0001628280-25-050663 | 10-Q | XBRL Viewer

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Derivatives - Narrative (Details) $ in Millions	Aug. 22, 2025 USD ($)	Sep. 30, 2025 USD ($) agreements	Feb. 03, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 01, 2024 USD ($)
Derivative [Line Items]
Total principal amount		$ 9,261.5		$ 5,861.5
Net losses, net of taxes		1.7
Windstream Term Loan
Derivative [Line Items]
Total principal amount		500.0
ABS Loan Facility
Derivative [Line Items]
Total principal amount		0.0	$ 589.0	$ 275.0
First Swap
Derivative [Line Items]
Notional value		$ 200.0
Fixed interest rate		4.173%
Second Swap
Derivative [Line Items]
Notional value		$ 300.0
Cash proceeds	$ 2.4
Interest rate cap: \| ABS Loan Facility
Derivative [Line Items]
Notional value					$ 275.0
Derivative, cap interest rate					4.50%
Windstream Term Loan \| Interest rate swap:
Derivative [Line Items]
Derivative, number of instruments held \| agreements		2

Merger and Purchase Price Allocation (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Merger Consideration

The calculation of merger consideration was as follows:


(Millions)
Fair value of New Uniti Common Stock issued in the Merger (a)	$	733.7
Fair value of New Uniti Preferred Stock issued in the Merger (b)	630.4
Fair value of New Uniti Warrants issued in the Merger (c)	142.7
Merger Cash Consideration	370.7
Settlement of preexisting relationships (d)	499.1
Total merger consideration	$	2,376.6

(a)The fair value of 90,133,152 shares of New Uniti Common Stock issued to Windstream equityholders was based on Old Uniti’s closing stock price on August 1, 2025 of $8.14.

(b)The fair value of 575,000 shares of New Uniti Preferred Stock issued to Windstream equityholders was determined using a Black-Derman-Toy lattice model incorporating the contractual terms of the New Uniti Preferred Stock, as well as the risk associated with the New Uniti Preferred Stock, which was accounted for through the risk free rate term structure and a credit risk adjusted spread of 4.5%.

(c)The fair value of 17,558,406 New Uniti Warrants issued to Windstream equityholders was based on the intrinsic value of each warrant of $8.13 computed as the difference between the accounting acquirer’s closing stock price on August 1, 2025 and the exercise price of the warrant, which was deemed to be a reasonable proxy of the fair value of the New Uniti Warrants.

(d)Represents the amount of total merger consideration attributable to the effective settlement of preexisting relationships as of August 1, 2025 between Old Uniti and Windstream, as further discussed below.

Schedule of Preliminary Fair Values of the Assets Acquired and Liabilities

The following table summarizes the preliminary allocation of the Merger consideration of the identifiable tangible and intangible assets acquired and liabilities assumed of Windstream with the excess recorded as goodwill:


(Millions)	Preliminary Allocation
Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	141.2
Accounts receivable	317.6
Prepaid expenses and other current assets	288.1
Property, plant and equipment (a)	3,545.7
Goodwill	1,006.9
Customer relationships (b)	750.0
IPv4 addresses (c)	165.6
Trade name (d)	115.0
Spectrum licenses (e)	78.9
Right of way (f)	38.1
Operating lease right-of-use assets (g)	431.9
Other assets	52.7
Total assets acquired	6,931.7
Fair value of liabilities assumed:
Current portion of operating lease obligations (g)	107.4
Accounts payable	124.7
Deferred revenue	132.1
Other current liabilities	419.9
Long-term debt (h)	2,841.2
Noncurrent operating lease obligations (g)	315.2
Deferred income taxes	294.5
Noncurrent deferred revenue	88.5
Pension obligation (i)	103.6
Other liabilities	128.0
Total liabilities assumed	4,555.1
Total merger consideration (j)	$	2,376.6

(a)The fair value of the property, plant and equipment inclusive of internal use software was determined using the cost approach, which considers the cost to a market participant buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence, including any functional, technological, and economic obsolescence if any. Property, plant and equipment is depreciated on a straight-line basis over an estimated useful life range from 2 to 20 years.

(b)Customer relationships were valued using an income approach, specifically a multi-period excess earnings approach. Customer relationships are amortized using the sum-of-years digits methodology over a weighted average life of 5 years.

(c)IPv4 addresses were valued using a market approach, based on observable recent auction prices and other relevant information generated by market transactions involving identical or comparable assets. IPv4 addresses are amortized on a straight-line basis over an estimated useful life of 17.5 years.

(d)The fair value for the “Kinetic” trade name was determined by applying the relief-from-royalty method, an income-based approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenues attributable to the trade name and discounted to present value using an appropriate discount rate. The economic useful life of 15 years was determined based on the expected life of the trade name and the cash flows anticipated over the forecast period. The trade name is amortized on a straight-line basis over the estimated useful life.

(e)Spectrum licenses were acquired in highly competitive federal spectrum auctions, incorporating bids from market participant spectrum holders. Given limited subsequent auction data and the uncertainty of cash flows related to the use of the licenses, the price paid at the time of the auctions was considered the best evidence of fair value. Currently, there are no legal, regulatory, contractual, competitive, economic or other factors that would limit the useful life of the spectrum, and therefore, the licenses are considered indefinite-lived intangible assets.

(f)The right-of-way fair value was assumed to be equal to book value given the recency of the agreement execution at market. The right-of-way is amortized on a straight-line basis over a remaining estimated useful life of 9.4 years.

(g)The operating lease right-of-use assets and liabilities were remeasured to reflect the present value of the remaining lease payments as of the Merger date using the combined company incremental borrowing rates ranging from 4.35% to 6.82% based on the length of the remaining lease term. The operating lease right-of-use assets also include a fair value adjustment of $1.0 million to account for the off-market component of the leases.

(h)The fair value of long-term debt was based on either observed market prices in an inactive market or based on current market interest rates applicable to the related debt instrument.

(i)The net pension benefit obligation was calculated based upon a number of actuarial assumptions, including an expected long-term rate of return on pension plan assets of 7.75% and a discount rate of 6%. In developing the expected long-term rate of return assumption, management considered the plan’s historical rate of return, as well as input from the Company’s investment advisors. Projected returns on pension plan assets were based on broad equity and bond indices and include a targeted asset allocation of 49% to equities, 32% to fixed income securities, and 19% to alternative investments. The discount rate selected was derived by identifying a theoretical settlement portfolio of high-quality corporate bonds sufficient to provide for the projected benefit payments. The values of the projected benefit payments are matched to the cash flows of the theoretical settlement bond portfolio to arrive at a single equivalent discount rate that aligns the present value of the required cash flows with the market value of the bond portfolio. Factoring in these actuarial assumptions, the net pension benefit obligation was $103.6 million as of August 1, 2025, consisting of projected benefit obligations of $545.2 million reduced by the fair value of plan assets of $441.6 million.

(j)See “Merger Consideration” above for more information regarding the components of total merger consideration. The New Uniti Preferred Stock and New Uniti Warrants issued in the Merger have been recognized as equity instruments.

Schedule of Business Combination, Merger Related Expense

Transaction related and other costs were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Professional services and fees (a)	$	115.4	$	12.4	$	131.8	$	27.4
Integration costs (b)	33.8		—		34.8		—
Other (c)	8.5		2.0		12.4		3.7
Total	$	157.7	$	14.4	$	179.0	$	31.1

(a)Consists of investment banking, legal, regulatory, accounting and other consulting and advisory services directly associated with the Merger.

(b)Includes direct costs incurred in integrating the acquired operations of Windstream, including consulting services, systems and data conversion, network optimization, contract termination fees, rebranding and marketing costs, transaction and retention bonuses, and severance and related employee benefit costs.

(c)Consists primarily of expenses incurred in connection with the offering of our asset-backed securities discussed in Note s 5 and 16.

Schedule of Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma financial information presents the combined results of operations of Uniti for the three and nine months ended September 30, 2025 and 2024 as if the Merger occurred as of January 1, 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Total revenue and sales	$	937.2	$	999.7	$	2,872.9	$	3,098.4
Net (loss) income	$	(101.8)	$	(39.9)	$	(172.2)	$	1,653.3

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Merger and Purchase Price Allocation

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Merger and Purchase Price Allocation

Merger and Purchase Price Allocation:

Merger Consideration

As previously discussed in Note 1, Old Uniti merged with Windstream on August 1, 2025. The total merger consideration of $2,376.6 million was calculated based on the fair value of the consideration transferred, which included the fair value of New Uniti Common Stock, New Uniti Preferred Stock and New Uniti Warrants issued, the Merger Cash Consideration, and the effective settlement of preexisting relationships. The calculation of merger consideration was as follows:


(Millions)
Fair value of New Uniti Common Stock issued in the Merger (a)	$	733.7
Fair value of New Uniti Preferred Stock issued in the Merger (b)	630.4
Fair value of New Uniti Warrants issued in the Merger (c)	142.7
Merger Cash Consideration	370.7
Settlement of preexisting relationships (d)	499.1
Total merger consideration	$	2,376.6

(a)The fair value of 90,133,152 shares of New Uniti Common Stock issued to Windstream equityholders was based on Old Uniti’s closing stock price on August 1, 2025 of $8.14.

Settlement of Preexisting Relationships

Prior to completion of the Merger, Old Uniti and Windstream had several preexisting relationships primarily comprised of (i) two structurally similar long-term exclusive triple-net lease agreements (collectively, the “Windstream Leases”), which consisted of a master lease (the “ILEC MLA”) that governed assets owned by Old Uniti which were leased and used by Windstream's incumbent local exchange carrier (“ILEC”) operations and a master lease (the “CLEC MLA”) that governed assets owned by Old Uniti which were leased and used by Windstream's consumer competitive local exchange carrier (“CLEC”) operations, (ii) the asset purchase agreement, pursuant to which Old Uniti paid Windstream in exchange for exclusive rights to use certain fiber strand miles leased by Windstream, certain fiber assets (and underlying rights) owned by Windstream, dark fiber IRU arrangements relating to the fiber strand miles and fiber assets, and a 20-year IRU for certain strands included in the transferred fiber assets that Uniti granted to Windstream (the “Asset Purchase Agreement”), and (iii) various other leasing and supplier arrangements between Old Uniti and Windstream.

Upon consummation of the Merger, all historical preexisting relationships between Old Uniti and Windstream were considered effectively settled for accounting purposes and the related transactions and balances became intercompany transactions eliminated in the preparation of the Company’s post-Merger consolidated financial statements. To the extent the settled preexisting contractual arrangement was deemed favorable or unfavorable from the perspective of Old Uniti, the fair value of the off-market component was included in total merger consideration. As of the Merger date, the Windstream Leases were deemed to be above market from the perspective of Old Uniti and the fair value of the off-market component was estimated to be $559.0 million based on the remaining contractual lease payments and current market rates. Conversely, the Asset Purchase Agreement was deemed to be unfavorable from the perspective of Old Uniti and the fair value of the off-market component was estimated to be $(60.0) million based on the estimated remaining value of the upfront payment of the IRU contract. The other leasing and supplier agreements were determined to be at market, and therefore, were effectively settled at the historical carrying value, which had a $0.1 million impact on total merger consideration.

In connection with the settlement of the preexisting relationships, the Company recognized a pretax nonrecurring gain of $1,685.4 million during the third quarter of 2025. The gain reflected the de-recognition of the associated assets and liabilities recorded by Old Uniti related to the Windstream Leases and Asset Purchase Agreement as of the Merger date plus the portion of the total merger consideration assigned to the settlement of preexisting relationships discussed above. The derecognized liabilities consisted of deferred revenue of $1,166.8 million, intangible liabilities of $133.5 million, operating lease obligations of $11.4 million and accounts payable and other current liabilities totaling $3.6 million, and the derecognized assets consisted of accounts receivable and other current assets totaling $15.3 million, other assets, including the straight-line revenue receivable, of $88.2 million and operating lease right-of-use assets of $25.5 million.

Preliminary Purchase Price Allocation

The Merger was accounted for using the acquisition method of accounting, and accordingly, the total purchase price was allocated to the identifiable tangible and intangible assets acquired and liabilities assumed of Windstream based on their estimated fair values as of the Merger date, with the excess amount recorded as goodwill.

The allocation of the purchase price is preliminary and subject to change based on the finalization of the third-party appraisals to support the valuation of property, plant and equipment, intangible assets including goodwill and the related income tax impacts. The determination of the fair value of assets and liabilities acquired, including property, plant and equipment, intangible assets and deferred taxes requires significant management judgment and the Company has not completed this analysis as of September 30, 2025. Any changes to the initial estimates of the fair value of the assets acquired and liabilities assumed will be recorded as adjustments to those assets and liabilities with the offset charged to goodwill.


(Millions)	Preliminary Allocation
Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	141.2
Accounts receivable	317.6
Prepaid expenses and other current assets	288.1
Property, plant and equipment (a)	3,545.7
Goodwill	1,006.9
Customer relationships (b)	750.0
IPv4 addresses (c)	165.6
Trade name (d)	115.0
Spectrum licenses (e)	78.9
Right of way (f)	38.1
Operating lease right-of-use assets (g)	431.9
Other assets	52.7
Total assets acquired	6,931.7
Fair value of liabilities assumed:
Current portion of operating lease obligations (g)	107.4
Accounts payable	124.7
Deferred revenue	132.1
Other current liabilities	419.9
Long-term debt (h)	2,841.2
Noncurrent operating lease obligations (g)	315.2
Deferred income taxes	294.5
Noncurrent deferred revenue	88.5
Pension obligation (i)	103.6
Other liabilities	128.0
Total liabilities assumed	4,555.1
Total merger consideration (j)	$	2,376.6

(h)The fair value of long-term debt was based on either observed market prices in an inactive market or based on current market interest rates applicable to the related debt instrument.

The fair value of current assets, other assets, deferred revenue, current liabilities and other liabilities was based on carrying value, which was deemed a reasonable approximation of fair value. The preliminary fair values of certain assets acquired and liabilities assumed were determined with the assistance of a third-party valuation firm. Significant assumptions utilized in these approaches were based on Company specific information and projections, which are not observable in the market and are thus considered Level 3 measurements as defined by authoritative guidance.

The preliminary allocation of the purchase price resulted in an estimated net deferred tax liability. We expect to adjust this preliminary net deferred tax liability upon finalization of the third party-appraisals. Goodwill associated with this acquisition was largely due to synergies expected from combining operations as previously discussed in N o te 1. Goodwill recognized in the Merger is not expected to be deductible for tax purposes. The Company allocated the goodwill recognized in the Merger to its reportable operating segments based on the relative fair value of the operating segments. See Note 4.

Transaction Related and Other Costs

Transaction related and other costs include acquisition pursuit, transaction and integration costs. Transaction related and other costs were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Professional services and fees (a)	$	115.4	$	12.4	$	131.8	$	27.4
Integration costs (b)	33.8		—		34.8		—
Other (c)	8.5		2.0		12.4		3.7
Total	$	157.7	$	14.4	$	179.0	$	31.1

(a)Consists of investment banking, legal, regulatory, accounting and other consulting and advisory services directly associated with the Merger.

(c)Consists primarily of expenses incurred in connection with the offering of our asset-backed securities discussed in Note s 5 and 16.

Transaction related and other costs recorded within other current liabilities were $13.7 million in the Company’s condensed consolidated balance sheet at September 30, 2025.

Actual and Pro Forma Results of Operations

The results of Windstream’s operations are included in our consolidated results of operations beginning on August 1, 2025. For the three and nine months ended September 30, 2025, our consolidated results of operations include revenues and sales of $550.9 million and operating income of $104.4 million attributable to Windstream.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Total revenue and sales	$	937.2	$	999.7	$	2,872.9	$	3,098.4
Net (loss) income	$	(101.8)	$	(39.9)	$	(172.2)	$	1,653.3

The unaudited pro forma information includes adjustments for the settlement of preexisting relationships, amortization for intangible assets acquired, stock-based compensation expense, interest expense for acquisition financing, income tax expense for transaction structuring, and depreciation for property and equipment acquired. The unaudited pro forma information presented is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2024 or of the results of our future operations of the combined business.

Notes and Other Debt, Net - Senior Unsecured Notes (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jun. 24, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Oct. 13, 2021	Feb. 02, 2021
Debt Instrument [Line Items]
Total principal amount		$ 9,261.5		$ 9,261.5		$ 5,861.5
Repayment of debt				1,063.0	$ 455.9
Gain (loss) on extinguishment of debt		0.0	$ 0.0	(40.5)	$ 0.0
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Total principal amount		$ 1,110.0		$ 1,110.0		1,110.0
Issuance senior notes, stated percentage		6.50%		6.50%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%) \| Senior Unsecured Notes
Debt Instrument [Line Items]
Issuance senior notes, stated percentage								6.50%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Total principal amount		$ 700.0		$ 700.0		700.0
Issuance senior notes, stated percentage		6.00%		6.00%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%) \| Senior Unsecured Notes
Debt Instrument [Line Items]
Issuance senior notes, stated percentage							6.00%
Senior unsecured notes - 8.625% due June 15, 2032 (discount is based on imputed interest rate of 9.16%)
Debt Instrument [Line Items]
Total principal amount		$ 600.0		$ 600.0		0.0
Issuance senior notes, stated percentage		8.625%		8.625%
Senior unsecured notes - 8.625% due June 15, 2032 (discount is based on imputed interest rate of 9.16%) \| Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	$ 600.0
Issuance senior notes, stated percentage	8.625%
Eight Point Six Three Percentage Senior Unsecured Notes Due July Fifteen Two Thousand Thirty Two
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				$ 31.9
Debt issuance costs, net		$ 4.7		4.7
Cash interest expense				27.2
Eight Point Six Three Percentage Senior Unsecured Notes Due July Fifteen Two Thousand Thirty Two \| Senior Unsecured Notes
Debt Instrument [Line Items]
Repayment of debt	$ 500.0
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Total principal amount		$ 2,275.0		$ 2,275.0		$ 2,900.0
Issuance senior notes, stated percentage		10.50%		10.50%

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-42779
Entity Registrant Name	Uniti Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2262564
Entity Address, Address Line One	2101 Riverfront Drive, Suite A
Entity Address, City or Town	Little Rock
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72202
City Area Code	501
Local Phone Number	850-0820
Title of 12(b) Security	Common Stock
Trading Symbol	UNIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		239,036,325
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0002020795
Current Fiscal Year End Date	--12-31

Supplementary Unrestricted Subsidiary Information - Schedule of Consolidating Statement of Income (Loss) of Such Unrestricted Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues and sales:
Revenues	$ 722.6	$ 292.2	$ 1,317.3	$ 873.6
Costs and expenses:
Selling, general and administrative	121.2	26.7	177.4	80.5
Depreciation and amortization	202.3	79.3	361.7	234.9
Gain on sale of operating assets	0.0	0.0	0.0	(19.0)
Transaction related and other costs	157.7	14.4	179.0	31.1
Total costs and expenses	765.2	154.9	1,069.2	434.2
Operating income	(42.6)	137.3	248.1	439.4
Other expense, net	(0.2)	0.0	(1.3)	0.3
Gain on settlement of preexisting relationships	1,685.4	0.0	1,685.4	0.0
Interest expense, net	(168.2)	(131.0)	(467.0)	(381.7)
Income before income taxes	1,474.4	6.3	1,465.2	58.0
Income tax benefit	134.5	5.9	145.2	13.8
Net income	1,608.9	12.2	1,610.4	71.8
Service revenues
Revenues and sales:
Revenues	695.3	287.5	1,282.0	861.1
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)	261.4	32.8	323.7	98.5
Sales revenues
Revenues and sales:
Revenues	27.3	4.7	35.3	12.5
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)	$ 22.6	$ 1.7	27.4	8.2
Eliminations
Revenues and sales:
Revenues			(47.5)	(10.0)
Costs and expenses:
Selling, general and administrative			(8.3)	(10.0)
Depreciation and amortization			0.0	0.0
Gain on sale of operating assets			0.0	0.0
Transaction related and other costs			0.0	0.0
Total costs and expenses			(47.5)	(10.0)
Operating income			0.0	0.0
Other expense, net			0.0	0.0
Gain on settlement of preexisting relationships			0.0
Interest expense, net			0.0	0.0
Income before income taxes			0.0	0.0
Income tax benefit			0.0	0.0
Net income			0.0	0.0
Eliminations \| Service revenues
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)			(39.2)	0.0
Eliminations \| Sales revenues
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)			0.0	0.0
Consolidated
Revenues and sales:
Revenues			1,317.3	873.6
Costs and expenses:
Selling, general and administrative			177.4	80.5
Depreciation and amortization			361.7	234.9
Gain on sale of operating assets			0.0	(19.0)
Transaction related and other costs			179.0	31.1
Total costs and expenses			1,069.2	434.2
Operating income			248.1	439.4
Other expense, net			(1.3)	0.3
Gain on settlement of preexisting relationships			1,685.4
Interest expense, net			(467.0)	(381.7)
Income before income taxes			1,465.2	58.0
Income tax benefit			145.2	13.8
Net income			1,610.4	71.8
Consolidated \| Service revenues
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)			323.7	98.5
Consolidated \| Sales revenues
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)			27.4	8.2
Unrestricted Subsidiaries
Revenues and sales:
Revenues			104.3	46.8
Costs and expenses:
Selling, general and administrative			9.8	23.6
Depreciation and amortization			17.5	12.1
Gain on sale of operating assets			0.0	0.0
Transaction related and other costs			0.0	0.0
Total costs and expenses			65.8	35.7
Operating income			38.5	11.1
Other expense, net			0.0	0.0
Gain on settlement of preexisting relationships			0.2
Interest expense, net			(32.6)	(17.0)
Income before income taxes			6.1	(5.9)
Income tax benefit			0.0	0.0
Net income			6.1	(5.9)
Unrestricted Subsidiaries \| Service revenues
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)			38.5	0.0
Unrestricted Subsidiaries \| Sales revenues
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)			0.0	0.0
Restricted Subsidiaries
Revenues and sales:
Revenues			1,260.5	836.8
Costs and expenses:
Selling, general and administrative			175.9	66.9
Depreciation and amortization			344.2	222.8
Gain on sale of operating assets			0.0	(19.0)
Transaction related and other costs			179.0	31.1
Total costs and expenses			1,050.9	408.5
Operating income			209.6	428.3
Other expense, net			(1.3)	0.3
Gain on settlement of preexisting relationships			1,685.2
Interest expense, net			(434.4)	(364.7)
Income before income taxes			1,459.1	63.9
Income tax benefit			145.2	13.8
Net income			1,604.3	77.7
Restricted Subsidiaries \| Service revenues
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)			324.4	98.5
Restricted Subsidiaries \| Sales revenues
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)			$ 27.4	$ 8.2

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Accounting Policies [Abstract]
Interest paid, net of interest capitalized	$ 455.8	$ 474.4
Income taxes paid, net of refunded	2.1	2.0
Right-of-use assets obtained in exchange for operating lease obligations	40.2	14.5
Change in accounts payable and other current liabilities for purchases of property and equipment	17.7	(1.4)
Tenant capital improvements	$ 298.8	$ 163.6

Notes and Other Debt, Net - Secured Notes (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Feb. 03, 2025	Dec. 31, 2024	Dec. 23, 2024	Oct. 04, 2024	May 17, 2024	Feb. 14, 2023	Apr. 20, 2021
Debt Instrument [Line Items]
Total principal amount	$ 9,261,500		$ 5,861,500
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Total principal amount	$ 570,000		570,000
Issuance senior notes, stated percentage	4.75%
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%) \| Senior Secured Notes
Debt Instrument [Line Items]
Issuance senior notes, stated percentage					4.75%			4.75%
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Total principal amount	$ 2,275,000		2,900,000
Issuance senior notes, stated percentage	10.50%
Aggregate principal amount		$ 125,000
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%) \| Senior Secured Notes
Debt Instrument [Line Items]
Issuance senior notes, stated percentage					10.50%	10.50%	10.50%
Aggregate principal amount						$ 300,000	$ 2,600,000
Convertible Senior Notes 2027, Excluding Over-Allotment Option
Debt Instrument [Line Items]
Total principal amount	$ 306,500		306,500
Issuance senior notes, stated percentage	7.50%
Senior secured notes - 8.250%, due October 1, 2031 (premium is based on imputed interest rate of 7.29%)
Debt Instrument [Line Items]
Total principal amount	$ 2,200,000		$ 0
Issuance senior notes, stated percentage	8.25%
Senior secured notes - 8.250%, due October 1, 2031 (premium is based on imputed interest rate of 7.29%) \| Senior Secured Notes
Debt Instrument [Line Items]
Total principal amount				$ 1,400,000	$ 800,000
Issuance senior notes, stated percentage				8.25%	8.25%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Segments - Narrative (Details)	9 Months Ended
Segments - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting Information [Line Items]
Number of reportable business segments	3
Kinetic
Segment Reporting Information [Line Items]
Number of reportable business segments	1
Uniti Solutions
Segment Reporting Information [Line Items]
Number of reportable business segments	1
Fiber Infrastructure
Segment Reporting Information [Line Items]
Number of reportable business segments	1

Derivatives - Schedule of Derivative Instruments of Interest Rate Swap Agreements (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Other current assets
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net	$ 0.0	$ 0.1
Other current liabilities
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net	1.2	0.0
Other liabilities
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net	5.3	0.0
Accumulated other comprehensive loss
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net	$ (1.7)	$ (0.6)

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)		3 Months Ended			9 Months Ended
	May 03, 2024 shares	Sep. 30, 2025 USD ($) $ / shares	Mar. 31, 2025 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Aug. 01, 2025 director	Dec. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of board of directors appointed \| director							9
Net income attributable to shareholders		$ 1,608,900,000		$ 12,200,000	$ 1,610,400,000	$ 71,800,000
Basic (in dollars per share) \| $ / shares		$ 7.26		$ 0.08	$ 9.29	$ 0.49
Diluted (in dollars per share) \| $ / shares		$ 4.92		$ 0.08	$ 7.21	$ 0.49
Prepaid expenses		$ (104,000,000.0)			$ (104,000,000.0)			$ (16,200,000)
Other current assets		(193,000,000.0)			(193,000,000.0)			(18,100,000)
Accounts receivable, net		(345,300,000)			(345,300,000)			(51,500,000)
Operating lease income		124,500,000		$ 230,900,000	597,000,000.0	$ 688,400,000
Sales revenue		13,600,000		3,000,000.0	16,300,000	3,000,000.0
Cost of sales		7,800,000		100,000	8,400,000	100,000
Gross profit		5,800,000		$ 2,900,000	7,900,000	$ 2,900,000
Grants receivable		$ 107,500,000			$ 107,500,000			0
OP Unit Conversion Ratio		1			1
Cash Share Exchange
Summary Of Significant Accounting Policies [Line Items]
Exchange of noncontrolling interest (in shares) \| shares			14,722			68,384
Cash Share Purchase
Summary Of Significant Accounting Policies [Line Items]
Exchange of noncontrolling interest (in shares) \| shares						14,722
Exchange of noncontrolling interest			$ 100,000			$ 100,000
Old Uniti
Summary Of Significant Accounting Policies [Line Items]
Number of board of directors appointed \| director							5
Old Uniti \| Old Uniti
Summary Of Significant Accounting Policies [Line Items]
Percentage voting interest acquired							62.00%
Macquarie Asset Management \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| CableSouth Transaction
Summary Of Significant Accounting Policies [Line Items]
Cash consideration									$ 40,000,000.0
Pretax gain from sale						$ 19,000,000.0
Spectrum licenses
Summary Of Significant Accounting Policies [Line Items]
Initial term		10 years			10 years
Revision of Prior Period, Reclassification, Adjustment
Summary Of Significant Accounting Policies [Line Items]
Prepaid expenses								16,200,000
Other current assets								18,100,000
Accounts receivable, net								108,900,000
Accounts receivable, net of current portion								10,500,000
Accounts receivable, net of non-current portion								98,400,000
Accounts payable								13,600,000
Accrued taxes								7,100,000
Settlement payable								71,800,000
Dividends payable								600,000
Current portion of finance lease obligations								2,700,000
Accounts payable, accrued expenses and other liabilities, current								43,800,000
Intangibles liabilities, net								145,700,000
Finance lease obligations								14,500,000
Accounts payable, accrued expenses and other liabilities, non-current								$ 25,200,000
Change in Accounting Method Accounted for as Change in Estimate
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense		$ 7,100,000
Net income attributable to shareholders		$ 6,400,000
Basic (in dollars per share) \| $ / shares		$ 0.03
Diluted (in dollars per share) \| $ / shares		$ 0.02
Common Stock
Summary Of Significant Accounting Policies [Line Items]
Exchange of noncontrolling interest (in shares) \| shares	0.6029
Common Stock \| Cash Share Exchange
Summary Of Significant Accounting Policies [Line Items]
Exchange of noncontrolling interest (in shares) \| shares						53,662

Fair Value of Financial Instruments - Schedule of Fair Value (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Not Recorded at Fair Value in the Financial Statements:
Settlement payable	$ 0.0	$ 71.7
Notes and other debt	9,338.2	5,879.2
Reported Value Measurement
Not Recorded at Fair Value in the Financial Statements:
Notes and other debt	9,369.8	5,868.7
Interest rate cap:
Recorded at Fair Value in the Financial Statements:
Interest rate cap assets	0.0	0.1
Interest rate swap:
Recorded at Fair Value in the Financial Statements:
Interest rate swap liabilities	$ 6.5	$ 0.0

Notes and Other Debt, Net

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Notes and Other Debt, Net

Notes and Other Debt, Net:

Notes and other debt, net consisted of the following:


	September 30, 2025				December 31, 2024
(Millions)	Principal		Unamortized Premium (Discount) and Deferred Financing Costs		Principal		Unamortized Premium (Discount) and Deferred Financing Costs
Credit Agreements:
Senior secured revolving credit facility - variable rate, due September 24, 2027	$	281.0	$	(3.3)	$	—	$	(4.3)
Senior secured revolving credit facility - variable rate, due January 23, 2027	130.0		—		—		—
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%)	500.0		1.2		—		—
Notes:
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)	2,275.0		(23.2)		2,900.0		(37.5)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570.0		(3.9)		570.0		(5.0)
Senior secured notes - 8.250%, due October 1, 2031 (premium is based on imputed interest rate of 7.29%)	2,200.0		102.7		—		—
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110.0		(11.0)		1,110.0		(13.1)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700.0		(6.9)		700.0		(8.0)
Senior unsecured notes - 8.625% due June 15, 2032 (discount is based on imputed interest rate of 9.16%)	600.0		(16.1)		—		—
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306.5		(4.8)		306.5		(6.3)
ABS Notes and Bridge Loan Facility:
ABS Bridge Loan Facility - variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	—		—		275.0		(3.7)
ABS Notes (Class A-2) - 5.877%, due April 1, 2030 (discount is based on imputed interest rate of 6.36%)	426.0		(8.0)		—		—
ABS Notes (Class B) - 6.369%, due April 1, 2030 (discount is based on imputed interest rate of 6.86%)	65.0		(1.2)		—		—
ABS Notes (Class C) - 9.018%, due April 1, 2030 (discount is based on imputed interest rate of 9.54%)	98.0		(1.9)		—		—
Notes and other debt, net	$	9,261.5	$	23.6	$	5,861.5	$	(77.9)

Notes and other debt, net are as follows:


(Millions)	September 30, 2025		December 31, 2024
Total principal amount	$	9,261.5	$	5,861.5
Unamortized premium (discount) and deferred financing costs	23.6		(77.9)
Notes and other debt, net	$	9,285.1	$	5,783.6

Debt Restructuring Subsequent to the Merger

Upon the completion of the Merger, the existing indebtedness of Old Uniti and Windstream remained separate within its respective organizational structure under New Uniti. On August 4, 2025, among other transactions, Uniti Group LP, the borrower under Old Uniti’s indebtedness, was merged with and into Windstream Services LLC (“Windstream Services”), the borrower under Windstream’s indebtedness, as part of an internal reorganization (the “Internal Reorganization”). Accordingly, all of the existing indebtedness of Old Uniti and Windstream became obligations of the same borrowing entity, and each subsidiary of Old Uniti that had guaranteed its debt guaranteed the existing debt of Windstream and vice versa. To effectuate this, the obligors to Old Uniti’s and Windstream’s respective indebtedness (the “Obligors”) entered into supplemental indentures, each dated August 4, 2025 (the “Supplemental Indentures”) to the indentures governing Old Uniti’s and Windstream’s outstanding senior notes and joinder agreements, each dated August 4, 2025 (the “Joinder Agreements”) in respect of Old Uniti’s and Windstream’s respective existing credit agreements. In addition, the existing Windstream intercreditor agreement was terminated and the Windstream existing debt parties entered into joinders to the existing Old Uniti intercreditor agreement and certain supplements and amendments to the existing Windstream collateral documents and the Old Uniti collateral documents (such collateral documents, as amended, collectively with the Supplemental Indentures and the Joinder Agreements, the “Reorg Documents”). Under the Supplemental Indentures, the Joinder Agreements and the other Reorg Documents, (x) Windstream Services has succeeded to Uniti Group LP as issuer or borrower, as the case may be, under Old Uniti’s indebtedness and (y) the Obligors of Old Uniti’s indebtedness now guarantee and, if applicable, provide security for, Windstream’s indebtedness, and the Obligors of Windstream’s senior indebtedness now guarantee and, if applicable, provide security, for Old Uniti’s indebtedness. Additionally, in connection with the Internal Reorganization, the Windstream revolving credit facility became pari passu with the other first lien debt of both entities. As a consequence of implementing the Internal Reorganization, the restrictive covenants within the Old Uniti and Windstream indebtedness preventing Old Uniti and Windstream to efficiently operate together have effectively been eliminated.

