Core Insights - Charter Communications reported quarterly earnings of $8.34 per share, missing the Zacks Consensus Estimate of $9.32 per share, and down from $8.82 per share a year ago, representing an earnings surprise of -10.52% [1] - The company posted revenues of $13.67 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.52%, and down from $13.8 billion year-over-year [2] - Charter shares have declined approximately 32.6% since the beginning of the year, contrasting with the S&P 500's gain of 16% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $10.72 on revenues of $13.9 billion, and for the current fiscal year, it is $37.20 on revenues of $55.15 billion [7] - The estimate revisions trend for Charter was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Cable Television industry is currently ranked in the bottom 31% of over 250 Zacks industries, suggesting that the outlook for the industry can significantly impact stock performance [8] - Another company in the same industry, WideOpenWest, is expected to report a quarterly loss of $0.20 per share, reflecting a year-over-year change of +25.9%, with revenues projected at $140.7 million, down 11% from the previous year [9]

Financial Performance - Revenue decreased by 09% from $138 billion in 3Q24 to $137 billion in 3Q25[8, 43] - Adjusted EBITDA decreased by 15% from $56 billion in 3Q24 to $56 billion in 3Q25[8, 46] - Capital expenditures increased by 190% from $26 billion in 3Q24 to $31 billion in 3Q25[8] - Free cash flow remained relatively stable at $1621 billion in 3Q25 compared to $1619 billion in 3Q24[51] - LTM Free Cash Flow increased from $4334 billion to $5215 billion[51] Customer Metrics - Total customer relationships decreased by 20% from 317 million in 3Q24 to 311 million in 3Q25[34] - Internet customers decreased by 15% from 303 million in 3Q24 to 298 million in 3Q25[35, 38] - Mobile lines increased by 22% from 94 million in 3Q24 to 114 million in 3Q25[36, 37] - Video customers decreased by 35% from 130 million in 3Q24 to 126 million in 3Q25[36, 40] Mobile Business - Mobile service margin excluding SAC was 34% in 3Q25, up from 18% in 3Q22 and 0% in 3Q20[18, 20] - Spectrum Mobile customer data offload to Charter's Network is now 88%, up from 85% in 2022[13, 20]

Core Insights - Charter Communications reported a larger-than-expected decline in broadband subscribers for the third quarter, indicating challenges in maintaining its customer base amid intense competition in the U.S. broadband and cable TV market [1] Company Performance - The company experienced a significant drop in broadband subscribers, which was more pronounced than analysts had anticipated [1] - This decline reflects the ongoing competitive pressures faced by Charter Communications in the broadband sector [1] Industry Context - The U.S. broadband and cable TV market is characterized by fierce competition, which is impacting subscriber growth for major providers like Charter Communications [1] - The overall industry dynamics suggest that companies may need to adapt their strategies to retain and attract customers in a saturated market [1]

Core Insights - Charter Communications reported a decline in third-quarter profit due to increased competition from fixed wireless and fiber connections impacting its broadband internet business [1] Company Performance - The company's broadband internet business is facing challenges from rising competition, which has led to lower profitability in the third quarter [1] Industry Trends - The competitive landscape in the broadband internet sector is intensifying, particularly with the emergence of fixed wireless and fiber options, which are affecting traditional broadband providers like Charter Communications [1]

