Uniti Group Inc. Reports Second Quarter 2026 Results
Rhea-AI Summary
Uniti Group (Nasdaq: UNIT) reported second quarter 2026 revenue of $909.7 million, a consolidated net loss of $155.9 million and Adjusted EBITDA of $357.1 million, implying margins of about 39%, according to Uniti. Q2 consolidated fiber revenue grew 10% year-over-year.
Kinetic generated $539.0 million of revenue and $228.4 million of contribution margin (≈42% margin), while Fiber Infrastructure delivered $234.1 million of revenue and $121.8 million of contribution margin (≈52% margin). Uniti Solutions added $182.5 million of revenue and $91.8 million of contribution margin (≈50% margin).
Uniti highlighted record commercial momentum, including Fiber Infrastructure new bookings monthly recurring revenue of approximately $2.2 million, its highest level on record, and Kinetic consumer fiber revenue growth of 19% year-over-year. Kinetic recorded about 38,000 consumer fiber net adds and constructed 141,000 consumer fiber premises, both all-time quarterly records.
On the balance sheet and financing side, Uniti completed a previously announced $1.1 billion secured fiber network revenue term notes offering with a weighted average coupon of about 6.180%, secured by certain residential fiber assets and customer agreements across ten U.S. states. The company said it has raised almost $3 billion to date through asset securitizations.
Uniti also issued a prepayment notice for up to $167.8 million of its senior secured term loan due 2032 and commenced asset sale offers to purchase up to $332.2 million aggregate principal of its 4.750% Senior Secured Notes due 2028 and 7.500% Senior Secured Notes due 2033. These offers are scheduled to expire on August 20, 2026, unless extended.
For full year 2026, Uniti updated its consolidated outlook and now expects revenue between $3.63 billion and $3.68 billion, a net loss between $(530) million and $(480) million, and Adjusted EBITDA between $1.45 billion and $1.50 billion. Net interest expense for 2026 is projected at about $805 million. The company reported first-half 2026 net cash from operating activities of $339.4 million, capital expenditures of $799.2 million, and period-end cash, restricted cash and equivalents of $732.7 million.
Positive
- Q2 2026 revenue $909.7 million and Adjusted EBITDA $357.1 million (~39% margin)
- Record Fiber Infrastructure bookings ~$2.2 million monthly recurring revenue in Q2 2026
- Consolidated fiber revenue growth 10% year-over-year in Q2 2026
- Kinetic consumer fiber revenue up 19% year-over-year; ~38,000 net adds, 141,000 premises built
- $1.1 billion secured fiber network term notes issued at ~6.180% coupon
- Operating cash flow $339.4 million in first half 2026; cash and restricted cash $732.7 million
Negative
- Q2 2026 net loss $155.9 million; basic and diluted loss per share $0.68
- High interest burden Q2 2026 net interest expense $195.6 million; full-year 2026 outlook $805 million
- Full-year 2026 net loss guidance between $(530) million and $(480) million
- Leverage notes and other debt, net, $10.64 billion at June 30, 2026
- Heavy capital expenditures $799.2 million in first half 2026, plus $34.8 million grant-funded capex
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 earnings report | Positive | +0.8% | Fiber growth, quarterly results, and 2026 guidance accompanied a 0.8% positive reaction. |
| Mar 02 | Q4 earnings report | Positive | +7.0% | Strong quarterly results, financing activity, and 2026 guidance accompanied a 6.97% positive reaction. |
| Nov 04 | Q3 earnings report | Positive | -2.1% | Fiber growth and financing activity accompanied a 2.12% negative reaction despite positive operating results. |
| Aug 05 | Q2 earnings report | Negative | -10.4% | Quarterly losses and merger-related details accompanied a 10.38% negative reaction. |
| May 06 | Q1 earnings report | Positive | -9.6% | Positive quarterly results and merger progress accompanied a 9.6% negative reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with three events aligned and two diverging from the assigned event sentiment; the average move was -2.87%.
Key Terms
pro forma financial
asset securitization financial
weighted average coupon rate financial
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Record Level of New Bookings at Fiber Infrastructure
Updates Full Year 2026 Outlook
- Net Loss of
$155.9 Million for the Second Quarter - Consolidated Revenue and Adjusted EBITDA of
$909.7 Million and$357.1 Million , Respectively, for the Second Quarter
LITTLE ROCK, Ark., July 30, 2026 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the second quarter 2026.
