Charter Communications (CHTR) Q4 2025 earnings summary

Executive summary

• FY25 revenue declined 0.6% year-over-year to $54.8B, while adjusted EBITDA grew 0.6% to $22.7B and capital expenditures increased 3.5% to $11.7B compared to FY24.

• Mobile lines grew 19% year-over-year to 11.8M, with 428,000 net additions in Q4; video customers increased by 44,000 in Q4, reversing prior losses.

• Internet customers declined by 119,000 in Q4 and 1.1% year-over-year to 29.7M, but losses improved versus prior periods.

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

• Significant investments in network upgrades, rural expansion, and U.S.-based service have positioned the company for future growth.

Financial highlights

• Q4 consolidated 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 in 2024.

• Q4 capital expenditures totaled $3.3B, up 8.9% year-over-year; full-year 2025 CapEx reached $11.7B.

• Net income margin for Q4 was 9.8%, down from 10.5% a year ago.

Outlook and guidance

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

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

• EBITDA growth expected in 2026, with first half more challenged than second half due to political advertising seasonality.

• Free cash flow anticipated to increase as CapEx declines.

• Target leverage lowered to 3.5x-3.75x post-Cox transaction, aiming for this within three years of close.