CCO (CCO) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$55,646	$13,601	0.0%	$55,646	0.0%
Adj. EBITDA	$22,119	$5,737	3.2%	$22,787	3.0%
Free Cash Flow	$4,787	$1,439	137.1%	$5,327	11.3%
Net Debt, end of period	$106,714	$105,275		$101,388	(5.0%)
Net Debt / Adj. EBITDA	4.8x	4.7x		4.4x	-0.4x
Total Liquidity, end of period	$2,738	$4,177		$8,065	194.5%

The credit over the next year

CCO Holdings now carries legacy Cox after the August 19, 2026 close, so the credit rests on a $16.5 billion pro forma quarterly revenue base that fell 1.5% year over year as Internet customers declined 233,000 in the third quarter and residential revenue per customer slipped 1.6%. Mobile line growth of about 500,000 a quarter and lower programming cost per video customer are the offsets, and the new $2 billion run-rate savings plan plus over $1 billion of Cox synergies set whether Adjusted EBITDA stops shrinking. Pro forma Adjusted EBITDA fell 4.0% to $6.6 billion and free cash flow was $674 million in the quarter, so Internet losses and pricing set whether leverage drifts up or falls.

Leverage falls from 4.8x to 4.4x over the next four quarters on the starting case.
Free cash flow of $5.33bn is projected over the next year, enough to cover the $2.00bn of debt due in that time.
Net debt shrinks from $106.71bn to $101.39bn; maturing debt is assumed refinanced unless changed in the model.
Liquidity a year out is $8.06bn, against $2.74bn today.

Due inside a year: 3.500% Notes due 2027 ($1.00bn); Revolving Loan B (commitment about $960mm) ($0mm); 5.125% Senior Notes due 2027 ($1.00bn).

