Charter Announces Fourth Quarter and Full Year 2025 Results

STAMFORD, Conn., Jan. 30, 2026 /PRNewswire/ -- Charter Communications, Inc. (along with its subsidiaries, the "Company" or "Charter"), which operates the Spectrum brand, today reported financial and operating results for the three and twelve months ended December 31, 2025.

• Fourth quarter total Internet customers declined by 119,000. As of December 31, 2025, Charter served 29.7 million Internet customers.
• Fourth quarter total mobile lines¹ increased by 428,000. As of December 31, 2025, Charter served 11.8 million mobile lines.
• As of December 31, 2025, customer relationships² totaled 31.8 million and connectivity customers² totaled 30.6 million.
• Fourth quarter revenue of $13.6 billion declined by 2.3% year-over-year, driven by lower residential video and political advertising revenues. Residential connectivity revenue grew 2.3% year-over-year.
• Net income attributable to Charter shareholders totaled $1.3 billion in the fourth quarter. For the year ended December 31, 2025, net income attributable to Charter shareholders totaled $5.0 billion.
• Fourth quarter Adjusted EBITDA³ of $5.7 billion declined by 1.2% year-over-year.
• For the year ended December 31, 2025, revenue of $54.8 billion declined by 0.6% year-over-year. Full year 2025 Adjusted EBITDA totaled $22.7 billion, 0.6% higher than in 2024.
• For the year ended December 31, 2025, capital expenditures totaled $11.7 billion and included $3.9 billion of line extensions.
• Full year 2025 net cash flows from operating activities totaled $16.1 billion versus $14.4 billion in 2024.
• Full year 2025 free cash flow³ of $5.0 billion increased from $4.3 billion in the prior year, primarily due to lower cash taxes and lower cash paid for interest, partly offset by higher capital expenditures.
• For the year ended December 31, 2025, Charter purchased 17.1 million shares of Charter Class A common stock and Charter Holdings common units for approximately $5.4 billion.

"In 2025, we put Spectrum in a position to provide guaranteed connectivity, guaranteed service and guaranteed savings. We are America's Connectivity Company^TM, providing the best products in the U.S., uniquely serviced 24x7 by U.S.-based employees," said Chris Winfrey, President and CEO of Charter. "Our focus in 2026 is to message our product utility, value and high-quality service to customers, and deliver sustainable, long-term customer, EBITDA and cash flow growth for shareholders."

Key Operating Results

Fourth quarter total Internet customers decreased by 119,000, compared to a decline of 177,000 during the fourth quarter of 2024, which included the impact of disconnects related to the end of the FCC's Affordable Connectivity Program in the second quarter of 2024. Spectrum Internet^® delivers the fastest Internet speeds¹ in the nation. Spectrum is evolving its connectivity network to offer symmetrical and multi-gigabit Internet speeds across its entire footprint and has launched symmetrical Internet service in several markets. Unlike competitors, Spectrum upgrades its network to serve all of its passings and can do so at a much lower cost. Spectrum expects to complete its network evolution initiative in 2027. Spectrum Advanced WiFi provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy. In early 2026, Spectrum will launch its Invincible WiFi^TM product, a tri-band advanced WiFi 7 router that integrates 5G cellular and battery backup to keep customers seamlessly and fully connected during service disruption or a power outage.

During the fourth quarter of 2025, Charter added 428,000 total mobile lines, compared to growth of 522,000 during the fourth quarter of 2024. Spectrum Mobile^TM is available to all new and existing Spectrum Internet customers and offers the fastest overall speeds,² with plans that include 5G access, do not require contracts and include taxes and fees in the price. Spectrum Mobile is central to Charter's converged network strategy to provide customers a differentiated connectivity experience with highly competitive, simple data plans and pricing.

