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A smaller, regional version of Comcast or Charter Communications.

Similar to a regional internet and cable TV provider like Xfinity (Comcast) or Spectrum (Charter).

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• Residential Data Services: Provides high-speed internet and Wi-Fi enhancement services for homes.
• Residential Video Services: Offers a variety of television programming, including local, digital, premium channels, and advanced features like DVR and streaming.
• Residential Voice Services: Delivers landline telephone services with features like local, long-distance, and international calling options.
• Business Services: Provides data, voice, and video solutions tailored for small to mid-market businesses, enterprises, and wholesale/carrier customers.

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Cable One (CABO) serves a broad customer base rather than a few major corporate customers. The company primarily sells its services to:

• Residential Customers: Individuals and households who subscribe to data (internet), video (cable television), and voice (phone) services for personal use.
• Business Customers: A diverse group of organizations, including small to mid-market businesses, enterprises, and wholesale and carrier customers, that utilize Cable One's data, voice, and video products for their operational needs.

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James A. Holanda, Chief Executive Officer

James A. Holanda is the Chief Executive Officer of Cable One, effective no later than March 31, 2026. He brings over 35 years of experience in the cable and broadband industry. Prior to joining Cable One, Holanda served as Chief Executive Officer of Astound Broadband from 2011 to 2025, a company that has been backed by private equity firms. He was also Chief Executive Officer of Choice Cable TV of Puerto Rico and President of Patriot Media of Central New Jersey. Patriot Media was acquired by Comcast in 2005. His career began at Comcast and then Charter Communications, where he held various accounting, finance, business, and operations roles.

Todd M. Koetje, Chief Financial Officer

Todd M. Koetje has served as Cable One's Chief Financial Officer since July 1, 2022. He is also serving as Interim Chief Executive Officer from January 1, 2026, until James Holanda's start date. Koetje possesses over 20 years of experience in capital markets, the telecom industry, and financial leadership. Before his tenure at Cable One, he was the Managing Director & Group Head of the Technology, Media & Telecommunications Leveraged Finance team at Truist Securities.

Kenneth E. Johnson, Chief Operating Officer

Kenneth E. Johnson is the Chief Operating Officer for Cable One. In this capacity, he is responsible for overseeing Residential and Business Services, Technology Services, Field and Call Center Operations, Digital Evolution, and Integration. He also ensures the execution of the company's long-term business goals and the operationalization of strategy across Cable One's brands.

Megan M. Detz, Chief People Officer

Megan M. Detz holds the position of Chief People Officer for Cable One.

Christopher J. Arntzen, Senior Vice President, General Counsel and Secretary

Christopher J. Arntzen serves as Cable One's Senior Vice President, General Counsel, and Secretary.

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The key risks to Cable One's business are primarily driven by intense competition, resulting in subscriber losses and declining revenue, compounded by its high leverage.

1. Intense Competition and Subscriber Losses: Cable One faces significant competition, primarily from fiber overbuilders and Fixed Wireless Access (FWA) providers, even in its secondary and tertiary markets. This competition has led to substantial residential data subscriber losses and is a major headwind for the company. For example, residential data customers declined by 13,000 in Q2 2025 and an additional 21,600 in Q3 2025, pushing total customers down 3.2% by mid-year. In Q4 2025, residential broadband customers declined by approximately 10,700. Management has described the competitive environment as "fierce" and anticipates ongoing subscriber losses. The company's footprint has seen significant overbuilding by wired competitors offering high-speed data services, with close to 60% of its footprint overbuilt as of December 31, 2025.
2. High Leverage and Financial Health Concerns: Cable One operates with a significant amount of debt, with total debt standing at approximately $3.50 billion as of June 30, 2025. Its financial strength has been rated as poor, with a Z-Score indicating distress and a high debt-to-equity ratio of 2.3. S&P Global Ratings downgraded Cable One's ratings due to weak operating performance and elevated leverage. This high leverage, especially when combined with declining earnings, can lead to disastrous equity returns.
3. Declining Revenue and Profitability: The company has experienced declining revenue, particularly in its residential video segment due to cord-cutting, and more recently, in its core residential data segment. Total revenue for Q3 2025 declined by 4.5% year-over-year, and Q4 2025 saw a 6.1% year-over-year decrease in total revenue. This decline is driven by subscriber churn, and while Average Revenue Per Unit (ARPU) has sometimes increased for remaining customers, the overall subscriber losses are a significant concern. To combat subscriber losses, Cable One may need to lower prices or offer aggressive promotions, which can further impact ARPU and profitability.

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• Fixed Wireless Access (FWA) Home Internet: Wireless carriers such as T-Mobile and Verizon are aggressively expanding their 5G-based home internet services. These services offer a compelling alternative to traditional wired broadband, often with simpler setup and competitive pricing, directly threatening Cable One's core residential data services.
• Accelerated Fiber-to-the-Home (FTTH) Expansion: New and incumbent telecommunication companies, as well as municipal and regional providers, are rapidly expanding fiber optic networks. These networks offer symmetrical multi-gigabit speeds and enhanced reliability, directly competing with Cable One's internet service offerings and potentially drawing away high-value customers.
• Virtual Multichannel Video Programming Distributors (vMVPDs) and Accelerating Cord-Cutting: While streaming services have been present for some time, the continued acceleration of consumers canceling traditional cable TV subscriptions (cord-cutting) and migrating to internet-delivered live TV bundles (vMVPDs like YouTube TV, Hulu + Live TV, and Sling TV) poses an ongoing and intensifying threat to Cable One's residential video services.

