SHENANDOAH TELECOMMUNICATIONS CO/VA/
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
SHEN$10.21+5.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Shee
December 31, 2025 and 2024
| (in thousands) | 2025 | 2024 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $27,259 | $46,272 |
| Restricted cash and cash equivalents | 20,945 | — |
| Accounts receivable, net of allowance for credit losses of $829 and $1,156, respectively | 31,497 | 29,722 |
| Income taxes receivable | 2,544 | 1,244 |
| Prepaid expenses and other | 15,198 | 17,282 |
| Total current assets | 97,443 | 94,520 |
| Investments | 16,510 | 15,709 |
| Property, plant and equipment, net | 1,601,609 | 1,438,538 |
| Goodwill | 67,538 | 67,055 |
| Intangible assets, net | 89,353 | 90,668 |
| Operating lease right-of-use assets | 19,657 | 19,548 |
| Deferred charges and other assets | 18,652 | 14,235 |
| Total assets | $1,910,762 | $1,740,273 |
| LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Current maturities of long-term debt, net of unamortized loan fees | $— | $9,204 |
| Accounts payable | 61,355 | 57,820 |
| Advanced billings and customer deposits | 16,909 | 16,104 |
| Accrued compensation | 13,334 | 16,283 |
| Current operating lease liabilities | 2,819 | 3,060 |
| Accrued liabilities and other | 14,079 | 12,100 |
| Total current liabilities | 108,496 | 114,571 |
| Long-term debt, less current maturities, net of unamortized loan fees | 628,237 | 407,675 |
| Other long-term liabilities: | ||
| Deferred income taxes | 157,618 | 167,716 |
| Benefit plan obligations | 4,150 | 4,945 |
| Non-current operating lease liabilities | 10,632 | 10,794 |
| Other liabilities | 32,340 | 33,525 |
| Total other long-term liabilities | 204,740 | 216,980 |
| Commitments and contingencies (Note 16) | ||
| Temporary equity: | ||
| Redeemable noncontrolling interest | 88,506 | 82,464 |
| Shareholders’ equity: | ||
| Common stock, no par value, authorized 96,000; 54,899 and 54,605 issued and outstanding at December 31, 2025 and 2024, respectively | — | — |
| Additional paid in capital | 157,216 | 147,733 |
| Retained earnings | 723,567 | 768,997 |
| Accumulated other comprehensive income, net of taxes | — | 1,853 |
| Total shareholders’ equity | 880,783 | 918,583 |
| Total liabilities, temporary equity and shareholders’ equity | $1,910,762 | $1,740,273 |
| (in thousands, except per share amounts) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Service revenue and other | $357,854 | $328,058 | $269,131 |
| Operating expenses: | |||
| Cost of services exclusive of depreciation and amortization | 130,118 | 128,112 | 100,850 |
| Selling, general and administrative | 118,187 | 115,193 | 99,304 |
| Restructuring, integration and acquisition | 1,173 | 14,509 | 2,915 |
| Depreciation and amortization | 131,613 | 98,835 | 65,920 |
| Total operating expenses | 381,091 | 356,649 | 268,989 |
| Operating (loss) income | (23,237) | (28,591) | 142 |
| Other (expense) income: | |||
| Interest expense | (25,374) | (15,897) | (4,212) |
| Other income, net | 6,755 | 6,461 | 5,587 |
| (Loss) income from continuing operations before income taxes | (41,856) | (38,027) | 1,517 |
| Income tax (benefit) expense | (8,913) | (9,670) | 501 |
| (Loss) income from continuing operations | (32,943) | (28,357) | 1,016 |
| Discontinued operations: | |||
| Income from discontinued operations, net of tax | — | 1,957 | 7,022 |
| Gain on the sale of discontinued operations, net of tax | — | 220,217 | — |
| Total income from discontinued operations, net of tax | — | 222,174 | 7,022 |
| Net (loss) income | (32,943) | 193,817 | 8,038 |
| Dividends on redeemable noncontrolling interest | 6,449 | 3,429 | — |
| Net (loss) income attributable to common shareholders | $(39,392) | $190,388 | $8,038 |
| Net (loss) income per share attributable to common shareholders, basic and diluted: | |||
| Basic - (Loss) income from continuing operations | $(0.71) | $(0.59) | $0.02 |
| Basic - Income from discontinued operations, net of tax | — | 4.13 | 0.14 |
| Basic net (loss) income per share | $(0.71) | $3.54 | $0.16 |
| Diluted - (Loss) income from continuing operations | $(0.71) | $(0.59) | $0.02 |
| Diluted - Income from discontinued operations, net of tax | — | 4.13 | 0.14 |
| Diluted net (loss) income per share | $(0.71) | $3.54 | $0.16 |
| Weighted average shares outstanding, basic | 55,100 | 53,722 | 50,396 |
| Weighted average shares outstanding, diluted | 55,100 | 53,722 | 50,715 |
| Cash dividends declared per common share | $0.11 | $0.10 | $0.09 |
| SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | |||
| (in thousands) | 2025 | 2024 | 2023 |
| Net (loss) income | $(32,943) | $193,817 | $8,038 |
| Other comprehensive income (loss): | |||
| Net change in unrealized gain | 126 | 1,850 | 1,668 |
| Amounts reclassified from accumulated other comprehensive income | (1,979) | (1,665) | — |
| Comprehensive (loss) income | (34,796) | 194,002 | 9,706 |
| Dividends on redeemable noncontrolling interest | 6,449 | 3,429 | — |
| Comprehensive (loss) income attributable to common shareholders | $(41,245) | $190,573 | $9,706 |
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