Spok Holdings (NASDAQ: SPOK) 2025 results, dividend and 2026 outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Spok Holdings reported essentially flat total revenue of
In the fourth quarter, revenue was
The company ended 2025 with cash and cash equivalents of
Positive
- None.
Negative
- None.
Insights
Spok posts steady 2025 results, maintains dividends, and guides to similar 2026 performance.
Spok Holdings delivered modest 2025 growth, with total revenue up
The business generated solid cash, ending 2025 with
For 2026, guidance calls for total revenue between
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): February 25, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
, | ||||||||||||||
| , | ||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (800 ) 611-8488
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 | 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 | |||||||||||
| 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. | ☐ | ||||||||||
Item 2.02 Results of Operations and Financial Condition.
On February 25, 2026 , Spok Holdings, Inc. (the “Company”) issued a press release announcing financial results for the fourth quarter and full year ending December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.
Item 8.01 Other Events.
On February 25, 2026 , the Board declared a regular quarterly dividend of $0.3125 per share of the Company's common stock payable on March 31, 2026, to stockholders of record on March 16, 2026.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit | ||||||||
| No. | Description | |||||||
| 99.1 | Spok Holdings, Inc. Earnings Press Release dated February 25, 2026 | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) | |||||||
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.
Spok Holdings, Inc. | |||||||||||||||||||||||||||||
| Date: | By: | /s/ Calvin C. Rice | |||||||||||||||||||||||||||
| Name: | Calvin C. Rice | ||||||||||||||||||||||||||||
| Title: | Chief Financial Officer | ||||||||||||||||||||||||||||
| Exhibit 99.1 | ||||||||
| NEWS RELEASE | ||||||||
CONTACT:
Al Galgano
952-224-6096
al.galgano@spok.com
Spok Reports Fourth Quarter And Full Year 2025 Results
Q4 Software Operations Bookings Up 14% from Prior Year, and Nearly 83% From the Prior Quarter
Year-Over-Year Managed Services Revenue Growth Drives Nearly 5% Growth in Software Revenue
Company Provides 2026 Financial Guidance
Plano, Tx. (February 25, 2026) - Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in healthcare communications, today announced results for the fourth quarter and full year ended December 31, 2025. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.3125 per share, payable on March 31, 2026, to stockholders of record on March 16, 2026.
Recent Highlights:
•Full year net income up 6.1% from 2024
•Fourth quarter software operations bookings included 12 six- and 2 seven-figure customer contracts
•Software backlog totaled $58.2 million at December 31, 2025, as the Company continues to focus on multi-year and managed services bookings
•Fourth quarter 2025 wireless average revenue per unit (ARPU) was $8.26, up 1.2% on a year-over-year basis
•Wireless quarterly net churn improves to 1.3%, a 12-basis point improvement from the prior quarter
•Capital returned to stockholders in the fourth quarter of 2025 totaled $6.4 million
•Research and development costs totaled $12.2 million in 2025, supporting Spok's investment in the Company's industry-leading solutions to fuel future growth
•Cash and cash equivalents balance of $25.3 million at December 31, 2025, and no debt
| Spok.com | ||||||||
1
| Exhibit 99.1 | ||||||||
| NEWS RELEASE | ||||||||
"I am very proud of our Spok team as they were able to regain the positive momentum that we saw in the beginning of 2025,” said Vincent D. Kelly, chief executive officer of Spok Holdings, Inc. “In the fourth quarter, we generated a nearly 83% sequential increase in software operations bookings, while continued growth in average revenue per wireless unit drove a slight increase in wireless revenue. Our focus continues to be to generate cash flow and return capital to stockholders, while responsibly investing for future growth. In 2025, we demonstrated our ability to do this and have positioned ourselves to continue this tradition in 2026. In addition to returning $27.3 million to our stockholders in 2025, we continued to invest in our Spok Care Connect and Wireless solutions with over $12 million devoted to developing our world-class product platform. We believe that these investments will continue to create stockholder value.
