Third quarter total Internet customers declined by 109,000. As of September 30, 2025, Charter served 29.8 million Internet customers.
Third quarter total mobile lines increased by 493,000. As of September 30, 2025, Charter served 11.4 million mobile lines.
As of September 30, 2025, customer relationships totaled 31.1 million, excluding mobile-only relationships.
Third quarter revenue of $13.7 billion declined by 0.9% year-over-year, driven by lower residential video and advertising sales revenues. Residential connectivity revenue grew 3.8% year-over-year.
Net income attributable to Charter shareholders totaled $1.1 billion in the third quarter.
Third quarter Adjusted EBITDA1 of $5.6 billion declined by 1.5% year-over-year.
Third quarter capital expenditures totaled $3.1 billion and included $1.0 billion of line extensions.
Third quarter net cash flows from operating activities totaled $4.5 billion, compared to $3.9 billion in the prior year.
Third quarter free cash flow1 of $1.6 billion was consistent with the prior year period as lower cash taxes and a more favorable working capital benefit year-over-year were offset by higher capital expenditures.
During the third quarter, Charter purchased 7.6 million shares of Charter Class A common stock and Charter Communications Holdings, LLC ("Charter Holdings") common units totaling $2.2 billion.
"We are operating well in a competitive environment, where consumer products and applications haven't yet caught up with our uniquely differentiated network capabilities," said Chris Winfrey, President and CEO of Charter. "In the meantime, our service delivery improvements are being recognized, and we are saving customers hundreds and often thousands of dollars per year with our products. And our focus is on free cash flow growth for shareholder value creation."
1.
Adjusted EBITDA and free cash flow are non-GAAP measures defined in the "Use of Adjusted EBITDA and Free Cash Flow Information" section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.
Key Operating Results
Approximate as of
September 30, 2025 (c)
September 30, 2024 (c)
Y/Y Change
Footprint
Estimated Passings (d)
57,940
56,542
2.5 %
Customer Relationships (e)
Residential
28,860
29,465
(2.1) %
Small Business
2,198
2,223
(1.1) %
Total Customer Relationships
31,058
31,688
(2.0) %
Residential
(146)
(150)
4
Small Business
(3)
1
(4)
Total Customer Relationships Quarterly Net Additions
(149)
(149)
—
Total Customer Relationship Penetration of Estimated Passings (f)
53.6 %
56.0 %
(2.4) ppts
Monthly Residential Revenue per Residential Customer (g)
$ 122.63
$ 121.47
1.0 %
Monthly Small Business Revenue per Small Business Customer (h)
$ 164.61
$ 164.38
0.1 %
Residential Customer Relationships Penetration
One Product Penetration (i)
46.9 %
47.9 %
(1.0) ppts
Two Product Penetration (i)
35.2 %
33.4 %
1.8 ppts
Three or More Product Penetration (i)
17.9 %
18.7 %
(0.8) ppts
% Residential Non-Video Customer Relationships
58.3 %
57.8 %
0.5 ppts
Internet
Residential
27,760
28,205
(1.6) %
Small Business
2,034
2,052
(0.9) %
Total Internet Customers
29,794
30,257
(1.5) %
Residential
(108)
(113)
5
Small Business
(1)
3
(4)
Total Internet Quarterly Net Additions
(109)
(110)
1
Mobile Lines (j)
Residential
11,015
9,057
21.6 %
Small Business
375
297
26.3 %
Total Mobile Lines
11,390
9,354
21.8 %
Residential
473
526
(53)
Small Business
20
19
1
Total Mobile Lines Quarterly Net Additions
493
545
(52)
Video
Residential
12,023
12,437
(3.3) %
Small Business
538
578
(6.9) %
Total Video Customers
12,561
13,015
(3.5) %
Residential
(64)
(281)
217
Small Business
(6)
(13)
7
Total Video Quarterly Net Additions
(70)
(294)
224
Voice
Residential
4,967
5,895
(15.8) %
Small Business
1,219
1,263
(3.5) %
Total Voice Customers
6,186
7,158
(13.6) %
Residential
(194)
(275)
81
Small Business
(6)
(13)
7
Total Voice Quarterly Net Additions
(200)
(288)
88
Mid-Market & Large Business (k)
Mid-Market & Large Business Primary Service Units ("PSUs")
336
315
6.6 %
Mid-Market & Large Business Quarterly Net Additions
5
3
2
In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 7 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics. All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
Third quarter total Internet customers decreased by 109,000, compared to a decline of 110,000 during the third quarter of 2024, which included the impact of disconnects related to the end of the FCC's Affordable Connectivity Program in the third quarter of 2024. Spectrum Internet® delivers the fastest Internet speeds1 in the nation. Spectrum is evolving its connectivity network to offer symmetrical and multi-gigabit Internet speeds across its entire footprint and has launched symmetrical Internet service in several markets. Unlike competitors, Spectrum upgrades its network to serve all of its passings and can do so at a much lower cost. Spectrum Advanced WiFi provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy. Spectrum expects to complete its network evolution initiative in 2027.