At September 30, 2025, notes and other debt, net included the following: (i) the Uniti Revolver (as defined below) pursuant to the Uniti Credit Agreement (as defined below), of which $281.0 million in borrowings were outstanding; (ii) the Windstream Revolver (as defined below) pursuant to the Windstream Credit Agreement (as defined below), of which $130.0 million in borrowings were outstanding; (iii) the Windstream Term Loan (as defined below) pursuant to the Windstream Credit Agreement, of which $500.0 million was outstanding; (iv) $589.0 million aggregate principal amount of secured fiber network revenue term notes (the “ABS Notes”) due 2030, consisting of $426.0 million 5.877% Series 2025-1, Class A-2 term notes, $65.0 million 6.369% Series 2025-1, Class B term notes, and $98.0 million 9.018% Series 2025-1, Class C term notes, entered into by Uniti Fiber ABS Issuer LLC and Uniti Fiber TRS Issuer LLC (collectively, the “ABS Notes Issuers”), each an indirect, bankruptcy-remote subsidiary of the Company; (v) $2.3 billion aggregate principal amount of 10.50% senior secured notes due 2028 (the “10.50% secured notes”); (vi) $570.0 million aggregate principal amount of 4.75% senior secured notes due 2028 (the “4.75% secured notes”); (vii) $1.1 billion aggregate principal amount of 6.50% senior unsecured notes due 2029 (the “6.50% unsecured notes”); (viii) $700.0 million aggregate principal amount of 6.00% senior unsecured notes due 2030 (the “6.00% unsecured notes”); (ix) $2.2 billion aggregate principal amount of 8.25% senior secured notes due 2031 (the “8.25% secured notes”); (x) $600.0 million aggregate principal amount of 8.625% senior unsecured notes due 2032 (the “8.625% unsecured notes”); and (xi) $306.5 million aggregate principal amount of 7.50% convertible senior notes due 2027 (the “2027 convertible notes”).

Senior Secured Credit Facilities

Uniti Credit Agreement

Windstream Services (as successor to Uniti Group LP), CSL Capital, LLC (“CSL Capital”) and Uniti Group Finance 2019 Inc. (“Uniti Group Finance”) (collectively, the “borrowers”) entered into a senior secured credit facility on April 24, 2015 currently consisting of a $500.0 million revolving credit facility that matures on September 24, 2027 (the “Uniti Revolver”), which provides us with the ability to obtain revolving loans as well as swingline loans and letters of credit from time to time.

The credit agreement governing the senior secured credit facility (the “Uniti Credit Agreement”) permits the borrowers, subject to customary conditions, to incur (i) new term loan facility borrowings and/or increased commitments under the Uniti Credit Agreement in an unlimited amount, so long as, on a pro forma basis after giving effect to any such borrowings or increases, our consolidated secured leverage ratio, as defined in the Uniti Credit Agreement, does not exceed 4.00 to 1.00 and (ii) other indebtedness, so long as, on a pro forma basis after giving effect to any such indebtedness, our consolidated total leverage ratio, as defined in the Uniti Credit Agreement, does not exceed 6.50 to 1.00, and if such debt is secured, our consolidated secured leverage ratio, as defined in the Uniti Credit Agreement, does not exceed 4.00 to 1.00. New term loan facility borrowings and incremental revolving commitments under the Uniti Credit Agreement are uncommitted and the availability thereof will depend on market conditions at the time the borrowers seek to incur such borrowings and/or commitments.

Borrowings under the Uniti Revolver bear interest at a rate equal to either a base rate plus an applicable margin ranging from 2.75% to 3.50% or a SOFR term rate plus an applicable margin ranging from 3.75% to 4.50%, in each case, calculated in a customary manner and determined based on our consolidated secured leverage ratio. We are required to pay a quarterly commitment fee under the Uniti Revolver equal to 0.50% of the average amount of unused commitments during the applicable quarter (subject to a step-down to 0.40% per annum of the average amount of unused commitments during the applicable quarter upon achievement of a consolidated secured leverage ratio not to exceed a certain level), as well as quarterly letter of credit fees equal to the product of (A) the applicable margin with respect to SOFR borrowings and (B) the average amount available to be drawn under outstanding letters of credit during such quarter.

During the nine months ended September 30, 2025, the Company borrowed $429.0 million under the Uniti Revolver and repaid $148.0 million of these borrowings by the end of the period, respectively. Comparatively, during the nine months ended September 30, 2024, the Company borrowed $130.0 million under the Uniti Revolver and repaid all of these borrowings by the end of the period. There were $0.3 million letters of credit as of September 30, 2025, and accordingly, the amount available for borrowing under the Uniti Revolver was $218.7 million as of September 30, 2025.

The variable interest rate on borrowings outstanding under the Uniti Revolver ranged from 8.02% to 8.71%, and the weighted average rate on amounts outstanding was 8.45% and 8.47% for the three and nine months ended September 30, 2025, respectively.

The senior secured credit facility under the Uniti Credit Agreement contains certain customary affirmative covenants, as well as certain customary negative covenants that, among other things, restrict, subject to certain exceptions, the ability of the borrowers and their subsidiaries to incur indebtedness, grant liens on their assets, sell assets, make investments, engage in acquisitions, mergers or consolidations, pay certain dividends and other restricted payments. These negative covenants are similar to the negative covenants contained in the indentures that govern our outstanding notes, subject to certain exceptions. The borrowers and their subsidiaries are also required to maintain a consolidated secured leverage ratio not to exceed 5.00 to 1.00. In addition, the Uniti Credit Agreement contains customary events of default, including a cross-default provision whereby the failure of the borrowers or certain of their subsidiaries to make payments under other debt obligations, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Uniti Credit Agreement. In particular, a repayment obligation could be triggered if (i) the borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity. As of September 30, 2025, the borrowers were in compliance with all of the covenants under the Uniti Credit Agreement.

Windstream Credit Agreement

Pursuant to the credit agreement by and among Windstream Services and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders from time to time party thereto, entered into on September 21, 2020 (as amended, the “Windstream Credit Agreement”), Windstream Services obtained (a) a senior secured revolving credit facility that matures on January 23, 2027 (the “Windstream Revolver”) and (b) a senior secured first lien term loan facility that, as of September 30, 2025, consists of $500.0 million of term loan borrowings (the “Windstream Term Loan”) that mature on October 1, 2031. Borrowings under the Windstream Revolver bear interest at a rate equal to either a base rate plus an applicable margin ranging from 2.75% to 3.50% or a SOFR term rate plus an applicable margin ranging from 3.75% to 4.50%, in each case, calculated in a customary manner and determined based on our consolidated secured leverage ratio. The Windstream Term Loan bears interest based on a floating rate plus a margin (which, at Windstream Services’ election, may be the Base Rate plus 3.75% or the Adjusted Term SOFR Rate plus 4.75% (each as defined in the Windstream’s Credit Agreement, provided that the Adjusted Term SOFR Rate “floor” shall be 0%)).

The Windstream Term Loan is subject to mandatory prepayment and reduction in an amount equal to (a) 100% of the net cash proceeds of non-ordinary course asset dispositions or casualty events (with step-downs to (1) 50% if the consolidated first lien secured leverage ratio would be less than or equal to 1.50 to 1.00 but greater than 1.00 to 1.00, or (2) 0% if the consolidated first lien senior secured leverage ratio would be less than or equal to 1.00 to 1.00, subject to the right to reinvest such proceeds within a specified period of time and certain other exceptions and (b) 100% of the net cash proceeds received from the incurrence of any certain indebtedness not expressly permitted under the Windstream Credit Agreement.

Voluntary prepayments of borrowings outstanding as of September 30, 2025 under the Windstream Credit Agreement are currently permitted at any time without premium or penalty.

The variable interest rate on the Windstream Term Loan ranged from 9.01% to 9.21%, and the weighted average rate on amounts outstanding on the Windstream Term Loan was 9.18% for both the three and nine months ended September 30, 2025.

During the three and nine months ended September 30, 2025, the Company borrowed $110.0 million under the Windstream Revolver and repaid $15.0 million of these borrowings by the end of the period. Considering letters of credit of $117.7 million, the amount available for borrowing under the Windstream Revolver was $227.3 million as of September 30, 2025.

The variable interest rate on borrowings outstanding under the Windstream Revolver ranged from 8.52% to 10.75%, and the weighted average rate on amounts outstanding was 9.50% for both the three and nine months ended September 30, 2025.

The Windstream Credit Agreement includes customary negative covenants, including covenants limiting the ability of Windstream Services and its restricted subsidiaries to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and acquisitions, pay dividends and distributions and make payments in respect of certain material payment subordinated indebtedness, in each case subject to customary exceptions. The Windstream Credit Agreement also includes customary representations and warranties and affirmative covenants. The Windstream Credit Agreement includes a financial covenant requiring maintenance of a consolidated total senior secured leverage ratio of no less than 5.00 to 1.00.

Events of default under the Windstream Credit Agreement include nonpayment of principal, interest or other amounts when due, violation of certain covenants, inaccuracy of representations or warranties, certain defaults under other material debt, certain bankruptcy or insolvency events, certain material judgments, invalidity of collateral documents, change of control, certain regulatory events having a material adverse effect, and certain Employee Retirement Income Security Act (“ERISA”) events, in each case subject to customary threshold, notice and grace period provisions.

Guarantees and Security under Uniti Credit Agreement and Windstream Credit Agreement

All obligations under the senior secured credit facilities under the Uniti Credit Agreement and the Windstream Credit Agreement are unconditionally guaranteed by each of Uniti Group Inc. and Uniti Group LLC on a senior unsecured basis and by certain wholly owned subsidiaries of Windstream Services (the “subsidiary guarantors”) on a senior secured basis, all of whom are guarantors of the notes offered hereby. All obligations under the Uniti Credit Agreement and the Windstream Credit Agreement, and the guarantees of those obligations, are secured, subject to certain exceptions, on a first priority basis, by substantially all of the assets of the borrowers and the subsidiary guarantors, including a pledge of all of the capital stock of our subsidiaries directly held by the borrowers and the subsidiary guarantors under the senior secured credit facilities (which pledge, in the case of the capital stock of any foreign subsidiary, is limited to 65% of the voting capital stock and 100% of the non-voting stock of such first tier foreign subsidiary). The liens on the collateral securing the obligations under the senior secured credit facilities are subject to an intercreditor agreement between the collateral agent for the senior secured credit facility under the Uniti Credit Agreement, the collateral agent for the senior secured credit facility under the Windstream Credit Agreement, and the collateral agents for the secured notes, and acknowledged by the borrowers and the subsidiary guarantors.

Senior Notes

Secured Notes

On April 20, 2021, Windstream Services (as successor to Uniti Group LP), Uniti Group Finance and CSL Capital issued $570.0 million aggregate principal amount of 4.75% Senior Secured Notes due 2028 (the “4.75% secured notes”) pursuant to an indenture with Deutsche Bank Trust Company Americas, as trustee and collateral agent (the “4.75% secured notes indenture”).

On February 14, 2023, Windstream Services, Uniti Fiber Holdings Inc. (“Uniti Fiber Holdings”), Uniti Group Finance and CSL Capital issued $2.6 billion aggregate principal amount of 10.50% senior secured notes due February 2028 (the “initial 10.50% secured notes”) under an indenture among such issuers, the guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee and collateral agent (the “10.50% secured notes indenture”). On May 17, 2024, such issuers issued a $300.0 million aggregate principal amount of 10.50% senior secured notes due February 2028 which, pursuant to the terms of the indenture governing such notes, were mandatorily exchanged for 10.50% secured notes issued as “additional notes” under the 10.50% secured notes indenture (the “additional 10.50% secured notes” and, together with the initial 10.50% secured notes, the “10.50% secured notes”). The additional 10.50% secured notes formed part of the same series as the initial 10.50% secured notes issued under the 10.50% secured notes indenture and have the same CUSIP numbers as, and are fungible with, the initial 10.50% secured notes. In February 2025, we used a portion of the net proceeds from the offering of ABS Notes to redeem $125.0 million of the then outstanding 10.50% secured notes. Windstream Services used the proceeds from the offering of new 7.50% senior secured notes due 2033, which it issued on October 6, 2025, together with the proceeds from a new term loan incurred under the Windstream Credit Agreement, to fund the redemption in full of the 10.50% secured notes. See Note 16.

On October 4, 2024, Windstream Services and Windstream Escrow Finance Corp., as co-issuers, issued $800.0 million of 8.25% Senior Secured Notes due 2031 (the “8.25% secured notes”) pursuant to an indenture with Wilmington Trust, National Association, as trustee and notes collateral agent (the “8.25% secured notes indenture” and, together with the 4.75% secured notes indenture and the 10.50% secured notes indenture, the “secured notes indentures”). On December 23, 2024, Windstream Services and Windstream Escrow Finance Corp., as co-issuers, issued $1.4 billion aggregate principal amount of 8.25% secured notes as “additional notes” under the 8.25% secured notes indenture. The 10.50% secured notes, the 4.750% secured notes and the 8.25% secured notes are collectively referred to as the “existing secured notes.”

We may redeem some or all of the existing secured notes at certain fixed redemption prices expressed as percentages of the principal amount, plus accrued and unpaid interest, as set forth in the secured notes indentures.

The issuers and guarantors of the existing secured notes also either issue or guarantee our other senior notes.

The secured notes indentures contain customary high yield covenants limiting our ability to incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of our assets; and create restrictions on our ability to pay dividends. The covenants are subject to a number of important and significant limitations, qualifications and exceptions. The secured notes indentures also contain customary events of default.

Senior Unsecured Notes

On February 2, 2021, Windstream Services, Uniti Group Finance and CSL Capital issued $1.1 billion aggregate principal amount of unsecured 6.50% Senior Notes due 2029 (the “6.50% unsecured notes”) pursuant to an indenture with Deutsche Bank Trust Company Americas, as trustee (the “6.50% senior notes indenture”).

On October 13, 2021, Windstream Services, Uniti Group Finance, Uniti Fiber Holdings and CSL Capital issued $700.0 million aggregate principal amount of unsecured 6.00% Senior Notes due 2030 (the “6.00% unsecured notes”) pursuant to an indenture with Deutsche Bank Trust Company Americas, as trustee (the “6.00% senior notes indenture”).

On June 24, 2025, Windstream Services, Uniti Group Finance, Uniti Fiber Holdings and CSL Capital issued $600.0 million aggregate principal amount of unsecured 8.625% Senior Notes due 2032 (the “8.625% unsecured notes” and, together with the 6.00% unsecured notes and the 6.50% unsecured notes, the “existing unsecured notes”) pursuant to an indenture with Deutsche Bank Trust Company Americas, as trustee (the “8.625% senior notes indenture” and, together with the 6.00% senior notes indenture and the 6.50% senior notes indenture, the “unsecured notes indentures”).

On June 24, 2025, the net proceeds from the offering of the 8.625% unsecured notes to fund the partial redemption of $500.0 million aggregate principal amount of the 10.50% secured notes, including related premiums, fees and expenses in connection with the foregoing, and used the remaining net proceeds for general corporate purposes.

During the nine months ended September 30, 2025, we recognized a $31.9 million loss on the partial extinguishment of the 10.50% secured notes within interest expense, which included $4.7 million of non-cash interest expense for the write off of the unamortized premium and deferred financing costs and $27.2 million of cash interest expense for the redemption premium.

The issuers and guarantors of the existing unsecured notes also either issue or guarantee our existing secured notes.

We may redeem some or all of the existing unsecured notes at certain fixed redemption prices expressed as percentages of the principal amount, plus accrued and unpaid interest, as set forth in the unsecured notes indentures. The unsecured notes indentures contain customary high yield covenants limiting our ability to incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of our assets; and create restrictions on our ability to pay dividends. The covenants are subject to a number of important and significant limitations, qualifications and exceptions. The unsecured notes indentures also contain customary events of default.

7.50% Convertible Senior Notes due 2027

On December 12, 2022, Uniti Group LLC (formerly Uniti Group Inc.) issued $300.0 million aggregate principal amount of its 7.50% Convertible Senior Notes due 2027 (the “original 2027 convertible notes”). On December 23, 2022, Uniti Group LLC issued an additional $6.5 million aggregate principal amount of its 7.50% Convertible Senior Notes due 2027 pursuant to the initial purchasers’ partial exercise of their option to purchase additional 7.50% Convertible Senior Notes due 2027 (the “additional 2027 convertible notes” and, together with the original 2027 convertible notes, the “2027 convertible notes”). Uniti Group LLC issued the 2027 convertible notes pursuant to an indenture, dated as of December 12, 2022, among Uniti Group LLC, the guarantors party thereto, and Deutsche Bank Trust Company Americas, as trustee (the “2027 convertible notes trustee”), as amended by the first supplemental indenture, dated as of August 14, 2023, by and among Uniti Group LLC, the guarantors party thereto and the 2027 convertible notes trustee, and the second supplemental indenture, dated as of August 4, 2025, by and among Uniti Group LLC, Uniti, the guarantors party thereto and the 2027 convertible notes trustee (the “2027 convertible notes indenture”). The 2027 convertible notes are senior unsecured notes and are guaranteed by Uniti and each of Windstream Services’ subsidiaries that is an issuer, obligor or guarantor under the existing notes and the notes offered hereby. The 2027 convertible notes will mature on December 1, 2027, unless earlier converted, redeemed or repurchased.

Prior to the close of business on the business day immediately preceding September 1, 2027, the 2027 convertible notes are convertible only upon satisfaction of certain conditions and during certain periods described in the 2027 convertible notes indenture, and thereafter, the 2027 convertible notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2027 convertible notes are convertible on the terms set forth in the 2027 convertible notes indenture into cash, shares of Uniti’s common stock, or a combination thereof, at Uniti Group LLC’s election, subject to limitations under the Uniti Credit Agreement. The conversion rate is initially 82.7023 shares of Uniti’s common stock per $1,000 principal amount of 2027 convertible notes (equivalent to an initial conversion price of approximately $12.09 per share of Uniti’s common stock). The conversion rate is subject to adjustment in some circumstances as described in the 2027 convertible notes indenture. In addition, following certain corporate events relating to Uniti that occur prior to the maturity date or Uniti Group LLC’s delivery of a notice of redemption, Uniti Group LLC will increase, in certain circumstances, the conversion rate for a holder who elects to convert its 2027 convertible notes in connection with such corporate event or notice of redemption, as the case may be.

If Uniti undergoes a fundamental change (as defined in the 2027 convertible notes indenture), subject to certain conditions, holders may require Uniti Group LLC to repurchase for cash all or part of their 2027 convertible notes at a repurchase price equal to 100% of the principal amount of the 2027 convertible notes to be repurchased, plus accrued and unpaid interest, if any, to, but not including, the fundamental change repurchase date.

On or after December 8, 2025 and prior to the 42nd scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Uniti’s common stock has been at least 130% of the conversion price for the 2027 convertible notes for certain specified periods, Uniti Group LLC may, subject to a partial redemption limitation, redeem all or a portion of the 2027 convertible notes at a cash redemption price equal to 100% of the principal amount of the 2027 convertible notes to be redeemed plus accrued and unpaid interest to, but not including, the redemption date.

Asset-Backed Notes and Bridge Loan Facility

On February 23, 2024, Uniti Fiber Bridge Borrower LLC (the “ABS Bridge Borrower”), Uniti Fiber Bridge HoldCo LLC and Uniti Fiber GulfCo LLC (together, the “ABS Bridge Loan Parties”), each an indirect, bankruptcy-remote subsidiary of the Company, entered into a bridge loan and security agreement, dated as of February 23, 2024 (the “ABS Loan Agreement”).

The ABS Loan Agreement provided for a secured, multi-draw term loan facility of up to $350.0 million (the “ABS Loan Facility”). As of December 31, 2024, an aggregate of $275.0 million principal amount of loans under the ABS Loan Facility had been drawn.

On February 3, 2025, the ABS Notes Issuers issued $589.0 million aggregate principal amount of the ABS Notes, consisting of $426.0 million 5.877% Series 2025-1, Class A-2 term notes, $65.0 million 6.369% Series 2025-1, Class B term notes and $98.0 million 9.018% Series 2025-1, Class C term notes, each with an anticipated repayment date in April 2030. The ABS Notes were issued as part of a securitization transaction, pursuant to which certain of the Company’s fiber network assets and related customer contracts in the State of Florida and the Gulf Coast region of Louisiana, Mississippi and Alabama, including the assets of the ABS Bridge Loan Parties that secured the ABS Loan Facility, were contributed to the ABS Notes Issuers, Uniti Fiber GulfCo LLC and Uniti Fiber TRS AssetCo LLC (collectively, the “ABS Notes Obligors”). The cash flow from these contributed assets will be used to service the obligations under the ABS Notes.

The ABS Notes were issued pursuant to an indenture, dated as of February 3, 2025, as supplemented by a Series 2025-1 Supplement thereto, dated as of February 3, 2025, in each case by and among the ABS Notes Obligors and Wilmington Trust, National Association, as indenture trustee.

The ABS Notes are secured by a security interest in substantially all of the assets (subject to customary limited exceptions) of the ABS Notes Obligors and are guaranteed by each ABS Notes Issuer’s respective parent entity (each an “ABS Guarantor” and, together with the ABS Notes Obligors, the “ABS Notes Parties”). The guarantee of each ABS Guarantor is secured by a security interest in the equity interests of the applicable ABS Notes Issuer. Neither the Company nor any subsidiary of the Company, other than the ABS Notes Parties, will guarantee or in any way be liable for the obligations under the ABS Notes. Each ABS Notes Party is a special purpose, bankruptcy remote subsidiary of the Company and is an unrestricted subsidiary under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes.

On February 3, 2025, Uniti used a portion of the net proceeds from the offering of the ABS Notes to repay and terminate the ABS Loan Facility and issued a notice of redemption to redeem $125.0 million aggregate principal amount of our 10.50% secured notes. Uniti redeemed the 10.50% secured notes called for redemption on February 14, 2025, at a redemption price of 103% of the redeemed principal amount plus accrued interest to, but excluding, the redemption date.

During the nine months ended September 30, 2025, we recognized a $3.2 million loss on the extinguishment of the ABS Loan Facility and a $5.3 million loss on the partial extinguishment of the 10.50% secured notes within interest expense, net on the condensed consolidated statements of income, which includes $4.8 million of non-cash interest expense for the write off of the unamortized premium and deferred financing costs and $3.7 million of cash interest expense for the redemption premium.

Deferred Financing Costs

Deferred financing costs were incurred in connection with the issuance of the notes and our entry into the Uniti Revolver and the ABS Loan Facility. These costs are amortized using the effective interest method over the term of the related indebtedness and are included in interest expense in our condensed consolidated statements of income. For the three and nine months ended September 30, 2025, we recognized $5.8 million and $17.5 million, respectively, of interest expense related to the amortization of deferred financing costs. For the three and nine months ended September 30, 2024, we recognized $6.3 million and $17.4 million, respectively, of interest expense related to the amortization of deferred financing costs.

Interest Expense, Net

Interest expense, net was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Senior secured notes	$	105.2	$	84.4	$	265.1	$	238.2
Senior unsecured notes	47.2		34.3		116.8		105.1
Senior secured revolving credit facility - variable rate	5.5		0.7		7.0		6.6
ABS Notes and Bridge Loan Facility	9.5		5.7		27.2		13.2
Interest rate cap	0.2		0.4		0.7		1.1
Interest rate swaps	(0.3)		—		(0.3)		—
Amortization of deferred financing costs and debt premium/discount	3.0		5.8		13.9		16.8
Loss on extinguishment of debt	—		—		40.5		—
Accretion of settlement payable	0.3		1.4		1.7		5.1
Capitalized interest	(3.5)		(0.7)		(4.8)		(2.2)
Other	1.1		(1.0)		(0.8)		(2.2)
Total interest expense, net	$	168.2	$	131.0	$	467.0	$	381.7

Revenues - Schedule of Revenues Disaggregated by Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation Of Revenue [Line Items]
Operating lease income	$ 124.5	$ 230.9	$ 597.0	$ 688.4
Other service and sales revenues	48.5	3.0	51.1	3.0
Total revenues and sales	722.6	292.2	1,317.3	873.6
Fiber subscriber
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	77.7	0.0	77.7	0.0
DSL subscriber and other
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	102.7	0.0	102.7	0.0
Managed services
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	121.7	0.0	121.7	0.0
TDM
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	8.7	0.0	8.7	0.0
Business services
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	66.4	0.0	66.4	0.0
Switched access
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	2.2	0.0	2.2	0.0
Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	55.7	54.7	167.0	167.6
Wholesale
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	100.8	1.9	103.7	5.1
Total service revenues accounted for under ASC 606
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	535.9	56.6	650.1	172.7
Total revenues and sales	695.3	287.5	1,282.0	861.1
Sales revenues
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	13.7	1.7	19.1	9.5
Total revenues and sales	27.3	4.7	35.3	12.5
Total revenues and sales accounted for under ASC 606
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	549.6	58.3	669.2	182.2
Kinetic
Disaggregation Of Revenue [Line Items]
Operating lease income	17.7	0.0	17.7	0.0
Other service and sales revenues	27.1	0.0	27.1	0.0
Total revenues and sales	360.3	0.0	360.3	0.0
Kinetic \| Fiber subscriber
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	77.7	0.0	77.7	0.0
Kinetic \| DSL subscriber and other
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	102.7	0.0	102.7	0.0
Kinetic \| Managed services
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Kinetic \| TDM
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Kinetic \| Business services
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	66.4	0.0	66.4	0.0
Kinetic \| Switched access
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	2.2	0.0	2.2	0.0
Kinetic \| Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Kinetic \| Wholesale
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	54.8	0.0	54.8	0.0
Kinetic \| Total service revenues accounted for under ASC 606
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	303.8	0.0	303.8	0.0
Total revenues and sales	348.6	0.0	348.6	0.0
Kinetic \| Sales revenues
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	11.7	0.0	11.7	0.0
Total revenues and sales	11.7	0.0	11.7	0.0
Kinetic \| Total revenues and sales accounted for under ASC 606
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	315.5	0.0	315.5	0.0
Uniti Solutions
Disaggregation Of Revenue [Line Items]
Operating lease income	0.1	0.0	0.1	0.0
Other service and sales revenues	4.8	0.0	4.8	0.0
Total revenues and sales	135.7	0.0	135.7	0.0
Uniti Solutions \| Fiber subscriber
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Uniti Solutions \| DSL subscriber and other
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Uniti Solutions \| Managed services
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	121.7	0.0	121.7	0.0
Uniti Solutions \| TDM
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	8.7	0.0	8.7	0.0
Uniti Solutions \| Business services
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Uniti Solutions \| Switched access
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Uniti Solutions \| Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Uniti Solutions \| Wholesale
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Uniti Solutions \| Total service revenues accounted for under ASC 606
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	130.4	0.0	130.4	0.0
Total revenues and sales	135.3	0.0	135.3	0.0
Uniti Solutions \| Sales revenues
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.4	0.0	0.4	0.0
Total revenues and sales	0.4	0.0	0.4	0.0
Uniti Solutions \| Total revenues and sales accounted for under ASC 606
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	130.8	0.0	130.8	0.0
Fiber Infrastructure
Disaggregation Of Revenue [Line Items]
Operating lease income	106.7	230.9	579.2	688.4
Other service and sales revenues	16.6	3.0	19.2	3.0
Total revenues and sales	226.6	292.2	821.3	873.6
Fiber Infrastructure \| Fiber subscriber
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Fiber Infrastructure \| DSL subscriber and other
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Fiber Infrastructure \| Managed services
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Fiber Infrastructure \| TDM
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Fiber Infrastructure \| Business services
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Fiber Infrastructure \| Switched access
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	0.0	0.0	0.0	0.0
Fiber Infrastructure \| Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	55.7	54.7	167.0	167.6
Fiber Infrastructure \| Wholesale
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	46.0	1.9	48.9	5.1
Fiber Infrastructure \| Total service revenues accounted for under ASC 606
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	101.7	56.6	215.9	172.7
Total revenues and sales	211.4	287.5	798.1	861.1
Fiber Infrastructure \| Sales revenues
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	1.6	1.7	7.0	9.5
Total revenues and sales	15.2	4.7	23.2	12.5
Fiber Infrastructure \| Total revenues and sales accounted for under ASC 606
Disaggregation Of Revenue [Line Items]
Total revenues and sales accounted for under ASC 606	$ 103.3	$ 58.3	$ 222.9	$ 182.2

Revenues

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Revenues:

Revenues from contracts with customers are accounted for under ASC Topic 606 - Revenues from Contracts with Customers (“ASC 606”) and are earned primarily through the provisioning of telecommunications and other services and through the sale of equipment to customers and contractors. Revenues are also earned from leasing arrangements, federal and state USF programs and other regulatory-related sources and activities.

Consumer service revenues are generated from the provisioning of broadband and voice services to consumers. Fiber subscriber consumer revenues consist of recurring products and services for fiber consumer broadband customers, which includes some cable customers with 1-Gigabyte per second (“Gbps”) service. All non-recurring revenues are included in digital subscriber line (“DSL”) subscriber and other revenues. Business service revenues are earned from providing managed communications services, integrated voice and data services, advanced data and traditional voice and long-distance services to large, mid-market and small business customers. Managed services revenues consist of recurring software solutions and network connectivity products. Software solutions include Secure Access Service Edge (“SASE”), Unified Communications as a Service (“UCaaS”), OfficeSuite UC®, and associated network access products and services. SASE includes Software Defined Wide Area Network (“SD-WAN”) and Security Service Edge (“SSE”). Network connectivity products consist of dynamic internet protocol, dedicated internet access, multi-protocol label switching services, integrated voice and data, long distance and other managed services. Managed services also include time-division multiplexing (“TDM”) voice and data services. Wholesale revenues include revenues from other communications services providers for special access circuits and fiber connections, voice and data transport services, and wireless backhaul services.