"Spok continues its proud legacy of balancing the necessary investments in our products and infrastructure with returning capital to our stockholders," continued Kelly. "In 2025, we generated $29 million of adjusted EBITDA and returned the majority of that amount to our stockholders in the form of our regular quarterly dividend. After hitting its low point in the first quarter due to seasonal working capital needs, our cash, and cash equivalents balances continued to grow throughout the year, totaling nearly $25.3 million at year-end, up approximately $4 million from the prior quarter.
"Based on our positive momentum in the fourth quarter of 2025, and our visibility into our very robust product sales pipeline, we provided full year 2026 financial guidance estimates for revenue and adjusted EBITDA. At the high-end of the guidance range, we are on track to again grow consolidated revenue in 2026, on a year-over-year basis, with continued growth in software revenue, partially offset with declines in wireless revenue. The midpoint of our adjusted EBITDA guidance is also up from 2025." concluded Kelly.
| Spok.com | ||||||||
2
| Exhibit 99.1 | ||||||||
| NEWS RELEASE | ||||||||
Financial Highlights:
For the three months ended December 31, | For the twelve months ended December 31, | ||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) | |||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Wireless revenue | |||||||||||||||||||||||||||||||||||
| Paging revenue | $ | 16,844 | $ | 17,750 | (5.1) | % | $ | 68,559 | $ | 70,958 | (3.4) | % | |||||||||||||||||||||||
| Product and other revenue | 970 | 620 | 56.5 | % | 3,963 | 2,565 | 54.5 | % | |||||||||||||||||||||||||||
| Total wireless revenue | $ | 17,814 | $ | 18,370 | (3.0) | % | $ | 72,522 | $ | 73,523 | (1.4) | % | |||||||||||||||||||||||
| Software revenue | |||||||||||||||||||||||||||||||||||
| License | 1,246 | 1,283 | (2.9) | % | 7,347 | 7,648 | (3.9) | % | |||||||||||||||||||||||||||
| Professional services - projects | $ | 3,545 | $ | 3,503 | 1.2 | % | $ | 15,496 | $ | 14,616 | 6.0 | % | |||||||||||||||||||||||
| Professional services - managed services | 1,981 | 1,226 | 61.6 | % | 6,623 | 3,259 | 103.2 | % | |||||||||||||||||||||||||||
| Hardware | 197 | 269 | (26.8) | % | 1,287 | 1,382 | (6.9) | % | |||||||||||||||||||||||||||
| Maintenance and subscription | 9,078 | 9,241 | (1.8) | % | 36,433 | 37,225 | (2.1) | % | |||||||||||||||||||||||||||
| Total software revenue | $ | 16,047 | $ | 15,522 | 3.4 | % | $ | 67,186 | $ | 64,130 | 4.8 | % | |||||||||||||||||||||||
| Total revenue | $ | 33,861 | $ | 33,892 | (0.1) | % | $ | 139,708 | $ | 137,653 | 1.5 | % | |||||||||||||||||||||||
For the three months ended December 31, | For the twelve months ended December 31, | ||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) | |||||||||||||||||||||||||||||
| GAAP | |||||||||||||||||||||||||||||||||||
| Operating expenses | $ | 29,920 | $ | 29,254 | 2.3 | % | $ | 119,998 | $ | 118,688 | 1.1 | % | |||||||||||||||||||||||
| Net income | $ | 2,930 | $ | 3,644 | (19.6) | % | $ | 15,881 | $ | 14,965 | 6.1 | % | |||||||||||||||||||||||
Cash and cash equivalents (as of period end) | $ | 25,280 | $ | 29,145 | (13.3) | % | $ | 25,280 | $ | 29,145 | (13.3) | % | |||||||||||||||||||||||
| Capital returned to stockholders | $ | 6,398 | $ | 6,336 | 1.0 | % | $ | 27,259 | $ | 26,381 | 3.3 | % | |||||||||||||||||||||||