During the third quarter of 2025, Charter added 493,000 total mobile lines, compared to growth of 545,000 during the third quarter of 2024. Spectrum Mobile™ is available to all new and existing Spectrum Internet customers and offers the fastest overall speeds,2 with plans that include 5G access, do not require contracts and include taxes and fees in the price. Spectrum Mobile is central to Charter's converged network strategy to provide customers a differentiated connectivity experience with highly competitive, simple data plans and pricing.
Total video customers decreased by 70,000 in the third quarter of 2025, compared to a decline of 294,000 in the third quarter of 2024, with the improvement driven by new and simplified pricing and packaging launched in September 2024 and benefits from the inclusion of programmers' streaming applications in Spectrum's expanded basic packages. As of September 30, 2025, Charter had 12.6 million total video customers.
Spectrum TV Select video customers now receive up to approximately $116 per month (soon to be approximately $128 per month) of programmers' streaming application retail value at no extra cost, including the ad-supported versions of Disney+, Hulu, ESPN Unlimited, HBO Max, Paramount+, Peacock, AMC+, ViX, Tennis Channel and Fox One, with Discovery+ and BET+ launching soon. This programmer streaming application inclusion is part of Charter's broader video evolution strategy to provide flexible packages with enhanced value, whether through full packages with seamless entertainment, smaller video packages or a suite of a-la-carte programmers' streaming application options for broadband customers. In October 2025, Spectrum unveiled the Spectrum App Store, an innovative digital marketplace where Spectrum TV customers can activate, manage and upgrade the streaming apps included with their video plans. The Spectrum App Store also allows Spectrum customers without a traditional TV package to purchase and manage streaming apps à la carte.
During the third quarter of 2025, total wireline voice customers declined by 200,000, compared to a decline of 288,000 in the third quarter of 2024. As of September 30, 2025, Charter had 6.2 million total wireline voice customers.
Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the third quarter of 2025, Charter activated 124,000 subsidized rural passings. Within Charter's subsidized rural footprint, total customer relationships increased by 52,000 in the third quarter of 2025.
1.
Based on Broadband Download Speed among the top 5 national providers in Opensignal USA: Fixed Broadband Experience Report, National View, May 2025. Based on Opensignal independent analysis of mean download speed. © 2025 Opensignal Limited.
2.
Based on analysis by Spectrum of Ookla® Speedtest Intelligence® data for overall Mobile WiFi and Cellular performance for Q1-Q2 2025 in Spectrum's cable footprint. Ookla trademarks used under license and reprinted with permission.