Service revenues also include switched access revenues, amounts received from the Rural Digital Opportunity Fund (“RDOF”), federal and state USF revenues, end user surcharges and revenues from providing other miscellaneous services.

Sales revenues include sales of various types of communications equipment and products to customers including selling network equipment to contractors on a wholesale basis. Uniti Solutions product sales include high-end data and communications equipment which facilitate the delivery of advanced data and voice services to business customers. Sales revenues also include amounts recognized from sales-type leases for fiber where control of the fiber has transferred to the customer.

Accounts Receivable – Accounts receivable consist principally of amounts billed and currently due from customers and are generally unsecured and due within 30 days. The amounts due are stated at their net estimated realizable value. An allowance for credit losses is maintained to provide for the estimated amount of receivables that will not be collected. Concentration of credit risk with respect to accounts receivable is limited because a large number of geographically diverse customers make up our customer base. Due to varying customer billing cycle cut-offs, management must estimate service revenues earned but not yet billed at the end of each reporting period. Included in accounts receivable are unbilled revenues related to services and product sales of $16.9 million and $3.5 million at September 30, 2025 and December 31, 2024, respectively.

Accounts receivable consists of the following as of:


(Millions)	September 30, 2025		December 31, 2024
Accounts receivable	$	352.9	$	54.0
Less: Allowance for credit losses	7.6		2.5
Accounts receivable, net	$	345.3	$	51.5

Activity in the allowance for credit losses consisted of the following:


(Millions)
Balance as of December 31, 2024	$	2.5
Provision for estimated credit losses	6.3
Write-offs, net of recovered accounts	(1.2)
Balance as of September 30, 2025	$	7.6

Contract Balances

Contract assets include unbilled amounts, which result when revenue recognized exceeds the amount billed to the customer and the right to payment is not just subject to the passage of time. Contract assets principally consist of discounts and promotional credits given to customers. The current and noncurrent portions of contract assets are included in other current assets and other assets, respectively, in the accompanying condensed consolidated balance sheets.

Contract liabilities consist of services billed in excess of revenue recognized. The changes in contract liabilities are primarily related to customer activity associated with services billed in advance, the receipt of cash payments and the satisfaction of performance obligations. Deferred revenue amounts are classified as current or noncurrent based on the timing of when the Company expects to recognize revenue.

Contract liabilities also include upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement.

Contract assets and liabilities from contracts with customers were as follows at:


(Millions)	September 30, 2025		December 31, 2024
Contract assets (a)	$	63.6	$	—
Contract liabilities (b)	$	173.1	$	10.0

(a)Included $33.3 million in other current assets and $30.3 million in other assets as of September 30, 2025.

(b)Included $110.8 million and $2.7 million in current deferred revenue and $62.3 million and $7.3 million in noncurrent deferred revenue as of September 30, 2025 and December 31, 2024, respectively.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Revenues recognized included in the opening contract liability balance	$	0.8	$	0.8	$	3.6	$	3.4

Remaining Performance Obligations – Remaining performance obligations represent services the Company is required to provide to customers under bundled or discounted arrangements, which are satisfied as services are provided over the contract term. Certain contracts provide customers the option to purchase additional services or usage-based services. The fees relate to the additional services or usage-based services are recognized when the customer exercises the option, typically on a month-to-month basis. In determining the transaction price allocated, the Company does not include these non-recurring fees and estimates for usage, nor does it consider arrangements with an original expected duration of less than one year.

Remaining performance obligations reflect recurring charges billed, adjusted for discounts and promotional credits and revenue adjustments. At September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $2.3 billion for contracts with original expected durations of more than one year remaining. The Company expects to recognize approximately 10%, 36%, and 26% of our remaining performance obligations as revenue during the remainder of 2025, 2026 and 2027, respectively, with the remaining balance thereafter.

Revenue by Category – Uniti disaggregates its revenues from contracts with customers based on the business segment and class of customer to which products and services are provided because management believes that doing so best depicts the nature, amount and timing of the Company’s revenue recognition. As further discussed in Note 12, effective August 1, 2025, we aligned the reporting structure to include the acquired Windstream businesses which resulted in combining the legacy fiber and leasing businesses into a new segment and adding additional segments for the acquired businesses. All prior periods amounts have been recast to conform to the current year presentation.

Revenues disaggregated by category were as follows:


	Three Months Ended September 30, 2025
(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure		Total
Category:
Consumer:
Fiber subscriber	$	77.7	$	—	$	—	$	77.7
DSL subscriber and other	102.7		—		—		102.7
Uniti Solutions:
Managed services	—		121.7		—		121.7
TDM	—		8.7		—		8.7
Business services	66.4		—		—		66.4
Switched access	2.2		—		—		2.2
Uniti Fiber	—		—		55.7		55.7
Wholesale	54.8		—		46.0		100.8
Total service revenues accounted for under ASC 606	303.8		130.4		101.7		535.9
Sales revenues	11.7		0.4		1.6		13.7
Total revenues and sales accounted for under ASC 606	315.5		130.8		103.3		549.6
Operating lease income	17.7		0.1		106.7		124.5
Other service and sales revenues (a)	27.1		4.8		16.6		48.5
Total revenues and sales	$	360.3	$	135.7	$	226.6	$	722.6


	Nine Months Ended September 30, 2025
(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure		Total
Category:
Consumer:
Fiber subscriber	$	77.7	$	—	$	—	$	77.7
DSL subscriber and other	102.7		—		—		102.7
Uniti Solutions:
Managed services	—		121.7		—		121.7
TDM	—		8.7		—		8.7
Business services	66.4		—		—		66.4
Switched access	2.2		—		—		2.2
Uniti Fiber	—		—		167.0		167.0
Wholesale	54.8		—		48.9		103.7
Total service revenues accounted for under ASC 606	303.8		130.4		215.9		650.1
Sales revenues	11.7		0.4		7.0		19.1
Total revenues and sales accounted for under ASC 606	315.5		130.8		222.9		669.2
Operating lease income	17.7		0.1		579.2		597.0
Other service and sales revenues (a)	27.1		4.8		19.2		51.1
Total revenues and sales	$	360.3	$	135.7	$	821.3	$	1,317.3


	Three Months Ended September 30, 2024
(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure		Total
Category:
Consumer:
Fiber subscriber	$	—	$	—	$	—	$	—
DSL subscriber and other	—		—		—		—
Uniti Solutions:
Managed services	—		—		—		—
TDM	—		—		—		—
Business services	—		—		—		—
Switched access	—		—		—		—
Uniti Fiber	—		—		54.7		54.7
Wholesale	—		—		1.9		1.9
Total service revenues accounted for under ASC 606	—		—		56.6		56.6
Sales revenues	—		—		1.7		1.7
Total revenues and sales accounted for under ASC 606	—		—		58.3		58.3
Operating lease income	—		—		230.9		230.9
Other service and sales revenues (a)	—		—		3.0		3.0
Total revenues and sales	$	—	$	—	$	292.2	$	292.2


	Nine Months Ended September 30, 2024
(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure		Total
Category:
Consumer:
Fiber subscriber	$	—	$	—	$	—	$	—
DSL subscriber and other	—		—		—		—
Uniti Solutions:
Managed services	—		—		—		—
TDM	—		—		—		—
Business services	—		—		—		—
Switched access	—		—		—		—
Uniti Fiber	—		—		167.6		167.6
Wholesale	—		—		5.1		5.1
Total service revenues accounted for under ASC 606	—		—		172.7		172.7
Sales revenues	—		—		9.5		9.5
Total revenues and sales accounted for under ASC 606	—		—		182.2		182.2
Operating lease income	—		—		688.4		688.4
Other service and sales revenues (a)	—		—		3.0		3.0
Total revenues and sales	$	—	$	—	$	873.6	$	873.6

(a)Other service and sales revenues primarily consist of end user surcharges, funding from the RDOF and state USF, and revenues from sales-type leases.

Deferred Contract Acquisition and Fulfillment Costs – Direct incremental costs to acquire a contract, consisting of sales commissions and direct incremental costs to fulfill a contract consisting of labor and materials consumed for activities associated with the provision, installation and activation of services, including costs to implement customized solutions, are deferred and recognized in operating expenses using a portfolio approach over the estimated life of the customer, which ranges from 36 to 48 months. Determining the amount of costs to fulfill a contract requires management judgment. In determining costs to fulfill, consideration is given to periodic time studies, management estimates and statistics from internal information systems.

Deferred contract acquisition and fulfillment costs are classified as current or noncurrent based on the timing of when the Company expects to recognize the expense. The current and noncurrent portions of deferred contract acquisition and fulfillment costs are included in prepaid expenses and other assets, respectively, in the accompanying condensed consolidated balance sheets. Amortization of deferred contract acquisition costs and amortization of deferred fulfillment costs are included in selling, general and administrative expenses and costs of services, respectively, in the accompanying condensed consolidated statements of income.

The following table presents the deferred contract acquisition and fulfillment costs as of:


(Millions)	September 30, 2025		December 31, 2024
Deferred Contract Acquisition Costs:
Prepaid expenses	$	5.8	$	4.1
Other assets	10.6		6.8
Total deferred contract acquisition costs	$	16.4	$	10.9
Deferred Contract Fulfillment Costs:
Prepaid expenses	$	1.1	$	—
Other assets	2.6		—
Total deferred contract fulfillment costs	$	3.7	$	—

There were no deferred contract fulfillment costs as of December 31, 2024. Amortization of deferred contract acquisition costs was $1.6 million and $3.8 million for the three and nine months ended September 30, 2025, respectively. Amortization of deferred contract acquisition costs was $1.1 million and $3.5 million for the three and nine months ended September 30, 2024, respectively. Amortization of deferred contract fulfillment costs was $0.2 million for both the three and nine months ended September 30, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies:

Basis of Presentation – The accompanying condensed consolidated financial statements include all accounts of the Company and its wholly owned and/or controlled subsidiaries. All material intercompany balances and transactions have been eliminated. The Company also consolidates (“variable interest entities” or “VIEs”) in instances in which it is deemed to be the primary beneficiary. For periods prior to the Merger, the Operating Partnership was considered a VIE, because Old Uniti was deemed to be the primary beneficiary as it had both the power to direct the activities that, when taken together, most significantly impacted the Operating Partnership’s performance; and had the obligation to absorb losses and right to receive the returns from the Operating Partnership that would be significant to the Operating Partnership. After the Merger, the Company does not hold interests in any VIEs.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The accompanying unaudited condensed consolidated balance sheet as of December 31, 2024 was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in Old Uniti’s Annual Report on Form 10-K filed with the SEC on February 21, 2025, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 7, 2025 (the “Annual Report”).

Accounting for the Merger – The Merger was accounted for as a reverse merger using the acquisition method of accounting, with Windstream treated as the legal acquirer and Old Uniti treated as the accounting acquirer. Old Uniti was determined to be the accounting acquirer based on the following factors: (1) Old Uniti’s existing stockholders held the majority voting interest (approximately 62%) in Uniti immediately following the consummation of the Merger; (2) Old Uniti’s existing five-member board of directors was appointed to and comprises the majority of the nine-member board of Uniti; (3) Uniti’s senior management is comprised of Old Uniti’s senior management, including President and Chief Executive Officer, Senior Vice President and Chief Financial Officer and Executive Vice President – General Counsel and Secretary; and (4) Old Uniti was the entity that transferred cash to effect the Merger. Because Old Uniti is treated as the accounting acquirer, financial information for periods prior to the Merger reflect the historical activity of Old Uniti. For periods after the Merger, the condensed consolidated financial statements reflect the combined results of Old Uniti and Windstream. See Note 3 for additional information related to the Merger.

As previously discussed in Note 1, each outstanding share of Old Uniti common stock was converted into the right to receive 0.6029 shares of New Uniti Common Stock pursuant to the exchange ratio set forth in the Merger Agreement. Historical share and per share data of Old Uniti has been retrospectively adjusted to reflect the exchange ratio for all periods presented.

Accounting Policy Changes – In connection with the Merger, effective August 1, 2025, the Company changed its historical method for depreciating certain property, plant and equipment Old Uniti had acquired from Windstream in the 2015 spin-off transaction from a group composite method to computing depreciation expense using the straight-line method over the estimated useful lives of the related assets. The change is considered preferable because the straight-line method more accurately reflects the pattern of usage and the expected benefits of such assets and provides greater consistency with the depreciation methods used by other companies in the telecommunications industry. This change in depreciation method represented a change in accounting estimate effected by a change in accounting principle and accordingly was accounted for prospectively in accordance with authoritative guidance. The effect of the change to the straight-line method for computing depreciation expense resulted in an increase of $7.1 million in depreciation expense, a $6.4 million decrease in net income, and decreases in basic and diluted earnings per share of $0.03 and $0.02 per share, respectively, for the three months ended September 30, 2025.

As a result of the Merger, Uniti adopted various accounting policies of Windstream related to certain acquired assets and assumed liabilities that were either not applicable or immaterial to the Company’s pre-merger consolidated financial position and results of operations. The significant accounting policies include allowance for credit losses, prepaid expenses, other current assets, indefinite-lived intangible assets, revenue recognition, government assistance, pension benefits, and intercarrier billing disputes. These significant accounting policies are further discussed below.

Reclassifications – For periods prior to the Merger, as a REIT, Old Uniti presented an unclassified balance sheet, and following the Merger, the Company has presented a classified balance sheet. Accordingly, the consolidated balance sheet as of December 31, 2024 has been reclassified to present current assets and current liabilities separate and apart from noncurrent assets and liabilities and to combine or further disaggregate certain balance sheet line items. The changes included (1) reclassifying to prepaid expenses $16.2 million and to other current assets $18.1 million, which were previously included in other assets; (2) reclassifying the previously reported straight-line revenue receivable of $108.9 million to other current assets for the current portion of $10.5 million and to other assets for the noncurrent portion of $98.4 million; (3) reclassifying to accounts payable $13.6 million and to accrued taxes $7.1 million, which were previously included within accounts payable, accrued expenses and other liabilities, net; (4) reclassifying to other current liabilities the previously reported settlement payable of $71.8 million, dividends payable of $0.6 million, current portion of finance lease obligations of $2.7 million, and $43.8 million previously included within accounts payable, accrued expenses and other liabilities, net; and (5) reclassifying to other noncurrent liabilities the previously reported intangibles liabilities, net of $145.7 million, noncurrent portion of finance lease obligations of $14.5 million and $25.2 million previously included within accounts payable, accrued expenses and other liabilities, net. These reclassifications had no effect on previously reported total assets, total liabilities and total shareholders’ deficit as of December 31, 2024.

In addition, the prior period condensed consolidated statements of income have been reclassified to present sales revenues separate and apart from service revenues, disaggregate operating expenses into cost of services and cost of sales and to present an operating income subtotal. These reclassifications did not impact previously reported net income or comprehensive income for the three and nine months ended September 30, 2024.

Finally, the prior period condensed consolidated statements of cash flows and condensed consolidated statements of shareholders’ deficit were reclassified to combine or further disaggregate certain financial statement line items. These reclassifications did not impact previously reported net cash provided from operating activities, net cash used in investing activities, net cash provided from financing activities or net decrease in cash, restricted cash and cash equivalents for the nine months ended September 30, 2024, nor change previously reported total shareholders’ deficit for the three and nine months ended September 30, 2024.

Restricted Cash and Cash Equivalents – Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Loan Facility (as defined in Note 5) to maintain six months of interest on the Class A and Class B notes and three months of interest on the Class C notes and for other expenses. In addition, deposits held as security for indebtedness under Windstream’s corporate purchase card program are not available for use and have been presented as restricted cash as of September 30, 2025.

Lessor Arrangements – Certain service offerings to customers include equipment leases. The Company also leases its network facilities, including communications towers, ground space, and colocation space to other service providers and enters into arrangements with third parties to lease unused or underutilized portions of its network. These leases meet the criteria for operating lease classification. Operating lease income was $124.5 million and $597.0 million for the three and nine months ended September 30, 2025, respectively, as compared to $230.9 million and $688.4 million for the three and nine months ended September 30, 2024, respectively. Operating lease income is included in service revenues in the condensed consolidated statements of income.

Periodically, the Company enters into indefeasible right of use (“IRU”) arrangements that grant exclusive access to and unrestricted use of specific dark fiber assets and for which the terms of the arrangements are for a major part of the assets’ remaining economic life. These IRU arrangements meet the criteria for sales-type lease classification. During the three and nine months ended September 30, 2025, the Company recognized sales revenue of $13.6 million and $16.3 million, cost of sales of $7.8 million and $8.4 million and gross profit of $5.8 million and $7.9 million, respectively, related to IRU arrangements. During both the three and nine months ended September 30, 2024, the Company recognized sales revenue of $3.0 million, cost of sales of $0.1 million and gross profit of $2.9 million related to IRU arrangements.

Allowance for Credit Losses – Management estimates credit losses for trade receivables by aggregating similar customer types together to calculate expected default rates based on historical losses as a percentage of total aged receivables. These rates are then applied, on a monthly basis, to the outstanding balances staged by customer. In addition to continued evaluation of historical losses, forward-looking information and forecasts should be considered in determining credit loss estimates. Our current forecast methodology assesses historical trends to project future losses and is not forward-looking for potential economic factors that would change the credit loss model. Therefore, historical trends continue to be the most accurate expectation of future losses as the Company has defined rules around customers who can establish service. Our revenue and associated accounts receivable are based upon a recurring revenue structure whereby customers are billed in advance of service being provided over the ensuing 30 days and there is little month-to-month volatility in the composition of the customer base across all segments. Management is actively monitoring current economic conditions, including the impacts of inflation on our customers and their associated accounts receivable balances in order to adjust the allowance for credit losses accordingly. To date, no material risk has been identified; however, management will continue to monitor and make adjustments, as necessary.

Prepaid Expenses – Prepaid expenses primarily consist of prepaid services, rent, insurance, taxes, maintenance contracts, refundable deposits, and the current portion of deferred contract costs recorded in accounting for revenue from contracts with customers. Prepayments are expensed on a straight-line basis over the corresponding life of the underlying agreements.

Other Current Assets – Other current assets primarily consist of receivables related to federal and state broadband grant programs (see “Government Assistance” below), contract assets recorded in accounting for revenue from contracts with customers (see Note 8), and inventories. Inventories include finished goods consisting of network and other equipment to be sold to customers and materials and supplies used for maintenance and repairs. Inventories are stated at the lower of cost or net realizable value. Cost is determined using either an average original cost or specific identification method of valuation.

Indefinite-Lived Intangible Assets – Indefinite-lived intangible assets consist of spectrum licenses that provide the exclusive right to utilize designated radio frequency spectrum to provide telecommunication services. The spectrum licenses were purchased in the 3.5, 24, 28, and 37 gigahertz (“GHz”) airwave auctions conducted by the Federal Communications Commission (“FCC”) in 2020 and 2019. The spectrum licenses have an initial term of 10 years and are subject to renewal by the FCC. Currently, there are no legal, regulatory, contractual, competitive, economic or other factors that would limit the useful life of the spectrum licenses. Management evaluates the useful life determination for the spectrum licenses each year to determine whether events and circumstances continue to support an indefinite useful life. Indefinite-lived intangible assets are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.

Government Assistance – The Company receives federal and state governmental assistance in the form of subsidies and grants for either the construction of long-lived assets used in providing broadband service or to help offset the high cost of providing service to rural markets. In absence of specific GAAP related to the accounting for government grants applicable to for-profit entities, the Company considered the application of other authoritative accounting guidance by analogy and concluded that International Accounting Standard 20 – Accounting for Government Grants and Disclosures of Government Assistance (“IAS 20”) was the most appropriate authoritative guidance for recording and classifying federal and state governmental assistance received by the Company.

Under IAS 20, the accounting for government grants should be based on the nature of the expenditures which the grant is intended to compensate for and should be recognized when there is reasonable assurance that the Company has met the requirements of the applicable program and there is reasonable assurance that the funding will be received. Grants that compensate the Company for the cost of acquiring or constructing long-lived assets are recognized as a reduction in the cost of the related assets. If the Company receives the grant funding upfront in advance of completing the related construction project, the Company establishes a liability for the portion of the grant funds received but not yet spent. The liability is then relieved on a pro rata basis as construction occurs, and capital expenditures are incurred. Conversely, if the Company incurs capital expenditures before receiving the grant funds, the Company records a receivable equal to the amount of capital expenditures incurred to be funded by the grant. Included in other current assets were $107.5 million as of September 30, 2025. There was no grant receivable outstanding as of December 31, 2024.

Revenue Recognition – As a result of the Merger and the newly acquired Windstream consumer, business and wholesale operations, the Company expanded its products and service offerings to include a variety of communication and connectivity services for consumer and business customers including other carriers that use our facilities to provide services to their customers, as well as professional and integrated managed services provided to large enterprises and government customers. These revenues are accounted for under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). In addition to revenues earned from leasing arrangements, revenues that are not accounted for under ASC 606 now also include amounts earned from federal and state Universal Service Fund (“USF”) programs and other regulatory-related sources and activities.

A contract’s transaction price, considering discounts given for bundled purchases and promotional credits, is allocated to each distinct performance obligation, a promise in a contract to transfer a distinct good or service to the customer, and recognized as revenue when, or as, the performance obligation is satisfied. While the majority of our contracts have multiple performance obligations, the revenue recognition pattern is generally not impacted by the allocation since the performance obligations are generally satisfied over the same period of time. When the method and timing of transfer and performance risk are the same, services are deemed to be highly interdependent. Highly interdependent, indistinct services are combined into a single performance obligation. Although each month of services promised is a separate performance obligation, the series of monthly service performance obligations promised over the course of the contract is deemed to be a single performance obligation for purposes of the allocation. Certain contracts include discounts and promotional credits given to customers. Discounts and promotional credits are included in the transaction price based on historical experience and anticipated performance.

For contracts with multiple performance obligations, the contract’s transaction price is allocated to each performance obligation based on the relative standalone selling price of each performance obligation in the contract. The standalone selling price is the estimated price the Company would charge for the good or service in a separate transaction with similar customers in similar circumstances. Identifying distinct performance obligations and determining the standalone selling price for each performance obligation within a contract with multiple performance obligations requires management judgment.

Performance obligations are satisfied over time as services are rendered or at a point in time depending on our evaluation of when the customer obtains control of the promised goods. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally, this occurs when services are rendered or control of the communication products is transferred. Service revenues are recognized over the period that the corresponding services are rendered to customers.

Revenues that are billed in advance include monthly recurring network access and data services, special access and monthly recurring voice, internet and other related charges. Revenues derived from other telecommunications services, including interconnection, long-distance and enhanced services are recognized monthly as services are provided. Telecommunications network maintenance revenue from indefeasible rights to use fiber optic network facility arrangements are generally recognized over the term of the related contract. Sales of communications products including customer premise equipment and modems are recognized when products are delivered to and accepted by customers.

In determining whether installation is a separate performance obligation, management evaluates, among other factors, whether other performance obligations are highly dependent upon installation requiring significant integration or customization or whether a customer can benefit from the installation with other readily available resources. In circumstances where customers can benefit from the installation with other readily available resources, installation is a separate performance obligation. Installation revenue is recognized when the installation is complete. In circumstances where other telecommunication service performance obligations are highly dependent upon installation, installation is not a separate purchase obligation, and accordingly, the installation fees are included in the transaction price allocated to and recognized with other telecommunication service performance obligations.

Fees assessed to customers for service activation are considered a material right in a month-to-month contract. These service activation fees are deferred and recognized as service revenue on a straight-line basis over the estimated life of the customer. Determining the estimated life of the customer requires management judgment. The estimated life of customer relationships varies by customer type. Wholesale customer lives are estimated based on the average number of months each individual circuit is active. Business customer lives are based on average contract terms. Residential customer lives are estimated based on average customer tenure.

In determining whether to include in revenues and expenses, the taxes and surcharges assessed and collected from customers and remitted to government authorities, including USF charges, sales, use, value added and excise taxes, management evaluates, among other factors, whether the Company is the primary obligor or principal tax payer for the fees and taxes assessed in each jurisdiction in which it operates. In those jurisdictions for which the Company is the primary obligor, taxes and surcharges are recorded on a gross basis and included in revenues and costs of services and products. In jurisdictions in which the Company functions as a collection agent for the government authority, taxes are recorded on a net basis and the amounts excluded from revenues and costs of services and products.

Pension Benefits – Changes in the fair value of plan assets and actuarial gains and losses due to actual experience differing from actuarial assumptions, are recognized as a component of net periodic pension expense in the fourth quarter in the year in which the gains and losses occur, and if applicable in any quarter in which an interim remeasurement is required. The remaining components of net periodic pension income, primarily benefits earned, interest cost and expected return on plan assets, are recognized ratably on a quarterly basis. See Notes 3 and 9 for additional information regarding actuarial assumptions, net periodic pension income, projected benefit obligation, plan assets, and future contributions.

Intercarrier Billing Disputes – The Company routinely disputes network access charges that are billed by other companies for access to their networks. The Company has accrued amounts that it believes are adequate related to ongoing billing disputes. The reserves are subject to changes in estimates and management judgment as new information becomes available. Due to the length of time historically required to resolve these disputes, these matters may be resolved or require adjustment in future periods and relate to costs invoiced, accrued or paid in prior periods. Amounts recorded for billing disputes were not material as of September 30, 2025. There were no reserves for billing disputes recorded as of December 31, 2024. While management believes the reserves recorded for billing disputes are adequate, it is possible that future adjustments to these reserves could be recorded and such adjustments could be significant.

Gain on Sale of Operating Assets – The Company had previously acquired certain fiber assets from CableSouth Media, LLC (“CableSouth”) and leased back certain of those acquired assets to CableSouth pursuant to a triple-net lease agreement. During the fourth quarter of 2023, the Company entered into an agreement with a fund managed by Macquarie Asset Management (“MAM”) pursuant to which MAM would make a structured equity investment into CableSouth in order to assist CableSouth in the acquisition of all of our previously acquired CableSouth fiber assets and the buyout of their triple-net lease for cash consideration of $40.0 million. The Company completed the sale transaction on January 31, 2024, and recorded a $19.0 million pretax gain, which is included in our consolidated results of operations for the nine months ended September 30, 2024.

Exchanges of Noncontrolling Interests – The limited partnership interests in the Operating Partnership (commonly called “OP Units”), were exchangeable on a one-for-one basis for shares of common stock or, at our election, cash of equivalent value. During the first quarter of 2025, the Company exchanged all remaining 14,722 OP Units held by third parties for cash consideration of $0.1 million. During the nine months ended September 30, 2024, the Company exchanged 68,384 OP Units held by third parties, of which 53,662 OP Units were exchanged for an equal number of shares of common stock and 14,722 OP Units were purchased for cash consideration of $0.1 million.

Supplemental Cash Flow Information – Supplemental cash flow information for the periods presented was as follows:


	Nine Months Ended September 30,
(Millions)	2025		2024
Interest paid, net of interest capitalized	$	455.8	$	474.4
Income taxes paid, net of refunded	$	2.1	$	2.0
Right-of-use assets obtained in exchange for operating lease obligations	$	40.2	$	14.5
Change in accounts payable and other current liabilities for purchases of property and equipment	$	17.7	$	(1.4)
Tenant capital improvements	$	298.8	$	163.6

The noncash components of the total merger consideration are disclosed in Note 3.

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Taxes – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard intends to improve transparency about income tax information primarily through changes to the tax rate reconciliation and income taxes paid disclosures. ASU 2023-09 will require entities on an annual basis to disclose a tabular rate reconciliation using both percentages and dollar amounts that include specific categories of reconciling items and to provide additional information for reconciling items that meet a specified quantitative threshold. ASU 2023-09 also requires entities to disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign jurisdictions and for individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, which is January 1, 2025 for the Company, with early adoption permitted. The amendments in ASU 2023-09 are to be applied on a prospective basis, although retrospective application is permitted. The Company is currently in the process of evaluating the impacts of this guidance to the income tax disclosures included within its annual consolidated financial statements.

Credit Losses – In July 2025, the FASB issued ASU 2025-05 - Financial Instruments - Credit Losses (Topic ASC 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments in this ASU provide entities with a practical expedient they may elect to use when developing an estimate of expected credit losses on current accounts receivable and current contract asset balances arising from transactions accounted for under Topic ASC 606 - Revenue from Contracts with Customers. Under this practical expedient, entities may elect to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in ASU 2025-05 become effective for fiscal years and for interim periods beginning after December 15, 2025, and early adoption is permitted. The Company is currently assessing the effect of this update on our consolidated financial statements and related disclosures.

Disaggregation of Expenses – In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220) - Expense Disaggregation Disclosures (“ASU 2024-03”). This update requires public business entities to provide more detailed disclosure in the notes to the financial statements of certain categories of expenses, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization, that are components of existing captions presented on the face of the statement of operations. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments in ASU 2024-03 may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its financial statement presentation and disclosures.

Internal Use Software – In September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting tor Internal-Use Software (“ASU 2025-06”) that updates the accounting guidance for internal-use software costs by removing references to prescriptive and sequential development stages of a project and replacing them with new criteria used in determining when to start capitalizing software costs. Under the new guidance, capitalization begins when management authorizes and commits to funding the software project and it is probable the project will be completed, and the software will be used to perform the intended function. The new guidance also clarifies that capitalized internal-use software costs are subject to the property, plant, and equipment disclosure requirements. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and for interim reporting periods within those annual fiscal years, with early adoption permitted. The guidance may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is currently assessing the effect of this update on our consolidated financial statements and related disclosures.

Supplementary Unrestricted Subsidiary Information

9 Months Ended

Sep. 30, 2025

Condensed Financial Information Disclosure [Abstract]

Supplementary Unrestricted Subsidiary Information

Supplementary Unrestricted Subsidiary Information:During 2024, we formed the Uniti Fiber ABS Parent LLC (“ABS Parent”) and the ABS Bridge Loan Parties, each an indirect, bankruptcy-remote subsidiary of the Company, and we designated ABS Parent and the ABS Bridge Loan Parties as unrestricted subsidiaries under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes. During 2025, we formed the ABS Notes Obligors (other than Uniti Fiber GulfCo LLC, which was formed in 2024), each a subsidiary of ABS Parent and an indirect, bankruptcy-remote subsidiary of the Company. Each ABS Notes Obligor is an unrestricted subsidiary under the Credit Agreement and the applicable indentures governing the Company’s senior notes. See Note 5.

