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DE 84-1496755 400 Washington Blvd. Stamford CT 06902 203 905-7801 Class A Common Stock $.001 Par Value CHTR NASDAQ Yes No Yes Yes Large Accelerated Filer false false true false false 37100000000 126631549 1
Information required by Part III is incorporated by reference from the registrant’s proxy statement or an amendment to this Annual Report on Form 10-K to be filed no later than 120 days after the end of the registrant's fiscal year ended December 31, 2025.
Cybersecurity risks are classified as a Tier 1 risk within our enterprise risk management program. We are committed to protecting the security and integrity of our systems, networks, databases and applications. We routinely invest to develop and implement numerous cybersecurity programs and processes, including risk management and assessment programs, security and event monitoring capabilities, detailed incident response plans, and other advanced detection, prevention and protection capabilities, including practices and tools to monitor and mitigate insider threats. We regularly assess cybersecurity risks to identify and enumerate threats to us and vulnerabilities these threats can exploit to adversely impact our business operations. Regular reviews of these risks and vulnerabilities drive our investment in new controls and technologies. In some instances, we engage third parties to conduct or assist us with conducting cybersecurity risk assessments.
Our cybersecurity program employs various risk-tracking tools, industry data, monitoring, detection and response tools, vulnerability scanning, security dashboards and scorecards and other tools to support our continued evaluation of cybersecurity threats and regulatory requirements. Our cybersecurity program addresses the continuously evolving and extensive attack vectors and methods through layered security controls informed by constant threat analysis. Threats include a wide variety of perpetrators aiming for political, personal or financial gain, utilizing a broad set of tactics including ransomware, advanced malware, DDoS, account takeover, phishing/SMSing, sabatoge and social engineering, among others. These risks threaten our internal systems as well as third-party systems that we use and rely upon for the delivery of services and support of our operations. Our risk mitigation techniques include least privileged access, network segmentation, deployment of enhanced detection tools across our network, systems, databases, and applications and monitoring compliance with security standards all based on a risk-based approach.

Various security standards provide guidance to telecommunications companies in order to help identify and mitigate cybersecurity risks, including the voluntary framework released by the National Institute for Standards and Technology (“NIST”) in 2014 and updated in 2018 and 2024, in cooperation with other federal agencies and owners and operators of U.S. critical infrastructure. The NIST cybersecurity framework provides a prioritized and flexible model for organizations to identify and manage cyber risks inherent to their business. Our security infrastructure is comprised of multiple security capabilities designed with a defense-in-depth model informed by the NIST cybersecurity framework, as well as a variety of other industry standards and best practices. The risk-based approach of the NIST cybersecurity framework has enabled us to implement cybersecurity programs tailored to our particular network architectures, customer environments and institutional resources.

As part of our cybersecurity risk management program, we participate in a variety of industry, governmental, and public-private information sharing channels. While these relationships enhance our situational awareness and provide avenues for cybersecurity information sharing, we may not receive complete or real-time information about all cybersecurity threats or vulnerabilities, including in instances where governmental entities or other external partners are unable to share data due to legal, operational, or security considerations. As a result, there may be circumstances in which our visibility into certain threat vectors is inherently limited. Our governance framework accounts for these constraints by incorporating layered monitoring, independent threat intelligence sources, and escalation protocols designed to mitigate potential lack of visibility and support timely decision-making associated with cybersecurity threats and vulnerabilities.

Our cybersecurity risk management program also attempts to assess third-party vendor, service provider, business partner and supply chain risk management issues. Our efforts aim to better understand the cybersecurity posture of our third-party vendors, service providers, business partners and suppliers by analyzing their cybersecurity risk management programs and results. Our third-party cybersecurity risk management processes include reviewing and revising our service provider and vendor management programs and the related agreements to require prompt notification of cyber incidents, outages and incidents to facilitate timely assessment, disclosure and action. Generally, our agreements require our third-party providers to abide by specific privacy, confidentiality and security processes, particularly for third-party data-processing activities. For vendors that offer software as a service solutions involving personal information, our third-party risk management program generally requires third-party attestation of their security practices such as a System and Organization Controls 2 report or ISO27001 certification. Our due diligence and selection processes also require third parties to complete a cybersecurity and data privacy questionnaire that includes questions about contractor track record. Our third-party security reviews are limited by their disclosures and specific negotiated contract terms; therefore, a risk-based approach is used in making vendor and contractual decisions based on those disclosures and the totality of the circumstances, such as whether the third party will have access to personal information or our network.

As of the date of this report, we are not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations and financial condition. For further discussion of cybersecurity risks, see “Part I. Item 1A. Risk Factors – Risks Related to Our Business – Various events could disrupt or result in unauthorized access to our networks, information systems or properties and could impair our operating activities and negatively impact our reputation and financial results.”
Cybersecurity risks are classified as a Tier 1 risk within our enterprise risk management program. We are committed to protecting the security and integrity of our systems, networks, databases and applications. We routinely invest to develop and implement numerous cybersecurity programs and processes, including risk management and assessment programs, security and event monitoring capabilities, detailed incident response plans, and other advanced detection, prevention and protection capabilities, including practices and tools to monitor and mitigate insider threats. We regularly assess cybersecurity risks to identify and enumerate threats to us and vulnerabilities these threats can exploit to adversely impact our business operations. Regular reviews of these risks and vulnerabilities drive our investment in new controls and technologies. true true true As of the date of this report, we are not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations and financial condition. false
Our organizational objectives are aligned to address our cybersecurity risks and management plays a pivotal role in assessing and managing our material risks from cybersecurity threats. Management’s role in assessing and managing material cybersecurity risks includes various management positions and committees responsible for assessing such risks. Our internal processes require escalation of material cybersecurity risks to our executive leadership and the Board of Directors of Charter, as well as management and committees who are tasked with the prevention, detection, mitigation and remediation of cybersecurity incidents. These processes provide guidance for consistent and effective incident handling and response and set standards for
internal notifications and escalations, as well as external notification considerations with respect to a cybersecurity event or incident requiring disclosure or notification to a state and/or federal agency or affected customers.

The Board of Directors of Charter has delegated to the Audit Committee oversight of our privacy and data security, including cybersecurity, risk exposures, policies and practices, including the steps management have taken to detect, monitor and control such risks and the potential impact of those exposures on our business, financial results, operations and reputation. Charter's Audit Committee receives quarterly updates on the enterprise risk management program, including information on cybersecurity risks and initiatives undertaken to identify, assess and mitigate such risks. A full cybersecurity review is conducted twice yearly with the Audit Committee and annually with the Board of Directors of Charter. This cybersecurity reporting may include threat and incident reporting, vulnerability detection reporting, risk mitigation metrics, systems and security operations updates or internal audit observations, if applicable.

We have a unified cybersecurity leadership team, composed of members of our Security Executive Steering Committee (“Security ESC”) to oversee implementation of appropriate cybersecurity protections and promote accountability. The Security ESC is led by senior executives in our technology organization and is comprised of senior executive leaders across the organization with the goal of driving cybersecurity focus through not just technical teams, but the entire business. The Security ESC reviews and evaluates current cyber threats and risks and improvements to our program and provides quarterly updates to the Chief Executive Officer as well as ad hoc updates on urgent matters. We also have a Cyber Security Council (“CSC”) and Security Operations Steering Committee that, under the direction of the Security ESC, collectively focus on cybersecurity across Charter and the overall protection of our internal network and related processes, policy, training and actions to protect customer and employee data. The CSC is comprised of senior leaders across the organization and operates under the auspices of the Security ESC, which is ultimately accountable under our enterprise risk management program for cybersecurity.

Our Executive Vice President, Chief Technology and Information Officer leads network technology, software development, security, technical integration, and information technology (“IT”). He has served in various software and engineering roles at Charter since 2016, and has previously held various IT roles, including chief information officer, at other telecommunications companies. Our Executive Vice President, Network Technology Services is responsible for operating our customer product technology infrastructure across our 41-state footprint. He has served in various network operations roles at Charter since 2016 and previously held various engineering roles at other large public companies. Both these leaders collectively oversee our cybersecurity program.
Our Chief Information Security Officer (“CISO”) is a Certified Information Systems Security Professional and has served in various roles in information security at Charter since 2020. He has over two decades of experience in cybersecurity, corporate security and network operations, including cyber threat intelligence, vulnerability management, security operations, incident response, information security engineering and architecture, risk management and security awareness. Management’s role in assessing and managing material cybersecurity risks includes various management positions and committees responsible for assessing such risks. Our internal processes require escalation of material cybersecurity risks to our executive leadership and the Board of Directors of Charter, as well as management and committees who are tasked with the prevention, detection, mitigation and remediation of cybersecurity incidents. These processes provide guidance for consistent and effective incident handling and response and set standards for internal notifications and escalations, as well as external notification considerations with respect to a cybersecurity event or incident requiring disclosure or notification to a state and/or federal agency or affected customers. true he Board of Directors of Charter has delegated to the Audit Committee oversight of our privacy and data security, including cybersecurity, risk exposures, policies and practices, including the steps management have taken to detect, monitor and control such risks and the potential impact of those exposures on our business, financial results, operations and reputation. Charter's Audit Committee receives quarterly updates on the enterprise risk management program, including information on cybersecurity risks and initiatives undertaken to identify, assess and mitigate such risks. A full cybersecurity review is conducted twice yearly with the Audit Committee and annually with the Board of Directors of Charter. This cybersecurity reporting may include threat and incident reporting, vulnerability detection reporting, risk mitigation metrics, systems and security operations updates or internal audit observations, if applicable. We have a unified cybersecurity leadership team, composed of members of our Security Executive Steering Committee (“Security ESC”) to oversee implementation of appropriate cybersecurity protections and promote accountability. The Security ESC is led by senior executives in our technology organization and is comprised of senior executive leaders across the organization with the goal of driving cybersecurity focus through not just technical teams, but the entire business. true The Security ESC reviews and evaluates current cyber threats and risks and improvements to our program and provides quarterly updates to the Chief Executive Officer as well as ad hoc updates on urgent matters. We also have a Cyber Security Council (“CSC”) and Security Operations Steering Committee that, under the direction of the Security ESC, collectively focus on cybersecurity across Charter and the overall protection of our internal network and related processes, policy, training and actions to protect customer and employee data.
Our Executive Vice President, Chief Technology and Information Officer leads network technology, software development, security, technical integration, and information technology (“IT”). He has served in various software and engineering roles at Charter since 2016, and has previously held various IT roles, including chief information officer, at other telecommunications companies. Our Executive Vice President, Network Technology Services is responsible for operating our customer product technology infrastructure across our 41-state footprint. He has served in various network operations roles at Charter since 2016 and previously held various engineering roles at other large public companies. Both these leaders collectively oversee our cybersecurity program.
Our Chief Information Security Officer (“CISO”) is a Certified Information Systems Security Professional and has served in various roles in information security at Charter since 2020. He has over two decades of experience in cybersecurity, corporate security and network operations, including cyber threat intelligence, vulnerability management, security operations, incident response, information security engineering and architecture, risk management and security awareness. false false false On November 25, 2025, Christopher L. Winfrey, President and Chief Executive Officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to (1) sell, on June 18, 2026, a number of shares of Charter Class A common stock under his beneficial ownership equal to 90% of the number of shares that would be received by Mr. Winfrey upon a net settlement exercise (covering exercise price and tax withholding) of stock options to purchase 497,309 shares of Charter Class A common stock with an exercise price of $221.25 on the June 17, 2026 expiration date of such stock options (such number of shares that would be received by Mr. Winfrey upon the net settlement exercise, the “Net Settled Share Amount”) and (2) gift to a donor advised fund, on June 18, 2026, a number of shares of Charter Class A common stock under his beneficial ownership equal to 10% of the Net Settled Share Amount. At the time of entering the 10b5-1 plan the stock price was lower than the exercise price of the expiring options. November 25, 2025 Christopher L. Winfrey President and Chief Executive Officer true June 18, 2026 497309 true KPMG LLP St. Louis, MO 185 477000000 459000000 219000000 204000000 3680000000 3097000000 987000000 677000000 5144000000 4233000000 41514000000 39409000000 46444000000 42913000000 440000000 975000000 67471000000 67462000000 29710000000 29674000000 144065000000 141024000000 5004000000 4763000000 154213000000 150020000000 12556000000 11687000000 750000000 1799000000 13306000000 13486000000 94006000000 92134000000 1447000000 1072000000 19841000000 18845000000 5094000000 4776000000 0.001 0.001 900000000 900000000 126631549 126631549 141946426 141946426 0 0 0.001 0.001 1000 1000 1 1 1 1 0 0 0.001 0.001 250000000 250000000 0 0 0 0 0 0 21447000000 23337000000 -5393000000 -7750000000 16054000000 15587000000 4465000000 4120000000 20519000000 19707000000 154213000000 150020000000 54774000000 55085000000 54607000000 32739000000 33167000000 33405000000 8711000000 8673000000 8696000000 -416000000 -127000000 53000000 41866000000 41967000000 42048000000 12908000000 13118000000 12559000000 -5042000000 -5229000000 -5188000000 -408000000 -387000000 -517000000 -5450000000 -5616000000 -5705000000 7458000000 7502000000 6854000000 1692000000 1649000000 1593000000 5766000000 5853000000 5261000000 779000000 770000000 704000000 4987000000 5083000000 4557000000 36.90 35.53 30.54 36.21 34.97 29.99 135155309 143061337 149208188 137743676 145363771 151966313 0 0 23940000000 -14821000000 9119000000 3430000000 12549000000 4557000000 4557000000 704000000 5261000000 692000000 692000000 692000000 22000000 22000000 22000000 1246000000 1996000000 3242000000 3242000000 140000000 140000000 240000000 380000000 78000000 78000000 -104000000 -26000000 158000000 158000000 0 0 23346000000 -12260000000 11086000000 3632000000 14718000000 5083000000 5083000000 770000000 5853000000 651000000 651000000 651000000 32000000 32000000 32000000 644000000 573000000 1217000000 1217000000 38000000 38000000 138000000 176000000 -10000000 -10000000 13000000 3000000 157000000 157000000 0 0 23337000000 -7750000000 15587000000 4120000000 19707000000 4987000000 4987000000 779000000 5766000000 673000000 673000000 673000000 20000000 20000000 20000000 20000000 20000000 20000000 2550000000 2630000000 5180000000 5180000000 75000000 75000000 273000000 348000000 22000000 22000000 -29000000 -7000000 132000000 132000000 0 0 21447000000 -5393000000 16054000000 4465000000 20519000000 5766000000 5853000000 5261000000 8711000000 8673000000 8696000000 673000000 651000000 692000000 29000000 34000000 20000000 1013000000 -87000000 -80000000 -538000000 -354000000 -291000000 416000000 129000000 44000000 517000000 609000000 572000000 280000000 -310000000 169000000 16077000000 14430000000 14433000000 11659000000 11269000000 11115000000 -586000000 -1096000000 -172000000 547000000 481000000 184000000 -11620000000 -10654000000 -11127000000 15485000000 25893000000 22062000000 375000000 1074000000 0 14797000000 29660000000 21938000000 19000000 56000000 32000000 5132000000 1213000000 3215000000 20000000 32000000 22000000 373000000 189000000 427000000 132000000 157000000 158000000 208000000 297000000 444000000 -4365000000 -3979000000 -3242000000 92000000 -203000000 64000000 506000000 709000000 645000000 598000000 506000000 709000000 4983000000 5334000000 5020000000 121000000 47000000 Organization and Basis of Presentation
Organization