Total video customers increased by 44,000 in the fourth quarter of 2025, compared to a decline of 123,000 in the fourth quarter of 2024, with the improvement driven by new and simplified pricing and packaging launched in September 2024 and benefits from the inclusion of programmers' streaming applications in Spectrum's expanded basic packages. As of December 31, 2025, Charter had 12.6 million total video customers.

Spectrum TV Select video customers now receive up to approximately $117 per month (soon to be approximately $129 per month) of programmers' streaming application retail value at no extra cost, including the ad-supported versions of Disney+, Hulu, ESPN Unlimited, HBO Max, Paramount+, Peacock, AMC+, ViX, Tennis Channel and Fox One, with Discovery+ and BET+ launching soon. This programmer streaming application inclusion is part of Charter's broader video evolution strategy to provide flexible packages with enhanced value, whether through full packages with seamless entertainment, smaller video packages or a suite of a-la-carte programmers' streaming application options for broadband customers. In October 2025, Spectrum unveiled the Spectrum App Store, an innovative digital marketplace where Spectrum TV customers can activate, manage and upgrade the streaming apps included with their video plans. The Spectrum App Store also allows Spectrum customers without a traditional TV package to purchase and manage streaming apps à la carte.

During the fourth quarter of 2025, total wireline voice customers declined by 140,000, compared to a decline of 274,000 in the fourth quarter of 2024. As of December 31, 2025, Charter had 6.0 million total wireline voice customers.

Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the fourth quarter of 2025, Charter activated 147,000 subsidized rural passings and 483,000 in 2025. Within Charter's subsidized rural footprint, total customer relationships increased by 46,000 in the fourth quarter of 2025.

Fourth Quarter Financial Results

(in millions)

Revenues

Fourth quarter revenue decreased by 2.3% year-over-year to $13.6 billion, driven by lower residential video revenue and lower political advertising sales, partly offset by an increase in residential mobile service revenue, higher mobile equipment revenue, higher residential Internet revenue and $37 million of total customer credits related to hurricanes Helene and Milton in the prior year period.

Residential revenue totaled $10.4 billion in the fourth quarter, a decrease of 2.4% year-over-year, driven by a year-over-year decline in residential customers of 1.2% and a decrease in monthly residential revenue per residential customer of 1.2%.

Fourth quarter 2025 monthly residential revenue per residential customer totaled $117.19, a decrease of 1.2% compared to the prior year period. The decline was driven by a higher mix of lower priced video packages within Charter's video customer base, a decline in video customers during the last year, $165 million of costs allocated to programmer streaming applications and netted within video revenue versus $37 million in the prior year period, partly offset by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile.

Internet revenue grew by 0.7% year-over-year to $5.9 billion, driven by promotional rate step-ups, rate adjustments and a favorable change in bundled revenue allocation year-over-year, partly offset by a decline in Internet customers year-over-year and a free months promotion for new customers offered by Spectrum early in the fourth quarter.

Fourth quarter mobile service revenue totaled $973 million, an increase of 13.1% year-over-year, driven by mobile line growth, partly offset by less favorable bundled revenue allocation year-over-year.

Video revenue totaled $3.2 billion in the fourth quarter, a decrease of 10.3% compared to the prior year period, driven by a higher mix of lower priced video packages within Charter's video customer base, a decline in video customers during the last year, $165 million of costs allocated to programmer streaming applications and netted within video revenue versus $37 million in the prior year period and more unfavorable bundled revenue allocation year-over-year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.

Voice revenue decreased by 10.3% year-over-year to $316 million, driven by a decline in wireline voice customers, partly offset by voice rate adjustments.

Commercial revenue increased by 0.3% year-over-year to $1.8 billion, driven by mid-market and large business revenue growth of 2.6% year-over-year, partly offset by a decline in small business revenue of 1.3%. Mid-market and large business revenue excluding wholesale increased by 3.0% year-over-year, mostly reflecting PSU growth. The year-over-year decrease in fourth quarter 2025 small business revenue was driven by a decline in small business customer relationships year-over-year and a 0.6% decrease  year-over-year in monthly small business revenue per small business customer.