Key highlights during the quarter on a pro forma basis included:
- Consolidated Fiber Revenue Grew
10% Year-over-Year in the Second Quarter - Kinetic Consumer Fiber Revenue Grew
19% Year-over-Year in the Second Quarter - Kinetic Consumer Fiber Net Adds of ~38,000; Most Ever in a Quarter
- Kinetic Consumer Fiber Premises Constructed of 141,000; Highest Level on Record
- Fiber Infrastructure New Bookings Monthly Recurring Revenue of ~
$2.2 Million ; Highest Ever on Record
“We had a record-breaking quarter at Uniti on several fronts, highlighted by our highest level of new bookings MRR at Fiber Infrastructure of
QUARTERLY RESULTS
Consolidated revenues for the second quarter of 2026 were
Kinetic contributed
Fiber Infrastructure contributed
Uniti Solutions contributed
FINANCING TRANSACTIONS
On July 15th, Uniti completed its previously announced offering of
On July 23rd, Uniti issued a prepayment notice to the lenders of its senior secured term loan due 2032 to prepay up to
FULL YEAR CONSOLIDATED 2026 OUTLOOK
The Company is updating its 2026 outlook primarily for business unit level revisions, the recently completed Kinetic asset securitization, and transaction related and other costs incurred to date. This outlook excludes any impact from other future acquisitions, capital market transactions, and future transaction-related and other costs not mentioned herein.
The Company’s consolidated outlook for 2026 is as follows (in millions):
| Full Year 2026 | ||||||
| Revenue | $ | 3,630 | to | $ | 3,680 | |
| Net loss | (530) | to | (480) | |||
| Adjusted EBITDA (1) | 1,450 | to | 1,500 | |||
| Interest expense, net | 805 | to | 805 | |||
| ________________________ | ||||||
| (1) See “Non-GAAP Financial Measures” below. | ||||||
CONFERENCE CALL
Uniti will hold a conference call today to discuss this earnings release at 8:30 AM Eastern Time (7:30 AM Central Time). The conference call will be webcast live on Uniti’s Investor Relations website at investor.uniti.com. Those parties interested in participating via telephone may register on the Company’s Investor Relations website or by clicking here. A replay of the call will also be made available on the Investor Relations website.
ABOUT UNITI
Uniti (Nasdaq: UNIT) is a premier insurgent fiber provider dedicated to enabling mission-critical connectivity across the United States. We build, operate, and deliver fast and reliable communications services, empowering more than a million consumers and businesses in the digital economy. Our broad portfolio of services is offered through a suite of brands: Uniti Wholesale, Kinetic, Uniti Fiber, and Uniti Solutions. Visit us online at www.uniti.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions and management’s current expectations with respect to the future, involve certain risks and uncertainties, and are not guarantees. These forward-looking statements include, but are not limited to, statements regarding Uniti’s fiber build strategy, businesses growth potential, integration of Uniti and Windstream, capital allocation and financing plans, and 2026 outlook. The words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “predicts” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Uniti may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the forward-looking statements. Future results may differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that Uniti makes. These forward-looking statements involve risks and uncertainties, known and unknown, that could cause events and results to differ materially from those in the forward-looking statements, including, without limitation: unanticipated difficulties or expenditures relating to the merger of Uniti and Windstream; competition and overbuilding in consumer service areas and general competition in business markets; risks related to the Company’s indebtedness, which could reduce funds available for business purposes and operational flexibility; rapid changes in technology, which could affect its ability to compete; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; risks related to various forms of regulation from the Federal Communications Commission, state regulatory commissions and other government entities and effects of unfavorable legal proceedings, government investigations, and complex and changing laws; risks inherent in the communications industry and associated with general economic conditions; and additional risks set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the U.S. Securities and Exchange Commission. The discussion of such risks is not an indication that any such risks have occurred at the time of this filing. Uniti does not assume any obligation to update any forward-looking statements.
NON-GAAP PRESENTATION
This release and today’s conference call contain certain supplemental measures of performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Such measures should not be considered as alternatives to GAAP. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found herein.
