0000354963-26-000125 | 10-K | XBRL Viewer | Shenandoah Telecommunications Cova

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Goodwill and Intangible Assets - Schedule of Estimated Useful Life (Details)	Dec. 31, 2025
Subscriber relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	3 years
Subscriber relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	10 years
Other intangibles \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	15 years
Other intangibles \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	20 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 23, 2026, the Company announced a reduction in force of approximately 10% of its employees to align the business with the end of the Glo Fiber construction phase that is expected to be substantially complete by end of 2026. Employee departure dates will be staggered with the largest impact in the fourth quarter of 2026. The Company expects to save approximately $12.3 million annually beginning in 2027 with approximately half of the savings impacting operating expenses and half impacting capitalized labor that is included in capital expenditures. The Company expects to incur approximately $3.1 million in restructuring costs to achieve these savings.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of consolidation: The accompanying consolidated financial statements include the accounts of Shenandoah Telecommunications Company and all of its wholly owned subsidiaries. All intercompany accounts and transactions for continuing operations have been eliminated in consolidation.

Under the Accounting Standards Codification ("ASC") 810, Consolidation (“ASC 810”), the ABS Entities are considered, as a whole, a variable interest entity and are consolidated in Shentel’s consolidated financial statements because the Company is the primary beneficiary. ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The Non-ABS Entities are contractually required to provide certain management services to support the operations of the ABS Entities.

As described in Note 1, Nature of Operations, the assets and liabilities owned by the ABS Entities and related to Shentel’s VIE arrangements are used to service the obligations under Shentel's ABS Notes and may not be freely transferred to the Non-ABS Entities. Additionally, certain cash and cash equivalent amounts may be restricted from general use by Shentel based on covenants related to the ABS Notes. Refer to the “Restricted cash and cash equivalents” section within this note for further information on accounting for such restrictions. The assets and liabilities related to Shentel’s VIE arrangements included in the Company’s consolidated balance sheets were as follows:


(in thousands)	December 31, 2025
ASSETS

Restricted cash and cash equivalents	$	20,945
Accounts receivable	12,580
Prepaid expenses and other	5,344

Property, plant and equipment, net	793,874
Intangible assets, net	8,234
Operating lease right-of-use assets	10,199
Deferred charges and other assets	129,635
Total assets	$	980,811

LIABILITIES
Current liabilities:
Accounts payable	$	7,561
Advanced billings and customer deposits	8,953

Current operating lease liabilities	1,236
Accrued liabilities and other	2,658

Long-term debt, less current maturities, net of unamortized loan fees	554,288

Non-current operating lease liabilities	4,925
Other liabilities	28,703

Total liabilities	$	608,324

Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States, requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods could differ from our estimates.

Revenue recognition: The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”).

The Company provides broadband data, video and voice services to residential, small and midsize businesses (“SMB”) and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and HFC cable networks. The Company also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties and Ohio’s Ross County and portions of adjacent counties as a RLEC.

Transaction price is measured as the amount billed, which is generally determined by list prices for goods and services less discounts offered. We allocate the total transaction price in these transactions based upon the standalone selling price of each distinct good or service. We generally recognize these revenues over time as customers simultaneously receive and consume the benefits of the service, with the exception of equipment sales and home wiring, which are recognized as revenue at a point in time when control transfers and when installation is complete, respectively. A significant portion of the Company’s revenues are derived from customers who may cancel their subscriptions at any time without penalty. As such, the amount of deferred revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from the Company’s existing customers. Installation fees charged upfront without transfer of commensurate goods or services to the customer are allocated to services and are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the contract, which we estimate to be approximately one year. Additionally, the Company incurs commission expenses related to in-house sales team members and third-party vendors which are capitalized and amortized over the expected customer benefit period.

The Company also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting commercial fiber customers to our fiber network. Those amounts are recognized ratably over the initial contract term.

The Company also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under ASC 842, Leases (“ASC 842”).

Advertising costs: The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations. Advertising expense for the years ended December 31, 2025, 2024 and 2023 was $15.9 million, $15.0 million and $11.4 million, respectively.

Fair value measurements: The Company measures certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the fair value hierarchy to evaluate inputs used in determining the fair value of its assets and liabilities. The three levels of inputs used to measure fair value are (i) observable inputs, such as quoted prices in active markets (level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (level 3).

The Company remeasures long-lived assets such as property, plant and equipment, intangible assets and goodwill at fair value when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables or discounted cash flow models.

The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments.

As described in more detail in Note 3, Acquisitions, Shentel determined the fair values of assets acquired and liabilities assumed as a result of acquisitions of businesses as of the acquisition date.

Cash and cash equivalents: Cash equivalents include all investments with an original maturity of three months or less. The Company places its temporary cash investments with high credit quality financial institutions. Generally, such investments are in excess of FDIC or SIPC insurance limits.

Restricted cash and cash equivalents: Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Notes to maintain certain reserves for interest, fees and other network operating expenses.

Allowance for credit losses: Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on aging, historical collection experience and management’s evaluation of the financial condition of the customer. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses generally when the account is turned over for collection to an outside collection agency.

Changes in the Company’s allowance for credit losses for accounts receivable for the years ended December 31, 2025, 2024 and 2023 are summarized below:


(in thousands)	Balance at Beginning of Year		Recoveries added to allowance		Provision for Credit Losses		Write-offs		Balance at End of Year
Year Ended December 31, 2025
Allowance for credit losses	$	1,156	$	299	$	1,452	$	(2,078)	$	829
Year Ended December 31, 2024
Allowance for credit losses	$	886	$	599	$	2,132	$	(2,461)	$	1,156
Year Ended December 31, 2023
Allowance for credit losses	$	776	$	424	$	2,852	$	(3,166)	$	886

Investments: The Company investments measured at fair value primarily consist of supplemental executive retirement plan (“SERP”) investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants six months after retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation (ASC 710). Changes to the investments’ fair value are presented in other income, net, while the reciprocal changes in the liability representative of compensatory expense, are presented in selling, general and administrative expense in the Company’s consolidated statements of operations.

The Company’s investments measured at cost primarily consist of CoBank’s Class A common stock derived from the CoBank patronage program. The investment is recognized as the Company’s initial investment in CoBank plus subsequent patronage distributions received from CoBank.

Property, plant and equipment: Property, plant and equipment is stated at cost less accumulated depreciation and amortization. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest costs and internal labor costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Labor costs associated with customer installation activities at existing service locations are expensed as incurred under industry specific guidance. Leasehold improvements are amortized over the lesser of their useful lives or respective lease terms. Land is not depreciated.

Indefinite-lived intangible assets: Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired.

Cable franchise rights represent the value attributed to our non-exclusive right to operate in and provide services in a specified area. Spectrum licenses issued by the Federal Communications Commission (“FCC”) provide us with either an exclusive or priority access right to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services. While some cable franchises and spectrum licenses are issued for a fixed time period (generally ten years and up to fifteen years, respectively), renewals have been granted routinely at a nominal cost. The Company believes it will be able to meet all requirements necessary to secure renewal of its cable franchise rights and spectrum licenses. Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of our cable franchises or spectrum licenses and, as a result, we account for cable franchise rights and spectrum licenses as indefinite-lived intangible assets.

Indefinite-lived intangible assets are not amortized but rather, are subject to impairment testing annually, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is evaluated for impairment based on the identification of reporting units. Our reporting unit aligns with our one reportable segment.

Shentel evaluated goodwill for impairment on October 1, 2025 using a quantitative assessment. This assessment estimated the fair value of our reporting unit primarily based on a discounted cash flow analysis that included market participant estimates of future cash flows expected to be generated by the business. We also considered the reconciliation of the Company's market capitalization to the reporting unit value and consideration of an appropriate control premium. As a result of this assessment, management concluded that the estimated fair value of the reporting unit exceeded the carrying value by 8%. As such, no impairment charge was recognized during the period.

Shentel evaluated cable franchise rights and spectrum licenses for impairment on October 1, 2025 using a quantitative assessment. The quantitative assessment for cable franchise rights estimated the fair value using a greenfield model, a method under the income approach, which reflected the expected discounted cash flows of a notional start-up business with no assets other than the cable franchise rights being valued. The significant assumptions used to develop this estimate included revenue growth, the amount and timing of capital expenditures, EBITDA margins and the discount rate utilized. As a result of this assessment, management concluded that the estimated fair value of the cable franchise rights exceeded the carrying value. As such, no impairment charge was recognized during the period. The quantitative assessment for spectrum licenses estimated the fair value using a market approach, which observed pricing of recent sales of similar assets. As a result of this assessment, management concluded that the estimated fair value of the spectrum licenses was equal to the carrying value. As such, no impairment charge was recognized during the period.

Long-lived assets: Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets held for use are amortized or depreciated over their estimated useful lives, as summarized in the respective notes below. These assets are evaluated for impairment based on the identification of one consolidated asset group. We evaluated our asset groups for impairment during the fourth quarter of 2025 and concluded that there were no indicators that an asset group impairment was more likely than not.

Debt issuance costs: Shentel records debt issuance costs on the Company’s consolidated balance sheets for incremental costs that are directly attributable to the issuance of debt. Debt issuance costs are recorded and presented as either assets or contra-liabilities in prepaid expenses and other, deferred changes and other assets, current maturities of long-term debt, net of unamortized loan fees, or long-term debt, less current maturities, net of unamortized loan fees. Debt issuance costs recorded and presented as an asset represent amounts allocated to undrawn commitments, while debt issuance costs recorded and presented as a contra-liability represent amounts allocated to outstanding borrowed amounts. Debt issuance costs recorded as assets are amortized on a straight-line basis. Debt issuance costs recorded as contra-liabilities are amortized based on the effective interest method along with the associated borrowing.

Benefit plan obligations: The Benefit plan obligations caption includes the following:


($ in thousands)	December 31, 2025		December 31, 2024
Supplemental executive retirement plans	$	3,190	$	2,812
Postretirement medical benefits plans	960		1,889
Pension plan obligation	—		244
Total	$	4,150	$	4,945

Shentel maintains a supplemental executive retirement plan for certain employees (the “SERP”). The SERP is a benefit plan that provides deferred compensation to certain employees which holds investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the Funded SERP assets under ASC 710. Changes to the investments’ fair value are presented in other income, net, while the reciprocal changes in the liability representative of compensatory expense, are presented in selling, general and administrative expense in the Company’s consolidated statements of operations.

Shentel also maintains two frozen unfunded postretirement medical benefits plans and two frozen defined benefit plans.

Both of Shentel’s postretirement medical benefits plans represent frozen, unfunded, defined benefit plans. The total postretirement plan liability was determined using discount rates of 5.4% and 5.5% as of December 31, 2025 and 2024, respectively.

The total fair value of pension plan assets was $21.2 million as of December 31, 2025. These investments were held in pooled investment funds and were valued based on their respective net asset values per share. The pension plan projected benefit obligations was $20.4 million as of December 31, 2025, determined using a discount rate of 5.0%. The total fair value of

pension plan assets was $21.6 million as of December 31, 2024. These investments were held in mutual funds and were valued based on the net asset value per share. The pension plan projected benefit obligations was $21.4 million as of December 31, 2024, determined using a discount rate of 5.0%. The net asset position of the plans are presented in deferred charged and other assets in Shentel’s consolidated balance sheets.

Leases: The Company leases various telecommunications sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company’s incremental borrowing rate in order to measure the lease liability and right-of-use asset.

The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.

Income taxes: The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, taxable income in prior carryback years if available and tax planning strategies in making this assessment. Based upon the level of historical taxable income, projections for future taxable income over the periods for which the deferred tax assets are deductible, and the option to elect out of bonus depreciation on in-serviced fixed assets, the Company believes it more likely than not that the net deferred tax assets will be realized.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the tax return. Changes in the estimate are recorded in the period in which such determination is made.

Stock-based compensation: The cost of employee services received in exchange for share-based awards classified as equity is measured using the estimated fair value of the award on the date of the grant, and the related expense is recorded over the recipient’s respective service period. The fair value for the Company’s RSUs are determined using the Company’s stock price and the fair value for the Company’s RTSR awards are determined using a Monte Carlo simulation. The Company records forfeitures for its RSUs and RTSRs as they occur. Certain of the Company’s share-based awards contain retirement clauses which state that awards will continue to vest without the requirement of continuous employment after a participant achieves certain service- and age-based requirements (“Retirement Eligibility”). The Company accelerates expense associated with eligible awards for employees who have achieved Retirement Eligibility on the later of the grant date or the date in which Retirement Eligibility is achieved.

Government grants: Shentel receives grants from the U.S. Government and its agencies, as well as various state governments under various programs designed to fund telecommunications operations and broadband infrastructure expansion into rural or underserved areas. The grant programs are evaluated to determine if they represent grants related to revenue or capital expenditures. Grants for revenue and operating activities are recorded as RLEC & Other revenue, which is a category within service revenue and other in the Company’s consolidated statements of operations as the services are provided. Grants for capital expenditures are recorded as a reduction to the corresponding property, plant and equipment asset balance and are recognized through a reduction in depreciation expense over the life of the corresponding asset in the Company’s consolidated statements of operations. Government grants related to revenue and operations are classified as operating cash inflows and grants for capital expenditures are classified as investing cash inflows.

The Company monitors government grants for requirements to ensure that conditions related to grants have been met and there is reasonable assurance that the Company will be able to retain the grant proceeds and to ensure that any contingencies that may

arise from not meeting the conditions are appropriately recognized. See Note 15, Government Grants for additional information.

Redeemable noncontrolling interest: In 2024, Shentel Broadband Holding Inc., a wholly-owned subsidiary of Shentel (“Shentel Broadband”), issued 81,000 shares of Series A Preferred Stock in exchange for $81 million in cash. The Series A Preferred Stock has a par value of $0.01 per share. As of December 31, 2025, 100,000 shares of the Series A Preferred Stock were authorized for issuance and 81,000 shares of the Series A Preferred Stock were outstanding. The Series A Preferred Stock is exchangeable at the option of the holder of the Series A Preferred Stock (the “Investor”) or Shentel in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share (as it may be adjusted pursuant to the terms of the Investment Agreement, the “Exchange Price”).

The Series A Preferred Stock ranks senior to Shentel’s Common Stock with respect to the payment of dividends and with respect to the distribution of assets upon Shentel Broadband’s liquidation, dissolution or winding up. Dividends on the Series A Preferred Stock accrue at 7% per annum compounded and payable quarterly in arrears, and, at Shentel’s option, may be paid in cash or in kind (such dividends paid in kind, “PIK Dividends”). The PIK Dividend rate is subject to increase to 8.5% and 10% after the fifth and seventh anniversaries of the Closing Date, respectively, to the extent any dividends accrued during the period from and including such anniversary dates are paid in the form of PIK Dividends.

Beginning two years after April 1, 2024 (the “Closing Date”), Shentel may require the Investor to exchange the Series A Preferred Stock for shares of Common Stock if the price per share of the Common Stock exceeds 125% of the Exchange Price, subject to certain conditions. After five years, Shentel may redeem all of the Series A Preferred Stock for the greater of (i) $1,000 per share, plus (a) any accrued PIK Dividend amount and (b) accrued and unpaid dividends to, but excluding the redemption date (to the extent such accrued and unpaid dividends are not included in such PIK Dividend amount), and (ii) the value of the shares of Common Stock for which such Series A Preferred Stock are exchangeable.

Shentel has applied the guidance in ASC 480‑10‑S99‑3A, “SEC Staff Announcement: Classification and Measurement of Redeemable Securities”, and has therefore classified the Series A Preferred Stock outside of shareholders’ equity on the Company’s consolidated balance sheets because the shares contain liquidation features that are not solely within the Company’s control. The Series A Preferred Stock was recorded at its fair value on the date of issuance, net of $1.6 million of issuance costs. The Company does not adjust the carrying value of the Series A Preferred Stock to the liquidation preference of such shares because of the uncertainty of whether or when a liquidation event would occur. Subsequent adjustments to increase the carrying value to the liquidation preferences will be made only when it becomes probable that such a liquidation event will occur. Furthermore, the Company classifies the Series A Preferred Stock as redeemable noncontrolling interest due to the fact that the Series A Preferred Stock is issued by its subsidiary, Shentel Broadband. See Note 13, Redeemable Noncontrolling Interest for additional information.

Accounting for acquisitions: The Company accounts for acquisitions by using the acquisition method of accounting, in accordance with ASC 805, Business Combinations (ASC 805). Under the acquisition method of accounting, the total purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed in connection with the acquisition based on their estimated fair values. Fair values are determined using the income approach, market approach and/or cost approach depending on the nature of the asset or liability being valued and the reliability of available information. The income approach estimates fair value by discounting associated lifetime expected future cash flows to their present value and relies on significant assumptions regarding future revenues, expenses, working capital levels and discount rates. The market approach estimates fair value by analyzing recent actual market transactions for similar assets or liabilities. The cost approach estimates fair value based on the expected cost to replace or reproduce the asset or liability and relies on assumptions regarding the occurrence and extent of any physical, functional and/or economic obsolescence.

Segments: Shentel’s Chief Executive Officer represents the Company’s chief operating decision maker (“CODM”). The CODM regularly reviews the Company’s results to assess performance and allocates resources at a consolidated level. All of Shentel’s services are delivered through an integrated network. Furthermore, the decision to allocate resources is made at the consolidated level. As such, management has identified one operating segment, Broadband, which is the Company’s reportable segment under this organizational and reporting structure.

New Accounting Standards

In December 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” (“ASU 2023-09”). This accounting update requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The Company has adopted this ASU and has included the required disclosures within these consolidated financial statements. See Note 12, Income Taxes for additional information.

In November 2024, FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)” (“ASU 2024-03”). This accounting update requires disclosure of disaggregated expense in prescribed categories underlying any relevant income statement expense caption. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the impact of adopting ASU 2024-03 on the consolidated financial statements and related disclosures. The Company expects the adoption of the standard to result in additional disaggregation of expense captions within its note disclosures.

In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”). This accounting update establishes guidance for the recognition, measurement, presentation and disclosure of government grants. The updated requirements are effective for public business entities for annual reporting periods beginning after December 15, 2028, and interim periods therein, with early adoption permitted. The Company is currently assessing the impact of adopting ASU 2025-10 on its consolidated financial statements and related disclosures.

Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 3,056	$ 2,670
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	12,600	12,100
Other nonoperating income (expense)	$ 2,800	$ 1,700	$ 500
Percentage of patronage credit paid in cash	75.00%
Percentage of patronage credit paid in share	25.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

COVER - USD ($) $ in Billions	12 Months Ended
COVER - USD ($) $ in Billions	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		55,301,648
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0.6
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of shareholders (the “2026 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0000354963
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Redeemable Noncontrolling Interest (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) payment $ / shares shares	Dec. 31, 2024 USD ($) payment	Apr. 01, 2024 $ / shares
Redeemable Noncontrolling Interest [Line Items]
Dividends, preferred stock, paid-in-kind	$ 6,042	$ 3,084
Dividends, preferred stock, cash	$ 407	$ 345
Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Number of dividend payments during the year \| payment	4	2
Dividends, preferred stock, paid-in-kind	$ 6,000	$ 3,100
Liquidation preference	90,100	84,100
Dividends, preferred stock, cash	$ 400	$ 300
Series A Preferred Stock \| Shentel Broadband Holding Inc. \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Conversion price per share (in dollars per share) \| $ / shares	$ 24.50		$ 24.50
Convertible preferred stock, shares issued upon conversion \| shares	3,678,627

Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Fair Value

The table below presents the fair value of the Swaps as well as their classification in the consolidated balance sheets. The fair value of these instruments was estimated using an income approach and observable market inputs (Level 2):


(in thousands)	December 31, 2024
Balance sheet line items containing derivative financial instruments:
Prepaid expenses and other	$	1,766
Deferred charges and other assets	721
Total fair value of derivatives designated as hedging instruments	$	2,487

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below summarizes changes in accumulated other comprehensive income by component:


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance as of December 31, 2024	$	2,487	$	(634)	$	1,853
Net change in unrealized gain	173		(47)		126
Amounts reclassified from accumulated other comprehensive income	(2,660)		681		(1,979)
Net current period other comprehensive income (loss)	(2,487)		634		(1,853)
Balance as of December 31, 2025	$	—	$	—	$	—


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance as of December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,420		(570)		1,850
Amounts reclassified from accumulated other comprehensive income	(2,174)		509		(1,665)
Net current period other comprehensive income (loss)	246		(61)		185
Balance as of December 31, 2024	$	2,487	$	(634)	$	1,853


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance as of December 31, 2022	$	—	$	—	$	—
Net change in unrealized gain	2,241		(573)		1,668
Balance as of December 31, 2023	$	2,241	$	(573)	$	1,668

Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments [Abstract]
SERP investments at fair value	$ 3,056	$ 2,670
Cost method investments	13,250	12,813
Equity method investments	204	226
Total investments	$ 16,510	$ 15,709

Income Taxes - Schedule of Components of Federal and State Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current expense (benefit)
Federal taxes	$ (110)	$ 0	$ (2,707)
State taxes	660	89	(680)
Total current provision	550	89	(3,387)
Deferred (benefit) expense
Federal taxes	(7,032)	(5,238)	4,564
State taxes	(2,431)	(4,521)	(676)
Total deferred (benefit) expense	(9,463)	(9,759)	3,888
Income tax (benefit) expense	$ (8,913)	$ (9,670)	$ 501
Effective tax rate	21.30%	25.40%	33.00%

Goodwill and Intangible Assets - Schedule of Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 1,604
2027	1,566
2028	1,518
2029	1,517
2030	1,508
2031 and thereafter	4,627
Net	$ 12,340	$ 13,686

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Shentel’s outstanding long-term debt obligations as of December 31, 2025 and 2024 are as follows:


(in thousands)	Interest Rates	December 31, 2025		December 31, 2024
Shentel Issuer Class A-2 Notes	5.64%	$	489,142	$	—
Shentel Issuer Class B Notes	6.03%	78,263		—
Shentel Broadband RCF	Floating(1)	75,000		—
Shentel Broadband Term loan A-1	Floating(1)	—		144,451
Shentel Broadband Term loan A-2	Floating(1)	—		148,506
Shentel Broadband Term loan A-3	Floating(1)	—		125,000
Total debt		642,405		417,957
Less: unamortized loan fees		(14,168)		(1,078)
Total debt, net of unamortized loan fees		$	628,237	$	416,879

(1) The RCF bears interest at one-month term SOFR plus a margin. The margin is variable and determined by the Company’s net leverage ratio. This interest rate was 6.19% at December 31, 2025. The term loans outstanding in the prior year bore interest at one-month term SOFR plus a margin. The margin was variable and determined by the Company’s net leverage ratio. The weighted-average interest rate was 6.42% as of December 31, 2024

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amounts of the Company’s long-term debt under the Previous Credit Agreements, which had floating interest rates, approximated their fair values. Similarly, the carrying amount amounts of the Company’s RCF, which has a floating interest rate, approximates its fair value. The fair values of Shentel’s the Class A-2 Notes and Class B Notes were as follows:


(in thousands)	December 31, 2025
Shentel Issuer Class A-2 Notes	$	494,278
Shentel Issuer Class B Notes	77,676

Schedule of Interest Income and Interest Expense Disclosure

Interest expense recorded in Shentel’s consolidated statements of operations consisted of the following for the years ended:


(in thousands)	2025		2024		2023
Interest expense	$	36,055	$	24,415	$	9,633
Less: capitalized interest	(10,681)		(8,518)		(5,421)
Interest expense, net of capitalized interest	$	25,374	$	15,897	$	4,212

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Other Assets and Accrued Liabilities - Schedule of Other Assets, Noncurrent (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 9,288	$ 7,086
Prepaid expenses and other	9,364	7,149
Deferred charges and other assets	$ 18,652	$ 14,235

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The Company’s revenues by activity type were as follows:


(in thousands)	2025		2024		2023
Residential & SMB - Incumbent Broadband Markets1	$	169,668	$	174,795	$	174,710
Residential & SMB - Glo Fiber Expansion Markets2	82,558		57,872		35,103
Commercial Fiber	79,315		70,057		44,301
RLEC & Other	26,313		25,334		15,017
Service revenue and other	$	357,854	$	328,058	$	269,131

_______________________________________________________

1.Incumbent Broadband Markets consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings.

2.Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets.

Shentel updated the presentation of certain Residential & SMB - Incumbent Broadband Markets, Residential & SMB - Glo Fiber Expansion Markets, Commercial Fiber and RLEC & Other revenues for the prior years to conform with changes in how management currently views these lines of business.

Shentel’s revenue recognized under ASC 606 vs. ASC 842 is summarized in the following table:


(in thousands)	2025		2024		2023
Revenue from contracts with customers (ASC 606)	$	351,069	$	322,220	$	266,490
Income from leasing arrangements (ASC 842)	6,785		5,838		2,641
Service revenue and other	$	357,854	$	328,058	$	269,131

Income from leasing arrangements primarily relates to Shentel’s commercial fiber business. Refer to Note 9, Leases for more information.

Shentel had $19.5 million and $27.4 million of gross trade receivables from customers as of December 31, 2025 and 2024, respectively.

Contract Assets

The Company’s contract assets primarily include commissions incurred to acquire contracts with customers. The Company incurs commission expenses related to in-house sales team members and third-party vendors which are capitalized and amortized over the expected customer benefit period which is approximately six years. The Company’s current contract assets are included in prepaid expenses and other and the Company’s non-current contract assets are included in deferred charges and other assets in its consolidated balance sheets. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company’s consolidated statements of operations.

The following tables present the activity of current and non-current contract assets:


(in thousands)	2025		2024
Beginning Balance	$	10,251	$	8,633
Commission payments	6,750		4,857
Contract asset amortization	(3,895)		(3,239)
Ending Balance	$	13,106	$	10,251

Contract Liabilities

Shentel’s contract liabilities include services that are billed in advance and recorded as deferred revenue. The Company typically bills service one month in advance, which is the primary component of the contract liability balance. The Company

also recognizes installation fees that are charged upfront without transfer of commensurate goods or services to the customer. Contract liabilities are recognized as revenue when services are provided to the customer. The Company’s current contract liabilities are included in advanced billings and customer deposits in its consolidated balance sheets and the Company’s non-current contract liabilities are included in other liabilities in its consolidated balance sheets. Shentel’s current contract liability balances were $13.4 million and $12.5 million as of December 31, 2025 and 2024, respectively. Shentel’s non-current contract liability balances were $11.1 million and $9.5 million as of December 31, 2025 and 2024, respectively. Shentel expects its current contract liability balances to be recognized as revenues during the twelve-month periods following the respective balance sheet dates. The majority of Shentel’s non-current contract liability balance is expected to be recognized as revenues within approximately 5 years.

No customer accounted for more than 10% of revenue for the years ended December 31, 2025, 2024, and 2023 and no customer made up more than 10% of accounts receivable as of December 31, 2025 and 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Leases - Schedule of Other Information Related to Operating and Finance Leases (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease, weighted average remaining lease term	8 years 4 months 24 days	8 years 6 months
Operating lease, weighted average discount rate, percent	6.30%	6.10%
Finance lease, weighted average remaining lease term	17 years 3 months 18 days	9 years
Finance lease, weighted average discount rate, percent	6.50%	5.30%

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:


	December 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,538	$	—	$	67,538	$	67,055	$	—	$	67,055
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	557		—		557		526		—		526
Total indefinite-lived intangibles	77,013		—		77,013		76,982		—		76,982

Finite-lived intangibles:
Subscriber relationships	43,012		(30,792)		12,220		42,447		(28,882)		13,565
Other intangibles	537		(417)		120		510		(389)		121
Total finite-lived intangibles	43,549		(31,209)		12,340		42,957		(29,271)		13,686
Total goodwill and intangible assets	$	188,100	$	(31,209)	$	156,891	$	186,994	$	(29,271)	$	157,723

Amortization expense was $1.9 million, $1.5 million and $0.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Our finite-lived intangible assets are amortized over the following estimated useful lives:


						Estimated Useful Life
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

The following table summarizes expected amortization of intangible assets at December 31, 2025:


(in thousands)	Amortization of Intangible Assets
2026	$	1,604
2027	1,566
2028	1,518
2029	1,517
2030	1,508
2031 and thereafter	4,627
Total	$	12,340

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Shenandoah Telecommunications Company and its subsidiaries (collectively, “Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial (“HFC”) cable networks. We also lease dark fiber and provide Ethernet and wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel’s Broadband business also provides voice and digital subscriber line (“DSL”) services as a Rural Local Exchange Carrier (“RLEC”) to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. These integrated networks are connected by a fiber network. Refinancing Activities During 2025, Shentel formed Shentel Guarantor LLC, Shentel Issuer LLC (“Shentel Issuer”), Shentel Asset Entity I LLC and Shentel Asset Entity II LLC (collectively, the “ABS Entities”), each a bankruptcy-remote subsidiary of the Company. The ABS Entities were formed as part of a securitization transaction, pursuant to which certain of the Company’s fiber network assets and related customer contracts in Virginia, Ohio, Pennsylvania, Indiana, Maryland and West Virginia were contributed to Shentel Asset Entity I LLC and Shentel Asset Entity II LLC (collectively, the “ABS Asset Entities”). The cash flow from these contributed assets are used to service the obligations under Shentel’s “ABS Notes”, as defined in the following paragraph. On December 5, 2025 (the “Closing”), Shentel Issuer, in relation to the securitization transaction referenced above, closed its inaugural offering of $567.4 million aggregate principal amount of secured fiber network revenue term notes, consisting of $489.1 million 5.64% Series 2025-1, Class A-2 term notes (“Class A-2 Notes”) and $78.3 million 6.03% Series 2025-1, Class B term notes (“Class B Notes”), each with an anticipated repayment date in December 2030. As part of the securitization financing transaction, Shentel Issuer also entered into a revolving $175.0 million variable funding note facility (the “VFN”) due December 2029 with a group of financial institutions. VFN advances will be subject to certain pro-forma leverage and debt service coverage ratios as defined in the agreements governing the securitization (the “ABS Indenture”). The VFN will bear interest at term Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.75%. The Company had no borrowings under the VFN at Closing. As part of the same ABS Indenture and fiber network assets and related customer contracts that govern and secure the ABS Notes, Shentel Issuer entered into a $25 million delay draw Liquidity Funding Note facility (the “LFN”, together with the Class A-2 Notes, Class B notes, and the VFN, the “ABS Notes”) with Bank of America. The LFN is subject to the same collateral and covenant framework, including pro-forma leverage and debt service coverage ratios as defined in the ABS Indenture. Shentel Issuer may draw on the LFN solely for the purpose of funding amounts due and payable for certain Priority of Payments as defined in the ABS Indenture and when restricted cash funds required by ABS Indenture are insufficient. The LFN will bear interest at the Prime Rate plus a spread of 3.0%. The Company had no borrowings under the LFN at Closing. Concurrently, Shentel Broadband Operations LLC (“Shentel Broadband”), a wholly-owned indirect subsidiary of the Company, entered into a new $175.0 million Revolving Credit Facility (the “RCF”) due December 2030 with a group of financial institutions. The RCF is secured by the cash flows and substantially all of the assets and equity interests of its subsidiaries excluding the ABS Entities. Borrowings under the RCF will bear interest at term SOFR plus a margin ranging from 2.50% to 3.00%. Shentel Broadband borrowed $75.0 million from the RCF at Closing. Shentel and its non ABS Entities have no recourse of the loans of the ABS Entities. Likewise, the ABS Entities have no recourse of the loans of Shentel Broadband. Shentel used the proceeds from the issuance of the ABS Notes and the RCF to repay the outstanding principal on the Company’s existing debt. Refer to Note 10, Debt for more information. Virginia Fiber Acquisition On July 9 2025, Shentel completed an acquisition of FTTH assets and operations of a fiber business based in Virginia for $5 million, including passings of approximately 1,500 homes and approximately 700 customers.

Stock Compensation and Earnings per Share

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings per Share

The Company’s 2024 Equity Incentive Plan (the “Plan”) allows for the grant of equity based incentive compensation to all employees. The Plan authorizes grants of up to an additional 3,000,000 shares over a ten-year period. Under the Plan, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights and other forms of equity based compensation. As of December 31, 2025, the only forms of stock awards outstanding are restricted stock units (“RSUs”) and Relative Total Shareholder Return RSUs (“RTSRs”) and there were 2,019,617 shares available for future issuance under the Plan.

The Company’s RSUs generally have service conditions only or performance and service conditions with vesting periods ranging from one year for directors to five years for employees. RSUs that have both performance and service conditions are referred to as performance stock units (“PSUs”). The actual number of shares to be issued upon PSU performance measurement can range from 0% to 100% of the awards granted.

RTSRs vest approximately three years from the grant date. The performance condition applied to the RTSR awards is based upon the Company’s stock performance compared to a group of peer companies. The actual number of shares to be issued upon RTSRs performance measurement can range from 0% to 150% of the awards granted.

Activity related to the Company’s equity compensation, which includes the Company’s RSUs and PSUs, was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2022	649	$	23.39
Granted	385	19.05
Vested	(200)	25.01
Forfeited	(9)	21.67
Outstanding awards, December 31, 2023	825	$	21.16
Granted	403	20.22
Vested	(308)	21.74
Forfeited	(45)	19.44
Outstanding awards, December 31, 2024	875	$	20.63
Granted	756	12.06
Vested	(369)	20.58
Forfeited	(75)	17.39
Outstanding awards, December 31, 2025	1,187	$	15.39

The total fair value of RSUs vested was $4.4 million during the year ended December 31, 2025.

Activity related to the Company’s RTSRs was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2022	202	$	29.46
Granted	134	23.64
Vested	(30)	36.27
Forfeited	(13)	36.27
Outstanding awards, December 31, 2023	293	$	25.80
Granted	136	22.30
Vested	(32)	34.05
Forfeited	(138)	25.74
Outstanding awards, December 31, 2024	259	$	22.96
Granted	246	12.31
Vested	(71)	23.64
Forfeited	(74)	21.93
Outstanding awards, December 31, 2025	360	$	15.77

The total fair value of RTSRs vested was $0.8 million during the year ended December 31, 2025.

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Stock compensation expense	$	10,463	$	10,651	$	10,823
Capitalized stock compensation	(873)		(814)		(790)
Stock compensation expense, net	$	9,590	$	9,837	$	10,033

As of December 31, 2025, there was $6.8 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.2 years.

The following table indicates the computation of basic and diluted earnings (loss) per share:


	Years Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
Calculation of net (loss) income per share:
(Loss) income from continuing operations	$	(32,943)	$	(28,357)	$	1,016
Income from discontinued operations, net of tax	—		222,174		7,022
Net (loss) income	$	(32,943)	$	193,817	$	8,038

Amounts attributable to common shareholders
(Loss) income from continuing operations	$	(39,392)	$	(31,786)	$	1,016
Income from discontinued operations, net of tax	—		222,174		7,022
Net (loss) income attributable to common shareholders	$	(39,392)	$	190,388	$	8,038

Basic weighted average shares outstanding	55,100		53,722		50,396

Per share amounts attributable to common shareholders
Basic net (loss) income per share - continuing operations	$	(0.71)	$	(0.59)	$	0.02
Basic net income per share - discontinued operations	—		4.13		0.14
Basic net (loss) income per share	$	(0.71)	$	3.54	$	0.16

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	55,100		53,722		50,396
Effect from dilutive shares and options outstanding	—		—		319
Diluted weighted average shares outstanding	55,100		53,722		50,715

Diluted net (loss) income per share - continuing operations	$	(0.71)	$	(0.59)	$	0.02
Diluted net income per share - discontinued operations	—		4.13		0.14
Diluted net (loss) income per share	$	(0.71)	$	3.54	$	0.16

The Company applies the two-class method when computing net income (loss) per share attributable to common shareholders as the Company has issued preferred stock that meets the definition of a participating security. The Company considers Series A Preferred Stock to be a participating security as the holders are entitled to receive cumulative dividends.

The Company determines the dilutive impact of equity awards and the Series A Preferred Stock (on an as-converted basis) by applying the treasury stock method and the if-converted method, respectively. The following table presents potentially dilutive instruments:


	Years Ended December 31,
(in thousands)	2025	2024	2023
Potentially dilutive equity awards	506	325	319
Potentially dilutive shares related to the Series A Preferred Stock	3,679	3,432	—
Total potentially dilutive instruments	4,185	3,757	319

Potentially dilutive instruments were excluded from the calculation of diluted weighted average shares outstanding for the years ended December 31, 2025 and 2024, due to the fact that they were anti-dilutive as a result of the Company’s loss from continuing operations for the applicable periods. Additionally, there were approximately 117,000 anti-dilutive awards outstanding for the year ended December 31, 2023.

