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Cable One, Inc.: What’s Really Behind the Subscriber Losses — And How Much Was the Billing Migration to Blame?

Cable One, Inc. reported mixed results for the third quarter of 2025, reflecting operational progress amid continued subscriber headwinds and a challenging competitive environment. Total revenues declined to $376 million from $393.6 million in the prior year, primarily driven by the erosion of residential video revenue, which fell by 16.2%, and a 1.2% decline in residential data revenue caused by a 5.1% subscriber drop. These declines were partially offset by higher ARPU and stability in business data revenue, which grew 0.4% year-over-year due to strength in the fiber and carrier segments. Sequentially, total residential data revenue decreased 0.8%. Despite these pressures, Cable One maintained adjusted EBITDA margins above 50%, with adjusted EBITDA at $201.9 million versus $213.6 million a year earlier, reflecting continued cost control and pricing discipline.