CABLE ONE, INC., 10-Q filed on 8/6/2026
Quarterly Report
v3.26.1
COVER PAGE - shares
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Entity File Number 001-36863  
Entity Registrant Name Cable One, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-3060083  
Entity Address, Address Line One 210 E. Earll Drive  
Entity Address, City or Town Phoenix  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85012  
City Area Code 602  
Local Phone Number 364-6000  
Title of 12(b) Security Common Stock, par value $0.01  
Trading Symbol CABO  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   5,673,925
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Entity Central Index Key 0001632127  
Amendment Flag false  
Document Fiscal Period Focus Q2  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 166,191 $ 152,769
Accounts receivable, net 55,565 58,578
Prepaid and other current assets 61,876 95,238
Total Current Assets 283,632 306,585
Equity investments 298,632 613,841
Property, plant and equipment, net 1,780,529 1,784,201
Intangible assets, net 1,407,500 1,974,359
Goodwill 769,111 840,826
Other noncurrent assets 83,408 68,541
Total Assets 4,622,812 5,588,353
Current Liabilities:    
Accounts payable and accrued liabilities 135,643 143,058
MBI option liability 425,970 0
Deferred revenue 17,193 22,731
Current portion of long-term debt 18,060 593,535
Total Current Liabilities 596,866 759,324
Long-term debt 3,027,125 2,600,392
Deferred income taxes 642,257 769,924
Other noncurrent liabilities 30,179 25,075
Total Liabilities 4,296,427 4,154,715
Commitments and contingencies (refer to note 16)
Stockholders' Equity:    
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding) 0 0
Common stock ($0.01 par value; 40,000,000 shares authorized; 6,175,399 shares issued; and 5,673,367 and 5,635,219 shares outstanding as of June 30, 2026 and December 31, 2025, respectively) 62 62
Additional paid-in capital 693,870 681,866
Retained earnings 205,751 1,334,553
Accumulated other comprehensive income (loss) 29,965 19,450
Treasury stock, at cost (502,032 and 540,180 shares held as of June 30, 2026 and December 31, 2025, respectively) (603,263) (602,293)
Total Stockholders' Equity 326,385 1,433,638
Total Liabilities and Stockholders' Equity $ 4,622,812 $ 5,588,353
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 4,000,000 4,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 40,000,000 40,000,000
Common stock, shares issued (in shares) 6,175,399 6,175,399
Common stock, shares outstanding (in shares) 5,673,367 5,635,219
Treasury stock, shares (in shares) 502,032 540,180
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenues $ 348,926 $ 381,072 $ 701,883 $ 761,673
Costs and Expenses:        
Operating (excluding depreciation and amortization) 98,725 102,356 192,609 202,207
Selling, general and administrative 87,649 91,996 174,836 187,410
Depreciation and amortization 81,781 86,118 164,275 171,583
(Gain) loss on asset sales and disposals, net 7,973 3,908 10,759 8,104
Asset impairments 597,715 586,017 597,715 586,017
Total Costs and Expenses 873,843 870,395 1,140,194 1,155,321
Loss from operations (524,917) (489,323) (438,311) (393,648)
Interest expense, net (33,737) (33,905) (64,006) (68,368)
Other income (expense), net (431,590) (11,372) (408,630) (12,784)
Loss before income taxes and equity method investment income (loss), net (990,244) (534,600) (910,947) (474,800)
Income tax benefit 109,521 117,575 90,100 117,372
Loss before equity method investment income (loss), net (880,723) (417,025) (820,847) (357,428)
Equity method investment income (loss), net (283,853) (20,951) (307,955) (77,941)
Net loss $ (1,164,576) $ (437,976) $ (1,128,802) $ (435,369)
Net Loss per Common Share:        
Basic (in dollars per share) $ (204.35) $ (77.70) $ (198.30) $ (77.26)
Diluted (in dollars per share) $ (204.35) $ (77.70) $ (198.30) $ (77.26)
Weighted Average Common Shares Outstanding:        
Basic (in shares) 5,698,814 5,636,683 5,692,392 5,635,255
Diluted (in shares) 5,698,814 5,636,683 5,692,392 5,635,255
Unrealized gain (loss) on cash flow hedges and other, net of tax $ 6,439 $ (10,108) $ 10,515 $ (25,094)
Comprehensive loss $ (1,158,137) $ (448,084) $ (1,118,287) $ (460,463)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Gain (Loss)
Treasury Stock, at cost
Beginning balance (in shares) at Dec. 31, 2024   5,619,365        
Beginning balance at Dec. 31, 2024 $ 1,796,032 $ 62 $ 639,288 $ 1,708,244 $ 48,100 $ (599,662)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (435,369)     (435,369)    
Unrealized gain (loss) on cash flow hedges and other, net of tax (25,094)       (25,094)  
Stock-settled equity-based compensation $ 21,359   21,359      
Issuance of equity awards, net of forfeitures (in shares)   10,922        
Withholding tax for equity awards (in shares) (1,523) (1,523)        
Withholding tax for equity awards $ (2,302)         (2,302)
Dividends paid to stockholders (17,232)     (17,232)    
Ending balance (in shares) at Jun. 30, 2025   5,628,764        
Ending balance at Jun. 30, 2025 1,337,394 $ 62 660,647 1,255,643 23,006 (601,964)
Beginning balance (in shares) at Mar. 31, 2025   5,627,527        
Beginning balance at Mar. 31, 2025 1,775,460 $ 62 650,599 1,693,619 33,114 (601,934)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (437,976)     (437,976)    
Unrealized gain (loss) on cash flow hedges and other, net of tax (10,108)       (10,108)  
Stock-settled equity-based compensation $ 10,048   10,048      
Issuance of equity awards, net of forfeitures (in shares)   1,239        
Withholding tax for equity awards (in shares) (2) (2)        
Withholding tax for equity awards $ (30)         (30)
Ending balance (in shares) at Jun. 30, 2025   5,628,764        
Ending balance at Jun. 30, 2025 $ 1,337,394 $ 62 660,647 1,255,643 23,006 (601,964)
Beginning balance (in shares) at Dec. 31, 2025 5,635,219 5,635,219        
Beginning balance at Dec. 31, 2025 $ 1,433,638 $ 62 681,866 1,334,553 19,450 (602,293)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (1,128,802)     (1,128,802)    
Unrealized gain (loss) on cash flow hedges and other, net of tax 10,515       10,515  
Stock-settled equity-based compensation $ 12,004   12,004      
Issuance of equity awards, net of forfeitures (in shares)   38,277        
Withholding tax for equity awards (in shares) (129) (129)        
Withholding tax for equity awards $ (970)         (970)
Ending balance (in shares) at Jun. 30, 2026 5,673,367 5,673,367        
Ending balance at Jun. 30, 2026 $ 326,385 $ 62 693,870 205,751 29,965 (603,263)
Beginning balance (in shares) at Mar. 31, 2026   5,672,182        
Beginning balance at Mar. 31, 2026 1,478,798 $ 62 688,128 1,370,327 23,526 (603,245)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (1,164,576)     (1,164,576)    
Unrealized gain (loss) on cash flow hedges and other, net of tax 6,439       6,439  
Stock-settled equity-based compensation $ 5,742   5,742      
Issuance of equity awards, net of forfeitures (in shares)   1,185        
Withholding tax for equity awards (in shares) 0          
Withholding tax for equity awards $ (18)         (18)
Ending balance (in shares) at Jun. 30, 2026 5,673,367 5,673,367        
Ending balance at Jun. 30, 2026 $ 326,385 $ 62 $ 693,870 $ 205,751 $ 29,965 $ (603,263)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical)
 6 Months Ended
Jun. 30, 2025
$ / shares
Statement of Stockholders' Equity [Abstract]  
Dividends, per share (in dollars per share) $ 2.95
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (1,128,802) $ (435,369)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 164,275 171,583
Amortization of debt discount and issuance costs 4,541 4,728
Equity-based compensation 12,577 21,359
Gain on debt extinguishments (29,694) (3,856)
Change in deferred income taxes (131,289) (158,788)
(Gain) loss on asset sales and disposals, net 10,759 8,104
Gain on sale of fiber-to-the-tower contract rights (27,638) 0
Equity method investment (income) loss, net 307,955 77,941
Fair value adjustments 465,548 19,946
Asset impairments 597,715 586,017
Changes in operating assets and liabilities:    
Accounts receivable, net 1,107 216
Prepaid and other current assets 7,422 (12,603)
Accounts payable and accrued liabilities (3,632) (7,921)
Deferred revenue (4,507) (1,449)
Other (7,260) (8,634)
Net cash provided by operating activities 239,077 261,274
Cash flows from investing activities:    
Capital expenditures (142,426) (139,504)
Change in accrued expenses related to capital expenditures (3,963) (2,273)
Proceeds from sales of property, plant and equipment 1,842 482
Proceeds from sales of equity investments 1,112 10,702
Proceeds from sale of fiber-to-the-tower contract rights 42,000 0
Net cash used in investing activities (101,435) (130,593)
Cash flows from financing activities:    
Proceeds from long-term debt borrowings 575,000 0
Debt repayments (698,250) (111,902)
Payment of withholding tax for equity awards (970) (2,302)
Dividends paid to stockholders 0 (17,232)
Net cash used in financing activities (124,220) (131,436)
Change in cash and cash equivalents 13,422 (755)
Cash and cash equivalents, beginning of period 152,769 153,631
Cash and cash equivalents, end of period 166,191 152,876
Supplemental cash flow disclosures:    
Cash paid for interest, net of capitalized interest 66,104 71,851
Cash paid for income taxes, net of refunds received $ 15,222 $ 44,415
v3.26.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business. Cable One, Inc., together with its wholly owned subsidiaries (collectively, “Cable One” or the “Company”), is a fully integrated provider of data, video and voice services to residential and business subscribers in 24 Western, Midwestern and Southern U.S. states.
Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the SEC. As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein.
These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2025 Form 10-K.
The December 31, 2025 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2025 Form 10-K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results.
Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting. Accounting Standards Codification 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. Based on the Company’s chief operating decision maker’s (“CODM”) review and assessment of the Company’s operations for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions.
Recently Issued But Not Yet Adopted Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses. ASU 2024-03 requires that more granular information about certain types of expenses, including employee compensation, depreciation and amortization be disclosed in addition to certain qualitative descriptions of relevant expense captions that are not separately disclosed. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company plans to adopt ASU 2024-03 in the 2027 annual reporting period. The adoption of ASU 2024-03 will result in additional expense disclosures within the notes to the Company's consolidated financial statements.
v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Based on the way the Company’s CODM, who is the Company’s CEO, reviews and assesses the Company’s operations for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is the Company's reportable segment, under this organizational and reporting structure.
The Company's consolidated net income (loss) is the GAAP measure of profit or loss which is used by the CODM to allocate resources and assess performance on a monthly basis. Such measure is compared against prior periods to identify, assess and respond to trends.
The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$348,926 $381,072 $701,883 $761,673 
Less: Significant expenses:
Direct product costs(40,096)(46,473)(82,084)(94,910)
Labor costs(59,606)(61,382)(116,127)(122,487)
Other items(1)
(1,413,800)(711,193)(1,632,474)(979,645)
Net loss$(1,164,576)$(437,976)$(1,128,802)$(435,369)
(1)Includes other operating costs (such as marketing, software and maintenance expenses), depreciation and amortization, net gain (loss) on asset sales and disposals, asset impairments, net interest expense, net other income (expense), income tax benefit, net equity method investment income (loss) and certain other non-cash, non-core and/or non-recurring costs. Amounts for the three months ended June 30, 2026 and 2025 include interest expense of $37.4 million and $37.8 million, respectively, and interest and investment income of $3.7 million and $3.9 million, respectively. Amounts for the six months ended June 30, 2026 and 2025 include interest expense of $71.6 million and $76.3 million, respectively, and interest and investment income of $7.6 million and $7.9 million, respectively.
Given the Company operates as a single reportable segment, segment assets are equal to total assets within the Company's condensed consolidated balance sheets.
v3.26.1
REVENUES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenues by product line and deferred commission amortization were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Residential:
Data$212,604 $229,336 $426,174 $454,457 
Video38,487 48,158 79,255 98,962 
Voice6,266 6,733 12,775 13,777 
Business:
Data53,597 57,385 109,885 114,678 
Other14,199 16,515 28,437 33,399 
Other23,773 22,945 45,357 46,400 
Total revenues$348,926 $381,072 $701,883 $761,673 
Deferred commission amortization$2,127 $1,730 $4,143 $3,434 
Business other revenues include business video, voice and other ancillary service revenues. Other revenues are comprised primarily of regulatory revenues, advertising sales, late charges and reconnect fees.
Deferred commission amortization expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss).
Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. As the Company acts as principal, these fees are reported in video and voice revenues on a gross basis with corresponding expenses included within operating expenses in the condensed consolidated statements of operations and comprehensive income (loss).
Current deferred revenue liabilities consist of refundable customer prepayments, up-front charges and installation fees. Of the $22.7 million of current deferred revenue at December 31, 2025, $20.5 million was recognized during the six months ended June 30, 2026. Of the $27.9 million of current deferred revenue at December 31, 2024, $24.7 million was recognized during the six months ended June 30, 2025. Noncurrent deferred revenue liabilities consist of up-front charges and installation fees from business customers. A significant portion of the Company's revenues are derived from customers with month-to-month subscriptions who may cancel at any time without penalty. As such, the amount of deferred revenue is not necessarily indicative of the future revenue to be recognized from the Company's existing customers.
v3.26.1
OPERATING ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
OPERATING ASSETS AND LIABILITIES OPERATING ASSETS AND LIABILITIES
Accounts receivable, net, consisted of the following (in thousands):
June 30, 2026December 31, 2025
Trade receivables$52,701 $45,712 
Other receivables(1)
6,118 16,013 
Less: Allowance for credit losses(3,254)(3,147)
Total accounts receivable, net$55,565 $58,578 
(1)Balances include $0.5 million and $3.3 million of receivables from the federal government under the Secure and Trusted Communications Networks Reimbursement Program as of June 30, 2026 and December 31, 2025, respectively. The balance as of December 31, 2025 also includes $1.6 million due from Clearwave Fiber LLC, a former joint venture among the Company and certain unaffiliated third-party investors (“Clearwave Fiber”), for services provided by the Company under a transition services agreement.
The changes in the allowance for credit losses were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Beginning balance$3,089 $2,717 $3,147 $2,920 
Additions - charged to costs and expenses3,000 1,700 4,540 2,915 
Deductions - write-offs(3,514)(2,651)(5,991)(5,328)
Recoveries collected679 1,122 1,558 2,381 
Ending balance$3,254 $2,888 $3,254 $2,888 
Prepaid and other current assets consisted of the following (in thousands):
June 30, 2026December 31, 2025
Prepaid repairs and maintenance$7,340 $6,373 
Software implementation costs4,100 3,649 
Prepaid insurance150 3,757 
Prepaid rent3,215 2,410 
Prepaid software16,854 9,658 
Deferred commissions8,198 7,101 
Interest rate swap asset15,662 9,240 
Prepaid income tax payments— 17,854 
MBI Net Option(1)
— 31,830 
All other current assets6,357 3,366 
Total prepaid and other current assets$61,876 $95,238 
(1)Balance as of December 31, 2025 represents the net value of the Company's Call Option and Put Option associated with the remaining equity interests of MBI, consisting of assets of $31.8 million and $0, respectively. The carrying value of the MBI option was reclassified to current liabilities and presented as a separate line item within the condensed consolidated balance sheets as of June 30, 2026. Refer to notes 5 and 10 for definitions of all capitalized terms and further information on these instruments.
