Charter Q3 2026 earnings review

Actual revenue rose 9.1% on Cox; pro forma revenue fell 1.5%.

Charter Communications, Inc. · Q3 2026 · Published Nov 6, 2026 · By DeepCell AI · Sources

Charter Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Charter (CHTR) Q3 2026 earnings review

Actual revenue rose 9.1% on Cox; pro forma revenue fell 1.5%

  1. 1.Actual revenue $14.92B (+9.1%); PF revenue $16.51B (-1.5%)
  2. 2.Actual Adj. EBITDA $5.94B (+6.9%); PF Adj. EBITDA -4.0%
  3. 3.PF Internet customers -233k; mobile lines +508k
  4. 4.FCF $674M vs $1,621M; $6.3B franchise impairment drove GAAP loss
  5. 5.$2.0B annualized opex savings over 18 months; >$1.0B Cox synergies
  6. 6.Shares traded at $121.35 in Nov 6 premarket, -3.6% vs Nov 5 close

Note: FCF is free cash flow. Actual includes Cox from Aug 20. Pro forma treats Cox as closed Jan 1, 2024. Adj. EBITDA and FCF are non-GAAP.Source: Charter IR release, Nov 6, 2026; Yahoo Finance Nov 5 close; Nasdaq premarket Nov 6, 2026 9:05 AM ET

2

2 · Executive summary

Actual revenue was in line with the Yahoo Finance consensus, while diluted EPS missed on a $6.3B franchise impairment

Q3 2026 results vs consensus

MetricActualConsensusVarianceResult
Total revenues (Yahoo Finance)$14.92B$14.92B-$0.00B / -0.0%In line
Diluted EPS (Yahoo Finance)-$20.50$8.85-$29.35 / -331.6%Miss
Diluted EPS (Public.com)-$20.50$9.16-$29.66 / -323.8%Miss

Share price, Nov 5 close to Nov 6 premarket (pre-market, not a close)

MeasureNov 5 closeNov 6 premarketChange
Charter (NASDAQ)$125.86$121.35-3.6%

Note: Variance is actual less consensus. Yahoo Finance as of the Nov 6 read; Public.com Q3 EPS as of Nov 4. EPS consensus does not embed the franchise impairment. Nov 5 is the regular-session close (Yahoo Finance). Nov 6 is Nasdaq premarket at 9:05 AM ET, not a close.Source: Charter IR release, Nov 6, 2026; Yahoo Finance analysis; Public.com; Nasdaq quote, Nov 6, 2026 9:05 AM ET

3

3 · Q3 results vs. consensus

Charter targets $2.0B of annualized opex savings and about $13.0B of 2026 pro forma capex

New operating model and 2026 outlook

MetricAmountHorizonNotes
Annualized opex savings target$2.0BNext 18 monthsPlus Cox synergies
Planned Cox synergies (more than)$1.0BIntegrationSeparate from opex plan
Combined savings floor$3.0BRun-rateOpex plan plus Cox floor
2026 PF capex, ex transition$13.0BFull year 2026Company outlook

Cox Transactions scale

MetricAmountAs ofNotes
Passings added11M+Aug 19, 2026 closeHomes and businesses
Customer relationships added5M+Aug 19, 2026 closePer company
Spectrum Day launchLegacy Cox footprintSep 16, 2026Products, pricing, packaging

Note: Savings and capex figures are company targets from the Nov 6 release, not consensus estimates. Capex outlook excludes transition capital expenditures.Source: Charter IR release, Nov 6, 2026; analysis of company data

4

4 · Operating model and outlook

Actual revenue rose 9.1% and Adjusted EBITDA rose 6.9%, while free cash flow fell 58.4%

  1. Cox lifted reported growthActual revenue rose to $14.92B from $13.67B.
  2. Pro forma revenue softPro forma revenue fell 1.5% to $16.51B.
  3. Impairment drove GAAP lossFranchise impairment of $6.3B produced a net loss of -$2.40B.

