CHTRCharter Communications, Inc.
Industry Comms infra Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$109 → $147
Promises vs. what happened
12 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| 2025 capex ~$12B | Q4 '24 | $11.7B — held | Held |
| Up to $80/month of apps | Q3 '24 | ~$115-127 quoted | Held |
| Buybacks resume, leverage ~4.1-4.2x | Q1 '25 | held; 4.18x | Held |
| All apps launched in H1 '25 | Q3 '24 | pending until Q2 '26 | Late |
| 450K rural passings a year | Q4 '24 | never reported again | Dropped |
| $900+ a year saved vs carriers | Q4 '24 | slide dropped Q2 '26 | Dropped |
| Mobile margin 34% | Q3 '25 | shown once, Q3 '25 | Dropped |
| 2027 ~$9.5B, 2028 below $8B | Q4 '24 | open; reaffirmed Jul '26 | Open |
| FCF from $5.2B to ~$9.2B | Q3 '25 | LTM fell to $4.7B meanwhile | Open |
| Long-term revenue growth | Q4 '24 | revenue down y/y since Q3 '25 | Open |
| 2026 capex $10.5-11.0B | Q4 '24 | ~$11.4B once BEAD was added | Missed |
| Repricing cuts churn | Q3 '24 | Internet losses widened to -172K | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
OverviewPage one since Q3 '24
Product claimsFirst seen Q4 '24
Price vs carriersFirst seen Q4 '24
Streaming appsFirst seen Q3 '24
ServiceFirst seen Q3 '24
Capex and FCFFirst seen Q4 '24
MobileFirst seen Q3 '24
LeverageFirst seen Q3 '24
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Quarterly overview (revenue, EBITDA, capex)
“Adj. EBITDA1) growth accelerated to 3.6% Y/Y in 3Q24”
Deck Third Quarter 2024 Results · p. 4 ·
Quarterly overview (revenue, EBITDA, capex)
“Adj. EBITDA1) growth of 3.1% Y/Y in FY24 driven by mobile line growth, cost efficiency initiatives and political advert.”
Deck Fourth Quarter and Full Year 2024 Results · p. 4 ·
Quarterly overview (revenue, EBITDA, capex)
“Mobile growth and efficiency improvements contributed to Adj. EBITDA 1) growth of 4.8% Y/Y”
Deck First Quarter 2025 Results · p. 4 ·
Quarterly overview (revenue, EBITDA, capex)
“Revenue Adjusted EBITDA1) Capital Expenditures 2Q25 revenue and Adj. EBITDA1) grew by 0.6% and 0.5% Y/Y, respectively”
Deck Second Quarter 2025 Results · p. 4 ·
Quarterly overview (revenue, EBITDA, capex)
“-0.9% -1.5% +19.0% in Billions in Billions in Billions”
Deck Third Quarter 2025 Results · p. 4 ·
Quarterly overview (revenue, EBITDA, capex)
“-0.6% +0.6% +3.5% in Billions in Billions in Billions”
Deck Fourth Quarter and Full Year 2025 Results · p. 4 ·
Quarterly overview (revenue, EBITDA, capex)
“-1.0% -2.2% +19.0% in Billions in Billions in Billions”
Deck First Quarter 2026 Results · p. 4 ·
Quarterly overview (revenue, EBITDA, capex)
“-1.7% -4.3% -0.1% in Billions in Billions in Billions”
Deck Second Quarter 2026 Results · p. 4 ·
Assets and scale, product claims
“Spectrum Has Significant Assets & Scale”
Deck Fourth Quarter and Full Year 2024 Results · p. 5 ·
Assets and scale, product claims
“Spectrum Has Significant Assets & Scale”
Deck First Quarter 2025 Results · p. 5 ·
Assets and scale, product claims
“Spectrum Has Significant Assets & Scale”
Deck Second Quarter 2025 Results · p. 5 ·
Assets and scale, product claims
“Spectrum Has Significant Assets & Scale”
Deck Third Quarter 2025 Results · p. 5 ·
Assets and scale, product claims
“Fastest Internet Speeds2)”
Deck Fourth Quarter and Full Year 2025 Results · p. 5 ·
Assets and scale, product claims
