Cable One says Chapter 11 may be needed if financing fails
Cable One believes current resources will support expected needs over 12 months, while later debt maturities depend on financing or extensions.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Cable One, Inc. (CABO) reported third-quarter 2026 revenue of $332.2 million, down 11.7% year over year, and a $431.8 million net loss, versus $86.5 million net income a year earlier. The quarter included $412.1 million of non-cash asset impairments, including $253.1 million for goodwill and $159.0 million for indefinite-lived franchise agreements; the company said the charges do not affect cash flows. Adjusted EBITDA was $159.8 million, down 20.8%, and net cash provided by operating activities was $92.6 million, down 40.8%.
At September 30, 2026, cash and cash equivalents were $674.8 million and gross debt was $3.55 billion. Cable One said existing liquidity and operating cash flows would be insufficient to repay specified maturities due in 2027–2028. Addressing them primarily depends on financing transactions and/or consensual maturity extensions, and the company gave no assurance it could complete financing. Cable One believes existing cash, credit facilities and operating cash flows will support expected funding needs within the next 12 months; if financing fails or an uncured default occurs, Chapter 11 relief may become necessary. Total customers were 981,700, down 5.8% from September 30, 2025.
0 points · 0 major1 major · 4 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- None.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.Existing liquidity cannot repay listed 2027–2028 maturities without financing or extensions.
- Moderate pointRevenue declined 11.7% to $332.2 million year over year.
- Moderate pointAdjusted EBITDA fell 20.8% to $159.8 million.
- Moderate pointOperating cash flow declined 40.8% to $92.6 million.
Filing Explained
An MBI closing would add a $916.2 million term-loan maturity on November 12, 2027, plus a separate $22.0 million August maturity.
Cable One says the MBI Acquisition remains conditional: if the October 9 restraining order is dissolved, it has sufficient liquidity to pay the full purchase price, but intends to coordinate payment with closing one or more financing transactions addressing debt maturities.
If completed, the acquisition would bring MBI’s
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $332.2 million
Net loss: $431.8 million net loss
Asset impairments: $412.1 million
+4 more
7 metrics
Revenue
$332.2 million
Three months ended September 30, 2026; down 11.7% year over year
Net loss
$431.8 million net loss
Three months ended September 30, 2026; compared with $86.5 million net income in Q3 2025
Asset impairments
$412.1 million
Three months ended September 30, 2026; non-cash impairments
Adjusted EBITDA
$159.8 million
Three months ended September 30, 2026; down 20.8% year over year
Net cash provided by operating activities
$92.6 million
Three months ended September 30, 2026; down 40.8% year over year
Cash and cash equivalents
$674.8 million
As of September 30, 2026
Gross debt
$3.55 billion
As of September 30, 2026
Key Terms
Adjusted EBITDA, ARPU, PSUs, nominal availability, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA is defined as net income (loss) plus net interest expense"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
ARPU financial
"average revenue per unit ("ARPU")"
ARPU, or Average Revenue Per User, measures how much money a company earns, on average, from each of its customers over a set period. It helps investors understand how effectively a business is generating income from its customer base, similar to calculating how much each customer spends at a store. Higher ARPU often indicates stronger sales per customer and better revenue performance.
PSUs technical
"primary service units ("PSUs")"
PSUs are company shares promised to employees or executives that only become actual stock if the business hits specific performance targets over a set period. For investors, PSUs matter because they link pay to measurable outcomes — similar to a conditional bonus that converts into ownership — which can influence management decisions, dilution of shares, and signals about confidence in future results.
nominal availability financial
"$200.0 million of nominal availability under its revolving credit facility"
indefinite-lived franchise agreements financial
"non-cash impairments relating to its indefinite-lived franchise agreements"
Earnings Snapshot
Revenue: $332.2 million
Three months ended September 30, 2026
Revenue
$332.2 million
Down 11.7% year over year
Net income (loss)
$431.8 million net loss
Compared with $86.5 million net income in Q3 2025
Adjusted EBITDA
$159.8 million
Down 20.8% year over year
Net cash provided by operating activities
$92.6 million
Down 40.8% year over year
Capital expenditures
$77.9 million
Up 8.6% year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CABO’s Q3 2026 revenue and net income?
Cable One reported $332.2 million of revenue and a $431.8 million net loss for the three months ended September 30, 2026, versus $376.0 million of revenue and $86.5 million of net income in the prior-year quarter. Revenue declined 11.7% year over year.
Why did CABO report a Q3 2026 net loss?
Cable One recorded $412.1 million of non-cash asset impairments, including $159.0 million related to indefinite-lived franchise agreements and $253.1 million to goodwill. It also reported a $39.7 million, net-of-tax, non-cash fair-value adjustment loss on the MBI put option and a $20.0 million, net-of-tax impairment of its MBI equity investment.
How much adjusted EBITDA and operating cash flow did CABO report in Q3 2026?
Adjusted EBITDA was $159.8 million, down 20.8% year over year, and net cash provided by operating activities was $92.6 million, down 40.8%. Capital expenditures were $77.9 million; Adjusted EBITDA less capital expenditures was $81.9 million, compared with $130.1 million a year earlier.
What debt maturities does CABO say it cannot repay from current resources?
Cable One said existing liquidity and operating cash flows would be insufficient to repay specified maturities on their due dates. These include, if the MBI Acquisition is consummated, MBI’s $916.2 million of term loans due November 12, 2027, and Cable One’s $1.25 billion revolving credit facility maturing in February 2028, $345.0 million of convertible notes maturing in March 2028, and $694.3 million of term-loan borrowings maturing in May 2028. The company said addressing these maturities primarily depends on financing transactions and/or consensual extensions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 5, 2026
_________________________________________________________
(Exact Name of Registrant as Specified in Its Charter)
_________________________________________________________
| (State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||
Registrant’s Telephone Number, Including Area Code: (602 ) 364-6000
Not applicable
(Former name or former address, if changed since last report.)