Other noncurrent assets consisted of the following (in thousands):
June 30, 2026December 31, 2025
Operating lease right-of-use assets$8,207 $7,087 
Deferred commissions18,580 15,496 
Software implementation costs11,371 12,714 
Debt issuance costs2,020 4,030 
Debt investment2,578 2,504 
Interest rate swap asset23,662 15,947 
All other noncurrent assets16,990 10,763 
Total other noncurrent assets$83,408 $68,541 
Accounts payable and accrued liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Accounts payable$25,577 $28,059 
Accrued programming costs9,868 9,811 
Accrued compensation and related benefits15,927 24,950 
Accrued sales and other operating taxes21,014 17,137 
Accrued franchise fees1,942 2,418 
Deposits4,265 4,775 
Operating lease liabilities2,591 2,602 
Accrued insurance costs4,075 4,181 
Cash overdrafts17,504 18,250 
Interest payable5,363 4,508 
Income taxes payable— 1,203 
All other accrued liabilities27,517 25,164 
Total accounts payable and accrued liabilities$135,643 $143,058 
Other noncurrent liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Operating lease liabilities$5,065 $3,891 
Accrued compensation and related benefits7,033 6,748 
Deferred revenue6,800 10,917 
Income taxes payable9,045 — 
All other noncurrent liabilities2,236 3,519 
Total other noncurrent liabilities$30,179 $25,075 
v3.26.1
EQUITY INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
EQUITY INVESTMENTS EQUITY INVESTMENTS
Point
In May 2026, the Company contributed to Point Broadband Holdings, LLC, a fiber internet service provider in which the Company was an existing investor (“Point”), the equity interests of Clearwave Fiber owned by the Company in exchange for additional equity interests in Point (the "Point-Clearwave Fiber Transaction"), recognizing a $60.1 million net gain on the transaction. Prior to the contribution, the Company's equity investment in Point was accounted for under the Accounting Standards Codification ("ASC") 321 measurement alternative. Following the contribution, the Company's equity investment in Point is accounted for under the equity method with a one quarter reporting lag.
MBI
From November 2020 to June 30, 2024, the Company held a call option to purchase all but not less than all of the remaining equity interests in MBI, a data, video and voice services provider in which the Company acquired an approximately 45% equity interest in November 2020, that the Company did not already own between January 1, 2023 and June 30, 2024. The call option expired unexercised on June 30, 2024. Further, certain investors in MBI held a put option to sell (and to cause all members of MBI other than the Company to sell) to the Company all but not less than all of the remaining equity interests in MBI that the Company did not already own between July 1, 2025 and September 30, 2025.
In December 2024, the Company amended its agreement with MBI, to, among other things, (i) reinstate the Company's expired call option to acquire the remaining equity interests in MBI, exercisable any time after the availability of MBI's June 30, 2025 financial statements (unless the Put Option (as defined below) has already been exercised) (the “Call Option”); (ii) amend the put option held by certain other investors in MBI to sell (and to cause all members of MBI other than the Company to sell) to the Company all membership interests not held by the Company such that the exercise can occur no earlier than January 1, 2026 (unless a change of control of the Company occurs prior to that date), and the closing can occur no earlier than October 1, 2026 (unless the Company elects to cause the closing to occur earlier) (the “Put Option,” and together with the Call Option, the “MBI Net Option”); (iii) require the Company to make a $250 million net upfront cash payment to the other members of MBI (the “Upfront Payment”), which was paid on December 20, 2024; and (iv) provide for the other members of MBI to immediately receive, indirectly, the proceeds from $100 million of new indebtedness recently incurred by a subsidiary of MBI (the "New MBI Debt”) (collectively, the “MBI Amendment”). The purchase price payable by the Company (such purchase price, the "Call Price" or Put Price, as applicable) upon the exercise of the Call Option or the Put Option, as applicable, is to be calculated under a formula based on a multiple of MBI’s adjusted earnings before interest, taxes, depreciation and amortization (“MBI's adjusted EBITDA”) for the twelve-month period ended June 30, 2025, and MBI’s total net indebtedness. The aggregate amount of the Upfront Payment and the impact of the New MBI Debt will reduce the Call Price or Put Price payable upon the closing of the Call Option exercise or Put Option exercise, as applicable, and the impact of the New MBI Debt (and the associated interest and fees) will be excluded from the calculation of MBI's total net indebtedness for purposes of determining such purchase price. Further, if the closing of the Call Option exercise or Put Option exercise occurs prior to October 1, 2026, the Call Price or Put Price payable will be discounted, from October 1, 2026 to the closing, at a per annum rate of 12%.
In January 2026, certain other investors in MBI exercised the Put Option and the Company entered into a purchase agreement, pursuant to which, upon the terms and subject to the conditions set forth therein, the Company would acquire the remaining approximately 55% equity interests in MBI that it does not already own. The terms of the Put Option contemplate that the transaction will close on October 1, 2026 (or any earlier date selected by the Company at its option), subject to regulatory approvals and closing conditions. The Company may fund the Put Price with a combination of cash resources and indebtedness, and the Company is actively exploring potential financing options.
Others
In August 2025, the Company divested its equity investment in Northwest Fiber Holdco., LLC, a fiber internet service provider, for $109.9 million and recognized a $59.9 million gain. In July 2025, the Company divested its equity investments in MetroNet Systems, LLC, a fiber internet service provider, for $14.1 million and recognized a $7.1 million gain. In March 2025, the Company divested a small equity investment for $11.1 million and recognized a $3.6 million gain.
The carrying value of the Company's equity investments consisted of the following (dollars in thousands):
June 30, 2026December 31, 2025
Ownership PercentageCarrying ValueOwnership PercentageCarrying Value
Equity Investments Without Readily Determinable Fair Values
Point(1)
—$— <10%$42,623 
Visionary(2)
<10%8,822 <10%8,822 
Others<10%8,482 <10%8,113 
Total$17,304 $59,558 
Equity Method Investments
Clearwave Fiber(3)
—$— 
~57%(4)
$56,355 
MBI
~45%31,817 ~45%386,402 
Nextlink(5)
~22%114,511 ~22%111,526 
Point(1)
~15%135,000 —— 
Total$281,328 $554,283 
Total equity investments$298,632 $613,841 
(1)Prior to the Point-Clearwave Fiber Transaction, the Company's investment in Point was accounted for under the ASC 321 measurement alternative. After the transaction, the Point investment is accounted for under the equity method.
(2)Visionary Communications, Inc., an internet service provider (“Visionary”).
(3)As a result of the Point-Clearwave Fiber Transaction, the Company's equity investment in Clearwave Fiber was converted into additional equity interests in Point during the three months ended June 30, 2026. As of December 31, 2025, the Company did not have a controlling financial interest and did not consolidate Clearwave Fiber for financial reporting purposes but accounted for its interest under the equity method of accounting as the entity’s governance arrangements required certain of the designees of the other unit holders to consent to all significant operating and financial decisions of the business.
(4)Represents the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber as of December 31, 2025. The Company's ownership interest in Clearwave Fiber was in the form of common equity units and the ownership interest in Clearwave Fiber of the unaffiliated third-party investors was in the form of convertible preferred equity units. The convertible preferred equity units held by the unaffiliated third-party investors were subject to a specified preferred return in relation to the common equity units held by the Company. As a result of the economic and other attributes of the various classes of equity units in Clearwave Fiber, the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber differed from its economic interest in Clearwave Fiber.
(5)AMG Technology Holdings, LLC, a wireless internet service provider (“Nextlink”).
The carrying values of the Company’s equity investments without readily determinable fair values are determined based on the fair value as of their respective acquisition dates and adjusted if and when relevant market transactions indicate fair value has changed.
The Company recorded a $349.8 million non-cash impairment to the carrying value of its MBI investment during the three months ended June 30, 2026 based on MBI's financial performance and updated forecast information received during the second quarter of 2026. The fair value of the MBI investment was determined using (i) the discounted cash flow method of the income approach, whose significant inputs and assumptions include forecasted revenues, margins, capital expenditures, working capital levels, income tax rates, long-term growth rates and a discount rate and (ii) the guideline public company method of the market approach, whose significant inputs and assumptions include the identification of appropriate market participants; consensus earnings before interest, taxes, depreciation and amortization estimates; and the selection of enterprise value multiples. During the three months ended June 30, 2026, the Company adjusted the carrying values of its existing equity interests in Point downward by $7.6 million and Clearwave Fiber upward by $67.7 million to their respective fair values implied by the Point-Clearwave Fiber Transaction, resulting in a net increase to the carrying value of the Company's new Point equity investment of $60.1 million after the Point-Clearwave Fiber Transaction.
Since their original acquisitions, the Company has recorded cumulative net upward adjustments to the carrying values of its Point and Nextlink investments of $72.4 million and $6.9 million, respectively, and a $476.2 million cumulative impairment of its MBI investment.
The carrying value of MBI trailed the Company’s underlying equity in MBI’s net assets by $5.9 million as of June 30, 2026 and exceeded the Company's underlying equity in MBI's net assets by $343.8 million at December 31, 2025.
Equity method investment income (loss), which increases (decreases) the carrying value of the respective investment, and which is recorded on a one quarter lag, along with other equity investment-related activity reflected in the condensed consolidated statements of operations and comprehensive income (loss), were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Equity Method Investment Income (Loss)
Clearwave Fiber(1)
$67,725 $(22,621)$43,645 $(77,472)
MBI(2)
(353,059)224 (354,585)(3,320)
Nextlink
1,481 1,446 2,985 2,851 
Total$(283,853)$(20,951)$(307,955)$(77,941)
Other Income (Expense), Net
MBI option fair value adjustment(3)
$(443,960)$(15,270)$(457,800)$(19,940)
Gain on sale of equity investment$— $— $— $3,199 
Loss on fair value adjustment of equity investment(4)
$(7,623)$— $(7,623)$— 
Recurring mark-to-market adjustments$(77)$(64)$(126)$(5)
(1)The amounts for the three and six months ended June 30, 2026 include a $67.7 million revaluation gain in connection with the Point-Clearwave Fiber Transaction. The amount for the six months ended June 30, 2025 includes $28.0 million of non-cash impairment charges recorded by Clearwave Fiber.
(2)The amounts for the three and six months ended June 30, 2026 include a $349.8 million non-cash impairment. The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s ~45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. For the three and six months ended June 30, 2026, the Company recognized $3.3 million and $4.8 million of its proportionate share of MBI’s net loss, respectively, and $1.3 million and $3.0 million of its proportionate share of basis difference amortization, respectively. For the three and six months ended June 30, 2025, the Company recognized $1.9 million and $0.4 million of its proportionate share of MBI's net income, respectively, and $1.7 million and $3.7 million of its proportionate share of basis difference amortization, respectively.
(3)The amounts for the three and six months ended June 30, 2026 represent the change in fair value of the Put Option pending settlement. The amounts for the three and six months ended June 30, 2025 represent the change in fair value of the MBI Net Option. Such instruments are measured at fair value on a quarterly basis (refer to note 10 for further information).
(4)In May 2026, as a result of the Point-Clearwave Fiber Transaction, the Company adjusted the carrying value of its existing equity interest in Point to its fair value implied by the transaction, recognizing a $7.6 million loss.
v3.26.1
PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consisted of the following (in thousands):
June 30, 2026December 31, 2025
Cable distribution systems$2,755,616 $2,705,357 
Customer premise equipment387,660 386,987 
Other equipment and fixtures274,159 293,211 
Buildings and improvements134,339 147,168 
Capitalized software60,596 62,652 
Construction in progress132,139 136,955 
Land16,308 16,308 
Right-of-use assets10,412 10,179 
Property, plant and equipment, gross3,771,229 3,758,817 
Less: Accumulated depreciation and amortization(1,990,700)(1,974,616)
Property, plant and equipment, net$1,780,529 $1,784,201 
Depreciation and amortization expense for property, plant and equipment was $68.2 million and $70.6 million for the three months ended June 30, 2026 and 2025, respectively, and $136.8 million and $140.5 million for the six months ended June 30, 2026 and 2025, respectively.
v3.26.1
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
During the second quarter of 2026, the Company determined that a triggering event had occurred that required interim impairment assessments of its indefinite-lived intangible assets and goodwill as a result of the decline in the price of the Company's common stock during the three months ended June 30, 2026.
Based on qualitative assessments of its finite-lived intangible assets, no impairments of such assets were identified.
Using the multi-period excess earnings method of the income approach, whose significant inputs and assumptions include forecasted revenues, subscriber attrition rates, margins, capital expenditures, contributory asset charges, income tax rates, long-term growth rates and a discount rate, to determine fair value, the Company's franchise agreements asset was determined to be impaired by $526.0 million. Using the discounted cash flow method of the income approach, whose significant inputs and assumptions include forecasted revenues, margins, capital expenditures, working capital levels, income tax rates, long-term growth rates and a discount rate, and the guideline public company method of the market approach, whose significant inputs and assumptions include the identification of appropriate market participants; consensus earnings before interest, taxes, depreciation and amortization estimates; and the selection of enterprise value multiples, the Company's goodwill was determined to be impaired by $71.7 million. These non-cash charges are included within asset impairments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026.
During the first quarter of 2026, the Company sold certain fiber-to-the-tower contract rights for cash proceeds of $42.0 million. In connection with the transaction, the Company derecognized $13.3 million of customer relationship intangible assets and recognized an associated $27.6 million gain within other income in the condensed consolidated statement of operations and comprehensive income (loss).
The change in the Company's goodwill balance was as follows (dollars in thousands):
GoodwillCumulative Impairment
Balance at December 31, 2024$929,609 $— 
Impairment charge(88,783)
Balance at December 31, 2025$840,826 $88,783 
Impairment charge(71,715)
Balance at June 30, 2026$769,111 $160,498 
Intangible assets consisted of the following (dollars in thousands):
June 30, 2026December 31, 2025
Useful Life Range
(in years)
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Finite-Lived Intangible Assets
Customer relationships
13.5 - 17
$766,053 $440,696 $325,357 $785,203 $419,231 $365,972 
Trademarks and trade names(1)
2
— — — 8,389 8,385 4 
Wireless licenses
10
4,794 1,651 3,143 4,794 1,411 3,383 
Total finite-lived intangible assets$770,847 $442,347 $328,500 $798,386 $429,027 $369,359 
Indefinite-Lived Intangible Assets
Franchise agreements$1,079,000 $1,605,000 
Total intangible assets, net$1,407,500 $1,974,359 
(1)Balances related to fully amortized trademarks and trade names were removed from both the gross carrying amount and accumulated amortization as of June 30, 2026.