| Non-GAAP | |||||||||||||||||||||||||||||||||||
| Adjusted operating expenses | $ | 28,852 | $ | 28,313 | 1.9 | % | $ | 116,111 | $ | 113,436 | 2.4 | % | |||||||||||||||||||||||
| Adjusted EBITDA | $ | 6,702 | $ | 7,055 | (5.0) | % | $ | 29,005 | $ | 29,173 | (0.6) | % | |||||||||||||||||||||||
| Spok.com | ||||||||
3
| Exhibit 99.1 | ||||||||
| NEWS RELEASE | ||||||||
For the three months ended December 31, | For the twelve months ended December 31, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands, excluding units in service and ARPU) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) | |||||||||||||||||||||||||||||
| Key Statistics | |||||||||||||||||||||||||||||||||||
Wireless units in service (000's) (as of period end) | 675 | 720 | (6.3) | % | 675 | 720 | (6.3) | % | |||||||||||||||||||||||||||
Wireless average revenue per unit (ARPU) | $ | 8.26 | $ | 8.16 | 1.2 | % | $ | 8.20 | $ | 7.97 | 2.9 | % | |||||||||||||||||||||||
Software operations bookings(1) | $ | 8,120 | $ | 7,124 | 14.0 | % | $ | 32,560 | $ | 34,083 | (4.5) | % | |||||||||||||||||||||||
Software backlog (as of period end)(2) | $ | 58,197 | $ | 62,439 | (6.8) | % | $ | 58,197 | $ | 62,439 | (6.8) | % | |||||||||||||||||||||||
(1) Software operations bookings includes net new (i.e., new customers or incremental add-on sales to existing customers) sales of license, professional services, equipment, and first-year maintenance.
(2) Software backlog excludes $16.1 million and $5.6 million of contractual obligations that are deemed cancellable by the customer without significant penalty as of December 31, 2025 and 2024, respectively.
Financial Outlook:
The Company also provided its financial guidance and expects the following for the full year 2026:
| (Unaudited and in millions) | Current Guidance Full Year 2026 | |||||||||||||
| From | To | |||||||||||||
| Revenue | ||||||||||||||
| Wireless | $ | 68.0 | $ | 71.0 | ||||||||||
| Software | $ | 68.0 | $ | 72.0 | ||||||||||
| Total Revenue | $ | 136.0 | $ | 143.0 | ||||||||||
| Adjusted EBITDA | $ | 27.5 | $ | 32.5 | ||||||||||
2025 Fourth Quarter Call:
Management will host a conference call and webcast to discuss these financial results on Wednesday, February 25, 2026, at 5:00 p.m. Eastern Time. The presentation is open to all interested parties and may include forward-looking information.
Conference Call Details
| Date/Time: | Wednesday, February 25, 2026, at 5:00 p.m. ET | ||||
| Webcast: | https://www.webcast-eqs.com/registration/Spok_Q4_2025 | ||||
| U.S. Toll-Free Dial In: | 877-407-0890 | ||||
| International Dial In: | 1-201-389-0918 | ||||
| Spok.com | ||||||||
4
| Exhibit 99.1 | ||||||||
| NEWS RELEASE | ||||||||
To access the call, please dial in approximately ten minutes before the start of the call. For those unable to join the live call, an OnDemand version of the webcast will be available following the call under the URL link and on the investor relations website.
* * * * * * * * *
About Spok
Spok Holdings, Inc. (NASDAQ: SPOK), headquartered in Plano, Texas, is proud to be a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes. Top hospitals rely on the Spok Care Connect® platform to enhance workflows for clinicians and support administrative compliance. Our customers send over 70 million messages each month through their Spok® solutions. Spok enables smarter, faster clinical communication. For more information, visit spok.com.