Below are the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, and the Condensed Consolidated Statements of Income for the nine months ended September 30, 2025 and 2024, respectively, of such unrestricted subsidiaries:


	As of September 30, 2025
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Current assets:
Cash and cash equivalents	$	1.9	$	156.1	$	—	$	158.0
Restricted cash	68.5		5.4		—		73.9
Accounts receivable, net	11.2		372.7		(38.6)		345.3
Prepaid expenses	—		104.0		—		104.0
Other current assets	—		193.0		—		193.0
Total current assets	81.6		831.2		(38.6)		874.2
Goodwill	—		1,164.3		—		1,164.3
Intangible assets, net	—		1,352.4		—		1,352.4
Property, plant and equipment, net	448.7		7,610.7		—		8,059.4
Operating lease right-of-use assets, net	—		541.4		—		541.4
Other assets	23.2		95.6		(31.3)		87.5
Total assets	$	553.5	$	11,595.6	$	(69.9)	$	12,079.2
Liabilities and shareholders' equity (deficit):
Current liabilities:
Accounts payable	$	34.0	$	166.5	$	(38.6)	$	161.9
Deferred revenue	6.0		179.2		—		185.2
Current portion of operating lease obligations	—		124.3		—		124.3
Accrued taxes	2.4		63.9		—		66.3
Accrued interest	7.6		153.9		—		161.5
Other current liabilities	—		371.1		—		371.1
Total current liabilities	50.0		1,058.9		(38.6)		1,070.3
Notes and other debt, net	577.9		8,728.5		(21.3)		9,285.1
Noncurrent operating lease obligations	—		381.3		—		381.3
Noncurrent deferred revenue	51.5		337.9		(10.0)		379.4
Deferred income tax assets, net	—		13.7		—		13.7
Other liabilities	—		268.6		—		268.6
Total liabilities	679.4		10,788.9		(69.9)		11,398.4
Shareholders' (deficit) equity:
Total shareholders' (deficit) equity	(125.9)		806.7		—		680.8
Total liabilities and shareholders' equity (deficit)	$	553.5	$	11,595.6	$	(69.9)	$	12,079.2


	As of December 31, 2024
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Current assets:
Cash and cash equivalents	$	1.7	$	153.9	$	—	$	155.6
Restricted cash	28.1		0.1		—		28.2
Accounts receivable, net	9.0		46.4		(3.9)		51.5
Prepaid expenses	—		16.2		—		16.2
Other current assets	0.1		18.0		—		18.1
Total current assets	38.9		234.6		(3.9)		269.6
Goodwill	—		157.4		—		157.4
Intangible assets, net	—		275.4		—		275.4
Property, plant and equipment, net	446.5		3,763.2		—		4,209.7
Operating lease right-of-use assets, net	—		126.8		—		126.8
Deferred income tax assets, net	—		128.0		—		128.0
Other assets	0.8		284.9		(170.5)		115.2
Total assets	$	486.2	$	4,970.3	$	(174.4)	$	5,282.1
Liabilities and shareholders' equity (deficit):
Current liabilities:
Accounts payable	$	3.2	$	14.3	$	(3.9)	$	13.6
Deferred revenue	4.6		79.9		—		84.5
Current portion of operating lease obligations	—		12.7		—		12.7
Accrued taxes	0.2		6.9		—		7.1
Accrued interest	0.9		143.0		—		143.9
Other current liabilities	—		118.9		—		118.9
Total current liabilities	8.9		375.7		(3.9)		380.7
Notes and other debt, net	271.3		5,512.3		—		5,783.6
Noncurrent operating lease obligations	—		67.8		—		67.8
Noncurrent deferred revenue	38.9		1,277.6		—		1,316.5
Other liabilities	—		185.4		—		185.4
Total liabilities	319.1		7,418.8		(3.9)		7,734.0
Shareholders' equity (deficit):
Total shareholders' equity (deficit)	167.2		(2,448.6)		(170.5)		(2,451.9)
Total liabilities and shareholders' equity (deficit)	$	486.3	$	4,970.2	$	(174.4)	$	5,282.1


	Nine Months Ended September 30, 2025
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total revenues and sales	$	104.3	$	1,260.5	$	(47.5)	$	1,317.3
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	38.5		324.4		(39.2)		323.7
Cost of sales (exclusive of depreciation and amortization)	—		27.4		—		27.4
Selling, general and administrative	9.8		175.9		(8.3)		177.4
Depreciation and amortization	17.5		344.2		—		361.7
Gain on sale of operating assets	—		—		—		—
Transaction related and other costs	—		179.0		—		179.0
Total costs and expenses	65.8		1,050.9		(47.5)		1,069.2
Operating income	38.5		209.6		—		248.1
Other expense, net	—		(1.3)		—		(1.3)
Gain on settlement of preexisting relationships	0.2		1,685.2		—		1,685.4
Interest expense, net	(32.6)		(434.4)		—		(467.0)
Income before income taxes	6.1		1,459.1		—		1,465.2
Income tax benefit	—		145.2		—		145.2
Net income	$	6.1	$	1,604.3	$	—	$	1,610.4


	Nine Months Ended September 30, 2024
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total revenues and sales	$	46.8	$	836.8	$	(10.0)	$	873.6
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	—		98.5		—		98.5
Cost of sales (exclusive of depreciation and amortization)	—		8.2		—		8.2
Selling, general and administrative	23.6		66.9		(10.0)		80.5
Depreciation and amortization	12.1		222.8		—		234.9
Gain on sale of operating assets	—		(19.0)		—		(19.0)
Transaction related and other costs	—		31.1		—		31.1
Total costs and expenses	35.7		408.5		(10.0)		434.2
Operating income	11.1		428.3		—		439.4
Other income, net	—		0.3		—		0.3
Interest expense, net	(17.0)		(364.7)		—		(381.7)
(Loss) income before income taxes	(5.9)		63.9		—		58.0
Income tax benefit	—		13.8		—		13.8
Net (loss) income	$	(5.9)	$	77.7	$	—	$	71.8

Income Taxes - Schedule of Components of Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,474.4	$ 6.3	$ 1,465.2	$ 58.0
Income tax expense at U.S. statutory federal rate	309.6		307.7
Nontaxable gain on settlement of preexisting relationships	(353.9)		(353.9)
State income taxes, net of federal benefit	2.7		1.6
Benefit of REIT status for the pre-Merger period	12.4		6.0
Permanent differences	(7.5)		(7.0)
Deferred tax impact of REIT liquidation	(675.8)		(675.8)
Changes in valuation	581.7		581.7
Reversal of unrecognized tax benefit related to expiration of statute	0.0		(3.0)
Other	(3.7)		(2.5)
Total income tax benefit	$ (134.5)	$ (5.9)	$ (145.2)	$ (13.8)

Notes and Other Debt, Net - Schedule of Notes and Other Debt (Details) - USD ($) $ in Millions	Sep. 30, 2025	Feb. 03, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total principal amount	$ 9,261.5		$ 5,861.5
Unamortized premium (discount) and deferred financing costs	23.6		(77.9)
Notes and other debt, net	9,285.1		5,783.6
Senior secured revolving credit facility - variable rate, due September 24, 2027
Debt Instrument [Line Items]
Total principal amount	281.0		0.0
Unamortized premium (discount) and deferred financing costs	(3.3)		(4.3)
Senior secured revolving credit facility - variable rate, due January 23, 2027
Debt Instrument [Line Items]
Total principal amount	130.0		0.0
Unamortized premium (discount) and deferred financing costs	0.0		0.0
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%)
Debt Instrument [Line Items]
Total principal amount	500.0		0.0
Unamortized premium (discount) and deferred financing costs	$ 1.2		0.0
Effective interest rate	9.15%
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Total principal amount	$ 2,275.0		2,900.0
Unamortized premium (discount) and deferred financing costs	$ (23.2)		(37.5)
Issuance senior notes, stated percentage	10.50%
Effective interest rate	10.99%
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Total principal amount	$ 570.0		570.0
Unamortized premium (discount) and deferred financing costs	$ (3.9)		(5.0)
Issuance senior notes, stated percentage	4.75%
Effective interest rate	5.04%
Senior secured notes - 8.250%, due October 1, 2031 (premium is based on imputed interest rate of 7.29%)
Debt Instrument [Line Items]
Total principal amount	$ 2,200.0		0.0
Unamortized premium (discount) and deferred financing costs	$ 102.7		0.0
Issuance senior notes, stated percentage	8.25%
Effective interest rate	7.29%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Total principal amount	$ 1,110.0		1,110.0
Unamortized premium (discount) and deferred financing costs	$ (11.0)		(13.1)
Issuance senior notes, stated percentage	6.50%
Effective interest rate	6.83%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Total principal amount	$ 700.0		700.0
Unamortized premium (discount) and deferred financing costs	$ (6.9)		(8.0)
Issuance senior notes, stated percentage	6.00%
Effective interest rate	6.27%
Senior unsecured notes - 8.625% due June 15, 2032 (discount is based on imputed interest rate of 9.16%)
Debt Instrument [Line Items]
Total principal amount	$ 600.0		0.0
Unamortized premium (discount) and deferred financing costs	$ (16.1)		0.0
Issuance senior notes, stated percentage	8.625%
Effective interest rate	9.16%
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)
Debt Instrument [Line Items]
Total principal amount	$ 306.5		306.5
Unamortized premium (discount) and deferred financing costs	$ (4.8)		(6.3)
Issuance senior notes, stated percentage	7.50%
Effective interest rate	8.29%
ABS Bridge Loan Facility - variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)
Debt Instrument [Line Items]
Total principal amount	$ 0.0	$ 589.0	275.0
Unamortized premium (discount) and deferred financing costs	$ 0.0		(3.7)
Effective interest rate	10.33%
ABS Notes (Class A-2) - 5.877%, due April 1, 2030 (discount is based on imputed interest rate of 6.36%)
Debt Instrument [Line Items]
Total principal amount	$ 426.0	426.0	0.0
Unamortized premium (discount) and deferred financing costs	$ (8.0)		0.0
Issuance senior notes, stated percentage	5.877%
Effective interest rate	6.36%
ABS Notes (Class B) - 6.369%, due April 1, 2030 (discount is based on imputed interest rate of 6.86%)
Debt Instrument [Line Items]
Total principal amount	$ 65.0	65.0	0.0
Unamortized premium (discount) and deferred financing costs	$ (1.2)		0.0
Issuance senior notes, stated percentage	6.369%
Effective interest rate	6.86%
ABS Notes (Class C) - 9.018%, due April 1, 2030 (discount is based on imputed interest rate of 9.54%)
Debt Instrument [Line Items]
Total principal amount	$ 98.0	$ 98.0	0.0
Unamortized premium (discount) and deferred financing costs	$ (1.9)		$ 0.0
Issuance senior notes, stated percentage	9.018%
Effective interest rate	9.54%

Supplementary Unrestricted Subsidiary Information (Tables)

9 Months Ended

Sep. 30, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of Consolidated Balance Sheet Information Reflecting the Elimination of the Accounts of Unrestricted Subsidiaries


	As of September 30, 2025
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Current assets:
Cash and cash equivalents	$	1.9	$	156.1	$	—	$	158.0
Restricted cash	68.5		5.4		—		73.9
Accounts receivable, net	11.2		372.7		(38.6)		345.3
Prepaid expenses	—		104.0		—		104.0
Other current assets	—		193.0		—		193.0
Total current assets	81.6		831.2		(38.6)		874.2
Goodwill	—		1,164.3		—		1,164.3
Intangible assets, net	—		1,352.4		—		1,352.4
Property, plant and equipment, net	448.7		7,610.7		—		8,059.4
Operating lease right-of-use assets, net	—		541.4		—		541.4
Other assets	23.2		95.6		(31.3)		87.5
Total assets	$	553.5	$	11,595.6	$	(69.9)	$	12,079.2
Liabilities and shareholders' equity (deficit):
Current liabilities:
Accounts payable	$	34.0	$	166.5	$	(38.6)	$	161.9
Deferred revenue	6.0		179.2		—		185.2
Current portion of operating lease obligations	—		124.3		—		124.3
Accrued taxes	2.4		63.9		—		66.3
Accrued interest	7.6		153.9		—		161.5
Other current liabilities	—		371.1		—		371.1
Total current liabilities	50.0		1,058.9		(38.6)		1,070.3
Notes and other debt, net	577.9		8,728.5		(21.3)		9,285.1
Noncurrent operating lease obligations	—		381.3		—		381.3
Noncurrent deferred revenue	51.5		337.9		(10.0)		379.4
Deferred income tax assets, net	—		13.7		—		13.7
Other liabilities	—		268.6		—		268.6
Total liabilities	679.4		10,788.9		(69.9)		11,398.4
Shareholders' (deficit) equity:
Total shareholders' (deficit) equity	(125.9)		806.7		—		680.8
Total liabilities and shareholders' equity (deficit)	$	553.5	$	11,595.6	$	(69.9)	$	12,079.2


	As of December 31, 2024
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Current assets:
Cash and cash equivalents	$	1.7	$	153.9	$	—	$	155.6
Restricted cash	28.1		0.1		—		28.2
Accounts receivable, net	9.0		46.4		(3.9)		51.5
Prepaid expenses	—		16.2		—		16.2
Other current assets	0.1		18.0		—		18.1
Total current assets	38.9		234.6		(3.9)		269.6
Goodwill	—		157.4		—		157.4
Intangible assets, net	—		275.4		—		275.4
Property, plant and equipment, net	446.5		3,763.2		—		4,209.7
Operating lease right-of-use assets, net	—		126.8		—		126.8
Deferred income tax assets, net	—		128.0		—		128.0
Other assets	0.8		284.9		(170.5)		115.2
Total assets	$	486.2	$	4,970.3	$	(174.4)	$	5,282.1
Liabilities and shareholders' equity (deficit):
Current liabilities:
Accounts payable	$	3.2	$	14.3	$	(3.9)	$	13.6
Deferred revenue	4.6		79.9		—		84.5
Current portion of operating lease obligations	—		12.7		—		12.7
Accrued taxes	0.2		6.9		—		7.1
Accrued interest	0.9		143.0		—		143.9
Other current liabilities	—		118.9		—		118.9
Total current liabilities	8.9		375.7		(3.9)		380.7
Notes and other debt, net	271.3		5,512.3		—		5,783.6
Noncurrent operating lease obligations	—		67.8		—		67.8
Noncurrent deferred revenue	38.9		1,277.6		—		1,316.5
Other liabilities	—		185.4		—		185.4
Total liabilities	319.1		7,418.8		(3.9)		7,734.0
Shareholders' equity (deficit):
Total shareholders' equity (deficit)	167.2		(2,448.6)		(170.5)		(2,451.9)
Total liabilities and shareholders' equity (deficit)	$	486.3	$	4,970.2	$	(174.4)	$	5,282.1

Schedule of Consolidating Statement of Operations Information Reflecting The Elimination of the Accounts of Unrestricted Subsidiaries


	Nine Months Ended September 30, 2025
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total revenues and sales	$	104.3	$	1,260.5	$	(47.5)	$	1,317.3
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	38.5		324.4		(39.2)		323.7
Cost of sales (exclusive of depreciation and amortization)	—		27.4		—		27.4
Selling, general and administrative	9.8		175.9		(8.3)		177.4
Depreciation and amortization	17.5		344.2		—		361.7
Gain on sale of operating assets	—		—		—		—
Transaction related and other costs	—		179.0		—		179.0
Total costs and expenses	65.8		1,050.9		(47.5)		1,069.2
Operating income	38.5		209.6		—		248.1
Other expense, net	—		(1.3)		—		(1.3)
Gain on settlement of preexisting relationships	0.2		1,685.2		—		1,685.4
Interest expense, net	(32.6)		(434.4)		—		(467.0)
Income before income taxes	6.1		1,459.1		—		1,465.2
Income tax benefit	—		145.2		—		145.2
Net income	$	6.1	$	1,604.3	$	—	$	1,610.4


	Nine Months Ended September 30, 2024
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total revenues and sales	$	46.8	$	836.8	$	(10.0)	$	873.6
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	—		98.5		—		98.5
Cost of sales (exclusive of depreciation and amortization)	—		8.2		—		8.2
Selling, general and administrative	23.6		66.9		(10.0)		80.5
Depreciation and amortization	12.1		222.8		—		234.9
Gain on sale of operating assets	—		(19.0)		—		(19.0)
Transaction related and other costs	—		31.1		—		31.1
Total costs and expenses	35.7		408.5		(10.0)		434.2
Operating income	11.1		428.3		—		439.4
Other income, net	—		0.3		—		0.3
Interest expense, net	(17.0)		(364.7)		—		(381.7)
(Loss) income before income taxes	(5.9)		63.9		—		58.0
Income tax benefit	—		13.8		—		13.8
Net (loss) income	$	(5.9)	$	77.7	$	—	$	71.8

Notes and Other Debt, Net - Schedule of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Amortization of deferred financing costs and debt premium/discount	$ 3.0	$ 5.8	$ 13.9	$ 16.8
Loss on extinguishment of debt	0.0	0.0	40.5	0.0
Accretion of settlement payable	0.3	1.4	1.7	5.1
Capitalized interest	(3.5)	(0.7)	(4.8)	(2.2)
Other	1.1	(1.0)	(0.8)	(2.2)
Interest expense, net	168.2	131.0	467.0	381.7
Interest rate cap:
Debt Instrument [Line Items]
Interest rate	0.2	0.4	0.7	1.1
Interest rate swap:
Debt Instrument [Line Items]
Interest rate	(0.3)	0.0	(0.3)	0.0
Senior secured revolving credit facility - variable rate
Debt Instrument [Line Items]
Interest expense	5.5	0.7	7.0	6.6
ABS Notes and Bridge Loan Facility
Debt Instrument [Line Items]
Interest expense	9.5	5.7	27.2	13.2
Secured Debt
Debt Instrument [Line Items]
Interest expense	105.2	84.4	265.1	238.2
Unsecured Debt
Debt Instrument [Line Items]
Interest expense	$ 47.2	$ 34.3	$ 116.8	$ 105.1

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	5,550,000,000	500,000,000.0
Common stock, shares issued (in shares)	234,000,000.0	143,200,000
Common stock, shares outstanding (in shares)	234,000,000.0	143,200,000
New Uniti Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares issued (in shares)	600,000
Preferred stock, shares outstanding (in shares)	600,000
Old Uniti Preferred Stock
Preferred stock, par value (in dollars per share)		$ 0.0001
Preferred stock, shares authorized (in shares)		50,000,000.0
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)		0

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation of Financial Instruments

The fair value of financial instruments was as follows:


(Millions)	September 30, 2025		December 31, 2024
Recorded at Fair Value in the Financial Statements:
Interest rate cap asset - Level 2	$	—	$	0.1
Interest rate swap liabilities - Level 2	$	6.5	$	—
Not Recorded at Fair Value in the Financial Statements:
Settlement Payable - Level 2	$	—	$	71.7
Notes and other debt - Level 2 (a)	$	9,338.2	$	5,879.2

(a)Recognized at carrying value of $9,369.8 million and $5,868.7 million, excluding unamortized deferred financing costs, at September 30, 2025 and December 31, 2024, respectively.

Organization and Description of Business (Details) $ / shares in Units, route_miles in Thousands, numberOfCustomers in Thousands, households in Millions, $ in Millions		9 Months Ended
	May 03, 2024 USD ($) $ / shares shares	Sep. 30, 2025 route_miles state numberOfCustomers households segment $ / shares	Dec. 31, 2024 $ / shares
Organization And Description Of Business [Line Items]
Number of fiber route miles operates \| route_miles		240
Number of states in which entity operates \| state		47
Number of customers \| numberOfCustomers		1,100
Number of residential fiber customers \| numberOfCustomers		500
Number of fiber equipped households \| households		1.7
Number of reportable business segments \| segment		3
Number of operating business segments \| segment		2
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Windstream Merger
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, annual increase, percentage	100.00%
Preferred stock, liquidation preference, value \| $	$ 575.0
Exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 0.01
Class of warrant or right, outstanding stock, percentage	6.90%
Business combination, consideration transferred \| $	$ 370.7
Windstream Merger \| Maximum
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage	16.00%
Windstream Merger \| Period One
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage	11.00%
Preferred stock, dividend rate, percentage, term	6 years
Windstream Merger \| Period Two
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage, term	7 years
Preferred stock, dividend rate, annual increase, percentage	0.50%
Windstream Merger \| Period Three
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage, term	8 years
Non Voting Preferred Stock
Organization And Description Of Business [Line Items]
Business combination, consideration transferred, equity interest, share issued (in shares)	600,000
Old Common Stock Member
Organization And Description Of Business [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Common Stock
Organization And Description Of Business [Line Items]
Conversion of stock (in shares)	0.6029
Warrants (in shares)	17,600,000
Common Stock \| Windstream Merger
Organization And Description Of Business [Line Items]
Business combination, consideration transferred, equity interest, share issued (in shares)	90,100,000
Remaining equity interest acquired percentage	35.42%
Common Stock \| Windstream Merger \| Uniti Group L P Stockholders
Organization And Description Of Business [Line Items]
Percentage voting interest acquired	62.00%
Common Stock \| Windstream Merger \| Windstream Holdings II, LLC
Organization And Description Of Business [Line Items]
Percentage voting interest acquired	38.00%
Uniti Group LP
Organization And Description Of Business [Line Items]
Percentage of partnership interests owned		100.00%

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (2,444,100)	$ (2,492,400)	$ (2,451,900)	$ (2,484,100)
Ending balance	680,800	(2,476,300)	680,800	(2,476,300)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(200)	100	(600)	0
Ending balance	(1,300)	(800)	(1,300)	(800)
Cash Flow Hedge Changes in Fair Value \| Interest rate cap:
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in fair value of interest rate cap, net of tax	0	(800)	(100)	(700)
Cash Flow Hedge Changes in Fair Value \| Interest rate swap:
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in fair value of interest rate cap, net of tax	(1,100)	0	(1,100)	0
Amounts reclassified from accumulated other comprehensive loss, net of tax	$ 0	$ (100)	$ 500	$ (100)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill gross	$ 1,679.8	$ 672.9
Accumulated impairment charges	(515.5)	(515.5)
Goodwill	1,164.3	157.4
Acquisition of Windstream	1,006.9
Kinetic
Goodwill [Line Items]
Goodwill gross	768.3	0.0
Accumulated impairment charges	0.0	0.0
Goodwill	768.3	0.0
Acquisition of Windstream	768.3
Uniti Solutions
Goodwill [Line Items]
Goodwill gross	193.3	0.0
Accumulated impairment charges	0.0	0.0
Goodwill	193.3	0.0
Acquisition of Windstream	193.3
Fiber Infrastructure
Goodwill [Line Items]
Goodwill gross	718.2	672.9
Accumulated impairment charges	(515.5)	(515.5)
Goodwill	202.7	$ 157.4
Acquisition of Windstream	$ 45.3

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

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+ Details

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 63.6		$ 63.6		$ 0.0
Contract liabilities	173.1		173.1		10.0
Other current assets	33.3		33.3
Other assets	30.3		30.3
Current deferred revenue	110.8		110.8		2.7
Noncurrent deferred revenue	62.3		62.3		$ 7.3
Revenues recognized included in the opening contract liability balance	$ 0.8	$ 0.8	$ 3.6	$ 3.4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 1,610.4	$ 71.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	361.7	234.9
Amortization of deferred financing costs, debt discount and premium	13.9	16.8
Loss on extinguishment of debt	40.5	0.0
Deferred income taxes	(152.3)	(14.9)
Straight-line revenues and amortization of below-market lease intangibles	(14.0)	(24.4)
Stock-based compensation	17.4	10.1
Gain on sale of operating assets	0.0	(19.0)
Gain on settlement of preexisting relationships	(1,685.4)	0.0
Provision for estimated credit losses	6.3	1.2
Other, net	14.1	4.4
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	16.2	(6.4)
Prepaid expenses	23.0	(1.2)
Other current assets	(13.3)	0.9
Other assets	(5.0)	(0.5)
Accounts payable	28.7	3.0
Accrued interest	(43.1)	(77.1)
Accrued taxes	16.6	8.6
Deferred revenue	31.4	4.6
Other current liabilities	1.5	5.7
Other liabilities	(3.3)	(1.3)
Noncurrent deferred revenue	(44.1)	(36.1)
Operating lease assets and lease obligations	5.7	0.0
Other, net	2.9	0.0
Net cash provided from operating activities	229.8	181.1
Cash flows from investing activities:
Capital expenditures	(461.2)	(327.8)
Merger cash consideration paid, net of cash acquired	(229.5)	0.0
Capital expenditures funded by government grants	(8.3)	0.0
Grant funds received for broadband expansion	2.1	0.0
Proceeds from sale of equipment	3.6	0.6
Proceeds from sale of IPv4 addresses	3.1	0.0
Proceeds from sale of operating assets	0.0	40.0
Proceeds from sale of unconsolidated entity	0.0	40.0
Net cash used in investing activities	(690.2)	(247.2)
Cash flows from financing activities:
Proceeds from issuance of debt	1,728.0	714.0
Repayments of debt	(1,063.0)	(455.9)
Dividends paid	0.0	(108.5)
Payments of settlement obligation	(73.5)	(73.5)
Payments for financing costs	(77.4)	(15.8)
Other, net	(5.6)	(3.1)
Net cash provided from financing activities	508.5	57.2
Net increase (decrease) in cash, restricted cash and cash equivalents	48.1	(8.9)
Cash, restricted cash and cash equivalents at beginning of period	183.8	62.3
Cash, restricted cash and cash equivalents at end of period	$ 231.9	$ 53.4

Goodwill and Intangible Assets and Liabilities - Schedule of Revenue Due to Amortization of Below-Market Leases (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2025 (excluding the nine months ended September 30, 2025)	$ 0.5
2026	1.9
2027	1.9
2028	1.4
Total	$ 5.7	$ 145.7

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss:

Changes in accumulated other comprehensive loss by component were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Cash flow hedges:
Balance at beginning of period	$	(0.2)	$	0.1	$	(0.6)	$	—
Change in fair value of interest rate cap, net of tax	—		(0.8)		(0.1)		(0.7)
Change in fair value of interest rate swap, net of tax	(1.1)		—		(1.1)		—
Amounts reclassified from accumulated other comprehensive loss, net of tax	—		(0.1)		0.5		(0.1)
Balance at end of period	$	(1.3)	$	(0.8)	$	(1.3)	$	(0.8)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 158.0	$ 155.6
Restricted cash	73.9	28.2
Accounts receivable, net	345.3	51.5
Prepaid expenses	104.0	16.2
Other current assets	193.0	18.1
Total current assets	874.2	269.6
Goodwill	1,164.3	157.4
Intangible assets, net	1,352.4	275.4
Property, plant and equipment, net	8,059.4	4,209.7
Operating lease right-of-use assets, net	541.4	126.8
Deferred income tax assets, net	0.0	128.0
Other assets	87.5	115.2
Total assets	12,079.2	5,282.1
Current liabilities:
Accounts payable	161.9	13.6
Deferred revenue	185.2	84.5
Current portion of operating lease obligations	124.3	12.7
Accrued taxes	66.3	7.1
Accrued interest	161.5	143.9
Other current liabilities	371.1	118.9
Total current liabilities	1,070.3	380.7
Notes and other debt, net	9,285.1	5,783.6
Noncurrent operating lease obligations	381.3	67.8
Noncurrent deferred revenue	379.4	1,316.5
Deferred income taxes, net	13.7	0.0
Other liabilities	268.6	185.4
Total liabilities	11,398.4	7,734.0
Commitments and contingencies (Note 14)
Shareholders' equity (deficit):
Common stock, $0.0001 par value, 5,550.0 million shares authorized, 239.0 million shares issued and outstanding at September 30, 2025 and 500.0 million shares authorized, 143.2 million shares issued and outstanding at December 31, 2024	0.0	0.0
Additional paid-in capital	2,768.6	1,236.0
Accumulated other comprehensive loss	(1.3)	(0.6)
Distributions in excess of accumulated earnings	(2,086.6)	(3,687.8)
Total Uniti shareholders' equity (deficit)	680.7	(2,452.4)
Noncontrolling interests	0.1	0.5
Total shareholders' equity (deficit)	680.8	(2,451.9)
Total liabilities and shareholders' equity (deficit)	12,079.2	5,282.1
New Uniti Preferred Stock
Shareholders' equity (deficit):
Preferred stock value issued	0.0	0.0
Old Uniti Preferred Stock
Shareholders' equity (deficit):
Preferred stock value issued	$ 0.0	$ 0.0

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss by component were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Cash flow hedges:
Balance at beginning of period	$	(0.2)	$	0.1	$	(0.6)	$	—
Change in fair value of interest rate cap, net of tax	—		(0.8)		(0.1)		(0.7)
Change in fair value of interest rate swap, net of tax	(1.1)		—		(1.1)		—
Amounts reclassified from accumulated other comprehensive loss, net of tax	—		(0.1)		0.5		(0.1)
Balance at end of period	$	(1.3)	$	(0.8)	$	(1.3)	$	(0.8)

Derivatives

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives:

As a result of the Merger, the Company assumed two pay fixed, receive variable interest rate swap agreements with the same bank counterparty that had been entered into by Windstream Services to mitigate its exposure to the variability in cash flows on a portion of its floating-rate debt, consisting of the $500.0 million Windstream Term Loan and any borrowings under the Windstream Revolver.

The first swap has a notional value of $200.0 million and matures on October 31, 2029. The fixed rate paid is 4.1730% and the variable rate received is the one-month U.S. Dollar Secured Overnight Financing Rate fallback rate (“USD-SOFR”) (not subject to a floor). The variable rate received resets on the first day of the floating rate calculation period specified in the interest rate swap agreement. The Company designated this swap as a cash flow hedge of the interest rate risk inherent in floating-rate borrowings due to changes in the benchmark interest rate. The second swap had a notional value of $300.0 million and matured on October 31, 2025. Due to its short remaining maturity, this swap did not qualify for hedge accounting as of the Merger date. On August 22, 2025, the Company terminated this swap and received cash proceeds of $2.4 million.

On March 1, 2024, Old Uniti had entered into an interest rate cap related to the ABS Loan Facility, which was designated as a cash flow hedge, with a notional value of $275.0 million, and effectively capped the one-month term USD-SOFR at 4.50%. The interest rate cap expired during the third quarter of 2025.

Set forth below is information related to the Company’s cash flow hedges:


(Millions)	September 30, 2025		December 31, 2024
Cash flow hedges, measured at fair value:
Other current assets	$	—	$	0.1
Other current liabilities	$	1.2	$	—
Other liabilities	$	5.3	$	—
Accumulated other comprehensive loss	$	(1.7)	$	(0.6)

Changes in derivative instruments were as follows for the nine months ended September 30:


(Millions)	2025		2024
Cash flow hedges:
Changes in fair value, net of tax	$	(1.1)	$	(0.7)
Reclassification of unrealized gains, net of tax	$	(0.2)	$	(0.1)

As of September 30, 2025, the Company expects to recognize net losses of $1.7 million net of taxes, in interest expense during the next twelve months for interest settlements related to its interest rate swap agreement.

All or a portion of the change in fair value of the interest rate swap agreement recorded in accumulated other comprehensive income (loss) may be recognized in earnings in certain situations. If the Company extinguishes all of its variable rate debt, or a portion of its variable rate debt such that the outstanding notional amount of the swap exceeds the outstanding notional amount of variable rate debt, all or a portion of the change in fair value of the swap may be recognized in earnings. In addition, the change in fair value of the swap may be recognized in earnings if the Company determines it is no longer probable that it will have future variable rate cash flows to hedge against. The Company has assessed the counterparty risk and determined that no substantial risk of default exists as of September 30, 2025, because the counterparty is a bank with a current credit rating at or above A, as determined by Moody’s Ratings, Standard & Poor’s Global Ratings and Fitch Ratings.

The swap agreement with the bank counterparty contains cross-default provisions whereby if the Company were to default on certain indebtedness and that indebtedness was to be accelerated, it could result in the counterparty terminating the outstanding swap agreement. Were such a termination to occur, the party that was in a liability position under the applicable swap at the time of such termination would be required to pay the value of the swap, as determined in accordance with the terms of the applicable swap agreement, to the other party. The Company’s obligations to the counterparty are secured and the Company does not post any separate collateral to the bank counterparty related to its interest rate swap agreement.

