NASDAQ: CHTR · Cable & Satellite
Charter Communications
Charter Communications, operating under the Spectrum brand, sells broadband Internet, mobile, video, and voice services to homes and businesses over its cable network. At year-end 2025 it served 31.8 million customer relationships, 29.7 million Internet customers, and 11.8 million mobile lines, with about 91,900 U.S.-based employees. FY2025 revenue was $54.8 billion and net income attributable to Charter $4.99 billion. It is highly leveraged ($94.8 billion of debt) and buys back stock rather than paying dividends. It has agreed to combine with Cox Communications and with its largest shareholder, Liberty Broadband; both deals were still pending as of July 2026.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: January 30, 2026
Built on10-K FY2025 · filed 2026-01-3010-Q (quarter ended 2026-09-30) · filed 2026-11-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 2.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 23.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +3.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 4.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 3.22x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 10.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.76
Higher than 11% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 66% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 52% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 83% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 91% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$119.74close on 2026-11-04
Market cap$15.16B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 10.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 0.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 5.1x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 29.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 5.8x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.6x
Book value at FY2025 year-end
At FY2025 year-end: 5.6x
EBITDA for FY2025
At FY2025 year-end: 16.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$13.67B → $14.92B (vs. a year earlier)↑ +9.1%$13.67B → $14.92B (vs. a year earlier)
- Operating margin22.9% → -23.6% (vs. a year earlier)↓ −46.5 pts22.9% → -23.6% (vs. a year earlier)
- Net income$1.14B → −$2.4B (vs. a year earlier)↓ −$2.4B$1.14B → −$2.4B (vs. a year earlier)
- Diluted EPS$8.34 → $-20.50 (vs. a year earlier)↓ $-20.50$8.34 → $-20.50 (vs. a year earlier)
- Cash$509M → $573M (vs. previous quarter-end)↑ +12.6%$509M → $573M (vs. previous quarter-end)
- Long-term debt$93.96B → $107.05B (vs. previous quarter-end)↑ +13.9%$93.96B → $107.05B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Jul 24, 2026.
Key changes
Q2 revenue $13.5B, down 1.7%. Source sentence
Second quarter revenue of $13.5 billion declined 1.7% year-over-year, primarily driven by lower residential video revenue.
Adjusted EBITDA $5.4B, down 4.3%. Source sentence
Second quarter Adjusted EBITDA 1 of $5.4 billion declined 4.3% year-over-year and by 3.2% excluding transition expenses.
Video customers down 21,000 in Q2. Source sentence
Video customers decreased by 21,000 in the second quarter and declined by 107,000, or 0.8%, over the last twelve months.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CHARTER COMMUNICATIONS, INC. /MO/
- Headquarters
- STAMFORD, CT
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: CHTR
- Industry
- Cable & Satellite
- CIK
- 1091667
- IR page
- https://ir.charter.com/ ↗
Workforce (as of FY2025 year-end)
Employees
91,900
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 30–33 days after quarter end (Jan 30, 2026; Jan 31, 2025; Feb 2, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 6, 2026 (+37 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 24, 2026 (+24 days) | Jul 24, 2026 10-Q (+24 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 24, 2026 (+24 days) | Apr 24, 2026 10-Q (+24 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 30, 2026 (+30 days) | Jan 30, 2026 10-K (+30 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 31, 2025 (+31 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 25, 2025 (+25 days) | Jul 25, 2025 10-Q (+25 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 25, 2025 (+25 days) | Apr 25, 2025 10-Q (+25 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 31, 2025 (+31 days) | Jan 31, 2025 10-K (+31 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 1, 2024 (+32 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 26, 2024 (+26 days) | Jul 26, 2024 10-Q (+26 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 26, 2024 (+26 days) | Apr 26, 2024 10-Q (+26 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 2, 2024 (+33 days) | Feb 2, 2024 10-K (+33 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Residential
Spectrum Internet and Advanced WiFi
Examples: Gigabit-speed broadband
Network upgrades through 2027 aim to deliver faster speeds.