Intangible asset amortization expense was $13.6 million and $15.6 million for the three months ended June 30, 2026 and 2025, respectively, and $27.5 million and $31.1 million for the six months ended June 30, 2026 and 2025, respectively. The Company recognized $526.0 million and $497.2 million of franchise agreements asset impairments during the three months ended June 30, 2026 and 2025, respectively. Cumulatively, the Company has recorded $1.02 billion of impairments to its franchise agreements.
The future amortization of existing finite-lived intangible assets as of June 30, 2026 was as follows (in thousands):
Year Ending December 31,Amount
2026 (remaining six months)$27,527 
202750,473 
202846,874 
202945,670 
203043,649 
Thereafter114,307 
Total$328,500 
Actual amortization expense in future periods may differ from the amounts above as a result of intangible asset acquisitions or divestitures, changes in useful life estimates, impairments or other relevant factors.
v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
The carrying amount of long-term debt consisted of the following (in thousands):
June 30, 2026December 31, 2025
Senior Credit Facilities (as defined below)$2,207,832 $1,706,812 
Senior Notes (as defined below)502,646 582,013 
Convertible Notes (as defined below)(1)
345,000 920,000 
Finance lease liabilities2,873 2,954 
Total debt3,058,351 3,211,779 
Less: Unamortized debt discount(2,198)(3,436)
Less: Unamortized debt issuance costs(10,968)(14,416)
Less: Current portion of long-term debt(1)
(18,060)(593,535)
Total long-term debt$3,027,125 $2,600,392 
(1)The 2026 Notes (as defined and described below), which were included within the current portion of long-term debt as of December 31, 2025, matured in March 2026.
Senior Credit Facilities. The fourth amended and restated credit agreement among the Company and its lenders, dated as of February 22, 2023 (as amended and restated, the “Credit Agreement”), provides for senior secured term loans in original aggregate principal amounts of (i) $250.0 million maturing in 2029 (subject to adjustment as described in the footnotes to the table below summarizing the Company's outstanding term loans as of June 30, 2026) (the “Term Loan B-2”), (ii) $775.0 million maturing in 2029 (subject to adjustment as described in the footnotes to the table below summarizing the Company's outstanding term loans as of June 30, 2026) (the “Term Loan B-3”) and (iii) $800.0 million maturing in 2028 (the “Term Loan B-4”), as well as a $1.25 billion revolving credit facility maturing in 2028 (the “Revolving Credit Facility” and, together with the Term Loan B-2, the Term Loan B-3 and the Term Loan B-4, the “Senior Credit Facilities”). The Revolving Credit Facility also gives the Company the ability to issue letters of credit, which reduce the amount available for borrowing under the Revolving Credit Facility. The Company is required to pay commitment fees on any unused portion of the Revolving Credit Facility at a rate between 0.20% per annum and 0.30% per annum, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio (as defined in the Credit Agreement).
Under the Credit Agreement, the interest margins applicable to the Senior Credit Facilities are, at the Company’s option, equal to either the Secured Overnight Financing Rate (“SOFR”) or a base rate, plus an applicable margin equal to, (i) with respect to the Revolving Credit Facility, 1.25% to 1.75% plus a 10 basis point credit spread adjustment for SOFR loans and 0.25% to 0.75% for base rate loans, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio, (ii) with respect to the Term Loan B-2 and the Term Loan B-3, 2.25% plus a 10 basis point credit spread adjustment for SOFR loans and 1.25% for base rate loans and (iii) with respect to the Term Loan B-4, 2.0% plus an approximately 11.4 to 42.8 basis point credit spread adjustment based on the interest period elected for SOFR loans and 1.0% for base rate loans.
During the first quarter of 2026, the Company borrowed $575.0 million under the Revolving Credit Facility to fund the repayment in full of the 2026 Notes (as defined below) on the final maturity date thereof and repaid $25.0 million of such borrowings during the three months ended March 31, 2026.
During the three and six months ended June 30, 2026, the Company paid $11.0 million and $37.2 million to retire $12.8 million and $40.2 million of the outstanding principal of the Term Loan B-4, recognizing $1.7 million and $2.8 million of gains on debt extinguishments within other income in the condensed consolidated statement of operations and comprehensive income (loss), respectively.
As of June 30, 2026, the Company had $550.0 million of borrowings outstanding under the Revolving Credit Facility that bore interest at a rate of 5.5% per annum, and had $700.0 million of available borrowing capacity under the Revolving Credit Facility. No letters of credit were issued under the Revolving Credit Facility as of June 30, 2026. A summary of the Company’s outstanding term loans as of June 30, 2026 is as follows (dollars in thousands):
Instrument
Draw Date(s)
Original Principal
Amortization
Per Annum(1)
Outstanding Principal
Final Scheduled
Maturity Date
Final Scheduled
Principal Payment
Benchmark Rate
Fixed Margin
Interest Rate
Term Loan B-21/7/2019$250,000 1.0%$231,875 
10/30/2029(2)
$223,750 SOFR + 10.0 bps2.25%5.99%
Term Loan B-3
6/14/2019
10/30/2020
2/22/2023
325,000
300,000
150,000
1.0%729,863 
10/30/2029(2)
704,695 SOFR + 10.0 bps2.25%5.99%
Term Loan B-45/3/2021800,000 1.0%696,094 5/3/2028683,271 SOFR + 11.4 bps2.00%5.76%
Total$1,825,000 $1,657,832 $1,611,716 
(1)Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions).
(2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.
Refer to note 9 to the Company’s audited consolidated financial statements included in the 2025 Form 10-K for further details on the Senior Credit Facilities.
Senior Notes. In November 2020, the Company issued $650.0 million aggregate principal amount of 4.00% senior notes due 2030 (the “Senior Notes”). The Senior Notes bear interest at a rate of 4.00% per annum payable semiannually in arrears on May 15th and November 15th of each year, beginning on May 15, 2021. The terms of the Senior Notes are governed by an indenture dated as of November 9, 2020 (the “Senior Notes Indenture”), among the Company, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A. (“BNY”), as trustee.
The Company may redeem some or all of the Senior Notes at any time and from time to time at a redemption price equal to: prior to November 15, 2026, 102% of the principal amount; on or after November 15, 2026, 101.333% of the principal amount; on or after November 15, 2027, 100.667% of the principal amount; or on or after November 15, 2028, 100% of the principal amount; plus, in each case, accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.
Upon the occurrence of a Change of Control and a Below Investment Grade Rating Event (each as defined in the Senior Notes Indenture), the Company is required to offer to repurchase the Senior Notes at 101% of the principal amount of such Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.
During the three and six months ended June 30, 2026, the Company repurchased $45.6 million and $79.4 million aggregate principal amount of outstanding Senior Notes for $27.2 million and $51.9 million, recognizing $18.2 million and $26.9 million of gains on debt extinguishments within other income in the condensed consolidated statement of operations and comprehensive income (loss), respectively.
Convertible Notes. In March 2021, the Company issued $575.0 million aggregate principal amount of 0.000% convertible senior notes due 2026 (the “2026 Notes”) and $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2028 (the “2028 Notes” and, together with the 2026 Notes, the “Convertible Notes,” and the Convertible Notes collectively with the Senior Notes, the “Notes”). The terms of the 2026 Notes and the 2028 Notes are each governed by a separate indenture dated as of March 5, 2021 (collectively, the “Convertible Notes Indentures” and together with the Senior Notes Indenture, the “Indentures”), in each case, among the Company, the guarantors party thereto and BNY, as trustee.
The 2026 Notes did not bear regular interest, and the principal amount of the 2026 Notes did not accrete. The 2028 Notes bear interest at a rate of 1.125% per annum. Interest on the 2028 Notes is payable semiannually in arrears on March 15th and September 15th of each year, beginning on September 15, 2021, unless earlier repurchased, converted or redeemed. The 2026 Notes matured on March 15, 2026 and were repaid in full with borrowings under the Revolving Credit Facility, and the 2028 Notes are scheduled to mature on March 15, 2028. The initial conversion rate of the 2028 Notes is 0.4394 shares of the Company’s common stock per $1,000 principal amount of 2028 Notes (equivalent to an initial conversion price of $2,275.83 per share of common stock).
The 2028 Notes are convertible at the option of the holders. The method of conversion into cash, shares of the Company’s common stock or a combination thereof is at the election of the Company. Prior to the close of business on the business day immediately preceding December 15, 2027, the 2028 Notes will be convertible at the option of the holders only upon the satisfaction of specified conditions and during certain periods. On or after December 15, 2027, holders may convert their 2028 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the relevant maturity date. If the Company undergoes a “fundamental change” (as defined in the Convertible Notes Indenture), holders of the 2028 Notes may require the Company to repurchase for cash all or part of their 2028 Notes at a purchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.
No “sinking fund” is provided for the 2028 Notes. Prior to December 15, 2027, the Company may redeem for cash all or any portion of the 2028 Notes, at its option, in each case, if the last reported sale price per share of common stock has been at least 130% of the conversion price for the 2028 Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.
In addition, following a “make-whole fundamental change” (as defined in the Convertible Notes Indenture) or if the Company delivers a notice of redemption in respect of any 2028 Notes, in certain circumstances, the conversion rate applicable to the 2028 Notes will be increased for a holder who elects to convert any of such 2028 Notes in connection with such a make-whole fundamental change or convert any of such 2028 Notes called (or deemed called) for redemption during the redemption period, as the case may be.
The carrying amounts of the Convertible Notes consisted of the following (in thousands):
June 30, 2026December 31, 2025
2028 Notes2026 Notes2028 NotesTotal
Gross carrying amount$345,000 $575,000 $345,000 $920,000 
Less: Unamortized discount(2,198)(600)(2,836)(3,436)
Less: Unamortized debt issuance costs(62)(16)(80)(96)
Net carrying amount$342,740 $574,384 $342,084 $916,468 
Interest expense on the Convertible Notes consisted of the following (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
2028 Notes2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal
Contractual interest expense$970$—$970$970 $—$1,941$1,941 $—$1,941$1,941 
Amortization of discount3217483211,069 6006381,238 1,4886392,127 
Amortization of debt issuance costs920929 161834 401858 
Total interest expense$1,300$768$1,300$2,068 $616$2,597$3,213 $1,528$2,598$4,126 
Effective interest rate1.5 %0.5 %1.5 %0.5 %1.5 %0.5 %1.5 %
General. The Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities or that guarantee certain capital markets debt of the Company in an aggregate principal amount in excess of $250.0 million.
Each Indenture contains covenants that, among other things and subject to certain exceptions, limit (i) the Company’s ability to consolidate or merge with or into another person or sell or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries (taken as a whole) and (ii) the ability of the guarantors to consolidate with or merge with or into another person. The Senior Notes Indenture also contains a covenant that, subject to certain exceptions, limits the Company’s ability and the ability of its subsidiaries to incur any liens securing indebtedness for borrowed money.
Each Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, default in payment of principal or interest, breach of other agreements or covenants in respect of the relevant Notes by the Company or any guarantors, failure to pay certain other indebtedness at final maturity, acceleration of certain indebtedness prior to final maturity, failure to pay certain final judgments, failure of certain guarantees to be enforceable and certain events of bankruptcy, insolvency or reorganization; and, in the case of each Convertible Notes Indenture, failure to comply with the Company’s obligation to convert the 2028 Notes under the Convertible Notes Indenture and failure to give a fundamental change notice or a notice of a make-whole fundamental change under the Convertible Notes Indenture.
Other. Interest expense, net was $33.7 million and $33.9 million for the three months ended June 30, 2026 and 2025, respectively, which included $1.5 million and $1.7 million of interest income and $2.2 million and $2.2 million of lender patronage income, respectively. Interest expense, net was $64.0 million and $68.4 million for the six months ended June 30, 2026 and 2025, respectively, which included $3.1 million and $3.4 million of interest income and $4.4 million and $4.5 million of lender patronage income, respectively.
Unamortized debt issuance costs consisted of the following (in thousands):
June 30, 2026December 31, 2025
Revolving Credit Facility portion:
Other noncurrent assets$2,020 $4,030 
Term loans and Notes portion:
Long-term debt (contra account)10,968 14,416 
Total$12,988 $18,446 
The Company recorded debt issuance cost amortization of $1.2 million for both the three months ended June 30, 2026 and 2025 and $3.3 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively, within net interest expense in the condensed consolidated statements of operations and comprehensive income (loss).
The future maturities of outstanding borrowings as of June 30, 2026 are as follows (in thousands):
Year Ending December 31,Amount
2026 (remaining six months)$8,786 
202717,571 
20281,590,347 
2029936,128 
2030502,646 
Thereafter— 
Total$3,055,478 
The Company has entered into a separate letter of credit agreement which provides for an additional $75.0 million letter of credit issuing capacity. As of June 30, 2026, $9.8 million of letters of credit were issued under this agreement and bore interest at a rate of 1.0% per annum.
The Company was in compliance with all debt covenants as of June 30, 2026.
v3.26.1
INTEREST RATE SWAPS
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
INTEREST RATE SWAPS INTEREST RATE SWAPS
The Company is party to two interest rate swap agreements, designated as cash flow hedges, to manage the risk of fluctuations in interest rates on its variable rate SOFR debt. Changes in the fair values of the interest rate swaps are reported through other comprehensive income until the underlying hedged debt’s interest expense impacts net income, at which point the corresponding change in fair value is reclassified from accumulated other comprehensive income to net interest expense. Proceeds or payments from the interest rate swaps are included within cash flows from operating activities in the condensed consolidated statements of cash flows.
A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands):
Entry DateEffective Date
Maturity Date(1)
Notional AmountSettlement TypeSettlement FrequencyFixed Base Rate
Swap A
3/7/20193/11/20193/11/2029$850,000 Receive one-month SOFR, pay fixedMonthly2.595%
Swap B
3/6/20196/15/20202/28/2029350,000 Receive one-month SOFR, pay fixedMonthly2.691%
Total$1,200,000 
(1)Each swap may be terminated prior to the scheduled maturity at the election of the Company or the financial institution counterparty under the terms provided in each swap agreement.
The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands):
June 30, 2026December 31, 2025
Assets:
Current portion:
Prepaid and other current assets$15,662 $9,240 
Noncurrent portion:
Other noncurrent assets23,662 15,947 
Total interest rate swap asset$39,324 $25,187 
Stockholders’ Equity:
Accumulated other comprehensive income$29,551 $18,768 
The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income (loss) was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest (income) expense$(3,109)$(5,166)$(6,307)$(10,296)
Unrealized gain (loss) on cash flow hedges, gross$8,336 $(13,238)$14,137 $(32,864)
Less: Tax effect(1,967)3,130 (3,354)7,770 
Unrealized gain (loss) on cash flow hedges, net of tax$6,369 $(10,108)$10,783 $(25,094)
The Company does not hold any derivative instruments for speculative trading purposes.
v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Financial Assets and Liabilities. The Company has estimated the fair values of its financial instruments as of June 30, 2026 using available market information or other appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the following fair value estimates are not necessarily indicative of the amounts the Company would realize in an actual market exchange.