Income Taxes - Income Taxes Paid (Net Of Refunds Received) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal	$ 936
Total	2,050	$ 8,400	$ 100
Pennsylvania
Effective Income Tax Rate Reconciliation [Line Items]
US state and local	930
Virginia
Effective Income Tax Rate Reconciliation [Line Items]
US state and local	120
Other
Effective Income Tax Rate Reconciliation [Line Items]
US state and local	$ 64

Acquisitions - Schedule of Business Acquisition, Pro Forma Information (Details) - Horizon Acquisition Parent LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Operating revenues	$ 343,928	$ 334,727
Loss before income taxes	$ (42,964)	$ (16,279)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Other Assets and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

Prepaid expenses and other, classified as current assets, included the following:


(in thousands)	December 31, 2025		December 31, 2024
Prepaid maintenance expenses	$	7,055	$	7,437
Broadband contract acquisition costs	3,818		3,165
Other	4,325		6,680
Prepaid expenses and other	$	15,198	$	17,282

Schedule of Other Assets, Noncurrent

Deferred charges and other assets, classified as long-term assets, included the following:


(in thousands)	December 31, 2025		December 31, 2024
Broadband contract acquisition costs	$	9,288	$	7,086
Prepaid expenses and other	9,364		7,149
Deferred charges and other assets	$	18,652	$	14,235

Schedule of Accrued Liabilities and Other

Accrued liabilities and other, classified as current liabilities, included the following:


(in thousands)	December 31, 2025		December 31, 2024
Accrued programming costs	$	3,232	$	4,227
Other current liabilities	10,847		7,873
Accrued liabilities and other	$	14,079	$	12,100

Schedule of Other Noncurrent Liabilities

Other liabilities, classified as long-term liabilities, included the following:


(in thousands)	December 31, 2025		December 31, 2024
Noncurrent portion of deferred revenue	$	27,246	$	26,809
Other	5,094		6,716
Other liabilities	$	32,340	$	33,525

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.9	$ 1.5	$ 0.5

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues [Abstract]
Revenue from contract with customer, product and service [extensible enumeration]	Service Revenue And Other [Member]	Service Revenue And Other [Member]	Service Revenue And Other [Member]
Service revenue and other	$ 357,854	$ 328,058	$ 269,131
Operating expenses:
Cost of services exclusive of depreciation and amortization	130,118	128,112	100,850
Selling, general and administrative	118,187	115,193	99,304
Restructuring, integration and acquisition	1,173	14,509	2,915
Depreciation and amortization	131,613	98,835	65,920
Total operating expenses	381,091	356,649	268,989
Operating (loss) income	(23,237)	(28,591)	142
Other (expense) income:
Interest expense	(25,374)	(15,897)	(4,212)
Other income, net	6,755	6,461	5,587
(Loss) income from continuing operations before income taxes	(41,856)	(38,027)	1,517
Income tax (benefit) expense	(8,913)	(9,670)	501
(Loss) income from continuing operations	(32,943)	(28,357)	1,016
Discontinued operations:
Income from discontinued operations, net of tax	0	1,957	7,022
Gain on the sale of discontinued operations, net of tax	0	220,217	0
Total income from discontinued operations, net of tax	0	222,174	7,022
Net (loss) income	(32,943)	193,817	8,038
Dividends on redeemable noncontrolling interest	6,449	3,429	0
Net (loss) income attributable to common shareholders	$ (39,392)	$ 190,388	$ 8,038
Net (loss) income per share attributable to common shareholders, basic and diluted:
Basic - (Loss) income from continuing operations (in dollars per share)	$ (0.71)	$ (0.59)	$ 0.02
Basic - Income from discontinued operations, net of tax (in dollars per share)	0	4.13	0.14
Basic net (loss) income per share (in dollars per share)	(0.71)	3.54	0.16
Diluted - (Loss) income from continuing operations (in dollars per share)	(0.71)	(0.59)	0.02
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0	4.13	0.14
Diluted net (loss) income per share (in dollars per share)	$ (0.71)	$ 3.54	$ 0.16
Weighted average shares outstanding, basic (in shares)	55,100	53,722	50,396
Weighted average shares outstanding, diluted (in shares)	55,100	53,722	50,715
Cash dividends declared per common share (in dollars per share)	$ 0.11	$ 0.10	$ 0.09

Stock Compensation and Earnings (Loss) per Share - Potentially Dilutive Instruments (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than) (in shares)	4,185	3,757	319
Antidilutive securities outstanding			117
Equity Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than) (in shares)	506	325	319
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than) (in shares)	3,679	3,432	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of consolidation	The accompanying consolidated financial statements include the accounts of Shenandoah Telecommunications Company and all of its wholly owned subsidiaries. All intercompany accounts and transactions for continuing operations have been eliminated in consolidation. Under the Accounting Standards Codification ("ASC") 810, Consolidation (“ASC 810”), the ABS Entities are considered, as a whole, a variable interest entity and are consolidated in Shentel’s consolidated financial statements because the Company is the primary beneficiary. ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The Non-ABS Entities are contractually required to provide certain management services to support the operations of the ABS Entities.
Use of estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States, requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods could differ from our estimates.
Revenue recognition	The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company provides broadband data, video and voice services to residential, small and midsize businesses (“SMB”) and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and HFC cable networks. The Company also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties and Ohio’s Ross County and portions of adjacent counties as a RLEC. Transaction price is measured as the amount billed, which is generally determined by list prices for goods and services less discounts offered. We allocate the total transaction price in these transactions based upon the standalone selling price of each distinct good or service. We generally recognize these revenues over time as customers simultaneously receive and consume the benefits of the service, with the exception of equipment sales and home wiring, which are recognized as revenue at a point in time when control transfers and when installation is complete, respectively. A significant portion of the Company’s revenues are derived from customers who may cancel their subscriptions at any time without penalty. As such, the amount of deferred revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from the Company’s existing customers. Installation fees charged upfront without transfer of commensurate goods or services to the customer are allocated to services and are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the contract, which we estimate to be approximately one year. Additionally, the Company incurs commission expenses related to in-house sales team members and third-party vendors which are capitalized and amortized over the expected customer benefit period. The Company also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting commercial fiber customers to our fiber network. Those amounts are recognized ratably over the initial contract term. The Company also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under ASC 842, Leases (“ASC 842”).
Advertising Costs	The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations.
Fair value measurements	The Company measures certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the fair value hierarchy to evaluate inputs used in determining the fair value of its assets and liabilities. The three levels of inputs used to measure fair value are (i) observable inputs, such as quoted prices in active markets (level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (level 3). The Company remeasures long-lived assets such as property, plant and equipment, intangible assets and goodwill at fair value when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables or discounted cash flow models. The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments. As described in more detail in Note 3, Acquisitions, Shentel determined the fair values of assets acquired and liabilities assumed as a result of acquisitions of businesses as of the acquisition date.
Cash and cash equivalents	Cash equivalents include all investments with an original maturity of three months or less. The Company places its temporary cash investments with high credit quality financial institutions. Generally, such investments are in excess of FDIC or SIPC insurance limits. Restricted cash and cash equivalents: Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Notes to maintain certain reserves for interest, fees and other network operating expenses.
Allowance for credit losses	Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on aging, historical collection experience and management’s evaluation of the financial condition of the customer. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses generally when the account is turned over for collection to an outside collection agency.
Investments	The Company investments measured at fair value primarily consist of supplemental executive retirement plan (“SERP”) investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants six months after retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation (ASC 710). Changes to the investments’ fair value are presented in other income, net, while the reciprocal changes in the liability representative of compensatory expense, are presented in selling, general and administrative expense in the Company’s consolidated statements of operations. The Company’s investments measured at cost primarily consist of CoBank’s Class A common stock derived from the CoBank patronage program. The investment is recognized as the Company’s initial investment in CoBank plus subsequent patronage distributions received from CoBank. SERP investments at fair value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $12.6 million and $12.1 million at December 31, 2025 and 2024, respectively. Shentel recognized approximately $2.8 million, $1.7 million and $0.5 million of patronage income in other income, net in 2025, 2024 and 2023, respectively. The Company expects that approximately 75% of the patronage distributions will be collected in cash and 25% in equity, to be paid and distributed in 2026.
Property, plant and equipment	Property, plant and equipment is stated at cost less accumulated depreciation and amortization. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest costs and internal labor costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Labor costs associated with customer installation activities at existing service locations are expensed as incurred under industry specific guidance. Leasehold improvements are amortized over the lesser of their useful lives or respective lease terms. Land is not depreciated.
Indefinite-lived Intangible Assets	Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Cable franchise rights represent the value attributed to our non-exclusive right to operate in and provide services in a specified area. Spectrum licenses issued by the Federal Communications Commission (“FCC”) provide us with either an exclusive or priority access right to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services. While some cable franchises and spectrum licenses are issued for a fixed time period (generally ten years and up to fifteen years, respectively), renewals have been granted routinely at a nominal cost. The Company believes it will be able to meet all requirements necessary to secure renewal of its cable franchise rights and spectrum licenses. Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of our cable franchises or spectrum licenses and, as a result, we account for cable franchise rights and spectrum licenses as indefinite-lived intangible assets. Indefinite-lived intangible assets are not amortized but rather, are subject to impairment testing annually, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is evaluated for impairment based on the identification of reporting units. Our reporting unit aligns with our one reportable segment. Shentel evaluated goodwill for impairment on October 1, 2025 using a quantitative assessment. This assessment estimated the fair value of our reporting unit primarily based on a discounted cash flow analysis that included market participant estimates of future cash flows expected to be generated by the business. We also considered the reconciliation of the Company's market capitalization to the reporting unit value and consideration of an appropriate control premium. As a result of this assessment, management concluded that the estimated fair value of the reporting unit exceeded the carrying value by 8%. As such, no impairment charge was recognized during the period. Shentel evaluated cable franchise rights and spectrum licenses for impairment on October 1, 2025 using a quantitative assessment. The quantitative assessment for cable franchise rights estimated the fair value using a greenfield model, a method under the income approach, which reflected the expected discounted cash flows of a notional start-up business with no assets other than the cable franchise rights being valued. The significant assumptions used to develop this estimate included revenue growth, the amount and timing of capital expenditures, EBITDA margins and the discount rate utilized. As a result of this assessment, management concluded that the estimated fair value of the cable franchise rights exceeded the carrying value. As such, no impairment charge was recognized during the period. The quantitative assessment for spectrum licenses estimated the fair value using a market approach, which observed pricing of recent sales of similar assets. As a result of this assessment, management concluded that the estimated fair value of the spectrum licenses was equal to the carrying value. As such, no impairment charge was recognized during the period.
Long-lived assets	Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets held for use are amortized or depreciated over their estimated useful lives, as summarized in the respective notes below. These assets are evaluated for impairment based on the identification of one consolidated asset group. We evaluated our asset groups for impairment during the fourth quarter of 2025 and concluded that there were no indicators that an asset group impairment was more likely than not
Debt issuance costs	Shentel records debt issuance costs on the Company’s consolidated balance sheets for incremental costs that are directly attributable to the issuance of debt. Debt issuance costs are recorded and presented as either assets or contra-liabilities in prepaid expenses and other, deferred changes and other assets, current maturities of long-term debt, net of unamortized loan fees, or long-term debt, less current maturities, net of unamortized loan fees. Debt issuance costs recorded and presented as an asset represent amounts allocated to undrawn commitments, while debt issuance costs recorded and presented as a contra-liability represent amounts allocated to outstanding borrowed amounts. Debt issuance costs recorded as assets are amortized on a straight-line basis. Debt issuance costs recorded as contra-liabilities are amortized based on the effective interest method along with the associated borrowing.
Leases	The Company leases various telecommunications sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company’s incremental borrowing rate in order to measure the lease liability and right-of-use asset. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.
Leases	The Company leases various telecommunications sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company’s incremental borrowing rate in order to measure the lease liability and right-of-use asset. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.
Income taxes	The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, taxable income in prior carryback years if available and tax planning strategies in making this assessment. Based upon the level of historical taxable income, projections for future taxable income over the periods for which the deferred tax assets are deductible, and the option to elect out of bonus depreciation on in-serviced fixed assets, the Company believes it more likely than not that the net deferred tax assets will be realized. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the tax return. Changes in the estimate are recorded in the period in which such determination is made.
Stock-based compensation	The cost of employee services received in exchange for share-based awards classified as equity is measured using the estimated fair value of the award on the date of the grant, and the related expense is recorded over the recipient’s respective service period. The fair value for the Company’s RSUs are determined using the Company’s stock price and the fair value for the Company’s RTSR awards are determined using a Monte Carlo simulation. The Company records forfeitures for its RSUs and RTSRs as they occur. Certain of the Company’s share-based awards contain retirement clauses which state that awards will continue to vest without the requirement of continuous employment after a participant achieves certain service- and age-based requirements (“Retirement Eligibility”). The Company accelerates expense associated with eligible awards for employees who have achieved Retirement Eligibility on the later of the grant date or the date in which Retirement Eligibility is achieved.
Government grants	Shentel receives grants from the U.S. Government and its agencies, as well as various state governments under various programs designed to fund telecommunications operations and broadband infrastructure expansion into rural or underserved areas. The grant programs are evaluated to determine if they represent grants related to revenue or capital expenditures. Grants for revenue and operating activities are recorded as RLEC & Other revenue, which is a category within service revenue and other in the Company’s consolidated statements of operations as the services are provided. Grants for capital expenditures are recorded as a reduction to the corresponding property, plant and equipment asset balance and are recognized through a reduction in depreciation expense over the life of the corresponding asset in the Company’s consolidated statements of operations. Government grants related to revenue and operations are classified as operating cash inflows and grants for capital expenditures are classified as investing cash inflows. The Company monitors government grants for requirements to ensure that conditions related to grants have been met and there is reasonable assurance that the Company will be able to retain the grant proceeds and to ensure that any contingencies that may arise from not meeting the conditions are appropriately recognized. See Note 15, Government Grants for additional information.
Segments	Shentel’s Chief Executive Officer represents the Company’s chief operating decision maker (“CODM”). The CODM regularly reviews the Company’s results to assess performance and allocates resources at a consolidated level. All of Shentel’s services are delivered through an integrated network. Furthermore, the decision to allocate resources is made at the consolidated level. As such, management has identified one operating segment, Broadband, which is the Company’s reportable segment under this organizational and reporting structure.
New Accounting Standards	In December 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” (“ASU 2023-09”). This accounting update requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The Company has adopted this ASU and has included the required disclosures within these consolidated financial statements. See Note 12, Income Taxes for additional information. In November 2024, FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)” (“ASU 2024-03”). This accounting update requires disclosure of disaggregated expense in prescribed categories underlying any relevant income statement expense caption. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the impact of adopting ASU 2024-03 on the consolidated financial statements and related disclosures. The Company expects the adoption of the standard to result in additional disaggregation of expense captions within its note disclosures. In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”). This accounting update establishes guidance for the recognition, measurement, presentation and disclosure of government grants. The updated requirements are effective for public business entities for annual reporting periods beginning after December 15, 2028, and interim periods therein, with early adoption permitted. The Company is currently assessing the impact of adopting ASU 2025-10 on its consolidated financial statements and related disclosures.

Discontinued Operations - Narrative (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Millions		12 Months Ended
	Mar. 29, 2025	Dec. 31, 2024	Mar. 29, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Incremental selling costs		$ 4.4
Tower Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds			$ 309.9
Proceeds from sale of real estate portfolio	$ 305.8

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Costs

The components of lease costs were as follows:


	Classification	Years Ended December 31,
(in thousands)		2025		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation	$	726	$	665	$	477
Interest on lease liabilities	Interest expense	103		95		78
Operating lease cost	Operating expense1	4,382		4,316		3,054
Lease cost		$	5,211	$	5,076	$	3,609

_________________________________________

(1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility.


