Business Description
Cable One, Inc. is an American broadband communications provider that delivers high-speed internet, cable television, and voice services primarily under the Sparklight brand. Operating across 24 states, the company focuses on serving non-metropolitan, secondary markets where it often acts as the primary wired connection provider.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,501,423 | 1,579,542 | 1,678,081 | 1,706,043 |
| Cost of Sales | 392,102 | 416,819 | 440,916 | 470,916 |
| Gross Profit | 1,109,321 | 1,162,723 | 1,237,165 | 1,235,127 |
| Selling, General & Administrative Expenses | 381,131 | 365,956 | 354,663 | 350,310 |
| Depreciation & Amortization Expenses | 338,549 | 341,754 | 342,891 | 350,462 |
| Other Operating Expenses | 596,997 | 13,134 | 12,708 | (4,634) |
| Operating Profit | (207,356) | 441,879 | 526,903 | 538,989 |
| Interest Expense | (129,967) | (137,997) | (151,578) | (124,043) |
| Non-Operating Income | 30,947 | (59,705) | 36,071 | (39,583) |
| Total Non-Operating Income | (99,020) | (197,702) | (115,507) | (163,626) |
| Income Before Provision for Income Taxes | (306,376) | 244,177 | 411,396 | 375,363 |
| Provision for Income Taxes | 87,861 | (25,201) | (72,838) | 119,650 |
| Consolidated Net Income | (218,515) | 218,976 | 338,558 | 255,713 |
| Net Income Attributable to Minority Interests and Other | 137,944 | 204,496 | 113,936 | 42,656 |
| Net Income Attributable to Common Shareholders | (356,459) | 14,480 | 224,622 | 213,057 |
| Basic EPS | -63.21 | 2.58 | 39.76 | 36.16 |
| Diluted EPS | -63.21 | 2.57 | 38.08 | 34.73 |
| Basic Weighted Average Shares Outstanding | 5,640 | 5,621 | 5,649 | 5,892 |
| Diluted Weighted Average Shares Outstanding | 5,640 | 5,631 | 6,062 | 6,314 |
| Shares Outstanding | 5,635 | 5,619 | 5,617 | 5,766 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 152,769 | 153,631 | 190,289 | 215,150 |
| Total Cash and Cash Equivalents | 152,769 | 153,631 | 190,289 | 215,150 |
| Accounts Receivable | 58,578 | 57,742 | 93,973 | 74,383 |
| Total Trade Receivables | 58,578 | 57,742 | 93,973 | 74,383 |
| Other Current Assets | 95,238 | 67,862 | 58,116 | 57,172 |
| Total Current Assets | 306,585 | 279,235 | 342,378 | 346,705 |
| Net Property, Plant & Equipment | 1,784,201 | 1,789,955 | 1,791,120 | 1,701,755 |
| Net Intangible Assets | 1,974,359 | 2,532,855 | 2,595,892 | 2,666,585 |
| Goodwill | 840,826 | 929,609 | 928,947 | 928,947 |
| Long-Term Investments | 613,841 | 815,812 | 1,038,024 | 1,167,478 |
| Other Long-Term Assets | 68,541 | 178,429 | 63,149 | 74,677 |
| Total Assets | 5,588,353 | 6,525,895 | 6,759,510 | 6,886,147 |
| Accounts Payable | 143,058 | 167,271 | 156,645 | 164,518 |
| Current Portion of Long-Term Debt | 593,535 | 18,712 | 19,023 | 55,931 |
| Unearned Revenue | 22,731 | 27,889 | 27,169 | 23,706 |
| Total Current Liabilities | 759,324 | 213,872 | 202,837 | 244,155 |
| Long-Term Debt | 2,600,392 | 3,571,536 | 3,626,928 | 3,752,591 |
| Other Long-Term Liabilities | 794,999 | 944,455 | 1,120,475 | 1,152,489 |
| Total Long-Term Liabilities | 3,395,391 | 4,515,991 | 4,747,403 | 4,905,080 |
| Total Liabilities | 4,154,715 | 4,729,863 | 4,950,240 | 5,149,235 |
| Common Stock | 62 | 62 | 62 | 62 |
| Treasury Stock | (602,293) | (599,662) | (596,778) | (494,680) |
| Additional Paid-in Capital | 681,866 | 639,288 | 607,574 | 578,154 |