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$338.0
3.500% Notes due 2027	1,000.0	100.0%	3.50%	0.0x	Bullish
Revolving Loan B (commitment about $960mm)	0.0	100.0%	N/a	0.0x	Bullish
4.200% Senior Secured Notes due 2028	1,250.0	100.0%	4.20%	0.1x	Bullish
3.750% Senior Secured Notes due 2028	1,000.0	100.0%	3.75%	0.1x	Bullish
Term A-6 Loan (Charter Operating credit agreement; amortizes $25mm per loan year)	400.0	100.0%	N/a	0.2x	Bullish
6.100% Senior Secured Notes due 2029	1,500.0	100.0%	6.10%	0.2x	Bullish
5.050% Senior Secured Notes due 2029	1,250.0	100.0%	5.05%	0.3x	Bullish
Term A-7 Loan (Charter Operating credit agreement; amortizes $227mm per loan year)	4,200.0	100.0%	N/a	0.5x	Bullish
Term B-4 Loan (Charter Operating credit agreement; amortizes $20mm per loan year)	2,000.0	100.0%	N/a	0.6x	Bullish
EIP Financing Facility (mobile device receivables)	1,700.0	100.0%	N/a	0.6x	Bullish
1.800% Notes due 2030	750.0	100.0%	1.80%	0.7x	Bullish
Term B-3 Loan (Charter Operating credit agreement; amortizes $8mm per loan year)	726.0	100.0%	N/a	0.7x	Bullish
Revolving Loan C (commitment $5.5bn)	0.0	100.0%	N/a	0.7x	Bullish
Term B-5 Loan (Charter Operating credit agreement; amortizes $25mm per loan year)	2,500.0	100.0%	N/a	0.8x	Bullish
5.750% Sterling Senior Notes due 2031 (GBP 625mm)	829.0	100.0%	5.75%	0.9x	Bullish
6.050% Senior Secured Notes due 2032	1,750.0	100.1%*	6.02%	0.9x	Bullish
4.400% Senior Secured Notes due 2033	1,000.0	100.0%	4.40%	1.0x	Bullish
8.375% Senior Debentures due 2033	1,000.0	100.0%	8.38%	1.0x	Bullish
6.550% Senior Secured Notes due 2034	1,500.0	100.0%	6.55%	1.1x	Bullish
6.600% Senior Secured Notes due 2034	1,000.0	100.7%*	6.47%	1.1x	Bullish
6.650% Senior Secured Notes due 2034	900.0	100.0%	6.65%	1.2x	Bullish
6.384% Senior Secured Notes due 2035	2,000.0	100.0%	6.38%	1.3x	Bullish
5.850% Senior Secured Notes due 2035	1,250.0	100.0%	5.85%	1.3x	Bullish
6.950% Senior Secured Notes due 2036	1,000.0	100.2%*	6.92%	1.4x	Bullish
6.550% Senior Debentures due 2037	1,500.0	100.0%	6.55%	1.4x	Bullish
7.087% Senior Secured Notes due 2038	1,742.2	99.0%*	7.21%	1.5x	Bullish
7.300% Senior Debentures due 2038	1,500.0	100.0%	7.30%	1.6x	Bullish
5.375% Senior Secured Notes due 2038	800.0	100.0%	5.38%	1.6x	Bullish
6.750% Senior Debentures due 2039	1,500.0	100.0%	6.75%	1.7x	Bullish
5.875% Senior Debentures due 2040	1,200.0	100.0%	5.88%	1.8x	Bullish
7.337% Senior Secured Notes due 2041	1,663.3	100.0%	7.34%	1.8x	Bullish
5.500% Senior Debentures due 2041	1,250.0	100.0%	5.50%	1.9x	Bullish
5.250% Sterling Senior Notes due 2042 (GBP 650mm)	863.0	100.0%	5.25%	1.9x	Bullish
6.484% Senior Secured Notes due 2045	3,500.0	100.0%	6.48%	2.1x	Bullish
5.750% Senior Secured Notes due 2048	2,430.0	100.0%	5.75%	2.2x	Bullish
6.700% Senior Secured Notes due 2055	750.0	100.0%	6.70%	2.2x	Bullish
6.834% Senior Secured Notes due 2055	500.0	100.0%	6.83%	2.2x	Bullish
7.850% Senior Secured Notes due 2056	1,000.0	100.0%	7.85%	2.3x	Bullish
3.850% Senior Secured Notes due 2061	1,850.0	100.0%	3.85%	2.4x	Bullish
4.400% Senior Secured Notes due 2061	1,400.0	100.0%	4.40%	2.4x	Bullish
3.950% Senior Secured Notes due 2062	1,400.0	100.0%	3.95%	2.5x	Bullish
5.500% Senior Secured Notes due 2063	1,000.0	100.0%	5.50%	2.5x	Bullish
5.125% Senior Notes due 2027	1,000.0	99.8%*	5.45%	2.6x	Bullish
5.000% Senior Notes due 2028	2,500.0	99.0%*	5.73%	2.7x	Bullish
5.375% Senior Notes due 2029	1,500.0	98.2%*	6.15%	2.8x	Bullish
6.375% Senior Notes due 2029	1,500.0	100.1%*	6.23%	2.8x	Bullish
4.750% Senior Notes due 2030	3,050.0	94.7%*	6.46%	3.0x	Bullish
4.500% Senior Notes due 2030	2,750.0	93.0%*	6.51%	3.1x	Bullish
4.250% Senior Notes due 2031	2,975.0	90.2%*	6.81%	3.2x	Bullish
7.375% Senior Notes due 2031	1,100.0	101.3%*	7.02%	3.3x	Bullish
4.500% Senior Notes due 2032	2,747.0	87.9%*	7.21%	3.4x	Bullish
4.750% Senior Notes due 2032	1,194.0	89.5%*	7.09%	3.5x	Bullish
7.000% Senior Notes due 2033	1,750.0	97.7%*	7.45%	3.5x	Bullish
4.500% Senior Notes due 2033	1,567.0	86.5%*	7.13%	3.6x	Bullish
4.250% Senior Notes due 2034	1,851.0	83.4%*	7.15%	3.7x	Bullish
7.375% Senior Notes due 2036	1,250.0	96.7%*	7.87%	3.8x	Bullish
Total Debt	$107,052.0			4.8x
Net Debt	$106,714.0			4.8x

Last Twelve Months

Revenue	$55,646
Implied Costs	(33,527)
Adj. EBITDA	$22,119
(-) Interest Expense	(5,148)
(-) Capex	(12,026)
Memo: FCF	$4,787
Total Liquidity	$2,738.0

Next 12 months, starting case▶ Revenue $55.65bn → $55.65bn▲ Adj. EBITDA $22.12bn → $22.79bn▲ Free cash flow $4.79bn → $5.33bn▼ Net leverage 4.8x → 4.4x▲ Liquidity $2.74bn → $8.06bn

CCO

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$338.0
Undrawn Revolver ($6,460mm facility)			2,400.0
Total Liquidity			$2,738.0