The Company is party to master netting arrangements, which are designed to reduce credit risk by permitting net settlement of transactions, with counterparties. For financial statement presentation purposes, the Company does not offset assets and liabilities under these arrangements. As of September 30, 2025, there were no derivative assets subject to enforceable master netting arrangements to offset against derivative liabilities.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Employee Benefit Plans

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans:

In connection with the Merger, the Company assumed a non-contributory qualified defined benefit pension plan. Future benefit accruals for all eligible non-bargaining unit employees covered by the pension plan have ceased.

As previously discussed in Note 3, the net pension benefit obligation as of August 1, 2025 was calculated based upon a number of actuarial assumptions, including an expected long-term rate of return on pension plan assets of 7.75% and a discount rate of 5.64%. Factoring in these actuarial assumptions, the net pension benefit obligation was estimated to be $103.6 million as of August 1, 2025, of which $9.0 million was recorded to other current liabilities and $94.6 million was recorded to other liabilities.

There were no voluntary or required contributions made to the qualified pension plan during the period from August 1, 2025 through September 30, 2025. The remaining minimum required employer contributions to the pension plan for the 2025 plan year total $11.9 million, of which $4.5 million will be contributed in both October 2025 and January 2026 and the remaining $2.9 million will be contributed in September 2026, using cash. The amount and timing of future contributions to the pension plan are dependent upon a myriad of factors including future investment performance, changes in future discount rates and changes in the demographics of the population participating in the plan.

The components of pension income were as follows:


	August 1-September 30,
(Millions)	2025
Benefits earned during the period (a)	$	0.4
Interest cost on benefit obligation (b)	4.8
Expected return on plan assets (b)	(5.4)
Net periodic pension income	$	(0.2)

(a)Included in cost of services and selling, general and administrative expense.

(b)Included in other income, net.

In connection with the Merger, the Company also assumed an employee savings plan under section 401(k) of the Internal Revenue Code, which covers substantially all salaried employees and certain bargaining unit employees of Windstream. Participating employees receive employer matching contributions up to a maximum of 4.0% of employee pre-tax contributions to the plan for employees contributing up to 5.0% of their eligible pre-tax compensation. The employer matching contribution is calculated and funded in cash to the plan each pay period with an annual true-up to be made as soon as administratively possible after the end of the year. Inclusive of the Company's existing 401(k) defined contribution plan, expense attributable to the employer matching contribution under the plans, excluding amounts capitalized, was $4.1 million and $5.3 million for the three and nine months ended September 30, 2025, respectively, as compared to $0.5 million and $1.7 million for the three and nine months ended September 30, 2024, respectively. Expense related to the employee savings plans is included in cost of services and selling, general and administrative expenses in the condensed consolidated statements of income.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Notes and Other Debt, Net (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Notes and Other Debt

Notes and other debt, net consisted of the following:


	September 30, 2025				December 31, 2024
(Millions)	Principal		Unamortized Premium (Discount) and Deferred Financing Costs		Principal		Unamortized Premium (Discount) and Deferred Financing Costs
Credit Agreements:
Senior secured revolving credit facility - variable rate, due September 24, 2027	$	281.0	$	(3.3)	$	—	$	(4.3)
Senior secured revolving credit facility - variable rate, due January 23, 2027	130.0		—		—		—
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%)	500.0		1.2		—		—
Notes:
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)	2,275.0		(23.2)		2,900.0		(37.5)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570.0		(3.9)		570.0		(5.0)
Senior secured notes - 8.250%, due October 1, 2031 (premium is based on imputed interest rate of 7.29%)	2,200.0		102.7		—		—
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110.0		(11.0)		1,110.0		(13.1)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700.0		(6.9)		700.0		(8.0)
Senior unsecured notes - 8.625% due June 15, 2032 (discount is based on imputed interest rate of 9.16%)	600.0		(16.1)		—		—
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306.5		(4.8)		306.5		(6.3)
ABS Notes and Bridge Loan Facility:
ABS Bridge Loan Facility - variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	—		—		275.0		(3.7)
ABS Notes (Class A-2) - 5.877%, due April 1, 2030 (discount is based on imputed interest rate of 6.36%)	426.0		(8.0)		—		—
ABS Notes (Class B) - 6.369%, due April 1, 2030 (discount is based on imputed interest rate of 6.86%)	65.0		(1.2)		—		—
ABS Notes (Class C) - 9.018%, due April 1, 2030 (discount is based on imputed interest rate of 9.54%)	98.0		(1.9)		—		—
Notes and other debt, net	$	9,261.5	$	23.6	$	5,861.5	$	(77.9)

Notes and other debt, net are as follows:


(Millions)	September 30, 2025		December 31, 2024
Total principal amount	$	9,261.5	$	5,861.5
Unamortized premium (discount) and deferred financing costs	23.6		(77.9)
Notes and other debt, net	$	9,285.1	$	5,783.6

Schedule of Interest Expense

Interest expense, net was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Senior secured notes	$	105.2	$	84.4	$	265.1	$	238.2
Senior unsecured notes	47.2		34.3		116.8		105.1
Senior secured revolving credit facility - variable rate	5.5		0.7		7.0		6.6
ABS Notes and Bridge Loan Facility	9.5		5.7		27.2		13.2
Interest rate cap	0.2		0.4		0.7		1.1
Interest rate swaps	(0.3)		—		(0.3)		—
Amortization of deferred financing costs and debt premium/discount	3.0		5.8		13.9		16.8
Loss on extinguishment of debt	—		—		40.5		—
Accretion of settlement payable	0.3		1.4		1.7		5.1
Capitalized interest	(3.5)		(0.7)		(4.8)		(2.2)
Other	1.1		(1.0)		(0.8)		(2.2)
Total interest expense, net	$	168.2	$	131.0	$	467.0	$	381.7

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69E
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income attributable to shareholders	$ 1,608.9	$ 12.2	$ 1,610.4	$ 71.8
Less: Income allocated to participating securities	(35.4)	(0.3)	(41.3)	(1.5)
Preferred stock dividend	0.0		0.0
Less: Dividends declared on Preferred Stock	(9.9)	0.0	(9.9)	0.0
Net income attributable to common shareholders	$ 1,563.6	$ 11.9	$ 1,559.2	$ 70.3
Denominator:
Weighted-average common shares outstanding (in shares)	203.6	143.2	163.9	143.0
Weighted-average New Uniti Warrants outstanding (in shares)	11.6	0.0	3.9	0.0
Total basic weighted-average common shares outstanding (in shares)	215.2	143.2	167.8	143.0
Basic earnings per common share (in dollars per share)	$ 7.26	$ 0.08	$ 9.29	$ 0.49
Numerator:
Net income attributable to common shares	$ 1,563.6	$ 11.9	$ 1,559.2	$ 70.3
Add: Dividends declared on Preferred Stock	9.9	0.0	9.9	0.0
Add: Impact on if-converted dilutive securities	6.2	0.0	18.2	0.0
Net income attributable to common shares	$ 1,579.7	$ 11.9	$ 1,587.3	$ 70.3
Denominator:
Basic weighted-average common shares outstanding (in shares)	215.2	143.2	167.8	143.0
Add: Effect of dilutive non-participating securities (in shares)	80.4	0.0	26.9	0.0
Add: Impact on if-converted dilutive securities (in shares)	25.3	0.0	25.3	0.0
Total diluted weighted-average common shares outstanding (in shares)	320.9	143.2	220.0	143.0
Dilutive earnings per common share (in dollars per share)	$ 4.92	$ 0.08	$ 7.21	$ 0.49

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	7 Months Ended
Commitments and Contingencies (Details) $ in Millions	Oct. 31, 2020 USD ($)	Jul. 31, 2025 USD ($)	Aug. 01, 2025 USD ($)	Oct. 01, 2020 USD ($) day installment
Commitments And Contingencies [Line Items]
Other commitment, reimbursement default period threshold \| day				30
Windstream Commitment
Commitments And Contingencies [Line Items]
Other commitment				$ 490.1
Number of installments \| installment				20
Percentage of committed purchase of assets				9.00%
First five quarterly cash payments to be made after emergence		$ 484.9
Windstream Commitment, Growth Capital Improvements
Commitments And Contingencies [Line Items]
Other commitment				$ 1,750.0
Growth capital improvements fund annual limit	$ 250.0
Growth capital improvements reimbursement amount		$ 175.0
Growth capital improvements reimbursement amount made to date			$ 1,200.0
Windstream Commitment, Growth Capital Improvements \| Maximum
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one				225.0
Other commitment, to be paid, year two				175.0
Other commitment, to be paid, year three				175.0
Other commitment, to be paid, year four				125.0
Other commitment, to be paid, year five				125.0
Other commitment, to be paid, year six				125.0
Windstream Commitments, Growth Capital Improvements, Cost Reimbursements
Commitments And Contingencies [Line Items]
Other commitment				70.0
Windstream Commitments, Equipment Loan and Security Agreements
Commitments And Contingencies [Line Items]
Accrued interest rate for borrowing	8.00%
Windstream Commitments, Equipment Loan and Security Agreements \| Maximum
Commitments And Contingencies [Line Items]
Other commitment				$ 125.0
New lease, aggregate reimbursements made for certain growth capital improvements	$ 25.0
Windstream
Commitments And Contingencies [Line Items]
Annual rent adjustment for Growth Capital Funding	8.00%
Rate used for rent percentage	100.50%
Maximum funding rights allocated per year upon transfer of interests under windstream lease	$ 20.0

Goodwill and Intangible Assets and Liabilities - Schedule of Amortization Methodology and Useful Lives for Finite-Lived Intangible Assets (Details)	Sep. 30, 2025
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	5 years
Customer lists \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	14 years
Customer lists \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	30 years
IPv4 addresses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	17 years 6 months
Trade name
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	15 years
Contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	8 years
Rights of way \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	9 years 4 months 24 days
Rights of way \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	30 years
Below-market leases \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible liabilities, useful life	8 years
Below-market leases \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible liabilities, useful life	20 years

Merger and Purchase Price Allocation - Narrative (Details) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 01, 2025 USD ($) agreements	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Business Combination [Line Items]
Gain on settlement of preexisting relationships		$ 1,685.4	$ 0.0	$ 1,685.4	$ 0.0
Operating income		(42.6)	137.3	248.1	439.4
Uniti Group, PreMerger Assets Settled
Business Combination [Line Items]
Number of lease agreements \| agreements	2
Useful life	20 years
Operating lease assets, including discontinued operation	$ 559.0
Asset purchase agreement, liabilities, including discontinued operation	(60.0)
Other lease agreement assets, including discontinued operation	0.1
Uniti Group, PreMerger Assets Derecognized
Business Combination [Line Items]
Disposal group, accounts receivable and other current assets		15.3		15.3
Disposal group, other assets		88.2		88.2
Disposal group, operating lease right of use assets		25.5		25.5
Uniti Group, PreMerger Liabilites Derecognized
Business Combination [Line Items]
Disposal group, deferred revenue		1,166.8		1,166.8
Disposal group, intangible liabilities		133.5		133.5
Disposal group, operating lease obligation		11.4		11.4
Disposal group, accounts payable and other current liabilities		3.6		3.6
Windstream
Business Combination [Line Items]
Total merger consideration	$ 2,376.6
Gain on settlement of preexisting relationships		1,685.4
Total		157.7	14.4	179.0	31.1
Business Combination, Acquiree's Revenue since Acquisition Date, Actual		550.9		550.9
Business Combination, Acquiree's Earnings (Loss) since Acquisition Date, Actual		104.4		104.4
Windstream \| Other Transaction Related Costs
Business Combination [Line Items]
Total		$ 8.5	$ 2.0	12.4	$ 3.7
Windstream \| Other Transaction Related Costs \| Other current liabilities
Business Combination [Line Items]
Total				$ 13.7

Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table summarizes our segment results:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Kinetic:
Service revenues from external customers	$	348.6	$	—	$	348.6	$	—
Sales revenues from external customers	11.7		—		11.7		—
Total revenues and sales from external customers	360.3		—		360.3		—
Intersegment revenues (a)	7.9		—		7.9		—
Total revenues and sales	368.2		—		368.2		—
Compensation expenses	(67.1)		—		(67.1)		—
Non-compensation managed expenses (b)	(40.4)		—		(40.4)		—
Revenue-driven costs (c)	(30.0)		—		(30.0)		—
Network access and facilities	(37.9)		—		(37.9)		—
Allocated network operations expenses	(10.6)		—		(10.6)		—
Customer access (d)	(3.9)		—		(3.9)		—
Intersegment costs and expenses (e)	(22.9)		—		(22.9)		—
Contribution margin	$	155.4	$	—	$	155.4	$	—
Uniti Solutions:
Service revenues from external customers	$	135.3	$	—	$	135.3	$	—
Sales revenues from external customers	0.4		—		0.4		—
Total revenues and sales from external customers	135.7		—		135.7		—
Intersegment revenues (f)	0.9		—		0.9		—
Total revenues and sales	136.6		—		136.6		—
Compensation expenses	(6.5)		—		(6.5)		—
Non-compensation managed expenses (g)	(0.4)		—		(0.4)		—
Revenue-driven costs (h)	(20.4)		—		(20.4)		—
Customer access (d)	(29.1)		—		(29.1)		—
Intersegment costs and expenses (e)	(8.0)		—		(8.0)		—
Contribution margin	$	72.2	$	—	$	72.2	$	—
Fiber Infrastructure:
Service revenues from external customers	$	211.4	$	287.5	$	798.1	$	861.1
Sales revenues from external customers	15.2		4.7		23.2		12.5
Total revenues and sales from external customers	226.6		292.2		821.3		873.6
Intersegment revenues (i)	23.5		—		23.5		—
Total revenues and sales	250.1		292.2		844.8		873.6
Network access and facilities expenses	(48.5)		(22.8)		(92.5)		(69.4)
Compensation expenses	(18.0)		(12.2)		(42.0)		(35.7)
Non-compensation managed expenses (j)	(4.8)		(3.2)		(12.1)		(10.0)
Revenue-driven costs (k)	(15.2)		(4.1)		(23.3)		(13.3)
Allocated network operations and engineering expenses	(2.6)		—		(2.6)		—
Customer access (d)	(1.9)		—		(1.9)		—
Intersegment costs and expenses (e)	(1.4)		—		(1.4)		—
Contribution margin	$	157.7	$	249.9	$	669.0	$	745.2
Total segment revenues and sales from external customers	$	722.6	$	292.2	$	1,317.3	$	873.6
Total intersegment revenues	32.3		—		32.3		—
Total segment revenues and sales	754.9		292.2		1,349.6		873.6
Total segment expenses	(337.3)		(42.3)		(420.7)		(128.4)
Total intersegment costs and expenses	(32.3)		—		(32.3)		—
Total segment contribution margin	$	385.3	$	249.9	$	896.6	$	745.2

(a)Consists of intercompany charges to Uniti Solutions and Fiber Infrastructure for resale access services.

(b)Includes advertising, contract services and fees, fleet-related expenses (e.g., leasing costs, fuel, maintenance and repair costs), and employee-related travel costs.

(c)Includes federal and state USF fees, provision for credit losses, equipment-related shipping and refurbishment costs, and cost of sales.

(d)Customer access expense represents the portion of interconnect costs directly assigned to the segment.

(e)Reflects the offsetting expense effects of the intercompany billing agreements between segments.

(f)Consists of intercompany charges to Kinetic for licensing fees related to the usage of the OfficeSuite UC© product.

(g)Includes support agreements, contract services and fees, and employee-related travel costs.

(h)Includes federal and state USF fees, provision for credit losses, third-party commissions, staff augmentation for professional services, product licensing fees, and cost of sales.

(i)Consists of intercompany charges to Kinetic and Uniti Solutions primarily for usage of network and colocation facilities owned or operated by Fiber Infrastructure.

(j)Includes advertising, contract services and fees, and employee-related travel costs.

(k)Includes federal and state USF fees, provision for credit losses, early termination fees, and cost of fiber sales.

Schedule of Capital Expenditures by Segment

Capital expenditures by segment were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Kinetic	$	147.7	$	—	$	147.7	$	—
Uniti Solutions	4.9		—		4.9		—
Fiber Infrastructure	52.7		65.0		298.1		327.8
Total segment capital expenditures	205.3		65.0		450.7		327.8
Corporate/Shared (a)	9.6		—		10.5		—
Total	$	214.9	$	65.0	$	461.2	$	327.8

(a)Represents capital expenditures not directly assigned to the segments and primarily consists of capital outlays for network enhancements and information technology-related projects benefiting Uniti as a whole.

Schedule of Reconciliation of Operating Profit income from Segments to Consolidated

The following table reconciles total segment revenues and sales to total consolidated revenues and sales:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Total segment revenues and sales	$	754.9	$	292.2	$	1,349.6	$	873.6
Intersegment revenues	(32.3)		—		(32.3)		—
Total consolidated revenues and sales	$	722.6	$	292.2	$	1,317.3	$	873.6

The following table reconciles total segment contribution margin to consolidated net income:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Total segment contribution margin	$	385.3	$	249.9	$	896.6	$	745.2
Depreciation and amortization	(202.3)		(79.3)		(361.7)		(234.9)
Gain on sale of operating assets	—		—		—		19.0
Transaction related and other costs	(157.7)		(14.4)		(179.0)		(31.1)
Corporate/shared operating expenses	(57.5)		(14.6)		(88.4)		(44.6)
Amortization of non-cash rights-of-use assets	(0.3)		(0.8)		(2.0)		(2.5)
Severance costs	—		(0.1)		—		(1.6)
Stock-based compensation	(10.1)		(3.4)		(17.4)		(10.1)
Other (expense) income, net	(0.2)		—		(1.3)		0.3
Gain on settlement of preexisting relationships	1,685.4		—		1,685.4		—
Interest expense	(168.2)		(131.0)		(467.0)		(381.7)
Income tax benefit	134.5		5.9		145.2		13.8
Net income	$	1,608.9	$	12.2	$	1,610.4	$	71.8

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets and Liabilities (Details) - USD ($) $ in Millions		9 Months Ended
	Aug. 02, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost		$ 1,545.0		$ 479.1
Finite life intangible assets, accumulated amortization		(271.5)		(203.7)
Total		1,273.5		275.4
Below-market leases, Original Cost		15.2		191.2
Below-market leases, Accumulated Amortization		(9.5)		(45.5)
Total		5.7		145.7
Cash proceeds	$ 3.1	3.1	$ 0.0
Customer relationships
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost		750.0		0.0
Finite life intangible assets, accumulated amortization		(41.9)		0.0
Total		708.1		0.0
Customer lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost		416.1		416.1
Finite life intangible assets, accumulated amortization		(191.4)		(174.3)
Total		224.7		241.8
IPv4 addresses
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost		162.8		0.0
Finite life intangible assets, accumulated amortization		(1.6)		0.0
Total	$ 2.8	161.2		0.0
Trade name
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost		115.0		0.0
Finite life intangible assets, accumulated amortization		(1.3)		0.0
Total		113.7		0.0
Contracts
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost		52.5		52.5
Finite life intangible assets, accumulated amortization		(32.8)		(27.9)
Total		19.7		24.6
Rights of way
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost		48.6		10.5
Finite life intangible assets, accumulated amortization		(2.5)		(1.5)
Total		$ 46.1		$ 9.0

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated financial statements include all accounts of the Company and its wholly owned and/or controlled subsidiaries. All material intercompany balances and transactions have been eliminated. The Company also consolidates (“variable interest entities” or “VIEs”) in instances in which it is deemed to be the primary beneficiary. For periods prior to the Merger, the Operating Partnership was considered a VIE, because Old Uniti was deemed to be the primary beneficiary as it had both the power to direct the activities that, when taken together, most significantly impacted the Operating Partnership’s performance; and had the obligation to absorb losses and right to receive the returns from the Operating Partnership that would be significant to the Operating Partnership. After the Merger, the Company does not hold interests in any VIEs. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The accompanying unaudited condensed consolidated balance sheet as of December 31, 2024 was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in Old Uniti’s Annual Report on Form 10-K filed with the SEC on February 21, 2025, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 7, 2025 (the “Annual Report”).
Accounting for the Merger	Accounting for the Merger – The Merger was accounted for as a reverse merger using the acquisition method of accounting, with Windstream treated as the legal acquirer and Old Uniti treated as the accounting acquirer. Old Uniti was determined to be the accounting acquirer based on the following factors: (1) Old Uniti’s existing stockholders held the majority voting interest (approximately 62%) in Uniti immediately following the consummation of the Merger; (2) Old Uniti’s existing five-member board of directors was appointed to and comprises the majority of the nine-member board of Uniti; (3) Uniti’s senior management is comprised of Old Uniti’s senior management, including President and Chief Executive Officer, Senior Vice President and Chief Financial Officer and Executive Vice President – General Counsel and Secretary; and (4) Old Uniti was the entity that transferred cash to effect the Merger. Because Old Uniti is treated as the accounting acquirer, financial information for periods prior to the Merger reflect the historical activity of Old Uniti. For periods after the Merger, the condensed consolidated financial statements reflect the combined results of Old Uniti and Windstream.
Reclassifications	Reclassifications – For periods prior to the Merger, as a REIT, Old Uniti presented an unclassified balance sheet, and following the Merger, the Company has presented a classified balance sheet. Accordingly, the consolidated balance sheet as of December 31, 2024 has been reclassified to present current assets and current liabilities separate and apart from noncurrent assets and liabilities and to combine or further disaggregate certain balance sheet line items. The changes included (1) reclassifying to prepaid expenses $16.2 million and to other current assets $18.1 million, which were previously included in other assets; (2) reclassifying the previously reported straight-line revenue receivable of $108.9 million to other current assets for the current portion of $10.5 million and to other assets for the noncurrent portion of $98.4 million; (3) reclassifying to accounts payable $13.6 million and to accrued taxes $7.1 million, which were previously included within accounts payable, accrued expenses and other liabilities, net; (4) reclassifying to other current liabilities the previously reported settlement payable of $71.8 million, dividends payable of $0.6 million, current portion of finance lease obligations of $2.7 million, and $43.8 million previously included within accounts payable, accrued expenses and other liabilities, net; and (5) reclassifying to other noncurrent liabilities the previously reported intangibles liabilities, net of $145.7 million, noncurrent portion of finance lease obligations of $14.5 million and $25.2 million previously included within accounts payable, accrued expenses and other liabilities, net. These reclassifications had no effect on previously reported total assets, total liabilities and total shareholders’ deficit as of December 31, 2024. In addition, the prior period condensed consolidated statements of income have been reclassified to present sales revenues separate and apart from service revenues, disaggregate operating expenses into cost of services and cost of sales and to present an operating income subtotal. These reclassifications did not impact previously reported net income or comprehensive income for the three and nine months ended September 30, 2024. Finally, the prior period condensed consolidated statements of cash flows and condensed consolidated statements of shareholders’ deficit were reclassified to combine or further disaggregate certain financial statement line items. These reclassifications did not impact previously reported net cash provided from operating activities, net cash used in investing activities, net cash provided from financing activities or net decrease in cash, restricted cash and cash equivalents for the nine months ended September 30, 2024, nor change previously reported total shareholders’ deficit for the three and nine months ended September 30, 2024.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents – Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Loan Facility (as defined in Note 5) to maintain six months of interest on the Class A and Class B notes and three months of interest on the Class C notes and for other expenses. In addition, deposits held as security for indebtedness under Windstream’s corporate purchase card program are not available for use and have been presented as restricted cash as of September 30, 2025.
Lessor Arrangements	Lessor Arrangements – Certain service offerings to customers include equipment leases. The Company also leases its network facilities, including communications towers, ground space, and colocation space to other service providers and enters into arrangements with third parties to lease unused or underutilized portions of its network. These leases meet the criteria for operating lease classification.
Allowance for Credit Losses	Allowance for Credit Losses – Management estimates credit losses for trade receivables by aggregating similar customer types together to calculate expected default rates based on historical losses as a percentage of total aged receivables. These rates are then applied, on a monthly basis, to the outstanding balances staged by customer. In addition to continued evaluation of historical losses, forward-looking information and forecasts should be considered in determining credit loss estimates. Our current forecast methodology assesses historical trends to project future losses and is not forward-looking for potential economic factors that would change the credit loss model. Therefore, historical trends continue to be the most accurate expectation of future losses as the Company has defined rules around customers who can establish service. Our revenue and associated accounts receivable are based upon a recurring revenue structure whereby customers are billed in advance of service being provided over the ensuing 30 days and there is little month-to-month volatility in the composition of the customer base across all segments. Management is actively monitoring current economic conditions, including the impacts of inflation on our customers and their associated accounts receivable balances in order to adjust the allowance for credit losses accordingly. To date, no material risk has been identified; however, management will continue to monitor and make adjustments, as necessary.
Prepaid Expenses	Prepaid Expenses – Prepaid expenses primarily consist of prepaid services, rent, insurance, taxes, maintenance contracts, refundable deposits, and the current portion of deferred contract costs recorded in accounting for revenue from contracts with customers. Prepayments are expensed on a straight-line basis over the corresponding life of the underlying agreements.
Other Current Assets	Other Current Assets – Other current assets primarily consist of receivables related to federal and state broadband grant programs (see “Government Assistance” below), contract assets recorded in accounting for revenue from contracts with customers (see Note 8), and inventories. Inventories include finished goods consisting of network and other equipment to be sold to customers and materials and supplies used for maintenance and repairs. Inventories are stated at the lower of cost or net realizable value. Cost is determined using either an average original cost or specific identification method of valuation.
Indefinite-Lived Intangible Assets	Indefinite-Lived Intangible Assets – Indefinite-lived intangible assets consist of spectrum licenses that provide the exclusive right to utilize designated radio frequency spectrum to provide telecommunication services. The spectrum licenses were purchased in the 3.5, 24, 28, and 37 gigahertz (“GHz”) airwave auctions conducted by the Federal Communications Commission (“FCC”) in 2020 and 2019. The spectrum licenses have an initial term of 10 years and are subject to renewal by the FCC. Currently, there are no legal, regulatory, contractual, competitive, economic or other factors that would limit the useful life of the spectrum licenses. Management evaluates the useful life determination for the spectrum licenses each year to determine whether events and circumstances continue to support an indefinite useful life. Indefinite-lived intangible assets are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.
Government Assistance	Government Assistance – The Company receives federal and state governmental assistance in the form of subsidies and grants for either the construction of long-lived assets used in providing broadband service or to help offset the high cost of providing service to rural markets. In absence of specific GAAP related to the accounting for government grants applicable to for-profit entities, the Company considered the application of other authoritative accounting guidance by analogy and concluded that International Accounting Standard 20 – Accounting for Government Grants and Disclosures of Government Assistance (“IAS 20”) was the most appropriate authoritative guidance for recording and classifying federal and state governmental assistance received by the Company. Under IAS 20, the accounting for government grants should be based on the nature of the expenditures which the grant is intended to compensate for and should be recognized when there is reasonable assurance that the Company has met the requirements of the applicable program and there is reasonable assurance that the funding will be received. Grants that compensate the Company for the cost of acquiring or constructing long-lived assets are recognized as a reduction in the cost of the related assets. If the Company receives the grant funding upfront in advance of completing the related construction project, the Company establishes a liability for the portion of the grant funds received but not yet spent. The liability is then relieved on a pro rata basis as construction occurs, and capital expenditures are incurred. Conversely, if the Company incurs capital expenditures before receiving the grant funds, the Company records a receivable equal to the amount of capital expenditures incurred to be funded by the grant.
Revenue Recognition	Revenue Recognition – As a result of the Merger and the newly acquired Windstream consumer, business and wholesale operations, the Company expanded its products and service offerings to include a variety of communication and connectivity services for consumer and business customers including other carriers that use our facilities to provide services to their customers, as well as professional and integrated managed services provided to large enterprises and government customers. These revenues are accounted for under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). In addition to revenues earned from leasing arrangements, revenues that are not accounted for under ASC 606 now also include amounts earned from federal and state Universal Service Fund (“USF”) programs and other regulatory-related sources and activities. A contract’s transaction price, considering discounts given for bundled purchases and promotional credits, is allocated to each distinct performance obligation, a promise in a contract to transfer a distinct good or service to the customer, and recognized as revenue when, or as, the performance obligation is satisfied. While the majority of our contracts have multiple performance obligations, the revenue recognition pattern is generally not impacted by the allocation since the performance obligations are generally satisfied over the same period of time. When the method and timing of transfer and performance risk are the same, services are deemed to be highly interdependent. Highly interdependent, indistinct services are combined into a single performance obligation. Although each month of services promised is a separate performance obligation, the series of monthly service performance obligations promised over the course of the contract is deemed to be a single performance obligation for purposes of the allocation. Certain contracts include discounts and promotional credits given to customers. Discounts and promotional credits are included in the transaction price based on historical experience and anticipated performance. For contracts with multiple performance obligations, the contract’s transaction price is allocated to each performance obligation based on the relative standalone selling price of each performance obligation in the contract. The standalone selling price is the estimated price the Company would charge for the good or service in a separate transaction with similar customers in similar circumstances. Identifying distinct performance obligations and determining the standalone selling price for each performance obligation within a contract with multiple performance obligations requires management judgment. Performance obligations are satisfied over time as services are rendered or at a point in time depending on our evaluation of when the customer obtains control of the promised goods. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally, this occurs when services are rendered or control of the communication products is transferred. Service revenues are recognized over the period that the corresponding services are rendered to customers. Revenues that are billed in advance include monthly recurring network access and data services, special access and monthly recurring voice, internet and other related charges. Revenues derived from other telecommunications services, including interconnection, long-distance and enhanced services are recognized monthly as services are provided. Telecommunications network maintenance revenue from indefeasible rights to use fiber optic network facility arrangements are generally recognized over the term of the related contract. Sales of communications products including customer premise equipment and modems are recognized when products are delivered to and accepted by customers. In determining whether installation is a separate performance obligation, management evaluates, among other factors, whether other performance obligations are highly dependent upon installation requiring significant integration or customization or whether a customer can benefit from the installation with other readily available resources. In circumstances where customers can benefit from the installation with other readily available resources, installation is a separate performance obligation. Installation revenue is recognized when the installation is complete. In circumstances where other telecommunication service performance obligations are highly dependent upon installation, installation is not a separate purchase obligation, and accordingly, the installation fees are included in the transaction price allocated to and recognized with other telecommunication service performance obligations. Fees assessed to customers for service activation are considered a material right in a month-to-month contract. These service activation fees are deferred and recognized as service revenue on a straight-line basis over the estimated life of the customer. Determining the estimated life of the customer requires management judgment. The estimated life of customer relationships varies by customer type. Wholesale customer lives are estimated based on the average number of months each individual circuit is active. Business customer lives are based on average contract terms. Residential customer lives are estimated based on average customer tenure. In determining whether to include in revenues and expenses, the taxes and surcharges assessed and collected from customers and remitted to government authorities, including USF charges, sales, use, value added and excise taxes, management evaluates, among other factors, whether the Company is the primary obligor or principal tax payer for the fees and taxes assessed in each jurisdiction in which it operates. In those jurisdictions for which the Company is the primary obligor, taxes and surcharges are recorded on a gross basis and included in revenues and costs of services and products. In jurisdictions in which the Company functions as a collection agent for the government authority, taxes are recorded on a net basis and the amounts excluded from revenues and costs of services and products.
Pension Benefits	Pension Benefits – Changes in the fair value of plan assets and actuarial gains and losses due to actual experience differing from actuarial assumptions, are recognized as a component of net periodic pension expense in the fourth quarter in the year in which the gains and losses occur, and if applicable in any quarter in which an interim remeasurement is required. The remaining components of net periodic pension income, primarily benefits earned, interest cost and expected return on plan assets, are recognized ratably on a quarterly basis.
Intercarrier Billing Disputes	Intercarrier Billing Disputes – The Company routinely disputes network access charges that are billed by other companies for access to their networks. The Company has accrued amounts that it believes are adequate related to ongoing billing disputes. The reserves are subject to changes in estimates and management judgment as new information becomes available. Due to the length of time historically required to resolve these disputes, these matters may be resolved or require adjustment in future periods and relate to costs invoiced, accrued or paid in prior periods. Amounts recorded for billing disputes were not material as of September 30, 2025. There were no reserves for billing disputes recorded as of December 31, 2024. While management believes the reserves recorded for billing disputes are adequate, it is possible that future adjustments to these reserves could be recorded and such adjustments could be significant.
Gain on Sale of Operating Assets	Gain on Sale of Operating Assets – The Company had previously acquired certain fiber assets from CableSouth Media, LLC (“CableSouth”) and leased back certain of those acquired assets to CableSouth pursuant to a triple-net lease agreement. During the fourth quarter of 2023, the Company entered into an agreement with a fund managed by Macquarie Asset Management (“MAM”) pursuant to which MAM would make a structured equity investment into CableSouth in order to assist CableSouth in the acquisition of all of our previously acquired CableSouth fiber assets
Exchanges of Noncontrolling Interests	Exchanges of Noncontrolling Interests – The limited partnership interests in the Operating Partnership (commonly called “OP Units”), were exchangeable on a one-for-one basis for shares of common stock or, at our election, cash of equivalent value.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted Income Taxes – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard intends to improve transparency about income tax information primarily through changes to the tax rate reconciliation and income taxes paid disclosures. ASU 2023-09 will require entities on an annual basis to disclose a tabular rate reconciliation using both percentages and dollar amounts that include specific categories of reconciling items and to provide additional information for reconciling items that meet a specified quantitative threshold. ASU 2023-09 also requires entities to disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign jurisdictions and for individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, which is January 1, 2025 for the Company, with early adoption permitted. The amendments in ASU 2023-09 are to be applied on a prospective basis, although retrospective application is permitted. The Company is currently in the process of evaluating the impacts of this guidance to the income tax disclosures included within its annual consolidated financial statements. Credit Losses – In July 2025, the FASB issued ASU 2025-05 - Financial Instruments - Credit Losses (Topic ASC 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments in this ASU provide entities with a practical expedient they may elect to use when developing an estimate of expected credit losses on current accounts receivable and current contract asset balances arising from transactions accounted for under Topic ASC 606 - Revenue from Contracts with Customers. Under this practical expedient, entities may elect to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in ASU 2025-05 become effective for fiscal years and for interim periods beginning after December 15, 2025, and early adoption is permitted. The Company is currently assessing the effect of this update on our consolidated financial statements and related disclosures. Disaggregation of Expenses – In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220) - Expense Disaggregation Disclosures (“ASU 2024-03”). This update requires public business entities to provide more detailed disclosure in the notes to the financial statements of certain categories of expenses, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization, that are components of existing captions presented on the face of the statement of operations. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments in ASU 2024-03 may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its financial statement presentation and disclosures. Internal Use Software – In September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting tor Internal-Use Software (“ASU 2025-06”) that updates the accounting guidance for internal-use software costs by removing references to prescriptive and sequential development stages of a project and replacing them with new criteria used in determining when to start capitalizing software costs. Under the new guidance, capitalization begins when management authorizes and commits to funding the software project and it is probable the project will be completed, and the software will be used to perform the intended function. The new guidance also clarifies that capitalized internal-use software costs are subject to the property, plant, and equipment disclosure requirements. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and for interim reporting periods within those annual fiscal years, with early adoption permitted. The guidance may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is currently assessing the effect of this update on our consolidated financial statements and related disclosures.