Uniti Group Inc. Consolidated Balance Sheets (In millions, except par value) | |||||||||
| June 30, 2026 | December 31, 2025 | ||||||||
| Assets: | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 608.9 | $ | 53.5 | |||||
| Restricted cash | 123.8 | 80.6 | |||||||
| Accounts receivable, net | 387.1 | 359.0 | |||||||
| Inventories | 34.0 | 44.0 | |||||||
| Prepaid expenses | 154.5 | 137.6 | |||||||
| Other current assets | 177.2 | 156.3 | |||||||
| Total current assets | 1,485.5 | 831.0 | |||||||
| Goodwill | 1,158.5 | 1,158.3 | |||||||
| Intangible assets, net | 1,137.1 | 1,293.3 | |||||||
| Property, plant and equipment, net | 8,585.7 | 8,141.9 | |||||||
| Operating lease right-of-use assets, net | 478.6 | 516.6 | |||||||
| Other assets | 135.5 | 95.6 | |||||||
| Total assets | $ | 12,980.9 | $ | 12,036.7 | |||||
| Liabilities and shareholders’ equity | |||||||||
| Current liabilities: | |||||||||
| Current portion of notes and other debt | $ | 10.0 | $ | 10.0 | |||||
| Accounts payable | 177.7 | 171.5 | |||||||
| Deferred revenue | 256.3 | 239.8 | |||||||
| Current portion of operating lease obligations | 117.4 | 122.6 | |||||||
| Accrued taxes | 65.8 | 51.8 | |||||||
| Accrued interest | 148.4 | 138.8 | |||||||
| Other current liabilities | 439.8 | 389.4 | |||||||
| Total current liabilities | 1,215.4 | 1,123.9 | |||||||
| Notes and other debt, net | 10,636.6 | 9,529.4 | |||||||
| Noncurrent operating lease obligations | 329.1 | 360.5 | |||||||
| Noncurrent deferred revenue | 390.0 | 368.7 | |||||||
| Deferred income taxes, net | 17.1 | 17.7 | |||||||
| Other liabilities | 231.2 | 256.1 | |||||||
| Total liabilities | 12,819.4 | 11,656.3 | |||||||
| Commitments and contingencies | |||||||||
| Shareholders’ equity: | |||||||||
| Preferred stock, | — | — | |||||||
| Common stock, | — | — | |||||||
| Additional paid-in capital | 2,816.0 | 2,790.1 | |||||||
| Accumulated other comprehensive income (loss) | 10.8 | (1.9) | |||||||
| Accumulated deficit | (2,665.3) | (2,407.9) | |||||||
| Total Uniti shareholders’ equity | 161.5 | 380.3 | |||||||
| Noncontrolling interests | — | 0.1 | |||||||
| Total shareholders’ equity | 161.5 | 380.4 | |||||||
| Total liabilities and shareholders’ equity | $ | 12,980.9 | $ | 12,036.7 | |||||
Uniti Group Inc. Consolidated Statements of Operations (In millions, except per share data) | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Revenues and sales: | ||||||||||||
| Service revenues | $ | 852.9 | $ | 295.8 | $ | 1,741.9 | $ | 586.6 | ||||
| Sales revenues | 56.8 | 4.9 | 155.3 | 8.0 | ||||||||
| Total revenues and sales | 909.7 | 300.7 | 1,897.2 | 594.6 | ||||||||
| Costs and expenses: | ||||||||||||
| Cost of services (exclusive of depreciation and amortization included below) | 342.0 | 30.9 | 700.2 | 62.3 | ||||||||
| Cost of sales (exclusive of depreciation and amortization included below) | 41.6 | 3.8 | 71.4 | 4.8 | ||||||||
| Selling, general and administrative | 178.4 | 27.9 | 347.1 | 56.2 | ||||||||
| Depreciation and amortization | 305.9 | 79.6 | 595.7 | 159.3 | ||||||||
| Transaction related and other costs | 9.6 | 13.5 | 39.7 | 21.3 | ||||||||
| Total costs and expenses | 877.5 | 155.7 | 1,754.1 | 303.9 | ||||||||
| Operating income | 32.2 | 145.0 | 143.1 | 290.7 | ||||||||
| Other income (expense), net | 7.8 | (1.1) | 14.3 | (1.1) | ||||||||
| (Loss) gain on extinguishment of debt | — | (32.0) | 1.2 | (40.5) | ||||||||
| Interest expense, net | (195.6) | (128.8) | (383.9) | (258.3) | ||||||||
| Loss before income taxes | (155.6) | (16.9) | (225.3) | (9.2) | ||||||||
| Income tax (expense) benefit | (0.3) | 6.2 | (0.9) | 10.7 | ||||||||
| Net (loss) income | (155.9) | (10.7) | (226.2) | 1.5 | ||||||||
| Participating securities’ share in earnings | — | — | — | (0.3) | ||||||||
| Dividends declared on preferred stock | (15.7) | — | (31.2) | — | ||||||||
| Net (loss) income attributable to common shareholders | $ | (171.6) | $ | (10.7) | $ | (257.4) | $ | 1.2 | ||||
| Net (loss) income attributable to common shareholders - Basic | $ | (171.6) | $ | (10.7) | $ | (257.4) | $ | 1.2 | ||||
| Dividends declared on preferred stock | — | — | — | — | ||||||||