3.500% Notes due 2027	3.50%	8/15/2027	1,000.0	100.0%	3.50%	5/15/2027 @ 100	3.50%	Bullish
Revolving Loan B (commitment about $960mm)	S + 125	8/31/2027	0.0	100.0%	N/a	N/a	N/a	Bullish
4.200% Senior Secured Notes due 2028	4.20%	3/15/2028	1,250.0	100.0%	4.20%	12/15/2027 @ 100	4.20%	Bullish
3.750% Senior Secured Notes due 2028	3.75%	2/15/2028	1,000.0	100.0%	3.75%	11/15/2027 @ 100	3.75%	Bullish
Term A-6 Loan (Charter Operating credit agreement; amortizes $25mm per loan year)	S + 150	8/31/2028	400.0	100.0%	N/a	N/a	N/a	Bullish
6.100% Senior Secured Notes due 2029	6.10%	6/1/2029	1,500.0	100.0%	6.10%	5/1/2029 @ 100	6.10%	Bullish
5.050% Senior Secured Notes due 2029	5.05%	3/30/2029	1,250.0	100.0%	5.05%	12/30/2028 @ 100	5.05%	Bullish
Term A-7 Loan (Charter Operating credit agreement; amortizes $227mm per loan year)	S + 125	3/15/2030	4,200.0	100.0%	N/a	N/a	N/a	Bullish
Term B-4 Loan (Charter Operating credit agreement; amortizes $20mm per loan year)	S + 200	12/7/2030	2,000.0	100.0%	N/a	N/a	N/a	Bullish
EIP Financing Facility (mobile device receivables)	Lenders' cost of...	11/3/2030	1,700.0	100.0%	N/a	N/a	N/a	Bullish
1.800% Notes due 2030	1.80%	10/1/2030	750.0	100.0%	1.80%	7/1/2030 @ 100	1.80%	Bullish
Term B-3 Loan (Charter Operating credit agreement; amortizes $8mm per loan year)	S + 225	3/31/2030	726.0	100.0%	N/a	N/a	N/a	Bullish
Revolving Loan C (commitment $5.5bn)	S + 125	3/15/2030	0.0	100.0%	N/a	N/a	N/a	Bullish
Term B-5 Loan (Charter Operating credit agreement; amortizes $25mm per loan year)	S + 225	12/15/2031	2,500.0	100.0%	N/a	N/a	N/a	Bullish
5.750% Sterling Senior Notes due 2031 (GBP 625mm)	5.75%	6/2/2031	829.0	100.0%	5.75%	N/a	N/a	Bullish
6.050% Senior Secured Notes due 2032	6.05%	2/15/2032	1,750.0	100.1%*	6.02%	1/15/2032 @ 100	6.02%	Bullish
4.400% Senior Secured Notes due 2033	4.40%	4/1/2033	1,000.0	100.0%	4.40%	1/1/2033 @ 100	4.40%	Bullish
8.375% Senior Debentures due 2033	8.375%	7/15/2033	1,000.0	100.0%	8.38%	N/a	N/a	Bullish
6.550% Senior Secured Notes due 2034	6.55%	6/1/2034	1,500.0	100.0%	6.55%	3/1/2034 @ 100	6.55%	Bullish
6.600% Senior Secured Notes due 2034	6.60%	2/15/2034	1,000.0	100.7%*	6.48%	12/15/2033 @ 100	6.47%	Bullish
6.650% Senior Secured Notes due 2034	6.65%	2/1/2034	900.0	100.0%	6.65%	11/1/2033 @ 100	6.65%	Bullish
6.384% Senior Secured Notes due 2035	6.384%	10/23/2035	2,000.0	100.0%	6.38%	4/23/2035 @ 100	6.38%	Bullish
5.850% Senior Secured Notes due 2035	5.85%	12/1/2035	1,250.0	100.0%	5.85%	9/1/2035 @ 100	5.85%	Bullish
6.950% Senior Secured Notes due 2036	6.95%	8/15/2036	1,000.0	100.2%*	6.92%	5/15/2036 @ 100	6.92%	Bullish
6.550% Senior Debentures due 2037	6.55%	5/1/2037	1,500.0	100.0%	6.55%	N/a	N/a	Bullish
7.087% Senior Secured Notes due 2038	7.087%	9/1/2038	1,742.2	99.0%*	7.21%	6/1/2038 @ 100	7.21%	Bullish
7.300% Senior Debentures due 2038	7.30%	7/1/2038	1,500.0	100.0%	7.30%	N/a	N/a	Bullish
5.375% Senior Secured Notes due 2038	5.375%	4/1/2038	800.0	100.0%	5.38%	10/1/2037 @ 100	5.38%	Bullish
6.750% Senior Debentures due 2039	6.75%	6/15/2039	1,500.0	100.0%	6.75%	N/a	N/a	Bullish
5.875% Senior Debentures due 2040	5.875%	11/15/2040	1,200.0	100.0%	5.88%	N/a	N/a	Bullish
7.337% Senior Secured Notes due 2041	7.337%	9/1/2041	1,663.3	100.0%	7.34%	6/1/2041 @ 100	7.34%	Bullish
5.500% Senior Debentures due 2041	5.50%	9/1/2041	1,250.0	100.0%	5.50%	N/a	N/a	Bullish
5.250% Sterling Senior Notes due 2042 (GBP 650mm)	5.25%	7/15/2042	863.0	100.0%	5.25%	N/a	N/a	Bullish
6.484% Senior Secured Notes due 2045	6.484%	10/23/2045	3,500.0	100.0%	6.48%	4/23/2045 @ 100	6.48%	Bullish
5.750% Senior Secured Notes due 2048	5.75%	4/1/2048	2,430.0	100.0%	5.75%	10/1/2047 @ 100	5.75%	Bullish
6.700% Senior Secured Notes due 2055	6.70%	12/1/2055	750.0	100.0%	6.70%	6/1/2055 @ 100	6.70%	Bullish
6.834% Senior Secured Notes due 2055	6.834%	10/23/2055	500.0	100.0%	6.83%	4/23/2055 @ 100	6.83%	Bullish
7.850% Senior Secured Notes due 2056	7.85%	8/15/2056	1,000.0	100.0%	7.85%	2/15/2056 @ 100	7.85%	Bullish
3.850% Senior Secured Notes due 2061	3.85%	4/1/2061	1,850.0	100.0%	3.85%	10/1/2060 @ 100	3.85%	Bullish
4.400% Senior Secured Notes due 2061	4.40%	12/1/2061	1,400.0	100.0%	4.40%	6/1/2061 @ 100	4.40%	Bullish
3.950% Senior Secured Notes due 2062	3.95%	6/30/2062	1,400.0	100.0%	3.95%	12/30/2061 @ 100	3.95%	Bullish
5.500% Senior Secured Notes due 2063	5.50%	4/1/2063	1,000.0	100.0%	5.50%	10/1/2062 @ 100	5.50%	Bullish
Total Secured Debt			$56,353.5						2.8x	2.7x	2.6x	2.5x	2.5x	2.5x	2.5x	2.4x
Net Secured Debt			$56,015.5						2.8x	2.6x	2.6x	2.5x	2.5x	2.5x	2.5x	2.3x