_________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026 , Cable One, Inc. (the “Company”) issued a press release related to its results for the third quarter of 2026. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference into this Item 2.02.
The information contained in this Item 2.02, as well as in Exhibit 99.1, is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release issued by Cable One, Inc., dated November 5, 2026. | |||||||
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Cable One, Inc. | |||||||||||
| By: | /s/ Christopher J. Arntzen | ||||||||||
| Name: | Christopher J. Arntzen | ||||||||||
| Title: | Chief Legal Officer and Secretary | ||||||||||
Date: | |||||||||||
Exhibit 99.1
Cable One Reports Third Quarter 2026 Results
November 5, 2026 – PHOENIX – (BUSINESS WIRE) – Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”) today reported financial and operating results for the quarter ended September 30, 2026.
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||
| Revenues | $ | 332,153 | $ | 376,012 | $ | (43,859) | (11.7) | % | ||||||||||||||||||
| Net income (loss) | $ | (431,839) | $ | 86,532 | $ | (518,371) | NM | |||||||||||||||||||
| Net profit margin | (130.0) | % | 23.0 | % | ||||||||||||||||||||||
| Cash flows from operating activities | $ | 92,637 | $ | 156,519 | $ | (63,882) | (40.8) | % | ||||||||||||||||||
Adjusted EBITDA(1) | $ | 159,781 | $ | 201,856 | $ | (42,075) | (20.8) | % | ||||||||||||||||||
Adjusted EBITDA margin(1) | 48.1 | % | 53.7 | % | ||||||||||||||||||||||
| Capital expenditures | $ | 77,912 | $ | 71,765 | $ | 6,147 | 8.6 | % | ||||||||||||||||||
Adjusted EBITDA less capital expenditures(1) | $ | 81,869 | $ | 130,091 | $ | (48,222) | (37.1) | % | ||||||||||||||||||
“We made meaningful progress in customer trends during the third quarter, resulting in our best residential data subscriber results in seven quarters and highest connect activity in three years,” said Jim Holanda, Chief Executive Officer of Cable One. “We remain focused on building on this momentum, which, coupled with the strength of our network and the meaningful cash flow that continues to be generated by the business, gives us confidence in our long-term opportunity.”
Third Quarter 2026 Summary:
•Total revenues were $332.2 million in the third quarter of 2026 compared to $376.0 million in the third quarter of 2025, with $9.3 million of the decrease attributable to a decline in residential video revenues.
•Residential data revenues were $204.1 million in the third quarter of 2026 compared to $227.6 million in the third quarter of 2025, a decrease of $23.5 million, or 10.3%, year-over-year.
•Business data revenues for the third quarter of 2026 were $53.6 million, a decrease of $3.9 million, or 6.7%, year-over-year.
•Net loss was $431.8 million and net income was $86.5 million in the third quarter of 2026 and 2025, respectively. Adjusted EBITDA was $159.8 million in the third quarter of 2026 compared to $201.9 million in the third quarter of 2025. Net profit margin was (130.0)% and Adjusted EBITDA margin was 48.1% in the third quarter of 2026.
•Net cash provided by operating activities was $92.6 million in the third quarter of 2026 compared to $156.5 million in the third quarter of 2025. Adjusted EBITDA less capital expenditures was $81.9 million in the third quarter of 2026 compared to $130.1 million in the third quarter of 2025.
NM = Not meaningful.
(1)Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA less capital expenditures are defined in the section of this press release entitled “Use of Non-GAAP Financial Measures.” Adjusted EBITDA and Adjusted EBITDA less capital expenditures are reconciled to net income (loss), Adjusted EBITDA margin is reconciled to net profit margin and Adjusted EBITDA less capital expenditures is also reconciled to net cash provided by operating activities. Refer to the “Reconciliations of Non-GAAP Measures” tables within this press release.
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Third Quarter 2026 Financial Results Compared to Third Quarter 2025
Revenues were $332.2 million in the third quarter of 2026 compared to $376.0 million in the third quarter of 2025. Residential data revenues decreased $23.5 million, or 10.3%, year-over-year due primarily to a decrease in residential data subscribers and a decline in residential data average revenue per unit ("ARPU"). Residential video revenues decreased $9.3 million, or 20.7%, year-over-year due primarily to a decrease in residential video subscribers, partially offset by a rate adjustment. Business data revenues decreased $3.9 million, or 6.7%, year-over-year due primarily to a decrease in business data subscribers and a decline in business services ARPU.
Net loss was $431.8 million and net income was $86.5 million in the third quarter of 2026 and 2025, respectively. The third quarter of 2026 included $358.0 million, net of tax, non-cash asset impairment charges, a $39.7 million, net of tax, non-cash fair value adjustment loss on the put option to acquire the remaining equity stake in Mega Broadband Investments Holdings LLC ("MBI," and such acquisition, the "MBI Acquisition") as well as a $20.0 million, net of tax, non-cash impairment of our MBI equity investment. Net profit margin was (130.0)% in the third quarter of 2026 compared to 23.0% in the prior year quarter.
Adjusted EBITDA was $159.8 million and $201.9 million for the third quarter of 2026 and 2025, respectively. Adjusted EBITDA margin was 48.1% in the third quarter of 2026 compared to 53.7% in the prior year quarter.
Net cash provided by operating activities was $92.6 million in the third quarter of 2026 compared to $156.5 million in the third quarter of 2025. Capital expenditures for the third quarter of 2026 totaled $77.9 million compared to $71.8 million for the third quarter of 2025. Adjusted EBITDA less capital expenditures for the third quarter of 2026 was $81.9 million compared to $130.1 million in the prior year quarter.
