UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number Registrant; State of Incorporation; Address and Telephone Number IRS Employer Identification No. 001-38126 38-3980194 Optimum Communicati ...

Optimum Communications (NYSE:ATUS) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsDennis Mathew - Chairman and CEOFrank Louthan - Managing DirectorKutgun Maral - DirectorMarc Sirota - CFOMichael Ng - Managing Director of Global Investment ResearchSarah Freedman - VP of Investor RelationsVikash Harlalka - DirectorConference Call ParticipantsCraig Moffett - Partner and Senior AnalystSebastiano Petti - Senior Research AnalystSteven Cahall - Managing Director and Senior AnalystOperatorG ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 declined by 2.3% year-over-year, with full year revenue at approximately $8.6 billion [4][9] - Adjusted EBITDA grew nearly 8% year-over-year to just over $900 million, marking the first quarter of year-over-year adjusted EBITDA growth in 16 quarters [6][24] - Adjusted EBITDA margin expanded to over 41%, up 380 basis points year-over-year, while gross margin reached approximately 70%, up 180 basis points [6][24] Business Line Data and Key Metrics Changes - Broadband subscriber results showed a net loss of 62,000 subscribers in Q4, ending the year with 4.2 million broadband subscribers [17] - Fiber customer accounts grew by 33% year-over-year, reaching 716,000, with 12,000 net additions in Q4 [17][18] - Mobile lines reached 623,000, representing 35% year-over-year growth, with a net addition of 38,000 lines in Q4 [18] - Video subscribers decreased by 13% year-over-year, with a net loss of 49,000 in Q4, although this was the lowest quarterly loss in over five years [20] Market Data and Key Metrics Changes - Connectivity and all other revenue grew by 2% year-over-year, supported by mobile revenue growth of over 40% and business services growth of over 8% [22] - Residential ARPU grew by 0.4% to $134.49, with broadband ARPU increasing by 2.8% year-over-year to $76.71, the highest in 14 quarters [23][24] Company Strategy and Development Direction - The company is focused on simplifying operations to enhance customer and employee experiences, with priorities including improving broadband trajectory and maintaining financial discipline [10][11] - Investments in AI and automation are being leveraged to improve operational efficiency and customer service [12][13] - The company aims to balance capital expenditures with long-term economics, emphasizing fiber expansion and targeted network upgrades [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the hypercompetitive environment and emphasized the importance of disciplined execution and operational improvements made in 2025 to support long-term EBITDA stability [40][41] - The company is optimistic about its ability to improve broadband trends and customer retention through new pricing and product strategies [38][39] Other Important Information - Cash capital expenditures for the full year totaled approximately $1.3 billion, with a capital intensity of less than 16%, the most efficient in the last four years [27][28] - Lightpath revenue reached $468 million in 2025, representing 13% growth year-over-year, driven by demand from hyperscale customers [29] Q&A Session Summary Question: Update on broadband subscribers and expectations for 2026 - Management noted that Q4 faced unprecedented competitive pressures but emphasized foundational work done in 2025 to improve market positioning and customer experience [36][38] Question: Balance sheet update and debt management - Management highlighted the importance of a strong capital structure and mentioned recent debt refinancings to enhance liquidity and financial flexibility [45][46] Question: Strength of residential broadband ARPU - Management reported a 0.4% year-over-year growth in residential ARPU, driven by broadband and mobile services, despite video headwinds [50][51] Question: Expectations around video programming costs - Management indicated a focus on renegotiating programming costs, achieving a 16% reduction in the quarter, and emphasized a disciplined approach to pricing and packaging [56][57] Question: Competitive landscape and market pressures - Management described the competitive environment as intense, particularly in the East with significant fiber overbuild, but expressed confidence in their product offerings and pricing strategies [65][66]

Optimum Communications (NYSE:ATUS) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Speaker5Greetings. Welcome to Optimum's fourth quarter and full year 2025 results conference call. This time, participants are in listen-only mode. The question and answer session will follow the formal presentation. If anyone today should require operator assistance, please press star zero from your telephone keypad. Please note that today's conference is being recorded. At this time, I'll turn the conference over to Sar ...

NON-GAAP FINANCIAL MEASURES We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other ...