Charter Communications, Inc. (together with its controlled subsidiaries, “Charter,” or the “Company”) is a leading broadband connectivity company with services available to homes and small to large businesses through its Spectrum® brand. Founded in 1993, the Company has evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by the Company’s 100% U.S.-based employees, the Company offers Seamless Connectivity and Entertainment with Spectrum Internet®, Mobile, TV and Voice products.

Charter is a holding company whose principal asset is a controlling equity interest in Charter Communications Holdings, LLC (“Charter Holdings”), an indirect owner of Charter Communications Operating, LLC (“Charter Operating”) under which substantially all of the operations reside.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas involving significant judgments and estimates include capitalization of labor and overhead costs, valuation and impairment of franchise assets and goodwill, and income taxes. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform with the 2025 presentation.

Comprehensive income equaled net income attributable to Charter shareholders for the years ended December 31, 2025, 2024 and 2023.
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”).
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas involving significant judgments and estimates include capitalization of labor and overhead costs, valuation and impairment of franchise assets and goodwill, and income taxes. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform with the 2025 presentation.
Summary of Significant Accounting Policies
Information on other accounting policies and methods that the Company uses in the preparation of its consolidated financial statements are included, where applicable, in their respective footnotes. Below is a discussion of accounting policies and methods used in the Company's consolidated financial statements that are not presented within other footnotes.

Consolidation

The accompanying consolidated financial statements include the accounts of Charter and all entities in which Charter has a controlling interest, including variable interest entities (“VIEs”) where Charter is the primary beneficiary. The Company consolidates based upon evaluation of the Company’s power, through voting rights or similar rights, to direct the activities of another entity that most significantly impact the entity’s economic performance; its obligation to absorb the expected losses of the entity; and its right to receive the expected residual returns of the entity. Charter controls and consolidates Charter Holdings. The noncontrolling interest on the Company’s balance sheet primarily represents Advance/Newhouse Partnership's (“A/N”) minority equity interests in Charter Holdings. See Note 12. All significant intercompany accounts and transactions among consolidated entities have been eliminated in consolidation.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. These investments are carried at cost, which approximates market value.  
Valuation of Long-Lived Assets

The Company evaluates the recoverability of long-lived assets (e.g., property, plant and equipment and finite-lived intangible assets) to be held and used when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events or changes in circumstances could include such factors as impairment of the Company’s indefinite life assets, changes in technological advances, fluctuations in the fair value of such assets, adverse changes in relationships with local franchise authorities, adverse changes in market conditions or a deterioration of current or expected future operating results. If a review indicates that the carrying value of such asset is not recoverable from estimated undiscounted cash flows, the carrying value of such asset is reduced to its estimated fair value. While the Company believes that its estimates of future cash flows are reasonable, different assumptions regarding such cash flows could materially affect its evaluations of asset recoverability. No impairments of long-lived assets held for use were recorded in 2025, 2024 and 2023.

Fair Value Measurements

Accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based on the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows:

•Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
•Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company estimates the fair value of its financial instruments using available market information or other appropriate valuation methodologies. Considerable judgment, however, is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented in the accompanying consolidated financial statements are not necessarily indicative of the amounts the Company would realize in a current market exchange.

The Company’s nonfinancial assets such as equity method investments, franchises, property, plant, and equipment, and other intangible assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist.  When such impairments are recorded, fair values are generally classified within Level 3 of the valuation hierarchy.

The carrying amounts of cash and cash equivalents, receivables, payables and other current assets and liabilities approximate fair value because of the short maturity of those instruments.

Government Assistance

The Company's government assistance primarily consists of federal subsidies from the Rural Development Opportunity Fund (“RDOF”) and state broadband grants primarily funded by the American Rescue Plan Act of 2021 (“ARPA”) and the Broadband Equity, Access and Deployment (“BEAD”) program. The Company was awarded approximately $1.1 billion in federal subsidies in phase I of the RDOF auction to be received monthly over ten years to deploy and operate broadband services to unserved communities to more than one million estimated passings. For accounting purposes, RDOF subsidies are recorded as other revenues since the primary conditions for the receipt of the subsidies are the build out and operation of the broadband network over the ten years. During the years ended December 31, 2025, 2024 and 2023, other revenues included approximately $114 million, $108 million and $116 million of RDOF subsidy revenue, respectively.

The Company has also been awarded broadband grants to construct broadband infrastructure to unserved and underserved communities by various state and local governments. As of December 31, 2025, the Company has been publicly awarded approximately $1.7 billion in state grants, of which approximately $1.3 billion of these state grants have been formalized into executed agreements. State grants are either a fixed subsidy or variable with a subsidy cap conditioned upon construction. Cash is paid either upon project completion, milestone completion, or in some instances a portion of grant is paid in advance. Prefunded grants are subject to recapture if buildouts are not completed. For accounting purposes state broadband grants are
generally recorded as a reduction to property, plant and equipment using a percentage of completion, since the primary conditions for these grants are to build out the broadband network. During the years ended December 31, 2025, 2024 and 2023, $339 million, $235 million and $70 million of state broadband grants were recorded as a reduction to property, plant and equipment in the consolidated financial statements.

Advertising Costs

Advertising costs associated with marketing the Company’s products and services are generally expensed as costs are incurred.
Consolidation

The accompanying consolidated financial statements include the accounts of Charter and all entities in which Charter has a controlling interest, including variable interest entities (“VIEs”) where Charter is the primary beneficiary. The Company consolidates based upon evaluation of the Company’s power, through voting rights or similar rights, to direct the activities of another entity that most significantly impact the entity’s economic performance; its obligation to absorb the expected losses of the entity; and its right to receive the expected residual returns of the entity. Charter controls and consolidates Charter Holdings. The noncontrolling interest on the Company’s balance sheet primarily represents Advance/Newhouse Partnership's (“A/N”) minority equity interests in Charter Holdings. See Note 12. All significant intercompany accounts and transactions among consolidated entities have been eliminated in consolidation.
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. These investments are carried at cost, which approximates market value.
Valuation of Long-Lived Assets

The Company evaluates the recoverability of long-lived assets (e.g., property, plant and equipment and finite-lived intangible assets) to be held and used when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events or changes in circumstances could include such factors as impairment of the Company’s indefinite life assets, changes in technological advances, fluctuations in the fair value of such assets, adverse changes in relationships with local franchise authorities, adverse changes in market conditions or a deterioration of current or expected future operating results. If a review indicates that the carrying value of such asset is not recoverable from estimated undiscounted cash flows, the carrying value of such asset is reduced to its estimated fair value. While the Company believes that its estimates of future cash flows are reasonable, different assumptions regarding such cash flows could materially affect its evaluations of asset recoverability. No impairments of long-lived assets held for use were recorded in 2025, 2024 and 2023.
0 0 0
Fair Value Measurements

Accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based on the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows:

•Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
•Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company estimates the fair value of its financial instruments using available market information or other appropriate valuation methodologies. Considerable judgment, however, is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented in the accompanying consolidated financial statements are not necessarily indicative of the amounts the Company would realize in a current market exchange.

The Company’s nonfinancial assets such as equity method investments, franchises, property, plant, and equipment, and other intangible assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist.  When such impairments are recorded, fair values are generally classified within Level 3 of the valuation hierarchy.

The carrying amounts of cash and cash equivalents, receivables, payables and other current assets and liabilities approximate fair value because of the short maturity of those instruments.
Government Assistance

The Company's government assistance primarily consists of federal subsidies from the Rural Development Opportunity Fund (“RDOF”) and state broadband grants primarily funded by the American Rescue Plan Act of 2021 (“ARPA”) and the Broadband Equity, Access and Deployment (“BEAD”) program. The Company was awarded approximately $1.1 billion in federal subsidies in phase I of the RDOF auction to be received monthly over ten years to deploy and operate broadband services to unserved communities to more than one million estimated passings. For accounting purposes, RDOF subsidies are recorded as other revenues since the primary conditions for the receipt of the subsidies are the build out and operation of the broadband network over the ten years. During the years ended December 31, 2025, 2024 and 2023, other revenues included approximately $114 million, $108 million and $116 million of RDOF subsidy revenue, respectively.

The Company has also been awarded broadband grants to construct broadband infrastructure to unserved and underserved communities by various state and local governments. As of December 31, 2025, the Company has been publicly awarded approximately $1.7 billion in state grants, of which approximately $1.3 billion of these state grants have been formalized into executed agreements. State grants are either a fixed subsidy or variable with a subsidy cap conditioned upon construction. Cash is paid either upon project completion, milestone completion, or in some instances a portion of grant is paid in advance. Prefunded grants are subject to recapture if buildouts are not completed. For accounting purposes state broadband grants are
generally recorded as a reduction to property, plant and equipment using a percentage of completion, since the primary conditions for these grants are to build out the broadband network. During the years ended December 31, 2025, 2024 and 2023, $339 million, $235 million and $70 million of state broadband grants were recorded as a reduction to property, plant and equipment in the consolidated financial statements. 1100000000 114000000 108000000 116000000 1700000000 1300000000 339000000 235000000 70000000
Advertising Costs

Advertising costs associated with marketing the Company’s products and services are generally expensed as costs are incurred.
Mergers and Acquisitions
On May 16, 2025, Charter, Charter Holdings, and Cox Enterprises, Inc. (“Cox Enterprises”) entered into a Transaction Agreement (the “Transaction Agreement”) pursuant to which (i) Cox Enterprises will sell and transfer to Charter 100% of the equity interests of certain subsidiaries of Cox Communications, Inc. (“Cox Communications”) that conduct Cox Communications’ commercial fiber and managed IT and cloud services businesses (the “Equity Sale”), (ii) Cox Enterprises will contribute the equity interests of Cox Communications and certain other assets (other than certain excluded assets) primarily related to Cox Communications’ residential cable business to Charter Holdings (the “Contribution”), and (iii) Cox Enterprises will pay $1.00 to Charter (collectively, the “Cox Transactions”). Under the Transaction Agreement, Charter and Cox Enterprises may designate one or more wholly owned subsidiaries to take actions with respect to Charter and Cox Enterprises, respectively.

Pursuant to the Transaction Agreement, at the closing of the Transaction:

•in consideration of the Equity Sale, Charter will pay $3.5 billion in cash to Cox Enterprises;

•in consideration of the Contribution, Charter Holdings will (i) pay to Cox Enterprises $500 million in cash and (ii) issue to Cox Enterprises convertible preferred units of Charter Holdings with an aggregate liquidation preference of $6.0 billion, which will pay a 6.875% dividend per annum, and approximately 33.6 million Charter Holdings common units. The Charter Holdings convertible preferred units will be convertible into Charter Holdings common units, with an initial conversion price of $477.41, subject to certain adjustments. The Charter Holdings common units will be exchangeable by the holder, in certain circumstances, for cash or, at the election of Charter, Charter Class A common stock on a one-for-one basis, subject to certain adjustments; and

•in consideration of the $1.00 payment from Cox Enterprises to Charter, Charter will issue to Cox Enterprises one share of the newly created Charter Class C common stock. The Charter Class C common stock will be equivalent, economically, to the outstanding Charter Class A common stock and the Charter Class B common stock but will have a number of votes per share that reflect the voting power of the Charter Holdings common units and the Charter Holdings convertible preferred units held by Cox Enterprises on an as-converted, as-exchanged basis.

