Cable One, Inc. CABO
Cable One, Inc. ("Cable One," "us," "our," "we" or the "Company") is a leading broadband communications provider delivering exceptional service and enabling our customers to thrive and stay connected to what matters most. Through Sparklight®, the brand our customers know and trust, we are transforming the future of connectivity with a commitment to innovation, reliability and customer experience. We serve our customers with technologically advanced fiber-based infrastructure that provides for delivery of a full suite of data, video and voice products.
We believe our robust infrastructure and cutting-edge technology keep our customers connected and help drive progress in education, business and everyday life. We believe the services we provide are critical to the development of new businesses and drive economic growth in the non-metropolitan, secondary and tertiary markets that we serve in 24 Western, Midwestern and Southern states. As of December 31, 2025, approximately 75% of our customers were located in seven states: Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas. We provided services to approximately 1.0 million residential and business customers out of approximately 2.9 million passings as of December 31, 2025. Of these customers, approximately 999,000 subscribed to data services, 88,000 subscribed to video services and 94,000 subscribed to voice services as of December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.50B | $1.58B | $1.68B | $1.71B | $1.61B | $1.33B | $1.17B | $1.07B | $960.0M | $819.3M |
| SG&A | $381.1M | $366.0M | $354.7M | $350.3M | $347.1M | $255.2M | $245.1M | $222.2M | $204.4M | $185.0M |
| Total operating expenses | $1.71B | $1.14B | $1.15B | $1.17B | $1.15B | $855.9M | $857.5M | $804.4M | $723.6M | $632.2M |
| Operating income | -$207.4M | $441.9M | $526.9M | $539.0M | $456.6M | $469.4M | $310.5M | $267.9M | $236.3M | $187.1M |
| Interest expense | $130.0M | $138.0M | $151.6M | $124.0M | $113.4M | $73.6M | $71.7M | $60.4M | $46.9M | $30.2M |
| Pre-tax income | -$306.4M | $244.2M | $411.4M | $375.4M | $337.1M | $379.3M | $233.8M | $212.0M | $190.1M | $162.0M |
| Income tax | $87.9M | $25.2M | $72.8M | $119.7M | $45.8M | $76.3M | $55.2M | $47.2M | $45.0M | $61.7M |
| Net income | -$357.3M | $14.5M | $267.4M | $234.1M | $291.8M | $304.4M | $178.6M | $164.8M | $235.2M | $100.3M |
| EPS, basic | -63.21 | 2.58 | 39.76 | 36.16 | 48.49 | 51.73 | 31.45 | 28.98 | 41.40 | 17.47 |
| EPS, diluted | -63.21 | 2.57 | 38.08 | 34.73 | 46.49 | 51.27 | 31.12 | 28.77 | 40.92 | 17.38 |
| Shares, diluted (wtd. avg.) | $5.6M | $5.6M | $6.1M | $6.3M | $6.4M | $5.9M | $5.7M | $5.7M | $5.7M | $5.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $152.8M | $153.6M | $190.3M | $215.2M | $388.8M | $574.9M | $125.3M | $264.1M | $161.8M | $138.0M |
| Receivables | — | — | — | $49.0M | $41.9M | $32.8M | $33.5M | $30.2M | $25.0M | $29.4M |
| Total current assets | $306.6M | $279.2M | $342.4M | $346.7M | $501.0M | $672.8M | $181.5M | $317.9M | $223.9M | $186.5M |
| Property, plant and equipment | — | — | — | — | — | $1.27B | $1.20B | $848.0M | $831.9M | $642.9M |
| Goodwill | $840.8M | $929.6M | $928.9M | $928.9M | $967.9M | $430.5M | $429.6M | $172.1M | $172.1M | $84.9M |
| Other intangibles | $1.97B | $2.53B | $2.60B | $2.67B | $2.86B | $1.28B | $1.31B | $953.9M | $965.7M | $497.5M |
| Total assets | $5.59B | $6.53B | $6.76B | $6.88B | $6.95B | $4.49B | $3.15B | $2.30B | $2.20B | $1.42B |
| Accounts payable | $28.1M | $31.9M | $45.0M | $39.6M | $203.4M | $174.1M | $137.0M | $94.1M | $21.7M | $17.1M |
| Short-term debt | — | — | — | — | — | — | — | $20.6M | $14.4M | $6.2M |
| Total current liabilities | $759.3M | $213.9M | $202.8M | $244.2M | $269.1M | $221.6M | $189.5M | $133.7M | $147.2M | $111.1M |
| Long-term debt | $3.21B | $3.61B | $3.68B | $3.84B | $3.88B | $2.19B | $1.75B | $1.18B | $1.19B | $545.3M |
| Total liabilities | $4.15B | $4.73B | $4.95B | $4.99B | $5.16B | $2.99B | $2.31B | $1.53B | $1.53B | $951.8M |
| Retained earnings | $1.33B | $1.71B | $1.76B | $1.66B | $1.46B | $1.23B | $980.4M | $850.3M | $728.4M | $526.5M |
| Total equity | $1.43B | $1.80B | $1.81B | $1.74B | $1.79B | $1.50B | $841.6M | $775.4M | $676.4M | $473.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $563.3M | $664.1M | $663.2M | $738.0M | $704.3M | $574.4M | $491.7M | $407.8M | $324.5M | $257.1M |
| Depreciation and amortisation | $338.5M | $341.8M | $342.9M | $350.5M | $339.0M | $265.7M | $216.7M | $197.7M | $181.6M | $147.8M |
| Stock-based compensation | $42.6M | $31.7M | $29.4M | $22.5M | $20.1M | $14.6M | $12.3M | $10.5M | $10.7M | $12.3M |
| Capital expenditure | $285.3M | $286.4M | $371.0M | $414.1M | $391.9M | $293.2M | $262.4M | $217.8M | $179.4M | $130.8M |
| Investing cash flow | -$154.2M | -$564.4M | -$341.9M | -$448.3M | -$2.47B | -$954.9M | -$1.13B | -$214.3M | -$891.2M | -$141.6M |
| Financing cash flow | -$410.0M | -$136.3M | -$346.1M | -$463.4M | $1.58B | $830.2M | $503.7M | -$91.1M | $590.4M | -$96.7M |
| Dividends paid | $17.2M | $67.9M | $66.3M | $66.3M | $63.5M | $56.6M | $48.5M | $42.9M | $37.2M | $34.4M |
| Buybacks | $0 | $0 | $99.6M | $353.3M | $0 | $0 | $5.1M | $26.6M | $528.0K | $56.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001632127-26-000015.
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