5.125% Senior Notes due 2027	5.125%	5/1/2027	1,000.0	99.8%*	5.45%	5/1/2025 @ 100	5.45%	Bullish
5.000% Senior Notes due 2028	5.00%	2/1/2028	2,500.0	99.0%*	5.73%	8/1/2025 @ 100	7.14%	Bullish
5.375% Senior Notes due 2029	5.375%	6/1/2029	1,500.0	98.2%*	6.15%	6/1/2027 @ 100	9.06%	Bullish
6.375% Senior Notes due 2029	6.375%	9/1/2029	1,500.0	100.1%*	6.32%	9/1/2027 @ 100	6.23%	Bullish
4.750% Senior Notes due 2030	4.75%	3/1/2030	3,050.0	94.7%*	6.46%	9/1/2027 @ 100	10.45%	Bullish
4.500% Senior Notes due 2030	4.50%	8/15/2030	2,750.0	93.0%*	6.51%	2/15/2027 @ 100.75	21.46%	Bullish
4.250% Senior Notes due 2031	4.25%	2/1/2031	2,975.0	90.2%*	6.81%	7/1/2027 @ 100.708	15.89%	Bullish
7.375% Senior Notes due 2031	7.375%	3/1/2031	1,100.0	101.3%*	7.02%	3/1/2027 @ 101.844	8.26%	Bullish
4.500% Senior Notes due 2032	4.50%	5/1/2032	2,747.0	87.9%*	7.21%	5/1/2027 @ 101.125	35.23%	Bullish
4.750% Senior Notes due 2032	4.75%	2/1/2032	1,194.0	89.5%*	7.09%	2/1/2027 @ 102.375	34.07%	Bullish
7.000% Senior Notes due 2033	7.00%	2/1/2033	1,750.0	97.7%*	7.45%	2/1/2029 @ 103.5	9.32%	Bullish
4.500% Senior Notes due 2033	4.50%	6/1/2033	1,567.0	86.5%*	7.13%	6/1/2027 @ 102.25	41.54%	Bullish
4.250% Senior Notes due 2034	4.25%	1/15/2034	1,851.0	83.4%*	7.15%	1/15/2028 @ 102.125	18.77%	Bullish
7.375% Senior Notes due 2036	7.375%	2/1/2036	1,250.0	96.7%*	7.87%	2/1/2031 @ 103.688	8.97%	Bullish
Other debt, discounts and issuance costs	N/a	N/a	23,964.5
Total Debt			$107,052.0						5.3x	5.0x	4.9x	4.8x	4.8x	4.8x	4.7x	4.5x
Net Debt			$106,714.0						5.3x	5.0x	4.9x	4.8x	4.8x	4.8x	4.4x	4.0x
						Adj. EBITDA			$20,232	$21,226	$21,736	$22,359	$22,179	$22,119	$22,787	$23,953