The combined entity will assume Cox Communications’ approximately $12.6 billion in outstanding net debt and finance leases (assumed debt is on a pro forma basis contemplating Cox Communications refinancing of debt maturities occurring between signing and closing of the Cox Transactions).
1 1.00 3500000000 500000000 6000000000 0.06875 33600000 477.41 1.00 1 12600000000 Property, Plant and Equipment
Additions to property, plant and equipment are recorded at cost, including all material, labor and certain indirect costs associated with the construction of cable transmission and distribution facilities. While the Company’s capitalization is based on specific activities, once capitalized, costs are tracked on a composite basis by fixed asset category at the cable system level and not on a specific asset basis. For assets that are sold or retired, the estimated historical cost and related accumulated depreciation is removed. Costs associated with the placement of the customer drop to the dwelling and the placement of outlets within a dwelling along with the costs associated with the deployment of new customer premise equipment necessary to provide video, Internet or voice services are capitalized.  Costs capitalized include materials, direct labor and overhead costs.  The Company capitalizes direct labor and overhead using standards developed from actual costs and applicable operational data. The Company calculates standards annually (or more frequently if circumstances dictate) for items such as the labor rates, overhead rates, and the actual amount of time required to perform a capitalizable activity. Overhead costs are associated with
the activities of the Company’s personnel and consist of compensation and other indirect costs associated with support functions. Indirect costs primarily include employee benefits and payroll taxes, and vehicle and occupancy costs. The costs of disconnecting service and removing customer premise equipment from a dwelling and the costs to reconnect a customer drop or to redeploy previously installed customer premise equipment are charged to operating expense as incurred.  Costs for repairs and maintenance are charged to operating expense as incurred, while plant and equipment replacement, including replacement of certain components, betterments, including replacement of cable drops and outlets, are capitalized.

Depreciation is recorded using the straight-line composite method over management’s estimate of the useful lives of the related assets as follows:

Cable distribution systems
6-22 years
Customer premise equipment and installations
3-8 years
Vehicles and equipment
6-19 years
Buildings and improvements
8-40 years
Furniture, fixtures and equipment
2-10 years

The Company periodically evaluates the estimated useful lives used to depreciate its assets and the estimated amount of assets that will be abandoned or have minimal use in the future. A significant change in assumptions about the extent or timing of future asset retirements, or in the Company’s use of new technology and upgrade programs, could materially affect future depreciation expense. Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $8.1 billion, $7.8 billion, and $7.6 billion, respectively.

Property, plant and equipment consists of the following as of December 31, 2025 and 2024:

December 31,
20252024
Cable distribution systems$54,559 $49,211 
Customer premise equipment and installations17,129 17,270 
Vehicles and equipment2,408 2,251 
Buildings and improvements6,077 5,966 
Furniture, fixtures and equipment7,785 7,624 
87,958 82,322 
Less: accumulated depreciation(41,514)(39,409)
$46,444 $42,913 

Certain of the Company’s franchise agreements and leases contain provisions requiring the Company to restore facilities or remove equipment in the event that the franchise or lease agreement is not renewed. The Company expects to continually renew its franchise agreements and therefore cannot reasonably estimate any liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in the Company incurring significant expense in complying with restoration or removal provisions. The Company does not have any significant liabilities related to asset retirements recorded in its consolidated financial statements.
Additions to property, plant and equipment are recorded at cost, including all material, labor and certain indirect costs associated with the construction of cable transmission and distribution facilities. While the Company’s capitalization is based on specific activities, once capitalized, costs are tracked on a composite basis by fixed asset category at the cable system level and not on a specific asset basis. For assets that are sold or retired, the estimated historical cost and related accumulated depreciation is removed. Costs associated with the placement of the customer drop to the dwelling and the placement of outlets within a dwelling along with the costs associated with the deployment of new customer premise equipment necessary to provide video, Internet or voice services are capitalized.  Costs capitalized include materials, direct labor and overhead costs.  The Company capitalizes direct labor and overhead using standards developed from actual costs and applicable operational data. The Company calculates standards annually (or more frequently if circumstances dictate) for items such as the labor rates, overhead rates, and the actual amount of time required to perform a capitalizable activity. Overhead costs are associated with
the activities of the Company’s personnel and consist of compensation and other indirect costs associated with support functions. Indirect costs primarily include employee benefits and payroll taxes, and vehicle and occupancy costs. The costs of disconnecting service and removing customer premise equipment from a dwelling and the costs to reconnect a customer drop or to redeploy previously installed customer premise equipment are charged to operating expense as incurred.  Costs for repairs and maintenance are charged to operating expense as incurred, while plant and equipment replacement, including replacement of certain components, betterments, including replacement of cable drops and outlets, are capitalized.

Depreciation is recorded using the straight-line composite method over management’s estimate of the useful lives of the related assets as follows:

Cable distribution systems
6-22 years
Customer premise equipment and installations
3-8 years
Vehicles and equipment
6-19 years
Buildings and improvements
8-40 years
Furniture, fixtures and equipment
2-10 years
Depreciation is recorded using the straight-line composite method over management’s estimate of the useful lives of the related assets as follows:

Cable distribution systems
6-22 years
Customer premise equipment and installations
3-8 years
Vehicles and equipment
6-19 years
Buildings and improvements
8-40 years
Furniture, fixtures and equipment
2-10 years
P6Y P22Y P3Y P8Y P6Y P19Y P8Y P40Y P2Y P10Y 8100000000 7800000000 7600000000
Property, plant and equipment consists of the following as of December 31, 2025 and 2024:

December 31,
20252024
Cable distribution systems$54,559 $49,211 
Customer premise equipment and installations17,129 17,270 
Vehicles and equipment2,408 2,251 
Buildings and improvements6,077 5,966 
Furniture, fixtures and equipment7,785 7,624 
87,958 82,322 
Less: accumulated depreciation(41,514)(39,409)
$46,444 $42,913 
54559000000 49211000000 17129000000 17270000000 2408000000 2251000000 6077000000 5966000000 7785000000 7624000000 87958000000 82322000000 41514000000 39409000000 46444000000 42913000000
Certain of the Company’s franchise agreements and leases contain provisions requiring the Company to restore facilities or remove equipment in the event that the franchise or lease agreement is not renewed. The Company expects to continually renew its franchise agreements and therefore cannot reasonably estimate any liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in the Company incurring significant expense in complying with restoration or removal provisions. The Company does not have any significant liabilities related to asset retirements recorded in its consolidated financial statements.
Franchises, Goodwill and Other Intangible Assets
Franchise rights represent the value attributed to agreements or authorizations with local and state authorities that allow access to homes in cable service areas. For valuation purposes, they are defined as the future economic benefits of the right to solicit and service potential customers (customer marketing rights), and the right to deploy and market new services to potential customers (service marketing rights).

Management estimates the fair value of franchise rights at the date of acquisition and determines if the franchise has a finite life or an indefinite life. The Company has concluded that all of its franchises qualify for indefinite life treatment given that there are no legal, regulatory, contractual, competitive, economic or other factors which limit the period over which these rights will
contribute to the Company's cash flows. The Company reassesses this determination periodically or whenever events or substantive changes in circumstances occur.

All franchises are tested for impairment annually or more frequently as warranted by events or changes in circumstances. Franchises are aggregated into essentially inseparable units of accounting to conduct valuations. The franchise units of accounting are geographical clustering of cable systems into groups representing the highest and best use if sold to market participants. The Company performed a quantitative impairment analysis as of October 31, 2025 utilizing a multi-period excess earnings method, a discounted cash flow income approach which isolates discrete cash flows attributable to the franchise intangibles from the business enterprise cash flows. The income approach incorporated updated projections of the business enterprise cash flows, allocations of cash flows attributable to franchise intangibles, and current market assumptions for growth rates and discount rates. Based on the Company’s quantitative analysis, the Company concluded that the fair value of the franchises in each unit of accounting exceeds the carrying value of such assets.

Goodwill is also tested for impairment annually or more frequently as warranted by events or changes in circumstances. The Company has determined that it has one reporting unit for purposes of the assessment of goodwill impairment. As with the Company’s franchise impairment testing, the Company elected to perform a quantitative goodwill impairment analysis as of October 31, 2025. The Company changed the annual goodwill impairment test date to October 31 from the November 30 date used in the prior year’s qualitative assessment to allow for sufficient time to complete the quantitative analysis in conjunction with the year-end financial reporting process. The quantitative analysis considers whether the carrying amount of a reporting unit exceeds its fair value of the reporting unit, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. As a result of that assessment, the Company concluded that goodwill is not impaired.

Customer relationships are recorded at fair value as of the date acquired less accumulated amortization. Customer relationships are amortized on an accelerated sum of years’ digits method over useful lives of 10-15 years based on the period over which current customers are expected to generate cash flows. The Company periodically evaluates the remaining useful lives of its customer relationships to determine whether events or circumstances warrant revision to the remaining periods of amortization. Customer relationships are evaluated for impairment upon the occurrence of events or changes in circumstances indicating that the carrying amount of an asset may not be recoverable. Customer relationships are deemed impaired when the carrying value exceeds the projected undiscounted future cash flows associated with the customer relationships. No impairment of customer relationships was recorded in the years ended December 31, 2025, 2024 or 2023.

The Company owns approximately $464 million of Citizens Broadband Radio Service ("CBRS") priority access licenses. The wireless spectrum licenses are considered indefinite life intangible assets recorded in other noncurrent assets on the Company's consolidated balance sheets. The Company elected to perform a qualitative impairment assessment in 2025 and concluded that its CBRS priority access licenses are not impaired.
As of December 31, 2025 and 2024, indefinite-lived and finite-lived intangible assets are presented in the following table:

December 31,
20252024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Indefinite-lived intangible assets:
Franchises$67,471 $— $67,471 $67,462 $— $67,462 
Goodwill29,710 — 29,710 29,674 — 29,674 
Wireless spectrum licenses464 — 464 464 — 464 
Trademarks159 — 159 159 — 159 
$97,804 $— $97,804 $97,759 $— $97,759 
Finite-lived intangible assets:
Customer relationships$18,315 $(17,875)$440 $18,294 $(17,319)$975 
Other intangible assets277 (234)43 453 (320)133 
$18,592 $(18,109)$483 $18,747 $(17,639)$1,108 

Amortization expense related to customer relationships and other intangible assets for the years ended December 31, 2025, 2024 and 2023 was $585 million, $838 million and $1.1 billion, respectively.

The Company expects amortization expense on its finite-lived intangible assets will be as follows.

2026$330 
2027100 
202817 
202914 
20308 
Thereafter14 
$483 
Actual amortization expense in future periods could differ from these estimates as a result of new intangible asset acquisitions or divestitures, changes in useful lives, impairments, adoption of new accounting standards and other relevant factors.
Franchise rights represent the value attributed to agreements or authorizations with local and state authorities that allow access to homes in cable service areas. For valuation purposes, they are defined as the future economic benefits of the right to solicit and service potential customers (customer marketing rights), and the right to deploy and market new services to potential customers (service marketing rights).

Management estimates the fair value of franchise rights at the date of acquisition and determines if the franchise has a finite life or an indefinite life. The Company has concluded that all of its franchises qualify for indefinite life treatment given that there are no legal, regulatory, contractual, competitive, economic or other factors which limit the period over which these rights will
contribute to the Company's cash flows. The Company reassesses this determination periodically or whenever events or substantive changes in circumstances occur.
All franchises are tested for impairment annually or more frequently as warranted by events or changes in circumstances. Franchises are aggregated into essentially inseparable units of accounting to conduct valuations. The franchise units of accounting are geographical clustering of cable systems into groups representing the highest and best use if sold to market participants. The Company performed a quantitative impairment analysis as of October 31, 2025 utilizing a multi-period excess earnings method, a discounted cash flow income approach which isolates discrete cash flows attributable to the franchise intangibles from the business enterprise cash flows. The income approach incorporated updated projections of the business enterprise cash flows, allocations of cash flows attributable to franchise intangibles, and current market assumptions for growth rates and discount rates. Based on the Company’s quantitative analysis, the Company concluded that the fair value of the franchises in each unit of accounting exceeds the carrying value of such assets.
Goodwill is also tested for impairment annually or more frequently as warranted by events or changes in circumstances. The Company has determined that it has one reporting unit for purposes of the assessment of goodwill impairment. As with the Company’s franchise impairment testing, the Company elected to perform a quantitative goodwill impairment analysis as of October 31, 2025. The Company changed the annual goodwill impairment test date to October 31 from the November 30 date used in the prior year’s qualitative assessment to allow for sufficient time to complete the quantitative analysis in conjunction with the year-end financial reporting process. The quantitative analysis considers whether the carrying amount of a reporting unit exceeds its fair value of the reporting unit, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. As a result of that assessment, the Company concluded that goodwill is not impaired.
Customer relationships are recorded at fair value as of the date acquired less accumulated amortization. Customer relationships are amortized on an accelerated sum of years’ digits method over useful lives of 10-15 years based on the period over which current customers are expected to generate cash flows. The Company periodically evaluates the remaining useful lives of its customer relationships to determine whether events or circumstances warrant revision to the remaining periods of amortization. Customer relationships are evaluated for impairment upon the occurrence of events or changes in circumstances indicating that the carrying amount of an asset may not be recoverable. Customer relationships are deemed impaired when the carrying value exceeds the projected undiscounted future cash flows associated with the customer relationships. No impairment of customer relationships was recorded in the years ended December 31, 2025, 2024 or 2023.
P10Y P15Y 464000000
As of December 31, 2025 and 2024, indefinite-lived and finite-lived intangible assets are presented in the following table:

December 31,
20252024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Indefinite-lived intangible assets:
Franchises$67,471 $— $67,471 $67,462 $— $67,462 
Goodwill29,710 — 29,710 29,674 — 29,674 
Wireless spectrum licenses464 — 464 464 — 464 
Trademarks159 — 159 159 — 159 
$97,804 $— $97,804 $97,759 $— $97,759 
Finite-lived intangible assets:
Customer relationships$18,315 $(17,875)$440 $18,294 $(17,319)$975 
Other intangible assets277 (234)43 453 (320)133 
$18,592 $(18,109)$483 $18,747 $(17,639)$1,108 
67471000000 67471000000 67462000000 67462000000 29710000000 29710000000 29674000000 29674000000 464000000 464000000 464000000 464000000 159000000 159000000 159000000 159000000 97804000000 97804000000 97759000000 97759000000 18315000000 17875000000 440000000 18294000000 17319000000 975000000 277000000 234000000 43000000 453000000 320000000 133000000 18592000000 18109000000 483000000 18747000000 17639000000 1108000000 585000000 838000000 1100000000
The Company expects amortization expense on its finite-lived intangible assets will be as follows.