Fourth quarter advertising sales revenue of $401 million decreased by 25.8% compared to the year-ago quarter, primarily driven by lower political revenue. Excluding political revenue in both periods, advertising sales revenue increased by 0.6% year-over-year due to higher advanced advertising revenue, mostly offset by a more challenged local and national advertising market.

Other revenue totaled $948 million in the fourth quarter, an increase of 7.3% compared to the fourth quarter of 2024, primarily driven by higher mobile device sales.

Operating Costs and Expenses

Fourth quarter programming costs decreased by $192 million, or 8.4% as compared to the fourth quarter of 2024, reflecting a higher mix of lower cost packages within Charter's video customer base, fewer video customers and $165 million of costs allocated to programmer streaming applications and netted within video revenue versus $37 million in the prior year period, partly offset by contractual programming rate increases and renewals.

Other costs of revenue increased by $41 million, or 2.4% year-over-year, primarily driven by higher mobile service direct costs and mobile device sales, partly offset by lower advertising sales costs given lower political revenue and lower franchise and regulatory fees.

Field and technology operations expenses decreased by $69 million, or 5.1% year-over-year, primarily driven by lower labor expense.

Customer operations expenses decreased by $15 million, or 1.9% year-over-year, primarily due to a decrease in bad debt expense.

Marketing and residential sales expenses decreased by $2 million or 0.1% year-over-year, due to lower labor expense, offset by a change in sales mix to higher cost sales channels.

Transition expenses represent incremental costs incurred to prepare for the integration of the previously announced Cox transaction.

Other expenses decreased by $34 million, or 3.1% as compared to the fourth quarter of 2024, primarily driven by lower labor expense.

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $1.3 billion in the fourth quarter of 2025, compared to $1.5 billion in the fourth quarter of 2024, primarily due to lower Adjusted EBITDA, merger and acquisition costs related to the previously announced Cox transaction and higher income tax expense.

Net income per basic common share attributable to Charter shareholders totaled $10.47 in the fourth quarter of 2025 compared to $10.32 during the same period last year. The increase was primarily the result of a 10.5% decrease in basic weighted average common shares outstanding versus the prior year period, partly offset by the factors described above.

Adjusted EBITDA

Fourth quarter Adjusted EBITDA of $5.7 billion declined by 1.2% year-over-year, reflecting a decline in revenue of 2.3%, partly offset by a decrease in operating expenses of 3.1%.

Capital Expenditures

Capital expenditures totaled $3.3 billion in the fourth quarter of 2025, an increase of $273 million compared to the fourth quarter of 2024, driven by higher support capital and higher upgrade/rebuild (primarily network evolution) spend.

Charter currently expects full year 2026 capital expenditures to total approximately $11.4 billion. The actual amount of capital expenditures in 2026 will depend on a number of factors including, but not limited to, the pace of Charter's network evolution and expansion initiatives, supply chain timing and growth rates in Charter's residential and commercial businesses.

Cash Flow and Free Cash Flow

During the fourth quarter of 2025, net cash flows from operating activities totaled $3.8 billion, an increase from $3.5 billion in the prior year. The year-over-year increase was primarily due to lower cash taxes and lower cash paid for interest, partly offset by a more unfavorable change in working capital and lower Adjusted EBITDA.

Free cash flow in the fourth quarter of 2025 totaled $773 million, a decrease of $211 million compared to the fourth quarter of 2024. The year-over-year decrease in free cash flow was driven by higher capital expenditures and a less favorable change in accrued expenses related to capital expenditures, partly offset by higher net cash flows from operating activities.

Liquidity & Financing

As of December 31, 2025, total principal amount of debt was $94.6 billion and Charter's credit facilities provided approximately $4.4 billion of additional liquidity in excess of Charter's $477 million cash position.

