TranscriptsMar. 03, 2026 10:12 PM ETShenandoah Telecommunications Company (SHEN) StockSA Transcripts158.79K FollowersCommentsQ4: 2026-02-26 Earnings SummaryInsightsTranscript InsightsTranscriptEPS of -$0.13 beats by $0.02 | Revenue of $91.59M (7.24% Y/Y) beats by $1.57MShenandoah Telecommunications Company (SHEN) Morgan Stanley Technology, Media & Telecom Conference 2026 March 3, 2026 7:05 PM ESTCompany ParticipantsJames Volk - Senior VP of Finance & CFOPresentationUnknown AnalystGreat. Let me just start with this quick disclaimer. For important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. Jim, thanks for coming back.James VolkSenior VP of Finance & CFOYes. Thanks for having me. Great to be in San Francisco again.Question-and-Answer SessionUnknown AnalystExcellent. We like having you at this conference. Let's start with Glo Fiber. Why don't you give us an update on the build-out. I think you ended 2025 with 427,000 homes passed. Are you still on track to substantially completing the build in calendar 2026? And what does the final build look like for you?James VolkSenior VP of Finance & CFOYes, Jon, we're well on track to substantially completing the build. We expect to end '26 with about 510,000 fiber-to-the-home passings and we exited -- the fourth quarter was our best quarter last year. We have good momentum going into this year. So we're in a good place on that side.Unknown AnalystAnd you've talked about terminal penetration rates in the high 30s. What's the time line to reach that target terminal penetration rate?James VolkSenior VP of Finance & CFOYes. In most markets, we get there in 5 to 7 years after we launch a market. Now there's been a couple of markets, very isolated situations where the telco built fiber after we launched service. There, we're likely to probably be getting more like low 30% penetration. The telco is taking some share there. But we have a portfolio of about 30 differentRead more current SHEN analysis and newsView all earnings call transcriptsComments