2026$330 
2027100 
202817 
202914 
20308 
Thereafter14 
$483 
330000000 100000000 17000000 14000000 8000000 14000000 483000000 Investments
Investments are accounted for under the equity method of accounting or as equity securities, all of which are recorded in other noncurrent assets in the consolidated balance sheets as of December 31, 2025 and 2024. The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee. The Company’s share of the investee’s earnings (losses) is included in other expenses, net in the consolidated statements of operations. The Company monitors its investments for indicators that a decrease in investment value has occurred that is other-than-temporary. If it has been determined that an investment has sustained an other-than-temporary decline in value, the investment is written down to fair value with a charge to earnings. Investments acquired are measured at fair value utilizing the acquisition method of accounting. The difference between the fair value and the amount of underlying equity in net assets for most equity method investments is due to unrecognized intangible assets at the investee. These amounts are
amortized as a component of equity earnings (losses), recorded within other expenses, net over the estimated useful life of the asset.

Investments consisted of the following as of December 31, 2025 and 2024:

December 31,
20252024
Equity method investments$503 $376 
Other investments94 142 
Total investments$597 $518 

Equity method investments primarily includes the Company's 50/50 joint venture with Comcast Corporation ("Comcast") in Xumo Services, LLC ("Xumo"), a next generation streaming platform.

The Company's equity method investments balances reflected in the table above includes differences between the acquisition date fair value of certain investments acquired and the underlying equity in the net assets of the investee, referred to as a basis difference. This basis difference is amortized as a component of equity earnings. The remaining unamortized basis difference was $145 million and $240 million as of December 31, 2025 and 2024, respectively.
For the years ended December 31, 2025, 2024 and 2023, net losses from investments were $357 million, $331 million and $343 million, respectively, which were recorded in other expenses, net in the consolidated statements of operations. Losses on equity investments, net for years ended December 31, 2025, 2024 and 2023 are primarily related to our joint venture in Xumo.
Investments are accounted for under the equity method of accounting or as equity securities, all of which are recorded in other noncurrent assets in the consolidated balance sheets as of December 31, 2025 and 2024. The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee. The Company’s share of the investee’s earnings (losses) is included in other expenses, net in the consolidated statements of operations. The Company monitors its investments for indicators that a decrease in investment value has occurred that is other-than-temporary. If it has been determined that an investment has sustained an other-than-temporary decline in value, the investment is written down to fair value with a charge to earnings. Investments acquired are measured at fair value utilizing the acquisition method of accounting. The difference between the fair value and the amount of underlying equity in net assets for most equity method investments is due to unrecognized intangible assets at the investee. These amounts are
amortized as a component of equity earnings (losses), recorded within other expenses, net over the estimated useful life of the asset.
Investments consisted of the following as of December 31, 2025 and 2024:

December 31,
20252024
Equity method investments$503 $376 
Other investments94 142 
Total investments$597 $518 
503000000 376000000 94000000 142000000 597000000 518000000 145000000 240000000 -357000000 -331000000 -343000000 Accounts Payable, Accrued and Other Current Liabilities
Accounts payable, accrued and other current liabilities consist of the following as of December 31, 2025 and 2024:

December 31,
20252024
Accounts payable – trade$1,034 $880 
Deferred revenue422 456 
Accrued and other current liabilities:
Programming costs1,575 1,576 
Labor1,365 1,365 
Capital expenditures3,296 2,906 
Interest1,259 1,208 
Taxes and regulatory fees521 649 
Short-term borrowings918 758 
Other2,166 1,889 
$12,556 $11,687 

Under a supply chain finance (“SCF”) program, the Company has agreements with third parties that allow its participating vendors to finance payment obligations from the Company with designated third-party financial institutions who act as its paying agent. The Company has generally extended its payment terms with vendors. A participating vendor may request a participating financial institution to finance one or more of the Company's payment obligations to such vendor prior to the scheduled due date thereof at a discounted price. The Company is not required to provide collateral to the financial institutions. The Company's obligations to participating vendors, including amounts due and scheduled payment dates, are not impacted by the vendors’ decisions to finance amounts due under these financing arrangements. Cash outflows to the financial institutions are classified as cash flows from operating and investing activities.
A rollforward of the Company's outstanding payment obligations to participating vendors under its SCF program is summarized as follows for the years ended December 31, 2025 and 2024 and are included in accounts payable - trade and accrued capital expenditures in the table above:

Year Ended December 31,
20252024
Balance, beginning of period$576 $— 
Obligations confirmed during the year2,881 1,454 
Obligations paid during the year(2,722)(878)
Balance, end of period$735 $576 

Under a deferred payment program, the Company has agreements with third parties to pay certain invoices when due, and the Company pays the third parties at a later date, the invoice amount plus interest. Cash outflows to the financial institutions are classified as cash flows from financing activities.

A rollforward of the Company's outstanding payment obligations to participating vendors under its deferred payment program is summarized as follows for the years ended December 31, 2025 and 2024 and are included in short-term borrowings in the table above:

Year Ended December 31,
20252024
Balance, beginning of period$758 $425 
Obligations confirmed during the year2,159 1,795 
Obligations paid during the year(1,999)(1,462)
Balance, end of period$918 $758 
Accounts payable, accrued and other current liabilities consist of the following as of December 31, 2025 and 2024:

December 31,
20252024
Accounts payable – trade$1,034 $880 
Deferred revenue422 456 
Accrued and other current liabilities:
Programming costs1,575 1,576 
Labor1,365 1,365 
Capital expenditures3,296 2,906 
Interest1,259 1,208 
Taxes and regulatory fees521 649 
Short-term borrowings918 758 
Other2,166 1,889 
$12,556 $11,687 
1034000000 880000000 422000000 456000000 1575000000 1576000000 1365000000 1365000000 3296000000 2906000000 1259000000 1208000000 521000000 649000000 918000000 758000000 2166000000 1889000000 12556000000 11687000000 The Company's obligations to participating vendors, including amounts due and scheduled payment dates, are not impacted by the vendors’ decisions to finance amounts due under these financing arrangements. Cash outflows to the financial institutions are classified as cash flows from operating and investing activities.
A rollforward of the Company's outstanding payment obligations to participating vendors under its SCF program is summarized as follows for the years ended December 31, 2025 and 2024 and are included in accounts payable - trade and accrued capital expenditures in the table above:

Year Ended December 31,
20252024
Balance, beginning of period$576 $— 
Obligations confirmed during the year2,881 1,454 
Obligations paid during the year(2,722)(878)
Balance, end of period$735 $576 

Under a deferred payment program, the Company has agreements with third parties to pay certain invoices when due, and the Company pays the third parties at a later date, the invoice amount plus interest. Cash outflows to the financial institutions are classified as cash flows from financing activities.

A rollforward of the Company's outstanding payment obligations to participating vendors under its deferred payment program is summarized as follows for the years ended December 31, 2025 and 2024 and are included in short-term borrowings in the table above:

Year Ended December 31,
20252024
Balance, beginning of period$758 $425 
Obligations confirmed during the year2,159 1,795 
Obligations paid during the year(1,999)(1,462)
Balance, end of period$918 $758 
576000000 0 2881000000 1454000000 2722000000 878000000 735000000 576000000 758000000 425000000 2159000000 1795000000 1999000000 1462000000 918000000 758000000 Leases
The primary leased asset classes of the Company include real estate, dark fiber, colocation facilities and other equipment. The lease agreements include both lease and non-lease components, which the Company accounts for separately depending on the election made for each leased asset class. For real estate and dark fiber leased asset classes, the Company accounts for lease and non-lease components as a single lease component and includes all fixed payments in the measurement of lease liabilities and lease assets. For colocation facilities leased asset class, the Company accounts for lease and non-lease components separately including only the fixed lease payment component in the measurement of lease liabilities and lease assets.

Lease assets and lease liabilities are initially recognized based on the present value of the future lease payments over the expected lease term. As for most leases the implicit rate is not readily determinable, the Company uses a discount rate in determining the present value of future payments based on the yield-to-maturity of the Company’s secured publicly traded United States dollars denominated debt instruments interpolating the duration of the debt to the term of the executed lease.

The Company’s leases have base rent periods and some with optional renewal periods. Leases with base rent periods of less than 12 months are not recorded on the balance sheet. For purposes of measurement of lease liabilities, the expected lease terms may include renewal options when it is reasonably certain that the Company will exercise such options.

Operating lease expenses were $538 million, $516 million and $506 million for the years ended December 31, 2025, 2024 and 2023, respectively, inclusive of both short-term lease costs and variable lease costs that were not included in the measurement of operating lease liabilities.

Cash paid for amounts included in the measurement of operating lease liabilities, recorded as operating cash flows in the statements of cash flows, were $376 million, $378 million and $369 million for the years ended December 31, 2025, 2024 and
2023, respectively. Operating lease right-of-use assets obtained in exchange for operating lease obligations were $344 million, $274 million and $335 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Supplemental balance sheet information related to leases is as follows.

December 31,
20252024
Operating lease right-of-use assets:
Included within other noncurrent assets
$1,281 $1,244 
Operating lease liabilities:
Current portion included within accounts payable, accrued and other current liabilities
$275 $278 
Long-term portion included within other long-term liabilities
1,167 1,135 
$1,442 $1,413 
Weighted average remaining lease term for operating leases5.6 years5.6 years
Weighted average discount rate for operating leases5.4 %5.1 %

Maturities of operating lease liabilities as of December 31, 2025 are as follows.

2026$371 
2027347 
2028297 
2029228 
2030163 
Thereafter316 
Undiscounted lease cash flow commitments
1,722 
Reconciling impact from discounting(280)
Lease liabilities on consolidated balance sheet as of December 31, 2025
$1,442 
The primary leased asset classes of the Company include real estate, dark fiber, colocation facilities and other equipment. The lease agreements include both lease and non-lease components, which the Company accounts for separately depending on the election made for each leased asset class. For real estate and dark fiber leased asset classes, the Company accounts for lease and non-lease components as a single lease component and includes all fixed payments in the measurement of lease liabilities and lease assets. For colocation facilities leased asset class, the Company accounts for lease and non-lease components separately including only the fixed lease payment component in the measurement of lease liabilities and lease assets.

Lease assets and lease liabilities are initially recognized based on the present value of the future lease payments over the expected lease term. As for most leases the implicit rate is not readily determinable, the Company uses a discount rate in determining the present value of future payments based on the yield-to-maturity of the Company’s secured publicly traded United States dollars denominated debt instruments interpolating the duration of the debt to the term of the executed lease.

The Company’s leases have base rent periods and some with optional renewal periods. Leases with base rent periods of less than 12 months are not recorded on the balance sheet. For purposes of measurement of lease liabilities, the expected lease terms may include renewal options when it is reasonably certain that the Company will exercise such options.
538000000 516000000 506000000 376000000 378000000 369000000 344000000 274000000 335000000
Supplemental balance sheet information related to leases is as follows.

December 31,
20252024
Operating lease right-of-use assets:
Included within other noncurrent assets
$1,281 $1,244 
Operating lease liabilities:
Current portion included within accounts payable, accrued and other current liabilities
$275 $278 
Long-term portion included within other long-term liabilities
1,167 1,135 
$1,442 $1,413 
Weighted average remaining lease term for operating leases5.6 years5.6 years
Weighted average discount rate for operating leases5.4 %5.1 %
1281000000 1244000000 275000000 278000000 1167000000 1135000000 1442000000 1413000000 P5Y7M6D P5Y7M6D 0.054 0.051
Maturities of operating lease liabilities as of December 31, 2025 are as follows.