Third Quarter Financial Results(in millions)
Three Months Ended September 30,
2025
2024
% Change
Revenues:
Internet
$ 5,971
$ 5,872
1.7 %
Mobile service
954
801
19.2 %
Connectivity
6,925
6,673
3.8 %
Video
3,388
3,735
(9.3) %
Voice
332
360
(7.9) %
Residential revenue
10,645
10,768
(1.1) %
Small business
1,086
1,096
(0.9) %
Mid-market & large business
749
723
3.6 %
Commercial revenue
1,835
1,819
0.9 %
Advertising sales
356
452
(21.3) %
Other
836
756
10.7 %
Total Revenues
$ 13,672
$ 13,795
(0.9) %
Net income attributable to Charter shareholders
$ 1,137
$ 1,280
(11.2) %
Net income attributable to Charter shareholders margin
8.3 %
9.3 %
Adjusted EBITDA1
$ 5,561
$ 5,647
(1.5) %
Adjusted EBITDA margin
40.7 %
40.9 %
Capital expenditures
$ 3,051
$ 2,563
19.0 %
Net cash flows from operating activities
$ 4,480
$ 3,905
14.7 %
Free cash flow1
$ 1,621
$ 1,619
0.1 %
All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
1.
Adjusted EBITDA and free cash flow are non-GAAP measures defined in the "Use of Adjusted EBITDA and Free Cash Flow Information" section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.
Revenues
Third quarter revenue decreased by 0.9% year-over-year to $13.7 billion, driven by lower residential video and advertising sales revenues, partly offset by higher residential mobile service and Internet revenues.
Residential revenue totaled $10.6 billion in the third quarter, a decrease of 1.1% year-over-year, driven by a year-over-year decline in residential customers of 2.1%, partly offset by a year-over-year increase in monthly residential revenue per residential customer of 1.0%.
Third quarter 2025 monthly residential revenue per residential customer totaled $122.63, an increase of 1.0% compared to the prior year period. The growth was driven by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile, partly offset by a lower mix of video customer relationships, a higher mix of lower priced video packages within Charter's video customer base and $106 million of costs allocated to programmer streaming applications and netted within video revenue versus $25 million in the prior year period.
Internet revenue grew by 1.7% year-over-year to $6.0 billion, driven by promotional rate step-ups, rate adjustments and a favorable change in bundled revenue allocation year-over-year, partly offset by a decline in Internet customers year-over-year.
Third quarter mobile service revenue totaled $954 million, an increase of 19.2% year-over-year, driven by mobile line growth, partly offset by less favorable bundled revenue allocation year-over-year.
Video revenue totaled $3.4 billion in the third quarter, a decrease of 9.3% compared to the prior year period, driven by a decline in video customers during the last year, a higher mix of lower priced video packages within Charter's video customer base, $106 million of costs allocated to programmer streaming applications and netted within video revenue and more unfavorable bundled revenue allocation year-over-year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.
Voice revenue decreased by 7.9% year-over-year to $332 million, driven by a decline in wireline voice customers, partly offset by voice rate adjustments.
Commercial revenue increased by 0.9% year-over-year to $1.8 billion, driven by mid-market and large business revenue growth of 3.6% year-over-year, partly offset by a decline in small business revenue of 0.9%. Mid-market and large business revenue excluding wholesale increased by 4.0% year-over-year, mostly reflecting PSU growth. The year-over-year decrease in third quarter 2025 small business revenue was driven by a decline in small business customer relationships year-over-year.
Third quarter advertising sales revenue of $356 million decreased by 21.3% compared to the year-ago quarter, primarily driven by lower political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 0.5% year-over-year due to a more challenged local and national advertising market, mostly offset by higher advanced advertising revenue.
Other revenue totaled $836 million in the third quarter, an increase of 10.7% compared to the third quarter of 2024, primarily driven by higher mobile device sales.
Operating Costs and Expenses
Third quarter programming costs decreased by $152 million, or 6.5% as compared to the third quarter of 2024, reflecting fewer video customers, a higher mix of lower cost packages within Charter's video customer base and $106 million of costs allocated to programmer streaming applications and netted within video revenue versus $25 million in the prior year period, partly offset by contractual programming rate increases and renewals.
