Charter Communications (CHTR) Q1 2025 Earnings Report

Charter delivered a resilient QQ1 2025 with modest revenue expansion and meaningful EBITDA expansion driven by mobile growth and ongoing efficiency programs. Revenue totaled $13.735 billion for the quarter, up 0.41% year over year but down 1.37% quarter over quarter, as Internet and video trends faced mix pressure from a shifting product mix and lower advertising activity. EBITDA rose 4.8% year over year to $5.276 billion, aided by lower operating costs and one-time benefits, underpinning a strong free cash flow trajectory of $1.64 billion in the quarter and a free cash flow margin that supports capital return and deleveraging ambitions. Management reaffirmed a disciplined capital plan: 2025 capex guidance of about $12 billion, with a multi-year evolution projected to reduce capex to below $8 billion by 2028, enabling a step-change in free cash flow per share and shareholder returns. The quarter also featured notable non-operational items (Los Angeles wildfire effects) that management characterized as not meaningfully impacting Adjusted EBITDA, and a strategic emphasis on converged bundles (Internet, mobile, and video) to drive ARPU, retention, and acquisition. Looking ahead, Charter emphasized scalable product value (e.g., Life Unlimited pricing, Seamless Entertainment rollout, direct-to-consumer apps) and continued AI-enabled service improvements, while acknowledging macro- and regulatory risks (tariffs) that are expected to be manageable within guidance. Overall, Charter’s QQ1 2025 results reinforce the company’s thesis that best-in-class networks, bundled value, and superior service can sustain EBITDA growth and accelerating free cash flow even as the business intensifies capital discipline and leverages converged customer relationships.