	December 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.3	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	17.3		9.0
Weighted average discount rate	6.5	%	5.3	%


	Years Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for operating lease liabilities	$	4,526	$	4,480	$	3,218
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$	1,731	$	2,250	$	1,968

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at December 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2026	$	3,616	$	443	$	4,059
2027	2,569		246		2,815
2028	2,140		202		2,342
2029	1,751		206		1,957
2030	1,502		206		1,708
2031 and thereafter	6,544		3,272		9,816
Total lease payments	18,122		4,575		22,697
Less: interest	(4,671)		(2,336)		(7,007)
Present value of lease liabilities	$	13,451	$	2,239	$	15,690

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at December 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2026	$	3,616	$	443	$	4,059
2027	2,569		246		2,815
2028	2,140		202		2,342
2029	1,751		206		1,957
2030	1,502		206		1,708
2031 and thereafter	6,544		3,272		9,816
Total lease payments	18,122		4,575		22,697
Less: interest	(4,671)		(2,336)		(7,007)
Present value of lease liabilities	$	13,451	$	2,239	$	15,690

Schedule of Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2025:


(in thousands)	Operating Leases
2026	$	4,047
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,710
Total	$	32,264

Stock Compensation and Earnings per Share - Schedule of Share-Based Payment Arrangement, Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs)
Number of Shares
Outstanding awards, beginning of period (in shares)	875	825	649
Granted (in shares)	756	403	385
Vested (in shares)	(369)	(308)	(200)
Forfeited (in shares)	(75)	(45)	(9)
Outstanding awards, end of period (in shares)	1,187	875	825
Weighted Average Grant Price
Outstanding awards, beginning of period weighted average grant price (in dollars per share)	$ 20.63	$ 21.16	$ 23.39
Granted, weighted average grant price (in dollars per share)	12.06	20.22	19.05
Vested, weighted average grant price (in dollars per share)	20.58	21.74	25.01
Forfeited, weighted average grant price (in dollars per share)	17.39	19.44	21.67
Outstanding awards, end of period weighted average grant price (in dollars per share)	$ 15.39	$ 20.63	$ 21.16
Relative Total Shareholder Return Awards
Number of Shares
Outstanding awards, beginning of period (in shares)	259	293	202
Granted (in shares)	246	136	134
Vested (in shares)	(71)	(32)	(30)
Forfeited (in shares)	(74)	(138)	(13)
Outstanding awards, end of period (in shares)	360	259	293
Weighted Average Grant Price
Outstanding awards, beginning of period weighted average grant price (in dollars per share)	$ 22.96	$ 25.80	$ 29.46
Granted, weighted average grant price (in dollars per share)	12.31	22.30	23.64
Vested, weighted average grant price (in dollars per share)	23.64	34.05	36.27
Forfeited, weighted average grant price (in dollars per share)	21.93	25.74	36.27
Outstanding awards, end of period weighted average grant price (in dollars per share)	$ 15.77	$ 22.96	$ 25.80

Debt - Schedule of Credit Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 642,405	$ 417,957
Less: unamortized loan fees	(14,168)	(1,078)
Total debt, net of unamortized loan fees	628,237	416,879
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 75,000	$ 0
Interest rate	6.19%
Weighted-average interest rate		6.42%
Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Interest rate	5.64%
Total debt	$ 489,142	$ 0
Class B Notes
Debt Instrument [Line Items]
Interest rate	6.03%
Total debt	$ 78,263	0
Shentel Broadband Term loan A-1
Debt Instrument [Line Items]
Total debt	0	144,451
Shentel Broadband Term loan A-2
Debt Instrument [Line Items]
Total debt	0	148,506
Shentel Broadband Term loan A-3
Debt Instrument [Line Items]
Total debt	$ 0	$ 125,000

Nature of Operations (Details)		1 Months Ended	12 Months Ended
Nature of Operations (Details)	Dec. 05, 2025 USD ($)	Apr. 30, 2025 USD ($) home customer	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Total debt			$ 417,957,000	$ 642,405,000
Asset Purchase Agreement
Debt Instrument [Line Items]
Asset acquisition, consideration transferred		$ 5,000,000
Number of homes \| home		1,500
Number of customers \| customer		700
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt			0	75,000,000
Long-term line of credit				$ 7,200,000
Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Interest rate				5.64%
Total debt			0	$ 489,142,000
Class B Notes
Debt Instrument [Line Items]
Interest rate				6.03%
Total debt			$ 0	$ 78,263,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175,000,000.0			175,000,000.0
Long-term line of credit	$ 75,000,000.0
Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Line of Credit \| Revolving Credit Facility \| Shentel Broadband Operations LLC
Debt Instrument [Line Items]
Maximum borrowing capacity				150,000,000
Line of Credit \| Class A-1-L notes \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000.0
Line of Credit \| Delayed Draw Liquidity Funding Note \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Maximum borrowing capacity	$ 25,000,000
Notes Payable \| Secured Fiber Network Revenue Term Notes Member
Debt Instrument [Line Items]
Face amount	567,400,000
Notes Payable \| Variable Funding Note Facility
Debt Instrument [Line Items]
Face amount				175,000,000.0
Basis spread on variable rate			1.75%
Total debt				$ 0
Notes Payable \| Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Face amount	$ 489,100,000
Interest rate	5.64%
Total debt	$ 489,100,000
Notes Payable \| Class B Notes
Debt Instrument [Line Items]
Face amount	$ 78,300,000
Interest rate	6.03%
Total debt	$ 78,300,000

Leases - Schedule of Expected Maturity of Lease Liabilities, Financing (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 3,616
2027	2,569
2028	2,140
2029	1,751
2030	1,502
2031 and thereafter	6,544
Total lease payments	18,122
Less: interest	(4,671)
Present value of lease liabilities	13,451
Finance Leases
2026	443
2027	246
2028	202
2029	206
2030	206
2031 and thereafter	3,272
Total lease payments	4,575
Less: interest	(2,336)
Present value of lease liabilities	2,239
Total
2026	4,059
2027	2,815
2028	2,342
2029	1,957
2030	1,708
2031 and thereafter	9,816
Total lease payments	22,697
Less: interest	(7,007)
Present value of lease liabilities	$ 15,690
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (32,943)	$ 193,817	$ 8,038
Income from discontinued operations, net of tax	0	222,174	7,022
(Loss) income from continuing operations	(32,943)	(28,357)	1,016
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	129,677	96,908	62,878
Amortization of intangible assets	1,936	1,545	490
Provision for credit losses	1,452	2,132	2,852
Stock-based compensation expense, net of amount capitalized	9,590	9,837	10,033
Deferred income taxes	(9,463)	(9,759)	2,973
Impairment expense	0	382	2,552
Gain on sale of FCC spectrum licenses	0	0	(1,328)
Other, net	(52)	626	(462)
Changes in assets and liabilities, net of effects of business acquisition:
Accounts receivable	413	(2,452)	(143)
Current income taxes	973	1,382	25,532
Operating lease assets and liabilities, net	(914)	(361)	65
Other assets	(868)	(3,268)	4,879
Accounts payable	1,029	(2,240)	(2,959)
Other deferrals and accruals	2,441	3,004	(4,048)
Net cash provided by operating activities - continuing operations	103,271	69,379	104,330
Net cash (used in) provided by operating activities - discontinued operations	(2,273)	(6,812)	9,444
Net cash provided by operating activities	100,998	62,567	113,774
Cash flows from investing activities:
Capital expenditures	(358,919)	(319,070)	(255,070)
Government grants received	62,515	19,238	1,904
Proceeds from escrow related to business acquisition	6,471	0	0
Cash disbursed for acquisition, net of cash acquired	(5,000)	(347,411)	0
Proceeds from the sale of FCC spectrum licenses	0	0	17,300
Proceeds from sale of assets and other	269	2,010	655
Net cash used in investing activities - continuing operations	(294,664)	(645,233)	(235,211)
Net cash provided by (used in) investing activities - discontinued operations	0	305,827	(1,480)
Net cash used in investing activities	(294,664)	(339,406)	(236,691)
Cash flows from financing activities:
Principal payments on long-term debt	(592,956)	(7,044)	0
Proceeds from credit facility borrowings	816,736	125,000	225,000
Payments for debt issuance and amendment costs	(18,691)	(4,570)	(300)
Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid	0	79,380	0
Dividends paid	(6,445)	(5,805)	(4,523)
Taxes paid for equity award issuances	(1,035)	(1,727)	(1,387)
Payments for financing arrangements and other	(2,011)	(1,378)	(679)
Net cash provided by financing activities	195,598	183,856	218,111
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,932	(92,983)	95,194
Cash, cash equivalents, and restricted cash, beginning of period	46,272	139,255	44,061
Cash, cash equivalents, and restricted cash, end of period	48,204	46,272	139,255
Supplemental Disclosures of Cash Flow Information
Interest paid, net of amounts capitalized	$ (20,798)	$ (12,075)	$ (3,026)

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Apr. 01, 2024
Business Combination [Line Items]
Goodwill	$ 67,538	$ 67,055
Horizon Acquisition Parent LLC
Business Combination [Line Items]
Current and other assets			$ 11,795
Property, plant and equipment			380,101
Goodwill			63,811
Intangible assets			14,249
Operating lease right-of-use assets			7,792
Other long-term assets			1,843
Total assets acquired			479,591
Current liabilities			16,164
Deferred tax liabilities			25,427
Non-current operating lease liabilities			4,706
Government grant liabilities			7,122
Other long-term liabilities			9,978
Total liabilities assumed			63,397
Net assets acquired			$ 416,194

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases various broadband network sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Years Ended December 31,
(in thousands)		2025		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation	$	726	$	665	$	477
Interest on lease liabilities	Interest expense	103		95		78
Operating lease cost	Operating expense1	4,382		4,316		3,054
Lease cost		$	5,211	$	5,076	$	3,609

_________________________________________

(1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities at December 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2026	$	3,616	$	443	$	4,059
2027	2,569		246		2,815
2028	2,140		202		2,342
2029	1,751		206		1,957
2030	1,502		206		1,708
2031 and thereafter	6,544		3,272		9,816
Total lease payments	18,122		4,575		22,697
Less: interest	(4,671)		(2,336)		(7,007)
Present value of lease liabilities	$	13,451	$	2,239	$	15,690


	December 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.3	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	17.3		9.0
Weighted average discount rate	6.5	%	5.3	%


	Years Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for operating lease liabilities	$	4,526	$	4,480	$	3,218
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$	1,731	$	2,250	$	1,968

The Company recognized $6.8 million, $5.8 million and $2.6 million of operating lease revenue for the years ended December 31, 2025, 2024 and 2023, respectively, related to the dedicated fiber optic strands that we lease to our customers, which is included in service revenue and other in the consolidated statements of operations. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2025:


(in thousands)	Operating Leases
2026	$	4,047
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,710
Total	$	32,264

Leases

The Company leases various broadband network sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Years Ended December 31,
(in thousands)		2025		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation	$	726	$	665	$	477
Interest on lease liabilities	Interest expense	103		95		78
Operating lease cost	Operating expense1	4,382		4,316		3,054
Lease cost		$	5,211	$	5,076	$	3,609

_________________________________________

(1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities at December 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2026	$	3,616	$	443	$	4,059
2027	2,569		246		2,815
2028	2,140		202		2,342
2029	1,751		206		1,957
2030	1,502		206		1,708
2031 and thereafter	6,544		3,272		9,816
Total lease payments	18,122		4,575		22,697
Less: interest	(4,671)		(2,336)		(7,007)
Present value of lease liabilities	$	13,451	$	2,239	$	15,690


	December 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.3	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	17.3		9.0
Weighted average discount rate	6.5	%	5.3	%


	Years Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for operating lease liabilities	$	4,526	$	4,480	$	3,218
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$	1,731	$	2,250	$	1,968

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2025:


(in thousands)	Operating Leases
2026	$	4,047
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,710
Total	$	32,264

Leases

The Company leases various broadband network sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Years Ended December 31,
(in thousands)		2025		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation	$	726	$	665	$	477
Interest on lease liabilities	Interest expense	103		95		78
Operating lease cost	Operating expense1	4,382		4,316		3,054
Lease cost		$	5,211	$	5,076	$	3,609

_________________________________________

(1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities at December 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2026	$	3,616	$	443	$	4,059
2027	2,569		246		2,815
2028	2,140		202		2,342
2029	1,751		206		1,957
2030	1,502		206		1,708
2031 and thereafter	6,544		3,272		9,816
Total lease payments	18,122		4,575		22,697
Less: interest	(4,671)		(2,336)		(7,007)
Present value of lease liabilities	$	13,451	$	2,239	$	15,690


	December 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.3	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	17.3		9.0
Weighted average discount rate	6.5	%	5.3	%


	Years Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for operating lease liabilities	$	4,526	$	4,480	$	3,218
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$	1,731	$	2,250	$	1,968

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2025:


(in thousands)	Operating Leases
2026	$	4,047
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,710
Total	$	32,264

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 829	$ 1,156
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	54,899,000	54,605,000
Common stock, shares outstanding (in shares)	54,899,000	54,605,000

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Activity Type

The Company’s revenues by activity type were as follows:


(in thousands)	2025		2024		2023
Residential & SMB - Incumbent Broadband Markets1	$	169,668	$	174,795	$	174,710
Residential & SMB - Glo Fiber Expansion Markets2	82,558		57,872		35,103
Commercial Fiber	79,315		70,057		44,301
RLEC & Other	26,313		25,334		15,017
Service revenue and other	$	357,854	$	328,058	$	269,131

_______________________________________________________

1.Incumbent Broadband Markets consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings.

2.Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets.


(in thousands)	2025		2024		2023
Revenue from contracts with customers (ASC 606)	$	351,069	$	322,220	$	266,490
Income from leasing arrangements (ASC 842)	6,785		5,838		2,641
Service revenue and other	$	357,854	$	328,058	$	269,131

Schedule of Amortized and Capitalized Contract Cost

The following tables present the activity of current and non-current contract assets:


(in thousands)	2025		2024
Beginning Balance	$	10,251	$	8,633
Commission payments	6,750		4,857
Contract asset amortization	(3,895)		(3,239)
Ending Balance	$	13,106	$	10,251

Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments

Investments consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
SERP investments at fair value	$	3,056	$	2,670
Cost method investments	13,250		12,813
Equity method investments	204		226
Total investments	$	16,510	$	15,709

SERP investments at fair value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy.

Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $12.6 million and $12.1 million at December 31, 2025 and 2024, respectively. Shentel recognized approximately $2.8 million, $1.7 million and $0.5 million of patronage income in other income, net in 2025, 2024 and 2023, respectively. The Company expects that approximately 75% of the patronage distributions will be collected in cash and 25% in equity, to be paid and distributed in 2026.

Other Assets and Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

Prepaid expenses and other, classified as current assets, included the following:


(in thousands)	December 31, 2025		December 31, 2024
Prepaid maintenance expenses	$	7,055	$	7,437
Broadband contract acquisition costs	3,818		3,165
Other	4,325		6,680
Prepaid expenses and other	$	15,198	$	17,282

Deferred charges and other assets, classified as long-term assets, included the following:


(in thousands)	December 31, 2025		December 31, 2024
Broadband contract acquisition costs	$	9,288	$	7,086
Prepaid expenses and other	9,364		7,149
Deferred charges and other assets	$	18,652	$	14,235

Accrued liabilities and other, classified as current liabilities, included the following:


(in thousands)	December 31, 2025		December 31, 2024
Accrued programming costs	$	3,232	$	4,227
Other current liabilities	10,847		7,873
Accrued liabilities and other	$	14,079	$	12,100

Other liabilities, classified as long-term liabilities, included the following:


(in thousands)	December 31, 2025		December 31, 2024
Noncurrent portion of deferred revenue	$	27,246	$	26,809
Other	5,094		6,716
Other liabilities	$	32,340	$	33,525

Implementation Activities

During 2024, as a result of the Horizon Transaction, we implemented an integration plan in which certain employees were notified their positions were being eliminated. Shentel incurred $2.9 million in severance expense for the year ended December 31, 2024 related to this integration, included in restructuring, integration and acquisition expense in the consolidated statements of operations, and made $0.8 million and $2.1 million in severance payments for the years ended December 31, 2025 and 2024, respectively.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt - Fair Value Disclosure (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Fair value	$ 494,278
Class B Notes
Debt Instrument [Line Items]
Fair value	$ 77,676

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Shentel is committed to make payments to satisfy its lease liabilities. The scheduled payments under those obligations are summarized in Note 9, Leases. Shentel also has outstanding unconditional purchase commitments to procure programming, marketing services and IT software licenses through 2029. For the years ended December 31, 2025, 2024 and 2023 we paid $7.5 million, $6.1 million and $4.6 million, respectively, for the programming, marketing and IT software license purchase commitments. The Company is obligated to make the following future minimum payments under the non-cancelable terms of these commitments as of December 31, 2025:


(in thousands)	Purchase Commitments
2026	$	5,885
2027	3,018
2028	657
2029	397


Total	$	9,957

From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the

matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not believe that the final outcome of any matters that we are currently involved in are reasonably likely to have a material adverse effect on our business, financial condition, results of operations or cash flows.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Proceeds from income tax refunds		$ 1,300,000	$ 25,600,000
Income taxes paid, net	$ 2,050,000	8,400,000	100,000
Deferred tax assets, operating loss carryforwards, state and local	117,691,000	64,599,000
Valuation allowance		0	$ 523,000
Valuation allowance on deferred tax	0	0
Unrecognized tax benefits	0	$ 0
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	519,700,000
Domestic Tax Jurisdiction \| Subject to Expiration After 2027
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	508,300,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 187,300,000

Summary of Significant Accounting Policies - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 4,150	$ 4,945
Supplemental executive retirement plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	3,190	2,812
Postretirement medical benefits plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	960	1,889
Pension plan obligation
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 0	$ 244

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Federal and State Income Taxes

The provision for the federal and state income taxes attributable to (loss) income from continuing operations consisted of the following components:


	Years Ended December 31,
(in thousands)	2025			2024			2023
Current expense (benefit)
Federal taxes	$	(110)		$	—		$	(2,707)
State taxes	660			89			(680)
Total current provision	550			89			(3,387)
Deferred (benefit) expense
Federal taxes	(7,032)			(5,238)			4,564
State taxes	(2,431)			(4,521)			(676)
Total deferred (benefit) expense	(9,463)			(9,759)			3,888
Income tax (benefit) expense	$	(8,913)		$	(9,670)		$	501
Effective tax rate	21.3		%	25.4		%	33.0		%

Schedule of Reconciliation of Income Taxes

The following table is a reconciliation of income tax (benefit) expense determined by applying the federal and state tax rates to (loss) income from continuing operations before income taxes for the year ended December 31, 2025:


(in thousands)	Amount		Percent
Expected tax (benefit) expense at federal statutory	$	(8,790)	21.0	%
State income tax (benefit) expense, net of federal tax effect1	(1,399)		3.3	%
Nontaxable and nondeductible items:
Excess tax deficiency from share-based compensation	1,142		(2.7)	%
Other	134		(0.3)	%
Income tax (benefit) expense	$	(8,913)	21.3	%

_______________________________________________________

1.For the year ended December 31, 2025, Virginia made up greater than 50% of the state income taxes in this category.