Other costs of revenue increased by $73 million, or 4.6% year-over-year, primarily driven by higher mobile service direct costs and mobile device sales, partly offset by lower franchise and regulatory fees and lower advertising sales costs given lower political revenue.
Field and technology operations expenses increased by $3 million, or 0.3% year-over-year, primarily driven by higher network utility costs, offset by lower labor expense.
Customer operations expenses decreased by $19 million, or 2.4% year-over-year, primarily due to a decrease in bad debt expense.
Marketing and residential sales expenses increased by $50 million, or 5.4% year-over-year, due to a change in sales mix to higher cost sales channels.
Other expenses increased by $8 million, or 0.7% as compared to the third quarter of 2024.
Net Income Attributable to Charter Shareholders
Net income attributable to Charter shareholders totaled $1.1 billion in the third quarter of 2025, compared to $1.3 billion in the third quarter of 2024, due to lower Adjusted EBITDA, higher other operating expense primarily due to merger and acquisition costs related to the previously announced Cox transaction and severance costs.
Net income per basic common share attributable to Charter shareholders totaled $8.50 in the third quarter of 2025 compared to $8.99 during the same period last year. The decrease was primarily the result of the factors described above, partly offset by a 6.0% decrease in basic weighted average common shares outstanding versus the prior year period.
Adjusted EBITDA
Third quarter Adjusted EBITDA of $5.6 billion declined by 1.5% year-over-year, reflecting a decline in revenue of 0.9% and a decrease in operating expenses of 0.5%.
Capital Expenditures
Capital expenditures totaled $3.1 billion in the third quarter of 2025, an increase of $488 million compared to the third quarter of 2024, driven by higher CPE, upgrade/rebuild (primarily network evolution) and scalable infrastructure spend.
Charter continues to expect full year 2025 capital expenditures to total approximately $11.5 billion. The actual amount of capital expenditures in 2025 will depend on a number of factors including, but not limited to, the pace of Charter's network evolution and expansion initiatives, supply chain timing and growth rates in Charter's residential and commercial businesses.
Cash Flow and Free Cash Flow
During the third quarter of 2025, net cash flows from operating activities totaled $4.5 billion, an increase from $3.9 billion in the prior year. The year-over-year increase was primarily due to lower cash taxes and a favorable working capital benefit year-over-year.
Free cash flow in the third quarter of 2025 totaled $1.6 billion, an increase of $2 million compared to the third quarter of 2024. The year-over-year increase in free cash flow was primarily driven by higher net cash flows from operating activities, mostly offset by higher capital expenditures.
Liquidity & Financing
As of September 30, 2025, total principal amount of debt was $95.0 billion and Charter's credit facilities provided approximately $4.0 billion of additional liquidity in excess of Charter's $464 million cash position.
In September 2025, Charter Communications Operating, LLC ("Charter Operating") and Charter Communications Operating Capital Corp. jointly issued $1.25 billion of 5.850% senior secured notes due December 2035 at a price of 99.932% of the aggregate principal amount and $750 million of 6.700% senior secured notes due December 2055 at a price of 99.832% of the aggregate principal amount. The net proceeds were used for general corporate purposes, including to repay certain indebtedness, including Charter Operating's 6.150% senior secured notes due 2026, to fund potential buybacks of Charter Class A common stock and Charter Holdings common units, and to pay related fees and expenses.
Share Repurchases
During the three months ended September 30, 2025, Charter purchased 7.6 million shares of Charter Class A common stock and Charter Holdings common units for $2.2 billion.
Webcast
Charter will host a webcast on Friday, October 31, 2025 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.
The webcast can be accessed live via the Company's investor relations website at ir.charter.com. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at ir.charter.com two hours after completion of the webcast.
Additional Information Available on Website
The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2025, which will be posted on the "Results & SEC Filings" section of the Company's investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the "SEC"). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the "Results & SEC Filings" section.
Use of Adjusted EBITDA and Free Cash Flow Information
The Company uses certain measures that are not defined by U.S. generally accepted accounting principles ("GAAP") to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.
Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) ...