The fair value hierarchy levels, carrying amounts and related fair values of the Company’s financial assets and liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
June 30, 2026December 31, 2025
Fair Value Hierarchy
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Assets:
Cash and cash equivalents:
Money market investmentsLevel 1$82,347 $82,347 $70,261 $70,261 
Prepaid and other current assets:
MBI Net Option(1)
Level 3$— $— $31,830 $31,830 
Other noncurrent assets (including current portion):
Interest rate swap assetLevel 2$39,324 $39,324 $25,187 $25,187 
Liabilities:
MBI Option Liability:
MBI option(1)
Level 3$425,970 $425,970 $— $— 
Long-term debt (including current portion):
Term loansLevel 2$1,657,832 $1,467,181 $1,706,812 $1,641,873 
Revolving Credit FacilityLevel 2$550,000 $453,750 $— $— 
Senior NotesLevel 2$502,646 $270,172 $582,013 $448,907 
Convertible Notes(2)
Level 2$345,000 $224,250 $920,000 $849,275 
(1)Based on the quarter-end revaluation, the MBI option was reclassified from a current asset to a current liability as of June 30, 2026.
(2)The $575.0 million aggregate principal amount of 2026 Notes matured in March 2026. Therefore, the balances shown as of June 30, 2026 only reflect the 2028 Notes.
Money market investments are held primarily in U.S. Treasury securities and registered money market funds and are valued using a market approach based on quoted market prices (level 1). Money market investments with original maturities of three months or less are included within cash and cash equivalents in the condensed consolidated balance sheets.
The purchase price payable by the Company upon the exercise of the Put Option is calculated under a formula based on a multiple of MBI's adjusted EBITDA for the twelve-month period ended June 30, 2025, and MBI’s total net indebtedness. As this twelve-month measurement period ended on June 30, 2025, and as the Put Option was exercised in January 2026, the fair value of the MBI option effectively represents its intrinsic value as of June 30, 2026. The estimated equity value of MBI, which is derived from discounted cash flow and guideline public company valuation methods, continues to be a significant input into the valuation of the MBI option (level 3). The Company regularly evaluates each of the assumptions used in establishing the fair value of the MBI option. Significant changes in any of these assumptions could result in a significantly lower or higher fair value measurement. The fair value of the MBI Net Option as of December 31, 2025 was measured using Monte Carlo simulations that use inputs considered unobservable and significant to the fair value measurement (level 3). Refer to note 5 for further information.
Interest rate swaps are measured at fair value within the condensed consolidated balance sheets on a recurring basis, with fair value determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (level 2).
The fair value of the term loans, Revolving Credit Facility, Senior Notes and Convertible Notes are estimated based on market prices for similar instruments in active markets (level 2).
The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable and accrued liabilities and other financial assets and liabilities approximate fair value because of the short-term nature of these instruments.
Nonfinancial Assets and Liabilities. The Company’s nonfinancial assets, such as property, plant and equipment, intangible assets and goodwill, are not measured at fair value on a recurring basis. Assets acquired, including identifiable intangible assets and goodwill, and liabilities assumed in acquisitions are recorded at fair value on the respective acquisition dates, subject to potential future measurement period adjustments. Nonfinancial assets are subject to fair value adjustments when there is evidence that impairment may exist. During the three months ended June 30, 2026, the Company recorded an impairment of its equity investment in MBI (refer to note 5). During both the three months ended June 30, 2026 and 2025, the Company recorded impairments of its franchise agreements intangible asset and goodwill (refer to note 7).
v3.26.1
STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Treasury Stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Treasury shares of 502,032 held at June 30, 2026 include shares repurchased under the Company’s share repurchase programs and shares withheld for withholding tax, as described below.
Share Repurchase Program. On May 20, 2022, the Company's board of directors (the "Board") authorized up to $450.0 million of share repurchases (with no cap as to the number of shares of common stock) (the "Share Repurchase Program"). The Company had $143.1 million of remaining share repurchase authorization under the Share Repurchase Program as of June 30, 2026. Additional purchases under the Share Repurchase Program may be made from time to time on the open market and in privately negotiated transactions, and the Company may opportunistically and prudently consider buying back shares under its remaining share repurchase authorization. The size and timing of any additional purchases are based on a number of factors, including share price, trading levels and business and market conditions. Since the Company first became publicly traded in 2015 through June 30, 2026, the Company has repurchased 646,244 shares of its common stock at an aggregate cost of $556.9 million. The Company did not repurchase any of its common stock during the six months ended June 30, 2026 or 2025.
Tax Withholding for Equity Awards. At the employee’s option, shares of common stock are withheld by the Company upon the vesting of restricted stock awards, restricted stock units ("RSUs"), dividend equivalent units (together with restricted stock awards and RSUs, "Restricted Stock") and the exercise of stock appreciation rights (“SARs”) to cover the applicable statutory minimum amount of employee withholding taxes, which the Company then pays to the taxing authorities in cash. The amount remitted during each of the three months ended June 30, 2026 and 2025 was less than $0.1 million, for which the Company withheld 0 and 2 shares of common stock, respectively. The amounts remitted during the six months ended June 30, 2026 and 2025 were $1.0 million and $2.3 million, for which the Company withheld 129 and 1,523 shares of common stock, respectively.
v3.26.1
EQUITY-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
At the Company's 2026 annual meeting of stockholders held on May 14, 2026, the Company's stockholders approved the Cable One, Inc. 2026 Omnibus Incentive Compensation Plan (the "2026 Plan") providing an incremental 600,000 shares available for issuance pursuant to equity-based awards. The 2026 Plan provides for grants of incentive stock options, non-qualified stock options, SARs, Restricted Stock, cash-based awards, performance-based awards and other stock-based awards. The Cable One, Inc. 2022 Omnibus Incentive Compensation Plan (the “2022 Plan”) is replaced and superseded by the 2026 Plan, provided that any outstanding awards granted under the 2022 Plan remain in effect pursuant to their terms. Directors, officers, associates and consultants of the Company are eligible to participate in the 2026 Plan as part of the Company's long-term incentive compensation programs. As of June 30, 2026, 753,037 shares were available for issuance.
In 2026, the Company granted cash-settled performance and service-based phantom RSUs to certain executives in lieu of typical share-settled RSUs. Such awards, considered liability-classified awards, are remeasured at fair value using Monte Carlo simulations at each reporting date during the vesting period. During the three months ended June 30, 2026, the Company recognized a reversal of $0.7 million of stock-based compensation expense within selling, general and administrative expenses in the condensed consolidated statement of operations and comprehensive income (loss), associated with these awards. During the six months ended June 30, 2026, the Company recognized $0.6 million of stock-based compensation expense associated with these awards. As of June 30, 2026, the Company had recognized $0.2 million and $0.4 million of short-term and long-term liabilities within accounts payable and accrued liabilities and other noncurrent liabilities, respectively, in the condensed consolidated balance sheet, associated with these awards. The actual cash payments to be made upon settlement of these awards will be dependent on the Company's applicable stock price at that time, subject to the terms of each award agreement.
Beginning in 2025, all new RSU grants contain retirement eligibility provisions that result in accelerated expensing of awards granted to associates that satisfy certain age and service conditions.
Compensation expense associated with equity-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award (unless any retirement eligibility provisions are satisfied earlier), with forfeitures recognized as incurred. The Company’s equity-based compensation expense, included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss), was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Restricted Stock$5,742 $9,921 $12,004 $21,106 
SARs— 127 — 253 
Total$5,742 $10,048 $12,004 $21,359 
The Company recognized excess tax shortfalls of $0.1 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and excess tax shortfalls of $3.5 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. The deferred tax asset related to all outstanding equity-based awards was $6.5 million and $8.1 million as of June 30, 2026 and December 31, 2025, respectively.
Restricted Stock. A summary of Restricted Stock activity during the six months ended June 30, 2026 is as follows:
Restricted Stock
Weighted Average Grant Date
Fair Value Per Share
Outstanding as of December 31, 2025247,022$505.85 
Granted(1)
342,376$100.75 
Forfeited(24,594)$515.91 
Vested and issued(48,653)$617.49 
Outstanding as of June 30, 2026516,151$226.13 
Vested and deferred as of June 30, 202619,389$457.71 
(1)Performance-based RSUs were granted at target value for 2026.
At June 30, 2026, there was $25.3 million of unrecognized compensation expense related to Restricted Stock, which is expected to be recognized over a weighted average period of 1.6 years.
The weighted average of significant inputs and resulting grant date fair values for market-based award grants were as follows:
Three Months Ended June 30,
20262025
Risk-free interest rate3.4 %4.2 %
Expected volatility59.4 %40.6 %
Simulation term (in years)2.92 years2.99 years
Weighted average grant date fair value$110.74$417.46
Stock Appreciation Rights. A summary of SARs activity during the six months ended June 30, 2026 is as follows:
Stock Appreciation Rights
Weighted Average Exercise Price
Weighted Average Grant Date
Fair Value
Aggregate Intrinsic Value
(in thousands)
Weighted Average
Remaining Contractual Term
(in years)
Outstanding as of December 31, 202516,616$1,225.32 $309.52 $— 3.5
Outstanding as of June 30, 202616,616$1,225.32 $309.52 $— 3.0
Exercisable as of June 30, 202616,616$1,225.32 $309.52 $— 3.0
At June 30, 2026, there was no unrecognized compensation expense related to SARs.
v3.26.1
INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s effective tax benefit rate was 11.1% and 22.0% for the three months ended June 30, 2026 and 2025, respectively, and 9.9% and 24.7% for the six months ended June 30, 2026 and 2025, respectively. The decreases in effective tax benefit rates were due primarily to increases in deferred tax expense resulting from additional valuation allowance recognized in the second quarter of 2026, partially offset by decreases in deferred tax expense resulting from the impairments recognized in the second quarter of 2026.
v3.26.1
OTHER INCOME AND EXPENSE
 6 Months Ended
Jun. 30, 2026
Other Income and Expenses [Abstract]  
OTHER INCOME AND EXPENSE OTHER INCOME AND EXPENSE
Other income (expense), net, consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
MBI option fair value adjustment$(443,960)$(15,270)$(457,800)$(19,940)
Gain on sale of equity investment— — — 3,199 
Gain on debt extinguishments19,861 3,856 29,694 3,856 
Gain on sale of fiber-to-the-tower contract rights(1)
1,003 — 27,638 — 
Loss on fair value adjustment of equity investment(2)
(7,623)— (7,623)— 
Other
(871)42 (539)101 
Other income (expense), net$(431,590)$(11,372)$(408,630)$(12,784)
(1)In March 2026, the Company sold certain fiber-to-the-tower contract rights for cash proceeds of $42.0 million. The transaction resulted in a total gain of $27.6 million. Such contracts generated $9.0 million of business data revenues during 2025.
(2)In May 2026, as a result of the Point-Clearwave Fiber Transaction, the Company adjusted the carrying value of its existing equity interest in Point to its fair value implied by the transaction, recognizing a $7.6 million loss.
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE NET INCOME (LOSS) PER COMMON SHARE
Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income (loss) per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based compensation awards if such inclusion would be dilutive, calculated using the treasury stock method, and any common shares to be issued upon conversion of the Convertible Notes if such inclusion would be dilutive, calculated using the if-converted method.
The computation of basic and diluted net loss per common share was as follows (dollars in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026(1)
2025(1)
2026(1)
2025(1)
Numerator:
Net loss - basic$(1,164,576)$(437,976)$(1,128,802)$(435,369)
Net loss - diluted$(1,164,576)$(437,976)$(1,128,802)$(435,369)
Denominator:
Weighted average common shares outstanding - basic5,698,814

5,636,6835,692,392

5,635,255
Weighted average common shares outstanding - diluted5,698,8145,636,6835,692,3925,635,255
Net Loss per Common Share:
Basic$(204.35)$(77.70)$(198.30)$(77.26)
Diluted$(204.35)$(77.70)$(198.30)$(77.26)
Supplemental Disclosure:
Anti-dilutive shares from equity-based compensation awards(2)
162,828126,361162,828126,361
(1)Because the Company incurred net losses during the periods presented, diluted loss per common share equals basic net loss per common share for each period.
(2)Represents equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contractual Obligations. The Company has obligations to make future payments for goods and services under certain contractual arrangements. These contractual obligations secure the future rights to various goods and services to be used in the normal course of the Company’s operations. In accordance with applicable accounting rules, the future rights and obligations pertaining to firm commitments, such as certain purchase obligations under contracts, are not reflected as assets or liabilities in the condensed consolidated balance sheets.
As of June 30, 2026, with the exception of debt activity (refer to note 8 for the updated future maturities of outstanding borrowings table), there have been no material changes to the contractual obligations previously disclosed in the 2025 Form 10-K.
In addition, the Company incurs recurring utility pole rental costs and fees imposed by various governmental authorities, including franchise fees, as part of its operations. However, these costs are not included in the Company’s contractual obligations as they are cancellable on short notice, in the case of pole rental costs, or are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities, in the case of fees imposed by governmental authorities. The Company also has franchise agreements requiring plant construction and the provision of services to customers within the franchise areas. In connection with these obligations under existing franchise agreements, the Company obtains surety bonds or letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Payments under these arrangements are required only in the remote event of nonperformance.
Litigation and Legal Matters. The Company is subject to complaints and administrative proceedings and has been a defendant in various civil lawsuits that have arisen in the ordinary course of its business. Such matters include contract disputes; actions alleging negligence, invasion of privacy, trademark, copyright and patent infringement, and violations of applicable wage and hour laws; statutory or common law claims involving current and former employees; and other matters. Although the outcomes of any legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, the Company believes that there are no existing claims or proceedings that are likely to have a material adverse effect on its business, financial condition, results of operations or cash flows.
Regulation in the Company’s Industry. The Company’s operations are extensively regulated by the Federal Communications Commission (the "FCC"), some state governments and most local governments. The FCC has the authority to enforce its regulations through the imposition of substantial fines, the issuance of cease-and-desist orders and/or the imposition of other administrative sanctions, such as the revocation of FCC licenses needed to operate certain transmission facilities used in connection with cable operations. Future legislative and regulatory changes could adversely affect the Company’s operations.
Equity Investments. The Company has certain obligations with respect to certain of its equity investments. Refer to note 5 for further information.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the SEC. As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein.
These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2025 Form 10-K.
The December 31, 2025 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2025 Form 10-K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results.
Principles of Consolidation
Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting
Segment Reporting. Accounting Standards Codification 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. Based on the Company’s chief operating decision maker’s (“CODM”) review and assessment of the Company’s operations for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.
Use of Estimates
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions.
