Charter Communications (CHTR) Q4 2025 earnings summary

Executive summary

• Added nearly 2 million mobile lines in 2025, achieving 19% growth and maintaining status as the fastest-growing U.S. mobile provider; mobile lines reached 11.8M.

• Video customer base grew in Q4 2025, reversing prior losses, driven by product improvements and new packaging.

• Internet customer losses improved year-over-year, with a decline of 119,000 in Q4, though total internet customers fell 1.1% to 29.7M.

• EBITDA grew by 0.6% in 2025 to $22.7B, with further growth expected in 2026, excluding transition costs.

• Significant investments in network upgrades, rural expansion, and service quality are expected to drive future growth.

Financial highlights

• Full year 2025 revenue was $54.8B, down 0.6% year-over-year; Q4 revenue declined 2.3% to $13.6B.

• Adjusted EBITDA for Q4 was $5.7B, down 1.2% year-over-year; full year Adjusted EBITDA margin was 41.4%.

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

• 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.

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

Outlook and guidance

• 2025 marked peak capital expenditure; 2026 CapEx projected at $11.4B, with a downward trajectory to below $8B per year post-2028.

• CapEx expected to normalize to 13%-14% of revenue by 2028.

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

• Cash tax payments for 2026 expected between $500M and $800M.

• Target leverage ratio moved to 3.5x-3.75x post-Cox transaction, aiming for the low end within three years.