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$51,674	$54,020	$54,607	$55,085	$54,774	$55,646	$55,646	$55,646
Y/Y Growth		4.5%	1.1%	0.9%	(0.6%)		0.0%	0.0%
Implied Costs	(31,442)	(32,794)	(32,871)	(32,726)	(32,595)	(33,527)	(32,859)	(31,693)
Adj. EBITDA	$20,232	$21,226	$21,736	$22,359	$22,179	$22,119	$22,787	$23,953
Margin	39.2%	39.3%	39.8%	40.6%	40.5%	39.7%	40.9%	43.0%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$20,232	$21,226	$21,736	$22,359	$22,179	$22,119	$22,787	$23,953
(-) Interest Expense (Cash Only)	(4,022)	(4,481)	(4,993)	(5,305)	(4,957)	(5,148)	(5,406)	(5,406)
(-) Cash Taxes	--	--	18	(15)	(18)	(29)	(29)	(29)
(-) Capex	(7,608)	(9,376)	(11,115)	(11,269)	(11,624)	(12,026)	(12,025)	(12,025)
(+/-) Working Capital and Other	(50)	(614)	(1,032)	(1,157)	(339)	(129)	--	--
Memo: FCF	$8,552	$6,755	$4,614	$4,613	$5,241	$4,787	$5,327	$6,493
% of Debt	8.0%	6.3%	4.3%	4.3%	4.9%	4.5%	5.0%	6.1%

Liquidity

Unrestricted Cash	$338.0
Undrawn Revolver	2,400.0
Total Liquidity	$2,738.0
(-) Debt due through 2028	(7,150.0)
(+/-) Free cash flow, last twelve months	4,787.0
Liquidity after maturities and a year of cash flow	$375.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$51,674	$54,020	$54,607	$55,085	$54,774	$55,646	$55,646	$55,646
Y/Y Growth		4.5%	1.1%	0.9%	(0.6%)		0.0%	0.0%
Implied Costs	(31,442)	(32,794)	(32,871)	(32,726)	(32,595)	(33,527)	(32,859)	(31,693)
Adj. EBITDA	$20,232	$21,226	$21,736	$22,359	$22,179	$22,119	$22,787	$23,953
Margin	39.2%	39.3%	39.8%	40.6%	40.5%	39.7%	40.9%	43.0%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$20,232	$21,226	$21,736	$22,359	$22,179	$22,119	$22,787	$23,953
(-) Interest Expense (Cash Only)	(4,022)	(4,481)	(4,993)	(5,305)	(4,957)	(5,148)	(5,406)	(5,406)
(-) Cash Taxes	--	--	18	(15)	(18)	(29)	(29)	(29)
(-) Capex	(7,608)	(9,376)	(11,115)	(11,269)	(11,624)	(12,026)	(12,025)	(12,025)
(+/-) Working Capital and Other	(50)	(614)	(1,032)	(1,157)	(339)	(129)	--	--
Memo: FCF	$8,552	$6,755	$4,614	$4,613	$5,241	$4,787	$5,327	$6,493
% of Debt	8.0%	6.3%	4.3%	4.3%	4.9%	4.5%	5.0%	6.1%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Internet customers thousands of customers (residential plus small business, end of quarter)	29,680	29,560	29,388	34,314	29,680	29,560	29,388	34,314	29,680	29,560	29,388	34,314	$0.2mm on revenue	--
Mobile lines thousands of lines (residential plus small business, end of quarter)	11,766	12,134	12,540	13,452	11,766	12,134	12,540	13,452	11,766	12,134	12,540	13,452	$0.1mm on revenue	--
Monthly residential revenue per residential customer $ per customer per month	117.19	118.44	117.52	117.12	117.19	118.44	117.52	117.12	117.19	118.44	117.52	117.12	$103.8mm on revenue	--
Programming cost per video customer $ per video customer per month	55.18	55.35	54.12	56.50	55.18	55.35	54.12	56.50	55.18	55.35	54.12	56.50	$41.5mm on cost of revenue	--
Run-rate operating cost savings $ millions of annualized savings, average in the quarter (year two entered as the increase over the same quarter of year one)	0	0	0	0	167	500	833	1,167	1,333	1,333	1,167	833	$-0.3mm on other operating costs	(667)