Spok is a trademark of Spok Holdings, Inc. Spok Care Connect and Spok Mobile are trademarks of Spok, Inc.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: adjusted operating expenses and adjusted EBITDA. Adjusted operating expenses excludes depreciation and accretion expense, impairment of intangible assets and severance and restructuring costs. Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax benefit/expense, depreciation and accretion expense, stock-based compensation expense, impairment of intangible assets, legal costs unrelated to core business activities and non-recurring in nature, and severance and restructuring. With respect to our expectations under "Financial Outlook" above, reconciliation of adjusted EBITDA to net income is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and uncertainty with respect to certain items included in net income that are excluded from adjusted EBITDA, in particular, income tax benefit/expense, stock-based compensation expenses, impairment of intangible assets, severance and restructuring and other non-recurring expenses. These items can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot be reasonably predicted.
We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Spok's financial condition and results of operations. We use these non-GAAP measures for financial, operational, and budgetary decision-making purposes, to understand and evaluate our core operating performance and trends, and to generate future operating plans. We believe that these non-GAAP financial measures permit
| Spok.com | ||||||||
5
| Exhibit 99.1 | ||||||||
| NEWS RELEASE | ||||||||
us to more thoroughly analyze key financial metrics used to make operational decisions and allow us to assess our core operating results. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other software companies who present similar non-GAAP financial measures. We adjust for certain items because we do not regard these costs as reflective of normal costs related to the ongoing operation of the business in the ordinary course. In general, these items possess one or more of the following characteristics: non-cash expenses, factors outside of our control, items that are non-operational in nature, and unusual items not expected to occur in the normal course of business. We believe it is important to exclude these costs, given that they do not represent future operational costs under this strategic business plan. This allows us to assess the underlying performance of our core business under this new strategic business plan.
We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principle of these non-GAAP financial measures is that they exclude significant amounts that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures, which are included in this press release, and not to rely on any single financial measure to evaluate our business.
Safe Harbor Statement under the Private Securities Litigation Reform Act
Statements contained herein or in prior press releases which are not historical fact, such as statements regarding our future operating and financial performance, are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that may cause our actual results to be materially different from the future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include, but are not limited to, our ability to manage wireless network rationalization to lower our costs without causing disruption of service to our customers; our ability to retain key management personnel and to attract and retain talent within the organization; the productivity of our sales organization and our ability to deliver effective customer support; our ability to identify potential acquisitions, finance, consummate and successfully integrate such acquisitions, and achieve the expected benefits of such acquisitions; economic conditions, such as recessionary economic cycles, the impact of trade disputes, tariffs and other trade protection measures, higher interest rates, inflation and higher levels of unemployment; risks related to our overall business strategy, including maximizing revenue and cash generation from our established businesses and returning capital to stockholders through dividends and repurchases of shares of our common stock; competition for our services and products from new technologies or those offered and/or developed from firms that are substantially larger and have much greater financial and human capital resources; continuing decline in the number of paging units we have in service with customers, commensurate with a continuing
| Spok.com | ||||||||
6
| Exhibit 99.1 | ||||||||
| NEWS RELEASE | ||||||||
decline in our wireless revenue; our ability to address changing market conditions with new or revised software solutions; undetected defects, bugs, or security vulnerabilities in our products; our dependence on the United States healthcare industry; long sales cycle of our software solutions and services; our reliance on third-party vendors to supply us with wireless paging equipment; our ability to maintain successful relationships with our channel partners; our ability to protect our rights in intellectual property that we own and develop and the potential for material litigation claiming intellectual property infringement by us; our use of open source software, third-party software and other intellectual property; our reliance on data centers and other computer systems, hardware, software and satellite networks and telecommunications systems infrastructure (collectively, "IT Systems") and technologies provided by third parties, and technology systems and electronic networks supplied and managed by third parties; cyberattacks, data breaches, system disruptions or other compromises to our or our critical third parties’ IT Systems, data, products or services; our ability to realize the benefits associated with our deferred income tax assets; future impairments of our long-lived assets or goodwill; risks related to data privacy and protection-related laws and regulation; and our ability to manage changes related to regulation, including laws and regulations affecting hospitals and the healthcare industry generally, as well as other risks described from time to time in our periodic reports and other filings with the Securities and Exchange Commission. Although Spok believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Spok disclaims any intent or obligation to update any forward-looking statements.