Key figures in $M and YoY % for Q3 2026 vs Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Total revenues (actual)$13,672M$14,922M9.1%
Adjusted EBITDA (actual)$5,561M$5,943M6.9%
Net income (loss) to Charter$1,137M($2,397M)(310.8%)
Free cash flow$1,621M$674M58.4%
Pro forma revenue$16,764M$16,505M(1.5%)
Pro forma Adjusted EBITDA$6,862M$6,587M(4.0%)

Note: Adj. EBITDA and FCF are non-GAAP. Pro forma treats Cox as closed Jan 1, 2024.Source: Charter IR release, Nov 6, 2026; analysis of company data

5

5 · Q3 key financials

Internet revenue rose 7.1% to $6,395M, while mobile service revenue rose 18.9%

Actual revenue by product

$M, Q3 2025 vs Q3 2026

$MQ3 2025Q3 2026YoY
Internet$5,971M$6,395M7.1%
Mobile service$954M$1,134M18.9%
Video$3,389M$3,292M(2.9%)
Residential total$10,646M$11,161M4.8%
Commercial$1,835M$2,249M22.6%
Advertising sales$356M$460M29.2%
Total revenues$13,672M$14,922M9.1%
Mobile was 15.1% of connectivity revenue; advertising rose 29.2%, helped by political spend

Note: Connectivity is Internet plus mobile service. Commercial includes legacy Charter small business, mid-market and large business, plus legacy Cox business.Source: Charter IR release, Nov 6, 2026; analysis of company data

6

6 · Revenue by product

Pro forma revenue fell $259M, led by a $394M decline in video

Mobile added $171M and partly offset soft Internet and video

Pro forma revenue change by line

$M, Q3 2025 to Q3 2026

$M · Internet: -$269M$M · Mobile: $171M$M · Video: -$394M$M · Other lines: $233M$M · Total PF revenue: -$259MInternetMobileVideoOther linesTotal PF revenue-$800M-$500M-$250M$0M$250M$400M-$269M$171M-$394M$233M-$259M

Note: Steps are YoY changes in pro forma product revenue. Total step equals the change in pro forma total revenues.Source: Charter IR release, Nov 6, 2026; analysis of company data

7

7 · Pro forma revenue bridge

Pro forma mobile lines rose 508k, while Internet customers fell 233k

Pro forma quarterly net customer adds

Thousands, Q3 2026

Net adds · Internet: (233)Net adds · Mobile lines: 508Net adds · Video: (77)InternetMobile linesVideo-400-2500250600(233)508(77)
Legacy Charter lost 156k Internet customers; video losses slowed to -77k pro forma

Note: Customer figures are residential and small business for legacy Charter and residential only for legacy Cox, as defined in the release.Source: Charter IR release, Nov 6, 2026; analysis of company data

8

8 · Customer net adds

Net income swung to a -$2.40B loss, driven by a $6.3B franchise impairment

Net income attributable to Charter shareholders

$M, Q3 2025 to Q3 2026, actual

$M · Q3 2025: $1,137M$M · Franchise impairment: -$6,326M$M · Other items: $1,401M$M · Q3 2026: -$2,397MQ3 2025FranchiseimpairmentDebt gainOther itemsQ3 2026-$3,000M-$2,000M-$1,000M$0M$1,000M$2,000M$1,137M$1,401M-$2,397M
Debt-exchange gains of $1,391M partly offset the impairment

Note: Franchise impairment and debt-extinguishment gain are as reported. Other items is the residual bridge to reported net income.Source: Charter IR release, Nov 6, 2026; analysis of company data

9

9 · Net income bridge

Actual Adjusted EBITDA margin was 39.8%, versus 39.9% on a pro forma basis

Adjusted EBITDA margin

% of revenue, Q3 2025 vs Q3 2026

Actual · Q3 2025: 40.7%Actual · Q3 2026: 39.8%Pro forma · Q3 2025: 40.9%Pro forma · Q3 2026: 39.9%Q3 2025Q3 20260.0%10.0%20.0%30.0%45.0%40.7%39.8%40.9%39.9%