Residential
Spectrum Mobile
Examples: Unlimited and by-the-gig plans with 5G access
Available to Spectrum Internet customers; Speed Boost for converged customers.
Residential
Spectrum TV and Voice
Examples: Video packages including ad-supported streaming apps; home phone
Declining legacy products.
Commercial
Business services
Examples: Small business Internet, mobile, voice; mid-market and large business connectivity and managed services
For small, mid-market, and large businesses.
Advertising
Spectrum Reach
Examples: Local and multiscreen advertising
Advertising sales across Charter's video platforms.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Pending combinations and 2026 results, from the 10-K and 8-Ks.
Cox Transactions
Charter agreed in May 2025 to combine with Cox Communications: $3.5B cash for Cox's commercial fiber and managed IT businesses, and for the residential cable business $500M cash, $6.0B of 6.875% convertible preferred units, and about 33.6 million Charter Holdings common units.
Source: Form 10-K (FY2025) Item 1
Liberty Broadband combination
Expected to close at the same time as the Cox Transactions; Liberty Broadband preferred stock ($180M liquidation preference) converts into Charter preferred.
Source: Form 10-K (FY2025) Item 1
Q2 2026
Revenue was $13.5B (−1.7%) and adjusted EBITDA (non-GAAP) $5.4B (−4.3%); Charter bought back 4.0 million shares for $838M and repurchased $1.2B of notes for $1.0B.
Source: 8-K filed 2026-07-24 (Exhibit 99.1)
New COO
Nick Jeffery, former CEO of Frontier Communications, became Chief Operating Officer on September 1, 2026.
Source: 8-K filed 2026-02-25
Capex ÷ D&A (FY2025)
1.34x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$11,659M ÷ $8,711M = 1.34x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $7.42B in FY2020 to $11.66B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$54.77B
As reported in the 10-K
Revenue CAGR (5 years)
+2.6%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($54,774M ÷ $48,097M) ^ (1÷5) − 1 = 2.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
23.6%▲favorable
+6.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$12,908M ÷ $54,774M × 100 = 23.6%
ROE (FY2025)
31.5%▲favorable
6-year average: 32.8%
As reported in the 10-K
P/B (FY2025 end)
1.65x
formulafiscal year-end closing price ÷ book value per share
e.g.$208.75 ÷ $126.78 = 1.65x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
5.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($26,434M + $94,756M − $477M) ÷ ($12,908M + $8,711M) = 5.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +2.6% a year over 5 years (modest growth)
From $48.1B in FY2020 to $54.77B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 17.5% → 23.6%
How much operating profit is left per $100 of revenue. It moved +6.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 10.4% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 32.8% over 6 years (latest: 31.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Verizon
- Liberty Broadband
- Verizon (supplier)
- T-Mobile (supplier)
07 · what it does
Key activities
Residential connectivity and video
Building and upgrading the network- Selling and servicing subscriptions with 100% U.S.-based employees
Commercial and advertising
Business connectivity and managed services- Selling local and digital advertising
06 · what it draws on
Key resources
Residential connectivity and video
Hybrid fiber-coax network- Verizon's cellular network (MVNO)
Commercial and advertising
Network and fiber assets- Sales teams
02 · why customers buy
Value propositions
- Internet, mobile and video bundles over a fiber-powered network that Charter says provides high capacity with a cost-efficient path to faster speeds.
04 · how it keeps them
Customer relationships
- Monthly subscriptions for about 29.6 million residential and 2.2 million small business customer relationships, supported by centrally managed call centers.
03 · how it reaches them
Channels
- Spectrum retail stores, online, phone and door-to-door sales across its footprint.
01 · who it serves
Customer segments
Residential connectivity and video
About 29.6 million residential customersCommercial and advertising
About 2.2 million small businesses; mid-market and large companies; advertisers
09 · where money goes
Cost structure
FY2025, share of revenue ($54.77B)
- Other operating costs (incl. cost of goods sold)76.4%
Operating profit left: 23.6% of revenue. Depreciation & amortization (inside the costs above): $8.71B. Capital spending: $11.66B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Residential connectivity and video
Monthly subscription fees- Equipment and installation fees
Commercial and advertising
Business service fees- Advertising sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Residential connectivity and video
Spectrum Internet, Spectrum Mobile (an MVNO on Verizon's network), video packages, and voice for households across its footprint of about 59 million passings.