Financial Performance - Total revenue for Q4 2025 was $2.18 billion, a decrease of 2.3% year over year, and $8.6 billion for FY 2025, down 4.1% year over year[5] - Adjusted EBITDA for Q4 2025 was $902.2 million, reflecting a 7.7% year-over-year increase, with a margin of 41.3%, while FY 2025 Adjusted EBITDA was $3,335.6 million, down 2.3% year over year[5] - Operating income for Q4-25 is reported at $397.6 million, an increase from $340.8 million in Q4-24, indicating a growth of approximately 16.6%[16] - Net loss attributable to Optimum Communications stockholders for FY-25 is projected at $1,869.0 million, compared to $102.9 million in FY-24, indicating a significant increase in losses[16] - The net loss for the twelve months ended December 31, 2025, was $1,833,047 thousand, a significant increase from a net loss of $78,277 thousand in 2024[18] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $3,335,633 thousand, with an Adjusted EBITDA margin of 38.8%, compared to $3,413,181 thousand and 38.1% in 2024[24] - Free Cash Flow deficit was $199.4 million in Q4 2025, compared to a deficit of $49.9 million in Q4 2024, and ($118.8) million for FY 2025 compared to $149.4 million in FY 2024[5] - Net cash provided by operating activities for the twelve months ended December 31, 2025, was $1,228,457 thousand, down from $1,582,401 thousand in 2024[25] - Free Cash Flow (Deficit) for the twelve months ended December 31, 2025, was $(118,837) thousand, compared to $149,388 thousand in 2024[25] Customer Metrics - Broadband primary service units (PSUs) experienced net losses of 62,000 in Q4 2025, compared to 39,000 in Q4 2024, with total broadband subscribers ending at 4.2 million[5] - Fiber customer net additions were 12,000 in Q4 2025 and 178,000 for FY 2025, with total fiber customers reaching 716,000, a 33% increase year over year[6] - Mobile line net additions were 38,000 in Q4 2025 and 163,000 for FY 2025, resulting in a total of 623,000 mobile lines, a 35% increase year over year[6] - Total customer net losses for FY-24 amounted to 191.1 thousand, with a further projected loss of 216.6 thousand for FY-25[14] - FTTH total customer relationships increased to 715.9 thousand by Q4-25, up from 538.2 thousand in Q4-24, representing a growth of 32.9%[15] - Subscriber net additions for broadband and video services were affected by a small system sale, excluding 8.3 thousand passings and 1.9 thousand broadband subscribers[10] Revenue and Pricing - Broadband ARPU increased by 2.8% year over year to $76.71 in Q4 2025, while Residential ARPU rose by 0.4% to $134.49[5] - Residential ARPU for FY-25 is expected to be $134.18, slightly down from $135.44 in FY-24, reflecting a decrease of about 0.9%[14] - Broadband revenue for Q4-25 is reported at $884.1 million, a decrease from $900.1 million in Q4-24, indicating a decline of approximately 1.1%[16] - Total revenue for FY-25 is projected to be $8,590.5 million, a decrease from $8,954.4 million in FY-24, reflecting a year-over-year decline of approximately 4.1%[16] Debt and Financing - Consolidated net debt for Optimum Communications was $25.29 billion, with a consolidated net leverage of 7.3x L2QA[7] - Total gross debt consolidated as of December 31, 2025, was $26,302 million, with net debt including finance leases amounting to $25,396 million[28] - The net leverage ratio (LTM) for the consolidated group was 7.6x as of December 31, 2025, compared to 7.3x (L2QA)[27] - Recent refinancing activities included an incremental term loan commitment of $1.1 billion to refinance existing debt and support general corporate purposes[12] - The company has increased its revolving loan commitments to $115 million, with $95 million due by June 15, 2027[19] Strategic Focus - The company plans to focus on simplification and improved broadband trends to enhance customer retention and overall value[6] - The company aims to improve broadband trends by simplifying packaging and pricing, enhancing convergence, and expanding value-added product sell-in[34] - Optimum Communications plans to maintain financial discipline through base management, product margin expansion, and investments in AI and automation capabilities[34] - The company is focused on long-term value creation through fiber expansion, network upgrades, and investment in technology and tools[34] - Future expectations include achieving targets for revenue, broadband ARPU, and Adjusted EBITDA, reflecting the company's growth strategy[34] Capital Expenditures and Impairments - Capital expenditures for the twelve months ended December 31, 2025, were $1,347,294 thousand, slightly lower than $1,433,013 thousand in 2024[18] - The company reported a significant impairment of $1,611,308 thousand related to indefinite-lived cable franchise rights[18] Operational Insights - The company experienced a decrease in cash and cash equivalents at the end of the year, totaling $1,141,443 thousand, up from $256,824 thousand at the beginning of the year[18] - Optimum Communications serves approximately 4.3 million residential and business customers across 21 states[33] - The total estimated number of single residence homes, apartments, and condominium units passed by the FTTH network is significant, with approximately 26 thousand total passings not having broadband services available[12]

Group 1 - Altice rejected a joint nonbinding offer from three companies to acquire a significant portion of its business valued at $19.87 billion in October [1]

