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# Shentel Is Still Testing $67.5 Million Of Goodwill, And The Last Test Cleared By Just 8%
- URL: https://www.bullished.co/shentel-is-still-testing-67-5-million-of-goodwill-and-the-last-test-cleared-by-just-8-8744282c/
- Published: 2026-10-28T12:11:27.000Z
- Updated: 2026-10-28T12:11:27.000Z
- Description: The fiber builder's annual impairment review is unfinished as interest expense climbs to $29.6 million and capital spending guidance rises.
- Author: Matteo Parrino
- Tags: SEC Filings, SHEN, Industry: Communication Services

[Shenandoah Telecommunications](https://www.bullished.co/tag/shen/), which sells broadband, video and voice service over fiber and cable networks across eight states, said in its [10-Q](https://www.sec.gov/Archives/edgar/data/0000354963/000035496326000266/shen-20260930.htm?ref=bullished.co) that its [annual goodwill impairment test](https://www.sec.gov/Archives/edgar/data/0000354963/000035496326000266/shen-20260930.htm?ref=bullished.co) of the broadband unit is not finished. The last test, as of October 1, 2025, found the unit's fair value exceeded its carrying value by only 8%, and the company carries $67.5 million of goodwill.

## A thin cushion, an open test

The 10-Q says the company is performing the annual analysis of the broadband reporting unit and that it is "not complete as of the date of this filing." That sentence is new; the [prior quarter's 10-Q](https://www.sec.gov/Archives/edgar/data/0000354963/000035496326000209/shen-20260630.htm?ref=bullished.co) carried only the 8% result.

Monitoring during the three and nine months ended September 30 found no signs of impairment or triggering events, the filing says. Goodwill stands at $67.5 million, unchanged from December 31, 2025\. The result should appear in the next annual report.

The company reported a nine-month net loss of $32.6 million, against $27.6 million a year earlier. Revenue for the nine months rose 5.0% to $279.5 million, and the operating loss narrowed to $13.5 million from $22.4 million.

## Debt and interest keep climbing

Interest expense for the nine months rose to $29.6 million from $17.7 million, which the filing ties to more debt and less capitalized interest. Total debt reached $759.9 million, up from $728.4 million at June 30 and $642.4 million at December 31.

In December 2025 the company refinanced into an asset-backed securitization secured by most of its fiber businesses. Capital spending was [$215.0 million](https://www.globenewswire.com/news-release/2026/10/28/3390003/13368/en/shenandoah-telecommunications-company-reports-third-quarter-2026-results.html?ref=bullished.co) for the nine months, exceeding operating cash flow by $138.4 million, and the company expects that gap to persist through 2026.

In its [earnings release](https://www.sec.gov/Archives/edgar/data/0000354963/000117184326006883/exh%5F991.htm?ref=bullished.co), Shentel raised 2026 capital spending guidance, net of government grant reimbursements, to $255 million to $275 million from $220 million to $250 million. Revenue and adjusted EBITDA guidance were unchanged.

## Borrowing room and the fiber push

Only $16.3 million remained available on the variable funding note at September 30\. On October 1 the company contributed about $238.6 million of gross fiber assets to the securitization entities, and it expects that to add capacity on the note.

Third-quarter revenue rose [4.6%](https://www.globenewswire.com/news-release/2026/10/28/3390003/13368/en/shenandoah-telecommunications-company-reports-third-quarter-2026-results.html?ref=bullished.co) to $93.9 million, and Glo Fiber expansion revenue grew 32.2%. CEO Ed McKay said the company is entering a phase "focused on customer growth, operating leverage and cash generation." The company's market value was $555 million at Wednesday's morning report.

The goodwill result is due in the company's next annual report on Form 10-K.

### Sources

- [10-Q Filing — Shenandoah Telecommunications (SHEN)](https://www.sec.gov/Archives/edgar/data/0000354963/000035496326000266/shen-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Shenandoah Telecommunications (SHEN), Q2 FY2026 filed 2026-07-29 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000354963/000035496326000209/shen-20260630.htm?ref=bullished.co) — SEC EDGAR
- [8-K Filing — Shenandoah Telecommunications, filed 2026-10-22 (Items 5.02)](https://www.sec.gov/Archives/edgar/data/0000354963/000117184326006778/f8k%5F102226.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, exh\_991.htm) — Shenandoah Telecommunications, filed 2026-10-28](https://www.sec.gov/Archives/edgar/data/0000354963/000117184326006883/exh%5F991.htm?ref=bullished.co) — SEC EDGAR
- [Shenandoah Telecommunications Company Reports Third Quarter](https://www.globenewswire.com/news-release/2026/10/28/3390003/13368/en/shenandoah-telecommunications-company-reports-third-quarter-2026-results.html?ref=bullished.co) — globenewswire.com

### More on Shenandoah Telecommunications

- [Shentel Lifts 2026 Capital Spending Forecast To $255 Million-$275 Million As Fiber Growth Outpaces Cable Decline](https://www.bullished.co/shentel-lifts-2026-capital-spending-forecast-to-255-million-275-million-as-fiber-growth-1d4f402e/)
- [Shentel's Executive Chairman Christopher French To Step Into Non-Executive Role January 1 With $85,000 Retainer](https://www.bullished.co/shentels-executive-chairman-christopher-french-to-step-into-non-executive-role-january-1-1a6442a5/)
- [Dimensional Fund Advisors Reports 5.2% Passive Stake In Shenandoah Telecommunications](https://www.bullished.co/dimensional-fund-advisors-reports-5-2-passive-stake-in-shenandoah-telecommunications-fd84f28f/)

[All Shenandoah Telecommunications (SHEN) coverage →](https://www.bullished.co/tag/shen/)