01 what it draws on
Inputs & resources
- Hybrid fiber-coax network
- Verizon's cellular network (MVNO)
- Programming from media companies
02 what it does
Activities
- Building and upgrading the network
- Selling and servicing subscriptions with 100% U.S.-based employees
03 who it serves
Customers
- About 29.6 million residential customers
04 how money comes in
How it earns
- Monthly subscription fees
- Equipment and installation fees
Residential connectivity and video: how it makes money
- Residential revenue $42.6B in FY2025: Internet $23.8B (+1.7%), mobile service $3.8B (+22%), video $13.7B (−9.4%), voice $1.4B.
- Mobile lines grew from 9.9M to 11.8M in 2025, while Internet customers fell by about 400,000.
Commercial and advertising
Connectivity and video for small businesses and mid-market and large enterprises, plus local advertising sales (Spectrum Reach).
01 what it draws on
Inputs & resources
- Network and fiber assets
- Sales teams
02 what it does
Activities
- Business connectivity and managed services
- Selling local and digital advertising
03 who it serves
Customers
- About 2.2 million small businesses; mid-market and large companies; advertisers
04 how money comes in
How it earns
- Business service fees
- Advertising sales
Commercial and advertising: how it makes money
- Commercial revenue $7.3B and advertising sales $1.5B (−17.6%) in FY2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Charter builds rural broadband with government subsidies and is FCC-regulated.
Government funding & tax credits
Subsidized rural construction
Spent $7.7B on its subsidized rural construction initiative since 2022, receiving federal, state and local subsidies.
Supports the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Approvals & licenses
FCC regulation
As an MVNO it is subject to many FCC rules for wireless carriers.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Internet
23,765 (43%)Video
13,703 (25%)Mobile service
3,762 (7%)Voice
1,350 (2%)Commercial (small, mid-market & large business)
7,315 (13%)Advertising
1,468 (3%)Other
3,411 (6%)
Source: Form 10-K (FY2025) — Note 14, Revenues Charter has one reportable segment; these are revenues by product line. Internet, video, mobile, and voice are residential.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Most revenue comes from monthly subscriptions without long-term contracts. Major costs are programming fees paid to media companies ($8.8B in 2025) and network investment.
Verizon MVNO agreement
Supports Spectrum Mobile (11.8M lines at year-end 2025)
Nationwide 4G/5G coverage on Verizon's network; a multi-year T-Mobile agreement for Spectrum Business mobile launches in 2026.
Programming agreements
Programming cost $8.8B in 2025
New agreements include ad-supported streaming apps within video packages.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
Verizon
MVNO agreement under which Spectrum Mobile uses Verizon's cellular network for nationwide coverage and international roaming.
Source: Form 10-K (FY2025) — Item 1
Capital tie / equity stake
Liberty Broadband
Holds about 28% of Charter's voting power (as of May 2025); the companies agreed to combine, expected to close at the same time as the Cox Transactions.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
About 29.6 million residential and 2.2 million small business customer relationships, plus mid-market and large enterprises and advertisers.
Named by the company
No customer is named.
What the filings disclose
- Monthly residential revenue per residential customer was $119.05 in 2025. (Form 10-K (FY2025), Item 1)
Suppliers
Programmers, network equipment vendors, and mobile network partners.
Named by the company
- Verizon — Provides the cellular network for Spectrum Mobile under an MVNO agreement.Form 10-K (FY2025) — Item 1
- T-Mobile — Multi-year agreement (July 2025) to use its network for Spectrum Business mobile, launching in 2026.Form 10-K (FY2025) — Item 1
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Charter's 10-K names AT&T and Verizon as its primary fiber-to-the-home competitors, and describes competition from fixed wireless, satellite, DSL, regional overbuilders, and, in video, satellite TV and streaming services.