ActualPro forma

Pro forma Adjusted EBITDA fell 4.0% to $6,587M; excluding transition it was $6,663M

Note: Margin is Adjusted EBITDA divided by total revenues on the same basis (actual or pro forma).Source: Charter IR release, Nov 6, 2026; analysis of company data

10

10 · Margin analysis

Free cash flow fell 58.4% to $674M as operating cash flow declined

Operating cash flow, capex and free cash flow

$M, Q3 2026

$M · Operating CF: $4,027M$M · Capex: $3,027M$M · Free cash flow: $674MOperating CFCapexFree cash flow$0M$1,000M$2,000M$3,000M$4,000M$4,500M$4,027M$3,027M$674M

Operating CFCapexFree cash flow

Operating cash flow was $4,027M, down from $4,480M, on tax timing and Cox-related cash costs

Note: Free cash flow is operating cash flow less capital expenditures and changes in accrued expenses related to capital expenditures.Source: Charter IR release, Nov 6, 2026; analysis of company data

11

11 · Free cash flow

Internet contributed $6,395M of actual revenue, ahead of video at $3,292M

Actual revenue by product

$M, Q3 2026

$M · Internet: $6,395M$M · Mobile: $1,134M$M · Video: $3,292M$M · Commercial: $2,249MInternetMobileVideoCommercial$0M$2,000M$4,000M$6,000M$7,000M$6,395M$1,134M$3,292M$2,249M

InternetMobileVideoCommercial

Commercial revenue rose 22.6% to $2,249M, helped by Cox

Note: Product bars are actual results. Residential video and Internet remain the largest consumer lines.Source: Charter IR release, Nov 6, 2026; analysis of company data

12

12 · Revenue mix

Net debt rose to $106,479M from $94,279M after the Cox Transactions

Cash, debt and cable assets

$M, Dec 31, 2025 vs Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$477M$573M
Total debt$94,756M$107,052M
Net debt$94,279M$106,479M
Property, plant and equipment, net$46,444M$62,786M
Total assets$154,213M$178,465M
Principal debt $108.6B at Sep 30; ~$2.4B unused credit-facility liquidity

Note: Net debt is total debt less cash. Principal amount may differ from carrying value.Source: Charter IR release, Nov 6, 2026; analysis of company data

13

13 · Balance sheet and debt

Estimates depend on Internet net adds, mobile growth, Cox integration and free cash flow

Indicator
What to watch
Implication
Q3 reading
Internet net adds
Losses stay near Q3 pace
Growth plan slips
-233k PF
Mobile lines
Adds slow from 508k
Mobile estimates fall
+508k PF
Pro forma revenue
Residential ARPU keeps falling
PF revenue soft
ARPU $117.85, -1.6% YoY
Free cash flow
Tax and integration cash costs persist
FCF below run-rate
$674M

Note: Watch points are analytical, not company targets. PF is pro forma including Cox for the full quarter.Source: Charter IR release, Nov 6, 2026; analysis of company data

14

14 · Key risks to estimates

Appendix: customer and footprint metrics

ClaimEvidenceCalculation
Internet base34,314k Internet customers; penetration 48.5%Pro forma operating stats
Mobile base13,452k mobile lines; PF adds 508kPhones and tablets on standard plans
Video and CRs13,801k video; 36,691k customer relationshipsExcludes streaming-app-only
Passings70,706k estimated passings after CoxLegacy Charter plus legacy Cox