A reconciliation of income tax (benefit) expense determined by applying the federal and state tax rates to (loss) income from continuing operations before income taxes for the years ended December 31, 2024 and 2023, is as follows:


	Years Ended December 31,
(in thousands)	2024		2023
Expected tax (benefit) expense at federal statutory	$	(7,986)	$	319
State income tax (benefit) expense, net of federal tax effect	(3,159)		268
Revaluation of deferred tax liabilities	—		(1,373)
Excess tax deficiency from share-based compensation and other expense, net	1,475		764
Valuation allowance	—		523
Income tax (benefit) expense	$	(9,670)	$	501

Schedule of Cash Flow, Supplemental Disclosures

The following table presents income taxes paid (net of refunds received) by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025:


(in thousands)	Income Taxes Paid
Federal	$	936
US state and local
Pennsylvania	930
Virginia	120
Other	64
Total	$	2,050

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the year of reversal or settlement and arise from temporary differences between the US GAAP and tax bases of the following assets and liabilities:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$	117,691	$	64,599
Business interest limitation carryforwards	15,659		11,669
Accruals and stock-based compensation	4,552		5,274
Leases	4,395		4,399
Other	12,575		12,020
Total gross deferred tax assets	154,872		97,961
Less valuation allowance	—		—
Net deferred tax assets	154,872		97,961

Deferred tax liabilities:
Property, plant and equipment	285,250		239,180
Intangible assets	18,386		17,866
Leases	5,406		5,356
Prepaid assets and other	3,448		3,275
Total gross deferred tax liabilities	312,490		265,677
Net deferred tax liabilities	$	157,618	$	167,716

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	December 31, 2025		December 31, 2024
Land		$	4,498	$	4,514
Land improvements	10 years	3,699		3,717
Buildings and structures	10 - 45 years	54,562		52,706
Cable and fiber	12 - 30 years	1,519,669		1,294,689
Equipment and software	4 - 12 years	476,939		417,057
Plant in service		2,059,367		1,772,683
Plant under construction		181,060		207,428
Total property, plant and equipment		2,240,427		1,980,111
Less: accumulated depreciation and amortization		(638,818)		(541,573)
Property, plant and equipment, net		$	1,601,609	$	1,438,538

Government Grants (Details) - USD ($) $ in Thousands		12 Months Ended
Government Grants (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Government Assistance [Line Items]
Government grants received		$ 62,515	$ 19,238	$ 1,904
Grants receivable		10,500	300
Shentel Broadband Operations LLC
Government Assistance [Line Items]
Government grants received		9,000
Broadband Network Grants
Government Assistance [Line Items]
Increase (decrease) in grants receivable		151,200
Increase (decrease) in grants available			49,600
OHIO \| Horizon Transaction
Government Assistance [Line Items]
Grants receivable		$ 2,600	$ 3,700
Increase in project costs	$ 57,400
Government assistance, award amount	30,100
Government grant paid to horizon up-front	$ 18,000

Summary of Significant Accounting Policies - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 1,156	$ 886	$ 776
Recoveries added to allowance	299	599	424
Provision for Credit Losses	1,452	2,132	2,852
Write-offs	(2,078)	(2,461)	(3,166)
Balance at End of Year	$ 829	$ 1,156	$ 886

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company, completed the initial closing of its previously disclosed sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC (Vertical Bridge) for $309.9 million (the “Tower Transaction”). The Company received $305.8 million, net of certain transaction costs at the time of the closing.

The Tower Portfolio represented substantially all of the assets and operations in Shentel’s previously reported Tower Reporting Segment and the Tower Transaction represented a strategic shift in the Company’s business. Consequently, the Tower Portfolio has been reclassified as a discontinued operation. For all periods presented, operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our consolidated statements of operations and consolidated statements of cash flows, including tax return extension payments made in 2025 related to the Tower Transaction.

Income from discontinued operations, net of tax in the consolidated statements of operations consisted of the following for years ended December 31, 2024 and 2023:


(in thousands)	2024		2023
Service revenue and other	$	4,542	$	18,635
Operating expenses:
Cost of services	1,059		5,625
Selling, general and administrative	572		1,412
Depreciation and amortization	222		2,104
Total operating expenses	1,853		9,141
Operating income	2,689		9,494
Other income:
Gain on sale of disposition of Tower Portfolio	294,250		—
Other expense	(81)		—
Income before income taxes	296,858		9,494
Income tax expense	74,684		2,472
Income from discontinued operations, net of tax	$	222,174	$	7,022

Consummation of the sale triggered the recognition of approximately $4.4 million of incremental transaction costs during the year ended December 31, 2024, for contingent deal advisory fees and legal expenses, which are netted against the gain on sale of disposition of Tower Portfolio.

Debt - Schedule of Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 36,055	$ 24,415	$ 9,633
Less: capitalized interest	(10,681)	(8,518)	(5,421)
Interest expense, net of capitalized interest	$ 25,374	$ 15,897	$ 4,212

Summary of Significant Accounting Policies - VIE Arrangements Included In The Company’s Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Restricted cash and cash equivalents	$ 20,945	$ 0
Accounts receivable	31,497	29,722
Prepaid expenses and other	15,198	17,282
Property, plant and equipment, net	1,601,609	1,438,538
Intangible assets, net	89,353	90,668
Operating lease right-of-use assets	19,657	19,548
Deferred charges and other assets	18,652	14,235
Total assets	1,910,762	1,740,273
Current liabilities:
Accounts payable	61,355	57,820
Advanced billings and customer deposits	16,909	16,104
Accrued compensation	13,334	16,283
Current operating lease liabilities	2,819	3,060
Accrued liabilities and other	14,079	12,100
Long-term debt, less current maturities, net of unamortized loan fees	628,237	407,675
Non-current operating lease liabilities	10,632	10,794
Other liabilities	32,340	$ 33,525
Variable Interest Entity, Primary Beneficiary
ASSETS
Restricted cash and cash equivalents	20,945
Accounts receivable	12,580
Prepaid expenses and other	5,344
Property, plant and equipment, net	793,874
Intangible assets, net	8,234
Operating lease right-of-use assets	10,199
Deferred charges and other assets	129,635
Total assets	980,811
Current liabilities:
Accounts payable	7,561
Advanced billings and customer deposits	8,953
Current operating lease liabilities	1,236
Accrued liabilities and other	2,658
Long-term debt, less current maturities, net of unamortized loan fees	554,288
Non-current operating lease liabilities	4,925
Other liabilities	28,703
Liabilities	$ 608,324

Debt - Narrative (Details) - USD ($)		12 Months Ended
Debt - Narrative (Details) - USD ($)	Dec. 05, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs		$ 18,691,000	$ 4,570,000	$ 300,000
Commitment fees		800,000	900,000	$ 500,000
Total debt		$ 642,405,000	417,957,000
Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Interest rate		5.64%
Total debt		$ 489,142,000	0
Shentel Issuer Class A-2 Notes \| Notes Payable
Debt Instrument [Line Items]
Face amount	$ 489,100,000
Interest rate	5.64%
Total debt	$ 489,100,000
Class B Notes
Debt Instrument [Line Items]
Interest rate		6.03%
Total debt		$ 78,263,000	0
Class B Notes \| Notes Payable
Debt Instrument [Line Items]
Face amount	$ 78,300,000
Interest rate	6.03%
Total debt	$ 78,300,000
Shentel Broadband Term loan A-1
Debt Instrument [Line Items]
Total debt		0	144,451,000
Shentel Broadband Term loan A-2
Debt Instrument [Line Items]
Total debt		0	$ 148,506,000
Previous Credit Agreements
Debt Instrument [Line Items]
Loss on extinguishment		1,200,000
ABS Notes and Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs	18,700,000
Amortization of debt issuance costs	4,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Weighted-average interest rate			6.42%
Long-term line of credit		7,200,000
Total debt		75,000,000	$ 0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	175,000,000.0	175,000,000.0
Proceeds from the issuance	75,000,000.0
Long-term line of credit	75,000,000.0
Revolving Credit Facility \| Line of Credit \| Shentel Broadband Operations LLC
Debt Instrument [Line Items]
Maximum borrowing capacity		150,000,000
Revolving Credit Facility \| Variable Funding Notes \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175,000,000.0
Remaining borrowing capacity		44,300,000
Funding amounts due and payable for certain priority of payments	6.25
Revolving Credit Facility \| Class A-1-L notes \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000.0
Delayed Draw Term Loan (DDTL) \| Line of Credit \| Shentel Broadband Operations LLC
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 525,000,000

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of operating segments \| segment	1
Service revenue and other	$ 357,854	$ 328,058	$ 269,131
Cost of services exclusive of depreciation and amortization	130,118	128,112	100,850
Selling, general and administrative	118,187	115,193	99,304
Stock-based compensation expense, net of amount capitalized	9,590	9,837	10,033
Restructuring, integration and acquisition	1,173	14,509	2,915
Depreciation and amortization	131,613	98,835	65,920
Interest expense	25,374	15,897	4,212
Other income, net	6,755	6,461	5,587
Income tax (benefit) expense	(8,913)	(9,670)	501
(Loss) income from continuing operations	(32,943)	(28,357)	1,016
Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Service revenue and other	357,854	328,058	269,131
Cost of services exclusive of depreciation and amortization	130,118	128,112	100,850
Selling, general and administrative	108,597	105,356	89,271
Adjusted EBITDA	119,139	94,590	79,010
Stock-based compensation expense, net of amount capitalized	9,590	9,837	10,033
Restructuring, integration and acquisition	1,173	14,509	2,915
Depreciation and amortization	131,613	98,835	65,920
Interest expense	25,374	15,897	4,212
Other income, net	(6,755)	(6,461)	(5,587)
Income tax (benefit) expense	(8,913)	(9,670)	501
(Loss) income from continuing operations	$ (32,943)	$ (28,357)	$ 1,016

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill, Gross	$ 67,538	$ 67,055
Goodwill	67,538	67,055
Non-amortizing intangibles	77,013	76,982
Gross carrying amount	43,549	42,957
Accumulated amortization and other	(31,209)	(29,271)
Net	12,340	13,686
Total goodwill and intangible assets	188,100	186,994
Intangible assets, net	156,891	157,723
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	43,012	42,447
Accumulated amortization and other	(30,792)	(28,882)
Net	12,220	13,565
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	537	510
Accumulated amortization and other	(417)	(389)
Net	120	121
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334	64,334
FCC spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	12,122	12,122
Railroad crossing rights and other
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 557	$ 526

Income Taxes - Schedule of Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Expected tax (benefit) expense at federal statutory	$ (8,790)	$ (7,986)	$ 319
State income tax (benefit) expense, net of federal tax effect	(1,399)	(3,159)	268
Revaluation of deferred tax liabilities		0	(1,373)
Excess tax deficiency from share-based compensation	1,142	1,475	764
Other	134
Valuation allowance		0	523
Income tax (benefit) expense	$ (8,913)	$ (9,670)	$ 501
Percent
Expected tax (benefit) expense at federal statutory	21.00%
State income tax (benefit) expense, net of federal tax effect	3.30%
Excess tax deficiency from share-based compensation	(2.70%)
Other	(0.30%)
Effective tax rate	21.30%	25.40%	33.00%

Derivatives and Hedging - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 918,583	$ 652,670	$ 638,007
Ending balance	880,783	918,583	652,670
Gain on Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2,487	2,241	0
Net change in unrealized gain	173	2,420	2,241
Amounts reclassified from accumulated other comprehensive income	(2,660)	(2,174)
Net current period other comprehensive income (loss)	(2,487)	246
Ending balance	0	2,487	2,241
Income tax expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(634)	(573)	0
Net change in unrealized gain	(47)	(570)	(573)
Amounts reclassified from accumulated other comprehensive income	681	509
Net current period other comprehensive income (loss)	634	(61)
Ending balance	0	(634)	(573)
Accumulated Other Comprehensive Income, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,853	1,668	0
Net change in unrealized gain	126	1,850	1,668
Amounts reclassified from accumulated other comprehensive income	(1,979)	(1,665)
Net current period other comprehensive income (loss)	(1,853)	185
Ending balance	$ 0	$ 1,853	$ 1,668

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 117,691,000	$ 64,599,000
Business interest limitation carryforwards	15,659,000	11,669,000
Accruals and stock-based compensation	4,552,000	5,274,000
Leases	4,395,000	4,399,000
Other	12,575,000	12,020,000
Total gross deferred tax assets	154,872,000	97,961,000
Less valuation allowance	0	0
Net deferred tax assets	154,872,000	97,961,000
Deferred tax liabilities:
Property, plant and equipment	285,250,000	239,180,000
Intangible assets	18,386,000	17,866,000
Leases	5,406,000	5,356,000
Prepaid assets and other	3,448,000	3,275,000
Total gross deferred tax liabilities	312,490,000	265,677,000
Net deferred tax liabilities	$ 157,618,000	$ 167,716,000

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

The assets and liabilities related to Shentel’s VIE arrangements included in the Company’s consolidated balance sheets were as follows:


(in thousands)	December 31, 2025
ASSETS

Restricted cash and cash equivalents	$	20,945
Accounts receivable	12,580
Prepaid expenses and other	5,344

Property, plant and equipment, net	793,874
Intangible assets, net	8,234
Operating lease right-of-use assets	10,199
Deferred charges and other assets	129,635
Total assets	$	980,811

LIABILITIES
Current liabilities:
Accounts payable	$	7,561
Advanced billings and customer deposits	8,953

Current operating lease liabilities	1,236
Accrued liabilities and other	2,658

Long-term debt, less current maturities, net of unamortized loan fees	554,288

Non-current operating lease liabilities	4,925
Other liabilities	28,703

Total liabilities	$	608,324

Schedule of Accounts Receivable, Allowance for Credit Loss

Changes in the Company’s allowance for credit losses for accounts receivable for the years ended December 31, 2025, 2024 and 2023 are summarized below:


(in thousands)	Balance at Beginning of Year		Recoveries added to allowance		Provision for Credit Losses		Write-offs		Balance at End of Year
Year Ended December 31, 2025
Allowance for credit losses	$	1,156	$	299	$	1,452	$	(2,078)	$	829
Year Ended December 31, 2024
Allowance for credit losses	$	886	$	599	$	2,132	$	(2,461)	$	1,156
Year Ended December 31, 2023
Allowance for credit losses	$	776	$	424	$	2,852	$	(3,166)	$	886

Schedule of Defined Benefit Plans Disclosures

Benefit plan obligations: The Benefit plan obligations caption includes the following:


($ in thousands)	December 31, 2025		December 31, 2024
Supplemental executive retirement plans	$	3,190	$	2,812
Postretirement medical benefits plans	960		1,889
Pension plan obligation	—		244
Total	$	4,150	$	4,945

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company operates as one segment. The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies.

During the third quarter of 2025, in conjunction with the change in Shentel’s CEO, the Company evaluated and concluded that the Chief Executive Officer role continues to represent the Company’s Chief Operating Decision Maker (“CODM”). The Company’s CODM assesses company performance at a consolidated level and decides how to allocate resources based on Earnings before Interest, Taxes, Depreciation and Amortization, as adjusted for certain non-recurring items, (“Adjusted EBITDA”) from continuing operations of the Broadband business.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses (loss) income from continuing operations and Adjusted EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the operations of the Company or for other purposes, such as for acquisitions or to pay dividends.

Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA to analyze the Company’s growth by monitoring current results versus prior year results. The analyses are used in assessing performance of the Company and in establishing management’s compensation.

Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as (loss) income from continuing operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment expense, other income (expense), net, interest income, interest expense, income tax expense (benefit), stock compensation expense, transaction costs related to acquisition and disposition events (including professional advisory fees, integration costs, and related compensatory matters), restructuring expense, tax on equity award vesting and exercise events, and other non-comparable items. The Company believes that the exclusion of the expense and income items eliminated in calculating Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of the Company’s core operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company’s ongoing operations. Accordingly, the Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating the Company’s operating results.

The following table summarizes the Company’s revenue, (loss) income from continuing operations, Adjusted EBITDA and significant expenses:


(in thousands)	2025		2024		2023
Service revenue and other	$	357,854	$	328,058	$	269,131
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	130,118		128,112		100,850
Selling, general and administrative exclusive of stock-based compensation	108,597		105,356		89,271
Adjusted EBITDA	119,139		94,590		79,010
Stock-based compensation expense, net of amount capitalized	9,590		9,837		10,033
Restructuring, integration and acquisition	1,173		14,509		2,915
Depreciation and amortization	131,613		98,835		65,920
Interest expense	25,374		15,897		4,212
Other benefit items	(6,755)		(6,461)		(5,587)
Income tax (benefit) expense	(8,913)		(9,670)		501
(Loss) income from continuing operations	$	(32,943)	$	(28,357)	$	1,016

Other benefit items included in (loss) income from continuing operations interest income, patronage income and benefit plan gains.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Redeemable Noncontrolling Interest	12 Months Ended
Redeemable Noncontrolling Interest	Dec. 31, 2025
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest As discussed in Note 2, Summary of Significant Accounting Policies, the Company must pay either a cash or PIK Dividend related to the Series A Preferred Stock on a quarterly basis. The Company paid four PIK Dividends during the year ended December 31, 2025, resulting in a $6.0 million increase in the liquidation preference. The Company paid two PIK Dividends during the year ended December 31, 2024, resulting in a $3.1 million increase in the liquidation preference. The liquidation preference was $90.1 million and $84.1 million as of December 31, 2025 and 2024, respectively. The Series A Preferred Stock also participates in dividends paid to common shareholders on an “as-converted” basis. As such, the Company paid $0.4 million and $0.3 million in participating dividends to the Series A Preferred Stock shareholder during the years ended December 31, 2025 and 2024, respectively. As described in Note 2, Summary of Significant Accounting Policies, the Series A Preferred Stock is exchangeable at the option of the Investor or Shentel in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share. As of December 31, 2025, the Series A Preferred Stock was exchangeable for 3,678,627 shares of Common Stock.