CCO Holdings now carries legacy Cox after the August 19, 2026 close, so the credit rests on a $16.5 billion pro forma quarterly revenue base that fell 1.5% year over year as Internet customers declined 233,000 in the third quarter and residential revenue per customer slipped 1.6%. Mobile line growth of about 500,000 a quarter and lower programming cost per video customer are the offsets, and the new $2 billion run-rate savings plan plus over $1 billion of Cox synergies set whether Adjusted EBITDA stops shrinking. Pro forma Adjusted EBITDA fell 4.0% to $6.6 billion and free cash flow was $674 million in the quarter, so Internet losses and pricing set whether leverage drifts up or falls.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$13,601	$13,597	$13,526	$14,922	$13,601	$13,597	$13,526	$14,922	$13,601	$13,597	$13,526	$14,922
Y/Y Growth	(2.3%)	(1.0%)	(1.7%)	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$5,561	$5,603	$5,377	$5,578	$5,737	$5,785	$5,722	$5,543	$6,070	$6,119	$6,014	$5,751
Margin	40.9%	41.2%	39.8%	37.4%	42.2%	42.5%	42.3%	37.1%	44.6%	45.0%	44.5%	38.5%
Free Cash Flow	$607	$1,496	$1,158	$1,526	$1,439	$1,488	$1,440	$959	$1,772	$1,821	$1,732	$1,168
Cash, end of period	218	246	285	338	1,777	3,265	4,705	5,665	7,437	9,258	10,990	12,158
Total Debt, end of period	94,756	94,414	93,959	107,052	107,052	107,052	107,052	107,052	107,052	107,052	107,052	107,052
Net Debt / Adj. EBITDA	4.3x	4.2x	4.3x	4.8x	4.7x	4.6x	4.5x	4.4x	4.3x	4.2x	4.0x	4.0x

Revenue is built from one revenue line, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Nov 6, 2026

Slides Webcast and audio replay Investor relations site

First quarter with Cox: pro forma revenue fell 1.5% and EBITDA fell 4%, and Charter launched a new operating model with a $2 billion cost plan on top of Cox synergies.

Takeaways

Pro forma revenue fell 1.5% to $16.5 billion and pro forma Adjusted EBITDA fell 4.0% to $6.6 billion, with margin down about one point to 39.9%. Residential revenue fell 4.1% as Internet and video customers kept shrinking.
Subscriber losses widened. Pro forma Internet customers fell 233,000 in the quarter, versus a 172,000 loss at legacy Charter in Q2. Mobile added 508,000 lines and mobile service revenue grew 17%.
Free cash flow dropped to $674 million from $1.6 billion a year ago, hit by cash tax timing, one-time Cox deal costs and an unfavorable capex accrual swing.
The Cox deal closed on August 19. Total debt rose to $108.6 billion from $93.8 billion at June 30. Liquidity was about $2.4 billion of undrawn credit lines plus $573 million of cash, down from $3.7 billion of undrawn lines in Q2.
Charter booked a $6.3 billion franchise impairment, which drove a $2.4 billion net loss. It also booked a $1.4 billion gain from discounted debt exchanges.
Management announced a new operating model aimed at returning to Internet customer growth, plus a target of $2 billion in annual run-rate cost savings over 18 months, on top of more than $1 billion of expected Cox synergies.