Asset Impairments
Triggered by a decline in the Company's stock price during the third quarter, the Company performed an interim intangible asset and goodwill impairment assessment as of September 30, 2026. As a result, the Company recognized asset impairments totaling $412.1 million, consisting of $159.0 million and $253.1 million of non-cash impairments relating to its indefinite-lived franchise agreements and goodwill, respectively. The impairment charges do not have an impact on the Company’s cash flows, operational strategy, growth initiatives or its intent or ability to renew or extend existing franchise agreements.
Liquidity and Capital Resources
At September 30, 2026, the Company had $674.8 million of cash and cash equivalents on hand compared to $152.8 million at December 31, 2025. The Company’s gross debt balance was $3.55 billion and $3.21 billion at September 30, 2026 and December 31, 2025, respectively. The Company borrowed $500.0 million, net of repayments, under its revolving credit facility during the third quarter of 2026. The Company had $1,050.0 million of borrowings and $200.0 million of nominal availability under its revolving credit facility as of September 30, 2026. The Company's weighted average cost of debt was 4.8% for the third quarter of 2026.
The Company's primary funding requirements are for its ongoing operations, capital expenditures, the MBI Acquisition and debt repayment. The Company believes that its existing cash balances, senior credit facilities and operating cash flows will provide adequate support for these funding requirements that are expected to arise within 12 months from the date of this press release.
If the MBI Acquisition is consummated, MBI’s $22.0 million of outstanding borrowings under a revolving credit facility will come due August 2027. Beyond the next 12 months, additional significant amounts of indebtedness will come due at varying times over the subsequent 12-month period, namely: (i) if the MBI Acquisition is consummated, MBI’s $916.2 million of outstanding term loans maturing on November 12, 2027; (ii) the Company's $1.25 billion revolving credit facility maturing in February 2028 (of which $1.05 billion was drawn and outstanding as of September 30, 2026); (iii) the Company's $345.0 million of 1.125% convertible notes due 2028 maturing in March 2028 and (iv) the Company's $694.3 million of borrowings outstanding under its senior secured term loan maturing in May 2028. The Company's existing sources of liquidity and cash flows from operations will be insufficient to repay the debt described above on the applicable maturity dates. The Company's ability to address these forthcoming debt maturities primarily will depend on its ability to consummate one or more financing transactions and/or to extend the maturity date of the relevant debt through a consensual amendment and extension transaction with the relevant holders of the debt, which transactions are not entirely in its control. The Company has been and continues to be engaged in discussions to raise capital and address certain of its debt maturities. However, the Company makes no assurances that it will be able to consummate any financing transactions. While the Company was in compliance with its financial covenants as of September 30, 2026, and expects to remain in compliance for the next 12 months, the Company may not be able to maintain compliance if operating performance deteriorates or market conditions worsen, particularly if it does not consummate any financing transactions. If the Company breaches a financial covenant and is unable to obtain an amendment or waiver from the applicable lenders or bondholders, the breach could result in an event of default under the terms of its indebtedness and permit its
2
creditors to accelerate repayment of such debt and potentially trigger acceleration of other debt under applicable cross-default or cross-acceleration provisions. If the Company becomes obligated to close the MBI Acquisition and is unable to address its forthcoming debt maturities, it is possible that the Company will not consummate the MBI Acquisition, which could result in a breach under the purchase agreement for the MBI Acquisition and MBI’s limited liability company agreement. In that event, the Company could become subject to claims by other members of MBI seeking monetary damages and/or specific performance of its obligations under the purchase agreement for the MBI Acquisition, which could have a material adverse effect on its business, financial condition, results of operations and cash flows.
If the Company is unable to consummate a financing transaction and address near-term debt maturities on acceptable terms or at all, or if a default occurs under its debt instruments that it is unable to timely cure, it may become necessary for the Company to seek relief under Chapter 11 of the U.S. Bankruptcy Code.
The Company intends to hold MBI separate from the balance of its operations to preserve flexibility and mitigate adverse impacts to the Company in the event that the MBI Acquisition is consummated and MBI’s revolver borrowings and term loans are unable to be refinanced or restructured prior to their respective maturity dates. Over the next 12 months, the Company's ability to utilize the funding sources mentioned previously to fund ongoing operations, make capital expenditures, complete the MBI Acquisition and repay debt depends on future operating performance and cash flows, which, in turn, are subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond its control.
Although the Company has sufficient liquidity to satisfy the purchase price for the MBI Acquisition in full if the previously disclosed temporary restraining order entered on October 9, 2026 is dissolved, the Company currently intends to coordinate any payment of the purchase price with the closing of one or more financing transactions that address at least some of its outstanding debt maturities. The Company has been and continues to be engaged in discussions to raise capital and address its near-term debt maturities. However, the Company makes no assurances that it will be able to consummate any financing transactions.
The Company's capital expenditures by category for the three months ended September 30, 2026 and 2025 were as follows (in thousands):
| Three Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
Customer premise equipment(1) | $ | 27,130 | $ | 16,976 | ||||||||||
Commercial(2) | 4,210 | 3,035 | ||||||||||||
Scalable infrastructure(3) | 4,903 | 6,804 | ||||||||||||
Line extensions(4) | 10,057 | 18,076 | ||||||||||||
Upgrade/rebuild(5) | 8,408 | 4,017 | ||||||||||||
Support capital(6) | 23,204 | 22,857 | ||||||||||||
| Total | $ | 77,912 | $ | 71,765 | ||||||||||
(1)Customer premise equipment includes costs incurred at customer locations, including installation costs and customer premise equipment (e.g., modems and set-top boxes).
(2)Commercial includes costs related to securing business services customers and primary service units ("PSUs"), including small and medium-sized businesses and enterprise customers.
(3)Scalable infrastructure includes costs not related to customer premise equipment to secure growth of new customers and PSUs or provide service enhancements (e.g., headend equipment).
(4)Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).
(5)Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including betterments.
(6)Support capital includes costs associated with the replacement or enhancement of non-network assets due to technological and physical obsolescence (e.g., non-network equipment, land, buildings and vehicles) and capitalized internal labor costs not associated with customer installation activities.
