Shenandoah Telecommunications (SHEN) financials
Shenandoah Telecommunications revenue and earnings by year
Shenandoah Telecommunications's revenue was $358 million in the fiscal year to December 31, 2025, up 9.1% from the year before. Net income was -$39.4 million, -11.0% of revenue. Since the fiscal year to December 31, 2016, revenue has shrunk 4.4% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 358 | 328 | 269 | 249 | 245 | 221 | 207 | 193 | 612 | 535 |
| Revenue growth | 9.1% | 21.9% | 8.1% | 1.5% | 11.1% | 6.7% | 7.4% | -68.5% | 14.3% | — |
| Gross profit | 228 | 200 | 168 | 147 | 143 | 131 | 123 | 112 | 400 | 342 |
| Gross margin | 63.6% | 60.9% | 62.5% | 58.9% | 58.3% | 59.4% | 59.6% | 58.3% | 65.4% | 63.8% |
| Operating income | -23 | -29 | 0 | -17 | -2 | -3 | -1 | -3 | 47 | 23 |
| Operating margin | -6.5% | -8.7% | 0.1% | -7.0% | -1.0% | -1.2% | -0.6% | -1.5% | 7.6% | 4.2% |
| Net income | -39 | 190 | 8 | -8 | 999 | 126 | 56 | 47 | 66 | -1 |
| Net margin | -11.0% | 58.0% | 3.0% | -3.4% | 407.3% | 56.9% | 26.8% | 24.2% | 10.8% | -0.2% |
| Diluted EPS | -$0.71 | $3.54 | $0.16 | -$0.17 | $19.12 | $1.54 | $0.69 | $0.57 | $0.81 | -$0.01 |
| Free cash flow | -258 | -257 | -141 | -110 | -411 | 166 | 192 | 209 | 76 | -6 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open SHEN in Markets.
How Shenandoah Telecommunications makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Residential & SMB Incumbent Broadband | $39.1M | 41.6% |
| Residential & SMB Glo Fiber Expansion Markets | $28.2M | 30.0% |
| Commercial Fiber | $21.1M | 22.5% |
| RLEC Other | $5.54M | 5.9% |
See also: SHEN valuation and P/E history · SHEN returns
No forecast, no recommendation. This page describes Shenandoah Telecommunications from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.