Commitments and Contingencies - Schedule of Purchase Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Purchase Commitments
2026	$ 5,885
2027	3,018
2028	657
2029	397
Total	$ 9,957

Derivatives and Hedging - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Jun. 30, 2023
Derivatives, Fair Value [Line Items]
Received a final settlement payment	$ 0.6
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate		2.90%
Derivative, notional amount		$ 150.0
Expected outstanding debt		50.00%

Stock Compensation and Earnings per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 10,463	$ 10,651	$ 10,823
Capitalized stock compensation	(873)	(814)	(790)
Stock compensation expense, net	$ 9,590	$ 9,837	$ 10,033

Derivatives and Hedging - Schedule of Derivative Financial Instruments as well as its Classification on the Consolidated Balance Sheet (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Prepaid expenses and other	$ 1,766
Deferred charges and other assets	721
Total fair value of derivatives designated as hedging instruments	$ 2,487
Derivate asset, statement of financial position [extensible enumeration]	Deferred charges and other assets, Prepaid expenses and other

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Government Grants	12 Months Ended
Government Grants	Dec. 31, 2025
Government Assistance [Abstract]
Government Grants	Government Grants Shentel engages with various governmental entities to receive awards under broadband infrastructure grant programs to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences in the partnering counties in Virginia, Maryland, West Virginia and Ohio. To receive such grant distributions, the Company entered into agreements with each partnering county in Virginia, Maryland, West Virginia and Ohio. These agreements outline certain build-out milestones. The constructed network is required to meet certain performance conditions to ensure that minimum download and upload speeds are able to be provided to the unserved residences. Shentel has been granted approximately $151.2 million in commitments under these grant programs. As of December 31, 2025, Shentel has $49.6 million of remaining available grant funding. As discussed in Note 2, Summary of Significant Accounting Policies, government assistance that is used to fund capital expenditures is recorded as a reduction to property, plant and equipment. Given the primary purpose of the programs listed above is to fund build-out of the Company’s broadband network, amounts recognized under these programs are recorded as a reduction to the related property, plant and equipment and cash receipts are presented as cash flows from investing activities in the Company’s consolidated statements of cash flows. The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. As a result of these programs, the Company received $62.5 million, $19.2 million and $1.9 million in cash reimbursements during the years ended December 31, 2025, 2024 and 2023, respectively, and had recorded approximately $10.5 million and $0.3 million in accounts receivable as of December 31, 2025 and 2024, respectively. Prior to the acquisition of Horizon, Horizon entered into agreements with the Department of Development in Ohio under the state’s Ohio Residential Broadband Expansion program. As part of these agreements, Horizon committed to expand its broadband network resulting in total project costs of $57.4 million, with government matching grants totaling $30.1 million. Approximately $18.0 million of the grant was paid to Horizon up-front, while the remainder will be paid upon the achievement of specified milestones. Shentel assumed these agreements as a result of the acquisition of Horizon and is therefore obligated under these programs to continue the build-out of this network. Shentel received an additional $9.0 million payment under this program during the year ended December 31, 2025. If Shentel fails to complete the build-out, Shentel may be required to repay a portion or all of the up-front grant payments. Consequently, the portion of the up-front grant payment associated with unfulfilled obligations is recorded in other liabilities in the Company’s consolidated balance sheets. Consistent with Shentel’s existing policy for accounting for government grants, the Company reclassifies amounts from other liabilities to reduce the related property, plant and equipment as the Company fulfills its obligations under this grant program. The balance related to this activity was $2.6 million and $3.7 million as of December 31, 2025 and 2024, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (32,943)	$ 193,817	$ 8,038
Other comprehensive income (loss):
Net change in unrealized gain	126	1,850	1,668
Amounts reclassified from accumulated other comprehensive income	(1,979)	(1,665)	0
Comprehensive (loss) income	(34,796)	194,002	9,706
Dividends on redeemable noncontrolling interest	6,449	3,429	0
Comprehensive (loss) income attributable to common shareholders	$ (41,245)	$ 190,573	$ 9,706

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

Other Assets and Accrued Liabilities - Schedule of Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,232	$ 4,227
Other current liabilities	10,847	7,873
Accrued liabilities and other	$ 14,079	$ 12,100

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 27,259	$ 46,272
Restricted cash and cash equivalents	20,945	0
Accounts receivable, net of allowance for credit losses of $829 and $1,156, respectively	31,497	29,722
Income taxes receivable	2,544	1,244
Prepaid expenses and other	15,198	17,282
Total current assets	97,443	94,520
Investments	16,510	15,709
Property, plant and equipment, net	1,601,609	1,438,538
Goodwill	67,538	67,055
Intangible assets, net	89,353	90,668
Operating lease right-of-use assets	19,657	19,548
Deferred charges and other assets	18,652	14,235
Total assets	1,910,762	1,740,273
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	0	9,204
Accounts payable	61,355	57,820
Advanced billings and customer deposits	16,909	16,104
Accrued compensation	13,334	16,283
Current operating lease liabilities	2,819	3,060
Accrued liabilities and other	14,079	12,100
Total current liabilities	108,496	114,571
Long-term debt, less current maturities, net of unamortized loan fees	628,237	407,675
Other long-term liabilities:
Deferred income taxes	157,618	167,716
Benefit plan obligations	4,150	4,945
Non-current operating lease liabilities	10,632	10,794
Other liabilities	32,340	33,525
Total other long-term liabilities	204,740	216,980
Commitments and contingencies (Note 16)
Temporary equity:
Redeemable noncontrolling interest	88,506	82,464
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 54,899 and 54,605 issued and outstanding at December 31, 2025 and 2024, respectively	0	0
Additional paid in capital	157,216	147,733
Retained earnings	723,567	768,997
Accumulated other comprehensive income, net of taxes	0	1,853
Total shareholders’ equity	880,783	918,583
Total liabilities, temporary equity and shareholders’ equity	$ 1,910,762	$ 1,740,273

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Shentel’s outstanding long-term debt obligations as of December 31, 2025 and 2024 are as follows:


(in thousands)	Interest Rates	December 31, 2025		December 31, 2024
Shentel Issuer Class A-2 Notes	5.64%	$	489,142	$	—
Shentel Issuer Class B Notes	6.03%	78,263		—
Shentel Broadband RCF	Floating(1)	75,000		—
Shentel Broadband Term loan A-1	Floating(1)	—		144,451
Shentel Broadband Term loan A-2	Floating(1)	—		148,506
Shentel Broadband Term loan A-3	Floating(1)	—		125,000
Total debt		642,405		417,957
Less: unamortized loan fees		(14,168)		(1,078)
Total debt, net of unamortized loan fees		$	628,237	$	416,879

Refinancing activities

Shentel Broadband, an indirect wholly owned subsidiary of Shentel, had a credit agreement which contained (i) a $150 million revolving credit facility (the “Revolver”) and $525 million in delayed draw amortizing term loans (the “Term Loans” and collectively with Revolver, the “Previous Credit Agreement”). On December 5, 2025, Shentel completed a refinancing of the Previous Credit Agreement which resulted in the issuance of the ABS Notes and the RCF loans and the repayment of the outstanding long-term debt obligation under the Previous Credit Agreement. The ABS Notes include $489.1 million and $78.3 million in borrowed Class A-2 Notes and Class B Notes, respectively. In connection with the same ABS Indenture, Shentel Issuer issued the VFN and the LFN which have undrawn borrowing commitments of $175.0 million and $25.0 million, respectively. As of December 31, 2025, the available capacity of the VFN was $44.3 million. The available capacity of the VFN will increase based on the secured fiber network revenue growth from the ABS Entities multiplied by (i) a margin as defined in the ABS Indenture and (ii) 6.25x multiple. Shentel Issuer may draw on the LFN solely for the purpose of funding amounts due and payable for certain Priority of Payments as defined in the ABS Indenture and when restricted cash funds required by ABS Indenture are insufficient. The RCF has a borrowing capacity of $175.0 million, of which Shentel initially borrowed $75.0 million. Shentel used a portion of the proceeds from the issuance of the ABS Notes and the RCF to settle the outstanding principal on the Company’s Previous Credit Agreement.

Shentel evaluated the repayment of principal on the Company’s Previous Credit Agreement and concluded that the majority of the repayment represented an extinguishment of the Previous Credit Agreements, resulting in a $1.2 million loss on extinguishment recorded in other income, net in the Company’s consolidated statements of operations. A portion of the Revolver that was refinanced via the proceeds of the RCF was deemed to represent an increase in borrowing capacity, as defined in ASC 470-50-40-21. Consequently, unamortized debt issuance costs related to this portion of the Revolver remained on Shentel’s balance sheet and will now be amortized over the life of the RCF.

In connection with the issuance of the ABS Notes and the RCF, the Company incurred debt issuance costs of $18.7 million. The debt issuance costs were allocated to the various tranches of the ABS Notes and the RCF based on the relative fair value of each tranche. Approximately $4.5 million of the debt issuance costs were allocated to undrawn portions of the ABS Notes and RCF and are consequently recorded in prepaid expenses and other and deferred charges and other assets on Shentel’s consolidated balance sheet.

Fair values


(in thousands)	December 31, 2025
Shentel Issuer Class A-2 Notes	$	494,278
Shentel Issuer Class B Notes	77,676

Commitment fees

Shentel is charged commitment fees on unutilized portions of its debt. The Company recorded $0.8 million, $0.9 million and $0.5 million related to these fees for the years ended December 31, 2025, 2024 and 2023, respectively, which are included in interest expense in the consolidated statements of operations.

Interest Expense

Shentel pays interest on a monthly basis. Interest expense recorded in Shentel’s consolidated statements of operations consisted of the following for the years ended:


(in thousands)	2025		2024		2023
Interest expense	$	36,055	$	24,415	$	9,633
Less: capitalized interest	(10,681)		(8,518)		(5,421)
Interest expense, net of capitalized interest	$	25,374	$	15,897	$	4,212

Maturity dates and other information

Shentel Broadband’s debt includes various covenants, including total net leverage ratio and debt service coverage ratio financial covenants.

The ABS Notes have a contractually stated anticipated repayment date (“ARD”) of December 2030 with the exception of the VFN described below. The legal final maturity date of each class of the ABS Notes is in December 2055. If Shentel has not repaid or refinanced any of the ABS Notes prior to the relevant ARD, the ABS Indenture requires mandatory prepayment of Note principle on each payment date on a pro-rata basis based on the alphanumerical designation of each class of Notes and additional interest will be charged until the Notes are refinanced or fully redeemed. Amortization on Shentel Issuer’s ABS Notes could be required prior to ARD if Shentel Issuer’s debt service coverage ratio is below certain thresholds in the ABS Indenture.

Shentel Issuer has not made any borrowings under its VFN or LFN as of December 31, 2025. In the event borrowings are made in the future, the initial anticipated repayment date for the VFN is December 2029 which may be extended, at the option of Shentel, to December 2030, subject to the satisfaction of certain conditions. Amounts borrowed under the LFN do not have an anticipated repayment date and have a final maturity date of December 2055.

Shentel’s RCF matures on December 5, 2030. No principal payments on Shentel Broadband’s RCF are required prior to the final maturity date.

Shentel has executed letter of credit arrangements totaling $7.2 million that reduce the available balance of the RCF. The letter of credit arrangements were executed primarily pursuant to the requirements of the National Telecommunications and Information government grant program, discussed further in Note 15, Government Grants. These amounts are not considered borrowed, as no cash has been disbursed to Shentel or other parties.

The ABS Notes and the VFN are guaranteed by each ABS Asset Entity and the ABS Issuer’s parent, Shentel Guarantor LLC (each, a “Notes Guarantor”), and such guarantees and the ABS Notes are secured by security interests in the equity interests the ABS Issuer and substantially all of the assets of the ABS Issuer and the other ABS Entities. The ABS Entities are not in any way liable for the obligations of Shentel or its subsidiaries under Shentel’s other debt agreements. Likewise, Shentel and its non ABS Entities have no recourse to the loans of the ABS Entities.

The RCF is fully secured by a pledge and unconditional guarantee from substantially all of Shentel Broadband’s subsidiaries, excluding the ABS Entities. This provides the lenders a security interest in substantially all of the assets of the Company, excluding assets held by the ABS Entities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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+ Details

Stock Compensation and Earnings per Share - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, nonvested awards, compensation cost not yet recognized	$ 6.8
Compensation, nonvested awards, cost not yet recognized, period for recognition	2 years 2 months 12 days
Anti-dilutive awards outstanding (fewer than) (in shares)	4,185,000	3,757,000	319,000
The 2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized for issuance (in shares)	3,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of RSUs vested	$ 4.4
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Shares issued (as a percent)	0.00%
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Shares issued (as a percent)	100.00%
Restricted Stock Units (RSUs) \| The 2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Shares remained available for future issuance (in shares)	2,019,617
Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Fair value of RSUs vested	$ 0.8
Relative Total Shareholder Return Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)	0.00%
Relative Total Shareholder Return Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)	150.00%

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	December 31, 2025		December 31, 2024
Land		$	4,498	$	4,514
Land improvements	10 years	3,699		3,717
Buildings and structures	10 - 45 years	54,562		52,706
Cable and fiber	12 - 30 years	1,519,669		1,294,689
Equipment and software	4 - 12 years	476,939		417,057
Plant in service		2,059,367		1,772,683
Plant under construction		181,060		207,428
Total property, plant and equipment		2,240,427		1,980,111
Less: accumulated depreciation and amortization		(638,818)		(541,573)
Property, plant and equipment, net		$	1,601,609	$	1,438,538

Property, plant and equipment, net increased primarily due to capital expenditures to support the Company’s Glo Fiber market expansion. The Company’s accounts payable as of December 31, 2025 and 2024 included amounts associated with capital expenditures of approximately $55.6 million and $55.1 million, respectively. Depreciation and amortization expense was $129.7 million, $96.9 million, and $62.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company disposed of fully depreciated property, plant and equipment assets, which reduced plant in service by approximately $22.8 million and $34.2 million, with a corresponding offset to accumulated depreciation and amortization, during the years ended December 31, 2025 and 2024, respectively. The Company also wrote off $7.4 million plant under construction inventory assets during the year ended December 31, 2025. The write-off related to plant under construction inventory assets that are no longer planned to be used. These amounts are presented in depreciation and amortization in the Company’s consolidated statements of operations.

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	RSM US LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	49

Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Restructuring, integration and acquisition	$ 1,173	$ 14,509	$ 2,915
Workforce Reduction Program
Business Combination [Line Items]
Restructuring, integration and acquisition		2,900
Payments for restructuring	$ 800	$ 2,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment plan $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Oct. 01, 2025	Apr. 01, 2024 $ / shares
Finite-Lived Intangible Assets [Line Items]
Advertising expense	$ 15,900	$ 15,000	$ 11,400
Number of reportable segments \| segment	1
Estimated fair value of goodwill exceeded the carrying value, percentage				8.00%
Number of frozen unfunded postretirement medical benefits plan \| plan	2
Number of frozen defined benefit plan \| plan	2
Issuance of redeemable noncontrolling interest (in shares) \| shares		81
Issuance of redeemable noncontrolling interest, net of financing fees paid		$ 79,380
Paid in kind dividend percentage, increase after seventh anniversary		10.00%
Number of operating segments \| segment	1
Energy Capital Partners
Finite-Lived Intangible Assets [Line Items]
Period for conversion of preferred stock		2 years
Preferred stock, convertible, common stock price trigger percentage		125.00%
Preferred stock, redemption period		5 years
Shentel Broadband Holding Inc.
Finite-Lived Intangible Assets [Line Items]
Paid in kind dividend percentage, increase after fifth anniversary		8.50%
Shentel Broadband Holding Inc. \| Series A Preferred Stock
Finite-Lived Intangible Assets [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01
Preferred stock, shares outstanding \| shares	81
Dividend percentage		7.00%
Payments of stock issuance costs	$ 1,600
Shentel Broadband Holding Inc. \| Series A Preferred Stock \| Energy Capital Partners
Finite-Lived Intangible Assets [Line Items]
Issuance of redeemable noncontrolling interest (in shares) \| shares		81
Issuance of redeemable noncontrolling interest, net of financing fees paid		$ 81,000
Preferred stock, shares authorized (in shares) \| shares	100
Conversion price per share (in dollars per share) \| $ / shares	$ 24.50				$ 24.50
Purchase price (in dollars per share) \| $ / shares		$ 1,000
Pension plan obligation
Finite-Lived Intangible Assets [Line Items]
Discount rate (as a percent)	5.00%	5.00%
Fair value of pension plan assets	$ 21,200	$ 21,600
Projected benefit obligation	$ 20,400	$ 21,400
Postretirement medical benefits plans
Finite-Lived Intangible Assets [Line Items]
Discount rate (as a percent)	5.40%	5.50%
Minimum
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, useful life	10 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, useful life	15 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Finite-Lived Intangible Assets [Line Items]
Performance obligation period	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Finite-Lived Intangible Assets [Line Items]
Performance obligation period	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Finite-Lived Intangible Assets [Line Items]
Performance obligation period	1 year

Revenue from Contracts with Customers - Schedule of Revenue by Activity Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	$ 357,854	$ 328,058	$ 269,131
Residential And SMB - Incumbent Broadband Markets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	169,668	174,795	174,710
Residential And SMB - Glo Fiber Expansion Markets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	82,558	57,872	35,103
Commercial Fiber
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	79,315	70,057	44,301
RLEC & Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	26,313	25,334	15,017
Income from leasing arrangements (ASC 842)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	6,785	5,838	2,641
Cost of services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	$ 351,069	$ 322,220	$ 266,490

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases - Schedule of Maturity of Lease Liability - Lessor (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 4,047
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,710
Total	$ 32,264

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

Income from discontinued operations, net of tax in the consolidated statements of operations consisted of the following for years ended December 31, 2024 and 2023:


(in thousands)	2024		2023
Service revenue and other	$	4,542	$	18,635
Operating expenses:
Cost of services	1,059		5,625
Selling, general and administrative	572		1,412
Depreciation and amortization	222		2,104
Total operating expenses	1,853		9,141
Operating income	2,689		9,494
Other income:
Gain on sale of disposition of Tower Portfolio	294,250		—
Other expense	(81)		—
Income before income taxes	296,858		9,494
Income tax expense	74,684		2,472
Income from discontinued operations, net of tax	$	222,174	$	7,022

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Virginia Fiber Acquisition

On July 9, 2025, Shentel completed an acquisition of the fiber to the home (“FTTH”) assets and operations of a fiber business based in Virginia to expand its footprint. Shentel concluded that the set of acquired assets and operations meets the definition of a business, and therefore, applied the acquisition method of accounting, in accordance with the FASB’s ASC 805, “Business Combinations.”

The total purchase price used to apply the acquisition method was $5.0 million. Shentel recorded $3.9 million in property, plant and equipment assets, $0.6 million in definite-lived intangible assets and $0.5 million in goodwill.

Horizon Acquisition

On April 1, 2024, Shentel completed the acquisition of Horizon Acquisition Parent LLC, a Delaware limited liability company (“Horizon”), pursuant to the terms of an Agreement and Plan of Merger, dated October 24, 2023, by and among Shentel, Horizon, the sellers set forth on the signature pages thereto and the other parties thereto (as amended by the First Amendment to Agreement and Plan of Merger, dated April 1, 2024).

The total purchase price used to apply the acquisition method was $416.2 million, which consisted of $349.4 million of cash consideration paid and $71.8 million of common stock, representing the fair value of 4,100,375 shares of Shentel’s common stock issued to a selling shareholder of Horizon. The fair value of Shentel’s common stock issued was determined on the basis of the opening market price of the common stock on the acquisition date. The cash consideration paid was primarily financed with proceeds from the sale of Shentel’s Tower Portfolio and cash on-hand.

In accordance with ASC 805, the allocation of the consideration value was subject to adjustment until the Company completed its analysis, in a period of time, but not to exceed one year after the date of acquisition, or April 1, 2025, in order to provide the Company with the time to complete the valuation of its assets and liabilities. As of April 1, 2025, the Company completed and finalized its analysis and allocation of the consideration value to assets acquired and liabilities assumed. In July 2025, Shentel received a $6.5 million refund of escrow amounts related to the original purchase price.