Tables to Follow
| Spok.com | ||||||||
7
| SPOK HOLDINGS, INC. | ||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||||
| (Unaudited and in thousands except share, per share amounts and ARPU) | ||||||||||||||||||||||||||
| For the three months ended | For the year ended | |||||||||||||||||||||||||
| 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||
| Wireless | $ | 17,814 | $ | 18,370 | $ | 72,522 | $ | 73,523 | ||||||||||||||||||
| Software | 16,047 | 15,522 | 67,186 | 64,130 | ||||||||||||||||||||||
| Total revenue | 33,861 | 33,892 | 139,708 | 137,653 | ||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Cost of revenue (exclusive of items shown separately below) | 7,665 | 7,064 | 29,785 | 28,707 | ||||||||||||||||||||||
| Research and development | 3,022 | 2,626 | 12,216 | 11,694 | ||||||||||||||||||||||
| Technology operations | 6,149 | 6,091 | 24,603 | 25,635 | ||||||||||||||||||||||
| Selling and marketing | 4,194 | 4,349 | 17,703 | 16,220 | ||||||||||||||||||||||
| General and administrative | 7,822 | 8,183 | 31,804 | 31,180 | ||||||||||||||||||||||
| Depreciation and accretion | 858 | 938 | 3,429 | 4,148 | ||||||||||||||||||||||
| Severance and restructuring | 210 | 3 | 458 | 1,104 | ||||||||||||||||||||||
| Total operating expenses | 29,920 | 29,254 | 119,998 | 118,688 | ||||||||||||||||||||||
| % of total revenue | 88.4 | % | 86.3 | % | 85.9 | % | 86.2 | % | ||||||||||||||||||
| Operating income | 3,941 | 4,638 | 19,710 | 18,965 | ||||||||||||||||||||||
| % of total revenue | 11.6 | % | 13.7 | % | 14.1 | % | 13.8 | % | ||||||||||||||||||
| Interest income | 152 | 245 | 820 | 1,153 | ||||||||||||||||||||||
| Other income (expense) | 128 | 5 | 912 | (86) | ||||||||||||||||||||||
| Income before income taxes | 4,221 | 4,888 | 21,442 | 20,032 | ||||||||||||||||||||||
| Provision for income taxes | (1,291) | (1,244) | (5,561) | (5,067) | ||||||||||||||||||||||
| Net income | $ | 2,930 | $ | 3,644 | $ | 15,881 | $ | 14,965 | ||||||||||||||||||
| Basic net income per common share | $ | 0.14 | $ | 0.18 | $ | 0.77 | $ | 0.74 | ||||||||||||||||||
| Diluted net income per common share | $ | 0.14 | $ | 0.18 | $ | 0.75 | $ | 0.73 | ||||||||||||||||||
| Basic weighted average common shares outstanding | 20,606,387 | 20,276,596 | 20,554,970 | 20,241,073 | ||||||||||||||||||||||
| Diluted weighted average common shares outstanding | 21,070,034 | 20,577,508 | 21,054,447 | 20,565,287 | ||||||||||||||||||||||
| Cash dividends declared per common share | 0.3125 | 0.3125 | 1.2500 | 1.2500 | ||||||||||||||||||||||
| SPOK HOLDINGS, INC. | ||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| (In thousands) | ||||||||||||||
| 12/31/2025 | 12/31/2024 | |||||||||||||
| ASSETS | (Unaudited) | |||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 25,280 | $ | 29,145 | ||||||||||
| Accounts receivable, net | 22,644 | 21,950 | ||||||||||||
| Prepaid expenses | 8,909 | 9,362 | ||||||||||||
| Other current assets | 1,051 | 840 | ||||||||||||
| Total current assets | 57,884 | 61,297 | ||||||||||||
| Non-current assets: | ||||||||||||||
| Property and equipment, net | 5,723 | 5,952 | ||||||||||||
| Operating lease right-of-use assets | 6,477 | 8,249 | ||||||||||||
| Goodwill | 99,175 | 99,175 | ||||||||||||
| Deferred income tax assets, net | 36,530 | 41,686 | ||||||||||||
