The preliminary Q2 estimates confirm the deteriorating operating trend. With revenue falling, subscriber losses mounting, and leverage at extreme levels, the stock remains under severe pressure. Watch for the full Q2 release and any further MBI developments for signs of capital structure distress.
Price Chart
Executive Summary
Cable One disclosed preliminary Q2 2026 estimates showing continued revenue decline (midpoint ~$349M vs Q1 $353M), net residential data subscriber losses of 16k-18k, and lower Adjusted EBITDA. Gross debt remains high at $3.06B against a $232M market cap, and the company may avoid providing credit support for MBI's term loans. The ongoing operational deterioration and high leverage reinforce a bearish outlook.
Key Financial Metrics
Key Facts
- Preliminary Q2 2026 revenue expected between $346M and $352M.
- Net residential data subscriber losses of approximately 16,000 to 18,000.
- Adjusted EBITDA expected to decline sequentially from Q1 2026.
- Gross debt of ~$3,058.4M as of June 30, 2026; net debt ~$2,892.2M.
- Company considering not consummating MBI Term Loan Exchange Offer, potentially avoiding new credit support.
- Market cap of $232M vs gross debt of $3.06B implies extreme leverage.
Financial Impact
Revenue declining ~7% YoY (Q1 2026 $353M vs Q1 2025 $381M); subscriber losses accelerating; EBITDA margin compression.
Risk Factors
- Further revenue and subscriber erosion.
- Inability to service or refinance $3.06B debt.
- Potential need for equity or distressed debt restructuring.
- MBI acquisition could impose additional liabilities.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000950157-26-000791 |
| Document: 0000950157-26-000791-index-headers.html | 0000950157-26-000791 |
| Document: 0000950157-26-000791-index.html | 0000950157-26-000791 |
| Document: 0000950157-26-000791.txt | 0000950157-26-000791 |
| 8-K Data (Synthetic) | 0000950157-26-000791 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | 8-K | $34.48 $20.44 | ▼ −40.72% | ▼ −38.73% | $12.21 (−64.59%) |
Aug 7, 2026 8w ago | Institutional Cluster | $37.32 $25.47 | ▲ +31.75% | ▲ +31.36% | $12.21 (+67.28%) |
Jul 9, 2026 12w ago | 8-K | $35.27 $44.48 | ▼ −26.11% | ▼ −23.87% | $12.21 (+65.38%) |
Jun 11, 2026 16w ago | Institutional Cluster | $41.57 $35.27 | ▼ −15.16% | ▼ −17.05% | $12.21 (−70.63%) |
Apr 30, 2026 22w ago | 8-K | $75.01 $51.34 | ▲ +31.56% | ▲ +36.82% | $12.21 (+83.72%) |
US Market Status
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