At a glance
Uniti Group Inc is worth $1.18B, about 1 times its fiscal 2025 earnings. Revenue grew 91.5% to $2.23B in fiscal 2025, with 58.4% kept as profit. It pays no dividend. The stock returned −19.5% over the past year with dividends reinvested and −14.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.4% in the 2020 crash (S&P 500: 33.7%) and 51.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 42 months after the lows.
The business in plain English
Uniti Group owns and runs fiber-optic networks: glass cables that carry internet and data traffic as pulses of light. It has approximately 240,000 fiber route miles across 47 states and more than 1.0 million customers. The company took its present shape on August 1, 2025, when Uniti, a real estate investment trust (REIT) that built and leased communications networks, merged with Windstream. The combined company is no longer a REIT. Revenue for 2025 was about $2.23 billion.
Revenue comes from three segments. Fiber Infrastructure was the largest in 2025, at 44.5%. Kinetic, at 40.7%, is the original local phone company (an incumbent local exchange carrier) in approximately 1,400 markets across 18 states. It offers households and small businesses multi-gigabit fiber internet, whole-home Wi-Fi, internet security and phone service, and leases them Wi-Fi equipment. Some lines still run on older copper, which it is replacing with fiber.
Uniti Solutions made up the remaining 14.8%. Across the company, Uniti also provides managed cloud communications and security services to large enterprises and government agencies. It also provides high-capacity network links to phone carriers, content providers and cloud computing companies in the US and Canada. Its fiber network reaches approximately 1.9 million households, mostly in the Midwest and Southeast, and it has more than 500,000 residential fiber customers.
Price history
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UNIT -19.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Fiber Infrastructure Segment | $995.4M | 44.5% |
| Kinetic | $909.0M | 40.7% |
| Uniti Solutions | $330.1M | 14.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $909.7M, up 202.5% from a year earlier, and net income was $-155.9M.
- For fiscal 2025, revenue was $2.23B (+91.5% year over year) with a 58.4% net margin.
Financial health check
| Operating margin | 11.7% watch |
|---|---|
| Free cash flow margin | -19.6% weak |
| Return on equity (FY2025) | Not meaningful: shareholders’ equity is very small, often the result of years of buybacks |
| Return on assets (FY2025) | 10.8% good |
| Net cash (cash minus debt) | $-10.03B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2023 | $1.15B | $-81.7M | $-63.8M |
| FY2024 | $1.17B | $93.4M | $11.8M |
| FY2025 | $2.23B | $1.30B | $-437.6M |
Valuation snapshot
| Market value | $1.18B |
|---|---|
| P/E ratio | 1 |
| Dividend yield | 0% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UNIT price data to Oct 28, 2026 | -30.7% | -19.5% | +9.1% | -14.5% | -9.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -30.7% |
| 2025 | +27.4% |
| 2024 | +2.9% |
| 2023 | +19.3% |
| 2022 | -57.8% |
| 2021 | +25.6% |
| 2020 | +53.4% |
| 2019 | -44.9% |
| 2018 | -0.0% |
| 2017 | -21.1% |
| 2016 | +52.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47% over that stretch · deepest drop along the way 52.4%, back to its old high 6.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 50.4% over that stretch · deepest drop along the way 51.9%, back to its old high 42 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($59K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 13, 2026 | Carmen Perez-Carlton Director | sell | $59K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.3% | Jun 30, 2026 |
| Pacific Investment Management Company LLC | 10.7% | Sep 30, 2025 |
| Vanguard Portfolio Management | 5.12% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 5% | Jun 30, 2026 |
ETFs with the most weight in UNIT
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 4.12% |
| DTCR Global X Data Center And Digital Infrastructure ETF | 2.68% |
| DTRE First Trust Alerian Disruptive Technology Real Estate ETF | 1.74% |
| SRVR Pacer Data & Infrastructure Real Estate ETF | 1.46% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.35% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.33% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.23% |
| FNDA Schwab Fundamental U.S. Small Company ETF | 0.19% |
What could go wrong
- Heavy debt and high interest costs. Long-term debt was about $10.7 billion as of February 23, 2026. Refinancing in early 2026 included $1.0 billion of secured notes paying 8.625%. Interest costs leave less cash for building fiber and make downturns harder.