Recently Issued But Not Yet Adopted Accounting Pronouncements
Recently Issued But Not Yet Adopted Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses. ASU 2024-03 requires that more granular information about certain types of expenses, including employee compensation, depreciation and amortization be disclosed in addition to certain qualitative descriptions of relevant expense captions that are not separately disclosed. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company plans to adopt ASU 2024-03 in the 2027 annual reporting period. The adoption of ASU 2024-03 will result in additional expense disclosures within the notes to the Company's consolidated financial statements.
v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$348,926 $381,072 $701,883 $761,673 
Less: Significant expenses:
Direct product costs(40,096)(46,473)(82,084)(94,910)
Labor costs(59,606)(61,382)(116,127)(122,487)
Other items(1)
(1,413,800)(711,193)(1,632,474)(979,645)
Net loss$(1,164,576)$(437,976)$(1,128,802)$(435,369)
(1)Includes other operating costs (such as marketing, software and maintenance expenses), depreciation and amortization, net gain (loss) on asset sales and disposals, asset impairments, net interest expense, net other income (expense), income tax benefit, net equity method investment income (loss) and certain other non-cash, non-core and/or non-recurring costs. Amounts for the three months ended June 30, 2026 and 2025 include interest expense of $37.4 million and $37.8 million, respectively, and interest and investment income of $3.7 million and $3.9 million, respectively. Amounts for the six months ended June 30, 2026 and 2025 include interest expense of $71.6 million and $76.3 million, respectively, and interest and investment income of $7.6 million and $7.9 million, respectively.
v3.26.1
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by Product Line and Deferred Commission Amortization
Revenues by product line and deferred commission amortization were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Residential:
Data$212,604 $229,336 $426,174 $454,457 
Video38,487 48,158 79,255 98,962 
Voice6,266 6,733 12,775 13,777 
Business:
Data53,597 57,385 109,885 114,678 
Other14,199 16,515 28,437 33,399 
Other23,773 22,945 45,357 46,400 
Total revenues$348,926 $381,072 $701,883 $761,673 
Deferred commission amortization$2,127 $1,730 $4,143 $3,434 
v3.26.1
OPERATING ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net, consisted of the following (in thousands):
June 30, 2026December 31, 2025
Trade receivables$52,701 $45,712 
Other receivables(1)
6,118 16,013 
Less: Allowance for credit losses(3,254)(3,147)
Total accounts receivable, net$55,565 $58,578 
(1)Balances include $0.5 million and $3.3 million of receivables from the federal government under the Secure and Trusted Communications Networks Reimbursement Program as of June 30, 2026 and December 31, 2025, respectively. The balance as of December 31, 2025 also includes $1.6 million due from Clearwave Fiber LLC, a former joint venture among the Company and certain unaffiliated third-party investors (“Clearwave Fiber”), for services provided by the Company under a transition services agreement.
Schedule of Allowance for Doubtful Accounts
The changes in the allowance for credit losses were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Beginning balance$3,089 $2,717 $3,147 $2,920 
Additions - charged to costs and expenses3,000 1,700 4,540 2,915 
Deductions - write-offs(3,514)(2,651)(5,991)(5,328)
Recoveries collected679 1,122 1,558 2,381 
Ending balance$3,254 $2,888 $3,254 $2,888 
Schedule of Prepaid and Other Current Assets
Prepaid and other current assets consisted of the following (in thousands):
June 30, 2026December 31, 2025
Prepaid repairs and maintenance$7,340 $6,373 
Software implementation costs4,100 3,649 
Prepaid insurance150 3,757 
Prepaid rent3,215 2,410 
Prepaid software16,854 9,658 
Deferred commissions8,198 7,101 
Interest rate swap asset15,662 9,240 
Prepaid income tax payments— 17,854 
MBI Net Option(1)
— 31,830 
All other current assets6,357 3,366 
Total prepaid and other current assets$61,876 $95,238 
(1)Balance as of December 31, 2025 represents the net value of the Company's Call Option and Put Option associated with the remaining equity interests of MBI, consisting of assets of $31.8 million and $0, respectively. The carrying value of the MBI option was reclassified to current liabilities and presented as a separate line item within the condensed consolidated balance sheets as of June 30, 2026. Refer to notes 5 and 10 for definitions of all capitalized terms and further information on these instruments.
Schedule of Other Assets, Noncurrent
Other noncurrent assets consisted of the following (in thousands):
June 30, 2026December 31, 2025
Operating lease right-of-use assets$8,207 $7,087 
Deferred commissions18,580 15,496 
Software implementation costs11,371 12,714 
Debt issuance costs2,020 4,030 
Debt investment2,578 2,504 
Interest rate swap asset23,662 15,947 
All other noncurrent assets16,990 10,763 
Total other noncurrent assets$83,408 $68,541 
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Accounts payable$25,577 $28,059 
Accrued programming costs9,868 9,811 
Accrued compensation and related benefits15,927 24,950 
Accrued sales and other operating taxes21,014 17,137 
Accrued franchise fees1,942 2,418 
Deposits4,265 4,775 
Operating lease liabilities2,591 2,602 
Accrued insurance costs4,075 4,181 
Cash overdrafts17,504 18,250 
Interest payable5,363 4,508 
Income taxes payable— 1,203 
All other accrued liabilities27,517 25,164 
Total accounts payable and accrued liabilities$135,643 $143,058 
Schedule of Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Operating lease liabilities$5,065 $3,891 
Accrued compensation and related benefits7,033 6,748 
Deferred revenue6,800 10,917 
Income taxes payable9,045 — 
All other noncurrent liabilities2,236 3,519 
Total other noncurrent liabilities$30,179 $25,075 
v3.26.1
EQUITY INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Schedule of Carrying Value of the Company's Equity Investments
The carrying value of the Company's equity investments consisted of the following (dollars in thousands):
June 30, 2026December 31, 2025
Ownership PercentageCarrying ValueOwnership PercentageCarrying Value
Equity Investments Without Readily Determinable Fair Values
Point(1)
—$— <10%$42,623 
Visionary(2)
<10%8,822 <10%8,822 
Others<10%8,482 <10%8,113 
Total$17,304 $59,558 
Equity Method Investments
Clearwave Fiber(3)
—$— 
~57%(4)
$56,355 
MBI
~45%31,817 ~45%386,402 
Nextlink(5)
~22%114,511 ~22%111,526 
Point(1)
~15%135,000 —— 
Total$281,328 $554,283 
Total equity investments$298,632 $613,841 
(1)Prior to the Point-Clearwave Fiber Transaction, the Company's investment in Point was accounted for under the ASC 321 measurement alternative. After the transaction, the Point investment is accounted for under the equity method.
(2)Visionary Communications, Inc., an internet service provider (“Visionary”).
(3)As a result of the Point-Clearwave Fiber Transaction, the Company's equity investment in Clearwave Fiber was converted into additional equity interests in Point during the three months ended June 30, 2026. As of December 31, 2025, the Company did not have a controlling financial interest and did not consolidate Clearwave Fiber for financial reporting purposes but accounted for its interest under the equity method of accounting as the entity’s governance arrangements required certain of the designees of the other unit holders to consent to all significant operating and financial decisions of the business.
(4)Represents the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber as of December 31, 2025. The Company's ownership interest in Clearwave Fiber was in the form of common equity units and the ownership interest in Clearwave Fiber of the unaffiliated third-party investors was in the form of convertible preferred equity units. The convertible preferred equity units held by the unaffiliated third-party investors were subject to a specified preferred return in relation to the common equity units held by the Company. As a result of the economic and other attributes of the various classes of equity units in Clearwave Fiber, the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber differed from its economic interest in Clearwave Fiber.
(5)AMG Technology Holdings, LLC, a wireless internet service provider (“Nextlink”).
Schedule of Equity Method Investments
Equity method investment income (loss), which increases (decreases) the carrying value of the respective investment, and which is recorded on a one quarter lag, along with other equity investment-related activity reflected in the condensed consolidated statements of operations and comprehensive income (loss), were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Equity Method Investment Income (Loss)
Clearwave Fiber(1)
$67,725 $(22,621)$43,645 $(77,472)
MBI(2)
(353,059)224 (354,585)(3,320)
Nextlink
1,481 1,446 2,985 2,851 
Total$(283,853)$(20,951)$(307,955)$(77,941)
Other Income (Expense), Net
MBI option fair value adjustment(3)
$(443,960)$(15,270)$(457,800)$(19,940)
Gain on sale of equity investment$— $— $— $3,199 
Loss on fair value adjustment of equity investment(4)
$(7,623)$— $(7,623)$— 
Recurring mark-to-market adjustments$(77)$(64)$(126)$(5)
(1)The amounts for the three and six months ended June 30, 2026 include a $67.7 million revaluation gain in connection with the Point-Clearwave Fiber Transaction. The amount for the six months ended June 30, 2025 includes $28.0 million of non-cash impairment charges recorded by Clearwave Fiber.
(2)The amounts for the three and six months ended June 30, 2026 include a $349.8 million non-cash impairment. The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s ~45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. For the three and six months ended June 30, 2026, the Company recognized $3.3 million and $4.8 million of its proportionate share of MBI’s net loss, respectively, and $1.3 million and $3.0 million of its proportionate share of basis difference amortization, respectively. For the three and six months ended June 30, 2025, the Company recognized $1.9 million and $0.4 million of its proportionate share of MBI's net income, respectively, and $1.7 million and $3.7 million of its proportionate share of basis difference amortization, respectively.
(3)The amounts for the three and six months ended June 30, 2026 represent the change in fair value of the Put Option pending settlement. The amounts for the three and six months ended June 30, 2025 represent the change in fair value of the MBI Net Option. Such instruments are measured at fair value on a quarterly basis (refer to note 10 for further information).
(4)In May 2026, as a result of the Point-Clearwave Fiber Transaction, the Company adjusted the carrying value of its existing equity interest in Point to its fair value implied by the transaction, recognizing a $7.6 million loss.
v3.26.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment consisted of the following (in thousands):
June 30, 2026December 31, 2025
Cable distribution systems$2,755,616 $2,705,357 
Customer premise equipment387,660 386,987 
Other equipment and fixtures274,159 293,211 
Buildings and improvements134,339 147,168 
Capitalized software60,596 62,652 
Construction in progress132,139 136,955 
Land16,308 16,308 
Right-of-use assets10,412 10,179 
Property, plant and equipment, gross3,771,229 3,758,817 
Less: Accumulated depreciation and amortization(1,990,700)(1,974,616)
Property, plant and equipment, net$1,780,529 $1,784,201 
v3.26.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill
The change in the Company's goodwill balance was as follows (dollars in thousands):
GoodwillCumulative Impairment
Balance at December 31, 2024$929,609 $— 
Impairment charge(88,783)
Balance at December 31, 2025$840,826 $88,783 
Impairment charge(71,715)
Balance at June 30, 2026$769,111 $160,498 
Schedule of Intangible Assets
Intangible assets consisted of the following (dollars in thousands):
June 30, 2026December 31, 2025
Useful Life Range
(in years)
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Finite-Lived Intangible Assets
Customer relationships
13.5 - 17
$766,053 $440,696 $325,357 $785,203 $419,231 $365,972 
Trademarks and trade names(1)
2
— — — 8,389 8,385 4 
Wireless licenses
10
4,794 1,651 3,143 4,794 1,411 3,383 
Total finite-lived intangible assets$770,847 $442,347 $328,500 $798,386 $429,027 $369,359 
Indefinite-Lived Intangible Assets
Franchise agreements$1,079,000 $1,605,000 
Total intangible assets, net$1,407,500 $1,974,359 
(1)Balances related to fully amortized trademarks and trade names were removed from both the gross carrying amount and accumulated amortization as of June 30, 2026.
Intangible Asset, Finite-Lived, and Capitalized Cost, Software to be Sold, Leased, or Marketed, Estimated Amortization Expense
The future amortization of existing finite-lived intangible assets as of June 30, 2026 was as follows (in thousands):
Year Ending December 31,Amount
2026 (remaining six months)$27,527 
202750,473 
202846,874 
202945,670 
203043,649 
Thereafter114,307 
Total$328,500 
v3.26.1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The carrying amount of long-term debt consisted of the following (in thousands):
June 30, 2026December 31, 2025
Senior Credit Facilities (as defined below)$2,207,832 $1,706,812 
Senior Notes (as defined below)502,646 582,013 
Convertible Notes (as defined below)(1)
345,000 920,000 
Finance lease liabilities2,873 2,954 
Total debt3,058,351 3,211,779 
Less: Unamortized debt discount(2,198)(3,436)
Less: Unamortized debt issuance costs(10,968)(14,416)
Less: Current portion of long-term debt(1)
(18,060)(593,535)
Total long-term debt$3,027,125 $2,600,392 
(1)The 2026 Notes (as defined and described below), which were included within the current portion of long-term debt as of December 31, 2025, matured in March 2026.
Schedule of Term Loans A summary of the Company’s outstanding term loans as of June 30, 2026 is as follows (dollars in thousands):
Instrument
Draw Date(s)
Original Principal
Amortization
Per Annum(1)
Outstanding Principal
Final Scheduled
Maturity Date
Final Scheduled
Principal Payment
Benchmark Rate
Fixed Margin
Interest Rate
Term Loan B-21/7/2019$250,000 1.0%$231,875 
10/30/2029(2)
$223,750 SOFR + 10.0 bps2.25%5.99%
Term Loan B-3
6/14/2019
10/30/2020
2/22/2023
325,000
300,000
150,000
1.0%729,863 
10/30/2029(2)
704,695 SOFR + 10.0 bps2.25%5.99%
Term Loan B-45/3/2021800,000 1.0%696,094 5/3/2028683,271 SOFR + 11.4 bps2.00%5.76%
Total$1,825,000 $1,657,832 $1,611,716 
(1)Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions).
(2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.