“Fastest Internet Speeds2)”
Deck First Quarter 2026 Results · p. 5 ·
Assets and scale, product claims
“Most Reliable Internet2)”
Deck Second Quarter 2026 Results · p. 5 ·
Price comparison against the mobile carriers
“Spectrum Saves Customers $900+/Year with Better Products 5G Home Internet Plus”
Deck Fourth Quarter and Full Year 2024 Results · p. 7 ·
Price comparison against the mobile carriers
“Spectrum Saves Customers $900+/Year with Better Products 5G Home Internet Plus”
Deck First Quarter 2025 Results · p. 7 ·
Price comparison against the mobile carriers
“Spectrum Saves Customers $1,000+/Year with Better Products 5G Home Ultimate 12) 13)”
Deck Second Quarter 2025 Results · p. 6 ·
Price comparison against the mobile carriers
“Spectrum Saves Customers $1,000+/Year with Better Products 5G Home Ultimate 12)”
Deck Third Quarter 2025 Results · p. 6 ·
Price comparison against the mobile carriers
“Spectrum Saves Customers $1,100+/Year with Better Products 5G Home Ultimate 12) 13)”
Deck Fourth Quarter and Full Year 2025 Results · p. 6 ·
Price comparison against the mobile carriers
“Spectrum Saves Customers $1K/Year with Better Products 5G Home Ultimate 12) 13)”
Deck First Quarter 2026 Results · p. 6 ·
Seamless entertainment (programmer streaming apps in the video package)
“Full launch of “seamless entertainment” in 1H25”
Deck Third Quarter 2024 Results · p. 5 ·
Seamless entertainment (programmer streaming apps in the video package)
“Seamless Entertainment: Solving for Value & Utility”
Deck Fourth Quarter and Full Year 2024 Results · p. 8 ·
Seamless entertainment (programmer streaming apps in the video package)
“Seamless Entertainment: Solving for Value & Utility”
Deck First Quarter 2025 Results · p. 8 ·
Seamless entertainment (programmer streaming apps in the video package)
“Seamless Entertainment: Solving for Value & Utility”
Deck Second Quarter 2025 Results · p. 7 ·
Seamless entertainment (programmer streaming apps in the video package)
“Seamless Entertainment: Solving for Value & Utility”
Deck Third Quarter 2025 Results · p. 9 ·
Seamless entertainment (programmer streaming apps in the video package)
“Seamless Entertainment: Solving for Value & Utility”
Deck Fourth Quarter and Full Year 2025 Results · p. 8 ·
Seamless entertainment (programmer streaming apps in the video package)
“Seamless Entertainment: Solving for Value & Utility”
Deck First Quarter 2026 Results · p. 7 ·
Seamless entertainment (programmer streaming apps in the video package)
“Seamless Entertainment: Solving for Value & Utility”
Deck Second Quarter 2026 Results · p. 6 ·
Customer service commitment
“Transparency At Every Step”
Deck Third Quarter 2024 Results · p. 5 ·
Customer service commitment
“Spectrum’s Customer Commitment”
Deck Fourth Quarter and Full Year 2024 Results · p. 9 ·
Customer service commitment
“Spectrum’s Customer Commitment”
Deck First Quarter 2025 Results · p. 9 ·
Customer service commitment
“Spectrum’s Customer Commitment”
Deck Second Quarter 2025 Results · p. 8 ·
Customer service commitment
“Spectrum’s Customer Commitment”
Deck Third Quarter 2025 Results · p. 7 ·
Customer service commitment
“Spectrum’s Customer Commitment”
Deck Fourth Quarter and Full Year 2025 Results · p. 7 ·
Capex peak and free cash flow inflection
“Total Capital Expenditures Outlook (ex-BEAD)”