Competitors named in the 10-K
Peer group the company chose
Primary compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Telecommunications, cable, technology, and media companies; a Secondary Peer Group of large consumer-oriented companies is also reviewed.
- AT&Tsite ↗
- Cisco Systemssite ↗
- Comcastsite ↗
- EchoStarsite ↗
- Fox Corporationsite ↗
- Liberty Globalsite ↗
- Lumen Technologiessite ↗
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- Verizonsite ↗
- Warner Bros. Discoverysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 48,097 | 51,682 | 54,022 | 54,607 | 55,085 | 54,774 |
| Operating income | 8,405 | 10,526 | 11,962 | 12,559 | 13,118 | 12,908 |
| Pretax income | 4,302 | 6,388 | 7,462 | 6,854 | 7,502 | 7,458 |
| Net income (attributable) | 3,222 | 4,654 | 5,055 | 4,557 | 5,083 | 4,987 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 7.5% | 4.5% | 1.1% | 0.9% | -0.6% |
| Operating margincalcoperating income ÷ revenue × 100 | 17.5% | 20.4% | 22.1% | 23.0% | 23.8% | 23.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 6.7% | 9.0% | 9.4% | 8.3% | 9.2% | 9.1% |
| Balance sheet ($M) | ||||||
| Total assets | 144,206 | 142,491 | 144,523 | 147,193 | 150,020 | 154,213 |
| Total equity | 30,281 | 18,156 | 12,549 | 14,718 | 19,707 | 20,519 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 82,752 | 91,561 | 97,603 | 97,777 | 93,933 | 94,756 |
| Equity ratio | 16.5% | 9.9% | 6.3% | 7.5% | 10.4% | 10.4% |
| ROE | 13.5% | 24.6% | 43.6% | 45.1% | 38.1% | 31.5% |
| Cash flow ($M) | ||||||
| Operating CF | 14,562 | 16,239 | 14,925 | 14,433 | 14,430 | 16,077 |
| Investing CF | -8,157 | -7,754 | -9,114 | -11,127 | -10,654 | -11,620 |
| Financing CF | -8,953 | -8,885 | -5,767 | -3,242 | -3,979 | -4,365 |
| Free cash flowcalccash flow from operations − capital expenditures | 7,147 | 8,604 | 5,549 | 3,318 | 3,161 | 4,418 |
| Cash and equivalents | 1,001 | 601 | 645 | 709 | 459 | 477 |
| Per share & other | ||||||
| EPS ($) | 15.40 | 24.47 | 30.74 | 29.99 | 34.97 | 36.21 |
| BVPS ($) | 122.88 | 81.34 | 59.74 | 76.34 | 109.81 | 126.78 |
| P/E (x) | 43.0 | 26.6 | 11.0 | 13.0 | 9.8 | 5.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 11.6 | 10.2 | 7.1 | 7.2 | 6.5 | 5.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 5.38 | 8.02 | 5.68 | 5.09 | 3.12 | 1.65 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $14.92B+9.1% | −$3.53B-212.6% | −$2.4B-310.8% | $-20.50 |
| 2026-06-30 | $13.53B-1.7% | $3.06B-6.6% | $1.29B-0.7% | $10.66 |
| 2026-03-31 | $13.6B-1.0% | $3.21B-0.9% | $1.16B-4.4% | $9.17 |
| 2025-12-31 † | $13.6B-2.3% | $3.26B-3.8% | $1.33B-9.1% | — |
| 2025-09-30 | $13.67B | $3.13B | $1.14B | $8.34 |
| 2025-06-30 | $13.77B | $3.28B | $1.3B | $9.18 |
| 2025-03-31 | $13.74B | $3.24B | $1.22B | $8.42 |
| 2024-12-31 † | $13.93B | $3.39B | $1.47B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.7%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$12,908M × (1 − 22.5%) ÷ $114,458M × 100 = 8.7%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.22%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $26.43B ÷ ($26.43B + $94.76B) = 21.8%
e.g.Debt weight: $94.76B ÷ ($26.43B + $94.76B) = 78.2%
e.g.WACC: 9.1% × 21.8% + 5.3% × (1 − 22.5%) × 78.2% = 5.22%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.9%–5.7% and ROIC − WACC runs +3.1 to +3.9 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 5.22% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.76 (price-derived adjusted beta, but correlation with the market is low (R² 0.05), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.13%
- Cost of debt
- 5.32%
- Tax rate
- 22.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 22% : 78%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.22%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.76 (price-derived adjusted beta. Raw β 0.64, R² 0.05, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.643 + 0.33 = 0.761
