Cable One, Inc.CABO
Cable One, Inc. Revenue Disclosure
REVENUES
Revenues by product line and deferred commission amortization were as follows (in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Residential: | ||||||||||||||||||||
| Data | $ | 901,696 | $ | 925,854 | $ | 979,296 | ||||||||||||||
| Video | 187,068 | 222,036 | 257,966 | |||||||||||||||||
| Voice | 26,866 | 31,958 | 37,088 | |||||||||||||||||
| Business: | ||||||||||||||||||||
| Data | 228,995 | 228,197 | 222,411 | |||||||||||||||||
Other | 63,113 | 72,279 | 82,116 | |||||||||||||||||
| Other | 93,685 | 99,218 | 99,204 | |||||||||||||||||
| Total revenues | $ | 1,501,423 | $ | 1,579,542 | $ | 1,678,081 | ||||||||||||||
| Deferred commission amortization | $ | 7,140 | $ | 6,322 | $ | 5,676 | ||||||||||||||
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 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 consolidated statements of operations and comprehensive income (loss).
Net accounts receivable from contracts with customers totaled $42.6 million and $40.4 million at December 31, 2025 and 2024, respectively.
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. Revenues from customers with contractually specified terms and non-cancelable service periods are recognized over the terms of the underlying contracts, which generally range from to five years.
In October 2025, the Company entered into an agreement to sell certain fiber-to-the-tower contract rights for cash proceeds of approximately $42 million. The transaction is subject to certain closing conditions and is expected to close by the end of the first quarter of 2026.
Contract Costs. The Company capitalizes the incremental costs incurred in obtaining customers, such as commission costs and certain third-party costs. Commission expense is recognized using a portfolio approach over the calculated average residential and business customer tenure. Commission amortization expense is included within selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).
Contract Liabilities. As residential and business customers are billed for subscription services in advance of the service period, the timing of revenue recognition differs from the timing of billing. Deferred revenue liabilities are recorded when the Company collects payments in advance of providing the associated services. Current deferred revenue liabilities consist of refundable customer prepayments, up-front charges and installation fees. The $27.9 million and $27.2 million of current deferred revenue at December 31, 2024 and 2023 was recognized within revenues in the consolidated statements of operations and comprehensive income (loss) during 2025 and 2024, respectively. Noncurrent deferred revenue liabilities consist of up-front charges and installation fees from business customers.
Significant Judgments. The Company often provides multiple services to a single customer. The provision of customer premise equipment, installation services and service upgrades may be highly integrated and interdependent with the data, video or voice services provided. Judgment is required to determine whether the provision of such customer premise equipment, installation services and service upgrades is considered a distinct service and accounted for separately, or not distinct and accounted for together with the related subscription service.
The transaction price for a bundle of services is frequently less than the sum of the standalone selling prices of each individual service. The Company allocates the sales price for such bundles to each individual service provided based on the relative standalone selling price for each subscribed service. Generally, directly observable standalone selling prices are used for the revenue allocation.
The Company also uses significant judgment to determine the appropriate period over which to amortize deferred residential and business commission costs, which is determined to be the average customer tenure. Based on historical data and current expectations, the Company determined the average customer tenure for residential customers to be approximately five years and for business customers to be approximately six years.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Mar 7, 2016 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.