Conference Call
Cable One will host a conference call with the financial community to discuss results for the third quarter of 2026 on Thursday, November 5, 2026, at 5 p.m. Eastern Time (ET).
The conference call will be available via an audio webcast on the Cable One Investor Relations website at ir.cableone.net or by dialing 1-833-461-5787 (International: 1-585-542-9983) and using the access code 815383572. Participants should register for the webcast or dial in for the conference call shortly before 5 p.m. ET.
A replay of the call will be available from November 5, 2026 until December 3, 2026 at ir.cableone.net.
3
Additional Information Available on Website
The information in this press release should be read in conjunction with the condensed consolidated financial statements and notes thereto contained in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2026, which will be posted on the “SEC Filings” section of the Cable One Investor Relations website at ir.cableone.net when it is filed with the Securities and Exchange Commission (the “SEC”). Investors and others interested in more information about Cable One should consult the Company’s website, which is regularly updated with financial and other important information about the Company.
4
Use of Non-GAAP Financial Measures
The Company uses certain measures that are not defined by generally accepted accounting principles in the United States (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA are non-GAAP financial measures and should be considered in addition to, not as superior to, or as a substitute for, net income (loss), net profit margin, net cash provided by operating activities or capital expenditures as a percentage of net income (loss) reported in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA less capital expenditures are reconciled to net income (loss), Adjusted EBITDA margin is reconciled to net profit margin and capital expenditures as a percentage of Adjusted EBITDA is reconciled to capital expenditures as a percentage of net income (loss). Adjusted EBITDA less capital expenditures is also reconciled to net cash provided by operating activities. These reconciliations are included in the “Reconciliations of Non-GAAP Measures” tables within this press release.
“Adjusted EBITDA” is defined as net income (loss) plus net interest expense, income tax provision, depreciation and amortization, equity-based compensation, severance and contract termination costs, acquisition-related costs, net (gain) loss on asset sales and disposals, system conversion costs, net equity method investment (income) loss, asset impairments, executive search and transition costs, legal settlement of alleged patent infringement, MBI integration costs, net other (income) expense and any special items, as applicable, as provided in the “Reconciliations of Non-GAAP Measures” tables within this press release. Executive search and transition costs consist of expenses incurred in connection with changes in executive leadership, including make-whole payment, severance and other separation benefits and costs related to executive search and onboarding. MBI integration costs consist of expenses for planning and implementing system conversion, rebranding, employee-related costs (including severance and retention) and other professional fees incurred in connection with preparing for the potential integration of MBI. These costs are associated with discrete events and are incremental to normal, recurring operating expenses and as such, are excluded from Adjusted EBITDA. Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s business as well as other non-cash or special items and is unaffected by the Company’s capital structure or investment activities. This measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the Company’s cash cost of debt financing. These costs are evaluated through other financial measures.
“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by total revenues.
“Adjusted EBITDA less capital expenditures,” when used as a liquidity measure, is calculated as net cash provided by operating activities excluding the impact of capital expenditures, net interest expense, income tax provision, changes in operating assets and liabilities, change in deferred income taxes and any special items, as applicable, as provided in the “Reconciliations of Non-GAAP Measures” tables within this press release.
“Capital expenditures as a percentage of Adjusted EBITDA” is defined as capital expenditures divided by Adjusted EBITDA.
The Company uses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA to assess its performance, and it also uses Adjusted EBITDA less capital expenditures as an indicator of its ability to fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the measure used in the leverage ratio calculations under the Company’s credit agreement and the indenture governing the Company’s non-convertible senior unsecured notes to determine compliance with the covenants contained in the credit agreement and the ability to take certain actions under the indenture governing the non-convertible senior unsecured notes. Adjusted EBITDA, capital expenditures as a percentage of Adjusted EBITDA and Adjusted EBITDA less capital expenditures are also significant performance measures that have been used by the Company in its incentive compensation programs. Adjusted EBITDA does not take into account cash used for mandatory debt service requirements or other non-discretionary expenditures, and thus does not represent residual funds available for discretionary uses.
The Company believes that Adjusted EBITDA, Adjusted EBITDA margin and capital expenditures as a percentage of Adjusted EBITDA are useful to investors in evaluating the operating performance of the Company. The Company believes that Adjusted EBITDA less capital expenditures is useful to investors as it shows the Company’s performance while taking into account cash outflows for capital expenditures and is one of several indicators of the Company’s ability to service debt, make investments and/or return capital to its stockholders.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures, capital expenditures as a percentage of Adjusted EBITDA and similar measures with similar titles are common measures used by investors, analysts and peers to compare performance in the Company’s industry, although the Company’s measures of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA may not be directly comparable to similarly titled measures reported by other companies.
5
About Cable One
Cable One, Inc. (NYSE:CABO) is a leading broadband communications provider delivering exceptional service and enabling approximately 1 million residential and business customers across 24 states to thrive and stay connected to what matters most. Through Sparklight®, the brand our customers know and trust, we're not just shaping the future of connectivity–we're transforming it with a commitment to innovation, reliability and customer experience at our core.
Our robust infrastructure and cutting-edge technology don’t just keep our customers connected; they drive progress in education, business and everyday life. We’re dedicated to bridging the digital divide, empowering our communities and fostering a more connected world. When our customers choose Cable One, they are choosing a team that is always working for them–one that believes in the relentless pursuit of reliability, because being a trusted neighbor isn’t just what we do–it’s who we are.
