With over 80% recurring revenue supported by more than 2,200 hospitals and approximately 675,000 wireless units in service, Spok maintains a stable cash-generating business built on recurring maintenance and wireless revenue. The company's strategic focus is to stabilize and grow revenue by expanding software bookings, advancing its product roadmap and reducing churn in its wireless business while increasing average revenue per unit.
Cyborg Score Rationale
Spok reported 2025 revenue of $139.7 million, up 1.5% from 2024, with net income rising 6.1% to $15.9 million, while adjusted EBITDA was flat at $29.0 million. The company maintains a debt-free balance sheet and consistent capital returns, but faces modest top-line growth challenges.
Top Insights
Software operations bookings increased 14.0% and software revenue grew 3.4% in Q4 2025.
In 2025, Spok returned $27.3 million to stockholders primarily via dividends and has returned nearly $730 million to shareholders since 2004.
Customer base includes nine of the top 10 U.S. News & World Report children's hospitals and 18 of the top 20 adult hospitals with an average tenure of 26 years.
Software backlog totaled $58.2 million at December 31, 2025, as the company focuses on multi-year and managed services bookings.
Named Competitors
Cloud Communications Platform — General-purpose APIs for communications
Contact Center & Communications — Contact center and customer experience solutions
Customer Engagement Software — CRM and customer engagement tools
Recent Developments
(Feb 2026) Reported 2025 revenue of $139.7 million, up 1.5% YoY with net income rising 6.1% to $15.9 million
(Feb 2026) Declared regular quarterly dividend of $0.3125 per share payable March 31, 2026
(Feb 2026) Issued 2026 guidance: revenue between $136.0–$143.0 million and adjusted EBITDA of $27.5–$32.5 million
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