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.76 × 5.5% = 9.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 5.2% − 4.0%
Past FCF growth (FY2020–FY2025)
-9.2%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+2.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $4.42B (operating CF − capex); enterprise value $109.44B = market cap $15.16B (latest close, 2026-11-04) + debt $94.76B − cash and short-term investments $477M; r = WACC of 5.2% using this page’s default assumptions (β 0.76, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$110.45B
FCF $4.42B ÷ (5.2% − 1.2%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 3.2% | 4.2% | 5.2% | 6.2% | 7.2% |
|---|---|---|---|---|---|
| 0% | 1.26x | 0.96x | 0.78x | 0.65x | 0.56x |
| 2% | 3.36x | 1.83x | 1.26x | 0.96x | 0.78x |
| 4% | — | 20.18x | 3.36x | 1.83x | 1.26x |
| 6% | — | — | — | 20.18x | 3.36x |
| 8% | — | — | — | — | — |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 3.37x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -7.3%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 173%
Most profit comes from core operations.
- ✓
Days sales outstanding: 19 → 23 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$16,077M ÷ $4,987M = 3.22x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$12,908M ÷ $7,458M × 100 = 173%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,097M + $3,680M) ÷ 2 ÷ $54,774M × 365 = 23 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class A shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 86.9%
- Directors & officers (shares)
- 1.1%
- Everyone else (est.)
- 12.0%
- Directors & officers (voting power)
- —
- Institutional-ownership rank
- 234 of 416
- Beta (adjusted)
- 0.76
of Class A shares
individuals and other non-13F holders
not stated in the proxy
1 = most institutional; 56% of covered companies have more
above 1 = swings more than the market
- 103.6M shares reported by 786 13F filers ÷ 119.3M Class A shares outstanding on 2026-06-30. Option positions are excluded.
- Only the listed Class A shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-12 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Mobile growth
Mobile lines rose from 9.9M to 11.8M in 2025 and to 12.5M by June 2026; mobile service revenue grew 22%.
Evidence: Form 10-K (FY2025) MD&A; 8-K filed 2026-07-24
2. Large cash flow and buybacks
Operating cash flow was $16.1B and free cash flow (non-GAAP) $5.0B in 2025; Class A shares outstanding fell from 172.7M (2021) to 126.6M (2025).
Evidence: Form 10-K (FY2025) MD&A and balance sheets
3. Scale
About 59 million passings and 31.8 million customer relationships.
Evidence: Form 10-K (FY2025) Item 1; 8-K filed 2026-07-24
4. Rural expansion
Since 2022 Charter has spent $7.7B on its subsidized rural construction initiative and activated about 1.3 million passings.
Evidence: Form 10-K (FY2025) Item 1
Weaknesses
1. Losing Internet customers
Internet customers fell from 30.1M to 29.7M in 2025 and by another 172,000 in Q2 2026.
Evidence: Form 10-K (FY2025) Item 1; 8-K filed 2026-07-24
2. Shrinking video and ads
Video revenue fell 9.4% and advertising 17.6% in 2025; total revenue declined 0.6%.
Evidence: Form 10-K (FY2025) Note 14
3. Heavy debt
Interest-bearing debt was $94.8B against $16.1B of Charter shareholders' equity; net interest expense was $5.04B in 2025.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) income statement
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
5.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
16.7%
(Operating CF − capex) ÷ market cap
1. Shrinking share count
Class A shares fell about 27% from 172.7M (2021) to 126.6M (2025), lifting EPS from $24.47 to $36.21 even as net income was flat.
- What has to hold
- Free cash flow keeps funding buybacks.