Source: Charter IR release, Nov 6, 2026; analysis of company data

15

15 · Appendix: Customer metrics

Appendix: pro forma revenue and Adjusted EBITDA

ClaimEvidenceCalculation
Revenue$16.51B vs $16.76B, -1.5%Cox as if closed Jan 1, 2024
Adjusted EBITDA$6.59B vs $6.86B, -4.0%Margin {V("a_pfam","PF_AEBITDA_M",B)}
Ex transitionAdjusted EBITDA excluding transition expenses $6.66BTransition expenses {V("a_tr","PF_Trans",B,FM)}
Residential ARPU$117.85 vs $119.71, -1.6%Monthly residential revenue per residential customer

Source: Charter IR release, Nov 6, 2026; analysis of company data

16

16 · Appendix: Pro forma results

17 · Appendix: Cash and capex

Appendix: new operating model and Cox

ClaimEvidenceCalculation
Opex savings$2.0B annualized over 18 monthsSimplify org; cut nonessential work
Cox synergiesMore than $1.0B plannedSeparate from opex plan
Cox closeClosed Aug 19; Spectrum Day Sep 16>{V("a_pass2","Cox_Pass",B,"0")}M passings; >{V("a_cr2","Cox_CR",B,"0")}M relationships
DeleveragingExchanged $5.5B notes (~$1.5B delever); repaid $1.0B Cox notesQ3 financing

Source: Charter IR release, Nov 6, 2026; analysis of company data

18

18 · Appendix: Operating model

Appendix: income statement and non-GAAP detail

Income statement detail, actual $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Internet revenue$5,971M$6,395M7.1%
Mobile service revenue$954M$1,134M18.9%
Video revenue$3,389M$3,292M(2.9%)
Operating costs and expenses$8,111M$8,979M10.7%
Depreciation and amortization$2,160M$2,621M21.3%
Interest expense, net$1,268M$1,341M5.8%
Impairment of franchises-$6,326Mn.a.

Non-GAAP and EPS

MetricQ3 2025Q3 2026
Adjusted EBITDA$5,561M$5,943M
Adjusted EBITDA margin40.7%39.8%
Diluted EPS ($)$8.34-$20.50
Free cash flow$1,621M$674M

Note: Adj. EBITDA and FCF follow Charter definitions; reconciled in the release addendum.Source: Charter IR release, Nov 6, 2026; analysis of company data

19

19 · Appendix: Income detail

Appendix: sources

  • Company IR release (primary): Charter IR release, Nov 6, 2026 — https://ir.charter.com/news-releases/news-release-details/charter-announces-third-quarter-2026-results-and-launches-new/
  • Company PR Newswire mirror: PR Newswire mirror, Nov 6, 2026 — https://www.prnewswire.com/news-releases/charter-announces-third-quarter-2026-results-and-launches-new-operating-model-302931669.html
  • Q3 consensus EPS and revenue: Yahoo Finance analysis, read Nov 6, 2026 — https://finance.yahoo.com/quote/CHTR/analysis/
  • Q3 consensus EPS: Public.com CHTR earnings, as of Nov 4, 2026 — https://public.com/stocks/CHTR/earnings
  • Share price: Yahoo Finance CHTR Nov 5 close; Nasdaq CHTR premarket Nov 6, 2026 9:05 AM ET — https://www.nasdaq.com/market-activity/stocks/chtr
  • Share price history cross-check: Yahoo Finance CHTR history — https://finance.yahoo.com/quote/CHTR/history/
  • Model figures: linked cells in this DeepCell file cite the IR release for company actuals and the consensus/price sources above for third-party data.
  • Disclaimer: For information only; not investment advice. No rating or price target. Readers should verify figures against the original filings.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Charter's Q3 2026 earnings release of November 6, 2026. Consensus estimates (Yahoo Finance, Public.com) and share prices (CNBC, Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company targets, including opex savings, Cox synergies and capex outlook, and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted EBITDA and free cash flow follow Charter's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. The earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Charter Communications, Inc. and does not represent its views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 6, 2026 morning US Eastern time, with the share-price reaction measured at Nasdaq premarket 9:05 AM ET versus the November 5 regular-session close. It will not be updated for later events, and views may change without notice.

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21

21 · Disclosures

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