Core Viewpoint - JPMorgan Chase & Co. is providing Altice USA with approximately $1.1 billion to refinance debt, aiming to alleviate creditor concerns following an antitrust lawsuit and controversial debt maneuvers [1]. Group 1: Refinancing Details - The funds from JPMorgan will allow Altice to refinance a $1 billion asset-backed facility obtained from Goldman Sachs and TPG Angelo Gordon in July at par value [2]. - The refinancing is urgent as the debt's call protection period is about to begin, which would require Altice to pay a premium above par for refinancing [2][6]. Group 2: Creditor Relations - Efforts to preserve Altice's cash are expected to appease creditors, as the company has been struggling with a heavy debt load and has engaged advisers to explore options [3]. - Altice's lenders have faced turmoil due to the company's recent actions, including a lawsuit against creditors alleging the formation of an "illegal cartel" [4]. Group 3: Recent Financial Moves - In November, Altice, recently rebranded as Optimum Communications Inc., raised $2 billion from JPMorgan for early refinancing of a loan due in 2028, which had strict investor safeguards [5]. - The refinancing is strategically timed to avoid a premium that could allow lenders to recover up to 116 cents on the dollar [6].

Summary of Optimum Communications Conference Call Company Overview - **Company**: Optimum Communications - **Industry**: Telecommunications Key Points and Arguments 2026 Priorities - The company is focused on stabilizing broadband as its first priority, which includes enhancing base management and leveraging AI and automation for better customer communication and service delivery [4][5] - Elevating customer experience and operational efficiency through AI investments is a significant focus area [6] - Continued investment in network infrastructure, including mid-splits and expanding fiber capabilities, is planned [6][7] - A major priority is to optimize the capital structure for sustainable long-term growth [7] Competitive Landscape - The competitive environment has intensified, particularly in Q4, with aggressive pricing strategies from competitors, including offers for gigabit services below $40 and various promotional incentives [13][14] - The company is testing new pricing and packaging strategies to stabilize broadband performance [14] - The macroeconomic environment is affecting customer mobility, with many consumers hesitant to move due to attractive mortgage rates [18] Financial Structure and Debt Management - Recent financing from JPMorgan has provided financial flexibility and a leverage-neutral position [10] - The company is focused on meaningful debt reduction and resetting its balance sheet to support long-term objectives [11][23] - The potential use of Asset-Backed Securities (ABS) for funding is being explored [12] Fiber Deployment and Market Position - The company has made progress in fiber deployment, with 3 million passings and 700,000 customers on its fiber network [26][34] - The focus is on driving fiber growth while managing capital constraints [22][23] - Improved Net Promoter Score (NPS) and reduced churn rates are observed in fiber markets [26] Mobile and Video Products - Mobile penetration is currently at 7%, with expectations for growth as the product matures [29][34] - The new video packages have achieved a 13% penetration rate, offering customers flexibility and choice [41][42] - Partnerships with streaming services like Netflix and Disney are enhancing the video offering [42] Operational Efficiency and Cost Management - The company has implemented a 5% workforce reduction aimed at improving efficiency without impacting frontline staff [56] - Significant reductions in call volume and service visits have been achieved, contributing to operational efficiency [56] Future Outlook - The company expects to see year-over-year EBITDA growth for the first time in 16 quarters, with a guidance of $3.3 to $3.4 billion for Q4 [55][56] - Continued focus on leveraging AI and automation to enhance customer experience and operational efficiency is planned [59] - The company remains open to value-accretive transactions but is primarily focused on its transformation efforts [60] Lightpath Opportunity - The Lightpath segment is expected to generate over $100 million in sales, with ongoing efforts to expand its footprint beyond the current service areas [48][50] - The team is actively pursuing new business opportunities in various locations, indicating a strong growth potential [50] Additional Important Insights - The company is committed to advocating for customer interests in negotiations with programming partners to manage video costs effectively [42] - The overall strategy emphasizes quality and value, aiming to simplify customer interactions and enhance service delivery through digital and automated solutions [46][47]

Core Insights - Lightpath is expanding its AI-grade fiber network in Greater Columbus, Ohio, adding approximately 150 route miles of high-density fiber, which more than doubles its fiber footprint in the region [1][2][3] Group 1: Expansion and Infrastructure - The expansion reinforces Lightpath's presence in the Midwest and aims to deliver next-generation network infrastructure tailored for AI-driven workloads [2][3] - Engineering and construction for the new network are already underway, with phased completion expected from the end of 2026 through mid-2027 [2] Group 2: Market Position and Strategy - Columbus is recognized as a leading U.S. destination for data center and AI investment, highlighting the scale of hyperscale demand that Lightpath is committed to meeting [3][4] - The expanded network will utilize new underground, multi-conduit systems with high-count fiber capacity to support both metro and regional long-haul applications [3] Group 3: Customer Engagement and Connectivity - Lightpath aims to strengthen its position as a trusted partner for hyperscale, carrier, and large enterprise customers across the Midwest, setting the stage for growth and new AI-grade connectivity opportunities [4] - The company operates dense metro and regional fiber systems across major U.S. markets, connecting nearly 200 data centers to support next-generation workloads in the AI economy [4]