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Shenandoah Telecommunications Co (SHEN) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

COMMUNICATION SERVICES · TELECOM SERVICES · DATA UPDATED 2026-10-31

Shenandoah Telecommunications Co (SHEN) operates in the TELECOM SERVICES industry and is headquartered in Edinburg, United States with about 1,041 employees. Its market capitalization is roughly $563 million. In the fiscal year ended 2025-12-31, SHEN reported $358M in revenue and ($39M) in net income.

Shenandoah Telecommunications Company, together with its subsidiaries, provides broadband services and video and voice services in the United States.

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SHEN Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-09-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$371M	$358M	$328M	$287M	$249M	$245M	$221M	$207M	$631M	$612M	$535M	$342M	$327M	$309M	$288M	$251M	$195M	$161M	$144M	$141M	$169M
Gross Profit	$115M	$96M	$200M	$181M	$147M	$143M	$131M	$123M	$373M	$400M	$342M	$221M	$197M	$184M	$171M	$145M	$120M	$107M	$101M	$93M	$98M
Gross Margin %	31.0%	26.9%	61.0%	63.1%	58.9%	58.3%	59.4%	59.6%	59.1%	65.4%	63.8%	64.6%	60.3%	59.5%	59.2%	57.5%	61.8%	66.4%	69.7%	65.8%	57.6%
Operating Income (EBIT)	($16M)	($22M)	($29M)	$10M	($17M)	($2M)	($3M)	($1M)	$93M	$47M	$23M	$74M	$62M	$55M	$35M	$32M	$32M	$43M	$46M	$31M	$21M
Operating Margin %	-4.3%	-6.2%	-8.7%	3.4%	-7.0%	-1.0%	-1.2%	-0.7%	14.8%	7.6%	4.2%	21.6%	18.9%	17.9%	12.0%	12.9%	16.5%	26.7%	31.6%	22.1%	12.5%
Net Income	($41M)	($39M)	$190M	$8M	($8M)	$999M	$126M	$56M	$47M	$66M	($1M)	$41M	$34M	$30M	$16M	$13M	$18M	$15M	$24M	$19M	$18M
Net Margin %	-11.1%	-11.0%	58.0%	2.8%	-3.4%	407.3%	56.9%	26.8%	7.4%	10.8%	-0.2%	11.9%	10.4%	9.6%	5.7%	5.2%	9.3%	9.4%	16.9%	13.3%	10.6%
EBITDA	—	$115M	$76M	$78M	$56M	$61M	$46M	$46M	$264M	$231M	$188M	$148M	$128M	$120M	$101M	$88M	$79M	$77M	$75M	$58M	$37M
Earnings Per Share (EPS)	$-0.77	$-0.71	$3.54	$0.16	$-0.17	$19.92	$2.51	$1.11	$0.93	$1.33	$-0.02	$0.83	$0.70	$0.61	$0.34	$0.27	$0.38	$0.32	$0.52	$0.40	$0.38
Shares Outstanding (M)	—	55M	54M	51M	50M	50M	50M	50M	50M	50M	49M	49M	49M	48M	48M	47M	48M	47M	47M	47M	47M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SHEN Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-09-30	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$94M	$93M	$92M	$92M	$90M	$89M	$88M	$85M	$88M
Gross Profit	$61M	$61M	$25M	($32M)	$57M	$21M	$55M	$52M	$53M
Gross Margin %	64.9%	65.0%	27.5%	-35.0%	63.9%	23.5%	62.4%	61.2%	60.7%
Operating Income (EBIT)	($2M)	($1M)	($8M)	($5M)	($7M)	($9M)	($6M)	($6M)	($4M)
Operating Margin %	-2.1%	-1.1%	-8.7%	-5.9%	-8.0%	-10.1%	-6.9%	-6.7%	-4.8%
Net Income	($9M)	($8M)	($17M)	($7M)	($9M)	($11M)	($9M)	($3M)	($7M)
Net Margin %	-9.6%	-8.2%	-18.8%	-8.0%	-10.5%	-11.9%	-10.4%	-3.2%	-7.9%
EBITDA	—	$30M	$25M	$33M	$29M	$29M	$24M	$24M	$25M
Earnings Per Share (EPS)	$-0.19	$-0.14	$-0.31	$-0.13	$-0.17	$-0.19	$-0.17	$-0.05	$-0.13
Shares Outstanding (M)	—	56M	56M	55M	55M	55M	55M	55M	55M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SHEN Free Cash Flow History