Debt and capital

Total principal debt was $108.6 billion at September 30, 2026, up from $93.8 billion at June 30, mostly from the Cox Transactions.
Charter Operating issued $4.75 billion of new secured notes, due 2032, 2034, 2036 and 2056, at coupons from 6.05% to 7.85%. Proceeds paid the Cox cash consideration and repaid other debt.
Charter exchanged about $5.5 billion of secured notes for $622 million of cash plus about $3.4 billion of new 7.087% 2038 and 7.337% 2041 secured notes. The company says this cut debt by about $1.5 billion and produced a $1.4 billion gain.
Charter repaid $1.0 billion of legacy Cox notes at maturity. The current portion of long-term debt rose to about $2.0 billion.
Share buybacks nearly stopped: $19 million in Q3 versus $838 million in Q2. The release gives no leverage target in this quarter's text.

Guidance

Full year 2026 pro forma capex, excluding transition capex, is now guided to about $13.0 billion. The prior $11.4 billion guide covered legacy Charter only and excluded Cox, so the two figures are not on the same basis.
New target: $2 billion of annualized run-rate operating expense savings within 18 months, plus more than $1 billion of Cox Transactions synergies.
No revenue, EBITDA or free cash flow guidance was given in the press release.

Tone: Restructuring tone: management admits the core Internet business is losing ground and frames a cost overhaul and new go-to-market plan as the fix.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release only. Charter posts its slide deck and trending schedule on ir.charter.com but does not file them with the SEC, and the IR site could not be read for this update. Charter does not publish a transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Parent Charter closed the Cox deal, took a $6.3bn franchise impairment, and saw pro forma revenue and Adjusted EBITDA fall.

Results

CCO Holdings does not issue its own release. These figures come from the release of its parent, Charter Communications, Inc., which CCO Holdings co-files on the same 8-K. They are Charter consolidated figures, not CCO Holdings standalone.
Actual revenue was $14.9bn, up 9.1% from $13.7bn, because legacy Cox is included from August 20, 2026. Pro forma revenue was $16.5bn, down 1.5%.
Actual Adjusted EBITDA was $5.9bn, up 6.9% from $5.6bn. Pro forma Adjusted EBITDA was $6.6bn, down 4.0%, or down 3.0% before $76mm of transition expenses.
Free cash flow was $674mm versus $1.6bn a year earlier. Operating cash flow was $4.0bn and capital expenditures were $3.0bn.
Net loss attributable to Charter shareholders was $2.4bn, driven by a $6.3bn franchise impairment and partly offset by a $1.4bn gain on debt exchanges.

Why

Pro forma Internet customers fell by 233,000 in the quarter, against a loss of 171,000 a year earlier. Legacy Charter lost 156,000 and legacy Cox lost 77,000.
Pro forma residential revenue fell 4.1% on 2.7% fewer residential customers and 1.6% lower monthly revenue per customer. $286mm of streaming app costs were netted against video revenue, up from $106mm.
Pro forma mobile lines grew by 508,000 and mobile service revenue rose 17.3%. Political advertising lifted pro forma advertising revenue 21.0%.
Free cash flow fell on the timing of cash tax payments, one-time cash costs tied to the Cox deal, and a $326mm unfavorable change in accrued capital spending.

Balance sheet and guidance

Total principal amount of debt was $108.6bn at September 30, 2026, up from $93.8bn at June 30, 2026, after the Cox deal. Cash was $573mm and credit facilities provided about $2.4bn of additional liquidity, about $3.0bn in total.
Charter Operating issued $4.75bn of senior secured notes due 2032 to 2056 at coupons of 6.050% to 7.850% to fund the Cox cash consideration and repay debt.
About $5.5bn of secured notes were exchanged for $622mm of cash and about $3.4bn of new secured notes due 2038 and 2041. The company describes the result as about $1.5bn of deleveraging. It also repaid $1.0bn of legacy Cox notes at maturity.
Pro forma full year 2026 capital expenditures, excluding transition capital expenditures, are expected to total about $13.0bn. The prior quarter's figure was about $11.4bn for Charter alone, excluding Cox, so the two are not comparable and the release does not say whether the outlook was raised or cut.
The company targets $2bn of annualized run-rate operating expense savings over the next 18 months, on top of more than $1bn of expected Cox synergies.
No revenue, Adjusted EBITDA or free cash flow guidance is given.

