Shenandoah Q4 Revenue Up 7.2%, EBITDA Margin Expands 670 Bps and Secures $567.4M
Glo Fiber Expansion revenue rose 39.0% to $23.0 million in Q4, lifting total revenue 7.2% to $91.6 million and boosting adjusted EBITDA margin by 670 basis points to 36.5%. Shenandoah issued $567.4 million secured notes to cut annual interest by over $10 million and will complete its fiber build by end-2026.
1. Q4 2025 Highlights
Glo Fiber Expansion Markets revenue increased 39.0% year-over-year to $23.0 million in the fourth quarter, driving total revenue up 7.2% to $91.6 million. Net loss from continuing operations narrowed to $5.4 million while adjusted EBITDA grew 31.3% to $33.5 million and margin expanded 670 basis points to 36.5%.
2. 2025 Full Year Performance
For the full year, Glo Fiber Expansion Markets revenue rose 42.7% to $82.6 million and total revenue climbed 9.1% to $357.9 million. Net loss widened to $32.9 million, offset by a 26.0% increase in adjusted EBITDA to $119.1 million and a 450 basis point margin improvement to 33.3%.
3. Financing and Strategic Outlook
Shenandoah closed a $567.4 million secured fiber network term note offering to reduce annual cash interest expense by over $10 million. The financing fully funds completion of the Glo Fiber build by end-2026, positioning the company for sustained fiber-driven growth and positive free cash flow in 2027.