Cash flow	TTM → 2026-09-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$106M	$101M	$63M	$114M	$75M	($251M)	$303M	$259M	$266M	$223M	$162M	$119M	$115M	$94M	$97M	$81M	$75M	$74M	$50M	$44M	$34M
Capital Expenditures (CapEx)	$322M	$359M	$319M	$255M	$190M	$160M	$137M	$156M	$137M	$146M	$173M	$70M	$68M	$117M	$89M	$75M	$56M	$53M	$66M	$29M	$21M
Free Cash Flow (FCF)	($217M)	($258M)	($257M)	($141M)	($115M)	($411M)	$166M	$104M	$129M	$76M	($12M)	$50M	$47M	($23M)	$8M	$6M	$19M	$21M	($15M)	$15M	$13M
FCF Margin %	-58.5%	-72.1%	-78.2%	-49.2%	-46.1%	-167.6%	75.3%	50.1%	20.4%	12.5%	-2.2%	14.5%	14.3%	-7.4%	2.8%	2.5%	9.9%	13.0%	-10.7%	10.4%	7.8%
Dividends Paid	—	$6M	$6M	$5M	$4M	$940M	$16M	$14M	$13M	$12M	$12M	$11M	$11M	$8M	$7M	$7M	$7M	$7M	$7M	$6M	$5M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SHEN Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-09-30	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$28M	$25M	$24M	$29M	$31M	$21M	$21M	$21M	$24M
Capital Expenditures (CapEx)	$69M	$70M	$76M	$107M	$82M	$86M	$83M	$93M	$76M
Free Cash Flow (FCF)	($41M)	($45M)	($52M)	($79M)	($51M)	($65M)	($63M)	($72M)	($51M)
FCF Margin %	-43.6%	-48.2%	-56.3%	-85.8%	-57.2%	-73.7%	-71.4%	-84.3%	-58.5%
Dividends Paid	—	—	—	$6M	—	—	—	$6M	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SHEN Balance Sheet History

Balance sheet	2026-09-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$2.0B	$1.9B	$1.7B	$1.2B	$978M	$891M	$2.0B	$1.9B	$1.5B	$1.4B	$1.5B	$629M	$619M	$597M	$571M	$480M	$466M	$272M	$266M	$222M	$208M
Cash & Cash Equivalents	$19M	$27M	$46M	$139M	$44M	$84M	$195M	$102M	$85M	$79M	$36M	$77M	$69M	$38M	$71M	$16M	$27M	$12M	$5M	$17M	$13M
Total Liabilities	$1.1B	$941M	$739M	$562M	$340M	$248M	$1.4B	$1.4B	$1.0B	$1.1B	$1.2B	$339M	$361M	$363M	$363M	$282M	$276M	$96M	$98M	$70M	$73M
Total Debt (Short + Long-Term)	$760M	$631M	$420M	$303M	$78M	$3M	$690M	$763M	$770M	$822M	$829M	$200M	$224M	$230M	$232M	$181M	$195M	$33M	$41M	$22M	$26M
Total Shareholders' Equity	$851M	$881M	$919M	$653M	$638M	$642M	$577M	$469M	$442M	$350M	$296M	$290M	$258M	$234M	$208M	$198M	$190M	$176M	$168M	$151M	$135M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive SHEN viewer.

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