Schedule of Convertible Debt
The carrying amounts of the Convertible Notes consisted of the following (in thousands):
June 30, 2026December 31, 2025
2028 Notes2026 Notes2028 NotesTotal
Gross carrying amount$345,000 $575,000 $345,000 $920,000 
Less: Unamortized discount(2,198)(600)(2,836)(3,436)
Less: Unamortized debt issuance costs(62)(16)(80)(96)
Net carrying amount$342,740 $574,384 $342,084 $916,468 
Interest expense on the Convertible Notes consisted of the following (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
2028 Notes2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal
Contractual interest expense$970$—$970$970 $—$1,941$1,941 $—$1,941$1,941 
Amortization of discount3217483211,069 6006381,238 1,4886392,127 
Amortization of debt issuance costs920929 161834 401858 
Total interest expense$1,300$768$1,300$2,068 $616$2,597$3,213 $1,528$2,598$4,126 
Effective interest rate1.5 %0.5 %1.5 %0.5 %1.5 %0.5 %1.5 %
Schedule of Unamortized Debt Issuance Costs
Unamortized debt issuance costs consisted of the following (in thousands):
June 30, 2026December 31, 2025
Revolving Credit Facility portion:
Other noncurrent assets$2,020 $4,030 
Term loans and Notes portion:
Long-term debt (contra account)10,968 14,416 
Total$12,988 $18,446 
Schedule of Maturities of Long-Term Debt
The future maturities of outstanding borrowings as of June 30, 2026 are as follows (in thousands):
Year Ending December 31,Amount
2026 (remaining six months)$8,786 
202717,571 
20281,590,347 
2029936,128 
2030502,646 
Thereafter— 
Total$3,055,478 
v3.26.1
INTEREST RATE SWAPS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands):
Entry DateEffective Date
Maturity Date(1)
Notional AmountSettlement TypeSettlement FrequencyFixed Base Rate
Swap A
3/7/20193/11/20193/11/2029$850,000 Receive one-month SOFR, pay fixedMonthly2.595%
Swap B
3/6/20196/15/20202/28/2029350,000 Receive one-month SOFR, pay fixedMonthly2.691%
Total$1,200,000 
(1)Each swap may be terminated prior to the scheduled maturity at the election of the Company or the financial institution counterparty under the terms provided in each swap agreement.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands):
June 30, 2026December 31, 2025
Assets:
Current portion:
Prepaid and other current assets$15,662 $9,240 
Noncurrent portion:
Other noncurrent assets23,662 15,947 
Total interest rate swap asset$39,324 $25,187 
Stockholders’ Equity:
Accumulated other comprehensive income$29,551 $18,768 
The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income (loss) was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest (income) expense$(3,109)$(5,166)$(6,307)$(10,296)
Unrealized gain (loss) on cash flow hedges, gross$8,336 $(13,238)$14,137 $(32,864)
Less: Tax effect(1,967)3,130 (3,354)7,770 
Unrealized gain (loss) on cash flow hedges, net of tax$6,369 $(10,108)$10,783 $(25,094)
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The fair value hierarchy levels, carrying amounts and related fair values of the Company’s financial assets and liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
June 30, 2026December 31, 2025
Fair Value Hierarchy
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Assets:
Cash and cash equivalents:
Money market investmentsLevel 1$82,347 $82,347 $70,261 $70,261 
Prepaid and other current assets:
MBI Net Option(1)
Level 3$— $— $31,830 $31,830 
Other noncurrent assets (including current portion):
Interest rate swap assetLevel 2$39,324 $39,324 $25,187 $25,187 
Liabilities:
MBI Option Liability:
MBI option(1)
Level 3$425,970 $425,970 $— $— 
Long-term debt (including current portion):
Term loansLevel 2$1,657,832 $1,467,181 $1,706,812 $1,641,873 
Revolving Credit FacilityLevel 2$550,000 $453,750 $— $— 
Senior NotesLevel 2$502,646 $270,172 $582,013 $448,907 
Convertible Notes(2)
Level 2$345,000 $224,250 $920,000 $849,275 
(1)Based on the quarter-end revaluation, the MBI option was reclassified from a current asset to a current liability as of June 30, 2026.
(2)The $575.0 million aggregate principal amount of 2026 Notes matured in March 2026. Therefore, the balances shown as of June 30, 2026 only reflect the 2028 Notes.
v3.26.1
EQUITY-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Payment Arrangement, Expensed and Capitalized, Amount The Company’s equity-based compensation expense, included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss), was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Restricted Stock$5,742 $9,921 $12,004 $21,106 
SARs— 127 — 253 
Total$5,742 $10,048 $12,004 $21,359 
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity A summary of Restricted Stock activity during the six months ended June 30, 2026 is as follows:
Restricted Stock
Weighted Average Grant Date
Fair Value Per Share
Outstanding as of December 31, 2025247,022$505.85 
Granted(1)
342,376$100.75 
Forfeited(24,594)$515.91 
Vested and issued(48,653)$617.49 
Outstanding as of June 30, 2026516,151$226.13 
Vested and deferred as of June 30, 202619,389$457.71 
(1)Performance-based RSUs were granted at target value for 2026.
Schedule of Share-Based Payment Award, Restricted Stock Valuation Assumptions
The weighted average of significant inputs and resulting grant date fair values for market-based award grants were as follows:
Three Months Ended June 30,
20262025
Risk-free interest rate3.4 %4.2 %
Expected volatility59.4 %40.6 %
Simulation term (in years)2.92 years2.99 years
Weighted average grant date fair value$110.74$417.46
Schedule of Share-Based Payment Arrangement, Stock Appreciation Right, Activity A summary of SARs activity during the six months ended June 30, 2026 is as follows:
Stock Appreciation Rights
Weighted Average Exercise Price
Weighted Average Grant Date
Fair Value
Aggregate Intrinsic Value
(in thousands)
Weighted Average
Remaining Contractual Term
(in years)
Outstanding as of December 31, 202516,616$1,225.32 $309.52 $— 3.5
Outstanding as of June 30, 202616,616$1,225.32 $309.52 $— 3.0
Exercisable as of June 30, 202616,616$1,225.32 $309.52 $— 3.0
v3.26.1
OTHER INCOME AND EXPENSE (Tables)
 6 Months Ended
Jun. 30, 2026
Other Income and Expenses [Abstract]  
Schedule of Other Nonoperating Income (Expense)
Other income (expense), net, consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
MBI option fair value adjustment$(443,960)$(15,270)$(457,800)$(19,940)
Gain on sale of equity investment— — — 3,199 
Gain on debt extinguishments19,861 3,856 29,694 3,856 
Gain on sale of fiber-to-the-tower contract rights(1)
1,003 — 27,638 — 
Loss on fair value adjustment of equity investment(2)
(7,623)— (7,623)— 
Other
(871)42 (539)101 
Other income (expense), net$(431,590)$(11,372)$(408,630)$(12,784)
(1)In March 2026, the Company sold certain fiber-to-the-tower contract rights for cash proceeds of $42.0 million. The transaction resulted in a total gain of $27.6 million. Such contracts generated $9.0 million of business data revenues during 2025.
(2)In May 2026, as a result of the Point-Clearwave Fiber Transaction, the Company adjusted the carrying value of its existing equity interest in Point to its fair value implied by the transaction, recognizing a $7.6 million loss.
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The computation of basic and diluted net loss per common share was as follows (dollars in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026(1)
2025(1)
2026(1)
2025(1)
Numerator:
Net loss - basic$(1,164,576)$(437,976)$(1,128,802)$(435,369)
Net loss - diluted$(1,164,576)$(437,976)$(1,128,802)$(435,369)
Denominator:
Weighted average common shares outstanding - basic5,698,814

5,636,6835,692,392

5,635,255
Weighted average common shares outstanding - diluted5,698,8145,636,6835,692,3925,635,255
Net Loss per Common Share:
Basic$(204.35)$(77.70)$(198.30)$(77.26)
Diluted$(204.35)$(77.70)$(198.30)$(77.26)
Supplemental Disclosure:
Anti-dilutive shares from equity-based compensation awards(2)
162,828126,361162,828126,361
(1)Because the Company incurred net losses during the periods presented, diluted loss per common share equals basic net loss per common share for each period.
(2)Represents equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method.
v3.26.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)
 6 Months Ended
Jun. 30, 2026
segment
state
Accounting Policies [Abstract]  
Number of states in which entity operates | state 24
Number of operating segments 1
Number of reportable segments 1
v3.26.1
SEGMENT REPORTING - Narrative (Details)
 6 Months Ended
Jun. 30, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.26.1
SEGMENT REPORTING - Schedule of Significant Expense Categories and Amounts (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Line Items]        
Revenues $ 348,926 $ 381,072 $ 701,883 $ 761,673
Less: Significant expenses:        
Net loss (1,164,576) (437,976) (1,128,802) (435,369)
Interest expense 37,400 37,800 71,600 76,300
Interest and investment income 3,700 3,900 7,600 7,900
Reportable Segments        
Segment Reporting [Line Items]        
Revenues 348,926 381,072 701,883 761,673
Less: Significant expenses:        
Direct product costs (40,096) (46,473) (82,084) (94,910)
Labor costs (59,606) (61,382) (116,127) (122,487)
Other items (1,413,800) (711,193) (1,632,474) (979,645)
Net loss $ (1,164,576) $ (437,976) $ (1,128,802) $ (435,369)
v3.26.1
REVENUES - Revenues by Product Line (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenues $ 348,926 $ 381,072 $ 701,883 $ 761,673
Deferred commission amortization 2,127 1,730 4,143 3,434
Data        
Disaggregation of Revenue [Line Items]        
Revenues 212,604 229,336 426,174 454,457
Video        
Disaggregation of Revenue [Line Items]        
Revenues 38,487 48,158 79,255 98,962
Voice        
Disaggregation of Revenue [Line Items]        
Revenues 6,266 6,733 12,775 13,777
Data        
Disaggregation of Revenue [Line Items]        
Revenues 53,597 57,385 109,885 114,678
Other        
Disaggregation of Revenue [Line Items]        
Revenues 14,199 16,515 28,437 33,399
Other        
Disaggregation of Revenue [Line Items]        
Revenues $ 23,773 $ 22,945 $ 45,357 $ 46,400
v3.26.1
REVENUES - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]        
Contract with customer, liability, current $ 17,193   $ 22,731 $ 27,900
Contract with customer, liability, revenue recognized $ 20,500 $ 24,700    
v3.26.1
OPERATING ASSETS AND LIABILITIES - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 52,701 $ 45,712
Other receivables 6,118 16,013
Less: Allowance for credit losses (3,254) (3,147)
Total accounts receivable, net 55,565 58,578
Federal government    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Other receivables $ 500 3,300
Clearwave Fiber    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Other receivables   $ 1,600
v3.26.1
OPERATING ASSETS AND LIABILITIES - Schedule of Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 3,089 $ 2,717 $ 3,147 $ 2,920
Additions - charged to costs and expenses 3,000 1,700 4,540 2,915
Deductions - write-offs (3,514) (2,651) (5,991) (5,328)
Recoveries collected 679 1,122 1,558 2,381
Ending balance $ 3,254 $ 2,888 $ 3,254 $ 2,888
v3.26.1
OPERATING ASSETS AND LIABILITIES - Schedule of Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Offsetting Assets [Line Items]    
Prepaid repairs and maintenance $ 7,340 $ 6,373
Software implementation costs 4,100 3,649
Prepaid insurance 150 3,757
Prepaid rent 3,215 2,410
Prepaid software 16,854 9,658
Deferred commissions 8,198 7,101
Prepaid income tax payments 0 17,854
All other current assets 6,357 3,366
Total prepaid and other current assets 61,876 95,238
Interest Rate Swap    
Offsetting Assets [Line Items]    
Interest rate swap asset 15,662 9,240
MBI net option    
Offsetting Assets [Line Items]    
Interest rate swap asset $ 0 31,830
MBI net option | Call Option    
Offsetting Assets [Line Items]    
Derivative asset   31,800
MBI net option | Put Option    
Offsetting Assets [Line Items]    
Derivative asset   $ 0
v3.26.1
OPERATING ASSETS AND LIABILITIES - Schedule of Other Noncurrent Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Transfer of Financial Assets Accounted for as Sales [Line Items]    
Operating lease right-of-use assets $ 8,207 $ 7,087
Deferred commissions 18,580 15,496
Software implementation costs 11,371 12,714
Debt issuance costs 2,020 4,030
Debt investment 2,578 2,504
All other noncurrent assets 16,990 10,763
Total other noncurrent assets 83,408 68,541
Interest Rate Swap    
Transfer of Financial Assets Accounted for as Sales [Line Items]    
Other noncurrent assets $ 23,662 $ 15,947
v3.26.1
OPERATING ASSETS AND LIABILITIES - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Receivables [Abstract]    
Accounts payable $ 25,577 $ 28,059
Accrued programming costs 9,868 9,811
Accrued compensation and related benefits 15,927 24,950
Accrued sales and other operating taxes 21,014 17,137
Accrued franchise fees 1,942 2,418
Deposits 4,265 4,775
Operating lease liabilities 2,591 2,602
Accrued insurance costs 4,075 4,181
Cash overdrafts 17,504 18,250
Interest payable 5,363 4,508
Income taxes payable 0 1,203
All other accrued liabilities 27,517 25,164
Total accounts payable and accrued liabilities $ 135,643 $ 143,058
v3.26.1
OPERATING ASSETS AND LIABILITIES - Schedule of Other Noncurrent Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Receivables [Abstract]    
Operating lease liabilities $ 5,065 $ 3,891
Accrued compensation and related benefits 7,033 6,748
Deferred revenue 6,800 10,917
Income taxes payable 9,045 0
All other noncurrent liabilities 2,236 3,519
Total other noncurrent liabilities $ 30,179 $ 25,075
v3.26.1
EQUITY INVESTMENTS - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Dec. 20, 2024
May 31, 2026
Aug. 31, 2025
Jul. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Jan. 31, 2026
Dec. 31, 2025
Jun. 30, 2024
Net Investment Income [Line Items]                          
Proceeds from sales of equity investments                 $ 1,112 $ 10,702      
Gain on sale of equity investment             $ 0 $ 0 0 3,199      
Loss on fair value adjustment of equity investment             7,623 $ 0 $ 7,623 $ 0      
Subsidiary Of MBI                          
Net Investment Income [Line Items]                          
Proceeds from debt           $ 100,000              
Point Broadband                          
Net Investment Income [Line Items]                          
Unrealized gain (loss) on investments             $ 7,600            
Equity method investment, ownership percentage (in percent)             15.00%   15.00%     0.00%  
Cumulative upward adjustments             $ 72,400   $ 72,400        
MBI                          
Net Investment Income [Line Items]                          
Equity method investment, ownership percentage (in percent)             45.00%   45.00%   55.00% 45.00% 45.00%
Additional purchase of common units $ 250,000                        
Discount rate             12.00%   12.00%        
Loss on fair value adjustment of equity investment             $ 349,800            
Cumulative downward adjustments             476,200   $ 476,200        
Equity method investment, difference between carrying amount and underlying equity             $ (5,900)   $ (5,900)     $ 343,800  
Northwest Fiber Holdco LLC                          
Net Investment Income [Line Items]                          
Proceeds from sales of equity investments     $ 109,900                    
Gain on sale of equity investment     $ 59,900                    
MetroNet                          
Net Investment Income [Line Items]                          
Proceeds from sales of equity investments       $ 14,100                  
Gain on sale of equity investment       $ 7,100                  
CTI Investment                          
Net Investment Income [Line Items]                          
Proceeds from sales of equity investments         $ 11,100                
Gain on sale of equity investment         $ 3,600                
Nextlink                          
Net Investment Income [Line Items]                          
Equity method investment, ownership percentage (in percent)             22.00%   22.00%     22.00%  
Cumulative upward adjustments             $ 6,900   $ 6,900        
Clearwave Fiber                          