In January 2026, CCO Holdings, LLC ("CCO Holdings") and CCO Holdings Capital Corp. jointly issued $1.75 billion aggregate principal amount of 7.000% senior notes due February 2033 at par and $1.25 billion aggregate principal amount of 7.375% senior notes due February 2036 at par.  The net proceeds will be used for general corporate purposes, including to repay certain indebtedness, including the call of $750 million of CCO Holdings 5.500% senior notes due 2026 and partial call of $2.25 billion of CCO Holdings 5.125% senior notes due 2027.

Share Repurchases

During the three months ended December 31, 2025, Charter purchased 2.9 million shares of Charter Class A common stock for $760 million.

Webcast

Charter will host a webcast on Friday, January 30, 2026 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.

The webcast can be accessed live via the Company's investor relations website at ir.charter.com. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at ir.charter.com two hours after completion of the webcast.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, which will be posted on the "Results & SEC Filings" section of the Company's investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the "SEC"). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the "Results & SEC Filings" section.

Use of Adjusted EBITDA and Free Cash Flow Information

The Company uses certain measures that are not defined by U.S. generally accepted accounting principles ("GAAP") to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges, merger and acquisition costs and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company's businesses as well as other non-cash or special items, and is unaffected by the Company's capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.     

Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.   

Management and Charter's board of directors use Adjusted EBITDA and free cash flow to assess Charter's performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company's credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company's debt covenants refer to these expenses as management fees, which were $331 million and $375 million for the three months ended December 31, 2025 and 2024, respectively, and $1.4 billion and $1.5 billion for the years ended December 31, 2025 and 2024, respectively.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company with services available to 58 million homes and small to large businesses across 41 states through its Spectrum brand. Founded in 1993, Charter has evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, the Company offers Seamless Connectivity and Entertainment with Spectrum Internet^®, Mobile, TV and Voice products.

More information about Charter can be found at corporate.charter.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial.  Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations.  Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under "Risk Factors" from time to time in our filings with the SEC.  Many of the forward-looking statements contained in this communication may be identified by the use of forward-looking words such as "believe," "future," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," "aim," "on track," "target," "opportunity," "tentative," "positioning," "designed," "create," "predict," "project," "initiatives," "seek," "would," "could," "continue," "ongoing," "upside," "increases," "grow," "focused on" and "potential," among others.  Important factors that could cause actual results to differ materially from the forward-looking statements we make in this communication are set forth in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:

• our ability to sustain and grow revenues and cash flow from operations by offering Internet, mobile, video, voice, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;
• the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite ("DBS") operators, wireless broadband and telephone providers, digital subscriber line ("DSL") providers, fiber to the home providers and providers of video content over broadband Internet connections;
• general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn;
• our ability to develop and deploy new products and technologies including consumer services and service platforms;
• any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;
• the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;
• our ability to procure necessary services and equipment from our vendors in a timely manner and at reasonable costs including in connection with our network evolution and rural construction initiatives;
• our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements);
• the ability to hire and retain key personnel;
• the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets;
• our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions;
• our ability to satisfy the conditions to consummate the Liberty Broadband Combination and/or the Cox Transactions and/or to consummate the Liberty Broadband Combination and/or the Cox Transactions in a timely manner or at all;
• the risks related to us being restricted in the operation of our business while the Liberty Broadband Merger Agreement and the Cox Communications Transaction Agreement are in effect;
• other risks related to the Liberty Broadband Combination as described in the definitive joint proxy statement/prospectus with respect to the Liberty Broadband Combination, filed by Charter on January 22, 2025, including the sections entitled "Risk Factors" and "Where You Can Find More Information" included therein; and
• other risks related to the Cox Transactions as described in the definitive proxy statement with respect to the Cox Transactions, filed by Charter on July 2, 2025, including the sections entitled "Risk Factors" and "Where You Can Find More Information" included therein.

All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement.  We are under no duty or obligation to update any of the forward-looking statements after the date of this communication.

SOURCE Charter Communications, Inc.