Cable One, Inc. reported a GAAP net loss of $438.0 million, or $77.70 per share, for the second quarter of 2025, compared to a net income of $38.2 million in Q2 2024. This significant loss was primarily driven by $586.0 million in non-cash asset impairments, including $497.2 million related to indefinite-lived franchise agreements and $88.8 million related to goodwill.
Total GAAP revenue for the quarter was $381.1 million, a 3.4% decrease year-over-year. Residential data revenues declined by 0.5% year-over-year, with residential data subscribers decreasing by 3.2%. However, residential data average revenue per user (ARPU) increased by 2.4% to $81.23.
Adjusted EBITDA for Q2 2025 was $203.2 million, a 4.3% decrease year-over-year, with the Adjusted EBITDA margin at 53.3%. Total customer counts fell by 3.2% to 1,060,500 as of June 30, 2025, and data penetration slipped to 35.9% from 37.8% a year prior.
The company noted that elevated disconnects were driven by customer response to recent segmented pricing changes, churn from promotional roll-offs, and seasonal softness in college markets. Despite these challenges, business data revenues increased by 1.2% year-over-year, and capital expenditures were cut by approximately 4.5%.
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