Uniti Group (UNIT) Q4 2025 earnings summary

Executive summary

• Completed transformative merger with Windstream, creating a leading national wholesale fiber provider, fully integrating teams, and establishing a new leadership team experienced in fiber transformation.

• Achieved record fiber subscriber growth and gross/net adds in Q4 2025, with the highest fiber premises constructed in over three years.

• Signed the largest customer contract in company history with a major hyperscaler, and set ambitious targets for fiber build and subscriber growth through 2029.

• Strengthened balance sheet through inaugural Kinetic ABS and refinancing activities, lowering cost of capital from 12.5% to 6.9% over three years.

• Strategic focus on ramping fiber to the home at Kinetic and capitalizing on hyperscaler AI demand at Fiber Infrastructure.

Financial highlights

• Core Fiber business revenue grew 13% year-over-year in Q4; Kinetic consumer fiber revenue up 24% year-over-year.

• Kinetic added 28,000 net new fiber subscribers in Q4, up 20% from prior year, ending with 535,000 total fiber subscribers and penetration rate at 28.9%.

• Consolidated Q4 2025 revenue was $917.3M–$962M, with Adjusted EBITDA of $365.6M–$366M (40% margin).

• Total fiber revenue mix increased from 34% to 41% of total revenue year-over-year in Q4.

• Fiber Infrastructure bookings MRR reached $1.7 million, tying the highest level on record.

Outlook and guidance

• 2026 revenue outlook: $3.61B–$3.66B; Adjusted EBITDA: $1.425B–$1.48B; net capex: $1.4B–$1.45B.

• Targeting 2.3–2.35 million homes passed with fiber at Kinetic by end of 2026, aiming for 3.5 million by 2029.

• Expecting 675,000–700,000 fiber subscribers and $635M–$655M consumer fiber revenue at Kinetic in 2026, up 25–30% year-over-year.

• Kinetic 2026 revenue and contribution margin expected at $2.15B and $905M, with $1.2B net CapEx.

• Uniti Solutions 2026 revenue and contribution margin expected at $700M and $310M, with mid-teens annual decline as legacy services wind down.