Segments - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total revenues and sales	$ 722.6	$ 292.2	$ 1,317.3	$ 873.6
Intersegment costs and expenses	(765.2)	(154.9)	(1,069.2)	(434.2)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues and sales	32.3	0.0	32.3	0.0
Operating Segments
Segment Reporting Information [Line Items]
Total revenues and sales	754.9	292.2	1,349.6	873.6
Intersegment costs and expenses	(32.3)	0.0	(32.3)	0.0
Contribution margin	385.3	249.9	896.6	745.2
Total segment expenses	(337.3)	(42.3)	(420.7)	(128.4)
Kinetic
Segment Reporting Information [Line Items]
Total revenues and sales	360.3	0.0	360.3	0.0
Kinetic \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues and sales	7.9	0.0	7.9	0.0
Kinetic \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues and sales	368.2	0.0	368.2	0.0
Compensation expenses	(67.1)	0.0	(67.1)	0.0
Non-compensation managed expenses	(40.4)	0.0	(40.4)	0.0
Revenue-driven costs	(30.0)	0.0	(30.0)	0.0
Network access and facilities	(37.9)	0.0	(37.9)	0.0
Allocated network operations expenses	(10.6)	0.0	(10.6)	0.0
Customer access	(3.9)	0.0	(3.9)	0.0
Intersegment costs and expenses	(22.9)	0.0	(22.9)	0.0
Contribution margin	155.4	0.0	155.4	0.0
Uniti Solutions
Segment Reporting Information [Line Items]
Total revenues and sales	135.7	0.0	135.7	0.0
Uniti Solutions \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues and sales	0.9	0.0	0.9	0.0
Uniti Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues and sales	136.6	0.0	136.6	0.0
Compensation expenses	(6.5)	0.0	(6.5)	0.0
Non-compensation managed expenses	(0.4)	0.0	(0.4)	0.0
Revenue-driven costs	(20.4)	0.0	(20.4)	0.0
Customer access	(29.1)	0.0	(29.1)	0.0
Intersegment costs and expenses	(8.0)	0.0	(8.0)	0.0
Contribution margin	72.2	0.0	72.2	0.0
Fiber Infrastructure
Segment Reporting Information [Line Items]
Total revenues and sales	226.6	292.2	821.3	873.6
Fiber Infrastructure \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues and sales	23.5	0.0	23.5	0.0
Fiber Infrastructure \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues and sales	250.1	292.2	844.8	873.6
Compensation expenses	(18.0)	(12.2)	(42.0)	(35.7)
Non-compensation managed expenses	(4.8)	(3.2)	(12.1)	(10.0)
Revenue-driven costs	(15.2)	(4.1)	(23.3)	(13.3)
Network access and facilities	(48.5)	(22.8)	(92.5)	(69.4)
Allocated network operations expenses	(2.6)	0.0	(2.6)	0.0
Customer access	(1.9)	0.0	(1.9)	0.0
Intersegment costs and expenses	(1.4)	0.0	(1.4)	0.0
Contribution margin	157.7	249.9	669.0	745.2
Service revenues
Segment Reporting Information [Line Items]
Total revenues and sales	695.3	287.5	1,282.0	861.1
Service revenues \| Kinetic
Segment Reporting Information [Line Items]
Total revenues and sales	348.6	0.0	348.6	0.0
Service revenues \| Uniti Solutions
Segment Reporting Information [Line Items]
Total revenues and sales	135.3	0.0	135.3	0.0
Service revenues \| Fiber Infrastructure
Segment Reporting Information [Line Items]
Total revenues and sales	211.4	287.5	798.1	861.1
Sales revenues
Segment Reporting Information [Line Items]
Total revenues and sales	27.3	4.7	35.3	12.5
Sales revenues \| Kinetic
Segment Reporting Information [Line Items]
Total revenues and sales	11.7	0.0	11.7	0.0
Sales revenues \| Uniti Solutions
Segment Reporting Information [Line Items]
Total revenues and sales	0.4	0.0	0.4	0.0
Sales revenues \| Fiber Infrastructure
Segment Reporting Information [Line Items]
Total revenues and sales	$ 15.2	$ 4.7	$ 23.2	$ 12.5

Goodwill and Intangible Assets and Liabilities - Schedule of Indefinite-Lived Intangible Assets (Details) $ in Millions	Sep. 30, 2025 USD ($)
FCC Spectrum licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 78.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
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-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
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-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
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-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

+ Details

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 15, 2024
Non-Participating Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	1.3	0.9	0.8	0.9
Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)		25.3		30.2
Convertible Senior Notes Due 2027
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Issuance senior notes, stated percentage					4.00%

Goodwill and Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2025 are as follows:


(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure (a)		Total
Goodwill at December 31, 2024	$	—	$	—	$	672.9	$	672.9
Accumulated impairment charges as of December 31, 2024	—		—		(515.5)		(515.5)
Balance at December 31, 2024	—		—		157.4		157.4
Acquisition of Windstream	768.3		193.3		45.3		1,006.9
Goodwill at September 30, 2025	768.3		193.3		718.2		1,679.8
Accumulated impairment charges as of September 30, 2025	—		—		(515.5)		(515.5)
Balance at September 30, 2025	$	768.3	$	193.3	$	202.7	$	1,164.3

(a)Prior to the Merger, all goodwill related to the former Uniti Fiber segment. In connection with the Merger, the former Uniti Fiber and Uniti Leasing segments were combined with the CLEC portion of Windstream’s acquired wholesale business and renamed Fiber Infrastructure.

Schedule of Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets were as follows on September 30, 2025:


(Millions)
FCC Spectrum licenses	$	78.9

Schedule of Carrying Value of Intangible Assets and Liabilities

Carrying value of finite-lived intangible assets and liabilities were as follows:


	September 30, 2025						December 31, 2024
(Millions)	Original Cost		Accumulated Amortization		Net Carrying Value		Original Cost		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer relationships	$	750.0	$	(41.9)	$	708.1	$	—	$	—	$	—
Customer lists	416.1		(191.4)		224.7		416.1		(174.3)		241.8
IPv4 addresses (a)	162.8		(1.6)		161.2		—		—		—
Trade name	115.0		(1.3)		113.7		—		—		—
Contracts	52.5		(32.8)		19.7		52.5		(27.9)		24.6
Rights of way	48.6		(2.5)		46.1		10.5		(1.5)		9.0
Total	$	1,545.0	$	(271.5)	$	1,273.5	$	479.1	$	(203.7)	$	275.4

Finite-lived intangible liabilities:
Below-market leases	$	15.2	$	(9.5)	$	5.7	$	191.2	(45.5)		145.7

(a)Subsequent to August 1, 2025, the Company sold certain unused IPv4 addresses with a net carrying value of $2.8 million and received cash proceeds of $3.1 million.

Schedule of Amortization Methodology and Useful Lives for Finite-Lived Intangible Assets

The amortization methodology and useful lives for finite-lived intangible assets and liabilities were as follows:

Amortization Methodology

Estimated Useful Life

Intangible Assets:

Customer relationships

sum of years digits

5 years

Customer lists

straight-line

14-30 years

IPv4 addresses

straight-line

17.5 years

Trade name

straight-line

15 years

Contracts

straight-line

8 years

Rights of way

straight-line

9.4 - 30.0 years

Intangible Liabilities:

Below-market leases

straight-line

8-20 years

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization expense for intangible assets subject to amortization is estimated to be as follows for each of the years ended December 31:


Year	(Millions)
2025 (excluding the nine months ended September 30, 2025)	$	75.4
2026	279.7
2027	229.8
2028	178.2
2029	123.2
Thereafter	387.2
Total	$	1,273.5

Schedule of Revenue Due to Amortization of Below-Market Leases

Revenue due to the amortization of the below-market leases is estimated to be as follows for each of the years ended December 31:


Year	(Millions)
2025 (excluding the nine months ended September 30, 2025)	$	0.5
2026	1.9
2027	1.9
2028	1.4
Total	$	5.7

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Notes and Other Debt, Net - Deferred Financing Cost (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Disclosure [Abstract]
Amortization of deferred financing costs	$ 5.8	$ 6.3	$ 17.5	$ 17.4

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	(9.10%)	(94.30%)	(9.90%)	(23.90%)
Income tax benefit	$ 134,500,000	$ 5,900,000	$ 145,200,000	$ 13,800,000
Unrecognized tax benefits	3,000,000.0		3,000,000.0
Liability for uncertain tax positions	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Segments - Schedule of Reconciliation of Segment Contribution Margin to Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (202.3)	$ (79.3)	$ (361.7)	$ (234.9)
Gain on sale of operating assets	0.0	0.0	0.0	19.0
Transaction related and other costs	(157.7)	(14.4)	(179.0)	(31.1)
Corporate/shared operating expenses	(765.2)	(154.9)	(1,069.2)	(434.2)
Amortization of non-cash rights-of-use assets	(0.3)	(0.8)	(2.0)	(2.5)
Severance costs	0.0	(0.1)	0.0	(1.6)
Stock-based compensation	(10.1)	(3.4)	(17.4)	(10.1)
Other (expense) income, net	(0.2)	0.0	(1.3)	0.3
Gain on settlement of preexisting relationships	1,685.4	0.0	1,685.4	0.0
Interest expense, net	(168.2)	(131.0)	(467.0)	(381.7)
Income tax benefit	134.5	5.9	145.2	13.8
Net income	1,608.9	12.2	1,610.4	71.8
Operating Segments
Segment Reporting Information [Line Items]
Total segment contribution margin	385.3	249.9	896.6	745.2
Corporate/shared operating expenses	(32.3)	0.0	(32.3)	0.0
Corporate/shared operating expenses
Segment Reporting Information [Line Items]
Corporate/shared operating expenses	$ (57.5)	$ (14.6)	$ (88.4)	$ (44.6)

Supplementary Unrestricted Subsidiary Information - Schedule of Consolidated Balance Sheet of Such Unrestricted Subsidiaries (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 158.0		$ 155.6
Restricted cash	73.9		28.2
Accounts receivable, net	345.3		51.5
Prepaid expenses	104.0		16.2
Other current assets	193.0		18.1
Total current assets	874.2		269.6
Goodwill	1,164.3		157.4
Intangible assets, net	1,352.4		275.4
Property, plant and equipment, net	8,059.4		4,209.7
Operating lease right-of-use assets, net	541.4		126.8
Deferred income tax assets, net	0.0		128.0
Other assets	87.5		115.2
Total assets	12,079.2		5,282.1
Current liabilities:
Accounts payable	161.9		13.6
Deferred revenue	185.2		84.5
Current portion of operating lease obligations	124.3		12.7
Accrued interest	161.5		143.9
Other current liabilities	371.1		118.9
Total current liabilities	1,070.3		380.7
Notes and other debt, net	9,285.1		5,783.6
Noncurrent operating lease obligations	381.3		67.8
Noncurrent deferred revenue	379.4		1,316.5
Deferred income tax assets, net	13.7		0.0
Total liabilities	11,398.4		7,734.0
Shareholders' (deficit) equity:
Total shareholders' equity (deficit)	680.8	$ (2,444.1)	(2,451.9)	$ (2,476.3)	$ (2,492.4)	$ (2,484.1)
Total liabilities and shareholders' equity (deficit)	12,079.2		5,282.1
Eliminations
Current assets:
Cash and cash equivalents	0.0		0.0
Restricted cash	0.0		0.0
Accounts receivable, net	(38.6)		(3.9)
Prepaid expenses	0.0		0.0
Other current assets	0.0		0.0
Total current assets	(38.6)		(3.9)
Goodwill	0.0		0.0
Intangible assets, net	0.0		0.0
Property, plant and equipment, net	0.0		0.0
Operating lease right-of-use assets, net	0.0		0.0
Deferred income tax assets, net			0.0
Other assets	(31.3)		(170.5)
Total assets	(69.9)		(174.4)
Current liabilities:
Accounts payable	(38.6)		(3.9)
Deferred revenue	0.0		0.0
Current portion of operating lease obligations	0.0		0.0
Accrued taxes	0.0		0.0
Accrued interest	0.0		0.0
Other current liabilities	0.0		0.0
Total current liabilities	(38.6)		(3.9)
Notes and other debt, net	(21.3)		0.0
Noncurrent operating lease obligations	0.0		0.0
Noncurrent deferred revenue	(10.0)		0.0
Deferred income tax assets, net	0.0
Other liabilities	0.0		0.0
Total liabilities	(69.9)		(3.9)
Shareholders' (deficit) equity:
Total shareholders' equity (deficit)	0.0		(170.5)
Total liabilities and shareholders' equity (deficit)	(69.9)		(174.4)
Consolidated
Current assets:
Cash and cash equivalents	158.0		155.6
Restricted cash	73.9		28.2
Accounts receivable, net	345.3		51.5
Prepaid expenses	104.0		16.2
Other current assets	193.0		18.1
Total current assets	874.2		269.6
Goodwill	1,164.3		157.4
Intangible assets, net	1,352.4		275.4
Property, plant and equipment, net	8,059.4		4,209.7
Operating lease right-of-use assets, net	541.4		126.8
Deferred income tax assets, net			128.0
Other assets	87.5		115.2
Total assets	12,079.2		5,282.1
Current liabilities:
Accounts payable	161.9		13.6
Deferred revenue	185.2		84.5
Current portion of operating lease obligations	124.3		12.7
Accrued taxes	66.3		7.1
Accrued interest	161.5		143.9
Other current liabilities	371.1		118.9
Total current liabilities	1,070.3		380.7
Notes and other debt, net	9,285.1		5,783.6
Noncurrent operating lease obligations	381.3		67.8
Noncurrent deferred revenue	379.4		1,316.5
Deferred income tax assets, net	13.7
Other liabilities	268.6		185.4
Total liabilities	11,398.4		7,734.0
Shareholders' (deficit) equity:
Total shareholders' equity (deficit)	680.8		(2,451.9)
Total liabilities and shareholders' equity (deficit)	12,079.2		5,282.1
Unrestricted Subsidiaries
Current assets:
Cash and cash equivalents	1.9		1.7
Restricted cash	68.5		28.1
Accounts receivable, net	11.2		9.0
Prepaid expenses	0.0		0.0
Other current assets	0.0		0.1
Total current assets	81.6		38.9
Goodwill	0.0		0.0
Intangible assets, net	0.0		0.0
Property, plant and equipment, net	448.7		446.5
Operating lease right-of-use assets, net	0.0		0.0
Deferred income tax assets, net			0.0
Other assets	23.2		0.8
Total assets	553.5		486.2
Current liabilities:
Accounts payable	34.0		3.2
Deferred revenue	6.0		4.6
Current portion of operating lease obligations	0.0		0.0
Accrued taxes	2.4		0.2
Accrued interest	7.6		0.9
Other current liabilities	0.0		0.0
Total current liabilities	50.0		8.9
Notes and other debt, net	577.9		271.3
Noncurrent operating lease obligations	0.0		0.0
Noncurrent deferred revenue	51.5		38.9
Deferred income tax assets, net	0.0
Other liabilities	0.0		0.0
Total liabilities	679.4		319.1
Shareholders' (deficit) equity:
Total shareholders' equity (deficit)	(125.9)		167.2
Total liabilities and shareholders' equity (deficit)	553.5		486.3
Restricted Subsidiaries
Current assets:
Cash and cash equivalents	156.1		153.9
Restricted cash	5.4		0.1
Accounts receivable, net	372.7		46.4
Prepaid expenses	104.0		16.2
Other current assets	193.0		18.0
Total current assets	831.2		234.6
Goodwill	1,164.3		157.4
Intangible assets, net	1,352.4		275.4
Property, plant and equipment, net	7,610.7		3,763.2
Operating lease right-of-use assets, net	541.4		126.8
Deferred income tax assets, net			128.0
Other assets	95.6		284.9
Total assets	11,595.6		4,970.3
Current liabilities:
Accounts payable	166.5		14.3
Deferred revenue	179.2		79.9
Current portion of operating lease obligations	124.3		12.7
Accrued taxes	63.9		6.9
Accrued interest	153.9		143.0
Other current liabilities	371.1		118.9
Total current liabilities	1,058.9		375.7
Notes and other debt, net	8,728.5		5,512.3
Noncurrent operating lease obligations	381.3		67.8
Noncurrent deferred revenue	337.9		1,277.6
Deferred income tax assets, net	13.7
Other liabilities	268.6		185.4
Total liabilities	10,788.9		7,418.8
Shareholders' (deficit) equity:
Total shareholders' equity (deficit)	806.7		(2,448.6)
Total liabilities and shareholders' equity (deficit)	$ 11,595.6		$ 4,970.2

Revenues (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Accounts Receivable

Accounts receivable consists of the following as of:


(Millions)	September 30, 2025		December 31, 2024
Accounts receivable	$	352.9	$	54.0
Less: Allowance for credit losses	7.6		2.5
Accounts receivable, net	$	345.3	$	51.5

Schedule of Allowance for Credit Loss

Activity in the allowance for credit losses consisted of the following:


(Millions)
Balance as of December 31, 2024	$	2.5
Provision for estimated credit losses	6.3
Write-offs, net of recovered accounts	(1.2)
Balance as of September 30, 2025	$	7.6

Schedule of Contract Assets and Contract Liabilities

Contract assets and liabilities from contracts with customers were as follows at:


(Millions)	September 30, 2025		December 31, 2024
Contract assets (a)	$	63.6	$	—
Contract liabilities (b)	$	173.1	$	10.0

(a)Included $33.3 million in other current assets and $30.3 million in other assets as of September 30, 2025.

(b)Included $110.8 million and $2.7 million in current deferred revenue and $62.3 million and $7.3 million in noncurrent deferred revenue as of September 30, 2025 and December 31, 2024, respectively.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Revenues recognized included in the opening contract liability balance	$	0.8	$	0.8	$	3.6	$	3.4

Schedule of Disaggregation of Revenue

Revenues disaggregated by category were as follows:


	Three Months Ended September 30, 2025
(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure		Total
Category:
Consumer:
Fiber subscriber	$	77.7	$	—	$	—	$	77.7
DSL subscriber and other	102.7		—		—		102.7
Uniti Solutions:
Managed services	—		121.7		—		121.7
TDM	—		8.7		—		8.7
Business services	66.4		—		—		66.4
Switched access	2.2		—		—		2.2
Uniti Fiber	—		—		55.7		55.7
Wholesale	54.8		—		46.0		100.8
Total service revenues accounted for under ASC 606	303.8		130.4		101.7		535.9
Sales revenues	11.7		0.4		1.6		13.7
Total revenues and sales accounted for under ASC 606	315.5		130.8		103.3		549.6
Operating lease income	17.7		0.1		106.7		124.5
Other service and sales revenues (a)	27.1		4.8		16.6		48.5
Total revenues and sales	$	360.3	$	135.7	$	226.6	$	722.6


	Nine Months Ended September 30, 2025
(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure		Total
Category:
Consumer:
Fiber subscriber	$	77.7	$	—	$	—	$	77.7
DSL subscriber and other	102.7		—		—		102.7
Uniti Solutions:
Managed services	—		121.7		—		121.7
TDM	—		8.7		—		8.7
Business services	66.4		—		—		66.4
Switched access	2.2		—		—		2.2
Uniti Fiber	—		—		167.0		167.0
Wholesale	54.8		—		48.9		103.7
Total service revenues accounted for under ASC 606	303.8		130.4		215.9		650.1
Sales revenues	11.7		0.4		7.0		19.1
Total revenues and sales accounted for under ASC 606	315.5		130.8		222.9		669.2
Operating lease income	17.7		0.1		579.2		597.0
Other service and sales revenues (a)	27.1		4.8		19.2		51.1
Total revenues and sales	$	360.3	$	135.7	$	821.3	$	1,317.3


	Three Months Ended September 30, 2024
(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure		Total
Category:
Consumer:
Fiber subscriber	$	—	$	—	$	—	$	—
DSL subscriber and other	—		—		—		—
Uniti Solutions:
Managed services	—		—		—		—
TDM	—		—		—		—
Business services	—		—		—		—
Switched access	—		—		—		—
Uniti Fiber	—		—		54.7		54.7
Wholesale	—		—		1.9		1.9
Total service revenues accounted for under ASC 606	—		—		56.6		56.6
Sales revenues	—		—		1.7		1.7
Total revenues and sales accounted for under ASC 606	—		—		58.3		58.3
Operating lease income	—		—		230.9		230.9
Other service and sales revenues (a)	—		—		3.0		3.0
Total revenues and sales	$	—	$	—	$	292.2	$	292.2


	Nine Months Ended September 30, 2024
(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure		Total
Category:
Consumer:
Fiber subscriber	$	—	$	—	$	—	$	—
DSL subscriber and other	—		—		—		—
Uniti Solutions:
Managed services	—		—		—		—
TDM	—		—		—		—
Business services	—		—		—		—
Switched access	—		—		—		—
Uniti Fiber	—		—		167.6		167.6
Wholesale	—		—		5.1		5.1
Total service revenues accounted for under ASC 606	—		—		172.7		172.7
Sales revenues	—		—		9.5		9.5
Total revenues and sales accounted for under ASC 606	—		—		182.2		182.2
Operating lease income	—		—		688.4		688.4
Other service and sales revenues (a)	—		—		3.0		3.0
Total revenues and sales	$	—	$	—	$	873.6	$	873.6

(a)Other service and sales revenues primarily consist of end user surcharges, funding from the RDOF and state USF, and revenues from sales-type leases.

Schedule of Deferred Contract Acquisition and Fulfillment Costs

The following table presents the deferred contract acquisition and fulfillment costs as of:


(Millions)	September 30, 2025		December 31, 2024
Deferred Contract Acquisition Costs:
Prepaid expenses	$	5.8	$	4.1
Other assets	10.6		6.8
Total deferred contract acquisition costs	$	16.4	$	10.9
Deferred Contract Fulfillment Costs:
Prepaid expenses	$	1.1	$	—
Other assets	2.6		—
Total deferred contract fulfillment costs	$	3.7	$	—

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Supplemental Cash Flow Information

Supplemental Cash Flow Information – Supplemental cash flow information for the periods presented was as follows:


	Nine Months Ended September 30,
(Millions)	2025		2024
Interest paid, net of interest capitalized	$	455.8	$	474.4
Income taxes paid, net of refunded	$	2.1	$	2.0
Right-of-use assets obtained in exchange for operating lease obligations	$	40.2	$	14.5
Change in accounts payable and other current liabilities for purchases of property and equipment	$	17.7	$	(1.4)
Tenant capital improvements	$	298.8	$	163.6

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations. We have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any specific period could be materially affected by changes in its assumptions or the effectiveness of its strategies related to these proceedings. Legal expenses associated with loss contingencies are expensed as incurred. Windstream Pre-Merger Commitments Prior to the Merger, in accordance with the terms of the settlement agreement with Windstream, including entry into the Windstream Leases, Old Uniti was obligated to make up to $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning in October 2020. Old Uniti had the option to prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). In July 2025, Old Uniti made the final quarterly cash installment due under the settlement agreement. As of July 31, 2025, Old Uniti had made payments totaling $484.9 million. Additionally, beginning in October 2020, Old Uniti was obligated to reimburse Windstream for up to an aggregate of $1.75 billion for certain growth capital improvements in long-term fiber and related assets made by Windstream (“Growth Capital Improvements”) through 2029. Old Uniti’s reimbursement commitment for Growth Capital Improvements did not require it to reimburse Windstream for maintenance or repair expenditures (except for costs incurred for fiber replacements to the property leased under the CLEC MLA, up to $70.0 million during the term), and each such reimbursement was subject to underwriting standards. Old Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $225.0 million in 2024, and were limited to $175.0 million per year in 2025 and 2026; and $125.0 million per year in 2027 through 2029. If the cost incurred by Windstream (or the successor tenant under a Windstream Lease) for Growth Capital Improvements in any calendar year exceeded the annual limit for such calendar year, Windstream (or such tenant, as the case may be) could have submitted such excess costs for reimbursement in any subsequent year and such excess costs would have been funded from the annual commitment amounts in such subsequent period. In addition, to the extent that reimbursements for Growth Capital Improvements funded in any calendar year during the term was less than the annual limit for such calendar year, the unfunded amount in any calendar year would have carried-over and could have been added to the annual limits for subsequent calendar years, subject to an annual limit of $250.0 million in any calendar year. During the seven months ended July 31, 2025, Old Uniti reimbursed Windstream for $175.0 million of Growth Capital Improvements, all of which were for the reimbursement of capital improvements completed in 2024 that were previously classified as tenant funded capital improvements. As of the date of the Merger, Old Uniti had reimbursed Windstream a total of $1.2 billion of Growth Capital Improvements. Starting on the first anniversary of each installment of reimbursement for a Growth Capital Improvement, the rent payable by Windstream under the applicable Windstream Lease increased by an amount equal to 8.0% (the “Rent Rate”) of such installment of reimbursement. The Rent Rate thereafter increased to 100.5% of the prior Rent Rate on each anniversary of each reimbursement. In the event that the tenant’s interest in either Windstream Lease was transferred by Windstream under the terms thereof (unless transferred to the same transferee), or if Old Uniti transferred its interests as landlord under either Windstream Lease (unless to the same transferee), the reimbursement rights and obligations would have been allocated between the ILEC MLA and the CLEC MLA by Windstream, provided that the maximum that was allocated to the CLEC MLA following such transfer was $20.0 million per year. If Old Uniti failed to reimburse any Growth Capital Improvement reimbursement payment or equipment loan funding request as and when it was required to do so under the terms of the Windstream Leases, and such failure continued for thirty (30) days, then such unreimbursed amounts would have been applied as an offset against the rent owed by Windstream under the Windstream Leases (and such amounts thereafter would have been treated as if Old Uniti had reimbursed them). Finally, Old Uniti and Windstream had entered into separate ILEC and CLEC Equipment Loan and Security Agreements (collectively “Equipment Loan Agreement”) in which Old Uniti provided up to $125.0 million (limited to $25.0 million in any calendar year) of the $1.75 billion of Growth Capital Improvements commitments discussed above in the form of loans for Windstream to purchase equipment related to network upgrades or to be used in connection with the Windstream Leases. Interest on these loans accrued at 8% from the date of the borrowing. All equipment financed through the Equipment Loan Agreement was the sole property of Windstream; however, Old Uniti received a first-lien security interest in the equipment purchased with the loans. No such loans were made as of the date of the Merger. Following the Merger, all such pre-existing relationships between Old Uniti and Windstream and the related transactions and balances became intercompany transactions under New Uniti.

