Description

Charter Communications’ Capital Intensity Is Peaking—What Comes Next for Free Cash Flow!

Charter Communications entered the fourth quarter of 2025 facing a highly competitive connectivity environment marked by slowing broadband additions, rising wireless substitution, and persistent fiber overbuilds. The company’s results reflect a business in transition, with near-term revenue pressure balanced against improving operational efficiency, expanding mobile scale, and a capital intensity profile that is approaching an inflection point. Revenue declined modestly during the year, primarily due to continued Internet customer losses and a sharp reduction in political advertising, while adjusted EBITDA still managed slight growth on a full-year basis through disciplined cost control and mix shifts. Operationally, Charter Communications showed mixed momentum across its product lines. Internet customer losses improved year over year, helped by lower churn following prior year program-related disconnects, though gross additions remained under pressure from low household move rates and competitive fixed wireless offerings.