Shenandoah Telecommunications Co
shentel.comWhat Do They Do?
Provides broadband services over fiber and cable networks to residential and business customers, and fiber connectivity to enterprise and wholesale customers.
10-K for FY2025, filed Feb 26, 2026Shenandoah Telecommunications Company and its subsidiaries (“Shentel”, “we”, “our”, “us”, or the “Company”), provide broadband services…View ↗
Shentel provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia…View ↗
Shenandoah Telecommunications Company (“Shentel”, “we”, “our”, “us”, or the “Company”), provides broadband services through its high speed…View ↗
How Do They Make Money?
For residential and small-business broadband, video and voice, customers are billed for service one month ahead and pay over time; commercial customers pay for fiber capacity services under agreements. Equipment sales are one-time purchases.
10-K for FY2025, filed Feb 26, 2026Transaction price is measured as the amount billed, which is generally determined by list prices for goods and services less discounts…View ↗
The Company also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the…View ↗
Shentel’s contract liabilities include services that are billed in advance and recorded as deferred revenue. The Company typically bills…View ↗
$357.9M
-
10-K for FY2025, filed Feb 26, 2026
$357.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Residential And SMB - Incumbent Broadband Markets
Recurring
10-K for FY2025, filed Feb 26, 2026 |
47%
FY2022: 71%
|
Residential And SMB - Incumbent Broadband Markets, FY2025
$169.7M Sources
|
Recurring |
|
Residential And SMB - Glo Fiber Expansion Markets
Recurring
10-K for FY2025, filed Feb 26, 2026 |
23%
FY2022: 7.4%
|
Residential And SMB - Glo Fiber Expansion Markets, FY2025
$82.6M Sources
|
Recurring |
|
Commercial Fiber
Recurring
10-K for FY2025, filed Feb 26, 2026 |
22%
FY2022: 16%
|
Commercial Fiber, FY2025
$79.3M Sources
|
Recurring |
|
RLEC & Other
Recurring
|
7.4%
FY2022: 6.5%
|
RLEC & Other, FY2025
$26.3M Sources
|
Recurring |
|
Income from leasing arrangements (ASC 842)
Recurring
|
1.9%
FY2022: 0.9%
|
Income from leasing arrangements (ASC 842), FY2025
$6.8M Sources
|
Recurring |
|
Cost of services
|
98%
FY2022: 99%
|
Cost of services, FY2025
$351.1M Sources
|
Who Are Their Customers?
Residential and small and midsize businesses buy broadband data, video and voice; commercial customers buy Ethernet, wavelength and dark-fiber services. Enterprise and wholesale customers also use fiber services across Shentel’s service area.
10-K for FY2025, filed Feb 26, 2026Shentel provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia…View ↗
The Company provides broadband data, video and voice services to residential, small and midsize businesses (“SMB”) and commercial customers…View ↗
The Company also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the…View ↗
Do Revenues Turn Into Profits?
No. It lost $32.9M in FY2025.
10-K for FY2025, filed Feb 26, 2026
−$23.2MView ↗
10-K for FY2025, filed Feb 26, 2026
−$32.9MView ↗
10-K for FY2025, filed Feb 26, 2026
−$257.9MView ↗
How Are They Changing?
Growing. Revenue grew 46% in 4 years, from $245.2M in FY2021 to $357.9M in FY2025, about 10% a year.
Broader broadband footprint
The broadband footprint now includes Delaware, Ohio and Indiana alongside the markets named in the earlier report: Virginia, West Virginia, Maryland, Pennsylvania and Kentucky.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 26, 2026Our Broadband segment provides broadband internet, video and voice services to residential and commercial customers in portions of…View ↗
Shentel provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia…View ↗
Who Do They Compete With?
Competes with Dish, DirecTV, Netflix, YouTube TV, Hulu, Disney, and Amazon
10-K for FY2025, filed Feb 26, 2026Competition is also intense and growing in the market for video services. Cable television systems are operated under non-exclusive…View ↗
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