Cable One Reports Third Quarter 2026 Results
Cable One, Inc. (CABO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Cable One Reports Third Quarter 2026 Results November 5, 2026 – PHOENIX – (BUSINESS WIRE) – Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”) today reported financial and operating results for the quarter ended September 30, 2026. Three Months Ended Septemb
How this was made
The 30-second read
Why it matters
The earnings miss and large net loss are likely to trigger a sell‑off, though the firm retains substantial liquidity.
Market read
First‑report earnings release with material downside; relevant for telecom sector investors.
What to watch
The company highlighted progress in residential data subscriber growth and significant cash on hand, which may support future recovery.
Cable One reported third-quarter revenue of $332.2 million, down 11.7%, Adjusted EBITDA of $159.8 million, down 20.8%, and a net loss of $431.8 million driven principally by $412.1 million of non-cash asset impairments.
Revenue, residential data revenue, business data revenue, Adjusted EBITDA, operating cash flow and Adjusted EBITDA less capital expenditures all declined year-over-year. The Company also disclosed that existing liquidity and operating cash flows will be insufficient to repay specified debt maturities on their applicable dates without financing or extensions.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total RevenuesGAAP | $332.2M | – | (11.7) % |
| Operating (excluding depreciation and amortization)GAAP | $98.70M | – | 2.8 % |
| Selling, general and administrativeGAAP | $82.30M | – | (18.4) % |
| Depreciation and amortizationGAAP | $81.01M | – | (2.8) % |
| (Gain) loss on asset sales and disposals, netGAAP | $1.03M | – | (3.0) % |
| Asset impairmentsGAAP | $412.1M | – | NM |
| Total Costs and ExpensesGAAP | $675.1M | – | 140.0 % |
| Income (loss) from operationsGAAP | −$342.9M | – | NM |
| Interest expense, netGAAP | −$34.65M | – | 8.2 % |
| Other income (expense), netGAAP | −$66.97M | – | (193.3) % |
| Income (loss) before income taxes and equity method investment income (loss), netGAAP | −$444.6M | – | NM |
| Income tax (provision) benefitGAAP | $47.20M | – | NM |
| Equity method investment income (loss), netGAAP | −$34.47M | – | 55.1 % |
| Net income (loss)GAAP | −$431.8M | – | NM |
| Net profit marginGAAP | (130.0) % | – | – |
| Basic net income (loss) per common shareGAAP | $ (75.66) | – | NM |
| Diluted net income (loss) per common shareGAAP | $ (75.66) | – | NM |
| Weighted Average Common Shares Outstanding: BasicGAAP | 5,707,739 | – | 1.1 % |
| Weighted Average Common Shares Outstanding: DilutedGAAP | 5,707,739 | – | (5.9) % |
| Comprehensive income (loss)GAAP | −$418.0M | – | NM |
| Net cash provided by operating activitiesGAAP | $92.64M | – | (40.8) % |
| Capital expendituresother | $77.91M | – | 8.6 % |
| Net cash provided by (used in) investing activitiesGAAP | −$71.32M | – | – |
| Net cash used in financing activitiesGAAP | $487.2M | – | – |
| Change in cash and cash equivalentsGAAP | $508.6M | – | – |
| Adjusted EBITDAnon-GAAP | $159.8M | – | (20.8) % |
| Adjusted EBITDA marginnon-GAAP | 48.1 % | – | – |
| Capital expenditures as a percentage of Adjusted EBITDAnon-GAAP | 48.8 % | – | – |
| Adjusted EBITDA less capital expendituresnon-GAAP | $81.87M | – | (37.1) % |
| Asset impairments: indefinite-lived franchise agreementsGAAP | $159M | – | – |
| Asset impairments: goodwillGAAP | $253.1M | – | – |
| Residential Customersother | 876.7 | – | (6.2) % |
| Business Customersother | 105.0 | – | (2.8) % |
| Total Customersother | 981.7 | – | (5.8) % |
| Total PSUsother | 1,115.8 | – | (7.2) % |
| Residential data ARPU - Third Quarterother | $ 78.48 | – | (4.5) % |
| Residential video ARPU - Third Quarterother | $ 167.89 | – | 4.2 % |
| Residential voice ARPU - Third Quarterother | $ 39.94 | – | 8.1 % |
| Business services ARPU - Third Quarterother | $ 211.48 | – | (7.0) % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Residential dataDecrease in residential data subscribers and a decline in residential data ARPU. | $204.1M | – | (10.3) % |
| Residential videoDecrease in residential video subscribers, partially offset by a rate adjustment. | $35.66M | – | (20.7) % |
| Residential voiceNo driver was provided. | $5.91M | – | (11.7) % |
| Business dataDecrease in business data subscribers and a decline in business services ARPU. | $53.63M | – | (6.7) % |
| Business otherNo driver was provided. | $13.29M | – | (12.1) % |
| OtherNo driver was provided. | $19.59M | – | (18.9) % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
What drove it
- Total revenue declined $43.9 million, with $9.3 million of the decrease attributable to residential video revenues.