Deck Fourth Quarter and Full Year 2024 Results · p. 15 ·
Capex peak and free cash flow inflection
“Free Cash Flow1) to Grow Rapidly in Billions”
Deck Third Quarter 2025 Results · p. 17 ·
Capex peak and free cash flow inflection
“Total Capital Expenditures Outlook (standalone Charter)”
Deck Fourth Quarter and Full Year 2025 Results · p. 14 ·
Capex peak and free cash flow inflection
“Free Cash Flow1) to Grow Rapidly in Billions”
Deck Second Quarter 2026 Results · p. 14 ·
Mobile growth and profitability
“Buyout driving growth in Unlimited Plus, lines per customer and port-ins”
Deck Third Quarter 2024 Results · p. 5 ·
Mobile growth and profitability
“Mobile Profitability Continues to Grow”
Deck Third Quarter 2025 Results · p. 8 ·
Leverage and share repurchases
“Net leverage declined from 4.45x to 4.22x”
Deck Third Quarter 2024 Results · p. 12 ·
Leverage and share repurchases
“Net leverage declined from 4.42x to 4.13x”
Deck Fourth Quarter and Full Year 2024 Results · p. 14 ·
Leverage and share repurchases
“Net leverage declined to 4.06x / 4.16x 18) driven by a pause in open market share repurchases prior to shareholder approval of the Liberty Broadband transaction in late Feb ’25”
Deck First Quarter 2025 Results · p. 14 ·
Leverage and share repurchases
“Net leverage in 2Q25 was 4.10x or 4.18x 18) pro forma for the Liberty Broadband transaction”
Deck Second Quarter 2025 Results · p. 13 ·
Leverage and share repurchases
“Net leverage in 3Q25 was 4.15x or 4.23x17) pro forma for the Liberty Broadband transaction”
Deck Third Quarter 2025 Results · p. 15 ·
Leverage and share repurchases
“Net leverage in 4Q25 was 4.15x or 4.21x18) pro forma for the Liberty Broadband transaction 4.24x17)”
Deck Fourth Quarter and Full Year 2025 Results · p. 13 ·
Leverage and share repurchases
“Net leverage in 1Q26 was 4.15x or 4.22x17) pro forma for the Liberty Broadband transaction 4.16x16)”
Deck First Quarter 2026 Results · p. 12 ·
Leverage and share repurchases
“Repurchased $1.2B in principal amount of CCO/CCOH notes under an open market repurchase program for $1.0B cash 4.18x9)”
Deck Second Quarter 2026 Results · p. 11 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Overview
- First slide in all eight. It praised EBITDA growth through Q2 '25; from Q3 '25, when EBITDA turned down, the numbers run with no caption.
- Product claims
- Added Q4 '24. In Q2 '26 'Fastest Internet Speeds' became 'Most Reliable Internet'.
- Price vs carriers
- $900+, $1,000+, $1,100+, then $1K saved a year against the mobile carriers — and gone from the Q2 '26 deck.
- Streaming apps
- In all eight. Promised fully launched by H1 '25; still listed 'to be launched' until Q2 '26.
- Service
- A full slide from Q4 '24 to Q4 '25; dropped from Q1 '26.
- Capex and FCF
- The multi-year capex slide in Q4 '24, Q4 '25 and Q2 '26, and the free cash flow bridge to ~$9B in Q3 '25 and Q2 '26 — the second time without the tax bar and from a lower base.
- Mobile
- Line counts every quarter; profitability shown once, Q3 '25 (34% margin ex-SAC), never again.
- Leverage
- In all eight, with no target printed in any; in Q2 '26 the net leverage sentence gave way to a note on a bond buyback.
- New
- From Q1 '26: EBITDA growth 'excluding transition expense' and revenue excluding advertising and app allocation; the per-share FCF bridge to $64.
