Cable One, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cable One, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	820	960	1,072	1,168	1,325	1,606	1,706	1,678	1,580	1,501
Selling, general and administrative	185	204	222	245	255	347	350	355	366	381
Operating income	187	236	268	310	469	457	539	527	442	-207
Interest expense	30.2	46.9	60.4	71.7	73.6	113	138	170	138	130
Interest income				6.48	8.52	11.6	13.7	18.6	20	16.3
Other non-operating income	5.12	0.67	4.49	-4.91	-16.4	-6	-25.9	36.1	-59.7	30.9
Pre-tax income	162	190	212	234	379	337	375	411	244	-306
Income tax	61.7	-45	47.2	55.2	76.3	45.8	120	72.8	25.2	-87.9
Net income	100	235	165	179	304	292	213	225	14.5	-356
EBITDA	335	418	466	527	735	796	889	870	784	131
EPS, basic	17.47	41.40	28.98	31.45	51.73	48.49	36.16	39.76	2.58	-63.21
EPS, diluted	17.38	40.92	28.77	31.12	51.27	46.49	34.73	38.08	2.57	-63.21
Shares, basic (weighted)	5.74	5.68	5.68	5.68	5.88	6.02	5.89	5.65	5.62	5.64
Shares, diluted (weighted)	5.77	5.75	5.73	5.74	5.94	6.39	6.31	6.06	5.63	5.64
Dividend per share			7.50	8.50		10.50	11.20	11.60	11.80	2.95

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	138	162	264	125	575	389	215	190	154	153
Receivables	29.4	25	30.2	33.5	32.8	41.9	49
Inventory						0
Other current assets	10.8	10.9	6.35	3.76	3.6	9.01	6.85	2.86	1.95	3.37
Total current assets	186	224	318	181	673	501	347	342	279	307
Property, plant and equipment	643	832	848	1,201	1,265	1,854	1,702	1,791	1,790	1,784
Lease right-of-use assets			0	16.9	13.4	15.5	11.3	10.7	8.05	7.09
Goodwill	84.9	172	172	430	431	968	929	929	930	841
Intangible assets	497	966	954	1,312	1,278	2,861	2,667	2,596	2,533	1,974
Long-term investments				0.21
Other non-current assets	9.31	11	11.4	26.9	33.5	42.3	74.7	63.1	178	68.5
Total assets	1,421	2,205	2,303	3,152	4,488	6,954	6,886	6,760	6,526	5,588
Accounts payable	17.1	21.7	20.8	137	174	203	39.6	45	31.9	28.1
Accrued liabilities	18.1	35.2	21.3				26.5	20.1	27.8	25
Deferred revenue	22.2	15	19	23.6	21.1	26.9	23.7	27.2	27.9	22.7
Short-term debt	6.25	14.4	20.6	28.9	26.4	38.8	55.9	19	18.7	594
Total current liabilities	111	147	134	190	222	269	244	203	214	759
Long-term debt	531	1,161	1,142	1,712	2,149	3,800	3,753	3,627	3,572	2,600
Lease liabilities							6.73	6.77	4.87	3.89
Other non-current liabilities	0.28	13.1	9.98	26.9	101	157	192	170	30.4	25.1
Total liabilities	952	1,528	1,528	2,310	2,993	5,161	5,149	4,950	4,730	4,155
Total debt	545	1,195	1,180	1,753	2,192	3,882	3,844	3,675	3,612	3,209
Paid-in capital	17.7	28.4	38.9	51.2	536	556	578	608	639	682
Retained earnings	527	728	850	980	1,228	1,457	1,603	1,762	1,708	1,335
Treasury stock	-74.5	-80.1	-114	-122	-128	-136	-495	-597	-600	-602
Other comprehensive income	-0.45	-0.35	-0.1	-68.2	-141	-82.8	50	36.7	48.1	19.5
Shareholders' equity	473	676	775	842	1,495	1,793	1,737	1,809	1,796	1,434
Total equity	473	676	775	842	1,495	1,793	1,737	1,809	1,796	1,434
Total liabilities and equity	1,421	2,205	2,303	3,152	4,488	6,954	6,886	6,760	6,526	5,588
Shares outstanding	5.71	5.73	5.7	5.72	6.03	6.05	5.77	5.62	5.62	5.64