| Impact of if-converted dilutive securities | — | — | — | — | ||||||||
| Net (loss) income attributable to common shareholders – Diluted | $ | (171.6) | $ | (10.7) | $ | (257.4) | $ | 1.2 | ||||
| (Loss) earnings per common share: | ||||||||||||
| Basic | ( | ( | ( | |||||||||
| Diluted | ( | ( | ( | |||||||||
| Weighted-average number of common shares outstanding: | ||||||||||||
| Basic | 252.9 | 143.8 | 252.5 | 143.7 | ||||||||
| Diluted | 252.9 | 143.8 | 252.5 | 143.7 | ||||||||
Uniti Group Inc. Consolidated Statements of Cash Flows (In millions) | ||||||
| Six Months Ended June 30, | ||||||
| 2026 | 2025 | |||||
| Cash flows from operating activities: | ||||||
| Net (loss) income | $ | (226.2) | $ | 1.5 | ||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 595.7 | 159.3 | ||||
| Amortization of deferred financing costs, debt discount and premium | 5.4 | 10.8 | ||||
| (Gain) loss on extinguishment of debt | (1.2) | 40.5 | ||||
| Deferred income taxes | (0.6) | (8.5) | ||||
| Straight-line revenues and amortization of below-market lease intangibles | (2.9) | (11.7) | ||||
| Stock-based compensation | 15.1 | 7.3 | ||||
| Provision for estimated credit losses | 29.8 | 0.4 | ||||
| Other, net | 8.2 | 3.5 | ||||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||
| Accounts receivable | (58.6) | 10.3 | ||||
| Inventories | 15.1 | — | ||||
| Prepaid expenses | (16.9) | (2.9) | ||||
| Other current assets | 3.9 | 2.7 | ||||
| Other assets | (39.2) | 0.3 | ||||
| Accounts payable | 4.6 | (4.5) | ||||
| Accrued interest | 9.9 | (10.7) | ||||
| Accrued taxes | 14.1 | 4.3 | ||||
| Deferred revenue | 16.5 | (0.6) | ||||
| Other current liabilities | (53.9) | (2.8) | ||||
| Other liabilities | (16.4) | (0.5) | ||||
| Noncurrent deferred revenue | 22.7 | (16.1) | ||||
| Operating lease assets and lease obligations | 1.3 | 1.0 | ||||
| Other, net | 13.0 | — | ||||
| Net cash provided from operating activities | 339.4 | 183.6 | ||||
| Cash flows from investing activities: | ||||||
| Capital expenditures | (799.2) | (246.2) | ||||
| Capital expenditures funded by government grants | (34.8) | — | ||||
| Grant funds received for broadband expansion | 11.9 | — | ||||
| Proceeds from sale of assets | 3.5 | 0.6 | ||||
| Net cash used in investing activities | (818.6) | (245.6) | ||||
| Cash flows from financing activities: | ||||||
| Proceeds from issuance of debt | 2,072.6 | 1,229.0 | ||||
| Repayments of debt | (930.0) | (940.0) | ||||
| Payments of settlement obligation | — | (49.0) | ||||
| Payments for financing costs | (39.7) | (59.1) | ||||
| Payment of preferred stock dividends | (16.7) | — | ||||
| Other, net | (8.4) | (4.1) | ||||
| Net cash provided from financing activities | 1,077.8 | 176.8 | ||||
| Net increase in cash, restricted cash and cash equivalents | 598.6 | 114.8 | ||||
| Cash, restricted cash and cash equivalents at beginning of period | 134.1 | 183.8 | ||||
| Cash, restricted cash and cash equivalents at end of period | $ | 732.7 | $ | 298.6 | ||
| Non-cash investing and financing activities: | ||||||
| Interest paid, net of interest capitalized | $ | 368.1 | $ | 260.2 | ||
| Income taxes paid, net of refunded | 8.0 | 1.3 | ||||
| Right-of-use assets obtained in exchange for operating lease obligations | 24.4 | 10.0 | ||||
| Change in accounts payable and other current liabilities for purchases of property and equipment | (107.5) | (1.3) | ||||
| Tenant capital improvements | — | 222.0 | ||||
Uniti Group Inc. Reconciliation of EBITDA and Adjusted EBITDA (In millions) | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Net (loss) income | $ | (155.9) | $ | (10.7) | $ | (226.2) | $ | 1.5 | ||||
| Depreciation and amortization | 305.9 | 79.6 | 595.7 | 159.3 | ||||||||
| Interest expense, net | 195.6 | 128.8 | 383.9 | 258.3 | ||||||||
| Loss (gain) on extinguishment of debt | — | 32.0 | (1.2) | 40.5 | ||||||||
| Income tax expense (benefit) | 0.3 | (6.2) | 0.9 | (10.7) | ||||||||
| EBITDA | $ | 345.9 | $ | 223.5 | $ | 753.1 | $ | 448.9 | ||||
| Stock based compensation | 7.5 | 3.5 | 15.1 | 7.3 | ||||||||