Net Investment Income [Line Items]                          
Unrealized gain (loss) on investments             (67,700)   (67,700)        
Loss on fair value adjustment of equity investment                 $ 28,000        
Point-Clearwave Fiber                          
Net Investment Income [Line Items]                          
Unrealized gain (loss) on investments             $ (60,100)            
Loss on fair value adjustment of equity investment   $ 7,600                      
v3.26.1
EQUITY INVESTMENTS - Carrying Value of Equity Method Investments Without Determinable Fair Values (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Jan. 31, 2026
Dec. 31, 2025
Jun. 30, 2024
Net Investment Income [Line Items]        
Total $ 17,304   $ 59,558  
Total 281,328   554,283  
Equity investments $ 298,632   $ 613,841  
Point Broadband        
Net Investment Income [Line Items]        
Cost method investment, ownership percentage (in percent)     10.00%  
Total     $ 42,623  
Equity method investment, ownership percentage (in percent) 15.00%   0.00%  
Total $ 135,000   $ 0  
Visionary        
Net Investment Income [Line Items]        
Cost method investment, ownership percentage (in percent) 10.00%   10.00%  
Total $ 8,822   $ 8,822  
Others        
Net Investment Income [Line Items]        
Cost method investment, ownership percentage (in percent) 10.00%   10.00%  
Total $ 8,482   $ 8,113  
Clearwave Fiber        
Net Investment Income [Line Items]        
Equity method investment, ownership percentage (in percent)     57.00%  
Total     $ 56,355  
MBI        
Net Investment Income [Line Items]        
Equity method investment, ownership percentage (in percent) 45.00% 55.00% 45.00% 45.00%
Total $ 31,817   $ 386,402  
Nextlink        
Net Investment Income [Line Items]        
Equity method investment, ownership percentage (in percent) 22.00%   22.00%  
Total $ 114,511   $ 111,526  
v3.26.1
EQUITY INVESTMENTS - Equity Method Investment Income (Losses) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2026
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Jan. 31, 2026
Dec. 31, 2025
Jun. 30, 2024
Gain (Loss) on Securities [Line Items]                
Equity method investment income (loss), net   $ (283,853) $ (20,951) $ (307,955) $ (77,941)      
Gain on sale of equity investment   0 0 0 3,199      
Loss on fair value adjustment of equity investment   (7,623) 0 (7,623) 0      
MBI                
Gain (Loss) on Securities [Line Items]                
Finite-lived intangible assets, basis difference between fair value and carrying value   186,600   186,600        
Equity Method Investments                
Gain (Loss) on Securities [Line Items]                
Recurring mark-to-market adjustments   (77) (64) (126) (5)      
MBI option                
Gain (Loss) on Securities [Line Items]                
MBI option fair value adjustment   (443,960)   (457,800)        
MBI net option                
Gain (Loss) on Securities [Line Items]                
MBI option fair value adjustment     (15,270)   (19,940)      
Clearwave Fiber                
Gain (Loss) on Securities [Line Items]                
Equity method investment income (loss), net   67,725 (22,621) 43,645 (77,472)      
Loss on fair value adjustment of equity investment       (28,000)        
Unrealized gain (loss) on investments   67,700   67,700        
MBI                
Gain (Loss) on Securities [Line Items]                
Equity method investment income (loss), net   (353,059) 224 (354,585) (3,320)      
Loss on fair value adjustment of equity investment   (349,800)            
Finite-lived intangible assets, basis difference between fair value and carrying value   $ 84,000   $ 84,000        
Equity method investment, ownership percentage (in percent)   45.00%   45.00%   55.00% 45.00% 45.00%
Income from equity method investments before amortization   $ (3,300) 1,900 $ (4,800) 400      
Amortization of basis difference   (1,300) 1,700 (3,000) 3,700      
MBI | MBI option                
Gain (Loss) on Securities [Line Items]                
MBI option fair value adjustment   (443,960)   (457,800)        
MBI | MBI net option                
Gain (Loss) on Securities [Line Items]                
MBI option fair value adjustment     (15,270)   (19,940)      
Nextlink                
Gain (Loss) on Securities [Line Items]                
Equity method investment income (loss), net   $ 1,481 $ 1,446 $ 2,985 $ 2,851      
Equity method investment, ownership percentage (in percent)   22.00%   22.00%     22.00%  
Point-Clearwave Fiber                
Gain (Loss) on Securities [Line Items]                
Loss on fair value adjustment of equity investment $ (7,600)              
Unrealized gain (loss) on investments   $ 60,100            
v3.26.1
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Right-of-use assets $ 10,412 $ 10,179
Property, plant and equipment, gross 3,771,229 3,758,817
Less: Accumulated depreciation and amortization (1,990,700) (1,974,616)
Property, plant and equipment, net 1,780,529 1,784,201
Cable distribution systems    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 2,755,616 2,705,357
Customer premise equipment    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 387,660 386,987
Other equipment and fixtures    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 274,159 293,211
Buildings and improvements    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 134,339 147,168
Capitalized software    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 60,596 62,652
Construction in progress    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 132,139 136,955
Land    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross $ 16,308 $ 16,308
v3.26.1
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Long-Lived Assets Held-for-sale [Line Items]        
Depreciation and amortization     $ 164,275 $ 171,583
Property, Plant and Equipment        
Long-Lived Assets Held-for-sale [Line Items]        
Depreciation and amortization $ 68,200 $ 70,600 $ 136,800 $ 140,500
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Intangible Asset, Indefinite-Lived, Acquired [Line Items]            
Cash proceeds       $ 42,000 $ 0  
Goodwill impairment $ 71,700     71,715   $ 88,783
Gain on disposal of assets 1,003   $ 0 27,638 0  
Carrying amount of goodwill 769,111     769,111   $ 840,826
Amortization of intangible assets 13,600   15,600 27,500 $ 31,100  
Customer relationships            
Intangible Asset, Indefinite-Lived, Acquired [Line Items]            
Customer relationship intangible assets   $ 13,300        
Gain on disposal of assets   27,600        
FIber To The Tower            
Intangible Asset, Indefinite-Lived, Acquired [Line Items]            
Cash proceeds   $ 42,000        
Franchise agreements            
Intangible Asset, Indefinite-Lived, Acquired [Line Items]            
Indefinite-lived intangible assets impairment 526,000   $ 497,200      
Aggregate impairment loss $ 1,020,000     $ 1,020,000    
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]        
Goodwill, beginning balance   $ 840,826 $ 929,609  
Impairment charge $ (71,700) (71,715) (88,783)  
Goodwill, ending balance 769,111 769,111 840,826  
Cumulative Impairment $ 160,498 $ 160,498 $ 88,783 $ 0
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Gross Carrying Amount $ 770,847 $ 798,386
Accumulated Amortization 442,347 429,027
Total 328,500 369,359
Intangible assets, net 1,407,500 1,974,359
Franchise agreements    
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Indefinite-Lived Intangible Assets 1,079,000 1,605,000
Customer relationships    
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Gross Carrying Amount 766,053 785,203
Accumulated Amortization 440,696 419,231
Total $ 325,357 365,972
Customer relationships | Minimum    
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Useful Life Range (in years) 13 years 6 months  
Customer relationships | Maximum    
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Useful Life Range (in years) 17 years  
Trademarks and trade names    
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Gross Carrying Amount $ 0 8,389
Accumulated Amortization 0 8,385
Total $ 0 4
Trademarks and trade names | Minimum    
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Useful Life Range (in years) 2 years  
Wireless licenses    
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Gross Carrying Amount $ 4,794 4,794
Accumulated Amortization 1,651 1,411
Total $ 3,143 $ 3,383
Wireless licenses | Minimum    
Intangible Asset, Indefinite-Lived, Acquired [Line Items]    
Useful Life Range (in years) 10 years  
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]    
2026 (remaining six months) $ 27,527  
2027 50,473  
2028 46,874  
2029 45,670  
2030 43,649  
Thereafter 114,307  
Total $ 328,500 $ 369,359
v3.26.1
DEBT - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Finance lease liabilities $ 2,873 $ 2,954
Total debt 3,058,351 3,211,779
Less: Unamortized debt discount (2,198) (3,436)
Less: Unamortized debt issuance costs (12,988) (18,446)
Less: Current portion of long-term debt (18,060) (593,535)
Total long-term debt 3,027,125 2,600,392
Senior Credit Facilities    
Debt Instrument [Line Items]    
Gross carrying amount 2,207,832 1,706,812
Term Loans, Senior Notes and Convertible Notes    
Debt Instrument [Line Items]    
Less: Unamortized debt issuance costs (10,968) (14,416)
Senior Notes    
Debt Instrument [Line Items]    
Gross carrying amount 502,646 582,013
Convertible Debt    
Debt Instrument [Line Items]    
Gross carrying amount $ 345,000 $ 920,000
v3.26.1
DEBT - Senior Credit Facilities (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Feb. 22, 2023
Debt Instrument [Line Items]            
Gain on debt extinguishments $ 19,861,000   $ 3,856,000 $ 29,694,000 $ 3,856,000  
Term loans            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 1,825,000,000     $ 1,825,000,000    
Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity           $ 1,250,000,000
Stated percentage (in percent) 5.50%     5.50%    
Borrowed amount   $ 575,000,000.0        
Repayments of borrowings   $ 25,000,000.0        
Debt outstanding $ 550,000,000.0     $ 550,000,000.0    
Line of credit facility, remaining borrowing capacity 700,000,000.0     $ 700,000,000.0    
Line of Credit | Revolving Credit Facility | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.10%    
Line of Credit | Revolving Credit Facility | Minimum            
Debt Instrument [Line Items]            
Unused commitment fee (in percent)       0.20%    
Line of Credit | Revolving Credit Facility | Minimum | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       1.25%    
Line of Credit | Revolving Credit Facility | Minimum | Base Rate            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.25%    
Line of Credit | Revolving Credit Facility | Maximum            
Debt Instrument [Line Items]            
Unused commitment fee (in percent)       0.30%    
Line of Credit | Revolving Credit Facility | Maximum | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       1.75%    
Line of Credit | Revolving Credit Facility | Maximum | Base Rate            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.75%    
Term Loan B-2 | Term loans            
Debt Instrument [Line Items]            
Debt instrument, face amount 250,000,000     $ 250,000,000   250,000,000.0
Debt instrument, basis spread on variable rate (in percent)       2.25%    
Term Loan B-2 | Term loans | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.10%    
Term Loan B-3 | Term loans            
Debt Instrument [Line Items]            
Debt instrument, face amount           775,000,000.0
Debt instrument, basis spread on variable rate (in percent)       2.25%    
Term Loan B-3 | Term loans | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.10%    
Term Loan B-4            
Debt Instrument [Line Items]            
Debt prepayment cost 11,000,000.0          
Extinguishment of debt 12,800,000     $ 40,200,000    
Gain on debt extinguishments (1,700,000)     (2,800,000)    
Term Loan B-4 | Term loans            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 800,000,000     $ 800,000,000   $ 800,000,000.0
Debt instrument, basis spread on variable rate (in percent)       2.00%    
Stated percentage (in percent) 2.00%     2.00%    
Debt prepayment cost       $ 37,200,000    
Term Loan B-4 | Term loans | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.114%    
Term Loan B-4 | Term loans | Base Rate            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       1.00%    
Term Loan B-4 | Term loans | Minimum | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.114%    
Term Loan B-4 | Term loans | Maximum | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.428%    
Term Loan B-2 and the Term Loan B-3 | Term loans            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 150,000,000.0     $ 150,000,000.0    
Stated percentage (in percent) 2.25%     2.25%    
Term Loan B-2 and the Term Loan B-3 | Term loans | SOFR            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       0.10%    
Term Loan B-2 and the Term Loan B-3 | Term loans | Base Rate            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate (in percent)       1.25%    
v3.26.1
DEBT - Schedule of Term Loans (Details) - USD ($)
 6 Months Ended
Jun. 30, 2026
Feb. 22, 2023
Debt Instrument [Line Items]    
Final Scheduled Principal Payment $ 3,055,478,000  
Term loans    
Debt Instrument [Line Items]    
Original Principal 1,825,000,000  
Outstanding Principal 1,657,832,000  
Final Scheduled Principal Payment 1,611,716,000  
Term loans | Term Loan B-2    
Debt Instrument [Line Items]    
Original Principal $ 250,000,000 $ 250,000,000.0
Amortization per annum 1.00%  
Outstanding Principal $ 231,875,000  
Final Scheduled Principal Payment $ 223,750,000  
Benchmark Rate 2.25%  
Interest Rate 5.99%  
Term loans | Term Loan B-3    
Debt Instrument [Line Items]    
Original Principal   775,000,000.0
Amortization per annum 1.00%  
Outstanding Principal $ 729,863,000  
Final Scheduled Principal Payment $ 704,695,000  
Benchmark Rate 2.25%  
Interest Rate 5.99%  
Term loans | Term Loan B-3, 1    
Debt Instrument [Line Items]    
Original Principal $ 325,000,000  
Term loans | Term Loan B-3, 2    
Debt Instrument [Line Items]    
Original Principal 300,000,000  
Term loans | Term Loan B-3, 3    
Debt Instrument [Line Items]    
Original Principal 150,000,000  
Term loans | Term Loan B-4    
Debt Instrument [Line Items]    
Original Principal $ 800,000,000 $ 800,000,000.0
Amortization per annum 1.00%  
Outstanding Principal $ 696,094,000  
Final Scheduled Principal Payment $ 683,271,000  
Benchmark Rate 2.00%  
Interest Rate 5.76%  
Term loans | Term Loan B-2 and the Term Loan B-3    
Debt Instrument [Line Items]    
Original Principal $ 150,000,000.0  
v3.26.1
DEBT - Senior Notes (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 30, 2020
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Debt Instrument [Line Items]          
Gain on debt extinguishments   $ 19,861 $ 3,856 $ 29,694 $ 3,856
Senior Notes          
Debt Instrument [Line Items]          
Debt instrument, face amount $ 650,000        
Stated percentage (in percent) 4.00%        
Extinguishment of debt   45,600   79,400  
Debt prepayment cost   27,200   51,900  
Gain on debt extinguishments   $ (18,200)   $ (26,900)  
Senior Notes | Debt Instrument, Redemption, Period One          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage (in percent) 102.00%        
Senior Notes | Debt Instrument, Redemption, Period Two          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage (in percent) 101.333%        
Debt instrument, redemption price, percentage of principal amount redeemed (in percent) 101.00%        
Senior Notes | Debt Instrument, Redemption, Period Three          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage (in percent) 100.667%        
Senior Notes | Debt Instrument, Redemption, Period Four          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage (in percent) 100.00%        
v3.26.1
DEBT - Convertible Notes (Details) - Convertible Debt
