$CHTR · CHARTER COMMUNICATIONS, INC. /MO/
Charter reported Q3 2026 results (ended September 30, 2026) and announced a new operating model. Actual revenue rose 9.1% YoY to $14.9B, but a $6.3B franchise impairment charge drove a $2.4B net loss attributable to shareholders, or $(20.50) per share. Pro forma revenue of $16.5B declined 1.5% YoY, and pro forma Adjusted EBITDA of $6.6B fell 4.0%. The company launched a $2B annualized expense-savings plan on top of $1B+ in Cox synergies.
- $6.3B franchise impairment charge drove the Q3 net loss.
- Actual Q3 revenue of $14.9B rose 9.1% YoY on the Cox Transactions.
- Pro forma Internet customers declined 233,000 in Q3.
- Spectrum Mobile added 508,000 pro forma lines; 13.5M total lines.
- New $2B annualized expense-savings plan targets 18-month run-rate.
Extended-hours last trade $118.52, down 5.83% vs the $125.86 regular close, signaling a negative after-hours reaction to the impairment-driven loss.
A $6.3B impairment and $20.50/share loss signal deep franchise-value erosion even as Charter pivots to a new cost-cutting operating model.
Charter's subscriber losses and impairment reflect ongoing broadband competition and cord-cutting pressures across the cable sector.
The $6.3B franchise impairment signals deteriorating long-term value assumptions for the cable franchise. Rising indebtedness from the Cox and Liberty Broadband transactions increases interest expense and reduces operating flexibility.