Glo Fiber Customer Base Grows 35% While Q4 Revenue Hits $91.6M
Shenandoah Telecommunications added 5,300 Glo Fiber customers in Q4 and grew data RGUs 35% to 88,000, lifting total Glo Fiber RGUs to over 103,000. Q4 revenue rose 7.2% to $91.6M and adjusted EBITDA jumped 31.3% to $33.5M with a 670bp margin expansion.
1. Fiber Expansion Performance
Shentel added 5,300 new Glo Fiber customers in Q4 and 23,000 over full-year 2025, lifting data RGUs 35% to 88,000 and total RGUs to over 103,000. The company increased fiber passings by 81,000 to 427,000 in expansion markets and completed over 26,000 Q4 passings.
2. Financial Results
Fourth-quarter revenue rose 7.2% to $91.6 million driven by a $6.5 million gain in Glo Fiber expansion markets and a $2 million increase in commercial fiber. Adjusted EBITDA climbed 31.3% to $33.5 million, expanding margins by 670 basis points due to revenue growth, synergy savings and lower expenses.
3. ARPU and Customer Metrics
Broadband data ARPU exceeded $77, up 2.3% year-over-year, supported by a five-year price guarantee plan that saw over 75% of new subscribers choose speeds of 1 gig or higher. Customer satisfaction remained strong with a Net Promoter Score of 61 and average monthly churn of 1.01% in Q4.
4. 2026 Outlook and Strategy
Shentel will complete capital-intensive fiber construction by end-2026 while targeting positive free cash flow in 2027, despite pulling back in some Ohio markets due to make-ready cost hurdles. 2026 priorities include expanding passings in Virginia, Pennsylvania, Maryland and Ohio under a fiber-first strategy.