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Shenandoah Telecom SHEN Commercial Fiber — Service revenue and other

Other product segments

Cost of services
$351.07M+9.0%
Residential & SMB - Incumbent Broadband Markets
$40.28M-6.0%
Residential & SMB - Glo Fiber Expansion Markets
$26.29M+32.8%
Income from leasing arrangements (ASC 842)
$6.79M+16.2%
RLEC & Other
$5.51M-14.7%

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WWDCommercial Services — Revenue
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VMDService revenues — Revenue from sales and services
$6.37M-1.9%

Other financials

Income statement

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Revenue$93.5M+5.5%
Gross profit$60.8M+8.6%
Operating income-$1.0M+88.8%
Net income-$9.3M+11.8%
EPS (diluted)-$0.17+10.5%

Balance sheet

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Cash & equivalents$54.8M+88.4%
Total debt$733.5M+39.2%
Total equity$859.9M-4.7%
Total assets$2.0B+8.8%

Cash flow

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Operating cash flow$24.4M+16.7%
CapEx$70.4M-18.4%
Free cash flow-$45.9M+29.6%

Valuation

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Market cap$742.44M+4.3%
Enterprise value$1.42B+17.5%
P/S0.0×

Profitability

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Gross margin64.9%+3.0pp
Operating margin-5.3%-1.1pp
Net margin-12.2%+13.4pp
FCF margin-61.9%-7.5pp

Returns & leverage

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Return on equity-5.1%+10.2pp
Debt / equity0.9×+0.3×
Current ratio0.9×+0.1×

Where this comes from

Reported directly by Shenandoah Telecom in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Shenandoah Telecom’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 8:04 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000354963-26-000209
(in thousands)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Residential & SMB - Incumbent Broadband Markets1$40,282$42,837$81,425$86,196
Residential & SMB - Glo Fiber Expansion Markets226,28919,79651,11738,240
Commercial Fiber21,38619,48341,92839,095
RLEC & Other5,5056,45211,14512,935
Service revenue and other$93,462$88,568$185,615$176,466

Item 6. Exhibits [36](#i8f4df291a7bd4c8ca6efbfd24c256582_118)

FAQ

What is Shenandoah Telecom's commercial fiber — service revenue and other?
Shenandoah Telecom (SHEN) reported commercial fiber — service revenue and other of $21.39M in Q2 2026.
How has Shenandoah Telecom's commercial fiber — service revenue and other changed year-over-year?
Shenandoah Telecom's commercial fiber — service revenue and other increased by 9.8% year-over-year, from $19.48M to $21.39M.
What is the long-term trend for Shenandoah Telecom's commercial fiber — service revenue and other?
Over 4 years (2021 to 2025), Shenandoah Telecom's commercial fiber — service revenue and other has grown at a 26.6% compound annual growth rate (CAGR), from $30.84M to $79.32M.
What does commercial fiber — service revenue and other mean?
This metric represents the total recurring revenue generated from providing high-speed fiber-optic data connectivity and related telecommunications services to business and enterprise customers. It serves as a key indicator of the company's success in capturing market share within the commercial broadband sector and reflects the scalability of its fiber infrastructure investments. Growth in this area highlights the company's ability to transition from residential-focused services to higher-margin enterprise-grade connectivity solutions.

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