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Shenandoah Telecommunications Company outlines a fiber-focused broadband business serving eight eastern states, with about 19,000 route miles of fiber and roughly 262,000 revenue-generating units as of December 31, 2025.
A major 2025 development was a securitized financing: Shentel Issuer closed $567.4 million of secured fiber network revenue term notes, split between $489.1 million 5.64% Class A-2 notes and $78.3 million 6.03% Class B notes, plus a $175.0 million variable funding note facility and a $25 million liquidity facility. A separate $175.0 million revolving credit facility was arranged at Shentel Broadband Operations. Proceeds were used to repay existing debt, effectively refinancing the capital structure around fiber assets.
The company is aggressively expanding its Glo Fiber FTTH footprint, with incumbent broadband passing about 252,000 locations and Glo Fiber passing about 427,000. It benefits from public funding, including approximately $122.8 million of grants to serve around 26,900 unserved homes and $27.5 million for middle-mile networks in Ohio, alongside a prior $0.9 million Rural Digital Opportunity Fund award. Key risks highlighted include intensifying broadband competition, rising programming and retransmission costs, heavy capital needs, regulatory uncertainty, cybersecurity threats and execution risk around large grant-funded buildouts and securitized debt covenants.
Shenandoah Telecommunications Company reported fourth quarter and full year 2025 results and issued 2026 guidance. 2025 revenue rose 9.1% to $357.9 million, while net loss from continuing operations widened to $32.9 million. Adjusted EBITDA increased 26.0% to $119.1 million, with margin improving to 33.3%.
Growth was led by Glo Fiber Expansion Markets, where 2025 revenue jumped 42.7% to $82.6 million, and Commercial Fiber, up 13.2% to $79.3 million. Homes and businesses passed grew to 679,044, and broadband data RGUs increased to 199,947.
The company closed an inaugural $567.4 million secured fiber network term note ABS financing and added a $175.0 million revolving credit facility, helping refinance existing debt. Capital expenditures were $358.9 million, partly supported by $62.5 million in government grant reimbursements. For 2026, Shentel guides to revenue of $370–$377 million, Adjusted EBITDA of $131–$136 million, and net capital expenditures after grants of $220–$250 million. The company also announced a roughly 10% workforce reduction, targeting $12.3 million in annual savings starting in 2027.
GCM Grosvenor Inc. reported acquisition or exercise transactions in this Form 4 filing.
Shenandoah Telecommunications reported an indirect grant of 9,863 restricted stock units, each representing one share of common stock, in connection with director service. The units were awarded to director James DiMola but are held for the benefit of LIF Vista, LLC and related GCM Grosvenor entities, which collectively report indirect ownership of 4,116,050 common shares.
DiMola James F reported acquisition or exercise transactions in this Form 4 filing.
Shenandoah Telecommunications reported that director designee James F. DiMola was granted 9,863 restricted stock units. Each RSU represents the right to receive one share of common stock. According to the disclosure, the economic benefit from these equity awards is allocated to LIF Vista, LLC or its affiliates.
Energy Capital Partners Management, LP reported acquisition or exercise transactions in this Form 4 filing.
Shenandoah Telecommunications granted 9,863 restricted stock units to Energy Capital Partners Management, LP. Each restricted stock unit represents a contingent right to receive one share of Shenandoah Telecommunications common stock. The award increased the holder’s balance to 9,863 restricted stock units held directly.
Shenandoah Telecommunications’ VP Legal, General Counsel and Secretary Angela M. Olsen reported several equity transactions in company stock. On February 19, 2026, she acquired 1,252 shares of common stock through the exercise of restricted stock units and received a new grant of 10,854 restricted stock units, each representing a right to one future share.
The new restricted stock unit award vests in four equal installments on each of the first, second, third and fourth anniversaries of the grant date and is subject to the company’s executive compensation recovery policy. To cover tax obligations, 443 common shares were disposed of at $13.18 per share, leaving her with 809 common shares held directly after these transactions.
Shenandoah Telecommunications’ VP and Chief Accounting Officer, Tracy Willis, reported several equity compensation moves. Willis exercised 2,437 restricted stock units into the same number of common shares and received a new grant of 9,632 restricted stock units, each representing a right to one future share.
The new restricted stock units vest in four equal annual installments and are subject to cancellation and forfeiture under the company’s executive compensation recovery policy. To cover tax obligations related to these awards, 799 common shares were disposed of at $13.18 per share through share withholding rather than an open-market sale.
Shenandoah Telecommunications (SHEN) senior vice president Glenn E. Lytle Jr reported equity awards and related conversions, with no share sales. On February 19, 2026, he exercised or converted restricted stock units covering 2,123 and 2,956 units, and received a new grant of 13,437 restricted stock units, each representing one share of common stock. He also acquired 5,079 shares of common stock through a derivative exercise. After these transactions, he directly held 8,956 shares of common stock and 26,551 restricted stock units. The award vests in four equal annual installments and is subject to potential cancellation and forfeiture under the company’s executive compensation recovery policy.
Shenandoah Telecommunications SVP Sales & Marketing Dara Leslie reported multiple equity compensation transactions on common stock and restricted stock units. On February 19, 2026, she received a grant of 13,976 restricted stock units, each representing the right to one share of common stock.
Several existing restricted stock unit awards were exercised or converted into common stock, and 2,616 shares of common stock were disposed of at $13.18 per share to cover taxes through share withholding. The new award vests in four equal annual installments and is subject to the company’s executive compensation recovery (clawback) policy.
Shenandoah Telecommunications VP Chief HRO Heather K. Tormey reported multiple equity-related transactions on February 19, 2026. She acquired restricted stock units (RSUs) through exercises and a new grant, and converted RSUs into common stock at no cash cost per share.
The filing shows 13,820 RSUs granted as an award, in addition to several RSU exercises and conversions into common stock. After these derivative transactions, she directly held 30,342 RSUs, each representing a contingent right to one common share, vesting in four equal annual installments and subject to the company’s compensation recovery policy.
On the same date, RSU conversions increased her direct ownership of common stock to 28,586 shares, followed by a disposition of 3,050 common shares at $13.18 per share to satisfy tax withholding obligations. After this tax-withholding transaction, she directly owned 25,536 common shares.