$ / shares in Units, $ in Millions
 1 Months Ended
Mar. 31, 2021
USD ($)
d
$ / shares
2026 Notes  
Debt Instrument [Line Items]  
Debt instrument, face amount | $ $ 575.0
Stated percentage (in percent) 0.00%
2028 Notes  
Debt Instrument [Line Items]  
Debt instrument, face amount | $ $ 345.0
Stated percentage (in percent) 1.125%
The 2026 Notes and the 2028 Notes  
Debt Instrument [Line Items]  
Debt instrument, convertible, conversion ratio 0.4394
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares $ 2,275.83
Debt instrument, redemption price, percentage (in percent) 100.00%
Debt instrument, convertible, threshold percentage of stock price trigger (in percent) 130.00%
Debt instrument, convertible, threshold trading days | d 20
Debt instrument, convertible, threshold consecutive trading days | d 30
The 2026 Notes and the 2028 Notes | Company Undergoes a Fundamental Change  
Debt Instrument [Line Items]  
Debt instrument, redemption price, percentage (in percent) 100.00%
v3.26.1
DEBT - Schedule of Convertible Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Debt Instrument, Redemption [Line Items]          
Less: Unamortized discount $ (2,198)   $ (2,198)   $ (3,436)
Less: Unamortized debt issuance costs (12,988)   (12,988)   (18,446)
Total 3,055,478   3,055,478    
Amortization of debt issuance costs 1,200 $ 1,200 3,300 $ 2,500  
Total interest expense 33,700 33,900 64,000 68,400  
Convertible Debt          
Debt Instrument, Redemption [Line Items]          
Gross carrying amount 345,000   345,000   920,000
Convertible Debt | The 2026 Notes and the 2028 Notes          
Debt Instrument, Redemption [Line Items]          
Gross carrying amount 345,000   345,000   920,000
Less: Unamortized discount (2,198)   (2,198)   (3,436)
Less: Unamortized debt issuance costs (62)   (62)   (96)
Total $ 342,740   342,740   916,468
Contractual interest expense   970 1,941 1,941  
Amortization of discount   1,069 1,238 2,127  
Amortization of debt issuance costs   29 34 58  
Total interest expense   2,068 3,213 4,126  
Convertible Debt | 2026 Notes          
Debt Instrument, Redemption [Line Items]          
Gross carrying amount         575,000
Less: Unamortized discount         (600)
Less: Unamortized debt issuance costs         (16)
Total         574,384
Contractual interest expense   0 0 0  
Amortization of discount   748 600 1,488  
Amortization of debt issuance costs   20 16 40  
Total interest expense   $ 768 $ 616 $ 1,528  
Debt instrument, effective interest rate (in percent) 0.50% 0.50% 0.50% 0.50%  
Convertible Debt | 2028 Notes          
Debt Instrument, Redemption [Line Items]          
Gross carrying amount         345,000
Less: Unamortized discount         (2,836)
Less: Unamortized debt issuance costs         (80)
Total         $ 342,084
Contractual interest expense $ 970 $ 970 $ 1,941 $ 1,941  
Amortization of discount 321 321 638 639  
Amortization of debt issuance costs 9 9 18 18  
Total interest expense $ 1,300 $ 1,300 $ 2,597 $ 2,598  
Debt instrument, effective interest rate (in percent) 1.50% 1.50% 1.50% 1.50%  
v3.26.1
DEBT - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Debt Instrument [Line Items]        
Debt guarantee $ 250.0   $ 250.0  
Interest expense, debt 33.7 $ 33.9 64.0 $ 68.4
Interest income 1.5 1.7 3.1 3.4
Lender patronage income 2.2 2.2 4.4 4.5
Amortization of debt issuance costs 1.2 $ 1.2 3.3 $ 2.5
MUFG Bank        
Debt Instrument [Line Items]        
Letter of credit, maximum borrowing capacity 75.0   75.0  
MUFG Bank | Letter of Credit        
Debt Instrument [Line Items]        
Debt outstanding $ 9.8   $ 9.8  
Line of credit facility, interest rate at period end (in percent) 1.00%   1.00%  
v3.26.1
DEBT - Schedule of Unamortized Debt Issuance Costs (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument, Redemption [Line Items]    
Debt issuance costs $ 12,988 $ 18,446
Balance Sheet Location [Axis]: us-gaap:LongTermDebtAndCapitalLeaseObligations    
Debt Instrument, Redemption [Line Items]    
Debt issuance costs 10,968 14,416
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent    
Debt Instrument, Redemption [Line Items]    
Debt issuance costs $ 2,020 $ 4,030
v3.26.1
DEBT - Schedule of Future Maturities (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Debt Disclosure [Abstract]  
2026 (remaining six months) $ 8,786
2027 17,571
2028 1,590,347
2029 936,128
2030 502,646
Thereafter 0
Total $ 3,055,478
v3.26.1
INTEREST RATE SWAPS - Schedule of Interest Rate Swap Agreements (Details) - Cash Flow Hedging
Jun. 30, 2026
USD ($)
derivative_instrument
Interest Rate Swap  
Credit Derivatives [Line Items]  
Number of derivative agreements | derivative_instrument 2
Notional Amount $ 1,200,000,000
Swap A  
Credit Derivatives [Line Items]  
Notional Amount $ 850,000,000
Derivative, fixed interest rate (in percent) 2.595%
Swap B  
Credit Derivatives [Line Items]  
Notional Amount $ 350,000,000
Derivative, fixed interest rate (in percent) 2.691%
v3.26.1
INTEREST RATE SWAPS - Schedule of Interest Rate Swaps on the Condensed Consolidated Balance Sheets and Statements of Operations and Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Stockholders' Equity:          
Accumulated other comprehensive income $ 29,965   $ 29,965   $ 19,450
Interest (income) expense (3,109) $ (5,166) (6,307) $ (10,296)  
Unrealized gain (loss) on cash flow hedges, gross 8,336 (13,238) 14,137 (32,864)  
Less: Tax effect (1,967) 3,130 (3,354) 7,770  
Unrealized gain (loss) on cash flow hedges, net of tax 6,369 $ (10,108) 10,783 $ (25,094)  
Interest Rate Swap          
Current portion:          
Prepaid and other current assets 15,662   15,662   9,240
Noncurrent portion:          
Other noncurrent assets 23,662   23,662   15,947
Total interest rate swap asset 39,324   39,324   25,187
Stockholders' Equity:          
Accumulated other comprehensive income $ 29,551   $ 29,551   $ 18,768
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and Fair Values (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Mar. 31, 2021
Nov. 30, 2020
Term loans        
Long-term debt (including current portion):        
Debt instrument, face amount $ 1,825,000      
Senior Notes        
Long-term debt (including current portion):        
Debt instrument, face amount       $ 650,000
Convertible Note | 2026 Notes        
Long-term debt (including current portion):        
Debt instrument, face amount     $ 575,000  
Interest rate swap asset        
Prepaid and other current assets:        
MBI Net Option(1) 39,324 $ 25,187    
Other noncurrent assets (including current portion):        
Interest rate swap asset 39,324 25,187    
Level 1 | Carrying Amount        
Cash and cash equivalents:        
Money market investments 82,347 70,261    
Level 1 | Fair Value        
Cash and cash equivalents:        
Money market investments 82,347 70,261    
Level 2 | Carrying Amount | Term loans        
Long-term debt (including current portion):        
Long-term debt, fair value 1,657,832 1,706,812    
Level 2 | Carrying Amount | Line of Credit        
Long-term debt (including current portion):        
Long-term debt, fair value 550,000 0    
Level 2 | Carrying Amount | Senior Notes        
Long-term debt (including current portion):        
Long-term debt, fair value 502,646 582,013    
Level 2 | Carrying Amount | Convertible Note        
Long-term debt (including current portion):        
Long-term debt, fair value 345,000 920,000    
Level 2 | Carrying Amount | Interest rate swap asset        
Prepaid and other current assets:        
MBI Net Option(1) 39,324 25,187    
Other noncurrent assets (including current portion):        
Interest rate swap asset 39,324 25,187    
Level 2 | Fair Value | Term loans        
Long-term debt (including current portion):        
Long-term debt, fair value 1,467,181 1,641,873    
Level 2 | Fair Value | Line of Credit        
Long-term debt (including current portion):        
Long-term debt, fair value 453,750 0    
Level 2 | Fair Value | Senior Notes        
Long-term debt (including current portion):        
Long-term debt, fair value 270,172 448,907    
Level 2 | Fair Value | Convertible Note        
Long-term debt (including current portion):        
Long-term debt, fair value 224,250 849,275    
Level 2 | Fair Value | Interest rate swap asset        
Prepaid and other current assets:        
MBI Net Option(1) 39,324 25,187    
Other noncurrent assets (including current portion):        
Interest rate swap asset 39,324 25,187    
Level 3 | Carrying Amount        
MBI Option Liability:        
MBI option(1) 425,970 0    
Level 3 | Carrying Amount | MBI net option        
Prepaid and other current assets:        
MBI Net Option(1) 0 31,830    
Other noncurrent assets (including current portion):        
Interest rate swap asset 0 31,830    
Level 3 | Fair Value        
MBI Option Liability:        
MBI option(1) 425,970 0    
Level 3 | Fair Value | MBI net option        
Prepaid and other current assets:        
MBI Net Option(1) 0 31,830    
Other noncurrent assets (including current portion):        
Interest rate swap asset $ 0 $ 31,830    
v3.26.1
STOCKHOLDERS’ EQUITY (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 132 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Dec. 31, 2025
May 20, 2022
Equity [Abstract]              
Treasury stock, total (in shares) 502,032   502,032   502,032 540,180  
Stock repurchase program, authorized amount             $ 450,000
Remaining amount authorized $ 143,100   $ 143,100   $ 143,100    
Treasury stock, shares, acquired (in shares)     0 0 646,244    
Treasury stock, value, acquired, cost method         $ 556,900    
Payment of withholding tax for equity awards $ 100 $ 100 $ 970 $ 2,302      
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares) 0 2 129 1,523      
v3.26.1
EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
May 14, 2026
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Share-based compensation arrangement by share-based payment award, number of additional shares authorized (in shares) 600,000          
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)   753,037   753,037    
Current liabilities   $ 596,866,000   $ 596,866,000   $ 759,324,000
Effective income tax rate reconciliation, tax expense (benefit), share-based payment arrangement, amount   (100,000) $ (500,000) (3,500,000) $ (2,000,000.0)  
Deferred tax assets, tax deferred expense, compensation and benefits, share-based compensation cost   6,500,000   6,500,000   $ 8,100,000
Phantom Restricted Stock Units            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Share-based payment arrangement, expense   (700,000)   600,000    
Current liabilities   200,000   200,000    
Noncurrent liabilities   400,000   400,000    
Restricted Stock            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount   25,300,000   $ 25,300,000    
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)       1 year 7 months 6 days    
SARs            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount   $ 0   $ 0    
v3.26.1
EQUITY-BASED COMPENSATION - Schedule of Compensation Expense (Details) - Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based payment arrangement, expense $ 5,742 $ 10,048 $ 12,004 $ 21,359
Restricted Stock        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based payment arrangement, expense 5,742 9,921 12,004 21,106
SARs        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based payment arrangement, expense $ 0 $ 127 $ 0 $ 253
v3.26.1
EQUITY-BASED COMPENSATION - Schedule of Restricted Stock (Details) - Restricted Stock
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Restricted Stock  
Beginning balance (in shares) | shares 247,022
Granted (in shares) | shares 342,376
Forfeited (in shares) | shares (24,594)
Vested and issued (in shares) | shares (48,653)
Ending balance (in shares) | shares 516,151
Vested and deferred (in shares) | shares 19,389
Weighted Average Grant Date Fair Value Per Share  
Beginning balance (in dollars per share) | $ / shares $ 505.85
Granted (in dollars per share) | $ / shares 100.75
Forfeited (in dollars per share) | $ / shares 515.91
Vested and issued (in dollars per share) | $ / shares 617.49
Ending balance (in dollars per share) | $ / shares 226.13
Vested and deferred (in dollars per share) | $ / shares $ 457.71
v3.26.1
EQUITY-BASED COMPENSATION - Schedule of Valuation Assumptions (Details) - $ / shares
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
RSUs    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Risk-free interest rate (in percent) 3.40% 4.20%
Expected volatility 59.40% 40.60%
Simulation term (in years) 2 years 11 months 1 day 2 years 11 months 26 days
Weighted average grant date fair value (in dollars per share)   $ 417.46
Restricted Stock Units Including Phantom Restricted Stock Units    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Weighted average grant date fair value (in dollars per share) $ 110.74  
v3.26.1
EQUITY-BASED COMPENSATION - Schedule of Stock Appreciation Rights (Details) - SARs - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Stock Appreciation Rights    
Beginning balance (in shares) 16,616  
Ending balance (in shares) 16,616 16,616
Exercisable, stock appreciation rights (in shares) 16,616  
Weighted Average Exercise Price    
Beginning balance (in dollars per share) $ 1,225.32  
Ending balance (in dollars per share) 1,225.32 $ 1,225.32
Exercisable (in dollars per share) 1,225.32  
Weighted Average Grant Date Fair Value    
Beginning balance (in dollars per share) 309.52  
Ending balance (in dollars per share) 309.52 $ 309.52
Exercisable (in dollars per share) $ 309.52  
Aggregate Intrinsic Value    
Aggregate intrinsic value, outstanding $ 0 $ 0
Aggregate intrinsic value, exercisable $ 0  
Weighted Average Remaining Contractual Term (in years)    
Weighted average remaining contractual term, outstanding (in years) 3 years 3 years 6 months
Weighted average remaining contractual term, vested and exercisable (in years) 3 years  
v3.26.1
INCOME TAXES (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Effective income tax rate (in percent) (11.10%) (22.00%) (9.90%) (24.70%)
v3.26.1
OTHER INCOME AND EXPENSE (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2026
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Offsetting Assets [Line Items]            
Gain on sale of equity investment   $ 0   $ 0 $ 0 $ 3,199
Gain on debt extinguishments   19,861   3,856 29,694 3,856
Gain on sale of fiber-to-the-tower contract rights   1,003   0 27,638 0
Loss on fair value adjustment of equity investment   (7,623)   0 (7,623) 0
Other   (871)   42 (539) 101
Other income (expense), net   (431,590)   (11,372) (408,630) (12,784)
Point-Clearwave Fiber            
Offsetting Assets [Line Items]            
Loss on fair value adjustment of equity investment $ (7,600)          
Customer relationships            
Offsetting Assets [Line Items]            
Gain on sale of fiber-to-the-tower contract rights     $ 27,600      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | FIber To The Tower            
Offsetting Assets [Line Items]            
Disposal consideration   42,000     42,000  
Disposal of operation, business data revenue     $ 9,000      
MBI option            
Offsetting Assets [Line Items]            
MBI option fair value adjustment   $ (443,960)     $ (457,800)  
MBI net option            
Offsetting Assets [Line Items]            
MBI option fair value adjustment       $ (15,270)   $ (19,940)
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:        
Net loss - basic $ (1,164,576) $ (437,976) $ (1,128,802) $ (435,369)
Net loss - diluted $ (1,164,576) $ (437,976) $ (1,128,802) $ (435,369)
Denominator:        
Weighted average common shares outstanding - basic (in shares) 5,698,814 5,636,683 5,692,392 5,635,255
Weighted average common shares outstanding - diluted (in shares) 5,698,814 5,636,683 5,692,392 5,635,255
Net Loss per Common Share:        
Basic (in dollars per share) $ (204.35) $ (77.70) $ (198.30) $ (77.26)
Diluted (in dollars per share) $ (204.35) $ (77.70) $ (198.30) $ (77.26)
Supplemental Disclosure:        
Anti-dilutive shares from equity-based compensation awards (in shares) 162,828 126,361 162,828 126,361