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For Cable One (CABO), the addressable markets for its main products and services in the United States are as follows:

• Residential Data Services (Broadband Internet): The United States residential fixed broadband market had approximately 120.6 million subscriptions at the end of 2024.
• Residential Video Services (Cable TV and Streaming): The U.S. Television Services market was valued at approximately $117.68 billion in 2024, with projections to reach around $186.90 billion by 2034. Additionally, the U.S. video streaming market size is estimated at $102.9 billion in 2026.
• Residential Voice Services (VoIP): The U.S. residential VoIP services market was valued at approximately $46.57 billion in 2024. This market is projected to grow from $22.11 billion in 2024 to $54.36 billion by 2032.
• Business Data, Voice, and Video Products: The overall U.S. telecom services market, which encompasses business data, voice, and video offerings, was sized at $451.7 billion in 2025 and is projected to grow to $601.2 billion by 2030. Business customers also account for a significant portion of the VoIP market, representing 78.7% of total adoption.

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Cable One, Inc. (CABO) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focusing on expanding its high-margin data services and customer base, as well as introducing new offerings.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion of Business Services through a Partner Solutions Program: Cable One, through its Sparklight Business brand, launched a Partner Solutions Program in December 2025. This initiative aims to broaden its market reach by collaborating with technology brokerages and advisor partners. The program is designed to create new revenue streams by offering advanced connectivity, voice, and managed services to a wider business customer base across its existing 24-state fiber network.

2. Strategic Fiber Network Expansion and Acquisitions: Cable One is actively pursuing fiber growth through both organic expansion and acquisitions. This includes combining its Clearwave Fiber joint venture with Point Broadband, aiming to establish one of the largest independent fiber operators in the U.S. with over 500,000 passings across 12 states. Additionally, the company is set to acquire full ownership of Mega Broadband Investment Holdings (MBI), which operates under the Vyve Broadband brand, primarily serving rural markets across 16 states with approximately 675,000 passings. This acquisition is anticipated to close in Q4 2026. These moves demonstrate a clear focus on expanding its fiber footprint and customer base in strategic markets.

3. Launch of Mobile Service: Cable One has initiated a mobile pilot program in six markets, with plans for a broader rollout expected in late Q1 2026. This new service offering is intended to enhance customer relationships and increase Average Revenue Per User (ARPU) by providing an additional product to its customer base.

4. Focus on Residential Broadband Customer and Revenue Growth: Despite recent residential broadband subscriber losses, Cable One's long-term objective is to achieve residential broadband customer and revenue growth. The company is concentrating on growing its residential data customer base and associated revenues, supplemented by the growth of related services such as intelligent Wi-Fi, technology support, and network security solutions. Management has expressed confidence in its strategy to drive residential broadband revenue growth, and new residential plans have been introduced to cater to diverse customer needs.

5. Strategic Pricing and ARPU Enhancement: To counter subscriber declines and drive revenue, Cable One plans to implement strategic price increases and leverage Average Revenue Per User (ARPU) growth. The company increased Sparklight high-speed internet rates by $5 per month effective July 1, 2024. This strategy aims to increase revenue from existing customers, particularly those who opt for higher-tier services, as growing ARPU becomes crucial in a challenging subscriber growth environment.

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Share Repurchases

• Cable One had $143.1 million of remaining share repurchase authorization as of December 31, 2025.
• The company did not repurchase any shares under its Share Repurchase Program in 2025 or 2024.
• Between May 2022 and October 2025, the company completed the repurchase of 328,894 shares for $306.73 million under a buyback announced on May 23, 2022.

Outbound Investments

• In January 2026, Cable One announced a definitive agreement to acquire the remaining 55% equity interests in Mega Broadband Investments Holdings LLC (MBI) that it did not already own, with the transaction expected to close on October 1, 2026.
• The estimated purchase price for the remaining MBI stake is expected to range between approximately $475 million and $495 million, with the assumption of MBI's net indebtedness of $845 million to $895 million.
• Cable One completed the Hargray Acquisition in May 2021, the CableAmerica acquisition in December 2021, and the Clearwave Fiber Contribution in January 2022.

Capital Expenditures

• Cable One's capital expenditures were $285.3 million for the full year 2025, $286.4 million for 2024, $295.66 million for 2023, and $370.45 million for 2022.
• For 2026, capital expenditures are expected to remain substantially consistent with 2025 levels, trending towards the low $300 million range.
• A primary focus of capital expenditures is on infrastructure improvements, including increasing fiber density and coverage, expanding footprint, and enhancing network reliability, along with the deployment of DOCSIS 4.0.