- The other side
- Debt remains high at $94.8B, and the Cox deal adds preferred and common units.
Evidence: Form 10-K balance sheets; SEC EDGAR XBRL
2. Converged connectivity
Bundling mobile with broadband is growing mobile revenue 22% a year.
- What has to hold
- Mobile growth offsets broadband losses.
- The other side
- Internet customers are still declining.
Evidence: Form 10-K (FY2025) MD&A
P/E uses the FY2025 year-end share price. Charter pays no dividend. Book value per share uses Charter shareholders' equity (excluding noncontrolling interests) divided by Class A shares outstanding. Interest expense is shown net of interest income, as Charter reports it.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.6x
$477M vs. $750M
Interest coverage (operating income ÷ interest expense)
2.6x
$12.91B vs. $5.04B
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -0.6% in FY2025 ($55.09B → $54.77B) | Not yet, as of FY2025 |
| Operating income | -1.6% in FY2025 ($13.12B → $12.91B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash generation
Operating cash flow of $16.1B in 2025.
Source: Form 10-K (FY2025), MD&A
Recurring revenue
Subscription revenue from about 31.8 million customer relationships.
Source: Form 10-K (FY2025), Item 1
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Charter is a defendant in several patent suits over aspects of its services and faces a long-running California investigation of its waste disposal practices.
2 open matters
Patent infringement suits
PendingPatent / IPVarious patent holders
Several lawsuits allege that aspects of Charter's businesses infringe IP. An adverse ruling could bring substantial damages or an injunction requiring product changes or licenses. Charter cannot estimate a range of loss.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
California waste disposal investigation
PendingGovernment investigationCalifornia Attorney General; Alameda County District Attorney
Investigates whether Charter's waste disposal policies violate California business and health-and-safety codes. It began in January 2014, and a similar TWC probe began in 2012. Charter is cooperating and expects no material effect.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Other lawsuits are not expected individually to be material, though in aggregate they could be.
Based on Form 10-K (FY2025) — Legal Proceedings / contingencies, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Fiber and wireless competition
- Company disclosure (summarized from the 10-K)
- AT&T and Verizon are its primary fiber-to-the-home competitors, overlapping about 27% and 16% of its footprint; fixed wireless, satellite, DSL, and regional overbuilders also compete.
- Company’s stated mitigation
- Network evolution to faster speeds by 2027, converged mobile-plus-Internet bundles, and pricing.
- This site’s assessment
- Impact High / Likelihood High
- 2Funding & liquidity
Leverage
- Company disclosure (summarized from the 10-K)
- Charter must meet covenants and refinance large amounts of debt; violations could trigger cross-defaults.
- Company’s stated mitigation
- Debt exchange offers and open market debt repurchases in 2026.
- This site’s assessment
- Impact High / Likelihood Low
- 3M&A & integration
Cox and Liberty Broadband deals
- Company disclosure (summarized from the 10-K)
- Closing conditions may not be satisfied, and Charter is restricted in operating its business while the agreements are in effect.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Costs & inflation
Programming costs
- Company disclosure (summarized from the 10-K)
- Charter may be unable to obtain programming at reasonable prices or pass higher costs to customers.
- Company’s stated mitigation
- Restructured affiliation agreements with more packaging flexibility.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
Regulation and subsidies
- Company disclosure (summarized from the 10-K)
- Government subsidies for competitors and consumers, and other regulation, can affect its business.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 6Information security
Network disruptions
- Company disclosure (summarized from the 10-K)
- Events that disrupt networks, information systems, or properties could impair operations and reputation.
- Company’s stated mitigation
- Our cybersecurity program addresses the continuously evolving and extensive attack vectors and methods through layered security controls informed by constant threat analysis.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We have a significant amount of debt, with total principal amount of approximately $94.6 billion and a leverage ratio of 4.15 times Adjusted EBITDA as of December 31, 2025. Read more
We expect to (subject to applicable restrictions in our debt instruments) incur additional debt in the future as Charter plans to maintain leverage near the midpoint of its stated 4.0 to 4.5 times Adjusted EBITDA target leverage range (net debt divided by the last twelve months Adjusted EBITDA) in the period leading up to the Closing. As part of the Cox Transactions, Charter will fund the $4.0 billion of cash consideration using debt and will assume Cox Communications' approximately $12.6 billion of net debt and finance leases. Charter plans to adjust its long-term target leverage range after Closing to 3.5 to 3.75 times Adjusted EBITDA but will still have a significant amount of debt.