Segments - Schedule of Capital Expenditures by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total	$ 214.9	$ 65.0	$ 461.2	$ 327.8
Operating Segments
Segment Reporting Information [Line Items]
Total	205.3	65.0	450.7	327.8
Corporate/shared operating expenses
Segment Reporting Information [Line Items]
Total	9.6	0.0	10.5	0.0
Kinetic \| Operating Segments
Segment Reporting Information [Line Items]
Total	147.7	0.0	147.7	0.0
Uniti Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total	4.9	0.0	4.9	0.0
Fiber Infrastructure \| Operating Segments
Segment Reporting Information [Line Items]
Total	$ 52.7	$ 65.0	$ 298.1	$ 327.8

Segments - Schedule of Reconciliation of Total Segment Revenues and Sales to Total Consolidated Revenues and Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total segment revenues and sales	$ 722.6	$ 292.2	$ 1,317.3	$ 873.6
Operating Segments
Segment Reporting Information [Line Items]
Total segment revenues and sales	754.9	292.2	1,349.6	873.6
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total segment revenues and sales	$ 32.3	$ 0.0	$ 32.3	$ 0.0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: Debt Refinancing Senior Secured Notes – On October 6, 2025, Windstream Services completed a private offering of $1,400.0 million aggregate principal amount of 7.500% Senior Secured Notes due 2033 (the “7.500% secured notes”). Windstream Services used the net proceeds from the offering, together with the proceeds of the New Term Loan (as defined and described below), to fund the redemption in full of its outstanding 10.50% secured notes, and to pay any related premiums, fees and expenses in connection with the foregoing. On October 6, 2025, the 10.50% secured notes were redeemed in full and the 10.50% secured notes indenture was satisfied and discharged. The 7.500% secured notes were issued at an issue price of 100.0% of their principal amount pursuant to an indenture, dated as of October 06, 2025 (the “7.500% secured notes indenture”), among Windstream Services, as issuer, the guarantors named therein and Deutsche Bank Trust Company Americas, as trustee and as collateral agent. The 7.500% secured notes mature on October 15, 2033 and bear interest at a rate of 7.500% per year. Interest on the 7.500% secured notes is payable on March 15 and September 15 of each year, beginning on March 15, 2026. Windstream Services may redeem the 7.500% secured notes, in whole or in part, at any time prior to October 15, 2028 at a redemption price equal to 100% of the principal amount of the 7.500% secured notes redeemed plus accrued and unpaid interest on the 7.500% secured notes, if any, to, but not including, the redemption date, plus an applicable “make whole” premium described in the 7.500% secured notes indenture. Thereafter, Windstream Services may redeem the 7.500% secured notes in whole or in part, at the redemption prices set forth in the 7.500% secured notes indenture. In addition, prior to October 15, 2028, Windstream Services may, on one or more occasions, redeem up to 10% of the aggregate principal amount of the 7.500% secured notes in any twelve-month period at a redemption price equal to 103% of the principal amount thereof plus accrued and unpaid interest thereon, if any, to, but not including, the applicable redemption date. Further, at any time on or prior to October 15, 2028, up to 40% of the aggregate principal amount of the 7.500% secured notes may be redeemed with the net cash proceeds of certain equity offerings at a redemption price of 107.5% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date; provided that at least 60% of aggregate principal amount of the originally issued 7.500% secured notes remains outstanding. If certain changes of control of Windstream Services occur, holders of the 7.500% secured notes will have the right to require Windstream Services to offer to repurchase their 7.500% secured notes at 101% of their principal amount plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The 7.500% secured notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and Uniti Group LLC (the Company’s indirect subsidiary and Windstream Services’ parent company) and on a senior secured basis by each of Windstream Services’ existing and future restricted subsidiaries that is an issuer, obligor or guarantor under the senior secured credit facilities and the existing secured notes, other than certain subsidiaries for which regulatory approval is required to issue guarantees (the “Subsidiary Guarantors”). In addition, Windstream Services will use commercially reasonable efforts to obtain necessary regulatory approval to allow certain non-guarantor subsidiaries of Windstream Services to guarantee the 7.500% secured notes, including by making filings to obtain such approval within 60 days of the issuance of the 7.500% secured notes. The guarantees are subject to release under specified circumstances, including certain circumstances in which such guarantees may be automatically released without the consent of the holders of the 7.500% secured notes. The 7.500% secured notes and the related guarantees are Windstream Services’ and the Subsidiary Guarantors’ senior secured obligations and rank equal in right of payment with all of Windstream Services’ and the Subsidiary Guarantors’ existing and future unsubordinated obligations; effectively senior to all unsecured indebtedness of Windstream Services and the Subsidiary Guarantors, including the Company’s existing senior unsecured notes, to the extent of the value of the collateral securing the 7.500% secured notes; effectively equal with all of Windstream Services’ and the Subsidiary Guarantors’ existing and future indebtedness that is secured by first-priority liens on the collateral (including indebtedness under the Company’s senior secured credit facilities and existing secured notes); senior in right of payment to any of Windstream Services’ and Subsidiary Guarantors’ subordinated indebtedness; and structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 7.500% secured notes. The guarantee of the Company and Uniti Group LLC will be their senior unsecured obligations and will rank equally in right of payment with all of their respective existing and future unsubordinated obligations and senior in right of payment to any of their respective subordinated indebtedness. The 7.500% secured notes and the related guarantees will also be effectively subordinated to any existing or future indebtedness that is secured by liens on assets that do not constitute a part of the collateral securing the 7.500% secured notes to the extent of the value of such assets, and to any existing or future secured indebtedness of the Company and Uniti Group LLC to the extent of the value of the assets securing such indebtedness. The 7.500% secured notes and the related guarantees will be secured by liens on substantially all of the assets of Windstream Services and the Subsidiary Guarantors, which assets also ratably secure obligations under the Company’s existing secured notes and senior secured credit facilities, in each case, subject to certain exceptions and permitted liens. The collateral will not include real property below a specified threshold of value. The 7.500% secured notes indenture contains customary high yield covenants limiting the ability of Windstream Services and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of Windstream Services and its restricted subsidiaries to pay dividends or other amounts to Windstream Services. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The 7.500% secured notes indenture also contains customary events of default. Windstream Revolver Amendment and New Term Loans – On October 6, 2025, Windstream Services entered into an amendment to the Windstream Credit Agreement to (i) subject to receipt of customary regulatory approvals, extend the maturity date of the revolving facility thereunder (the “Revolving Credit Facility”) to December 30, 2027,and (ii) provide for a new seven-year term loan facility with a principal amount of $1,000.0 million (the “New Term Loan”). The Revolving Credit Facility will have $475.0 million of capacity through January 23, 2027 and $425.0 million of capacity through December 30, 2027. Voluntary prepayments of borrowings under the Windstream Credit Agreement are currently permitted at any time without premium or penalty; provided that any voluntary prepayment, refinancing or repricing of the New Term Loan in connection with certain repricing transactions that occur prior to the six-month anniversary of the closing of the New Term Loan shall be subject to a prepayment premium of 1.00% of the principal amount of the term loans so prepaid, refinanced or repriced. The New Term Loan will include mandatory prepayments, restrictive covenants and events of defaults consistent with the existing Windstream Credit Agreement. The New Term Loan will bear interest based on a floating rate plus a margin (which, at Windstream Services’ election, may be the Base Rate plus 3.00% or the Adjusted Term SOFR Rate plus 4.00% (each as defined in the legacy Windstream Credit Agreement, provided that the Adjusted Term SOFR Rate “floor” shall be 0.00%)). Uniti Revolver Amendment – On October 6, 2025, Windstream Services entered into an amendment to the Uniti Credit Agreement to, subject to receipt of customary regulatory approvals, extend the maturity date of the revolving facility thereunder to December 30, 2027. ABS Notes Offering – On October 24, 2025, Uniti Fiber ABS Issuer LLC and Uniti Fiber TRS Issuer LLC (collectively, the “ABS Note Issuers”), completed a private offering of $250.0 million aggregate principal amount of secured fiber network revenue term notes, consisting of $180.0 million 5.177% Series 2025-2, Class A-2 term notes, $28.2 million 5.621% Series 2025-2, Class B term notes and $41.8 million 7.834% Series 2025-2, Class C term notes (collectively, the “ABS-2 Notes”), each with an anticipated repayment date (the “ABS-2 ARD”) in January 2031. The Company intends to use the net proceeds for general corporate purposes, including the repayment of outstanding debt. The ABS-2 Notes were issued at an issue price of 100.0% of their respective principal amounts pursuant to an amended and restated indenture, dated as of October 24, 2025 (the “Base Indenture”), as supplemented by a Series 2025-2 Supplement thereto, dated as of October 24, 2025 (the “Series 2025-2 Supplement”), in each case by and among the ABS Notes Obligors and Wilmington Trust, National Association, as indenture trustee. In connection with the issuance of the ABS-2 Notes, the Base Indenture, as supplemented by the Series 2025-2 Supplement, also permits up to $75.0 million of Series 2052-2, Class A-1 variable funding notes (the “Class A-1 Variable Funding Notes” and, together with the ABS-2 Notes, collectively, the “Series 2025-2 Notes”) issued by the ABS Note Issuers. Drawings and the other terms related to the Class A-1 Variable Funding Notes are governed by the Base Indenture, as supplemented by the Series 2025-2 Supplement, and a Class A-1-V Note Purchase Agreement, dated as of October 24, 2025 (the “VFN Purchase Agreement”), among the Obligors, Uniti Fiber Holdings Inc., as manager of the securitization program, certain committed note purchasers, conduit investors and funding agents, and Barclays Bank PLC, as the administrative agent. Subject to the future satisfaction of certain conditions described in the VFN Purchase Agreement, the committed note purchasers party thereto will provide commitments to fund the Class A-1 Variable Funding Notes from time to time (and issue certain letters of credit) on a revolving basis until the final anticipated repayment date for the Class A-1 Variable Funding Notes (or, if earlier, the date on which the commitments thereunder are automatically terminated or permanently reduced to $0). The initial anticipated repayment date for the Class A-1 Variable Funding Notes (the “VFN ARD” and together with the ABS-2 ARD, collectively, the “ARD”) is January 2029 and may be extended at the option of the ABS Note Issuers for two additional one-year periods, in each case subject to the satisfaction of certain conditions described in the VFN Purchase Agreement. The ABS Note Issuers expect to satisfy the availability conditions to establish the commitments under, and to thereafter fund, the Class A-1 Variable Funding Notes, however, there can be no assurance that the ABS Note Issuers will ever be able to satisfy such conditions or that the Class A-1 Variable Funding Notes will ever be drawn even if so satisfied. While the Series 2025-2 Notes are outstanding, scheduled payments of interest are required to be made on the 20th of each January, April, July and October of each year, commencing on January 20, 2026. No principal payments will be due on the Series 2025-2 Notes prior to the applicable ARD, unless certain rapid amortization or acceleration triggers are activated (and/or, in the case of the Series 2025-2 Variable Funding Notes, the occurrence and continuance of an event of default). The legal final maturity date of each class of the Series 2025-2 Notes is in January 2056. If the ABS Note Issuers have not repaid or refinanced any Series 2025-2 Notes prior to the relevant ARD, additional interest will accrue thereon in an amount equal to the greater of (i) 5.00% per annum and (ii) the amount, if any, by which the sum of the following exceeds the interest rate for such Series 2025-2 Note: (A) the yield to maturity (adjusted to a “mortgage-equivalent basis” pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the relevant ARD for such Series 2025-2 Note of the United States treasury security having a remaining term closest to 10 years plus (B) 5.00% per annum plus (C) the post-ARD note spread applicable to such Series 2025-2 Notes. The issuance of the Series 2025-2 Notes represents the first issuance of the fiber network revenue variable funding notes, and the second issuance of fiber network revenue term notes, each issued under the Company’s existing securitization program. The securitization program involves certain of the Company’s fiber network assets and related customer contracts in the States of Alabama, Florida, Georgia, Louisiana, Mississippi and South Carolina. As of the closing of the transactions on October 24, 2025, the ABS Notes Issuers now have $839.0 million aggregate principal amount of revenue term notes outstanding and $0 principal amount of variable funding notes outstanding. The Base Indenture allows the ABS Notes Issuers to issue additional series of notes subject to certain conditions set forth therein. The ABS-2 Notes, the Class A-1 Variable Funding Notes and the existing ABS Notes issued under the Base Indenture, as supplemented by the Series 2025-2 Supplement, on February 3, 2025 are obligations only of the ABS Notes Obligors pursuant to the Base Indenture, as supplemented by the Series 2025-2 Supplement. Pursuant to the Base Indenture, as supplemented by the Series 2025-2 Supplement, and the related transaction documents, the ABS-2 Notes, the Class A-1 Variable Funding Notes and the existing ABS Notes are guaranteed by each Asset Entity and each of the ABS Notes Issuer’s respective direct parent entity companies (each, a “Holdco Guarantor”), and such guarantees and the ABS-2 Notes, the Class A-1 Variable Funding Notes and the existing ABS Notes are secured by security interests in the equity interests in each of the ABS Notes Issuers and substantially all of the assets of the ABS Notes Issuers and the other ABS Notes Obligors, which assets are primarily the fiber network assets and related customer contracts in the States of Alabama, Florida, Georgia, Louisiana, Mississippi and South Carolina that have been sold or contributed to the Asset Entities by the non-securitization subsidiaries of the Company and the revenue collections and other proceeds thereof. Neither the Company nor any subsidiary of the Company, other than the ABS Notes Obligors and the Holdco Guarantors (all of which are unrestricted subsidiaries under the Company’s other debt agreements), will guarantee or in any way be liable for the obligations of the ABS Notes Obligors under the Base Indenture or the ABS-2 Notes, the Class A-1 Variable Funding Notes and the existing ABS Notes, and neither the Holdco Guarantors, the ABS Notes Issuers nor any of the other ABS Notes Obligors shall guarantee or in any way be liable for the obligations of the Company or its subsidiaries under the Company’s other debt agreements. The ABS-2 Notes, the Class A-1 Variable Funding Notes and the existing ABS Notes are subject to a series of customary covenants and restrictions. These covenants and restrictions include (i) that the ABS Notes Issuers maintain a liquidity reserve account to be used to make required payments in respect of the ABS-2 Notes, the Class A-1 Variable Funding Notes and the existing ABS Notes, (ii) provisions relating to optional and mandatory prepayments, including specified make-whole payments in the case of certain optional prepayments of the Series 2025-2 Notes prior to the quarterly payment date in January 2029, and (iii) covenants relating to recordkeeping, access to information and similar matters. As provided in the Base Indenture, as supplemented by the Series 2025-2 Supplement, the Class A-1 Variable Funding Notes and the existing ABS Notes are also subject to rapid amortization in the event of a failure to maintain a stated debt service coverage ratio. A rapid amortization may be cured if the debt service coverage ratio exceeds a certain threshold for a certain period of time, upon which cure, regular amortization, if any, will resume. The Series 2025-2 Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the ABS-2 Notes, the Class A-1 Variable Funding Notes and the existing ABS Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments. New Interest Rate Swap Agreements – In conjunction with the debt refinancing, on October 6, 2025, the Company entered into three new pay fixed, receive variable interest rate swap agreements with two bank counterparties. The first swap has a notional value of $400.0 million, fixed rate paid of 3.332% and matures on October 31, 2028. The second swap has a notional value of $400.0 million, fixed rate paid of 3.365% and matures on October 31, 2029. The third swap has a notional value of $400.0 million, fixed rate paid of 3.417% and matures on October 31, 2030. For all three interest rate swaps, the variable rate received is the one-month USD-SOFR (not subject to a floor) that resets at the end of each month. The Company has designated the swaps as cash flow hedges of the interest rate risk inherent in borrowings outstanding under its Credit Agreements due to changes in the benchmark interest rate. Pension Plan Contribution – On October 15, 2025, the Company made in cash its required quarterly employer contribution to the qualified pension plan for the 2025 plan year of $4.5 million.

Condensed Consolidated Statements of Shareholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	New Uniti Preferred Stock	Old Uniti Preferred Stock	Common Stock	Warrant	Preferred Stock New Uniti Preferred Stock	Preferred Stock Old Uniti Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-in Capital	Additional Paid-in Capital New Uniti Preferred Stock	Additional Paid-in Capital Common Stock	Additional Paid-in Capital Warrant	Accumulated Other Comprehensive Loss	Distributions in Excess of Accumulated Earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023							0
Beginning balance at Dec. 31, 2023	$ (2,484,100)						$ 0	$ 0		$ 1,221,800				$ 0	$ (3,708,200)	$ 2,300
Beginning balance (in shares) at Dec. 31, 2023								142,600,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	71,800														71,800
Other comprehensive loss	(800)													(800)
Common stock dividends declared	(72,300)														(72,300)
Exchange of noncontrolling interest (in shares)								100,000
Exchange of noncontrolling interest	(100)									1,200						(1,300)
Payments related to tax withholding for stock-based compensation	(1,600)									(1,600)
Stock-based compensation (in shares)								400,000
Stock-based compensation	10,100									10,100
Issuance of common stock - employee stock purchase plan (in shares)								100,000
Issuance of common stock - employee stock purchase plan	700									700
Ending balance (in shares) at Sep. 30, 2024							0
Ending balance at Sep. 30, 2024	(2,476,300)						$ 0	$ 0		1,232,200				(800)	(3,708,700)	1,000
Ending balance (in shares) at Sep. 30, 2024								143,200,000
Beginning balance (in shares) at Jun. 30, 2024							0
Beginning balance at Jun. 30, 2024	(2,492,400)						$ 0	$ 0		1,228,500				100	(3,722,000)	1,000
Beginning balance (in shares) at Jun. 30, 2024								143,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,200														12,200
Other comprehensive loss	(900)													(900)
Performance award dividend	1,100														1,100
Stock-based compensation	3,400									3,400
Issuance of common stock - employee stock purchase plan (in shares)								100,000
Issuance of common stock - employee stock purchase plan	300									300
Ending balance (in shares) at Sep. 30, 2024							0
Ending balance at Sep. 30, 2024	(2,476,300)						$ 0	$ 0		1,232,200				(800)	(3,708,700)	1,000
Ending balance (in shares) at Sep. 30, 2024								143,200,000
Beginning balance (in shares) at Dec. 31, 2024			0			0	0
Beginning balance at Dec. 31, 2024	$ (2,451,900)					$ 0	$ 0	$ 0		1,236,000				(600)	(3,687,800)	500
Beginning balance (in shares) at Dec. 31, 2024	143,200,000							143,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 1,610,400														1,610,400
Other comprehensive loss	(700)													(700)
Exchange of noncontrolling interest	(100)									200						(300)
Issuance of stock in the Merger (in shares)						600,000			90,100,000
Issuance of stock in the Merger		$ 630,400		$ 733,700	$ 142,700						$ 630,400	$ 733,700	$ 142,700
Preferred stock dividend	0									9,900					(9,900)
Payments related to tax withholding for stock-based compensation	(2,300)									(2,300)
Stock-based compensation (in shares)								600,000
Stock-based compensation	17,400									17,400
Other, net (in shares)								100,000
Other, net	1,200									600					700	(100)
Ending balance (in shares) at Sep. 30, 2025		600,000				600,000	0
Ending balance at Sep. 30, 2025	$ 680,800					$ 0	$ 0	$ 0		2,768,600				(1,300)	(2,086,600)	100
Ending balance (in shares) at Sep. 30, 2025	234,000,000.0							234,000,000.0
Beginning balance (in shares) at Jun. 30, 2025						0	0
Beginning balance at Jun. 30, 2025	$ (2,444,100)					$ 0	$ 0	$ 0		1,241,500				(200)	(3,685,600)	200
Beginning balance (in shares) at Jun. 30, 2025								143,900,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,608,900														1,608,900
Other comprehensive loss	(1,100)													(1,100)
Issuance of stock in the Merger (in shares)						600,000			90,100,000
Issuance of stock in the Merger		$ 630,400		$ 733,700	$ 142,700						$ 630,400	$ 733,700	$ 142,700
Preferred stock dividend	0									9,900					(9,900)
Payments related to tax withholding for stock-based compensation	0									0
Stock-based compensation	10,100									10,100
Other, net	200									300						(100)
Ending balance (in shares) at Sep. 30, 2025		600,000				600,000	0
Ending balance at Sep. 30, 2025	$ 680,800					$ 0	$ 0	$ 0		$ 2,768,600				$ (1,300)	$ (2,086,600)	$ 100
Ending balance (in shares) at Sep. 30, 2025	234,000,000.0							234,000,000.0

Fair Value of Financial Instruments - Narrative (Details) - Windstream Commitment $ in Millions	Oct. 01, 2020 USD ($) installment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other commitment \| $	$ 490.1
Number of installments \| installment	20
Percentage of committed purchase of assets	9.00%

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net income	$ 1,608.9	$ 12.2	$ 1,610.4	$ 71.8
Other comprehensive income (loss):
Other comprehensive loss	(1.1)	(0.9)	(0.7)	(0.8)
Comprehensive income	1,607.8	11.3	1,609.7	71.0
Interest rate cap:
Other comprehensive income (loss):
Unrealized loss in the period	0.0	(0.8)	0.0	(0.6)
Reclassification of realized interest	0.2	(0.1)	0.6	(0.2)
Change in interest rate cap/interest rate swap	0.2	(0.9)	0.6	(0.8)
Interest rate swap:
Other comprehensive income (loss):
Unrealized loss in the period	(1.4)	0.0	(1.4)	0.0
Change in interest rate cap/interest rate swap	(1.3)	0.0	(1.3)	0.0
Net realized gain reclassified into interest expense	(0.3)	0.0	(0.3)	0.0
Total interest rate swap	(1.7)	0.0	(1.7)	0.0
Income tax benefit	$ 0.4	$ 0.0	$ 0.4	$ 0.0

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share:

As previously discussed in Note 2 in connection with the Merger, historical earnings per share data, including the weighted average number of common shares outstanding, has been retrospectively adjusted to reflect the exchange ratio for all periods presented.

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. The New Uniti Warrants issued in connection with the Merger are considered participating securities and are convertible into shares of our common stock for nominal additional consideration. Accordingly, the New Uniti Warrants are included in the denominator for both basic and diluted earnings per share. Dilutive earnings per share also includes the dilutive effect of the New Uniti Preferred Stock issued in the Merger, the 2027 convertible notes and exchangeable notes, restricted stock and performance-based awards outstanding during the period, if their effect is not anti-dilutive.

Our time-based restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method. We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met.

The dilutive effect of the New Uniti Preferred Stock was calculated by using the “if-converted” method, which assumes an add-back of dividends to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the 4.00% exchangeable notes that matured and were repaid on June 15, 2024 (the “Exchange Notes”) and the 2027 convertible notes was calculated by using the “if-converted” method. For the three and nine months ended September 30, 2024, the effect of the 2027 convertible notes and Exchange Notes were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive.

The following sets forth the computation of basic and diluted earnings per share under the two-class method:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions, except per share data)	2025		2024		2025		2024
Basic earnings per share:
Numerator:
Net income attributable to shareholders	$	1,608.9	$	12.2	$	1,610.4	$	71.8
Less: Income allocated to participating securities	(35.4)		(0.3)		(41.3)		(1.5)
Less: Dividends declared on Preferred Stock	(9.9)		—		(9.9)		—
Net income attributable to common shares	$	1,563.6	$	11.9	$	1,559.2	$	70.3
Denominator:
Weighted-average common shares outstanding	203.6		143.2		163.9		143.0
Weighted-average New Uniti Warrants outstanding	11.6		—		3.9		—
Total basic weighted-average common shares outstanding	215.2		143.2		167.8		143.0
Basic earnings per common share	$	7.26	$	0.08	$	9.29	$	0.49


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions, except per share data)	2025		2024		2025		2024
Diluted earnings per share:
Numerator:
Net income attributable to common shares	$	1,563.6	$	11.9	$	1,559.2	$	70.3
Add: Dividends declared on Preferred Stock	9.9		—		9.9		—
Add: Impact on if-converted dilutive securities	6.2		—		18.2		—
Net income attributable to common shares	$	1,579.7	$	11.9	$	1,587.3	$	70.3
Denominator:
Basic weighted-average common shares outstanding	215.2		143.2		167.8		143.0
Add: Effect of dilutive non-participating securities	80.4		—		26.9		—
Add: Impact on if-converted dilutive securities	25.3		—		25.3		—
Total diluted weighted-average common shares outstanding	320.9		143.2		220.0		143.0
Dilutive earnings per common share	$	4.92	$	0.08	$	7.21	$	0.49

For the three and nine months ended September 30, 2025, 1.3 million non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met, and 0.8 million non-participating securities were excluded from the computation of earnings per share, as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2024, 0.9 million non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three and nine months ended September 30, 2024, we excluded 25.3 million and 30.2 million potential common shares related to the 2027 convertible notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive.

Subsequent Events (Details) $ in Millions				1 Months Ended
Subsequent Events (Details) $ in Millions	Oct. 24, 2025 USD ($) additionalPeriod	Oct. 15, 2025 USD ($)	Oct. 06, 2025 USD ($) numberOfCounterparties	Oct. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Feb. 03, 2025 USD ($)	Dec. 31, 2024 USD ($)
Subsequent Event [Line Items]
Total principal amount					$ 9,261.5		$ 5,861.5
First Swap
Subsequent Event [Line Items]
Notional value					$ 200.0
Fixed interest rate					4.173%
Second Swap
Subsequent Event [Line Items]
Notional value					$ 300.0
Subsequent Event \| 2025 Plan Year \| Pension Plan
Subsequent Event [Line Items]
Contributions by employer, cash		$ 4.5		$ 4.5
Subsequent Event \| Interest rate swap:
Subsequent Event [Line Items]
Derivative, number of instruments held \| numberOfCounterparties			2
Subsequent Event \| First Swap
Subsequent Event [Line Items]
Notional value			$ 400.0
Fixed interest rate			3.332%
Subsequent Event \| Second Swap
Subsequent Event [Line Items]
Notional value			$ 400.0
Fixed interest rate			3.365%
Subsequent Event \| Third Swap
Subsequent Event [Line Items]
Notional value			$ 400.0
Fixed interest rate			3.417%
Subsequent Event \| Revolving Credit Facility Capacity Through January 23, 2027
Subsequent Event [Line Items]
Remaining borrowing capacity			$ 475.0
Subsequent Event \| Revolving Credit Facility Capacity Through December 30, 2027
Subsequent Event [Line Items]
Remaining borrowing capacity			$ 425.0
7.500% Senior Secured Notes Due 2033 \| Subsequent Event
Subsequent Event [Line Items]
Approval period			60 days
7.500% Senior Secured Notes Due 2033 \| Secured Debt \| Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount			$ 1,400.0
Issuance senior notes, stated percentage			7.50%
Redemption price, percentage			100.00%
7.500% Senior Secured Notes Due 2033 \| Secured Debt \| Subsequent Event \| Debt Instrument, Redemption, Period One
Subsequent Event [Line Items]
Redemption price, percentage			103.00%
Redemption price, percentage of principal amount redeemed			0.10
7.500% Senior Secured Notes Due 2033 \| Secured Debt \| Subsequent Event \| Debt Instrument, Redemption, Period Two
Subsequent Event [Line Items]
Redemption price, percentage			107.50%
Redemption price, percentage of principal amount redeemed			0.40
7.500% Senior Secured Notes Due 2033 \| Secured Debt \| Subsequent Event \| Debt Instrument, Redemption, Period Three
Subsequent Event [Line Items]
Redemption price, percentage			101.00%
Redemption price, percentage of principal amount redeemed			0.60
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Subsequent Event [Line Items]
Aggregate principal amount						$ 125.0
Issuance senior notes, stated percentage					10.50%
Total principal amount					$ 2,275.0		$ 2,900.0
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%) \| Subsequent Event
Subsequent Event [Line Items]
Issuance senior notes, stated percentage			10.50%
New Seven-Year Term Loan Facility \| Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount			$ 1,000.0
Redemption price, percentage			1.00%
Debt instrument, term			7 years
Period of repricing transactions			6 months
New Seven-Year Term Loan Facility \| Subsequent Event \| Base Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate			3.00%
New Seven-Year Term Loan Facility \| Subsequent Event \| Adjusted Term SOFR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate			4.00%
Interest rate during period			0.00%
Secured Fiber Network Revenue Term Notes \| Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	$ 250.0
Redemption price, percentage	100.00%
Total principal amount	$ 839.0
Series 2025-1, Class A-2 Term Notes \| Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	$ 180.0
Issuance senior notes, stated percentage	5.177%
Series 2025-2, Class B Term Notes \| Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	$ 28.2
Issuance senior notes, stated percentage	5.621%
Series 2025-2, Class C Term Notes \| Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	$ 41.8
Issuance senior notes, stated percentage	7.834%
Series 2025-2, Class A-1 Variable Funding Notes \| Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	$ 75.0
Other commitment	$ 0.0
VFN ARD And ABS-2 ARD, Collectively, The ARD \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, term	1 year
Number of additional periods for options extended \| additionalPeriod	2
Series 2025-2 Notes \| Subsequent Event
Subsequent Event [Line Items]
Issuance senior notes, stated percentage	5.00%
Variable rate, remaining term	10 years
Variable Funding Notes \| Subsequent Event
Subsequent Event [Line Items]
Total principal amount	$ 0.0

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. Authoritative guidance establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring assets and liabilities at fair values. This hierarchy establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the assessment date;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Unobservable inputs for the asset or liability.

Financial instruments consist primarily of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, interest rate swaps and notes and other debt, Settlement Payable (as defined below), interest and dividends payable. With respect to the Company’s financial instruments, the carrying amount of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, interest and dividends payable were estimated by management to approximate fair value due to the relatively short period of time to maturity for those instruments. The fair value of interest rate swaps, notes and other debt, and Settlement Payable is measured on a recurring basis.

Non-financial assets and liabilities, including property, plant and equipment, intangible assets and asset retirement obligations, are measured at fair value on a non-recurring basis. No event occurred during the nine months ended September 30, 2025 requiring any non-financial asset and liability to be subsequently recognized at fair value.

The fair value of financial instruments was as follows:


(Millions)	September 30, 2025		December 31, 2024
Recorded at Fair Value in the Financial Statements:
Interest rate cap asset - Level 2	$	—	$	0.1
Interest rate swap liabilities - Level 2	$	6.5	$	—
Not Recorded at Fair Value in the Financial Statements:
Settlement Payable - Level 2	$	—	$	71.7
Notes and other debt - Level 2 (a)	$	9,338.2	$	5,879.2

(a)Recognized at carrying value of $9,369.8 million and $5,868.7 million, excluding unamortized deferred financing costs, at September 30, 2025 and December 31, 2024, respectively.

The fair value of the interest rate swap was determined based on the present value of expected future cash flows using the applicable observable, quoted swap rates (USD-SOFR) for the full term of the swap and incorporating credit valuation adjustments to appropriately reflect both the Company’s own non-performance risk and non-performance risk of the respective counterparties. As of September 30, 2025, the adjustment to the fair value of the interest rate swap to reflect non-performance risk was immaterial.