- Residential data revenue declined due primarily to lower residential data subscribers and lower residential data ARPU.
- Business data revenue declined due primarily to lower business data subscribers and lower business services ARPU.
- The Company said it achieved its best residential data subscriber results in seven quarters and highest connect activity in three years.
- The net loss included $358.0 million, net of tax, of non-cash asset impairment charges, a $39.7 million, net of tax, non-cash fair value adjustment loss on the MBI put option, and a $20.0 million, net of tax, non-cash impairment of the MBI equity investment.
Concerns
- The Company stated that existing sources of liquidity and cash flows from operations will be insufficient to repay the specified debt on applicable maturity dates.
- If the MBI Acquisition is consummated, MBI has $916.2 million of outstanding term loans maturing on November 12, 2027 and $22.0 million of revolving credit facility borrowings due August 2027.
- The Company's $1.25 billion revolving credit facility matures in February 2028, its $345.0 million of 1.125% convertible notes mature in March 2028, and its $694.3 million senior secured term loan matures in May 2028.
- The Company makes no assurances that it will be able to consummate financing transactions to address debt maturities.
- The Company said that if it is unable to consummate financing transactions and address near-term debt maturities on acceptable terms or at all, or if an uncured default occurs, it may become necessary to seek relief under Chapter 11 of the U.S. Bankruptcy Code.
- Residential data ARPU declined (4.5) %, business services ARPU declined (7.0) %, and total customers declined (5.8) % year-over-year.
- Asset impairments totaled $412.1 million following an interim assessment triggered by a decline in the Company's stock price during the third quarter.
What to watch
- Progress in financing transactions or consensual amendment and extension transactions for debt maturities.
- The outcome and timing of the MBI Acquisition, including the previously disclosed temporary restraining order entered on October 9, 2026.
- Residential data subscriber trends, connect activity and residential data ARPU.
- Business data subscriber trends and business services ARPU.
- Operating cash flow and Adjusted EBITDA less capital expenditures relative to debt service and capital expenditure requirements.
- Covenant compliance if operating performance deteriorates or market conditions worsen.
Balance sheet and cash flow
- Cash and cash equivalents were $ 674,751 at September 30, 2026, compared to $ 152,769 at December 31, 2025.
- Gross debt balance was $3.55 billion at September 30, 2026, compared to $3.21 billion at December 31, 2025.
- The Company borrowed $500.0 million, net of repayments, under its revolving credit facility during the third quarter of 2026.
- The Company had $1,050.0 million of borrowings and $200.0 million of nominal availability under its revolving credit facility as of September 30, 2026.
- Long-term debt was $ 3,524,096 at September 30, 2026, compared to $ 2,600,392 at December 31, 2025.
- Total Stockholders' Equity (Deficit) was $ (86,322) at September 30, 2026, compared to $ 1,433,638 at December 31, 2025.