The completion of the Cox Transactions is subject to a number of conditions, including, among other things, (i) the approval of the certificate amendment proposal by the affirmative vote of the holders of a majority of the aggregate voting power of the outstanding shares of Charter Class A common stock and Class B common stock, voting together as a single class; (ii) the approval of the share issuance proposal by the affirmative vote of the holders of a majority of the votes cast by the holders of Charter Class A common stock and Class B common stock, voting together as a single class; (iii) any applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act, and any commitments by the parties not to close before a certain date under any timing agreement entered into with a government entity, in each case, with respect to the Cox Transactions…
Our plans for funding the cash consideration and assuming indebtedness of Cox Communications may be adversely affected to the extent there are greater-than-expected increases in our indebtedness, lower-than-expected operating results, credit rating downgrades, or significant financial market disruptions.
We are obligated to fund $4.0 billion of cash consideration under the Transaction Agreement which we expect to fund by incurring indebtedness, and expect to assume approximately $12.6 billion of Cox Communications’ outstanding net debt and finance leases in connection with the Cox Transactions, including Cox Communications’ outstanding unsecured notes as of Closing (the “Cox Notes”). The indentures and supplemental indentures governing the Cox Notes contain certain negative covenants, including restrictions on the incurrence of secured indebtedness and indebtedness of restricted subsidiaries. If our indebtedness increases more than expected, our operating results are lower than expected, or significant financial markets disruptions occur, our cash on hand and available liquidity under our existing credit facilities may be insufficient to fund the cash portion of the consideration.…
Charter and Cox Communications are subject to contractual restrictions while the Cox Transactions are pending, which could adversely affect their respective businesses and operations.
Under the terms of the Transaction Agreement, Charter and Cox Communications are subject to certain restrictions on the conduct of their respective businesses prior to the Closing. Read more
Such limitations may affect our or Cox Communications’ ability to execute certain of their business strategies, including the ability in certain cases to amend their organizational documents, repurchase shares or declare dividends in certain circumstances, incur certain indebtedness or complete certain acquisitions and other transactions, which could adversely affect us or Cox Communications prior to the Closing.
A/N and Liberty Broadband currently have governance rights that give them influence over corporate transactions and other matters. Read more
In connection with the Cox Transactions, Liberty Broadband will lose its governance rights (assuming the closing of the Liberty Broadband Combination), A/N’s governance rights will be modified and Cox Enterprises will receive governance rights pursuant to the amended stockholders agreement and amendments to Charter’s governing documents, and Cox Enterprises and A/N will have influence over corporate transactions and other matters.
The Transaction Agreement contemplates that, at the Closing, Charter, A/N and Cox Enterprises will enter into the amended stockholders agreement, which will amend and restate in its entirety the existing stockholders agreement. Read more
If the Liberty Broadband Combination is completed, the existing stockholders agreement, which sets forth, among other things, certain of Liberty Broadband’s governance rights with respect to Charter, will terminate with respect to Liberty Broadband. The Liberty Broadband side letter further provides that Liberty Broadband will cause the three Liberty Broadband designees serving on the Board of Directors of Charter to resign effective immediately prior to the effective time of the closing of the Liberty Broadband Combination.
8 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Jan 30, 2026 ↗ with the 10-K filed Jan 31, 2025 ↗.
25
What to watch going forwardSite analysis
- Closing of the Cox and Liberty Broadband transactions.
- Internet customer trends against fiber and fixed wireless.
- Mobile line growth.
- Network evolution spending and free cash flow.
- Leverage and debt refinancing.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: January 30, 2026
Built on10-K FY2025 · filed 2026-01-30
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Charter Communications’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.