Financial Performance - Revenues for Q3 2025 were $13,672 million, a slight decrease of 0.9% compared to $13,795 million in Q3 2024[15] - Operating income for Q3 2025 was $3,131 million, down 6.1% from $3,335 million in Q3 2024[15] - Consolidated net income attributable to Charter shareholders for Q3 2025 was $1,137 million, a decrease of 11.1% from $1,280 million in Q3 2024[15] - Basic earnings per share for Q3 2025 were $8.50, down from $8.99 in Q3 2024, representing a decline of 5.5%[15] - Adjusted EBITDA for the same period was $5,561 million, down 1.5% from $5,647 million in 2024[85] - Consolidated net income for the nine months ended September 30, 2025, was $4,220 million, a slight increase from $4,177 million in 2024[22] Assets and Liabilities - Total current assets increased to $4,867 million in Q3 2025 from $4,233 million in Q4 2024, reflecting a growth of 15.0%[13] - Long-term debt rose to $94,413 million in Q3 2025, up from $92,134 million in Q4 2024, indicating an increase of 2.5%[13] - Total shareholders' equity decreased to $19,588 million in Q3 2025 from $19,707 million in Q4 2024, a decline of 0.6%[13] - Total debt as of September 30, 2025, was $95,023 million, up from $93,779 million as of December 31, 2024[40] - The accumulated deficit improved to $(4,095) million in Q3 2025 from $(7,750) million in Q4 2024, showing a reduction of 47.3%[13] Cash Flow and Investments - Net cash flows from operating activities increased to $12,316 million in 2025, compared to $10,970 million in 2024, reflecting a growth of approximately 12.2%[22] - The company reported net cash flows from investing activities of $(8,582) million in 2025, compared to $(8,075) million in 2024, indicating an increase in investment outflows[22] - Cash paid for interest in the nine months ended September 30, 2025, was $3,610 million, down from $3,812 million in 2024[22] - Free cash flow was $1.6 billion and $4.2 billion for the three and nine months ended September 30, 2025, compared to $1.6 billion and $3.3 billion for the same periods in 2024[120] Revenue Breakdown - Internet revenue increased to $5.971 billion in Q3 2025 from $5.872 billion in Q3 2024, while mobile service revenue rose to $954 million from $801 million[58] - Video revenues decreased by 9.3% to $3,388 million for the three months ended September 30, 2025, due to a decline in average residential video customers[95] - Voice revenues fell by 7.9% to $332 million for the three months ended September 30, 2025, with a decrease of 928,000 residential wireline voice customers[96] - Advertising sales revenues decreased by $96 million and $173 million for the three and nine months ended September 30, 2025, compared to the same periods in 2024, primarily due to a decline in political, national, and local ad revenue[99] Shareholder Activities - Charter repurchased 7,298,058 shares of Class A common stock for $2.099 billion in the three months ended September 30, 2025, compared to 695,494 shares for $218 million in the same period of 2024[45] - The company had remaining board authority to purchase an additional $252 million of Charter's Class A common stock as of September 30, 2025[46] - Charter plans to repurchase shares of its Class A common stock from Liberty Broadband, with monthly repurchases set at a minimum of $100 million[124] Capital Expenditures - Capital expenditures were $3.1 billion and $8.3 billion for the three and nine months ended September 30, 2025, respectively, compared to $2.6 billion and $8.2 billion in the same periods of 2024[142] - Customer premise equipment expenditures rose to $656 million in Q3 2025, up 64% from $400 million in Q3 2024[145] - The subsidized rural construction initiative accounted for $582 million in capital expenditures for Q3 2025, consistent with $581 million in Q3 2024[145] Strategic Transactions - Charter will pay $3.5 billion in cash to Cox Enterprises as part of the acquisition of certain subsidiaries, with an additional $500 million in cash and $6.0 billion in convertible preferred units issued[29] - The Cox Transactions will result in Charter assuming approximately $12.4 billion in outstanding net debt and finance leases[79] - Charter expects to incur additional debt to fund the $4.0 billion cash consideration required in the Cox Transactions and will assume Cox Communications' approximately $12.4 billion of net debt[174] Compliance and Reporting - The company is committed to compliance with the Sarbanes-Oxley Act, as evidenced by certifications from the CEO and CFO[32.1][32.2] - The financial information is formatted in iXBRL, indicating a focus on modern reporting standards and transparency[101] - The quarterly report highlights the company's performance metrics, which are crucial for investor analysis and decision-making[101]

