Shenandoah Telecommunications Company (SHEN) Income Statement
SHEN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSHEN revenue and net income
Where SHEN's revenue goes
2025Each bar shows an amount and its share of revenue. SHEN kept −11.0% of revenue as net income.
SHEN profit margins
SHEN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.1% | +12.9% | +10.1% | +0.4% |
| Gross profit | −51.9% | −13.1% | −6.0% | −8.0% |
| Operating income | — | — | — | — |
| Net income | −120.7% | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SHEN quarterly EPS vs estimates
Shenandoah Telecommunications beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 28, 2026 (estimate $-0.20).
SHEN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $357.9M | $328.1M | $287.4M | $248.9M | $245.2M | $220.8M | $206.9M | $630.9M | $612.0M | $535.3M |
| Cost of revenue | $261.7M | $128.1M | $106.1M | $102.3M | $102.3M | $89.7M | $83.6M | $258.0M | $211.5M | $193.5M |
| Gross profit | $96.1M | $199.9M | $181.3M | $146.6M | $142.9M | $131.1M | $123.3M | $372.9M | $400.5M | $341.8M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $118.2M | $115.2M | $103.6M | $91.1M | $82.5M | $85.0M | $77.8M | $113.2M | $165.9M | $133.3M |
| Total operating expenses | $118.2M | $228.5M | $171.7M | $164.1M | $145.4M | $133.7M | $124.6M | $279.6M | $342.9M | $277.0M |
| Operating income | −$22.1M | −$28.6M | $9.6M | −$17.5M | −$2.4M | −$2.6M | −$1.3M | $93.2M | $46.5M | $22.5M |
| Interest income | — | — | — | — | — | — | $29.5M | $35.1M | $37.7M | $24.8M |
| Interest expense | $25.4M | $15.9M | $4.2M | $9.2M | $984.1M | $127.3M | $29.5M | $34.8M | $38.2M | $25.1M |
| Income before taxes | −$41.9M | −$38.0M | $11.0M | −$18.8M | $6.2M | $586,000 | $1.9M | $62.1M | $13.3M | $1.9M |
| Income taxes | −$8.9M | −$9.7M | $3.0M | −$3.4M | −$1.7M | −$990,000 | $6,000 | $15.5M | −$53.1M | $2.8M |
| Net income | −$39.4M | $190.4M | $8.0M | −$8.4M | $998.8M | $125.7M | $55.5M | $46.6M | $66.4M | −$895,000 |
| EBITDA | $115.1M | $76.3M | $75.5M | $62.9M | $60.5M | $46.1M | $45.4M | $163.8M | $229.3M | $172.9M |
| EPS (diluted) | −$0.60 | −$0.36 | $0.19 | −$0.07 | $2.20 | $2.53 | $1.10 | $0.87 | $0.41 | $0.66 |
| Gross margin | 26.9% | 60.9% | 63.1% | 58.9% | 58.3% | 59.4% | 59.6% | 59.1% | 65.4% | 63.8% |
| Operating margin | −6.2% | −8.7% | 3.3% | −7.0% | −1.0% | −1.2% | −0.6% | 14.8% | 7.6% | 4.2% |
| Net margin | −11.0% | 58.0% | 2.8% | −3.4% | 407.3% | 56.9% | 26.8% | 7.4% | 10.8% | −0.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.5M | $92.2M | $91.6M | $89.8M | $88.6M | $87.9M | $85.4M | $87.6M | $85.8M | $69.2M | $67.9M | $67.4M |
| Cost of revenue | $32.7M | $66.8M | $32.1M | $32.4M | $67.7M | $33.0M | $33.2M | $34.4M | $34.5M | $26.0M | $24.4M | $26.3M |
| Gross profit | $60.8M | $25.4M | −$32.1M | $57.4M | $20.8M | $54.9M | $52.2M | $53.2M | $51.3M | $43.3M | $43.5M | $41.1M |
| Sales, general & admin | $31.0M | $33.4M | $27.7M | $29.8M | $29.7M | $31.0M | $29.0M | $28.0M | $30.2M | $28.6M | $25.3M | $24.4M |
| Total operating expenses | $61.8M | $33.4M | −$26.7M | $64.6M | $29.7M | $61.0M | $58.0M | $57.4M | $67.1M | $46.0M | $43.0M | $41.8M |