- Strong competition, some of it subsidized. Cable companies, its largest rivals, compete in Kinetic's areas along with new fiber builders and fixed wireless and satellite providers. Some rivals get government broadband funding to build there, which could force price cuts or customer losses.
- Claims over lead in copper cables. The company already faces claims about lead contained in its copper network. It may face more claims, new rules or other liabilities. The copper lines are older equipment that it is replacing with fiber.
- Merger benefits may fall short. Uniti and Windstream combined on August 1, 2025. If the expected benefits fall short, the stock could suffer. Further goodwill write-downs (cutting the booked value of past deals) would also hurt reported results.
- Reliance on competitors' networks. In some business markets, Uniti purchases large amounts of network capacity from other carriers that compete with it for the same customers. Higher prices or lost access could raise costs or disrupt service.
- Elliott's influence and possible share sales. Insiders, including Elliott and its affiliates, could limit other shareholders' say over key deals, including a sale of the company. Large share sales by Elliott or other major investors could push the price down.
Recent events
- Other company announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Bylaws or fiscal year changed
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Uniti Group pays no dividend, and its 10-K says it does not expect to pay cash dividends in the foreseeable future. Dividends per share fell from $1.00 for 2023 to $0.50 for 2024 and zero for 2025. Before the August 2025 merger, Uniti was a real estate investment trust, which must pay out most of its taxable income. The combined company is not a REIT. Free cash flow (cash left after network spending) was negative $437.6 million in 2025. There were no buybacks from 2023 through 2025. For income investors, any return would depend on the share price.
In the 2020 COVID crash the shares fell 52.4% and recovered in about six months. In the 2022 bear market, a long slide in stock prices, they fell 51.9% and took 42 months to recover, until April 10, 2026. As of October 28, 2026, they were down 30.7% year to date. A single stock like Uniti carries more risk than a diversified fund.
Questions investors ask
How does Uniti Group make money?
Uniti makes money by providing connections over its fiber-optic network. In 2025, its Fiber Infrastructure segment brought in 44.5% of revenue, Kinetic 40.7% and Uniti Solutions 14.8%. Kinetic offers home and small-business internet, Wi-Fi and phone service in approximately 1,400 markets across 18 states. The company also provides managed cloud communications and security services to large enterprises and government agencies. It also provides high-capacity network links to carriers, content providers and cloud computing companies. Revenue for 2025 totaled about $2.23 billion.
Does Uniti Group pay a dividend?
No. Uniti paid no dividend for 2025, and its 10-K says it does not expect to pay cash dividends in the foreseeable future. The dividend yield was 0% as of October 28, 2026. Before the August 1, 2025 merger with Windstream, Uniti was a REIT (real estate investment trust). Its dividends per share were $1.00 for 2023 and $0.50 for 2024. It also bought back no shares from 2023 through 2025, so shareholders' returns depend on the share price.
Is Uniti Group still a REIT?
No. Uniti stopped being a real estate investment trust (REIT) when it merged with Windstream on August 1, 2025, and the combined company does not qualify as one. REITs get tax advantages but must pay out most of their taxable income as dividends. Without that status, Uniti has no such requirement. In the merger, old Uniti shareholders received 0.6029 new shares for each share they held. They ended up owning about 62% of the company, and Windstream's former owners held about 38%.
How much debt does Uniti Group have?
Uniti had about $10.6 billion of total debt as of June 30, 2026. It had $608.9 million of cash and investments, and its shareholders' equity (assets minus liabilities) was only $161.5 million. Refinancing in early 2026 included $1.0 billion of secured notes paying 8.625% interest. By comparison, the company's stock market value was about $1.2 billion as of October 28, 2026. The 10-K warns that this debt reduces cash available for other purposes and limits the company's flexibility.
Why is Uniti Group's P/E ratio so low?
Because 2025 net income was far larger than the profit from running the business. Uniti reported net income of $1,304.7 million, or $4.87 per diluted share. That put its price-to-earnings (P/E) ratio at about 1 as of October 28, 2026. But operating income, the profit from day-to-day operations, was only $262 million, so most of the reported profit came from other items. In the quarter ended June 30, 2026, the company posted a net loss of $155.9 million.