Financial Performance - Total revenue for the third quarter of 2025 was $13.7 billion, a decline of 0.9% year-over-year, primarily due to lower residential video and advertising sales revenues [4]. - Adjusted EBITDA for the third quarter was $5.6 billion, down 1.5% year-over-year, with a margin of 40.7% [11]. - Net income attributable to Charter shareholders was $1.1 billion, representing an 11.2% decrease compared to the prior year [11]. - Consolidated net income for Q3 2025 was $1,316 million, a decrease of 10.7% compared to $1,474 million in Q3 2024 [57]. - Free cash flow remained consistent at $1.6 billion, supported by lower cash taxes and favorable working capital [4]. - Free cash flow for the nine months ended September 30, 2025, was $4,231 million, an increase of 29.3% from $3,273 million in the same period of 2024 [46]. Customer Metrics - Internet customers decreased by 109,000 in the third quarter, totaling 29.8 million as of September 30, 2025, while mobile lines increased by 493,000, reaching 11.4 million [4]. - Total customer relationships as of September 30, 2025, were 31,058 thousand, a decrease of 1.3% from 31,207 thousand in June 2025 [59]. - Total internet customers decreased by 109 thousand in Q3 2025, compared to a decrease of 117 thousand in Q2 2025 [59]. - Total mobile lines increased to 11,390 thousand as of September 30, 2025, up from 10,897 thousand in June 2025 [59]. - Total video customers decreased by 70 thousand in Q3 2025, compared to a decrease of 80 thousand in Q2 2025 [59]. Revenue Breakdown - Monthly residential revenue per customer increased by 1.0% year-over-year to $122.63, driven by promotional rate adjustments [14]. - Video revenue decreased by 9.3% year-over-year to $3.4 billion, impacted by a decline in video customers and a higher mix of lower-priced video packages [16]. - Spectrum Mobile service revenue grew by 19.2% year-over-year to $954 million, driven by mobile line growth [15]. - Third quarter advertising sales revenue was $356 million, a decrease of 21.3% year-over-year, primarily due to lower political revenue [19]. - Other revenue reached $836 million, reflecting a 10.7% increase compared to the previous year, driven mainly by higher mobile device sales [20]. Capital Expenditures - Capital expenditures for the third quarter totaled $3.1 billion, which included $1.0 billion for line extensions [4]. - Capital expenditures totaled $3.1 billion, an increase of $488 million year-over-year, driven by higher spending on network evolution and infrastructure [28]. - Charter expects full year 2025 capital expenditures to be approximately $11.5 billion, contingent on various operational factors [29]. - Total capital expenditures for the three months ended September 30, 2025, were $3.051 billion, an increase from $2.563 billion in the same period of 2024, representing a growth of 19% [62]. - For the nine months ended September 30, 2025, total capital expenditures reached $8.324 billion, compared to $8.207 billion in 2024, reflecting a slight increase of 1.4% [62]. Debt and Liquidity - As of September 30, 2025, total principal amount of debt was $95.0 billion, with additional liquidity of approximately $4.0 billion from credit facilities [32]. - Cash and cash equivalents as of September 30, 2025, were $464 million, compared to $459 million at the end of 2024 [54]. - Cash paid for interest in Q3 2025 was $1,171 million, a slight decrease from $1,214 million in Q3 2024 [57]. - The company reported a net cash outflow from investing activities of $3,157 million in Q3 2025, compared to $2,439 million in Q3 2024 [57]. Customer Operations - Customer operations expenses decreased by $19 million, or 2.4% year-over-year, mainly due to a reduction in bad debt expense [23]. - The number of customers with accounts over 60 days past due decreased to approximately 87,100 as of September 30, 2025, from 127,300 in the same period of 2024, a reduction of 31.6% [65]. - The company continues to align its collection procedures with industry practices, which has impacted the aging of customer accounts positively [65].

