Cables do break and replaced several over the years including units still under factory warranty.
Like ELCAM said, if it spins freely at the dash connection it's most likely broken. Check the connection at the tail shaft of trans and check the gear. More likely than not the Speedo gear in the trans has failed. Either shaft cracked or broken or the teeth got knocked off. A lot of times the square drive portion of the gear cracks off or gets rounded out and then just free spins. When that happens the gear will not engage properly with the cable.
If you see that, then check the cable for being kinked or the loop is too tight, which causes extra resistance and the gear wears out at the end prematurely. Another possibility is the gear on the tail shaft itself has cracked and fell off or shattered.
Also if you notice that the gear has failed, check the governor gear as it is probably going to be next. Over time and multiple heat cycles, the plastic just wears out.
Additionally; if you find teeth missing or other catastrophic failure... Pull the pan..., do a filter change and clean out the pan. Any of those plastic pieces get into main oil supply under pressure and they can lodge in the valve body, supply or exhaust lines/ports or other places and can cause other issues with the proper operation of the transmission.