EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company’s equity-based compensation expense, included within selling, general and administrative expense in the consolidated statements of operations and comprehensive income (loss), was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Restricted Stock	$	42,261	$	31,089	$	27,885
SARs	317		625		1,535
Total	$	42,578	$	31,714	$	29,420

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of Restricted Stock activity is as follows:


	Restricted Stock	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2022	42,467	$	1,611.99
Granted	70,949	$	740.39
Forfeited(1)	(7,854)	$	1,609.26
Vested and issued	(14,130)	$	1,505.58
Outstanding as of December 31, 2023	91,432	$	952.33
Granted	114,573	$	539.68
Forfeited	(29,495)	$	691.93
Vested and issued	(17,845)	$	1,325.67
Outstanding as of December 31, 2024	158,665	$	660.77
Granted	132,217	$	378.97
Forfeited	(14,056)	$	557.34
Vested and issued	(29,804)	$	743.43
Outstanding as of December 31, 2025	247,022	$	505.85

Vested and deferred as of December 31, 2025	10,845	$	688.55

(1)Includes 4,093 shares forfeited upon the final achievement determination in 2023 for certain performance-based restricted stock awards.

Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions

The significant inputs and resulting weighted average grant date fair value for market-based award grants valued using Monte Carlo simulations were as follows:


	2025			2024
Risk-free interest rate	4.2		%	4.0		%
Expected volatility	40.6		%	35.4		%
Simulation term (in years)	2.99			2.99
Weighted average grant date fair value	$	417.46		$	599.55

Schedule of Share-Based Payment Arrangement, Stock Appreciation Right, Activity

A summary of SAR activity 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, 2022	41,115	$	1,072.88	$	262.99	$	591	6.1

Exercised	(374)	$	707.17	$	169.54	$	5	—
Forfeited	(375)	$	1,274.05	$	280.58
Expired	(4,875)	$	936.78	$	219.98	$	—	—
Outstanding as of December 31, 2023	35,491	$	1,093.30	$	269.69	$	—	5.1


Forfeited	(875)	$	1,835.26	$	463.66
Expired	(6,250)	$	1,282.49	$	316.16	$	—	—
Outstanding as of December 31, 2024	28,366	$	1,028.73	$	253.47	$	—	3.9



Expired	(11,750)	$	750.73	$	174.22	$	—	—
Outstanding as of December 31, 2025	16,616	$	1,225.32	$	309.52	$	—	3.5

Exercisable as of December 31, 2025	16,616	$	1,225.32	$	309.52	$	—	3.5

Cable One, Inc. 10-K