The estimated fair value of our outstanding notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy. Old Uniti was required to make approximately $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning October 2020 (the “Settlement Payable”). Old Uniti had the option to prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). In July 2025, Old Uniti made the final quarterly cash installment due to Windstream. See Note 14. The Settlement Payable was initially recorded at fair value, using the present value of future cash flows discounted based on observable market data, and accordingly, we classified the inputs used as Level 2 in the fair value hierarchy. There were no changes in the valuation methodologies used since the initial recording of the Settlement Payable.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues and sales:
Revenues	$ 722.6	$ 292.2	$ 1,317.3	$ 873.6
Costs and expenses:
Selling, general and administrative	121.2	26.7	177.4	80.5
Depreciation and amortization	202.3	79.3	361.7	234.9
Gain on sale of operating assets	0.0	0.0	0.0	(19.0)
Transaction related and other costs	157.7	14.4	179.0	31.1
Total costs and expenses	765.2	154.9	1,069.2	434.2
Operating (loss) income	(42.6)	137.3	248.1	439.4
Other (expense) income, net	(0.2)	0.0	(1.3)	0.3
Gain on settlement of preexisting relationships	1,685.4	0.0	1,685.4	0.0
Interest expense, net	(168.2)	(131.0)	(467.0)	(381.7)
Income before income taxes	1,474.4	6.3	1,465.2	58.0
Income tax benefit	(134.5)	(5.9)	(145.2)	(13.8)
Net income	1,608.9	12.2	1,610.4	71.8
Participating securities’ share in earnings	(35.4)	(0.3)	(41.3)	(1.5)
Dividends declared on preferred stock	(9.9)	0.0	(9.9)	0.0
Net income attributable to common shareholders	$ 1,563.6	$ 11.9	$ 1,559.2	$ 70.3
Earnings per common share:
Basic (in dollars per share)	$ 7.26	$ 0.08	$ 9.29	$ 0.49
Diluted (in dollars per share)	$ 4.92	$ 0.08	$ 7.21	$ 0.49
Weighted-average number of common shares outstanding:
Basic (in shares)	215.2	143.2	167.8	143.0
Diluted (in shares)	320.9	143.2	220.0	143.0
Service revenues
Revenues and sales:
Revenues	$ 695.3	$ 287.5	$ 1,282.0	$ 861.1
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)	261.4	32.8	323.7	98.5
Sales revenues
Revenues and sales:
Revenues	27.3	4.7	35.3	12.5
Costs and expenses:
Cost of services and sales (exclusive of depreciation and amortization included below)	$ 22.6	$ 1.7	$ 27.4	$ 8.2

Revenues - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 352.9	$ 54.0
Less: Allowance for credit losses	7.6	2.5
Accounts receivable, net	$ 345.3	$ 51.5

Goodwill and Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill [Line Items]
Indefinite-lived intangible assets acquired			$ 78.9
Remaining weighted average amortization period of intangible assets	8 years 10 months 24 days		8 years 10 months 24 days
Amortization of intangible assets	$ 52.9	$ 7.4	$ 67.7	$ 22.3
Revenue related to amortization of below-market leases	$ 1.2	$ 2.7	$ 6.6	$ 8.0
Remaining weighted average amortization period of intangible liabilities			3 years
Customer relationships
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	4 years 9 months 18 days		4 years 9 months 18 days
Customer lists
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	12 years 8 months 12 days		12 years 8 months 12 days
IPv4 addresses
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	17 years 3 months 18 days		17 years 3 months 18 days
Trade name
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	14 years 9 months 18 days		14 years 9 months 18 days
Contracts
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	3 years		3 years
Rights of way
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	12 years 2 months 12 days		12 years 2 months 12 days
Spectrum licenses
Goodwill [Line Items]
Initial term	10 years		10 years
Weighted average remaining renewal period	4 years 10 months 24 days		4 years 10 months 24 days

Notes and Other Debt, Net - Debt Restructuring Subsequent to the Merger (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 24, 2025	Feb. 03, 2025	Dec. 31, 2024	Oct. 13, 2021	Feb. 02, 2021
Debt Instrument [Line Items]
Total principal amount	$ 9,261.5			$ 5,861.5
Senior secured revolving credit facility - variable rate, due September 24, 2027
Debt Instrument [Line Items]
Total principal amount	281.0			0.0
Senior secured revolving credit facility - variable rate, due January 23, 2027
Debt Instrument [Line Items]
Total principal amount	130.0			0.0
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%)
Debt Instrument [Line Items]
Total principal amount	500.0			0.0
ABS Loan Facility
Debt Instrument [Line Items]
Total principal amount	0.0		$ 589.0	275.0
5.877% Series 2025-1, Class A-2 term notes
Debt Instrument [Line Items]
Total principal amount	$ 426.0		426.0	0.0
Senior convertible notes	5.877%
Six Point Thirty Six Nine Percentage ABS Notes (Class B) Due April One Two Thounsad Thirty
Debt Instrument [Line Items]
Total principal amount	$ 65.0		65.0	0.0
Senior convertible notes	6.369%
Nine Point Zero One Eight Percentage ABS Notes (Class C) Due April One Two Thounsad Thirty
Debt Instrument [Line Items]
Total principal amount	$ 98.0		$ 98.0	0.0
Senior convertible notes	9.018%
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Total principal amount	$ 2,275.0			2,900.0
Senior convertible notes	10.50%
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Total principal amount	$ 570.0			570.0
Senior convertible notes	4.75%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Total principal amount	$ 1,110.0			1,110.0
Senior convertible notes	6.50%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%) \| Senior Unsecured Notes
Debt Instrument [Line Items]
Senior convertible notes						6.50%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Total principal amount	$ 700.0			700.0
Senior convertible notes	6.00%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%) \| Senior Unsecured Notes
Debt Instrument [Line Items]
Senior convertible notes					6.00%
Senior secured notes - 8.250%, due October 1, 2031 (premium is based on imputed interest rate of 7.29%)
Debt Instrument [Line Items]
Total principal amount	$ 2,200.0			0.0
Senior convertible notes	8.25%
Senior unsecured notes - 8.625% due June 15, 2032 (discount is based on imputed interest rate of 9.16%)
Debt Instrument [Line Items]
Total principal amount	$ 600.0			0.0
Senior convertible notes	8.625%
Senior unsecured notes - 8.625% due June 15, 2032 (discount is based on imputed interest rate of 9.16%) \| Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount		$ 600.0
Senior convertible notes		8.625%
Convertible Senior Notes 2027, Excluding Over-Allotment Option
Debt Instrument [Line Items]
Total principal amount	$ 306.5			$ 306.5
Senior convertible notes	7.50%

Employee Benefit Plans - Schedule of Components of Pension Income (Details) - Pension Plan $ in Millions	2 Months Ended
	Sep. 30, 2025 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefits earned during the period	$ 0.4
Interest cost on benefit obligation	4.8
Expected return on plan assets	(5.4)
Net periodic pension income	$ (0.2)

Merger and Purchase Price Allocation - Schedule of Transaction Related and Other Costs (Details) - Windstream - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Line Items]
Total	$ 157.7	$ 14.4	$ 179.0	$ 31.1
Professional Services And Fees
Business Combination [Line Items]
Total	115.4	12.4	131.8	27.4
Integration Costs
Business Combination [Line Items]
Total	33.8	0.0	34.8	0.0
Other Transaction Related Costs
Business Combination [Line Items]
Total	$ 8.5	$ 2.0	$ 12.4	$ 3.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Goodwill and Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Goodwill and Intangible Assets and Liabilities:

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2025 are as follows:


(Millions)	Kinetic		Uniti Solutions		Fiber Infrastructure (a)		Total
Goodwill at December 31, 2024	$	—	$	—	$	672.9	$	672.9
Accumulated impairment charges as of December 31, 2024	—		—		(515.5)		(515.5)
Balance at December 31, 2024	—		—		157.4		157.4
Acquisition of Windstream	768.3		193.3		45.3		1,006.9
Goodwill at September 30, 2025	768.3		193.3		718.2		1,679.8
Accumulated impairment charges as of September 30, 2025	—		—		(515.5)		(515.5)
Balance at September 30, 2025	$	768.3	$	193.3	$	202.7	$	1,164.3

Indefinite-lived intangible assets were as follows on September 30, 2025:


(Millions)
FCC Spectrum licenses	$	78.9

Windstream acquired wireless spectrum licenses in the 3.5, 24, 28 and 37 GHz bands in auctions conducted by the FCC during 2020 and 2019 for $78.9 million. The spectrum licenses have an initial term of 10.0 years and are subject to renewal by the FCC. Currently, there are no legal, regulatory, contractual, competitive, economic or other factors that would limit the useful life of the spectrum; and therefore, the licenses are considered indefinite-lived intangible assets. As of September 30, 2025, the weighted average remaining renewal period for the acquired spectrum licenses was 4.9 years.

Carrying value of finite-lived intangible assets and liabilities were as follows:


	September 30, 2025						December 31, 2024
(Millions)	Original Cost		Accumulated Amortization		Net Carrying Value		Original Cost		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer relationships	$	750.0	$	(41.9)	$	708.1	$	—	$	—	$	—
Customer lists	416.1		(191.4)		224.7		416.1		(174.3)		241.8
IPv4 addresses (a)	162.8		(1.6)		161.2		—		—		—
Trade name	115.0		(1.3)		113.7		—		—		—
Contracts	52.5		(32.8)		19.7		52.5		(27.9)		24.6
Rights of way	48.6		(2.5)		46.1		10.5		(1.5)		9.0
Total	$	1,545.0	$	(271.5)	$	1,273.5	$	479.1	$	(203.7)	$	275.4

Finite-lived intangible liabilities:
Below-market leases	$	15.2	$	(9.5)	$	5.7	$	191.2	(45.5)		145.7

(a)Subsequent to August 1, 2025, the Company sold certain unused IPv4 addresses with a net carrying value of $2.8 million and received cash proceeds of $3.1 million.

The amortization methodology and useful lives for finite-lived intangible assets and liabilities were as follows:

Amortization Methodology

Estimated Useful Life

Intangible Assets:

Customer relationships

sum of years digits

5 years

Customer lists

straight-line

14-30 years

IPv4 addresses

straight-line

17.5 years

Trade name

straight-line

15 years

Contracts

straight-line

8 years

Rights of way

straight-line

9.4 - 30.0 years

Intangible Liabilities:

Below-market leases

straight-line

8-20 years

As of September 30, 2025, the remaining weighted average amortization period of the Company’s intangible assets was 4.8 years for customer relationships, 12.7 years for customer lists, 17.3 years for IPv4 addresses, 14.8 years for the trade name, 3.0 years for contracts, and 12.2 years for rights of way. As of September 30, 2025, the total remaining weighted average amortization period for total intangible assets was 8.9 years.

Amortization expense for the three and nine months ended September 30, 2025 was $52.9 million and $67.7 million, respectively. Amortization expense for the three and nine months ended September 30, 2024 was $7.4 million and $22.3 million, respectively.

Amortization expense for intangible assets subject to amortization is estimated to be as follows for each of the years ended December 31:


Year	(Millions)
2025 (excluding the nine months ended September 30, 2025)	$	75.4
2026	279.7
2027	229.8
2028	178.2
2029	123.2
Thereafter	387.2
Total	$	1,273.5

We recognize the amortization of below-market leases in revenue. Revenue related to the amortization of the below-market leases for the three and nine months ended September 30, 2025 was $1.2 million and $6.6 million, respectively. Revenue related to the amortization of the below-market leases for the three and nine months ended September 30, 2024 was $2.7 million and $8.0 million, respectively. As of September 30, 2025, the remaining weighted average amortization period of the Company’s intangible liabilities was 3.0 years. Revenue due to the amortization of the below-market leases is estimated to be as follows for each of the years ended December 31:


Year	(Millions)
2025 (excluding the nine months ended September 30, 2025)	$	0.5
2026	1.9
2027	1.9
2028	1.4
Total	$	5.7

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business: Uniti Group Inc. (herein referred to as the “Company,” “Uniti,” “we,” “us,” or “our”) was incorporated in the state of Delaware on April 19, 2024, under the name “Windstream Parent, Inc.“ and as a subsidiary of New Windstream, LLC (“Windstream”) (as successor to Windstream Holdings II, LLC) in connection with the Merger (as defined below). Uniti is a premier digital infrastructure company with approximately 240,000 fiber route miles across 47 states. The Company serves more than 1.1 million customers, including more than 500,000 residential fiber customers, with a network that includes 1.7 million fiber-equipped households predominately situated in the Midwest and Southeast United States of America (“U.S.”). The Company offers a full suite of advanced communications services, including fiber-based broadband to residential and business customers, managed cloud communications and security services for large enterprises and government entities across the U.S., and tailored waves and transport solutions for carriers, content providers and large cloud computing and storage service providers in the U.S. and Canada. Our operations are organized into three business segments: Kinetic, Uniti Solutions and Fiber Infrastructure. See Notes 8 and 12 for additional information regarding the Company’s business segments. Prior to the Merger, Uniti Group LLC (f/k/a Uniti Group Inc., “Old Uniti”) was an independent internally managed real estate investment trust (“REIT”) engaged in the acquisition, construction and leasing of mission critical infrastructure in the communications industry. Old Uniti managed its operations within two primary lines of business: Uniti Fiber and Uniti Leasing. Old Uniti operated through a customary “up-REIT” structure, pursuant to which it held substantially all of its assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”) that Old Uniti controlled as general partner. The up-REIT structure was intended to facilitate future acquisition opportunities by providing Old Uniti with the ability to use common units of the Operating Partnership as a tax-efficient acquisition currency. As of August 1, 2025, Old Uniti was the sole general partner of the Operating Partnership and owned 100.0% of the partnership interests in the Operating Partnership. Completion of Merger with Windstream – On August 1, 2025, pursuant to the previously announced Agreement and Plan of Merger, dated as of May 3, 2024 (as amended) (the “Merger Agreement”), by and between Old Uniti, Windstream, Uniti Group Inc (f/k/a Windstream Parent, Inc. (“New Uniti”), and New Windstream Merger Sub, LLC, an indirect wholly owned subsidiary of Windstream (“Merger Sub”), Old Uniti and Windstream completed the following transactions: (a) Windstream merged with and into the Company (at such time, a direct wholly owned subsidiary of Windstream named Windstream Parent, Inc.), with the Company surviving the merger as the ultimate parent company of the combined company (the “Internal Reorg Merger”), and (b) Merger Sub merged with and into Old Uniti (the “Merger”), with Old Uniti surviving the Merger as an indirect wholly owned subsidiary of the Company. Following the consummation of the Merger, the Company was renamed Uniti Group Inc. and Old Uniti ceased to be a REIT, and the Company does not qualify to be a REIT. The common stock of the Company (“New Uniti Common Stock”) is listed on the Nasdaq Global Select Market under the symbol “UNIT”. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger, each share of Old Uniti’s common stock, par value $0.0001 per share that was issued and outstanding was automatically cancelled and retired and converted into the right to receive 0.6029 shares of New Uniti Common Stock par value $0.0001 per share pursuant to the exchange ratio set forth in the Merger Agreement with cash issued in lieu of fractional shares. Immediately following the consummation of the Merger, Old Uniti’s and Windstream’s stockholders held approximately 62% and 38%, respectively, of the Company before giving effect to the conversion of any outstanding convertible securities or the issuance of warrants to purchase New Uniti Common Stock referenced below. In connection with the Internal Reorg Merger, prior to the effective time of the Merger, Windstream’s equityholders received (i) approximately 90.1 million shares of New Uniti Common Stock representing approximately 35.42% of the outstanding shares of New Uniti Common Stock, (ii) approximately 0.6 million shares of non-voting preferred stock of the Company (“New Uniti Preferred Stock”) with a dividend rate of 11% per year for the first six years, subject to an additional 0.5% per year during each of the seventh and eighth year after the initial issuance and further increased by an additional 1% per year during each subsequent year, subject to a cap of 16% per year and with an aggregate liquidation preference of $575.0 million and (iii) approximately 17.6 million warrants to purchase New Uniti Common Stock, with an exercise price of $0.01 per share (“New Uniti Warrants”), representing approximately 6.9% of the outstanding New Uniti Common Stock immediately following the closing of the Merger on a fully diluted basis after giving effect to such warrants. Windstream’s equityholders also received approximately $370.7 million in cash (net of certain transaction-related expenses) on a pro-rata basis (the “Merger Cash Consideration”). The Merger Cash Consideration was funded by Old Uniti using available cash on hand and borrowings under its Uniti Revolver (as defined herein). The Merger was a taxable transaction for U.S. federal income tax purposes. In connection with the Merger, the Company received a favorable private letter ruling from the Internal Revenue Service regarding certain U.S. federal income tax consequences of a proposed post-closing restructuring, which was effected after the Merger. As a result of the post-closing restructuring, the Company obtained a step-up in the tax basis of certain assets of Old Uniti. See Notes 2 and 3 for additional information regarding the Merger. Upon the completion of the Merger, the existing indebtedness of Old Uniti and Windstream remained separate within its respective organizational structure under the Company. As further discussed in Note 5, on August 4, 2025, the Company completed a post-closing reorganization, which combined Windstream’s and Old Uniti’s debt into a single silo capital structure.

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions			1 Months Ended			2 Months Ended	3 Months Ended		9 Months Ended
	Oct. 15, 2025	Aug. 01, 2025	Sep. 30, 2026	Jan. 31, 2026	Oct. 31, 2025	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension plan assets		7.75%
Discount rate		5.64%
Net pension benefit obligation		$ 103.6
Employer matching contributions						4.00%
Eligible pre-tax compensation						5.00%
Employer matching contribution under the plan							$ 4.1	$ 0.5	$ 5.3	$ 1.7
2025 Plan Year \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Minimum required employer contributions to the pension plan									$ 11.9
2025 Plan Year \| Pension Plan \| Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions by employer, cash			$ 2.9	$ 4.5
2025 Plan Year \| Pension Plan \| Subsequent Event
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions by employer, cash	$ 4.5				$ 4.5
Other current liabilities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net pension benefit obligation		9.0
Other Noncurrent Liabilities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net pension benefit obligation		$ 94.6

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

On July 4, 2025, H.R.1, also known as the One Big Beautiful Bill Act (the “Act”), was signed into law in the U.S. and contains a broad range of tax reform provisions affecting businesses. We evaluated the Act during the three months ended September 30, 2025. The change in law, specifically to IRC Sec. 163(j), will reduce the amount of interest expense that is disallowed annually and is factored into the company’s assessment of the realizability of its deferred tax assets, including disallowed interest expense carryforward. We expect the Act will change the timing of our cash tax payments in future periods. We will continue to evaluate the impact of the Act as additional guidance becomes available.

In determining our quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is based on our expected annual income, statutory rates and tax planning opportunities. Significant or unusual items are separately recognized in the quarter in which they occur.

For the three and nine months ended September 30, 2025, we recorded income tax benefits resulting in effective tax rates of (9.1)% and (9.9)%, respectively. The effective tax rates differed from the statutory rate for the three and nine months ended September 30, 2025 primarily due to the nontaxable gain on settlement of preexisting relationships and deferred tax benefits, net of changes in valuation allowance, resulting from the Merger and related transactions, including deferred federal and state income taxes recorded due to a step-up in the tax basis of certain of the Company’s assets following the closing of the Merger, as well as change in valuation allowance recorded against current year income. Following the Merger, the Company no longer operates as a REIT and is therefore subject to U.S. federal, state and local corporate income taxes.

The table below further details the components of the income tax benefits recorded as of:


(Millions)	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Income before income taxes	$	1,474.4	$	1,465.2

Income tax expense at U.S. statutory federal rate	$	309.6	$	307.7
Nontaxable gain on settlement of preexisting relationships	(353.9)		(353.9)
State income taxes, net of federal benefit	2.7		1.6
Benefit of REIT status for the pre-Merger period	12.4		6.0
Permanent differences	(7.5)		(7.0)
Deferred tax impact of REIT liquidation	(675.8)		(675.8)
Changes in valuation	581.7		581.7
Reversal of unrecognized tax benefit related to expiration of statute	—		(3.0)
Other	(3.7)		(2.5)
Total income tax benefit	$	(134.5)	$	(145.2)

For the three and nine months ended September 30, 2024, we recorded income tax benefits of $5.9 million and $13.8 million, respectively, resulting in effective tax rates of (94.3)% and (23.9)%, respectively. The provision for income taxes differed from the statutory rate for the three and nine months ended September 30, 2024 primarily due to the benefit of Old Uniti’s REIT status.

During the nine months ended September 30, 2025, we recognized $3.0 million of previously unrecognized tax benefits due to expiration of statute. The Company has no remaining liability for unrecognized tax benefits as of September 30, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Merger and Purchase Price Allocation - Schedule of Merger Consideration (Details) - Windstream $ / shares in Units, $ in Millions	Aug. 01, 2025 USD ($) $ / shares shares
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Merger Cash Consideration	$ 370.7
Settlement of preexisting relationships	499.1
Total merger consideration	$ 2,376.6
Risk free rate term structure and a credit risk adjusted spread percentage	4.50%
Maximum number of shares issued pursuant to warrants (in shares) \| shares	17,558,406
Exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 8.13
Old Uniti
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Share price (in dollars per share) \| $ / shares	$ 8.14
Common Stock
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Fair value of New Uniti Common Stock issued in the Merger	$ 733.7
Business combination, consideration transferred, equity interest, share issued (in shares) \| shares	90,133,152
Preferred Stock
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Fair value of New Uniti Common Stock issued in the Merger	$ 630.4
Business combination, consideration transferred, equity interest, share issued (in shares) \| shares	575,000
Warrant
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Fair value of New Uniti Common Stock issued in the Merger	$ 142.7

Merger and Purchase Price Allocation - Schedule of Unaudited Pro Forma Consolidated Results of Operations (Details) - Windstream - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Line Items]
Total revenue and sales	$ 937.2	$ 999.7	$ 2,872.9	$ 3,098.4
Net (loss) income	$ (101.8)	$ (39.9)	$ (172.2)	$ 1,653.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenues - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2.5
Provision for estimated credit losses	6.3	$ 1.2
Write-offs, net of recovered accounts	(1.2)
Ending balance	$ 7.6

Condensed Consolidated Statements of Shareholders’ Equity (Deficit) (Parenthetical)	9 Months Ended
	Sep. 30, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in dollars per share)	$ 0.50

Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments of Interest Rate Swap Agreements

Set forth below is information related to the Company’s cash flow hedges:


(Millions)	September 30, 2025		December 31, 2024
Cash flow hedges, measured at fair value:
Other current assets	$	—	$	0.1
Other current liabilities	$	1.2	$	—
Other liabilities	$	5.3	$	—
Accumulated other comprehensive loss	$	(1.7)	$	(0.6)

Schedule of Derivative Instruments

Changes in derivative instruments were as follows for the nine months ended September 30:


(Millions)	2025		2024
Cash flow hedges:
Changes in fair value, net of tax	$	(1.1)	$	(0.7)
Reclassification of unrealized gains, net of tax	$	(0.2)	$	(0.1)

Notes and Other Debt, Net - Convertible Senior Notes due 2027 (Narrative) (Details) $ / shares in Units, $ in Millions	Dec. 08, 2025 day	Dec. 12, 2022 USD ($) $ / shares	Sep. 30, 2025	Dec. 23, 2022 USD ($)
Convertible Senior Notes 2027, Excluding Over-Allotment Option
Debt Instrument [Line Items]
Issuance senior notes, stated percentage			7.50%
Convertible Senior Notes 2027, Excluding Over-Allotment Option \| Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount		$ 300.0
Convertible Senior Notes 2027, Over-Allotment Option \| Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount				$ 6.5
Convertible Senior Notes 2027 \| Convertible Debt
Debt Instrument [Line Items]
Conversion ratio		0.0827023
Conversion price (in dollars per share) \| $ / shares		$ 12.09
Redemption price		100.00%
Convertible Senior Notes 2027 \| Convertible Debt \| Forecast
Debt Instrument [Line Items]
Trading days \| day	42
Redemption price	130.00%

Notes and Other Debt, Net - Windstream Credit Agreement (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total principal amount	$ 9,261.5	$ 5,861.5
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%)
Debt Instrument [Line Items]
Total principal amount	$ 500.0	$ 0.0
Effective interest rate	9.15%
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%) \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.75%
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%) \| Adjusted Term SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.75%
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%) \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%) \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.75%
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%) \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium is based on imputed interest rate of 9.15%) \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.50%
Windstream Term Loan
Debt Instrument [Line Items]
Total principal amount	$ 500.0
Mandatory prepayment percentage	100.00%
Variable rate, additional step-down	50.00%
Minimum fixed charge coverage ratio	1.50%
Maximum fixed charge coverage ratio	1.00%
Percentage of first lien senior secured leverage ratio	0.00%
Maximum required first lien secured leverage ratio	1.00%
Prepayment percentage of net cash proceeds received	100.00%
Weighted average interest rate	9.18%
Windstream Term Loan \| Minimum
Debt Instrument [Line Items]
Effective interest rate	9.01%
Windstream Term Loan \| Maximum
Debt Instrument [Line Items]
Effective interest rate	9.21%
Windstream Credit Agreement
Debt Instrument [Line Items]
Weighted average interest rate	9.50%
Line of credit, maximum borrowing capacity	$ 110.0
Repayments of lines of credit	15.0
Letters of credit outstanding	117.7
Remaining borrowing capacity	$ 227.3
Covenant maximum leverage ratio	0.0500
Percentage of voting capital stock	0.65
Percentage of non voting capital stock	1
Windstream Credit Agreement \| Minimum
Debt Instrument [Line Items]
Effective interest rate	8.52%
Windstream Credit Agreement \| Maximum
Debt Instrument [Line Items]
Effective interest rate	10.75%

Segments

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segments

Segments:

Following the completion of the Merger, we updated our segment structure to include new operating segments for the acquired Windstream businesses, combined the legacy fiber and leasing businesses into a new segment and no longer reported corporate separately. Prior period segment information has been recast to reflect these changes for all periods presented.

The Company’s segments are determined based on the current organizational and management structure in place and the internal financial information regularly reviewed and used by the chief operating decision maker (“CODM”) for making operating decisions and assessing performance. Our Chief Executive Officer, as CODM, uses segment contribution margin, which is computed as segment revenues and sales less segment expenses, to evaluate performance and allocate operating and capital resources, primarily in the annual budgeting and forecasting process and to establish performance targets for purposes of management incentive compensation. The CODM considers budget-to-actual variances when making decisions about allocating operating and capital resources to the segments.

For financial reporting purposes, our operating and reportable segments consist of:

Kinetic – We manage as one business our residential, business and wholesale operations in our ILEC markets due to the similarities with respect to service offerings and marketing strategies. Residential customers can bundle voice, high-speed internet and video services, to provide one convenient billing solution and receive bundle discounts. We offer a wide range of advanced internet services, local and long-distance voice services, integrated voice and data services, and web conferencing products to our business customers. These services are equipped to deliver high-speed internet with competitive speeds, value added services to enhance business productivity and options to bundle services to meet our business customer needs. Products and services offered to business customers also include managed cloud communications and security services. Our Kinetic wholesale operations provide network bandwidth to other telecommunications carriers, network operators, governmental entities, content providers, and large cloud computing and storage service providers. These services include network transport services to end users, Ethernet and Wave transport of up to 400 Gbps, and dark fiber and colocation services. Wholesale services also include fiber-to-the-tower connections to support the wireless backhaul market. In addition, we offer voice and data carrier services to other communications providers and to larger-scale purchasers of network capacity.

Kinetic service revenues also include revenue from federal and state USF programs, amounts received from RDOF, and certain surcharges assessed to our customers, including billings for our required contributions to federal and state USF programs. Kinetic sales revenues include sales of various types of communications equipment and products to customers, including selling network equipment to contractors on a wholesale basis.

Uniti Solutions – We manage as one business our mid-market and large business customers located within our CLEC markets and provide services over network facilities primarily leased from other carriers. Products and services consist of software solutions and network connectivity offerings. Software solutions include SASE, UCaaS, OfficeSuite UC®, SD-WAN and associated network access products and services. Network connectivity offerings consist of dynamic internet protocol, dedicated internet access, multi-protocol label switching services, integrated voice and data, long distance and other managed services, including TDM voice and data services and certain surcharges assessed to customers. Uniti Solutions sales revenues include sales of high-end data and communications equipment which facilitate the delivery of advanced data and voice services to business customers.

Fiber Infrastructure – We manage as one business our legacy fiber and leasing businesses combined with the CLEC portion of Windstream's acquired wholesale business. Our Fiber Infrastructure operations are focused on providing network bandwidth to other telecommunications carriers, network operators, content providers, and large cloud computing and storage service providers. Services provided include network transport services to end users, Ethernet and Wave transport of up to 400 Gbps, and dark fiber and colocation services. Services also include fiber-to-the-tower connections to support the wireless backhaul market. In addition, we offer voice and data carrier services to other communications providers and to larger-scale purchasers of network capacity. We are also engaged in the acquisition and construction of mission-critical communications assets and leasing them to anchor customers on either an exclusive or shared-tenant basis, in addition to the leasing of dark fiber on our existing dark fiber network assets that we either constructed or acquired. Fiber Infrastructure sales revenues primarily represent amounts recognized from sales-type leases for fiber where control of the fiber has transferred to the customer.

Segment revenues are based upon each customer’s classification to an individual segment and include all services provided to that customer. Segment expenses include direct expenses incurred in providing services and products to segment customers and selling, general and administrative expenses that are directly associated with specific segment customers or activities. These direct expenses include network access and facilities, network operations and engineering, customer specific access costs, cost of sales, field operations, service delivery, sales and marketing, product development, licensing fees, provision for estimated credit losses, and compensation and benefit costs for employees directly assigned to the segments.

Costs related to centrally-managed administrative functions, including information technology, accounting and finance, legal, human resources and other corporate management activities are not monitored by or reported to the CODM by segment. We also do not assign to the segments depreciation and amortization expense, gain on sale of operating assets or transaction-related and other costs, because these items are not monitored by or reported to the CODM at a segment level.

Interest expense has also been excluded from segment operating results because we manage our financing activities on a total company basis and have not assigned any debt or finance lease obligations to the segments. Other income, net, and income tax benefit (expense) are not monitored as a part of our segment operations and, therefore, these items also have been excluded from our segment operating results.

Capital expenditures for network enhancements and information technology-related projects benefiting the Company as a whole are not assigned to the segments and are presented as corporate/shared capital expenditures. Asset information by segment is not monitored or reported to the CODM and therefore has not been presented. Substantially all of our customers, operations and assets are located in the U.S., and we do not have any single customer that provides more than 10% of our total consolidated revenues and sales.

The following table summarizes our segment results:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Kinetic:
Service revenues from external customers	$	348.6	$	—	$	348.6	$	—
Sales revenues from external customers	11.7		—		11.7		—
Total revenues and sales from external customers	360.3		—		360.3		—
Intersegment revenues (a)	7.9		—		7.9		—
Total revenues and sales	368.2		—		368.2		—
Compensation expenses	(67.1)		—		(67.1)		—
Non-compensation managed expenses (b)	(40.4)		—		(40.4)		—
Revenue-driven costs (c)	(30.0)		—		(30.0)		—
Network access and facilities	(37.9)		—		(37.9)		—
Allocated network operations expenses	(10.6)		—		(10.6)		—
Customer access (d)	(3.9)		—		(3.9)		—
Intersegment costs and expenses (e)	(22.9)		—		(22.9)		—
Contribution margin	$	155.4	$	—	$	155.4	$	—
Uniti Solutions:
Service revenues from external customers	$	135.3	$	—	$	135.3	$	—
Sales revenues from external customers	0.4		—		0.4		—
Total revenues and sales from external customers	135.7		—		135.7		—
Intersegment revenues (f)	0.9		—		0.9		—
Total revenues and sales	136.6		—		136.6		—
Compensation expenses	(6.5)		—		(6.5)		—
Non-compensation managed expenses (g)	(0.4)		—		(0.4)		—
Revenue-driven costs (h)	(20.4)		—		(20.4)		—
Customer access (d)	(29.1)		—		(29.1)		—
Intersegment costs and expenses (e)	(8.0)		—		(8.0)		—
Contribution margin	$	72.2	$	—	$	72.2	$	—
Fiber Infrastructure:
Service revenues from external customers	$	211.4	$	287.5	$	798.1	$	861.1
Sales revenues from external customers	15.2		4.7		23.2		12.5
Total revenues and sales from external customers	226.6		292.2		821.3		873.6
Intersegment revenues (i)	23.5		—		23.5		—
Total revenues and sales	250.1		292.2		844.8		873.6
Network access and facilities expenses	(48.5)		(22.8)		(92.5)		(69.4)
Compensation expenses	(18.0)		(12.2)		(42.0)		(35.7)
Non-compensation managed expenses (j)	(4.8)		(3.2)		(12.1)		(10.0)
Revenue-driven costs (k)	(15.2)		(4.1)		(23.3)		(13.3)
Allocated network operations and engineering expenses	(2.6)		—		(2.6)		—
Customer access (d)	(1.9)		—		(1.9)		—
Intersegment costs and expenses (e)	(1.4)		—		(1.4)		—
Contribution margin	$	157.7	$	249.9	$	669.0	$	745.2
Total segment revenues and sales from external customers	$	722.6	$	292.2	$	1,317.3	$	873.6
Total intersegment revenues	32.3		—		32.3		—
Total segment revenues and sales	754.9		292.2		1,349.6		873.6
Total segment expenses	(337.3)		(42.3)		(420.7)		(128.4)
Total intersegment costs and expenses	(32.3)		—		(32.3)		—
Total segment contribution margin	$	385.3	$	249.9	$	896.6	$	745.2