Core Insights - Charter Communications reported its financial and operational results for Q3 2025, highlighting a competitive environment and a focus on free cash flow growth for shareholder value creation [2][4]. Financial Performance - Total revenue for Q3 2025 was $13.7 billion, a decline of 0.9% year-over-year, primarily due to lower residential video and advertising sales revenues, partially offset by growth in residential connectivity revenue [4][14]. - Net income attributable to Charter shareholders was $1.1 billion, down 11.2% from the previous year [4][25]. - Adjusted EBITDA for the quarter was $5.6 billion, a decrease of 1.5% year-over-year [4][27]. - Free cash flow remained consistent at $1.6 billion, supported by lower cash taxes and favorable working capital [4][31]. Customer Metrics - As of September 30, 2025, Charter had approximately 31.1 million customer relationships, a decrease of 2.0% year-over-year [3][4]. - Total Internet customers declined by 109,000 in Q3 2025, with a total of 29.8 million Internet customers served [4][9]. - Mobile lines increased by 493,000, totaling 11.4 million mobile lines as of the end of Q3 2025 [4][6]. - Video customers decreased by 70,000, with a total of 12.6 million video customers [4][7]. Revenue Breakdown - Internet revenue grew by 1.7% year-over-year to $6.0 billion, driven by promotional rate step-ups and rate adjustments [4][16]. - Mobile service revenue increased by 19.2% year-over-year to $954 million, attributed to mobile line growth [4][16]. - Video revenue decreased by 9.3% to $3.4 billion, impacted by a decline in video customers and a higher mix of lower-priced video packages [4][17]. - Voice revenue fell by 7.9% to $332 million, reflecting a decline in wireline voice customers [4][18]. Operating Costs - Total operating costs and expenses decreased by 0.5% year-over-year to $8.1 billion, with programming costs down 6.5% due to fewer video customers [4][22]. - Marketing and residential sales expenses increased by 5.4% year-over-year, reflecting a shift to higher-cost sales channels [4][24]. Capital Expenditures - Capital expenditures for Q3 2025 totaled $3.1 billion, an increase of 19.0% year-over-year, driven by network evolution and infrastructure spending [4][28]. - The company expects full-year 2025 capital expenditures to be approximately $11.5 billion [4][29]. Shareholder Actions - During Q3 2025, Charter repurchased 7.6 million shares for $2.2 billion [4][35].

Core Insights - Charter Communications, Inc. is set to release its third-quarter earnings results on October 31, with analysts expecting earnings of $9.29 per share, an increase from $8.82 per share in the same period last year [1] - The consensus estimate for quarterly revenue is $13.75 billion, slightly down from $13.79 billion a year earlier [1] Financial Performance - In the previous quarter, Charter Communications reported a revenue growth of 0.6% year-on-year, reaching $13.77 billion, which exceeded the analyst consensus estimate of $13.76 billion [2] - Following the earnings report, the company's shares fell by 4.4%, closing at $230.92 [2] Analyst Ratings - Citigroup analyst Michael Rollins reinstated a Buy rating with a price target of $325 [5] - Goldman Sachs analyst Michael Ng assumed a Sell rating with a price target of $223 [5] - Wells Fargo analyst Steven Cahall reinstated an Equal-Weight rating with a price target of $300 [5] - UBS analyst John Hodulik maintained a Neutral rating and reduced the price target from $425 to $355 [5] - Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating and raised the price target from $385 to $415 [5]

Group 1 - Charter Communications, Inc. is set to release its third-quarter earnings results on October 31, with expected earnings of $9.29 per share, an increase from $8.82 per share in the same period last year [1] - The consensus estimate for quarterly revenue is $13.75 billion, slightly down from $13.79 billion a year earlier [1] - In the previous quarter, the company reported a revenue growth of 0.6% year-on-year to $13.77 billion, surpassing the analyst consensus estimate of $13.76 billion [2] Group 2 - Charter Communications shares experienced a decline of 4.4%, closing at $230.92 [2] - Citigroup analyst Michael Rollins reinstated a Buy rating with a price target of $325 [5] - Goldman Sachs analyst Michael Ng assumed a Sell rating with a price target of $223 [5] - Wells Fargo analyst Steven Cahall reinstated an Equal-Weight rating with a price target of $300 [5] - UBS analyst John Hodulik maintained a Neutral rating and reduced the price target from $425 to $355 [5] - Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating and raised the price target from $385 to $415 [5]

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