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	100	235	165	179	304	292	213	225	14.5	-356
Depreciation and amortization	148	182	198	217	266	339	350	343	342	339
Stock-based compensation	12.3	10.7	10.5	12.3	14.6	20.1	22.5	29.4	31.7	42.6
Deferred income tax	-1.57	-87.2	34.7	50.3	87.2	29.5	60.7	-5.39	-40.4	-135
Change in receivables	1.77	18.1	-0.02	-3.52	0.14	19.7	2.73	-19.6	36.4	-0.84
Change in payables	4.05	6.87	-27.9	16.5	11.8	-23.2	-0.16	-10.7	19.9	-20.3
Cash from operations	257	324	408	492	574	704	738	663	664	563
Capital expenditures	-131	-179	-218	-262	-293	-392	-414	-371	-286	-285
Acquisitions		-728	0	-883	-38.3	-2,066	0	0	-4.33	0
Purchases of investments			0	0	-612	-95.8	-50.4	-29.4
Cash from investing	-142	-891	-214	-1,134	-955	-2,472	-448	-342	-564	-154
Debt issued		750	0	1,275	1,050	1,696	0	638	175	0
Debt repaid	-3.77	-101	-14.4	-703	-612	-30.5	-38.8	-808	-239	-390
Share buybacks	-56.4	-0.53	-26.6	-5.07	0	0	-353	-99.6	0	0
Dividends paid	-34.4	-37.2	-42.9	-48.5	-56.6	-63.5	-66.3	-66.3	-67.9	-17.2
Cash from financing	-96.7	590	-91.1	504	830	1,581	-463	-346	-136	-410
Net change in cash	18.8	23.7	102	-139	450	-186	-174	-24.9	-36.7	-0.86
Free cash flow	126	145	190	229	281	312	324	292	378	278
Interest paid	28.6	43.3	56.4	67.9	65	103	127	160	149	138
Income taxes paid	73	59.6	1.81	-3.59	28.2	-1.24	23.4	92.5	81.6	45.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.25 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-49.3%	Operating income / revenue.
EBITDA margin	-25.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-94.6%	Pre-tax income / revenue.
Net margin	-112.2%	Net income / revenue.
FCF margin	13.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.1%	Cash from operations / revenue.
Return on assets (ROA)	-33.3%	Net income / average total assets.
Return on invested capital (ROIC)	-19.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	25.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	21.1%	Capital expenditures / revenue.
D&A / revenue	23.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-146.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-83.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-47.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-29.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2,562.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-2,560.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-15.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-26.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-5.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-75.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-35.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-20.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-14.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.25x	Current assets / current liabilities.
Quick ratio	1.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.05x	(Cash + short-term investments) / current liabilities.
Debt / assets	75.4%	Total debt / total assets.
Liabilities / assets	101.8%	Total liabilities / total assets.
Net debt	$2.88B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-5.38x	Operating income / interest expense.
Working capital	$162.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.84B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	0.78x	Revenue / average property, plant and equipment.
Capex / operating cash flow	61.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$274.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$244.89	Revenue / diluted weighted shares.
FCF per share	$32.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$83.61	Cash from operations / diluted weighted shares.
Book value per share	-$15.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$323.47	Tangible book value / shares outstanding.
Cash per share	$118.79	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$24.1M	Share price x shares outstanding.
Enterprise value	$2.90B	Market cap + total debt - cash - short-term investments.
P/S	0.02x	Market cap / revenue.
P/FCF	0.13x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.05x	Market cap / cash from operations, when positive.
EV/Sales	2.08x	Enterprise value / revenue.
EV/FCF	15.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	757.9%	Free cash flow / market cap.
Earnings yield	-6,497.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Cable One, Inc.'s revenue in fiscal 2025?

Cable One, Inc. reported revenue of $1.50B for fiscal 2025, 4.9% lower than the year before.

Was Cable One, Inc. profitable in fiscal 2025?

No. It reported a net loss of $356.5M.

How much free cash flow did Cable One, Inc. generate in fiscal 2025?

Cash from operations of $563.3M minus capital expenditures of $285.3M left free cash flow of $278.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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