The allocation of the purchase price was based upon management’s valuation of the fair values of tangible and intangible assets acquired and liabilities assumed in the acquisition of Horizon, with the excess recorded as goodwill.


(in thousands)	Amount
Current and other assets	$	11,795
Property, plant and equipment	380,101
Goodwill	63,811
Intangible assets	14,249
Operating lease right-of-use assets	7,792
Other long-term assets	1,843
Total assets acquired	479,591

Current liabilities	16,164
Deferred tax liabilities	25,427
Non-current operating lease liabilities	4,706
Government grant liabilities	7,122
Other long-term liabilities	9,978
Total liabilities assumed	63,397

Net assets acquired	$	416,194

Current and other assets acquired include $6.1 million of accounts receivable, net of allowance for credit losses of $0.2 million. Intangible assets acquired primarily relate to customer relationships. Property, plant and equipment and customer relationships were primarily valued using the cost approach to determine the cost that would be incurred to replace these assets. Lease right-of-use assets were valued using an income approach to compare actual rental rates paid by the Company to current market rates to determine the degree to which the value of the right-of-use assets are above or below market value. Customer relationship assets acquired represent finite-lived intangibles which are being amortized over the assets’ useful lives, which is estimated to be ten years.

The Company has included the results of the operations of Horizon for financial reporting purposes for the period subsequent to the date of acquisition.

In connection with the acquisition, Shentel incurred integration and acquisition-related costs of $0.6 million, $14.3 million and $2.9 million related to banking, severance, information technology, representation and warranty insurance and other similar expenses for the years ended December 31, 2025, 2024 and 2023, respectively. Included in these costs were $6.9 million of direct acquisition-related costs incurred by Shentel during the year ended December 31, 2024. These costs are recorded in restructuring, integration and acquisition expenses in the Company’s consolidated statements of operations.

Horizon’s revenue of $47.7 million and loss before income taxes of $17.1 million for the period between April 1, 2024 and December 31, 2024 are included in Shentel’s consolidated statements of operations for the year ended December 31, 2024. The unaudited pro forma results of the Company, as if the acquisition of Horizon had occurred on January 1, 2023, were as follows:


(in thousands)	2024		2023
Operating revenues	$	343,928	$	334,727
Loss before income taxes	$	(42,964)	$	(16,279)

The pro forma disclosures shown above are based upon estimated preliminary valuations of the assets acquired and liabilities assumed as well as preliminary estimates of depreciation and amortization charges thereon, that may differ from the final fair values of the acquired assets and assumed liabilities and the resulting depreciation and amortization charges thereon. Other pro forma adjustments include the following:

•historical depreciation expense was adjusted for the fair value adjustment increasing the basis of property, plant and equipment and shorter estimated useful lives to conform to the Company’s standard policy and the acceleration of depreciation on certain equipment;

•incremental amortization due to the customer-based contract rights associated with acquired customers; and

•removal of Horizon’s interest expense and amortization of deferred financing fees due to the repayment of the outstanding principal of Horizon’s debt.

- Definition

The entire disclosure for business combination.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 27,259	$ 46,272
Restricted cash and cash equivalents	20,945	0
Cash, cash equivalents, and restricted cash	$ 48,204	$ 46,272	$ 139,255	$ 44,061

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Sublease income	$ 6.8	$ 5.8	$ 2.6

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The Company files a consolidated U.S. federal income tax return and various state income tax returns. The provision for the federal and state income taxes attributable to (loss) income from continuing operations consisted of the following components:


	Years Ended December 31,
(in thousands)	2025			2024			2023
Current expense (benefit)
Federal taxes	$	(110)		$	—		$	(2,707)
State taxes	660			89			(680)
Total current provision	550			89			(3,387)
Deferred (benefit) expense
Federal taxes	(7,032)			(5,238)			4,564
State taxes	(2,431)			(4,521)			(676)
Total deferred (benefit) expense	(9,463)			(9,759)			3,888
Income tax (benefit) expense	$	(8,913)		$	(9,670)		$	501
Effective tax rate	21.3		%	25.4		%	33.0		%

As further described in Note 2, Summary of Significant Accounting Policies , the Company has elected to prospectively adopt the guidance in ASU No. 2023-09. The following table is a reconciliation of income tax (benefit) expense determined by applying the federal and state tax rates to (loss) income from continuing operations before income taxes for the year ended December 31, 2025:


(in thousands)	Amount		Percent
Expected tax (benefit) expense at federal statutory	$	(8,790)	21.0	%
State income tax (benefit) expense, net of federal tax effect1	(1,399)		3.3	%
Nontaxable and nondeductible items:
Excess tax deficiency from share-based compensation	1,142		(2.7)	%
Other	134		(0.3)	%
Income tax (benefit) expense	$	(8,913)	21.3	%

_______________________________________________________

1.For the year ended December 31, 2025, Virginia made up greater than 50% of the state income taxes in this category.


	Years Ended December 31,
(in thousands)	2024		2023
Expected tax (benefit) expense at federal statutory	$	(7,986)	$	319
State income tax (benefit) expense, net of federal tax effect	(3,159)		268
Revaluation of deferred tax liabilities	—		(1,373)
Excess tax deficiency from share-based compensation and other expense, net	1,475		764
Valuation allowance	—		523
Income tax (benefit) expense	$	(9,670)	$	501

The following table presents income taxes paid (net of refunds received) by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025:


(in thousands)	Income Taxes Paid
Federal	$	936
US state and local
Pennsylvania	930
Virginia	120
Other	64
Total	$	2,050

The Company received $1.3 million and $25.6 million in cash refunds for income taxes for the years ended December 31, 2024 and 2023, respectively. The Company paid $8.4 million, and $0.1 million in income taxes for the years ended December 31, 2024 and 2023, respectively.


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$	117,691	$	64,599
Business interest limitation carryforwards	15,659		11,669
Accruals and stock-based compensation	4,552		5,274
Leases	4,395		4,399
Other	12,575		12,020
Total gross deferred tax assets	154,872		97,961
Less valuation allowance	—		—
Net deferred tax assets	154,872		97,961

Deferred tax liabilities:
Property, plant and equipment	285,250		239,180
Intangible assets	18,386		17,866
Leases	5,406		5,356
Prepaid assets and other	3,448		3,275
Total gross deferred tax liabilities	312,490		265,677
Net deferred tax liabilities	$	157,618	$	167,716

The Company has a deferred tax asset of $117.7 million related to federal and various state net operating losses. As of December 31, 2025, the Company had approximately $519.7 million of federal net operating losses, including approximately $508.3 million of federal net operating losses generated after 2017. Federal net operating losses generated prior to 2018 expire through 2034. The Horizon federal net operating losses are subject to limitations under Section 382 of the Code. The Company also had approximately $187.3 million of state net operating losses, most of which can be carried forward indefinitely. The

Company’s income tax expense (benefit) for the year ended December 31, 2023 included tax expense of $0.5 million for the valuation allowance on deferred tax assets related to federal net operating losses expected to expire unused. The Company recorded no valuation allowances for the year ended December 31, 2025 and 2024.

As of December 31, 2025 and 2024, the Company had no unrecognized tax benefits.

The Company’s returns are generally open to examination from 2022 forward. The net operating losses acquired from Horizon are open to examination from 2013 forward. The Company is currently involved in one state income tax audit and no federal income tax audits as of December 31, 2025.

On July 4, 2025, H.R.1 was signed into law and includes numerous changes to existing tax law, including provisions providing current deductibility of certain property additions and limitations on interest deductions based on a tax EBITDA framework. These provisions are generally effective beginning in 2025, and we currently anticipate they will partially defer our income tax payments in future years. The legislation did not have a material impact on the Company’s effective tax rate for the year ended December 31, 2025.

- Definition

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock Compensation and Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity

Activity related to the Company’s equity compensation, which includes the Company’s RSUs and PSUs, was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2022	649	$	23.39
Granted	385	19.05
Vested	(200)	25.01
Forfeited	(9)	21.67
Outstanding awards, December 31, 2023	825	$	21.16
Granted	403	20.22
Vested	(308)	21.74
Forfeited	(45)	19.44
Outstanding awards, December 31, 2024	875	$	20.63
Granted	756	12.06
Vested	(369)	20.58
Forfeited	(75)	17.39
Outstanding awards, December 31, 2025	1,187	$	15.39

Activity related to the Company’s RTSRs was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2022	202	$	29.46
Granted	134	23.64
Vested	(30)	36.27
Forfeited	(13)	36.27
Outstanding awards, December 31, 2023	293	$	25.80
Granted	136	22.30
Vested	(32)	34.05
Forfeited	(138)	25.74
Outstanding awards, December 31, 2024	259	$	22.96
Granted	246	12.31
Vested	(71)	23.64
Forfeited	(74)	21.93
Outstanding awards, December 31, 2025	360	$	15.77

Schedule of Stock Compensation Expense

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Stock compensation expense	$	10,463	$	10,651	$	10,823
Capitalized stock compensation	(873)		(814)		(790)
Stock compensation expense, net	$	9,590	$	9,837	$	10,033

Schedule of Earnings Per Share, Basic and Diluted

The following table indicates the computation of basic and diluted earnings (loss) per share:


	Years Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
Calculation of net (loss) income per share:
(Loss) income from continuing operations	$	(32,943)	$	(28,357)	$	1,016
Income from discontinued operations, net of tax	—		222,174		7,022
Net (loss) income	$	(32,943)	$	193,817	$	8,038

Amounts attributable to common shareholders
(Loss) income from continuing operations	$	(39,392)	$	(31,786)	$	1,016
Income from discontinued operations, net of tax	—		222,174		7,022
Net (loss) income attributable to common shareholders	$	(39,392)	$	190,388	$	8,038

Basic weighted average shares outstanding	55,100		53,722		50,396

Per share amounts attributable to common shareholders
Basic net (loss) income per share - continuing operations	$	(0.71)	$	(0.59)	$	0.02
Basic net income per share - discontinued operations	—		4.13		0.14
Basic net (loss) income per share	$	(0.71)	$	3.54	$	0.16

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	55,100		53,722		50,396
Effect from dilutive shares and options outstanding	—		—		319
Diluted weighted average shares outstanding	55,100		53,722		50,715

Diluted net (loss) income per share - continuing operations	$	(0.71)	$	(0.59)	$	0.02
Diluted net income per share - discontinued operations	—		4.13		0.14
Diluted net (loss) income per share	$	(0.71)	$	3.54	$	0.16

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive instruments:


	Years Ended December 31,
(in thousands)	2025	2024	2023
Potentially dilutive equity awards	506	325	319
Potentially dilutive shares related to the Series A Preferred Stock	3,679	3,432	—
Total potentially dilutive instruments	4,185	3,757	319

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Selected Financial Data for Segments

The following table summarizes the Company’s revenue, (loss) income from continuing operations, Adjusted EBITDA and significant expenses:


(in thousands)	2025		2024		2023
Service revenue and other	$	357,854	$	328,058	$	269,131
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	130,118		128,112		100,850
Selling, general and administrative exclusive of stock-based compensation	108,597		105,356		89,271
Adjusted EBITDA	119,139		94,590		79,010
Stock-based compensation expense, net of amount capitalized	9,590		9,837		10,033
Restructuring, integration and acquisition	1,173		14,509		2,915
Depreciation and amortization	131,613		98,835		65,920
Interest expense	25,374		15,897		4,212
Other benefit items	(6,755)		(6,461)		(5,587)
Income tax (benefit) expense	(8,913)		(9,670)		501
(Loss) income from continuing operations	$	(32,943)	$	(28,357)	$	1,016

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Amortization of leased assets	$ 726	$ 665	$ 477
Interest on lease liabilities	103	95	78
Operating lease cost	4,382	4,316	3,054
Lease cost	$ 5,211	$ 5,076	$ 3,609

Stock Compensation and Earnings per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Calculation of net (loss) income per share:
(Loss) income from continuing operations	$ (32,943)	$ (28,357)	$ 1,016
Income from discontinued operations, net of tax	0	222,174	7,022
Net (loss) income	(32,943)	193,817	8,038
(Loss) income from continuing operations	(39,392)	(31,786)	1,016
Income from discontinued operations, net of tax	0	222,174	7,022
Net (loss) income attributable to common shareholders	$ (39,392)	$ 190,388	$ 8,038
Basic weighted average shares outstanding (in shares)	55,100	53,722	50,396
Basic net income (loss) per share - continuing operations (in dollars per share)	$ (0.71)	$ (0.59)	$ 0.02
Basic net income per share - discontinued operations (in dollars per share)	0	4.13	0.14
Basic net (loss) income per share (in dollars per share)	$ (0.71)	$ 3.54	$ 0.16
Effect from dilutive shares and options outstanding (in shares)	0	0	319
Diluted weighted average shares (in shares)	55,100	53,722	50,715
Diluted net income (loss) per share - continuing operations (in dollars per share)	$ (0.71)	$ (0.59)	$ 0.02
Diluted net income per share - discontinued operations (in dollars per share)	0	4.13	0.14
Diluted net (loss) income per share (in dollars per share)	$ (0.71)	$ 3.54	$ 0.16

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares (no par value)	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022	0
Beginning balance at Dec. 31, 2022	$ 0
Ending balance (in shares) at Dec. 31, 2023	0
Ending balance at Dec. 31, 2023	$ 0
Beginning balance (in shares) at Dec. 31, 2022		50,110,000
Beginning balance at Dec. 31, 2022	638,007		$ 57,453	$ 580,554	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	8,038			8,038
Unrealized gain on interest rate hedge, net of tax	1,668				1,668
Amounts reclassified from accumulated other comprehensive income	0
Dividends declared	(4,523)			(4,523)
Stock based compensation (in shares)		231,000
Stock-based compensation	10,823		10,823
Common stock issued (in shares)		2,000
Common stock issued	44		44
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(71,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,387)		(1,387)
Ending balance (in shares) at Dec. 31, 2023		50,272,000
Ending balance at Dec. 31, 2023	$ 652,670		66,933	584,069	1,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of redeemable noncontrolling interest (in shares)	81,000
Issuance of redeemable noncontrolling interest, net of financing fees paid	$ 79,380
Preferred stock dividends - paid in kind	$ 3,084
Ending balance (in shares) at Dec. 31, 2024	81,000
Ending balance at Dec. 31, 2024	$ 82,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	193,817			193,817
Unrealized gain on interest rate hedge, net of tax	1,850				1,850
Amounts reclassified from accumulated other comprehensive income	(1,665)				(1,665)
Dividends declared	(5,460)			(5,460)
Stock based compensation (in shares)		319,000
Stock-based compensation	10,651		10,651
Common stock issued (in shares)		4,103,000
Common stock issued	71,876		71,876
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(89,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,727)		(1,727)
Preferred stock dividends - paid in kind	(3,084)			(3,084)
Preferred stock dividends - participating	$ (345)			(345)
Ending balance (in shares) at Dec. 31, 2024	54,605,000	54,605,000
Ending balance at Dec. 31, 2024	$ 918,583		147,733	768,997	1,853
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends - paid in kind	$ 6,042
Ending balance (in shares) at Dec. 31, 2025	81,000
Ending balance at Dec. 31, 2025	$ 88,506
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(32,943)			(32,943)
Unrealized gain on interest rate hedge, net of tax	126				126
Amounts reclassified from accumulated other comprehensive income	(1,979)				(1,979)
Dividends declared	(6,038)			(6,038)
Stock based compensation (in shares)		375,000
Stock-based compensation	10,463		10,463
Common stock issued (in shares)		3,000
Common stock issued	55		55
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(84,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,035)		(1,035)
Preferred stock dividends - paid in kind	(6,042)			(6,042)
Preferred stock dividends - participating	$ (407)			(407)
Ending balance (in shares) at Dec. 31, 2025	54,899,000	54,899,000
Ending balance at Dec. 31, 2025	$ 880,783		$ 157,216	$ 723,567	$ 0

Discontinued Operations and Disposal Groups - Schedule of Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other (expense) income:
Gain on the sale of discontinued operations, net of tax	$ 0	$ 220,217	$ 0
Discontinued Operations, Held-for-sale
Revenues [Abstract]
Service revenue and other		4,542	18,635
Operating expenses:
Selling, general and administrative		572	1,412
Depreciation and amortization		222	2,104
Total operating expenses		1,853	9,141
Operating income		2,689	9,494
Other (expense) income:
Gain on the sale of discontinued operations, net of tax		294,250	0
Other expense		(81)	0
Income before income taxes		296,858	9,494
Income tax expense		74,684	2,472
Income from discontinued operations, net of tax		222,174	7,022
Discontinued Operations, Held-for-sale \| Cost of services
Operating expenses:
Cost of services		$ 1,059	$ 5,625