Contacts
| Trish Niemann | Todd Koetje | |||||||
| Vice President, Communications Strategy | Chief Financial Officer | |||||||
| 602-364-6372 | investor_relations@cableone.biz | |||||||
patricia.niemann@cableone.biz | ||||||||
6
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This communication and the related conference call may contain “forward-looking statements” that involve risks and uncertainties. These statements can be identified by the fact that they do not relate strictly to historical or current facts, but rather are based on current expectations, estimates, assumptions and projections about the Company’s industry, business, strategy, technologies, acquisitions and strategic investments, market expansion plans, dividend policy, capital allocation, financing strategy, the acquisition of the equity interests of MBI that the Company does not already own, the substantial indebtedness of MBI scheduled to mature in November 2027 and the Company's and MBI's financial results and financial condition. Forward-looking statements often include words such as “will,” “should,” “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance in connection with discussions of future operating or financial performance. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company’s actual results may vary materially from those expressed or implied in its forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by the Company or on its behalf. Important factors that could cause the Company’s actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors, which are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 26, 2026 (the "2025 Form 10-K") and in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2026 (the “Third Quarter 2026 Form 10-Q”):
•rising levels of competition from historical and new entrants in the Company’s markets;
•recent and future changes in technology, and the Company's ability to develop, deploy and operate new technologies, service offerings and customer service platforms;
•risks associated with the Company's use of artificial intelligence;
•the Company’s ability to grow its residential data and business data revenues and customer base;
•increases in programming costs and retransmission fees;
•the Company’s ability to obtain hardware, software and operational support from vendors, including the potential impacts of changes in trade policy and tariffs;
•risks relating to existing or future acquisitions and strategic investments by the Company, including risks associated with the acquisition of MBI;
•risks relating to existing or future litigation regarding our acquisition of the equity interests in MBI that the Company does not currently own, including the litigation initiated by CoBank, ACB on October 9, 2026;
•risks relating to entering into definitive agreements for contemplated financing transactions on the terms described or at all;
•risks relating to our intention to hold MBI separate from the balance of our operations if and following the time we own the entirety of MBI;
•the integrity and security of the Company’s network and information systems;
•the impact of possible security breaches and other disruptions, including cyber-attacks;
•the Company’s failure to obtain necessary intellectual and proprietary rights to operate its business and the risk of intellectual property claims and litigation against the Company;
•the Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
•impairments of intangible assets and goodwill;
•legislative or regulatory efforts to impose new requirements on the Company’s data services;
•additional regulation of the Company’s video and voice services or changes to government subsidy programs;
•the Company’s ability to renew cable system franchises;
•increases in pole attachment costs;
•changes in local governmental franchising authority and broadcast carriage regulations;
•the potential adverse effect of the Company’s level of indebtedness on its business, financial condition or results of operations and cash flows;
•the restrictions the terms of the Company’s indebtedness place on its business and corporate actions;
•the possibility that interest rates will continue to rise, causing the Company’s obligations to service its variable rate indebtedness to increase significantly;
•risks associated with the Company’s convertible indebtedness and the consequences any delisting would have on its convertible indebtedness;
•the Company’s ability to pay dividends;
•our sustained reduced stock price;
•our ability to comply with the continued listing standards of the New York Stock Exchange;
•provisions in the Company’s charter, by-laws and Delaware law that could discourage takeovers and limit the judicial forum for certain disputes;
•adverse economic conditions, labor shortages, supply chain disruptions, changes in rates of inflation and the level of move activity in the housing sector;
•pandemics, epidemics or disease outbreaks, such as the COVID-19 pandemic, have, and may in the future, disrupt the Company's business and operations, which could materially affect the Company's business, financial condition, results of operations and cash flows;
•lower demand for the Company's residential data and business data products;
•fluctuations in the Company’s stock price;
•dilution from equity awards, convertible indebtedness and potential future convertible debt and stock issuances;
•damage to the Company’s reputation or brand image;
•the Company’s ability to retain key employees (whom the Company refers to as associates);
•the Company’s ability to incur future indebtedness;
•provisions in the Company’s charter that could limit the liabilities for directors; and
•the other risks and uncertainties detailed from time to time in the Company’s filings with the SEC, including but not limited to those described under "Risk Factors" in the 2025 Form 10-K, as updated by the Third Quarter 2026 Form 10-Q, and in its subsequent filings with the SEC .
Any forward-looking statements made by the Company in this communication speak only as of the date on which they are made. The Company is under no obligation, and expressly disclaims any obligation, except as required by law, to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.
7
CABLE ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| (dollars in thousands, except per share data) | 2026 | 2025 | Change | % Change | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Residential data | $ | 204,075 | $ | 227,599 | $ | (23,524) | (10.3) | % | ||||||||||||||||||
| Residential video | 35,659 | 44,971 | (9,312) | (20.7) | % | |||||||||||||||||||||
| Residential voice | 5,912 | 6,692 | (780) | (11.7) | % | |||||||||||||||||||||
| Business data | 53,626 | 57,486 | (3,860) | (6.7) | % | |||||||||||||||||||||
| Business other | 13,290 | 15,117 | (1,827) | (12.1) | % | |||||||||||||||||||||
| Other | 19,591 | 24,147 | (4,556) | (18.9) | % | |||||||||||||||||||||
| Total Revenues | 332,153 | 376,012 | (43,859) | (11.7) | % | |||||||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||||||||
| Operating (excluding depreciation and amortization) | 98,699 | 96,038 | 2,661 | 2.8 | % | |||||||||||||||||||||
| Selling, general and administrative | 82,297 | 100,835 | (18,538) | (18.4) | % | |||||||||||||||||||||
| Depreciation and amortization | 81,010 | 83,347 | (2,337) | (2.8) | % | |||||||||||||||||||||
| (Gain) loss on asset sales and disposals, net | 1,034 | 1,066 | (32) | (3.0) | % | |||||||||||||||||||||
| Asset impairments | 412,054 | — | 412,054 | NM | ||||||||||||||||||||||
| Total Costs and Expenses | 675,094 | 281,286 | 393,808 | 140.0 | % | |||||||||||||||||||||
| Income (loss) from operations | (342,941) | 94,726 | (437,667) | NM | ||||||||||||||||||||||
| Interest expense, net | (34,648) | (32,019) | (2,629) | 8.2 | % | |||||||||||||||||||||
| Other income (expense), net | (66,975) | 71,809 | (138,784) | (193.3) | % | |||||||||||||||||||||
| Income (loss) before income taxes and equity method investment income (loss), net | (444,564) | 134,516 | (579,080) | NM | ||||||||||||||||||||||
| Income tax (provision) benefit | 47,198 | (25,762) | 72,960 | NM | ||||||||||||||||||||||
| Income (loss) before equity method investment income (loss), net | (397,366) | 108,754 | (506,120) | NM | ||||||||||||||||||||||
| Equity method investment income (loss), net | (34,473) | (22,222) | (12,251) | 55.1 | % | |||||||||||||||||||||
| Net income (loss) | $ | (431,839) | $ | 86,532 | $ | (518,371) | NM | |||||||||||||||||||
| Net Income (Loss) per Common Share: | ||||||||||||||||||||||||||
| Basic | $ | (75.66) | $ | 15.33 | $ | (90.99) | NM | |||||||||||||||||||
| Diluted | $ | (75.66) | $ | 14.52 | $ | (90.18) | NM | |||||||||||||||||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||||||||||||
| Basic | 5,707,739 | 5,642,948 | 64,791 | 1.1 | % | |||||||||||||||||||||
| Diluted | 5,707,739 | 6,068,638 | (360,899) | (5.9) | % | |||||||||||||||||||||
| Unrealized gain (loss) on cash flow hedges and other, net of tax | 13,795 | (3,093) | 16,888 | NM | ||||||||||||||||||||||
| Comprehensive income (loss) | $ | (418,044) | $ | 83,439 | $ | (501,483) | NM | |||||||||||||||||||
NM = Not meaningful.