2026$371 
2027347 
2028297 
2029228 
2030163 
Thereafter316 
Undiscounted lease cash flow commitments
1,722 
Reconciling impact from discounting(280)
Lease liabilities on consolidated balance sheet as of December 31, 2025
$1,442 
371000000 347000000 297000000 228000000 163000000 316000000 1722000000 280000000 1442000000 Total Debt
A summary of our debt as of December 31, 2025 and 2024 is as follows:

December 31, 2025December 31, 2024
Principal AmountCarrying ValueFair ValueWeighted Average Interest RatePrincipal AmountCarrying ValueFair ValueWeighted Average Interest Rate
Senior unsecured notes$27,250 $27,197 $25,634 4.9 %$27,250 $27,182 $24,881 4.9 %
Senior secured notes and debentures(a)
55,418 55,658 48,030 5.1 %56,195 56,475 47,896 5.1 %
Credit facilities(b)
11,949 11,901 11,803 5.6 %10,334 10,276 10,079 6.3 %
Total debt$94,617 $94,756 $85,467 5.1 %$93,779 $93,933 $82,856 5.2 %

(a)Includes the Company's £625 million aggregate principal amount of fixed-rate British pound sterling denominated notes (the “Sterling Notes”) (remeasured at $842 million and $782 million as of December 31, 2025 and 2024, respectively, using the exchange rate at the respective dates) and the Company's £650 million aggregate principal amount of Sterling Notes (remeasured at $876 million and $813 million as of December 31, 2025 and 2024, respectively, using the exchange rate at the respective dates).
(b)The Company had availability under the Charter Operating credit facilities of approximately $4.4 billion as of December 31, 2025.

The estimated fair value of the Company’s senior unsecured and secured notes and debentures as of December 31, 2025 and 2024 is based on quoted market prices in active markets and is classified within Level 1 of the valuation hierarchy, while the estimated fair value of the Company’s credit facilities is based on quoted market prices in inactive markets and is classified within Level 2.

In September 2025, Charter Operating and Charter Communications Operating Capital Corp. jointly issued $1.25 billion of 5.850% senior secured notes due December 2035 at a price of 99.932% of the aggregate principal amount and $750 million of 6.700% senior secured notes due December 2055 at a price of 99.832% of the aggregate principal amount. The net proceeds were used for general corporate purposes, including to repay certain indebtedness, including Charter Operating’s 6.150% senior secured notes due 2026, to fund potential buybacks of Charter Class A common stock and Charter Holdings common units, and to pay related fees and expenses. The transactions resulted in a loss on extinguishment of debt of approximately $28 million during the year ended December 31, 2025 recorded in other expenses, net in the consolidated statement of operations.

In January 2026, CCO Holdings and CCO Holdings Capital Corp. jointly issued $1.75 billion aggregate principal amount of 7.000% senior notes due February 2033 at par and $1.25 billion aggregate principal amount of 7.375% senior notes due February 2036 at par. The net proceeds will be used for general corporate purposes, including to repay certain indebtedness, including the call of $750 million of CCO Holdings 5.500% senior notes due 2026 and the partial call of $2.25 billion of CCO Holdings 5.125% senior notes due 2027.

CCO Holdings Notes

The CCO Holdings notes are senior debt obligations of CCO Holdings and CCO Holdings Capital Corp. and rank equally with all other current and future unsecured, unsubordinated obligations of CCO Holdings and CCO Holdings Capital Corp.  They are structurally subordinated to all obligations of subsidiaries of CCO Holdings. 

CCO Holdings may redeem some or all of the CCO Holdings notes at any time at a premium.  The optional redemption price declines to 100% of the respective series’ principal amount, plus accrued and unpaid interest, if any, on or after varying dates in 2026 through 2034.

In addition, at any time prior to varying dates in 2026 to 2029, CCO Holdings may redeem up to 40% of the aggregate principal amount of certain notes at a premium plus accrued and unpaid interest to the redemption date, with the net cash proceeds of one or more equity offerings (as defined in the indenture); provided that certain conditions are met. In the event of specified change of control events, CCO Holdings must offer to purchase the outstanding CCO Holdings notes from the holders at a purchase price equal to 101% of the total principal amount of the notes, plus any accrued and unpaid interest.

The indentures governing the CCO Holdings notes contain certain covenants that restrict the ability of CCO Holdings, CCO Holdings Capital Corp. and all of their restricted subsidiaries to:

•incur additional debt;
•pay dividends on equity or repurchase equity;
•make investments;
•sell all or substantially all of their assets or merge with or into other companies;
•sell assets;
•in the case of restricted subsidiaries, create or permit to exist dividend or payment restrictions with respect to CCO Holdings, guarantee their parent companies debt, or issue specified equity interests;
•engage in certain transactions with affiliates; and
•grant liens (with respect to only CCO Holdings).

The above limitations in certain circumstances regarding incurrence of debt, payment of dividends and making investments contained in the indentures of CCO Holdings permit CCO Holdings and its restricted subsidiaries to perform the above, so long as, after giving pro forma effect to the above, the leverage ratio would be below a specified level for the issuer. The maximum total leverage ratio under the indentures is 6.0 to 1.0. The leverage ratio was 4.0 as of December 31, 2025.
Charter Operating Notes

The Charter Operating notes are guaranteed by CCO Holdings and substantially all of the subsidiaries of Charter Operating. In addition, the Charter Operating notes are secured by a perfected first priority security interest in substantially all of the assets of Charter Operating and substantially all of its subsidiaries to the extent such liens can be perfected under the Uniform Commercial Code by the filing of a financing statement and the liens rank equally with the liens on the collateral securing obligations under the Charter Operating credit facilities. Charter Operating may redeem some or all of the Charter Operating notes, prior to their respective par call dates, at any time at a premium.

The Charter Operating notes are subject to the terms and conditions of the indentures governing the Charter Operating notes. The Charter Operating notes indentures contain customary representations and warranties and affirmative covenants with customary negative covenants, including restrictions on the ability of Charter Operating or any of its material subsidiaries to incur liens securing indebtedness for borrowed money and on the ability of Charter Operating to consolidate, merge or convey or transfer substantially all of their assets. The Charter Operating indentures also contain customary events of default.

Charter Operating Credit Facilities

The Charter Operating credit facilities have an outstanding principal amount of $11.9 billion at December 31, 2025 as follows:

•Term A-6 Loan with a remaining principal amount of approximately $413 million, which is repayable in quarterly installments and aggregating $25 million in each loan year, with the remaining balance due at final maturity on August 31, 2028. Pricing on Term A-6 Loan is Secured Overnight Financing Rate (“SOFR”) plus 1.50%;
•Term A-7 Loan with a remaining principal amount of approximately $4.3 billion, which is repayable in quarterly installments and aggregating $227 million in each loan year, with the remaining balance due at final maturity on March 15, 2030. Pricing on Term A-7 Loan is SOFR plus 1.25%;
•Term B-3 Loan with a remaining principal amount of approximately $729 million, which is repayable in equal quarterly installments and aggregating $8 million in each loan year, with the remaining balance due at final maturity on March 31, 2030. Pricing on Term B-3 Loan is SOFR plus 2.25%;
•Term B-4 Loan with a remaining principal amount of approximately $2.0 billion, which is repayable in equal quarterly installments and aggregating $20 million in each loan year, with the remaining balance due at final maturity on December 7, 2030. Pricing on Term B-4 Loan is SOFR plus 2.00%;
•Term B-5 Loan with a remaining principal amount of approximately $2.5 billion, which is repayable in equal quarterly installments and aggregating $25 million in each loan year, with the remaining balance due at final maturity on December 15, 2031. Pricing on Term B-5 Loan is SOFR plus 2.25%;
•a Revolving Loan B allowing for borrowings of up to approximately $960 million maturing on August 31, 2027; and
•a Revolving Loan C with an outstanding balance of $2.1 billion and allowing for borrowings of up to $5.5 billion maturing on March 15, 2030.

Pricing on the revolving loans is SOFR plus 1.25% with a commitment fee based on Charter's corporate family rating and not to exceed 0.20%. As of December 31, 2025, $26 million of the revolving loans were utilized to collateralize a like principal amount of letters of credit out of $364 million of letters of credit issued on the Company’s behalf. Amounts outstanding under the Charter Operating credit facilities bear interest, at Charter Operating’s election, at a base rate, SOFR, as defined, plus an applicable margin. SOFR was 3.7% and 4.3% as of December 31, 2025 and 2024, respectively.

The Charter Operating credit facilities also allow us to enter into incremental term loans in the future, with amortization as set forth in the notices establishing such term loans. Although the Charter Operating credit facilities allow for the incurrence of a certain amount of incremental term loans subject to pro forma compliance with its financial maintenance covenants, no assurance can be given that the Company could obtain additional incremental term loans in the future if Charter Operating sought to do so or what amount of incremental term loans would be allowable at any given time under the terms of the Charter Operating credit facilities.

The obligations of Charter Operating under the Charter Operating credit facilities are guaranteed by CCO Holdings and substantially all of the subsidiaries of Charter Operating. The obligations are also secured by (i) a lien on substantially all of the assets of Charter Operating and substantially all of its subsidiaries, to the extent such lien can be perfected under the Uniform
Commercial Code by the filing of a financing statement, and (ii) a pledge of the equity interests directly or indirectly owned by Charter Operating in substantially all of its subsidiaries, as well as intercompany obligations owing to it and the guarantor subsidiaries by any of their affiliates.

The Charter Operating credit facilities contain representations and warranties, and customary affirmative and negative covenants, including restrictions on the ability of Charter Operating or any of its subsidiaries to incur liens securing indebtedness for borrowed money and on the ability of Charter Operating to consolidate, merge or convey or transfer substantially all of its assets. The financial covenants measure performance against standards set for leverage to be tested as of the end of each quarter. The Charter Operating credit facilities also contain customary events of default and the right to cure with respect to any defaults or events of default.

At December 31, 2025, Charter Operating had a consolidated leverage ratio of approximately 2.8 and a consolidated first lien leverage ratio of 2.8. Both ratios are in compliance with the ratios required by the Charter Operating credit facilities of 5.0 to 1.0 consolidated leverage ratio and 4.0 to 1.0 consolidated first lien leverage ratio. A failure by Charter Operating to maintain the financial covenants would result in an event of default under the Charter Operating credit facilities and the debt of CCO Holdings.

Time Warner Cable, LLC Notes and Debentures

The Time Warner Cable, LLC ("TWC, LLC") senior notes and debentures are guaranteed by CCO Holdings, Charter Operating and substantially all of the subsidiaries of Charter Operating (other than TWC, LLC) and rank equally with the liens on the collateral securing obligations under the Charter Operating notes and credit facilities. Interest on each series of TWC, LLC senior notes and debentures is payable semi-annually (with the exception of the Sterling Notes, which is payable annually) in arrears. 

The TWC, LLC indentures contain customary covenants relating to restrictions on the ability of TWC, LLC or any of its material subsidiaries to incur liens securing indebtedness for borrowed money and on the ability of TWC, LLC and Time Warner Cable Enterprises LLC ("TWCE") to consolidate, merge or convey or transfer substantially all of their assets. The TWC, LLC indentures also contain customary events of default.

The TWC, LLC senior notes and debentures may be redeemed in whole or in part at any time at TWC, LLC’s option at a redemption price equal to the greater of (i) all of the applicable principal amount being redeemed and (ii) the sum of the present values of the remaining scheduled payments on the applicable TWC, LLC senior notes and debentures discounted to the redemption date on a semi-annual basis (with the exception of the Sterling Notes, which are on an annual basis), at a comparable government bond rate plus a designated number of basis points as further described in the indenture and the applicable note or debenture, plus, in each case, accrued but unpaid interest to, but not including, the redemption date.

The Company may offer to redeem all, but not less than all, of the Sterling Notes in the event of certain changes in the tax laws of the U.S. (or any taxing authority in the U.S.). This redemption would be at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest on the Sterling Notes to, but not including, the redemption date.

TWCE Debentures

The TWCE senior debentures are guaranteed by CCO Holdings, Charter Operating, and substantially all of the subsidiaries of Charter Operating (other than TWCE) and rank equally with the liens on the collateral securing obligations under the Charter Operating notes and credit facilities. Interest on each series of TWCE senior debentures is payable semi-annually in arrears. The TWCE senior debentures are not redeemable before maturity.

The TWCE indentures contain customary covenants relating to restrictions on the ability of TWC, LLC, TWCE or any of its subsidiaries to incur liens securing indebtedness for borrowed money and on the ability of TWC, LLC and TWCE to consolidate, merge or convey or transfer substantially all of their assets. The TWCE indentures also contain customary events of default.
Limitations on Distributions

Distributions by the Company’s subsidiaries to a parent company for payment of principal on parent company notes are restricted under the CCO Holdings indentures discussed above, unless there is no default under the applicable indenture, and unless CCO Holdings’ leverage ratio test is met at the time of such distribution. As of December 31, 2025, there was no default under any of these indentures and CCO Holdings met its applicable leverage ratio tests based on December 31, 2025 financial results. There can be no assurance that CCO Holdings will satisfy these tests at the time of the contemplated distribution.

In addition to the limitation on distributions under the various indentures, distributions by the Company’s subsidiaries may be limited by applicable law, including the Delaware Limited Liability Company Act, under which the Company’s subsidiaries may make distributions if they have “surplus” as defined in the act.

Liquidity and Future Principal and Interest Payments

The Company continues to have significant amounts of debt, and its business requires significant cash to fund principal and interest payments on its debt, capital expenditures and ongoing operations. As set forth below, the Company has significant future principal and interest payments. The Company continues to monitor the capital markets, and it expects to undertake refinancing transactions and utilize free cash flow and cash on hand to further extend or reduce the maturities of its principal obligations. The timing and terms of any refinancing transactions will be subject to market conditions.