| Operating income | −$1.0M | −$8.0M | −$5.4M | −$7.2M | −$8.9M | −$6.1M | −$5.8M | −$4.2M | −$15.9M | −$2.8M | $563,000 | −$610,000 |
| Interest expense | $9.7M | $9.4M | $7.7M | $6.8M | $6.0M | $4.9M | $4.2M | $3.7M | $4.0M | $4.1M | $1.1M | $1.2M |
| Income before taxes | −$10.2M | −$19.9M | −$7.1M | −$12.4M | −$12.1M | −$10.3M | −$8.1M | −$6.8M | −$18.0M | −$5.1M | −$182,000 | $216,000 |
| Income taxes | −$2.5M | −$4.1M | $185,000 | −$3.0M | −$3.0M | −$1.1M | −$1.9M | −$1.5M | −$5.2M | −$1.0M | −$2.0M | $399,000 |
| Net income | −$7.7M | −$17.3M | −$7.3M | −$9.4M | −$10.5M | −$9.1M | −$2.7M | −$6.9M | −$12.9M | $214.7M | $2.6M | $1.6M |
| EBITDA | $29.6M | $24.5M | $33.1M | $28.9M | $29.0M | $24.1M | $23.8M | $24.5M | $11.6M | $16.4M | $18.2M | $17.5M |
| EPS (diluted) | −$0.17 | −$0.31 | −$0.10 | −$0.19 | −$0.13 | −$0.18 | −$0.13 | −$0.07 | −$0.09 | −$0.07 | $0.05 | $0.05 |
| Gross margin | 65.0% | 27.5% | −35.0% | 63.9% | 23.5% | 62.4% | 61.2% | 60.7% | 59.7% | 62.5% | 64.1% | 61.0% |
| Operating margin | −1.1% | −8.7% | −5.9% | −8.0% | −10.1% | −6.9% | −6.7% | −4.8% | −18.5% | −4.0% | 0.8% | −0.9% |
| Net margin | −8.2% | −18.8% | −8.0% | −10.5% | −11.9% | −10.4% | −3.2% | −7.9% | −15.0% | 310.0% | 3.8% | 2.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SHEN's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SHEN financial results
In fiscal year 2025 (ended December 31, 2025), Shenandoah Telecommunications reported revenue of $357.9 million, up 9.1% from the year before. It had a net loss of $39.4 million, a net profit margin of −11.0%. Diluted earnings per share came to −$0.60. Over five years revenue grew at an average rate of 10.1% a year.
See the SHEN stock overview for the latest quote and news, or the SHEN chart for price history and technical indicators.
SHEN income statement FAQ
What is Shenandoah Telecommunications's annual revenue?
Shenandoah Telecommunications reported total revenue of $357.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 9.1% from $328.1 million the previous year.
Is Shenandoah Telecommunications profitable?
No. Shenandoah Telecommunications reported a net loss of $39.4 million in fiscal 2025, a net profit margin of −11.0%; its operating margin was −6.2%.
What is Shenandoah Telecommunications's gross margin?
Shenandoah Telecommunications's gross margin was 26.9% in fiscal 2025: for every $100 of revenue, Shenandoah Telecommunications kept $27 after the direct cost of its products and services.
How fast is Shenandoah Telecommunications growing?
Revenue grew 10.1% a year on average over the last five fiscal years, from $220.8 million to $357.9 million.
What are Shenandoah Telecommunications's earnings per share?
Shenandoah Telecommunications earned $-0.60 per diluted share in fiscal 2025, compared with $-0.36 a year earlier.
When will Shenandoah Telecommunications report its next earnings?
Shenandoah Telecommunications is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 before the market opens.
When does Shenandoah Telecommunications's fiscal year end?
Shenandoah Telecommunications's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.