Shenandoah Telecommunications reported continued growth in its fiber operations in the third quarter, with Glo Fiber reaching more than 500,000 locations where service is available and adding a record 8,600 customers. Fiber revenue grew nearly 20% from a year earlier and accounted for 52% of total revenue; adjusted EBITDA increased 11.8%.
The company also raised its 2026 capital-expenditure outlook, while leaving its revenue and adjusted EBITDA guidance unchanged. It says major construction programs are nearing completion and that its next phase will focus more on customer growth, operating efficiency and cash generation.
Key details
- Glo Fiber expansion: The company surpassed 500,000 Glo Fiber passings in the quarter. “Passings” are homes and businesses the network can serve; the company now expects to reach 517,000 by year-end, up from its previous target of 510,000.
- Record customer additions: Glo Fiber added 8,600 net customers in the third quarter, a company record.
- Fiber growth: Fiber revenue increased nearly 20% year over year and represented 52% of total revenue.
- Profitability: Adjusted EBITDA rose 11.8% from the third quarter of 2025.
- Higher capital spending outlook: Shentel now expects 2026 capital expenditures, net of government grant reimbursements, of $255 million to $275 million. Its previous range was $220 million to $250 million.
- Why the capex range changed: The revised outlook reflects the higher expected year-end Glo Fiber footprint and changes in the timing of some subsidy reimbursements.
- Other guidance unchanged: The company kept its 2026 revenue and adjusted EBITDA guidance intact.
What changes for investors
Shentel’s outlook calls for more capital spending this year even as its revenue and adjusted EBITDA guidance remains unchanged. The company says its strategy is moving from major network construction toward adding customers, improving operating leverage and generating cash as those construction programs near completion.