- Quiet
- Rural passings activated (once, Q4 '24), the carrier price slide, the service slide and the leverage sentence. The Cox deal never got a slide.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 24 Jul 2026
- Q1 2026 release · 8-K 24 Apr 2026
- Q4 2025 release · 8-K 30 Jan 2026
- Q3 2025 release · 8-K 31 Oct 2025
- Q2 2025 release · 8-K 25 Jul 2025
- Q1 2025 release · 8-K 25 Apr 2025
- Q4 2024 release · 8-K 31 Jan 2025
- Q3 2024 release · 8-K 1 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 14% | 40% | 7% | 75% | 50% | 17% | 38% | · |
| Growth & sales | 29% | 30% | 7% | 12% | 33% | 50% | · | · |
| Pricing & margins | 43% | 30% | 7% | 25% | 17% | 67% | 50% | 20% |
| Guidance & outlook | 14% | 20% | · | 38% | · | 17% | 12% | 40% |
| Capacity & supply | 14% | · | · | · | · | · | · | · |
| Capital & financing | 14% | 50% | 7% | 38% | 17% | · | 12% | 20% |
| Competition | 29% | 10% | 21% | 12% | 17% | 33% | 50% | 20% |
| Products & technology | · | · | 14% | 25% | 17% | 17% | · | · |
| Macro & regulation | · | 10% | 14% | · | · | · | 12% | · |
| Other | 43% | 30% | 50% | · | 33% | 33% | 25% | 40% |
| Questions | 7 | 10 | 14 | 8 | 6 | 6 | 8 | 5 |
| How much the CEO talked | 0% | 82% | 93% | 83% | 78% | 0% | 84% | 84% |
Who’s in charge, who’s selling
read from the filings · 7 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
~$109B of debt and $6.0B of preferred under an $18.5B equity
$93.8B of principal at 30 Jun '26, $109.2B pro forma with Cox, 4.18x net leverage, $6.0B of 6.875% Cox preferred units ahead of the common. The common is about a seventh of the enterprise; Altman Z 0.66.
Tier 2 · live
Cox and A/N name up to six directors; Cox's CEO chairs
Taylor chairs for three years, then Winfrey; Cox (28.7% as converted) and A/N each designate up to three. Caps of 30%/30% and 19%/15%, standstills and preemptive rights. Cox suspended its buyback participation on 28 Sep.
Tier 2 · live
CFO out a month after the outlook cut
2026 EBITDA moved from 'slight growth' to about -1% on 24 Jul; Fischer resigned 28 Aug, leaving 15 Oct; the chief accounting officer becomes interim CFO as well. Two dodges logged, both on broadband revenue per customer.
Tier 2 · worsening
$80.6B of buybacks at an average $429, and the protest vote
Debt-funded repurchases at nearly four times today's price. In 2026, 23.6% voted against say on pay and 29.2% against 16.0M more plan shares; Winfrey's 2023 five-year grant was a target $85.0M.
Tier 3 · stable
Measures dropped, and Cox never got a slide
The leverage sentence, the carrier price comparison and the gig-passings slide stopped; relationships were redefined; no results deck carries a Cox synergy or milestone.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Stock-plan increaseStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much. | — | 37.5M | 29.2% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | — | 30.3M | 23.6% |
| NairA board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 13.3M | 9.6M | 7.5% |
| Markley (left at the closing)A board seat. | 8.9M | 6.8M | 5.3% |
| Zinterhofer (lead independent)A board seat. | 8.1M | 3.9M | 3.0% |
| Conn (compensation chair)A board seat. | 2.6M | 3.3M | 2.6% |
| Winfrey (CEO)A board seat. | 0.6M | 0.7M | 0.6% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Jul '25-Oct '26 | Sold | Note |
|---|---|---|
| Thomas Rutledge, director emeritus | $12.7M | 87,833 shares at $144-147 on 26-27 May '26 |
| David Merritt, director | $0.3M | 1,200 shares at $226.18 on 5 Nov '25 |
| Christopher Winfrey, CEO | bought $2.2M | at $273 in Jul '25 and $172 in Apr '26 |