| Accumulated Other Comprehensive Income | 19,450 | 48,100 | 36,745 | 50,031 |
| Retained Earnings | 1,334,553 | 1,708,244 | 1,761,667 | 1,603,345 |
| Total Common Shareholders' Equity | 1,433,638 | 1,796,032 | 1,809,270 | 1,736,912 |
| Total Shareholders' Equity | 1,433,638 | 1,796,032 | 1,809,270 | 1,736,912 |
| Total Liabilities and Shareholders' Equity | 5,588,353 | 6,525,895 | 6,759,510 | 6,886,147 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (356,459) | 14,480 | 224,622 | 213,057 |
| Depreciation & Amortization | 338,549 | 341,754 | 342,891 | 350,462 |
| Share-Based Compensation Expense | 42,578 | 31,714 | 29,420 | 22,514 |
| Other Adjustments | 578,200 | 253,793 | 94,102 | 149,636 |
| Changes in Trade Receivables | (836) | 36,431 | (19,590) | 2,734 |
| Changes in Accounts Payable | (20,301) | 19,894 | (10,664) | (157) |
| Changes in Unearned Revenue | (5,158) | 490 | 3,463 | (389) |
| Changes in Other Operating Activities | (13,247) | (34,428) | (1,074) | 183 |
| Cash from Operating Activities | 563,326 | 664,128 | 663,170 | 738,040 |
| Capital Expenditure | (288,960) | (295,036) | (367,704) | (410,737) |
| Proceeds from Sale of Property, Plant & Equipment | 813 | 5,542 | 1,230 | 3,628 |
| Purchases of Intangible Assets | — | (625) | (2,750) | — |
| Purchases of Investments | — | (20,000) | (29,410) | (50,385) |
| Proceeds from Sale of Investments | 133,970 | 45,214 | 56,730 | — |
| Payments for Business Acquisitions | — | (299,540) | — | — |
| Proceeds from Business Divestments | — | — | — | 9,227 |
| Cash from Investing Activities | (154,177) | (564,445) | (341,904) | (448,267) |
| Issuance of Long-Term Debt | — | 175,000 | 638,000 | — |
| Repayments of Long-Term Debt | (390,148) | (238,961) | (807,633) | (38,845) |
| Net Issuance / (Repayments) of Long-Term Debt | (390,148) | (63,961) | (169,633) | (38,845) |
| Repurchases of Common Shares | (2,631) | (2,884) | (102,098) | (358,325) |
| Net Issuance / (Repurchases) of Common Shares | (2,631) | (2,884) | (102,098) | (358,325) |
| Common Share Dividends Paid | (17,232) | (67,903) | (66,300) | (66,255) |
| Other Financing Activities | — | (1,593) | (8,096) | — |
| Cash from Financing Activities | (410,011) | (136,341) | (346,127) | (463,425) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (862) | (36,658) | (24,861) | (173,652) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $636M |
| P/E | -1.79x |
| P/S | 0.42x |
| EV/EBITDA | 28.03x |
| Return on Equity | -13.5% |
| Return on Invested Capital | -4.4% |
| Current Ratio | 0.40x |
| Dividend Yield | 2.7% |
| Free Cash Flow Margin | 18.3% |
Margins
Gross margin
73.9%
Operating margin
-13.8%
Net margin
-23.7%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $349M | -8.4% | -150.4% | $-525M |
| Q1 2026 | $353M | -7.3% | 24.5% | $87M |
| Q4 2025 | $364M | -6.1% | 25.2% | $92M |
| Q3 2025 | $376M | -4.5% | 25.2% | $95M |
| Q2 2025 | $381M | — | -128.4% | $-489M |
| Q1 2025 | $381M | — | 25.1% | $96M |
| Q4 2024 | $387M | — | 26.2% | $102M |
| Q3 2024 | $394M | — | 28.0% | $110M |
More on Cable One, Inc.
Figures compiled from public company filings.
See how Top Bucket AI works for your firm
Request DemoTop Bucket AI Research
Stay ahead of private markets
Research and market intelligence for private-markets professionals.
✓
You're subscribed.
Thanks for signing up.