Interest payments on variable debt are estimated using amounts outstanding at December 31, 2025 and the average implied forward SOFR rates applicable for the quarter during the interest rate reset based on the yield curve in effect at December 31, 2025. Actual interest payments will differ based on actual SOFR rates and actual amounts outstanding for applicable periods. Based upon outstanding indebtedness as of December 31, 2025, the amortization of term loans, and the maturity dates for all senior and subordinated notes, total future principal and interest payments on the total borrowings under all debt agreements are as follows.

PrincipalInterest
2026$1,055 $4,817 
20273,555 4,646 
20285,392 4,456 
20297,279 4,212 
203013,868 3,659 
Thereafter 63,468 36,628 
$94,617 $58,418 
A summary of our debt as of December 31, 2025 and 2024 is as follows:

December 31, 2025December 31, 2024
Principal AmountCarrying ValueFair ValueWeighted Average Interest RatePrincipal AmountCarrying ValueFair ValueWeighted Average Interest Rate
Senior unsecured notes$27,250 $27,197 $25,634 4.9 %$27,250 $27,182 $24,881 4.9 %
Senior secured notes and debentures(a)
55,418 55,658 48,030 5.1 %56,195 56,475 47,896 5.1 %
Credit facilities(b)
11,949 11,901 11,803 5.6 %10,334 10,276 10,079 6.3 %
Total debt$94,617 $94,756 $85,467 5.1 %$93,779 $93,933 $82,856 5.2 %

(a)Includes the Company's £625 million aggregate principal amount of fixed-rate British pound sterling denominated notes (the “Sterling Notes”) (remeasured at $842 million and $782 million as of December 31, 2025 and 2024, respectively, using the exchange rate at the respective dates) and the Company's £650 million aggregate principal amount of Sterling Notes (remeasured at $876 million and $813 million as of December 31, 2025 and 2024, respectively, using the exchange rate at the respective dates).
(b)The Company had availability under the Charter Operating credit facilities of approximately $4.4 billion as of December 31, 2025. 27250000000 27197000000 25634000000 0.049 27250000000 27182000000 24881000000 0.049 55418000000 55658000000 48030000000 0.051 56195000000 56475000000 47896000000 0.051 11949000000 11901000000 11803000000 0.056 10334000000 10276000000 10079000000 0.063 94617000000 94756000000 85467000000 0.051 93779000000 93933000000 82856000000 0.052 625000000 842000000 782000000 650000000 876000000 813000000 4400000000 1250000000 0.05850 0.99932 750000000 0.06700 0.99832 0.06150 -28000000 1750000000 0.07000 1250000000 0.07375 750000000 0.05500 2250000000 0.05125 1 0.40 1.01 6.0 1.0 4.0 11900000000 413000000 25000000 0.0150 4300000000 227000000 0.0125 729000000 8000000 0.0225 2000000000 20000000 0.0200 2500000000 25000000 0.0225 960000000 2100000000 5500000000 0.0125 0.0020 26000000 364000000 2.8 2.8 5.0 1.0 4.0 1.0 1 Based upon outstanding indebtedness as of December 31, 2025, the amortization of term loans, and the maturity dates for all senior and subordinated notes, total future principal and interest payments on the total borrowings under all debt agreements are as follows.
PrincipalInterest
2026$1,055 $4,817 
20273,555 4,646 
20285,392 4,456 
20297,279 4,212 
203013,868 3,659 
Thereafter 63,468 36,628 
$94,617 $58,418 
1055000000 4817000000 3555000000 4646000000 5392000000 4456000000 7279000000 4212000000 13868000000 3659000000 63468000000 36628000000 94617000000 58418000000 Equipment Installment Plan Financing Facility
CCO EIP Financing, LLC (the “SPV Borrower”), a bankruptcy remote special purpose vehicle and consolidated subsidiary of the Company, is the borrower of a senior secured revolving credit facility to finance the purchase of equipment installment plan receivables (“EIP Receivables”) with a number of financial institutions (the “EIP Financing Facility”).

The revolving credit facility under the EIP Financing Facility bears interest on the outstanding borrowings based on lenders’ cost of funds plus an applicable margin and was 5.14% and 5.78% as of December 31, 2025 and 2024, respectively. In November 2025, the revolving credit facility under the EIP Financing Facility was amended to extend the maturity date and increase borrowing capacity to $2.0 billion, among other amendments. The EIP Financing Facility has a final maturity date of November 3, 2029, comprised of a twelve-month revolving loan period subject to renewal, and if not renewed, cash flows on EIP Receivables are applied to amortize the loan which may occur over a period of up to three years. As of December 31, 2025 and 2024, the carrying value of the EIP Financing Facility was $1.4 billion and $1.1 billion, respectively, and is included in the Company’s consolidated balance sheets.
The SPV Borrower’s sole business consists of the purchase or acceptance through capital contributions of the EIP Receivables from Spectrum Mobile Equipment, LLC, (the sole direct parent entity of SPV Borrower that originates the EIP Receivables) and the subsequent retransfer of or granting of a security interest in such EIP Receivables to the administrative agent under the EIP Financing Facility. The SPV Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the SPV Borrower’s assets prior to any assets or value in the SPV Borrower becoming available to the SPV Borrower’s equity holders, and the assets of the SPV Borrower are not available to pay creditors of any other affiliate of the Company.

The EIP Financing Facility is accounted for on a consolidated basis as a secured borrowing. As of December 31, 2025 and 2024, pledged EIP Receivables with an unpaid principal balance of $2.2 billion and $1.6 billion, respectively, included in accounts receivable, net and other noncurrent assets, and restricted cash of $121 million and $47 million, respectively, included in prepaid expenses and other current assets, are held by the SPV Borrower and reflected in the Company’s consolidated balance sheets. Receipts from mobile customers related to the underlying EIP Receivables are reflected as cash flows from operating activities and borrowings and repayments under the EIP Financing Facility are reflected as cash flows from financing activities in the Company’s consolidated statements of cash flows.
0.0514 0.0578 2000000000 1400000000 1100000000 2200000000 1600000000 121000000 47000000 Common Stock
Charter’s Class A common stock and Class B common stock are identical except with respect to certain voting, transfer and conversion rights. Holders of Class A common stock are entitled to one vote per share. Charter’s Class B common stock represents the share issued to A/N. One share of Charter’s Class B common stock has a number of votes reflecting the voting power of the Charter Holdings common units held by A/N as of the applicable record date on an as-exchanged basis, and is generally intended to reflect A/N’s economic interests in Charter Holdings.

The following table summarizes our shares outstanding for the three years ended December 31, 2025:

Class A Common StockClass B Common Stock
BALANCE, December 31, 2022152,651,396 1 
Exercise of stock options563,297 — 
Restricted stock issuances, net of cancellations10,609 — 
Restricted stock unit vesting358,290 — 
Purchase of treasury stock (8,358,134)— 
BALANCE, December 31, 2023145,225,458 1 
Exercise of stock options373,278 — 
Restricted stock issuances, net of cancellations13,353 — 
Restricted stock unit vesting368,906 — 
Purchase of treasury stock (4,034,569)— 
BALANCE, December 31, 2024141,946,426 1 
Exercise of stock options344,375 — 
Restricted stock issuances, net of cancellations11,539 — 
Restricted stock unit vesting771,135 — 
Stock issuances pursuant to employee stock purchase plan (see Note 21)98,631 — 
Purchase of treasury stock(16,540,557)— 
BALANCE, December 31, 2025126,631,549 1 
Share Repurchases

The following represents the Company's purchase of Charter Class A common stock and the effect on the consolidated statements of cash flows during the years ended December 31, 2025, 2024 and 2023.

Year Ended December 31,
202520242023
Shares$Shares$Shares$
Share buybacks16,067,725 $5,033 3,709,465 $1,157 7,879,962 $3,127 
Income tax withholding291,765 99 157,480 56 220,281 88 
Exercise cost181,067 — 167,624 — 257,891 — 
16,540,557 $5,132 4,034,569 $1,213 8,358,134 $3,215 

Share buybacks above include shares of Charter Class A common stock purchased from Liberty Broadband Corporation (“Liberty Broadband”) as follows (see Note 19).

Year Ended December 31,
202520242023
Number of shares purchased3,757,599 980,558 950,721 
Amount of shares purchased$1,200 $335 $394 

As of December 31, 2025, Charter had remaining board authority to purchase an additional $212 million of Charter’s Class A common stock and/or Charter Holdings common units, excluding purchases from Liberty Broadband. The Company also withholds shares of its Class A common stock in payment of income tax withholding owed by employees upon vesting of equity awards as well as exercise costs owed by employees upon exercise of stock options.

At the end of each fiscal year, the Board of Directors of Charter approves the retirement of the then currently outstanding treasury stock and those shares were retired as of December 31, 2025 and 2024. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of total shareholders’ equity. Upon retirement, these treasury shares are allocated between additional paid-in capital and accumulated deficit based on the cost of original issue included in additional paid-in capital.
The following table summarizes our shares outstanding for the three years ended December 31, 2025:

Class A Common StockClass B Common Stock
BALANCE, December 31, 2022152,651,396 1 
Exercise of stock options563,297 — 
Restricted stock issuances, net of cancellations10,609 — 
Restricted stock unit vesting358,290 — 
Purchase of treasury stock (8,358,134)— 
BALANCE, December 31, 2023145,225,458 1 
Exercise of stock options373,278 — 
Restricted stock issuances, net of cancellations13,353 — 
Restricted stock unit vesting368,906 — 
Purchase of treasury stock (4,034,569)— 
BALANCE, December 31, 2024141,946,426 1 
Exercise of stock options344,375 — 
Restricted stock issuances, net of cancellations11,539 — 
Restricted stock unit vesting771,135 — 
Stock issuances pursuant to employee stock purchase plan (see Note 21)98,631 — 
Purchase of treasury stock(16,540,557)— 
BALANCE, December 31, 2025126,631,549 1 
152651396 1 563297 0 10609 0 358290 0 8358134 0 145225458 1 373278 0 13353 0 368906 0 4034569 0 141946426 1 344375 0 11539 0 771135 0 98631 0 16540557 0 126631549 1
The following represents the Company's purchase of Charter Class A common stock and the effect on the consolidated statements of cash flows during the years ended December 31, 2025, 2024 and 2023.

Year Ended December 31,
202520242023
Shares$Shares$Shares$
Share buybacks16,067,725 $5,033 3,709,465 $1,157 7,879,962 $3,127 
Income tax withholding291,765 99 157,480 56 220,281 88 
Exercise cost181,067 — 167,624 — 257,891 — 
16,540,557 $5,132 4,034,569 $1,213 8,358,134 $3,215 

Share buybacks above include shares of Charter Class A common stock purchased from Liberty Broadband Corporation (“Liberty Broadband”) as follows (see Note 19).

Year Ended December 31,
202520242023
Number of shares purchased3,757,599 980,558 950,721 
Amount of shares purchased$1,200 $335 $394 
16067725 5033000000 3709465 1157000000 7879962 3127000000 291765 99000000 157480 56000000 220281 88000000 181067 167624 257891 16540557 5132000000 4034569 1213000000 8358134 3215000000 3757599 980558 950721 1200000000 335000000 394000000 212000000 Noncontrolling Interests
Noncontrolling interests represents consolidated subsidiaries of which the Company owns less than 100%. The Company is a holding company whose principal asset is a controlling equity interest in Charter Holdings, the indirect owner of the Company’s cable systems. Noncontrolling interests on the Company’s balance sheet primarily includes A/N’s equity interests in Charter Holdings, which is comprised of a common ownership interest.

As of December 31, 2025, A/N held 15.5 million Charter Holdings common units which are exchangeable at any time into either Charter Class A common stock on a one-for-one basis, or, at Charter’s option, cash, based on the then current market price of Charter Class A common stock. Net income of Charter Holdings attributable to A/N’s common noncontrolling interest for financial reporting purposes is based on the weighted average effective common ownership interest of approximately 11% for the year ended December 31, 2025 and 10% for both years ended December 31, 2024 and 2023 and was $778 million, $767 million and $702 million for the years ended December 31, 2025, 2024 and 2023, respectively. Charter Holdings is required to make quarterly cash tax distributions (with annual true-ups) on a pro rata basis to its partners based on the partner with the highest proportionate cash tax requirement.  Charter Holdings distributed $130 million, $155 million and $156 million to A/N as a pro rata tax distribution on its common units during the years ended December 31, 2025, 2024 and 2023, respectively.
The following table represents Charter Holdings' purchase of Charter Holdings common units from A/N (see Note 19) and the effect on total shareholders' equity during the years ended December 31, 2025, 2024 and 2023.

Year Ended December 31,
202520242023
Number of units purchased996,296 589,319 1,079,322 
Purchase of noncontrolling interest$373 $189 $427 
Carrying value of noncontrolling interest purchased$(273)$(138)$(240)
Excess purchased recorded to additional paid-in-capital, net of tax$(75)$(38)$(140)

Total shareholders' equity was also adjusted during the years ended December 31, 2025, 2024 and 2023 due to changes in Charter Holdings' ownership as follows.

Year Ended December 31,
202520242023
Increase (decrease) in noncontrolling interest $(29)$13 $(104)
Increase (decrease) in additional paid-in-capital, net of tax$22 $(10)$78 
1 15500000 0.11 0.10 0.10 778000000 767000000 702000000 130000000 155000000 156000000
The following table represents Charter Holdings' purchase of Charter Holdings common units from A/N (see Note 19) and the effect on total shareholders' equity during the years ended December 31, 2025, 2024 and 2023.