| Transaction related and other costs | 9.6 | 13.5 | 39.7 | 21.3 | ||||||||
| Other, net: | ||||||||||||
| Other (income) expense, net | (7.8) | 1.1 | (14.3) | 1.1 | ||||||||
| Amortization of non-cash rights-of-use assets | 0.1 | 0.9 | 0.2 | 1.7 | ||||||||
| Loss on asset retirements and dispositions | 1.8 | — | 4.9 | — | ||||||||
| Total other, net | (5.9) | 2.0 | (9.2) | 2.8 | ||||||||
| Adjusted EBITDA | $ | 357.1 | $ | 242.5 | $ | 798.7 | $ | 480.3 | ||||
| Contribution margin: | ||||||||||||
| Kinetic | $ | 228.4 | $ | — | $ | 463.9 | $ | — | ||||
| Fiber Infrastructure | 121.8 | 258.7 | 314.5 | 512.0 | ||||||||
| Uniti Solutions | 91.8 | — | 187.6 | — | ||||||||
| Total Contribution Margin | $ | 442.0 | $ | 258.7 | $ | 966.0 | $ | 512.0 | ||||
| Uniti Group Inc. Projected Future Results (1) (In millions) | ||
| Year Ended December 31, 2026 | ||
| Net loss (2) | ( | |
| Interest expense, net | 805 | |
| Depreciation and amortization | 1,195 | |
| Income tax benefit | (90) | |
| EBITDA (2) | 1,380 to 1,430 | |
| Stock-based compensation | 30 | |
| Transaction related and other costs (3) | 40 | |
| Adjusted EBITDA (2) | ||
| ________________________ (1) These ranges represent management’s best estimates based on the underlying assumptions as of the date of this press release. Future acquisitions, capital market transactions, changes in market conditions, and other factors are excluded from our projections. There can be no assurance that our actual results will not differ materially from the estimates set forth above. (2) The components of projected future results may not add due to rounding. (3) Future transaction related costs not mentioned herein are not included in our current outlook. | ||
NON-GAAP FINANCIAL MEASURES
We refer to EBITDA and Adjusted EBITDA in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net income, as defined by GAAP, is the most appropriate earnings measure, we also believe that EBITDA and Adjusted EBITDA are important non-GAAP supplemental measures of our operating performance.
We define “EBITDA” as net income, as defined by GAAP, before interest expense, provision for income taxes, depreciation and amortization, and costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and the write off of unamortized deferred financing costs. We define “Adjusted EBITDA” as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of incremental acquisition, pursuit, transaction and integration costs (including unsuccessful acquisition pursuit costs), and costs associated with litigation claims made against us, and costs associated with the implementation of our enterprise resource planning system, (collectively, “Transaction Related and Other Costs”), goodwill impairment charges, gains or losses on retirements and dispositions of assets, gain on settlement of preexisting relationships in connection with our merger with Windstream, severance costs, amortization of non-cash rights-of-use assets, costs associated with the termination of related hedging activities, changes in the fair value of financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). We believe EBITDA and Adjusted EBITDA are important supplemental measures to net income because they provide additional information to evaluate our operating performance on an unleveraged basis. In addition, Adjusted EBITDA is calculated similar to defined terms in our material debt agreements used to determine compliance with specific financial covenants. Since EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, they should not be considered as alternatives to net income determined in accordance with GAAP.
Further, our computations of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies.
INVESTOR CONTACTS:
Paul Bullington
Senior Executive Vice President, Chief Financial Officer & Treasurer
251-662-1512
paul.bullington@uniti.com
Bill DiTullio
Senior Vice President, Investor Relations & Treasury
501-850-0872
bill.ditullio@uniti.com
MEDIA CONTACTS:
Scott L. Morris
Associate Director, Media & External Communications
501-580-4759
scott.l.morris@uniti.com
Brandi Stafford
Vice President, Corporate Communications
501-351-0067
brandi.stafford@uniti.com
