Revenue surged 147% in 2025Q3 to $722.6M but fell to $909.7M in 2026Q2, with NOI margin compressing from 100% to 24.2%, indicating non-recurring gains and cost pressures.
Uniti Group Inc. (UNIT) annual income statement — 14-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 |
|---|
| Revenue | 3.54B | 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 % | 199.7% | 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 | 2.55B | 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) | 987M | 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 % | 27.9% | 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 | 642.4M | 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 | 642.4M | 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 | 1.45B | 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 % | 40.93% | 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 | 1.1B | 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 % | 31.18% | 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 | 344.6M | 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 % | 9.74% | 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 | - | 2.94x | 1.16x | 1.19x | 0.93x | 1.24x | 0.82x | 0.88x | 1.02x | 0.99x | 1.13x | - | - | - | - |
| Non-Operating Income | -1.33B | -1.3B | 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 | 952.1M | 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 % | 26.92% | 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 | -124.9M | -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 % | -13.12% | -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 | 1.04B | 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 % | 29.45% | 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 % | 2851.54% | 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) | 2.14B | 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 % | 60.63% | 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 % | 1995.58% | 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 | 8.48 | 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) | 4.12 | 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 % | 1107.6% | 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 | 0.07 | -0.16 | -0.06 | 0.39 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 252.9M | 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 |
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.
Key Metrics
Top Statement Risk
Negative AFFO and leverage
Metrics are mathematically derived from official filings.
Revenue Surge Masks Underlying Volatility
Revenue jumped 147% in 2025Q3 to $722.6M, but 2026Q2 revenue fell to $909.7M from $987.5M sequentially, indicating non-recurring gains. According to quarterly filings, growth is inconsistent.
The 147% revenue spike in 2025Q3 likely reflects a major acquisition or asset consolidation, but the subsequent decline in 2026Q1 and Q2 suggests the boost was not organic. Excluding the spike, revenue growth has been modest, around 2-4% year-over-year, implying limited organic expansion. Investors should monitor whether the revenue base stabilizes or continues to fluctuate.
NOI Margin Compression Signals Cost Pressures
NOI margin fell from 100% in 2025Q2 to 24.2% in 2026Q2, as reported in financial statements, indicating a shift in asset mix or rising operating expenses. This dramatic decline warrants scrutiny.
The 100% NOI margin in earlier quarters suggests those periods may have included only rental revenue without corresponding operating expenses, possibly due to a change in reporting or asset classification. The recent margins around 24-31% are more typical for a REIT with significant property-level costs. The decline from 31.4% in 2026Q1 to 24.2% in 2026Q2 indicates escalating operating expenses or lower-margin assets, which could pressure profitability if not addressed.
FFO Volatility Raises Earnings Quality Concerns
FFO per share swung from $5.53 in 2025Q3 to -$0.00 in 2025Q4, then recovered to $0.59 in 2026Q2, per SEC filings. This extreme volatility suggests non-recurring items dominate reported FFO.
The massive FFO spike in 2025Q3 (likely from a gain on asset sale or revaluation) masks the underlying operational FFO, which appears to be around $0.50-$0.70 per share. The negative FFO in 2025Q4 and negative AFFO in recent quarters indicate that cash available for distribution is insufficient, potentially threatening dividend sustainability. Investors should adjust for one-time items to assess recurring earnings power.
Depreciation Distorts Net Income and AFFO
Net income is consistently negative or volatile, with 2026Q2 net loss of $155.9M, while AFFO is also negative at -$312.2M, as reported. This suggests depreciation and other non-cash charges are significant.
The large gap between FFO and AFFO (e.g., FFO of $150M vs AFFO of -$312M in 2026Q2) indicates substantial recurring capital expenditures or straight-line rent adjustments. Negative AFFO implies the company is not generating enough cash to cover its capital needs, which may be a red flag for dividend coverage. The depreciation charge on real estate is likely a major factor, but the magnitude of the AFFO shortfall suggests economic depreciation exceeds GAAP depreciation.
Organic Growth Appears Muted
Excluding the 2025Q3 revenue spike, same-store revenue growth is roughly 2-4% annually, based on quarterly data. This suggests limited organic rent growth or occupancy gains.
The consistent low single-digit revenue growth in quarters without major acquisitions indicates that same-store NOI is likely growing slowly, if at all. Given the high NOI margins in earlier quarters, the recent margin compression may reflect higher property taxes or operating costs, which could offset any rent increases. Investors should look for same-store NOI disclosures to confirm whether organic performance is deteriorating.
Earnings Quality Under Scrutiny
The 2025Q3 FFO of $1.8B and net income of $1.6B appear to be one-time gains, as subsequent quarters show losses. This suggests reported earnings are not sustainable, per financial data.
The extreme volatility in FFO and net income, including a $1.8B FFO quarter followed by a -$0.8M quarter, indicates that the company may be recognizing large non-operating gains (e.g., from asset sales or debt extinguishment). Additionally, negative AFFO in multiple quarters implies that the company is spending more on maintenance capex and tenant improvements than it generates in cash, which could erode asset value over time. Investors should adjust for these items to assess the true earnings power.