| Other non-current assets | 322 | 744 | ||||||||||||
| Total non-current assets | 148,227 | 155,806 | ||||||||||||
| Total assets | $ | 206,111 | $ | 217,103 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 3,975 | $ | 5,630 | ||||||||||
| Accrued compensation and benefits | 7,361 | 7,363 | ||||||||||||
| Deferred revenue | 30,452 | 28,366 | ||||||||||||
| Operating lease liabilities | 2,676 | 2,904 | ||||||||||||
| Other current liabilities | 4,645 | 4,511 | ||||||||||||
| Total current liabilities | 49,109 | 48,774 | ||||||||||||
| Non-current liabilities: | ||||||||||||||
| Asset retirement obligations | 4,902 | 5,945 | ||||||||||||
| Operating lease liabilities | 4,263 | 5,869 | ||||||||||||
| Other non-current liabilities | 1,458 | 1,769 | ||||||||||||
| Total non-current liabilities | 10,623 | 13,583 | ||||||||||||
| Total liabilities | 59,732 | 62,357 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Stockholders' equity: | ||||||||||||||
| Preferred stock | $ | — | $ | — | ||||||||||
| Common stock | 2 | 2 | ||||||||||||
| Additional paid-in capital | 108,212 | 105,736 | ||||||||||||
| Accumulated other comprehensive loss | (1,756) | (1,784) | ||||||||||||
| Retained earnings | 39,921 | 50,792 | ||||||||||||
| Total stockholders' equity | 146,379 | 154,746 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 206,111 | $ | 217,103 | ||||||||||
| SPOK HOLDINGS, INC. | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (Unaudited and in thousands) | |||||||||||
| For the year ended | |||||||||||
| 12/31/2025 | 12/31/2024 | ||||||||||
| Operating activities: | |||||||||||
| Net income | $ | 15,881 | $ | 14,965 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and accretion | 3,429 | 4,148 | |||||||||
| Deferred income tax expense | 5,168 | 4,573 | |||||||||
| Stock-based compensation | 5,007 | 4,956 | |||||||||
| Gain on sale of domain name | (701) | — | |||||||||
| Gain on asset retirement obligation settlement | (123) | — | |||||||||
| Provisions for credit losses, service credits and other | 1,254 | 846 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | (1,955) | 506 | |||||||||
| Prepaid expenses and other assets | 652 | (1,845) | |||||||||
| Net operating lease liabilities | (62) | (36) | |||||||||
| Accounts payable and other liabilities | (1,742) | (1,184) | |||||||||
| Deferred revenue | 2,141 | 1,993 | |||||||||
| Net cash provided by operating activities | 28,949 | 28,922 | |||||||||
| Investing activities: | |||||||||||
| Purchases of property and equipment | (3,753) | (3,209) | |||||||||
| Proceeds from sale of domain name | 701 | — | |||||||||
| Net cash used in investing activities | (3,052) | (3,209) | |||||||||
| Financing activities: | |||||||||||
| Cash distributions to stockholders | (27,259) | (26,381) | |||||||||
| Proceeds from issuance of common stock under the Employee Stock Purchase Plan | 312 | 272 | |||||||||
| Purchase of common stock for tax withholding on vested equity awards | (2,843) | (2,428) | |||||||||
| Net cash used in financing activities | (29,790) | (28,537) | |||||||||
| Effect of exchange rate on cash and cash equivalents | 28 | (20) | |||||||||
| Net decrease in cash and cash equivalents | (3,865) | (2,844) | |||||||||
