | 4.38 | - | - | - |
| FFO Payout Ratio % | 0% | 0% | 26.57% | 46.94% | 50.24% | 34.1% | -36% | 33.32% | 91.06% | 94.22% | 97.89% | 59.5% | 0% | 0% | 0% |
| EPS (Diluted) | 4.71 | 4.87 | 0.64 | -0.58 | -0.07 | 0.84 | -5.76 | 0.07 | 0.07 | -0.21 | -0.07 | 0.39 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 687.92% | 660.94% | 210.34% | -773.49% | -107.9% | 114.58% | -8787.78% | -5.42% | 133.38% | -216.74% | -117% | - | - | - | - |
| EPS (Basic) | - | 6.61 | 0.64 | -0.58 | -0.07 | 0.87 | -5.76 | 0.07 | 0.08 | -0.16 | -0.06 | 0.39 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 252.1M | 266.5M | 143.07M | 142.53M | 142.02M | 159.21M | 122.75M | 112.96M | 106.76M | 101.88M | 91.93M | 90.34M | 0 | 0 | 0 |
High tenant concentration risk
According to the provided financial data, Uniti Group reported a significant revenue surge to $987.5 million in 2026Q1, representing a 2.4% year-over-year increase, yet this growth appears disconnected from the historical stability of the company's core fiber leasing business model and long-term master lease agreements.
The sharp revenue spike suggests that recent inorganic activity or contract restructuring has fundamentally altered the company's scale. Investors should monitor whether this expansion translates into sustainable organic growth or if it merely reflects a temporary accounting consolidation that obscures the underlying performance of the fiber solutions segment.
As reported in recent financial statements, Uniti Group's FFO per share experienced extreme fluctuations, swinging from a negative $0.00 in 2025Q4 to $0.87 in 2026Q1, which highlights the inherent difficulty in relying on headline FFO as a consistent indicator of operational health for this REIT.
The erratic nature of FFO suggests that non-recurring items, such as legal settlements or one-time contract adjustments, are heavily influencing the bottom line. This volatility complicates the assessment of dividend safety and suggests that investors should prioritize normalized FFO metrics to gauge true cash-generating capacity.
Based on reported figures, Uniti Group's AFFO has frequently dipped into negative territory, including a $152.3 million deficit in 2026Q1, which indicates that the company's heavy investment in fiber infrastructure often outpaces the cash flow generated by its existing asset base.
This persistent gap between FFO and AFFO suggests that maintenance and growth capital expenditures are consuming a significant portion of operating cash flow. Such a structure may imply that the company is perpetually reliant on external financing to fund its infrastructure expansion, warranting further investigation into the long-term return on invested capital.
Data from the latest quarterly filings indicates that NOI margins have compressed from historical highs of 100% in mid-2025 to 31.4% in 2026Q1, suggesting a shift in the cost structure as the company integrates more operationally intensive fiber solutions into its portfolio.
The decline in NOI margin appears to reflect the transition from a pure-play leasing model to a more service-heavy operational profile. This shift may indicate higher direct operating costs, such as maintenance and utility expenses, which could permanently lower the company's property-level profitability compared to its historical baseline.
Quick answers to the most common questions about buying UNIT stock.
For fiscal year 2025, Uniti Group Inc. (UNIT) reported total revenue of $2.23B. This represents a 3420.1% increase compared to $63.5M in 2012.
Uniti Group Inc. (UNIT) is profitable, generating $1.30B in net income for the fiscal year ending 2025 with a net profit margin of 58.4%.
Uniti Group Inc. (UNIT) reported an operating income of $473.8M, resulting in an operating profit margin of 21.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Uniti Group Inc. (UNIT) generated $825.3M in gross profit for the year, representing a gross profit margin of 36.9%. This demonstrates the company's core pricing power and production efficiency.