Charter Communications (CHTR) Q4 2025 earnings summary

Executive summary

• FY25 revenue declined 0.6% to $54.8B, while adjusted EBITDA grew 0.6% to $22.7B and capital expenditures increased 3.5% to $11.7B.

• Mobile lines grew 19% year-over-year to 11.8M, with nearly 2 million added in 2025, maintaining the fastest growth among U.S. providers.

• Video customer base grew in Q4 by 44,000, reversing prior losses, while internet customers declined by 119,000, an improvement over the prior year.

• Net income attributable to shareholders was $1.3B in Q4 and $5.0B for FY25.

• Significant investments in network upgrades, rural expansion, and product innovation, including Invincible Wi-Fi and new video packaging.

Financial highlights

• Q4 revenue was $13.6B, down 2.3% year-over-year; full-year revenue was $54.8B, down 0.6%.

• Adjusted EBITDA for Q4 was $5.7B, down 1.2% year-over-year; full-year Adjusted EBITDA rose 0.6% to $22.7B.

• Free cash flow for Q4 was $773M, down $211M year-over-year; full-year free cash flow was $5.0B, up from $4.3B.

• Q4 capital expenditures totaled $3.3B, up 8.9% year-over-year; full-year CapEx was $11.7B.

• Net leverage at year-end was 4.15x (4.21x pro forma for Liberty Broadband transaction).

Outlook and guidance

• 2026 capital expenditures are expected to be approximately $11.4B, with CapEx to decline significantly after 2026 and normalize at $7.5–$8B by 2028.

• Capital intensity is expected to return to 13%-14% of revenue by 2028.

• Free cash flow is projected to increase as CapEx declines.

• Target leverage moving to 3.5x–3.75x post-Cox transaction, aiming for the lower end within three years.

• Focus for 2026 is on product utility, value, and high-quality service to drive sustainable long-term growth.