Cable One, Inc. reported first-quarter 2025 revenues of $380.6 million, a 5.9% decrease compared to $404.3 million in the first quarter of 2024. Net income for the quarter was $2.6 million, a substantial 93.0% decline from $37.4 million in the prior year quarter, resulting in diluted net income per common share of $0.46.
Residential data revenues decreased by 4.5% year-over-year, primarily due to a reduction in subscribers and a 3.1% decrease in average revenue per unit (ARPU). Business data revenues, however, increased by 1.2% year-over-year, driven by an increase in business data subscribers.
In a significant capital allocation update, the company announced the suspension of its quarterly cash dividend paid on common shares. This strategic move is projected to free up approximately $67 million annually, totaling over $200 million over the next three years, which will be allocated to accelerated debt repayment, refinancing support, and ongoing investment in organic growth initiatives.
Adjusted EBITDA for Q1 2025 was $202.7 million, a 6.6% decrease from Q1 2024. Net cash provided by operating activities decreased by 29.4% to $116.3 million. As of March 31, 2025, the company had $149.1 million in cash and cash equivalents and total debt of $3.57 billion.
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