| Cash and cash equivalents, beginning of period | 29,145 | 31,989 | |||||||||
| Cash and cash equivalents, end of period | $ | 25,280 | $ | 29,145 | |||||||
| SPOK HOLDINGS, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||
| UNITS IN SERVICE, MARKET SEGMENTS, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| AND AVERAGE REVENUE PER UNIT (ARPU) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited and in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| For the three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||||||||||||||||||||||||||||||||||
| Account size ending units in service (000's) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 to 100 units | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | ||||||||||||||||||||||||||||||||||||||||||
| 101 to 1,000 units | 112 | 113 | 116 | 121 | 120 | 125 | 128 | 135 | ||||||||||||||||||||||||||||||||||||||||||
| >1,000 units | 527 | 534 | 540 | 545 | 560 | 564 | 577 | 575 | ||||||||||||||||||||||||||||||||||||||||||
| Total | 675 | 684 | 694 | 705 | 720 | 730 | 747 | 753 | ||||||||||||||||||||||||||||||||||||||||||
| Market segment as a percent of total ending units in service | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Healthcare | 83.6 | % | 84.1 | % | 85.7 | % | 85.5 | % | 85.6 | % | 85.7 | % | 85.8 | % | 86.1 | % | ||||||||||||||||||||||||||||||||||
| Government | 4.9 | % | 5.0 | % | 4.0 | % | 4.0 | % | 4.0 | % | 4.1 | % | 4.4 | % | 4.1 | % | ||||||||||||||||||||||||||||||||||
| Large enterprise | 3.8 | % | 3.7 | % | 3.8 | % | 3.8 | % | 3.9 | % | 4.0 | % | 4.0 | % | 3.9 | % | ||||||||||||||||||||||||||||||||||
Other(1) | 7.7 | % | 7.2 | % | 6.5 | % | 6.7 | % | 6.5 | % | 6.2 | % | 5.8 | % | 5.9 | % | ||||||||||||||||||||||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||
| Account size ARPU | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 to 100 units | $ | 13.26 | $ | 12.92 | $ | 12.88 | $ | 13.04 | $ | 13.08 | $ | 12.70 | $ | 12.51 | $ | 12.66 | ||||||||||||||||||||||||||||||||||
| 101 to 1,000 units | 9.97 | 9.83 | 9.72 | 9.64 | 9.60 | 9.19 | 9.06 | 9.14 | ||||||||||||||||||||||||||||||||||||||||||
| >1,000 units | 7.56 | 7.51 | 7.54 | 7.59 | 7.50 | 7.33 | 7.21 | 7.23 | ||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 8.26 | $ | 8.19 | $ | 8.20 | $ | 8.24 | $ | 8.16 | $ | 7.95 | $ | 7.84 | $ | 7.89 | ||||||||||||||||||||||||||||||||||
(1) Other includes hospitality, resort and indirect units | ||||||||||||||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF ADJUSTED OPERATING EXPENSES | ||||||||||||||||||||||||||
| (Unaudited and in thousands) | ||||||||||||||||||||||||||
| For the three months ended | For the year ended | |||||||||||||||||||||||||
| 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |||||||||||||||||||||||
| Operating expenses | $ | 29,920 | $ | 29,254 | $ | 119,998 | $ | 118,688 | ||||||||||||||||||
| Add back: | ||||||||||||||||||||||||||
| Depreciation and accretion | (858) | (938) | (3,429) | (4,148) | ||||||||||||||||||||||
| Severance and restructuring | (210) | (3) | (458) | (1,104) | ||||||||||||||||||||||
| Adjusted operating expenses | $ | 28,852 | $ | 28,313 | $ | 116,111 | $ | 113,436 | ||||||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA | ||||||||||||||||||||||||||
| (Unaudited and in thousands) | ||||||||||||||||||||||||||