8
CABLE ONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (dollars in thousands, except par values) | September 30, 2026 | December 31, 2025 | ||||||||||||
| Assets | ||||||||||||||
| Current Assets: | ||||||||||||||
| Cash and cash equivalents | $ | 674,751 | $ | 152,769 | ||||||||||
| Accounts receivable, net | 54,644 | 58,578 | ||||||||||||
| Prepaid and other current assets | 74,488 | 95,238 | ||||||||||||
| Total Current Assets | 803,883 | 306,585 | ||||||||||||
| Equity investments | 264,335 | 613,841 | ||||||||||||
| Property, plant and equipment, net | 1,790,700 | 1,784,201 | ||||||||||||
| Intangible assets, net | 1,234,911 | 1,974,359 | ||||||||||||
| Goodwill | 516,057 | 840,826 | ||||||||||||
| Other noncurrent assets | 98,224 | 68,541 | ||||||||||||
| Total Assets | $ | 4,708,110 | $ | 5,588,353 | ||||||||||
| Liabilities and Stockholders' Equity (Deficit) | ||||||||||||||
| Current Liabilities: | ||||||||||||||
| Accounts payable and accrued liabilities | $ | 128,362 | $ | 143,058 | ||||||||||
| MBI option liability | 478,851 | — | ||||||||||||
| Deferred revenue | 16,434 | 22,731 | ||||||||||||
| Current portion of long-term debt | 18,000 | 593,535 | ||||||||||||
| Total Current Liabilities | 641,647 | 759,324 | ||||||||||||
| Long-term debt | 3,524,096 | 2,600,392 | ||||||||||||
| Deferred income taxes | 593,094 | 769,924 | ||||||||||||
| Other noncurrent liabilities | 35,595 | 25,075 | ||||||||||||
| Total Liabilities | 4,794,432 | 4,154,715 | ||||||||||||
Commitments and contingencies | ||||||||||||||
| Stockholders' Equity (Deficit): | ||||||||||||||
| Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding) | — | — | ||||||||||||
| Common stock ($0.01 par value; 40,000,000 shares authorized; 6,175,399 shares issued; and 5,679,997 and 5,635,219 shares outstanding as of September 30, 2026 and December 31, 2025, respectively) | 62 | 62 | ||||||||||||
| Additional paid-in capital | 699,264 | 681,866 | ||||||||||||
| Retained earnings (accumulated deficit) | (226,088) | 1,334,553 | ||||||||||||
| Accumulated other comprehensive income (loss) | 43,760 | 19,450 | ||||||||||||
| Treasury stock, at cost (495,402 and 540,180 shares held as of September 30, 2026 and December 31, 2025, respectively) | (603,320) | (602,293) | ||||||||||||
| Total Stockholders' Equity (Deficit) | (86,322) | 1,433,638 | ||||||||||||
| Total Liabilities and Stockholders' Equity (Deficit) | $ | 4,708,110 | $ | 5,588,353 | ||||||||||
9
CABLE ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Three Months Ended September 30, | ||||||||||||||
| (in thousands) | 2026 | 2025 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income (loss) | $ | (431,839) | $ | 86,532 | ||||||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 81,010 | 83,347 | ||||||||||||
| Amortization of debt discount and issuance costs | 1,538 | 2,187 | ||||||||||||
| Equity-based compensation | 5,045 | 11,280 | ||||||||||||
| Gain on debt extinguishments | — | (3,156) | ||||||||||||
| Change in deferred income taxes | (53,431) | 20,885 | ||||||||||||
| (Gain) loss on asset sales and disposals, net | 1,034 | 1,066 | ||||||||||||
| Gain on sales of equity investments | — | (67,354) | ||||||||||||
| Equity method investment (income) loss, net | 34,473 | 22,222 | ||||||||||||
| Fair value adjustments | 52,904 | (2,089) | ||||||||||||
| Asset impairments | 412,054 | — | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Accounts receivable, net | 921 | (2,908) | ||||||||||||
| Prepaid and other current assets | (6,739) | 895 | ||||||||||||
| Accounts payable and accrued liabilities | (13,466) | 7,117 | ||||||||||||
| Deferred revenue | (759) | (3,343) | ||||||||||||
| Other | 9,892 | (162) | ||||||||||||
| Net cash provided by operating activities | 92,637 | 156,519 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Capital expenditures | (77,912) | (71,765) | ||||||||||||
| Change in accrued expenses related to capital expenditures | 6,335 | 607 | ||||||||||||
| Proceeds from sales of property, plant and equipment | 256 | 32 | ||||||||||||
| Proceeds from sales of equity investments | — | 123,242 | ||||||||||||
| Net cash provided by (used in) investing activities | (71,321) | 52,116 | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Proceeds from long-term debt borrowings | 700,000 | — | ||||||||||||
| Payment of debt issuance costs | (7,937) | — | ||||||||||||
| Debt repayments | (204,762) | (194,545) | ||||||||||||
| Payment of withholding tax for equity awards | (57) | (317) | ||||||||||||
| Net cash used in financing activities | 487,244 | (194,862) | ||||||||||||
| Change in cash and cash equivalents | 508,560 | 13,773 | ||||||||||||
| Cash and cash equivalents, beginning of period | 166,191 | 152,876 | ||||||||||||
| Cash and cash equivalents, end of period | $ | 674,751 | $ | 166,649 | ||||||||||
| Supplemental cash flow disclosures: | ||||||||||||||
| Cash paid for interest, net of capitalized interest | $ | 33,739 | $ | 29,878 | ||||||||||
| Cash paid for income taxes, net of refunds received | $ | (320) | $ | 1,763 | ||||||||||
10
CABLE ONE, INC.
