ATN International (NASDAQ:ATNI) reported fourth-quarter and full-year 2025 results that management characterized as evidence of continued execution of its strategic plan, highlighting revenue growth in the quarter, expanded Adjusted EBITDA, improved operating income, and ongoing progress in high-speed broadband expansion. Executives also outlined a 2026 outlook that includes modest Adjusted EBITDA growth, disciplined capital spending, and the expected impact of a pending divestiture of certain U.S. tower assets.
Fourth-quarter results show revenue growth and operating income improvement
Chief Financial Officer Carlos Doglioli said total revenue in the fourth quarter rose 2% year over year to $184.2 million, compared with $180.5 million in the prior-year period. Excluding construction and other revenue, communication service revenue increased 3%, driven by growth across multiple service offerings.
Adjusted EBITDA in the fourth quarter increased 8% to $50.0 million from $46.2 million in the prior-year quarter.
Net loss attributable to stockholders in the fourth quarter was $3.3 million, or $0.32 per share, compared with net income of $3.6 million, or $0.14 per diluted share, in the same quarter of 2024. Management said the year-over-year change reflected the absence of an $8.9 million tax benefit recognized in fourth-quarter 2024 and higher other expense in 2025 tied to marking a minority equity investment to market.
Full-year 2025: flat revenue, higher Adjusted EBITDA, stronger operating income
For the full year, revenue was “essentially flat” at $728 million, which management said was in line with expectations. Doglioli said increases in carrier services, construction, and other revenue offset declines in mobility and fixed revenue, partly due to ATN’s transition away from certain legacy offerings in its U.S. markets.
Operating income improved to $28.4 million for 2025 compared with an operating loss of $0.8 million in 2024, when results included a $35.3 million goodwill impairment charge. Adjusted EBITDA for the year rose 3% to $190.0 million, up from $184.1 million in 2024, which management attributed to cost management and margin improvement.
ATN’s net loss for the year narrowed to $14.9 million, or $1.38 per share, compared with a net loss of $26.4 million, or $2.10 per share, in 2024.
Segment highlights: international growth; U.S. transition shows second-half improvement
Chief Executive Officer Brad Martin said 2025 was a “turning point” as the company shifted from stabilizing the business to demonstrating progress against its strategy focused on mobility, high-speed data, and differentiated carrier and enterprise solutions.
In the international segment, Doglioli reported fourth-quarter revenue increased nearly 3% to $97.3 million from $94.8 million. Full-year international revenue rose 1% to $381.9 million. Adjusted EBITDA in the segment increased 1% in the quarter to $32.7 million and rose about 4% for the year to $131.6 million. Management said network investments and service-quality focus were supporting mobility and high-speed data subscriber growth and contributing to margin expansion, despite heightened competition in certain markets.
In the domestic segment, fourth-quarter revenue increased 1% to $86.9 million, while full-year revenue declined just under 2% to $346.1 million. Domestic Adjusted EBITDA increased 11% in the fourth quarter to $21.6 million, but declined about 2% for the full year to $78.5 million. Doglioli said results reflected the impact of moving away from legacy and subsidy-driven revenue streams in the first half of 2025, as well as improved carrier solutions performance in the second half supported by margin initiatives.
Martin said ATN has a “durable presence” in Alaska and New Mexico supported by fiber and fiber-fed fixed wireless infrastructure, and noted that homes passed by high-speed broadband increased 25% over the past year, driven primarily by Alaska deployments across Anchorage, Fairbanks, Juneau, and the Kenai Peninsula.
Balance sheet, cash flow, and capital spending
ATN ended 2025 with $117.2 million in total cash, cash equivalents, and restricted cash, up from $89.2 million at year-end 2024. Total debt was $565.2 million compared with $557.4 million a year earlier, and management said the net debt ratio improved to 2.36x from 2.54x. Doglioli added that about 60% of total debt is at the subsidiary level and is non-recourse to the parent.
Net cash provided by operating activities increased 5% year over year to $133.9 million, driven in part by improved working capital management. Capital expenditures for the year were $90.0 million net of $84.6 million in reimbursable capex, compared with $110.4 million net of $108.5 million in reimbursements in 2024. Doglioli said full-year capex came in at the lower end of guidance due to the timing of investments now expected in 2026 and reflected a commitment to “more normalized” capital spending levels.
ATN maintained its quarterly dividend of $0.275 per share, paid January 9, 2026, to shareholders of record as of December 31, 2025. The company did not repurchase shares during the quarter.
2026 outlook and tower sale: proceeds, EBITDA expectations, and BEAD funding
Management discussed a pending transaction announced after year-end: Commnet subsidiaries’ agreement to sell a portfolio of 214 Southwestern U.S. towers and related operations to an affiliate of Everest Infrastructure Partners for up to $297 million in an all-cash transaction. Doglioli said ATN expects an initial closing in the second quarter of 2026 with gross proceeds of about $250 million to $270 million, followed by additional closings over the next 12 months tied to construction and operational milestones. Martin said the divestiture is expected to “modestly reduce” revenue and EBITDA associated with those assets while providing proceeds intended to strengthen the balance sheet and support growth plans.
For 2026, excluding any impact from the pending tower sale, ATN expects Adjusted EBITDA to increase modestly to a range of $190 million to $200 million. The outlook includes an estimated $5 million headwind from the conclusion of high-cost funding support for the U.S. Virgin Islands market. Based on the expected timing of the initial tower-sale closing, management said it would anticipate an additional $6 million to $8 million reduction to annual Adjusted EBITDA.
ATN expects 2026 capex of $105 million to $115 million, net of reimbursable expenditures, reflecting the timing of investments that slipped from 2025. Doglioli said the company expects the first quarter to show Adjusted EBITDA improvement versus the prior-year period, with the second half delivering the majority of annual results due to typical seasonality. The plan also assumes restructuring and reorganization expenses of $3 million to $4 million in the first half, with most occurring in the first quarter.
On government funding, Martin said ATN received notice of provisional BEAD awards and preliminary commitments totaling more than $150 million in markets including New Mexico and Alaska. He said the company expects to invest about 10% to 15% of total project costs with its own capital and that BEAD-related initiatives are expected to begin contributing to results in 2027 and beyond.
In the Q&A, Martin said the tower sale would not change the company’s U.S. business model for managed services, noting it already provides carrier managed services using a mix of owned and third-party towers and expects to continue doing so. He also addressed broadband subscriber trends, saying some declines stemmed from shutting down legacy services such as copper in overbuilt areas and exiting unprofitable consumer areas in the Southwest. In Alaska, he said the company has been expanding a fixed wireless solution, building fiber facilities in certain areas, investing in back-office platforms, and saw progress in the second half of 2025, including more than 11% year-over-year improvement in high-speed data subscribers (from a small base, he noted).
About ATN International (NASDAQ:ATNI)
ATN International, Inc (NASDAQ: ATNI) is a diversified provider of telecommunications services that operates through a combination of wireless, wireline and broadband networks. Headquartered in Beverly, Massachusetts, the company offers a range of voice and data solutions to residential, commercial and wholesale customers. Its core offerings include long-distance voice services, fixed-line telephony, broadband internet access and network infrastructure solutions.
Through its business segments, ATN delivers tailored communications products to underserved markets across the Caribbean, Latin America, parts of the Pacific and select rural regions of the United States.