| For the three months ended | For the year ended | |||||||||||||||||||||||||
| 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |||||||||||||||||||||||
| Net income | $ | 2,930 | $ | 3,644 | $ | 15,881 | $ | 14,965 | ||||||||||||||||||
| Add back: | ||||||||||||||||||||||||||
| Provision for income taxes | 1,291 | 1,244 | 5,561 | 5,067 | ||||||||||||||||||||||
| Other income (expense) | (128) | (5) | (912) | 86 | ||||||||||||||||||||||
| Interest income | (152) | (245) | (820) | (1,153) | ||||||||||||||||||||||
| Depreciation and accretion | 858 | 938 | 3,429 | 4,148 | ||||||||||||||||||||||
| EBITDA | $ | 4,799 | $ | 5,576 | $ | 23,139 | $ | 23,113 | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Stock-based compensation | 1,188 | 1,476 | 4,903 | 4,956 | ||||||||||||||||||||||
| Severance and restructuring | 210 | 3 | 458 | 1,104 | ||||||||||||||||||||||
Legal costs unrelated to core business activities and non-recurring in nature | $ | 505 | $ | — | $ | 505 | $ | — | ||||||||||||||||||
| Adjusted EBITDA | $ | 6,702 | $ | 7,055 | $ | 29,005 | $ | 29,173 | ||||||||||||||||||
FAQ
How did Spok Holdings (SPOK) perform financially in 2025?
Spok Holdings reported 2025 total revenue of $139.7 million, up 1.5% from 2024, with net income rising 6.1% to $15.9 million. Adjusted EBITDA was essentially flat at $29.0 million, reflecting stable profitability despite a modest decline in wireless revenue.
What were Spok Holdings (SPOK) fourth quarter 2025 results?
In Q4 2025, Spok generated $33.9 million in revenue, essentially unchanged from Q4 2024. Net income was $2.9 million, down 19.6% year over year. Software operations bookings increased 14.0% to $8.1 million, and software revenue grew 3.4% to $16.0 million.
What dividend did Spok Holdings (SPOK) declare in February 2026?
Spok’s Board declared a regular quarterly dividend of $0.3125 per share of common stock. The dividend is payable on March 31, 2026 to stockholders of record as of March 16, 2026, continuing the company’s established capital-return program.
What guidance did Spok Holdings (SPOK) provide for full-year 2026?
For 2026, Spok expects total revenue between $136.0 million and $143.0 million. Adjusted EBITDA is projected in a range of $27.5 million to $32.5 million, suggesting performance broadly in line with 2025 while continuing to emphasize software growth.
How did Spok Holdings (SPOK) balance growth investments and shareholder returns in 2025?
In 2025, Spok invested $12.2 million in research and development while generating $29.0 million of adjusted EBITDA. It returned $27.3 million to stockholders and ended the year with $25.3 million in cash and cash equivalents and no debt on the balance sheet.
What trends did Spok Holdings (SPOK) see in software and wireless businesses in 2025?
Software revenue grew 4.8% to $67.2 million, helped by strong managed services growth and a software backlog of $58.2 million. Wireless revenue declined 1.4% to $72.5 million, though average revenue per unit rose to $8.20 and annual wireless churn improved modestly.
Filing Exhibits & Attachments
4 documents
Spok Hldgs Inc
NASDAQ:SPOK
SPOK Rankings
SPOK Latest News
SPOK Latest SEC Filings
Feb 26, 2026
[8-K] Spok Holdings, Inc Reports Material Event
Feb 26, 2026
[10-K] Spok Holdings, Inc Files Annual Report