RECONCILIATIONS OF NON-GAAP MEASURES
(Unaudited)
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||
| Net income (loss) | $ | (431,839) | $ | 86,532 | $ | (518,371) | NM | |||||||||||||||||||
| Net profit margin | (130.0) | % | 23.0 | % | ||||||||||||||||||||||
| Plus: Interest expense, net | 34,648 | 32,019 | 2,629 | 8.2 | % | |||||||||||||||||||||
| Income tax provision (benefit) | (47,198) | 25,762 | (72,960) | NM | ||||||||||||||||||||||
| Depreciation and amortization | 81,010 | 83,347 | (2,337) | (2.8) | % | |||||||||||||||||||||
| Equity-based compensation | 5,045 | 11,280 | (6,235) | (55.3) | % | |||||||||||||||||||||
| Severance and contract termination costs | — | 1,881 | (1,881) | (100.0) | % | |||||||||||||||||||||
| Acquisition-related costs | 1,747 | 521 | 1,226 | 235.3 | % | |||||||||||||||||||||
| (Gain) loss on asset sales and disposals, net | 1,034 | 1,066 | (32) | (3.0) | % | |||||||||||||||||||||
| System conversion costs | 573 | 5,790 | (5,217) | (90.1) | % | |||||||||||||||||||||
| Equity method investment (income) loss, net | 34,473 | 22,222 | 12,251 | 55.1 | % | |||||||||||||||||||||
| Asset impairments | 412,054 | — | 412,054 | NM | ||||||||||||||||||||||
| Executive search and transition costs | 260 | 445 | (185) | (41.6) | % | |||||||||||||||||||||
| Legal settlement of alleged patent infringement | — | 2,800 | (2,800) | (100.0) | % | |||||||||||||||||||||
| MBI integration costs | 999 | — | 999 | NM | ||||||||||||||||||||||
| Other (income) expense, net | 66,975 | (71,809) | 138,784 | (193.3) | % | |||||||||||||||||||||
| Adjusted EBITDA | $ | 159,781 | $ | 201,856 | $ | (42,075) | (20.8) | % | ||||||||||||||||||
| Adjusted EBITDA margin | 48.1 | % | 53.7 | % | ||||||||||||||||||||||
| Less: Capital expenditures | $ | 77,912 | $ | 71,765 | $ | 6,147 | 8.6 | % | ||||||||||||||||||
| Capital expenditures as a percentage of net income (loss) | (18.0) | % | 82.9 | % | ||||||||||||||||||||||
| Capital expenditures as a percentage of Adjusted EBITDA | 48.8 | % | 35.6 | % | ||||||||||||||||||||||
| Adjusted EBITDA less capital expenditures | $ | 81,869 | $ | 130,091 | $ | (48,222) | (37.1) | % | ||||||||||||||||||
NM = Not meaningful.
11
CABLE ONE, INC.
RECONCILIATIONS OF NON-GAAP MEASURES (continued)
(Unaudited)
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||
| Net cash provided by operating activities | $ | 92,637 | $ | 156,519 | $ | (63,882) | (40.8) | % | ||||||||||||||||||
| Capital expenditures | (77,912) | (71,765) | (6,147) | 8.6 | % | |||||||||||||||||||||
| Interest expense, net | 34,648 | 32,019 | 2,629 | 8.2 | % | |||||||||||||||||||||
| Amortization of debt discount and issuance costs | (1,538) | (2,187) | 649 | (29.7) | % | |||||||||||||||||||||
| Income tax provision (benefit) | (47,198) | 25,762 | (72,960) | NM | ||||||||||||||||||||||
| Changes in operating assets and liabilities | 10,151 | (1,599) | 11,750 | NM | ||||||||||||||||||||||
Gain on debt extinguishments | — | 3,156 | (3,156) | (100.0) | % | |||||||||||||||||||||
| Change in deferred income taxes | 53,431 | (20,885) | 74,316 | NM | ||||||||||||||||||||||
| Acquisition-related costs | 1,747 | 521 | 1,226 | 235.3 | % | |||||||||||||||||||||
| Severance and contract termination costs | — | 1,881 | (1,881) | (100.0) | % | |||||||||||||||||||||
| System conversion costs | 573 | 5,790 | (5,217) | (90.1) | % | |||||||||||||||||||||
| Fair value adjustments | (52,904) | 2,089 | (54,993) | NM | ||||||||||||||||||||||
| Executive search and transition costs | 260 | 445 | (185) | (41.6) | % | |||||||||||||||||||||
| Legal settlement of alleged patent infringement | — | 2,800 | (2,800) | (100.0) | % | |||||||||||||||||||||
| MBI integration costs | 999 | — | 999 | NM | ||||||||||||||||||||||
(Gain) loss on sales of equity investments | — | 67,354 | (67,354) | (100.0) | % | |||||||||||||||||||||
| Other (income) expense, net | 66,975 | (71,809) | 138,784 | (193.3) | % | |||||||||||||||||||||
| Adjusted EBITDA less capital expenditures | $ | 81,869 | $ | 130,091 | $ | (48,222) | (37.1) | % | ||||||||||||||||||
NM = Not meaningful.