Year Ended December 31,
202520242023
Number of units purchased996,296 589,319 1,079,322 
Purchase of noncontrolling interest$373 $189 $427 
Carrying value of noncontrolling interest purchased$(273)$(138)$(240)
Excess purchased recorded to additional paid-in-capital, net of tax$(75)$(38)$(140)
996296 589319 1079322 373000000 189000000 427000000 273000000 138000000 240000000 75000000 38000000 140000000
Total shareholders' equity was also adjusted during the years ended December 31, 2025, 2024 and 2023 due to changes in Charter Holdings' ownership as follows.

Year Ended December 31,
202520242023
Increase (decrease) in noncontrolling interest $(29)$13 $(104)
Increase (decrease) in additional paid-in-capital, net of tax$22 $(10)$78 
-29000000 13000000 -104000000 22000000 -10000000 78000000 Accounting for Derivative Instruments and Hedging Activities
Cross-currency derivative instruments are used to manage foreign exchange risk on the Sterling Notes by effectively converting £1.275 billion aggregate principal amount of fixed-rate British pound sterling denominated debt, including annual interest payments and the payment of principal at maturity, to fixed-rate U.S. dollar denominated debt. The cross-currency swaps have maturities of June 2031 and July 2042. 

The Company’s derivative instruments are not designated as hedges and are marked to fair value each period, with the impact recorded as a gain or loss on financial instruments in the consolidated statements of operations in other expenses, net. While these derivative instruments are not designated as hedges for accounting purposes, management continues to believe such instruments are closely correlated with the respective debt, thus managing associated risk. The fair value of the Company's cross-currency derivatives, which are classified within Level 2 of the valuation hierarchy, was $406 million and $504 million and is included in other long-term liabilities on its consolidated balance sheets as of December 31, 2025 and 2024, respectively.

The effect of financial instruments are recorded in other expenses, net in the consolidated statements of operations and consisted of the following.
Year Ended December 31,
202520242023
Change in fair value of cross-currency derivative instruments $96 $(64)$130 
Foreign currency remeasurement of Sterling Notes to U.S. dollars(123)30 (85)
Gain (loss) on financial instruments, net$(27)$(34)$45 
Cross-currency derivative instruments are used to manage foreign exchange risk on the Sterling Notes by effectively converting £1.275 billion aggregate principal amount of fixed-rate British pound sterling denominated debt, including annual interest payments and the payment of principal at maturity, to fixed-rate U.S. dollar denominated debt. The cross-currency swaps have maturities of June 2031 and July 2042. 
The Company’s derivative instruments are not designated as hedges and are marked to fair value each period, with the impact recorded as a gain or loss on financial instruments in the consolidated statements of operations in other expenses, net. While these derivative instruments are not designated as hedges for accounting purposes, management continues to believe such instruments are closely correlated with the respective debt, thus managing associated risk. 1275000000 406000000 504000000
The effect of financial instruments are recorded in other expenses, net in the consolidated statements of operations and consisted of the following.
Year Ended December 31,
202520242023
Change in fair value of cross-currency derivative instruments $96 $(64)$130 
Foreign currency remeasurement of Sterling Notes to U.S. dollars(123)30 (85)
Gain (loss) on financial instruments, net$(27)$(34)$45 
96000000 -64000000 130000000 -123000000 30000000 -85000000 -27000000 -34000000 45000000 Revenues
The Company’s revenues by product line are as follows:

Year Ended December 31,
202520242023
Internet$23,765 $23,360 $23,032 
Mobile service3,762 3,083 2,243 
Connectivity27,527 26,443 25,275 
Video13,703 15,129 16,353 
Voice1,350 1,437 1,510 
Residential revenue42,580 43,009 43,138 
Small business4,346 4,376 4,355 
Mid-market & large business2,969 2,878 2,767 
Commercial revenue7,315 7,254 7,122 
Advertising sales1,468 1,780 1,551 
Other3,411 3,042 2,796 
$54,774 $55,085 $54,607 

Residential Services

Residential customers are offered Internet, mobile, video and voice services primarily on a subscription basis. Mobile services are sold under unlimited data plans or by-the-gig data usage plans. The Company often provides multiple services to a customer. The transaction price for a bundle of services may be less than the sum of the standalone selling prices of each individual service. The Company allocates the bundle discount among the services to which the discount relates based on the relative standalone selling prices of those services. Generally, directly observable standalone selling prices are used for the revenue allocation. Customers are invoiced for subscription services in advance of the service period. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the monthly service period as the subscription services are delivered. Residential customers may generally cancel their subscriptions at the end of their monthly service period without penalty. Each optional service purchased is generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided. Performance obligations relating to services provided by third-party content providers where the Company does not control the delivery of the services are presented net of costs paid because the Company is acting as an agent in such situations.

For customer premise equipment ("CPE") where such CPE would qualify as a lease, the Company combines the operating lease with the subscription service revenue as a single performance obligation as the subscription service is the predominant component. Installation fees are deferred over the period the fee remains material to the customer, which the Company has estimated to be approximately six months. Sales commission costs are expensed as incurred as the amortization period is less than one year. Right-of-entry costs represent upfront costs incurred related to agreements entered into with multiple dwelling units (“MDUs”) including landlords, real estate companies or owners to gain access to a building in order to market and service customers who reside in the building. Right-of-entry costs are deferred as contract fulfillment costs and recognized over the term of the contracts.

Customers can purchase mobile equipment, including devices and accessory products, and have the option to pay for devices under interest-free monthly installment plans. The Company does not impute interest on equipment installment plans sold through its direct channel as the inherent financing component is not considered significant based on the commercial objective of the plans, interest rates prevailing in the marketplace and credit risks of the Company's customers. The sale of equipment is a separate performance obligation, therefore, revenue is recognized from the sale of equipment upon delivery and acceptance by the customer.

Fees imposed on the Company by various governmental authorities are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. Fees of $889 million, $941 million and $993 million for the years ended
December 31, 2025, 2024 and 2023, respectively, are reported in revenues on a gross basis with a corresponding operating expense because the Company is acting as a principal. Certain taxes, such as sales taxes imposed on the Company’s customers, collected and remitted to state and local authorities are recorded on a net basis because the Company is acting as an agent in such situations.

Commercial Services

Small business customers are offered Internet, mobile, video and voice services similar to those provided to residential customers. Small business customers may generally cancel their subscriptions at the end of their monthly service period without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the monthly service period as the subscription services are delivered.

Services to mid-market & large business clients include more tailored communications products and managed service solutions to larger businesses, as well as high-capacity last-mile data connectivity services to mobile and wireline carriers on a wholesale basis. Services are primarily offered on a subscription basis with a contractually specified and non-cancelable service period, which is generally one to seven years with a weighted average term of approximately three years. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the contract period as the subscription services are delivered. Mid-market & large business subscription services are billed as monthly recurring charges to customers and related installation services, if applicable, are billed upon completion of the customer installation. Installation services are not accounted for as distinct performance obligations, but rather a component of the connectivity services, and therefore upfront installation fees are deferred and recognized as revenue over the related contract period. Mid-market & large business sales commission costs are deferred and recognized using a portfolio approach over a weighted-average contract period.

Advertising Services

The Company offers local, regional and national businesses the opportunity to advertise in individual and multiple service areas on cable television networks and digital outlets. Placement of advertising is accounted for as a distinct performance obligation and revenue is recognized at the point in time when the advertising is distributed. In some service areas, the Company has formed advertising interconnects or entered into representation agreements with other video distributors, under which the Company sells advertising on behalf of those distributors. In other service areas, the Company has entered into representation agreements under which another operator in the area will sell advertising on the Company’s behalf. For representation arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. For other representation arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor.

Other balances that are not separately presented on the consolidated balance sheets that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers consist of the following for the periods presented:

December 31,
20252024
Accounts receivable, net:
Equipment installment plan receivables, net$1,276 $967 
Other noncurrent assets:
Equipment installment plan receivables, less allowance for doubtful accounts of $117 million and $99 million, respectively
$1,114 $980 
Contract acquisition and fulfillment costs$765 $701 
Accounts payables, accrued and other current liabilities:
Customer prepayments and upfront deferred installation fees$422 $456 
Activity in the allowance for doubtful accounts is summarized as follows for the years presented:

Year Ended December 31,
202520242023
Balance, beginning of period$204 $268 $219 
Charged to expense746 762 743 
Uncollected balances written off, net of recoveries(731)(826)(694)
Balance, end of period$219 $204 $268 
The Company’s revenues by product line are as follows:

Year Ended December 31,
202520242023
Internet$23,765 $23,360 $23,032 
Mobile service3,762 3,083 2,243 
Connectivity27,527 26,443 25,275 
Video13,703 15,129 16,353 
Voice1,350 1,437 1,510 
Residential revenue42,580 43,009 43,138 
Small business4,346 4,376 4,355 
Mid-market & large business2,969 2,878 2,767 
Commercial revenue7,315 7,254 7,122 
Advertising sales1,468 1,780 1,551 
Other3,411 3,042 2,796 
$54,774 $55,085 $54,607 
23765000000 23360000000 23032000000 3762000000 3083000000 2243000000 27527000000 26443000000 25275000000 13703000000 15129000000 16353000000 1350000000 1437000000 1510000000 42580000000 43009000000 43138000000 4346000000 4376000000 4355000000 2969000000 2878000000 2767000000 7315000000 7254000000 7122000000 1468000000 1780000000 1551000000 3411000000 3042000000 2796000000 54774000000 55085000000 54607000000
Residential Services

Residential customers are offered Internet, mobile, video and voice services primarily on a subscription basis. Mobile services are sold under unlimited data plans or by-the-gig data usage plans. The Company often provides multiple services to a customer. The transaction price for a bundle of services may be less than the sum of the standalone selling prices of each individual service. The Company allocates the bundle discount among the services to which the discount relates based on the relative standalone selling prices of those services. Generally, directly observable standalone selling prices are used for the revenue allocation. Customers are invoiced for subscription services in advance of the service period. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the monthly service period as the subscription services are delivered. Residential customers may generally cancel their subscriptions at the end of their monthly service period without penalty. Each optional service purchased is generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided. Performance obligations relating to services provided by third-party content providers where the Company does not control the delivery of the services are presented net of costs paid because the Company is acting as an agent in such situations.

For customer premise equipment ("CPE") where such CPE would qualify as a lease, the Company combines the operating lease with the subscription service revenue as a single performance obligation as the subscription service is the predominant component. Installation fees are deferred over the period the fee remains material to the customer, which the Company has estimated to be approximately six months. Sales commission costs are expensed as incurred as the amortization period is less than one year. Right-of-entry costs represent upfront costs incurred related to agreements entered into with multiple dwelling units (“MDUs”) including landlords, real estate companies or owners to gain access to a building in order to market and service customers who reside in the building. Right-of-entry costs are deferred as contract fulfillment costs and recognized over the term of the contracts.

Customers can purchase mobile equipment, including devices and accessory products, and have the option to pay for devices under interest-free monthly installment plans. The Company does not impute interest on equipment installment plans sold through its direct channel as the inherent financing component is not considered significant based on the commercial objective of the plans, interest rates prevailing in the marketplace and credit risks of the Company's customers. The sale of equipment is a separate performance obligation, therefore, revenue is recognized from the sale of equipment upon delivery and acceptance by the customer.

Fees imposed on the Company by various governmental authorities are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. Fees of $889 million, $941 million and $993 million for the years ended
December 31, 2025, 2024 and 2023, respectively, are reported in revenues on a gross basis with a corresponding operating expense because the Company is acting as a principal. Certain taxes, such as sales taxes imposed on the Company’s customers, collected and remitted to state and local authorities are recorded on a net basis because the Company is acting as an agent in such situations.

Commercial Services

Small business customers are offered Internet, mobile, video and voice services similar to those provided to residential customers. Small business customers may generally cancel their subscriptions at the end of their monthly service period without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the monthly service period as the subscription services are delivered.

Services to mid-market & large business clients include more tailored communications products and managed service solutions to larger businesses, as well as high-capacity last-mile data connectivity services to mobile and wireline carriers on a wholesale basis. Services are primarily offered on a subscription basis with a contractually specified and non-cancelable service period, which is generally one to seven years with a weighted average term of approximately three years. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the contract period as the subscription services are delivered. Mid-market & large business subscription services are billed as monthly recurring charges to customers and related installation services, if applicable, are billed upon completion of the customer installation. Installation services are not accounted for as distinct performance obligations, but rather a component of the connectivity services, and therefore upfront installation fees are deferred and recognized as revenue over the related contract period. Mid-market & large business sales commission costs are deferred and recognized using a portfolio approach over a weighted-average contract period.