What to watch

Internet customer losses. Pro forma losses widened to 233,000 from 171,000, and the new operating model is meant to return the company to Internet customer growth.
Liquidity and debt. Additional credit facility liquidity fell to about $2.4bn from about $3.7bn a quarter earlier while debt rose to $108.6bn. The release gives no leverage ratio.
Cost savings and transition costs. Watch progress on the $2bn savings target and Cox synergies against transition expenses, which were $76mm this quarter, and against the pro forma Adjusted EBITDA decline.

From the company's press release filed Nov 6, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Nov 6, 20268-K for Nov 6, 2026: Results · Press release
Jul 24, 20268-K for Jul 24, 2026: Results · Press release
Apr 24, 20268-K for Apr 24, 2026: Results · Press release
Jan 30, 20268-K for Jan 30, 2026: Results · Press release
Oct 31, 20258-K for Oct 31, 2025: Results · Press release
Jul 25, 20258-K for Jul 25, 2025: Results · Press release
Apr 25, 20258-K for Apr 25, 2025: Results · Press release
Jan 31, 20258-K for Jan 31, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Oct 27, 20268-K for Oct 26, 2026: Director or officer change; Regulation FD
Oct 19, 20268-K for Oct 19, 2026: Regulation FD
Oct 13, 20268-K for Oct 6, 2026: Director or officer change
Sep 15, 20268-K for Sep 15, 2026: Regulation FD
Aug 31, 20268-K for Aug 28, 2026: Director or officer change; Regulation FD
Aug 26, 20268-K for Aug 24, 2026: Material agreement; New debt
Aug 24, 20268-K for Aug 24, 2026: Material agreement; New debt
Aug 20, 20268-K for Aug 14, 2026: Material agreement; Acquisition or disposal completed; Equity sold; Director or officer change; Bylaw change; Regulation FD
Aug 18, 20268-K for Aug 18, 2026: Material agreement; New debt; Regulation FD
Aug 12, 20268-K for Aug 12, 2026: Material agreement; New debt
Aug 3, 20268-K for Aug 3, 2026: Other event
Jul 23, 20268-K for Jul 23, 2026: Regulation FD; Other event
May 19, 20268-K for May 15, 2026: Director or officer change
Apr 23, 20268-K for Apr 21, 2026: Director or officer change; Shareholder vote
Feb 25, 20268-K for Feb 24, 2026: Director or officer change; Regulation FD
Jan 28, 20268-K for Jan 27, 2026: Director or officer change
Jan 22, 20268-K for Jan 16, 2026: Director or officer change
Jan 14, 20268-K for Jan 13, 2026: Material agreement; New debt; Regulation FD
Jan 6, 20268-K for Jan 6, 2026: Other event
Dec 12, 20258-K for Dec 11, 2025: Director or officer change

Other filings 8

Nov 4, 2026424B3
Nov 3, 2026S-4/A
Oct 21, 2026S-4
Aug 10, 2026424B2
Aug 6, 2026424B2
Aug 20, 2025424B2
Aug 18, 2025424B2
May 13, 2024424B2

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Jan 29, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
May 1, 2027Maturity. 5.125% Senior Notes due 2027: $1,000mm outstanding comes due.
Aug 15, 2027Maturity. 3.500% Notes due 2027: $1,000mm outstanding comes due.
Aug 31, 2027Maturity. Revolving Loan B (commitment about $960mm): $0mm outstanding comes due.
Feb 1, 2028Maturity. 5.000% Senior Notes due 2028: $2,500mm outstanding comes due.
Feb 15, 2028Maturity. 3.750% Senior Secured Notes due 2028: $1,000mm outstanding comes due.
Mar 15, 2028Maturity. 4.200% Senior Secured Notes due 2028: $1,250mm outstanding comes due.
Aug 31, 2028Maturity. Term A-6 Loan (Charter Operating credit agreement; amortizes $25mm per loan year): $400mm outstanding comes due.

Recent 8-K filings

Nov 6, 2026Reported results
Oct 27, 2026Director or officer change; Regulation FD disclosure
Oct 19, 2026Regulation FD disclosure
Oct 13, 2026Director or officer change
Sep 15, 2026Regulation FD disclosure
Aug 31, 2026Director or officer change; Regulation FD disclosure
Aug 26, 2026Entered into a material agreement; Took on new debt or an obligation
Aug 24, 2026Entered into a material agreement; Took on new debt or an obligation