12
CABLE ONE, INC.
OPERATING STATISTICS
(Unaudited)
| As of September 30, | ||||||||||||||||||||||||||
| (in thousands, except percentages and ARPU data) | 2026 | 2025 | Change | % Change | ||||||||||||||||||||||
Passings(1) | 2,847.0 | 2,899.4 | (52.4) | (1.8) | % | |||||||||||||||||||||
| Residential Customers | 876.7 | 934.2 | (57.5) | (6.2) | % | |||||||||||||||||||||
Data PSUs | 862.5 | 910.4 | (47.9) | (5.3) | % | |||||||||||||||||||||
| Video PSUs | 68.1 | 89.6 | (21.5) | (24.0) | % | |||||||||||||||||||||
| Voice PSUs | 48.0 | 58.4 | (10.4) | (17.8) | % | |||||||||||||||||||||
| Total residential PSUs | 978.6 | 1,058.4 | (79.9) | (7.5) | % | |||||||||||||||||||||
| Business Customers | 105.0 | 108.1 | (3.1) | (2.8) | % | |||||||||||||||||||||
| Data PSUs | 97.8 | 99.6 | (1.9) | (1.9) | % | |||||||||||||||||||||
| Video PSUs | 3.3 | 5.3 | (2.0) | (37.4) | % | |||||||||||||||||||||
| Voice PSUs | 36.1 | 38.4 | (2.4) | (6.1) | % | |||||||||||||||||||||
| Total business services PSUs | 137.2 | 143.4 | (6.2) | (4.3) | % | |||||||||||||||||||||
| Total Customers | 981.7 | 1,042.3 | (60.6) | (5.8) | % | |||||||||||||||||||||
| Total non-video | 910.3 | 946.3 | (36.0) | (3.8) | % | |||||||||||||||||||||
| Percent of total | 92.7 | % | 90.8 | % | 1.9 | % | ||||||||||||||||||||
| Data PSUs | 960.3 | 1,010.1 | (49.8) | (4.9) | % | |||||||||||||||||||||
| Video PSUs | 71.4 | 94.9 | (23.5) | (24.7) | % | |||||||||||||||||||||
| Voice PSUs | 84.1 | 96.8 | (12.8) | (13.2) | % | |||||||||||||||||||||
| Total PSUs | 1,115.8 | 1,201.8 | (86.1) | (7.2) | % | |||||||||||||||||||||
Residential Penetration | ||||||||||||||||||||||||||
| Data | 30.3 | % | 31.4 | % | (1.1) | % | ||||||||||||||||||||
| Video | 2.4 | % | 3.1 | % | (0.7) | % | ||||||||||||||||||||
| Voice | 1.7 | % | 2.0 | % | (0.3) | % | ||||||||||||||||||||
| Share of Third Quarter Revenues | ||||||||||||||||||||||||||
| Residential data | 61.4 | % | 60.5 | % | 0.9 | % | ||||||||||||||||||||
| Business services | 20.1 | % | 19.3 | % | 0.8 | % | ||||||||||||||||||||
| Total | 81.6 | % | 79.8 | % | 1.7 | % | ||||||||||||||||||||
| ARPU - Third Quarter | ||||||||||||||||||||||||||
Residential data(2) | $ | 78.48 | $ | 82.17 | $ | (3.69) | (4.5) | % | ||||||||||||||||||
Residential video(2) | $ | 167.89 | $ | 161.14 | $ | 6.75 | 4.2 | % | ||||||||||||||||||
Residential voice(2) | $ | 39.94 | $ | 36.95 | $ | 2.99 | 8.1 | % | ||||||||||||||||||
Business services(3) (4) | $ | 211.48 | $ | 227.50 | $ | (16.02) | (7.0) | % | ||||||||||||||||||
Note: All totals, percentages and year-over-year changes are calculated using exact numbers. Minor differences may exist due to rounding.
(1)Passings represent the estimated number of serviceable and marketable homes and businesses passed by the Company's active plant based on available information. Beginning in the third quarter of 2025, the Company began using an external reporting service for determining reported passings. The service provider generates updated counts biannually, during the first and third quarters of each year. Therefore, going forward the Company's reported passings for the second and fourth quarters of the year will remain unchanged from the preceding sequential quarter. Passings as of September 30, 2026 reflect certain refinements to the service provider's counting methodology during the first quarter of 2026.
(2)ARPU values represent the applicable quarterly residential service revenues (excluding installation and activation fees) divided by the corresponding average of the number of PSUs at the beginning and end of each period, divided by three, except that for any PSUs added or subtracted as a result of an acquisition or divestiture occurring during the period, the associated ARPU values represent the applicable residential service revenues (excluding installation and activation fees) divided by the pro-rated average number of PSUs during such period.
(3)ARPU values represent quarterly business services revenues divided by the average of the number of business customer relationships at the beginning and end of each period, divided by three, except that for any business customer relationships added or subtracted as a result of an acquisition or divestiture occurring during the period, the associated ARPU values represent business services revenues divided by the pro-rated average number of business customer relationships during such period.
(4)In March 2026, the Company sold certain fiber-to-the-tower contract rights for cash proceeds of $42.0 million. Such contracts generated $9.0 million of business data revenues during 2025.
13