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Shentel’s Risk Management Program defines the framework for risk identification and assessment, including cybersecurity risks. Our overall Risk Management Program integrates processes for assessing, identifying and managing material risks from cybersecurity threats. Cybersecurity risks are identified through various means including, but not limited to, regularly conducted security assessments, external and internal penetration testing, data privacy assessments, external security evaluations, the testing and implementation, as applicable, of new technologies, and continuing education and awareness of existing and new threat vectors, industry trends, changes in the environment and changes in the overall technology landscape. Pursuant to our Information Security Program, once a cybersecurity risk is identified, the Information Security team, in collaboration with other areas of the organization, will assess the risk and implement an appropriate response. Security risk assessments comprise the reasonably foreseeable impacts to the Company and its stakeholders due to the threats and known vulnerabilities associated with the operation and use of information systems and the environments in which those systems operate. To mitigate or address risks, Shentel leverages acceptable and well-known security tools and services allowing Shentel to maintain a robust security posture. Our Information Security Program addresses risks through a wide spectrum of measures, including enhanced monitoring, endpoint protection, multifactor authentication, privileged account security, web and email filtering and comprehensive internal employee training. Our security protocols are rooted in industry standards and guidelines issued by respected bodies such as the National Institute of Standards and Technology, the Department of Homeland Cybersecurity and Infrastructure Security Agency, and the Center for Internet Security. In addition, we regularly consult with external advisors regarding opportunities to enhance and strengthen our policies and practices. With respect to third-party service providers, our Information Security Program includes conducting due diligence of relevant service providers’ information security programs prior to onboarding. We also contractually require third-party service providers with access to our information technology systems, sensitive business data or personal information to implement and maintain appropriate security controls and contractually restrict their ability to use our data, including personal information, for purposes other than to provide services to us, except as required by law. To oversee the risks associated with these service providers, we work with them to help ensure that their cybersecurity protocols are appropriate to the risk presented by their access to or use of our systems and/or data, including notification and coordination concerning incidents occurring on third-party systems that may affect us. Our service providers are contractually required to notify us promptly of actual or reasonably suspected information security incidents occurring on their systems that may affect our systems or data, including personal information. Should a security breach or incident occur, the Chief Information Officer (the “CIO”) in collaboration with the Company’s General Counsel and Chief Accounting Officer (the “CAO”) will evaluate the materiality of any specific incident. The Company’s Chief Executive Officer (the “CEO”) and Chief Financial Officer (the “CFO”) will ultimately decide if an incident is material. Considerations of materiality will include a variety of factors, including, for example, the extent of expected financial cost, customers impacted, operational impacts, and/or data exposed or lost as a result of the incident. The Information Security Program is intended to provide effective governance and oversight for assessing cybersecurity risks, recognizing that no program, no matter how well designed and implemented, can prevent all potential cybersecurity risks and that the benefits of any potential controls or mitigations should be considered in relation to their costs. While we have experienced cybersecurity incidents in the past, to date, cybersecurity incidents and threats have not materially affected our business strategy, results of operations or financial condition. Although we have invested in the protection of our data and information technology and monitor our systems on an ongoing basis, there can be no assurance that such efforts will in the future prevent material compromises to our information technology systems that could have a material adverse effect on our business. For more information on our cybersecurity related risks, see Item 1A. Risk Factors of this Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Shentel’s Risk Management Program defines the framework for risk identification and assessment, including cybersecurity risks. Our overall Risk Management Program integrates processes for assessing, identifying and managing material risks from cybersecurity threats. Cybersecurity risks are identified through various means including, but not limited to, regularly conducted security assessments, external and internal penetration testing, data privacy assessments, external security evaluations, the testing and implementation, as applicable, of new technologies, and continuing education and awareness of existing and new threat vectors, industry trends, changes in the environment and changes in the overall technology landscape. Pursuant to our Information Security Program, once a cybersecurity risk is identified, the Information Security team, in collaboration with other areas of the organization, will assess the risk and implement an appropriate response. Security risk assessments comprise the reasonably foreseeable impacts to the Company and its stakeholders due to the threats and known vulnerabilities associated with the operation and use of information systems and the environments in which those systems operate. To mitigate or address risks, Shentel leverages acceptable and well-known security tools and services allowing Shentel to maintain a robust security posture. Our Information Security Program addresses risks through a wide spectrum of measures, including enhanced monitoring, endpoint protection, multifactor authentication, privileged account security, web and email filtering and comprehensive internal employee training. Our security protocols are rooted in industry standards and guidelines issued by respected bodies such as the National Institute of Standards and Technology, the Department of Homeland Cybersecurity and Infrastructure Security Agency, and the Center for Internet Security. In addition, we regularly consult with external advisors regarding opportunities to enhance and strengthen our policies and practices.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors has risk oversight responsibility for the Company and administers this responsibility both directly and with assistance from its committees. If applicable, these committees periodically report to the Board of Directors on their risk oversight activities. Cybersecurity is a critical component of our enterprise risk management program and our Board of Directors is involved in reviewing our information security and technology risks and opportunities (including cybersecurity) and discusses these topics on a regular basis. The Audit Committee, comprised solely of independent directors, oversees our enterprise risk management process and assists the Board of Directors in fulfilling its oversight responsibility with respect to our information security and technology risks, including cybersecurity. Our Director of Information Security leads the Information Security Program and reports to the CIO, who also provides additional oversight of the Program. The Director of Information Security has over 20 years of experience in the information technology and information security fields and the CIO has over 30 years of experience in the information technology and information security fields. In addition, we have established a Security Steering Committee that provides guidance and direction to the CIO regarding the Information Security Program, including approval of the Program mission and its objectives. The Security Steering Committee meets regularly and its membership includes, at a minimum, the Director of Information Security, the CIO, the CFO, the Sr. Vice President of Engineering and Operations, the VP of Legal/General Counsel and the CEO. Information security risks are reviewed with the Security Steering Committee periodically or as needed. The CIO, in connection with the General Counsel and CEO, updates the Audit Committee regularly on cybersecurity and other information technology risks and opportunities. Additionally, the CIO with guidance from General Counsel and CEO, provides updates to the Board of Directors on the Information Security Program at least annually. In the case of an information security incident or breach, the Director of Information Security and CIO will follow the Company’s Incident Response Plan and follow communication protocols within the plan, which, depending on the severity of the incident, include escalation timelines and responsibilities that involve updating the Audit Committee and the Board of Directors, as applicable.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors has risk oversight responsibility for the Company and administers this responsibility both directly and with assistance from its committees. If applicable, these committees periodically report to the Board of Directors on their risk oversight activities. Cybersecurity is a critical component of our enterprise risk management program and our Board of Directors is involved in reviewing our information security and technology risks and opportunities (including cybersecurity) and discusses these topics on a regular basis. The Audit Committee, comprised solely of independent directors, oversees our enterprise risk management process and assists the Board of Directors in fulfilling its oversight responsibility with respect to our information security and technology risks, including cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Security Steering Committee meets regularly and its membership includes, at a minimum, the Director of Information Security, the CIO, the CFO, the Sr. Vice President of Engineering and Operations, the VP of Legal/General Counsel and the CEO. Information security risks are reviewed with the Security Steering Committee periodically or as needed. The CIO, in connection with the General Counsel and CEO, updates the Audit Committee regularly on cybersecurity and other information technology risks and opportunities. Additionally, the CIO with guidance from General Counsel and CEO, provides updates to the Board of Directors on the Information Security Program at least annually. In the case of an information security incident or breach, the Director of Information Security and CIO will follow the Company’s Incident Response Plan and follow communication protocols within the plan, which, depending on the severity of the incident, include escalation timelines and responsibilities that involve updating the Audit Committee and the Board of Directors, as applicable.
Cybersecurity Risk Role of Management [Text Block]	Our Board of Directors has risk oversight responsibility for the Company and administers this responsibility both directly and with assistance from its committees. If applicable, these committees periodically report to the Board of Directors on their risk oversight activities. Cybersecurity is a critical component of our enterprise risk management program and our Board of Directors is involved in reviewing our information security and technology risks and opportunities (including cybersecurity) and discusses these topics on a regular basis. The Audit Committee, comprised solely of independent directors, oversees our enterprise risk management process and assists the Board of Directors in fulfilling its oversight responsibility with respect to our information security and technology risks, including cybersecurity. Our Director of Information Security leads the Information Security Program and reports to the CIO, who also provides additional oversight of the Program. The Director of Information Security has over 20 years of experience in the information technology and information security fields and the CIO has over 30 years of experience in the information technology and information security fields. In addition, we have established a Security Steering Committee that provides guidance and direction to the CIO regarding the Information Security Program, including approval of the Program mission and its objectives. The Security Steering Committee meets regularly and its membership includes, at a minimum, the Director of Information Security, the CIO, the CFO, the Sr. Vice President of Engineering and Operations, the VP of Legal/General Counsel and the CEO. Information security risks are reviewed with the Security Steering Committee periodically or as needed. The CIO, in connection with the General Counsel and CEO, updates the Audit Committee regularly on cybersecurity and other information technology risks and opportunities. Additionally, the CIO with guidance from General Counsel and CEO, provides updates to the Board of Directors on the Information Security Program at least annually. In the case of an information security incident or breach, the Director of Information Security and CIO will follow the Company’s Incident Response Plan and follow communication protocols within the plan, which, depending on the severity of the incident, include escalation timelines and responsibilities that involve updating the Audit Committee and the Board of Directors, as applicable.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Director of Information Security leads the Information Security Program and reports to the CIO, who also provides additional oversight of the Program. The Director of Information Security has over 20 years of experience in the information technology and information security fields and the CIO has over 30 years of experience in the information technology and information security fields. In addition, we have established a Security Steering Committee that provides guidance and direction to the CIO regarding the Information Security Program, including approval of the Program mission and its objectives. The Security Steering Committee meets regularly and its membership includes, at a minimum, the Director of Information Security, the CIO, the CFO, the Sr. Vice President of Engineering and Operations, the VP of Legal/General Counsel and the CEO. Information security risks are reviewed with the Security Steering Committee periodically or as needed.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Director of Information Security leads the Information Security Program and reports to the CIO, who also provides additional oversight of the Program. The Director of Information Security has over 20 years of experience in the information technology and information security fields and the CIO has over 30 years of experience in the information technology and information security fields. In addition, we have established a Security Steering Committee that provides guidance and direction to the CIO regarding the Information Security Program, including approval of the Program mission and its objectives. The Security Steering Committee meets regularly and its membership includes, at a minimum, the Director of Information Security, the CIO, the CFO, the Sr. Vice President of Engineering and Operations, the VP of Legal/General Counsel and the CEO. Information security risks are reviewed with the Security Steering Committee periodically or as needed.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CIO, in connection with the General Counsel and CEO, updates the Audit Committee regularly on cybersecurity and other information technology risks and opportunities. Additionally, the CIO with guidance from General Counsel and CEO, provides updates to the Board of Directors on the Information Security Program at least annually. In the case of an information security incident or breach, the Director of Information Security and CIO will follow the Company’s Incident Response Plan and follow communication protocols within the plan, which, depending on the severity of the incident, include escalation timelines and responsibilities that involve updating the Audit Committee and the Board of Directors, as applicable.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 2,240,427	$ 1,980,111
Less: accumulated depreciation and amortization	(638,818)	(541,573)
Property, plant and equipment, net	1,601,609	1,438,538
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	2,059,367	1,772,683
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 4,498	4,514
Land improvements
Property, plant and equipment [Abstract]
Estimated useful lives	10 years
Total property, plant and equipment	$ 3,699	3,717
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 54,562	52,706
Buildings and structures \| Minimum
Property, plant and equipment [Abstract]
Estimated useful lives	10 years
Buildings and structures \| Maximum
Property, plant and equipment [Abstract]
Estimated useful lives	45 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,519,669	1,294,689
Cable and fiber \| Minimum
Property, plant and equipment [Abstract]
Estimated useful lives	12 years
Cable and fiber \| Maximum
Property, plant and equipment [Abstract]
Estimated useful lives	30 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 476,939	417,057
Equipment and software \| Minimum
Property, plant and equipment [Abstract]
Estimated useful lives	4 years
Equipment and software \| Maximum
Property, plant and equipment [Abstract]
Estimated useful lives	12 years
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 181,060	$ 207,428

Subsequent Events (Details) - Subsequent Event - Glo Fiber Construction Phase $ in Millions	Feb. 23, 2026 USD ($)
Subsequent Event [Line Items]
Number of positions eliminated, period percent	10.00%
Expected cost savings	$ 12.3
Expected cost	$ 3.1

Revenue from Contracts with Customers - Schedule of Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 10,251	$ 8,633
Commission payments	6,750	4,857
Contract asset amortization	(3,895)	(3,239)
Ending Balance	$ 13,106	$ 10,251

Derivatives and Hedging

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

During the second quarter of 2023, Shentel entered into pay fixed (2.90%), receive variable (one-month term SOFR) interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contained monthly payment terms that became effective in May 2024 and were expected to continue through their maturity dates in June 2026. The Swaps were designated as cash flow hedges, representing 50% of the Company’s outstanding debt under Term Loan A-1 and Term Loan A-2. The Company used the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans.

Prior to August 2025, the Swaps were determined to be highly effective hedges and therefore all change in the fair value of the Swaps was recognized in accumulated other comprehensive income. In August 2025, certain future interest rate payments that represent forecasted hedged transactions became probable of not occurring. Amounts related to these forecasted hedged transactions were reclassified from accumulated other comprehensive income on the Company’s consolidated balance sheets to other income, net in the Company’s consolidated statements of operations.

Concurrently with the repayment of the Term Loans in December 2025, Shentel terminated the Swaps and received a final settlement payment of approximately $0.6 million. Consequently, all balances related to the Swaps were derecognized during the year ended December 31, 2025.


(in thousands)	December 31, 2024
Balance sheet line items containing derivative financial instruments:
Prepaid expenses and other	$	1,766
Deferred charges and other assets	721
Total fair value of derivatives designated as hedging instruments	$	2,487

The table below summarizes changes in accumulated other comprehensive income by component:


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance as of December 31, 2024	$	2,487	$	(634)	$	1,853
Net change in unrealized gain	173		(47)		126
Amounts reclassified from accumulated other comprehensive income	(2,660)		681		(1,979)
Net current period other comprehensive income (loss)	(2,487)		634		(1,853)
Balance as of December 31, 2025	$	—	$	—	$	—


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance as of December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,420		(570)		1,850
Amounts reclassified from accumulated other comprehensive income	(2,174)		509		(1,665)
Net current period other comprehensive income (loss)	246		(61)		185
Balance as of December 31, 2024	$	2,487	$	(634)	$	1,853

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Gross trade receivables	$ 19.5	$ 27.4
Weighted average benefit period	6 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations		$ 12.5
Performance obligation period	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 13.4	$ 9.5
Performance obligation period	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 11.1
Performance obligation period	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consisted of the following:


	December 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,538	$	—	$	67,538	$	67,055	$	—	$	67,055
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	557		—		557		526		—		526
Total indefinite-lived intangibles	77,013		—		77,013		76,982		—		76,982

Finite-lived intangibles:
Subscriber relationships	43,012		(30,792)		12,220		42,447		(28,882)		13,565
Other intangibles	537		(417)		120		510		(389)		121
Total finite-lived intangibles	43,549		(31,209)		12,340		42,957		(29,271)		13,686
Total goodwill and intangible assets	$	188,100	$	(31,209)	$	156,891	$	186,994	$	(29,271)	$	157,723

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consisted of the following:


	December 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,538	$	—	$	67,538	$	67,055	$	—	$	67,055
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	557		—		557		526		—		526
Total indefinite-lived intangibles	77,013		—		77,013		76,982		—		76,982

Finite-lived intangibles:
Subscriber relationships	43,012		(30,792)		12,220		42,447		(28,882)		13,565
Other intangibles	537		(417)		120		510		(389)		121
Total finite-lived intangibles	43,549		(31,209)		12,340		42,957		(29,271)		13,686
Total goodwill and intangible assets	$	188,100	$	(31,209)	$	156,891	$	186,994	$	(29,271)	$	157,723

Schedule of Finite Lived Intangible Assets, Amortization, Estimated Useful Lives

Our finite-lived intangible assets are amortized over the following estimated useful lives:


						Estimated Useful Life
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes expected amortization of intangible assets at December 31, 2025:


(in thousands)	Amortization of Intangible Assets
2026	$	1,604
2027	1,566
2028	1,518
2029	1,517
2030	1,508
2031 and thereafter	4,627
Total	$	12,340

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accounts payable	$ 61,355	$ 57,820
Depreciation and amortization	129,700	96,900	$ 62,900
Fully depreciated property, plant and equipment disposed	22,800	34,200
Impairment expense	0	382	$ 2,552
Tangible Asset Impairment Charges	7,400
Goodwill
Property, Plant and Equipment [Line Items]
Accounts payable	$ 55,600	$ 55,100

Other Assets and Accrued Liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 7,055	$ 7,437
Broadband contract acquisition costs	3,818	3,165
Other	4,325	6,680
Prepaid expenses and other	$ 15,198	$ 17,282

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Schedule of Other Investments

Investments consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
SERP investments at fair value	$	3,056	$	2,670
Cost method investments	13,250		12,813
Equity method investments	204		226
Total investments	$	16,510	$	15,709

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Marketing Services and IT Softeware Licences
Other Commitments [Line Items]
Payments for long-term purchase commitment	$ 7.5	$ 6.1	$ 4.6

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred revenue	$ 27,246	$ 26,809
Other	5,094	6,716
Other liabilities	$ 32,340	$ 33,525

Leases - Schedule of Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 4,526	$ 4,480	$ 3,218
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$ 1,731	$ 2,250	$ 1,968

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	9 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jul. 09, 2025	Apr. 01, 2024	Jul. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill				$ 67,055	$ 67,538	$ 67,055
Allowance for doubtful accounts				1,156	829	1,156
Fiber-To-The-Home
Business Combination [Line Items]
Aggregate purchase price	$ 5,000
Property, plant and equipment	3,900
Finite-lived intangible assets	600
Goodwill	$ 500
Horizon Acquisition Parent LLC
Business Combination [Line Items]
Aggregate purchase price		$ 416,200
Property, plant and equipment		380,101
Goodwill		63,811
Cash consideration		349,400
Value of shares issued		$ 71,800
Equity interest issued (in shares)		4,100,375
Proceeds from purchase price adjustment			$ 6,500
Accounts receivable		$ 6,100
Allowance for doubtful accounts		$ 200
Estimated useful life, acquired intangible asset		10 years
Integration and acquisition costs					$ 600	14,300	$ 2,900
Acquisition costs						$ 6,900
Operating revenues				47,700
Loss before income taxes				$ 17,100

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination


(in thousands)	Amount
Current and other assets	$	11,795
Property, plant and equipment	380,101
Goodwill	63,811
Intangible assets	14,249
Operating lease right-of-use assets	7,792
Other long-term assets	1,843
Total assets acquired	479,591

Current liabilities	16,164
Deferred tax liabilities	25,427
Non-current operating lease liabilities	4,706
Government grant liabilities	7,122
Other long-term liabilities	9,978
Total liabilities assumed	63,397

Net assets acquired	$	416,194

Schedule of Business Acquisition, Pro Forma Information

The unaudited pro forma results of the Company, as if the acquisition of Horizon had occurred on January 1, 2023, were as follows:


(in thousands)	2024		2023
Operating revenues	$	343,928	$	334,727
Loss before income taxes	$	(42,964)	$	(16,279)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Long-term Purchase Commitment

The Company is obligated to make the following future minimum payments under the non-cancelable terms of these commitments as of December 31, 2025:


(in thousands)	Purchase Commitments
2026	$	5,885
2027	3,018
2028	657
2029	397


Total	$	9,957