- The weighted average cost of debt was 4.8% for the third quarter of 2026.
- Capital expenditures were $ 77,912, including $ 27,130 of customer premise equipment, $ 4,210 of commercial, $ 4,903 of scalable infrastructure, $ 10,057 of line extensions, $ 8,408 of upgrade/rebuild and $ 23,204 of support capital.
Analysis
Cable One's third-quarter operating results weakened year-over-year. Total revenue was $332.2 million versus $376.0 million, while Adjusted EBITDA was $159.8 million versus $201.9 million and the Adjusted EBITDA margin was 48.1% versus 53.7%. The principal revenue categories all declined, led by residential data revenue of $204.1 million, down $23.5 million or 10.3%, and residential video revenue of $35.7 million, down $9.3 million or 20.7%.
Customer and pricing trends remained pressured on the reported year-over-year basis. Residential customers were 876.7 versus 934.2, total customers were 981.7 versus 1,042.3, and total PSUs were 1,115.8 versus 1,201.8. Residential data ARPU was $78.48 versus $82.17 and business services ARPU was $211.48 versus $227.50. Management nevertheless cited its best residential data subscriber results in seven quarters and highest connect activity in three years.
The GAAP loss was dominated by non-cash items. Net loss was $431.8 million, compared with net income of $86.5 million, and asset impairments were $412.1 million. The impairment assessment was triggered by a decline in the Company's stock price and resulted in $159.0 million related to indefinite-lived franchise agreements and $253.1 million related to goodwill. The Company said the impairment charges do not affect cash flows, operational strategy, growth initiatives, or its intent or ability to renew or extend franchise agreements.
Cash generation declined and capital intensity increased. Net cash provided by operating activities was $92.6 million compared with $156.5 million, while capital expenditures rose to $77.9 million from $71.8 million. Adjusted EBITDA less capital expenditures fell to $81.9 million from $130.1 million, and capital expenditures as a percentage of Adjusted EBITDA were 48.8% compared with 35.6%.
Liquidity expanded during the quarter through borrowing, but the release places debt refinancing at the center of the outlook. Cash and cash equivalents were $674.8 million, gross debt was $3.55 billion, and the Company borrowed $500.0 million, net of repayments, under its revolving credit facility. The Company explicitly stated that existing liquidity and operating cash flows will be insufficient to repay specified debt at their applicable maturities and that resolving these maturities depends primarily on financing transactions and/or consensual maturity extensions. No forward financial guidance was provided in the release.
Management, verbatim
We made meaningful progress in customer trends during the third quarter, resulting in our best residential data subscriber results in seven quarters and highest connect activity in three years. We remain focused on building on this momentum, which, coupled with the strength of our network and the meaningful cash flow that continues to be generated by the business, gives us confidence in our long-term opportunity.
Jim Holanda, Chief Executive Officer of Cable One
Not in the filing
stated, not guessed- Forward financial guidance
- Prior-period outlook for guidance comparison
- Gross margin
- GAAP free cash flow
- Share repurchases during the quarter
- Dividend declaration or payment
- Quarterly tax rate
- Sequential revenue, profitability, cash flow and operating-statistics comparisons
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Cable One (NYSE:CABO) filed an SEC Form 8‑K reporting its third‑quarter 2026 financial results.
Ticker impact
Cable One disclosed Q3 2026 results with revenue down 11.7% YoY and a net loss of $431.8M.
downward pressure as investors price in weaker revenue and a sizable net loss
The disclosed numbers are materially worse than the prior year and signal deteriorating performance.
Market effects
Potential concerns for the broadband and cable services sector as revenue declines may signal broader demand weakness.
Limited to U.S. telecom investors; no broader regional effect.
Low global relevance beyond sector peers.
Counterpoint
If the market overreacts to the loss, a bounce could occur on the company's strong cash position and debt refinancing plans.
Key entities
- companyCable One, Inc.
U.S. broadband and cable services provider.
- executiveJim Holanda
Chief Executive Officer of Cable One.