Advertising Services

The Company offers local, regional and national businesses the opportunity to advertise in individual and multiple service areas on cable television networks and digital outlets. Placement of advertising is accounted for as a distinct performance obligation and revenue is recognized at the point in time when the advertising is distributed. In some service areas, the Company has formed advertising interconnects or entered into representation agreements with other video distributors, under which the Company sells advertising on behalf of those distributors. In other service areas, the Company has entered into representation agreements under which another operator in the area will sell advertising on the Company’s behalf. For representation arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. For other representation arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor.
889000000 941000000 993000000
Other balances that are not separately presented on the consolidated balance sheets that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers consist of the following for the periods presented:

December 31,
20252024
Accounts receivable, net:
Equipment installment plan receivables, net$1,276 $967 
Other noncurrent assets:
Equipment installment plan receivables, less allowance for doubtful accounts of $117 million and $99 million, respectively
$1,114 $980 
Contract acquisition and fulfillment costs$765 $701 
Accounts payables, accrued and other current liabilities:
Customer prepayments and upfront deferred installation fees$422 $456 
1276000000 967000000 117000000 99000000 1114000000 980000000 765000000 701000000 422000000 456000000
Activity in the allowance for doubtful accounts is summarized as follows for the years presented:

Year Ended December 31,
202520242023
Balance, beginning of period$204 $268 $219 
Charged to expense746 762 743 
Uncollected balances written off, net of recoveries(731)(826)(694)
Balance, end of period$219 $204 $268 
204000000 268000000 219000000 746000000 762000000 743000000 731000000 826000000 694000000 219000000 204000000 268000000 Segment Reporting
The Company’s operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker ("CODM"), on a consolidated basis. The Company provides broadband connectivity services with all of its services delivered to customers over an advanced communications network. The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations, as the converged network requires the CODM to manage and evaluate the results of the business in a consolidated manner to drive efficiencies and develop uniform strategies. Accordingly, key components and processes of the Company’s operations are managed centrally, including contracting for programming, capital and new technology development and deployment, plant engineering, customer service, marketing, legal and government affairs. Segment asset information is not used by the CODM to allocate resources. Under this organizational and reporting structure, the Company has one reportable segment.

As a single reportable segment entity, the Company’s segment performance measure is net income attributable to Charter shareholders. See Note 14 for a description of the Company's disaggregated revenues by product line. Significant segment expenses are presented in the Company’s consolidated statements of operations. Additional disaggregated significant segment expenses on a functional basis, that are not separately presented on the Company’s consolidated statements of operations, are presented below.

Operating Costs and Expenses

Year Ended December 31,
202520242023
Programming$8,822 $9,653 $10,638 
Other costs of revenue6,704 6,351 5,587 
Field and technology operations5,165 5,183 5,236 
Customer operations3,115 3,162 3,239 
Marketing and residential sales3,782 3,590 3,469 
Stock compensation expense (see Note 16)673 651 692 
Transition expenses19 — — 
Other expense4,459 4,577 4,544 
$32,739 $33,167 $33,405 

Programming costs consist primarily of costs paid to programmers for basic, premium, video on demand and pay-per-view programming. Other costs of revenue include costs directly related to providing Internet, mobile, video and voice services including mobile device costs, payments to franchise and regulatory authorities, payments for sports, local and news content produced by the Company and direct costs associated with selling advertising. Also included in other costs of revenue are content acquisition costs for the Los Angeles Lakers’ basketball games and Los Angeles Dodgers’ baseball games, which are recorded as games are exhibited over the contract period. Field and technology operations costs include indirect costs incurred to manage the Company's inside and outside cable network, including labor for the non-capitalizable portion of customer installations and service and repairs. Customer operations costs include call center labor costs for customer care, billing costs, bad debt expense, and collections. Marketing and residential sales costs represent the costs of marketing residential and business Internet, mobile, video and voice services and costs to sell to current and potential non-bulk residential customers,
including labor cost. Transition expenses represent incremental costs incurred to prepare for the integration of the Cox Transactions’ operations and to bring systems and processes into a uniform operating structure. Other expense includes corporate overhead costs, as well as certain indirect costs associated with Spectrum Business, Spectrum Reach, Spectrum Networks and Spectrum Community Solutions, including related sales expenses.

Other Operating (Income) Expenses, Net

Year Ended December 31,
202520242023
Special charges, net$157 $139 $198 
Merger and acquisition costs129 — — 
(Gain) loss on disposal of assets, net130 (12)(251)
$416 $127 $(53)

Special charges, net primarily includes severance costs and net amounts of litigation settlements. Merger and acquisition costs represents costs incurred primarily in connection with the Cox Transactions, such as advisory, legal and accounting fees, among others. (Gain) loss on disposal of assets, net includes a $90 million impairment on the sale of non-strategic assets during the year ended December 31, 2025 and a $262 million gain on sale of towers during the year ended December 31, 2023.

Other Expenses, Net

Year Ended December 31,
202520242023
Gain (loss) on extinguishment of debt (see Note 9)$(28)$1 $(3)
Gain (loss) on financial instruments, net (see Note 13)(27)(34)45 
Net periodic pension benefit (costs) (see Note 21)4 (23)(216)
Loss on equity investments, net (see Note 6)(357)(331)(343)
$(408)$(387)$(517)
The Company’s operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker ("CODM"), on a consolidated basis. The Company provides broadband connectivity services with all of its services delivered to customers over an advanced communications network. The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations, as the converged network requires the CODM to manage and evaluate the results of the business in a consolidated manner to drive efficiencies and develop uniform strategies. Accordingly, key components and processes of the Company’s operations are managed centrally, including contracting for programming, capital and new technology development and deployment, plant engineering, customer service, marketing, legal and government affairs. Segment asset information is not used by the CODM to allocate resources. Under this organizational and reporting structure, the Company has one reportable segment.
1 Additional disaggregated significant segment expenses on a functional basis, that are not separately presented on the Company’s consolidated statements of operations, are presented below.
Operating Costs and Expenses

Year Ended December 31,
202520242023
Programming$8,822 $9,653 $10,638 
Other costs of revenue6,704 6,351 5,587 
Field and technology operations5,165 5,183 5,236 
Customer operations3,115 3,162 3,239 
Marketing and residential sales3,782 3,590 3,469 
Stock compensation expense (see Note 16)673 651 692 
Transition expenses19 — — 
Other expense4,459 4,577 4,544 
$32,739 $33,167 $33,405 

Programming costs consist primarily of costs paid to programmers for basic, premium, video on demand and pay-per-view programming. Other costs of revenue include costs directly related to providing Internet, mobile, video and voice services including mobile device costs, payments to franchise and regulatory authorities, payments for sports, local and news content produced by the Company and direct costs associated with selling advertising. Also included in other costs of revenue are content acquisition costs for the Los Angeles Lakers’ basketball games and Los Angeles Dodgers’ baseball games, which are recorded as games are exhibited over the contract period. Field and technology operations costs include indirect costs incurred to manage the Company's inside and outside cable network, including labor for the non-capitalizable portion of customer installations and service and repairs. Customer operations costs include call center labor costs for customer care, billing costs, bad debt expense, and collections. Marketing and residential sales costs represent the costs of marketing residential and business Internet, mobile, video and voice services and costs to sell to current and potential non-bulk residential customers,
including labor cost. Transition expenses represent incremental costs incurred to prepare for the integration of the Cox Transactions’ operations and to bring systems and processes into a uniform operating structure. Other expense includes corporate overhead costs, as well as certain indirect costs associated with Spectrum Business, Spectrum Reach, Spectrum Networks and Spectrum Community Solutions, including related sales expenses.

Other Operating (Income) Expenses, Net

Year Ended December 31,
202520242023
Special charges, net$157 $139 $198 
Merger and acquisition costs129 — — 
(Gain) loss on disposal of assets, net130 (12)(251)
$416 $127 $(53)

Special charges, net primarily includes severance costs and net amounts of litigation settlements. Merger and acquisition costs represents costs incurred primarily in connection with the Cox Transactions, such as advisory, legal and accounting fees, among others. (Gain) loss on disposal of assets, net includes a $90 million impairment on the sale of non-strategic assets during the year ended December 31, 2025 and a $262 million gain on sale of towers during the year ended December 31, 2023.

Other Expenses, Net

Year Ended December 31,
202520242023
Gain (loss) on extinguishment of debt (see Note 9)$(28)$1 $(3)
Gain (loss) on financial instruments, net (see Note 13)(27)(34)45 
Net periodic pension benefit (costs) (see Note 21)4 (23)(216)
Loss on equity investments, net (see Note 6)(357)(331)(343)
$(408)$(387)$(517)
8822000000 9653000000 10638000000 6704000000 6351000000 5587000000 5165000000 5183000000 5236000000 3115000000 3162000000 3239000000 3782000000 3590000000 3469000000 673000000 651000000 692000000 19000000 0 0 4459000000 4577000000 4544000000 32739000000 33167000000 33405000000 157000000 139000000 198000000 129000000 0 0 -130000000 12000000 251000000 -416000000 -127000000 53000000 90000000 262000000 -28000000 1000000 -3000000 -27000000 -34000000 45000000 -4000000 23000000 216000000 -357000000 -331000000 -343000000 -408000000 -387000000 -517000000 Stock Compensation Plans
Charter’s stock incentive plan provides for grants of nonqualified stock options, incentive stock options, stock appreciation rights, dividend equivalent rights, performance units and performance shares, share awards, phantom stock, restricted stock units and restricted stock.  Directors, officers and other employees of the Company and its subsidiaries, as well as others performing consulting services for the Company, are eligible for grants under the stock incentive plan. The stock incentive plan allows for the issuance of up to 23 million shares of Charter Class A common stock (or units convertible into Charter Class A common stock).

Restricted stock, restricted stock units, stock options as well as equity awards with market conditions are measured at the grant date fair value and amortized to stock compensation expense over the requisite service period. The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model and the fair value of equity awards with market conditions is estimated on the date of grant using Monte Carlo simulations. The grant date weighted average assumptions used during the years ended December 31, 2025, 2024 and 2023 were: risk-free interest rate of 4.5%, 3.9% and 3.7%, respectively; expected lives of 4.6 years, 5.0 years and 4.8 years, respectively; and expected volatility of 36.5%, 33% and 31%, respectively. The Company’s volatility assumptions represent management’s best estimate and were based on a review of historical and implied volatility. Expected lives were estimated using historical exercise data.  The valuations assume no dividends are paid. The Company has elected an accounting policy to assume zero forfeitures for stock awards grants and account for forfeitures when they occur.

Stock options and restricted stock units generally cliff vest three years from the date of grant. Certain stock options and restricted stock units vest based on achievement of stock price hurdles. Stock options generally expire ten years from the grant date and restricted stock units have no voting rights. Restricted stock generally vests one year from the date of grant.
As of December 31, 2025, total unrecognized compensation remaining to be recognized in future periods totaled $198 million for stock options, $1 million for restricted stock and $363 million for restricted stock units and the weighted average period over which they are expected to be recognized is 2 years for stock options, 4 months for restricted stock and 2 years for restricted stock units.

A summary of the activity for Charter’s stock options for the years ended December 31, 2025, 2024 and 2023, is as follows (shares in thousands, except per share data):

Year Ended December 31,
202520242023
SharesWeighted Average Exercise PriceAggregate Intrinsic ValueSharesWeighted Average Exercise PriceAggregate Intrinsic ValueSharesWeighted Average Exercise PriceAggregate Intrinsic Value
Outstanding, beginning of period13,374 $397.54 12,658 $398.51 9,180 $396.89 
Granted1,499 $347.79 1,381 $360.82 4,278 $384.50 
Exercised(344)$250.65 $44 (373)$256.94 $39 (563)$228.69 $102 
Canceled(466)$392.75 (292)$446.11 (237)$486.77 
Outstanding, end of period14,063 $395.99 $1 13,374 $397.54 12,658 $398.51 
Weighted average remaining contractual life5years6years5years
Options exercisable, end of period7,495 $417.10 $1 6,766 $378.31 6,051 $325.80 
Options expected to vest, end of period6,568 $371.91 $— 
Weighted average fair value of options granted$131.31 $129.30 $126.13 

A summary of the activity for Charter’s restricted stock for the years ended December 31, 2025, 2024 and 2023, is as follows (shares in thousands, except per share data):

Year Ended December 31,
202520242023
SharesWeighted Average Grant PriceSharesWeighted Average Grant PriceSharesWeighted Average Grant Price
Outstanding, beginning of period13 $268.55 11 $331.45 7 $494.72 
Granted12 $328.53 13 $268.55 11 $331.45 
Vested(13)$268.55 (11)$331.45 (7)$494.72 
Canceled— $— — $— — $— 
Outstanding, end of period12 $328.53 13 $268.55 11 $331.45 
A summary of the activity for Charter’s restricted stock units for the years ended December 31, 2025, 2024 and 2023, is as follows (shares in thousands, except per share data):

Year Ended December 31,
202520242023
SharesWeighted Average Grant PriceSharesWeighted Average Grant PriceSharesWeighted Average Grant Price
Outstanding, beginning of period2,951 $386.44 2,371 $432.11 1,266 $545.00 
Granted1,295 $339.55 1,123 $359.24 1,561 $359.07 
Vested(771)$473.53 (369)$595.28 (358)$510.22 
Canceled(162)$358.90 (174)$390.31 (98)$440.14 
Outstanding, end of period3,313 $349.17 2,951 $386.44 2,371 $432.11 
23000000
Restricted stock, restricted stock units, stock options as well as equity awards with market conditions are measured at the grant date fair value and amortized to stock compensation expense over the requisite service period. The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model and the fair value of equity awards with market conditions is estimated on the date of grant using Monte Carlo simulations. The grant date weighted average assumptions used during the years ended December 31, 2025, 2024 and 2023 were: risk-free interest rate of 4.5%, 3.9% and 3.7%, respectively; expected lives of 4.6 years, 5.0 years and 4.8 years, respectively; and expected volatility of 36.5%, 33% and 31%, respectively. The Company’s volatility assumptions represent management’s best estimate and were based on a review of historical and implied volatility. Expected lives were estimated using historical exercise data.  The valuations assume no dividends are paid. The Company has elected an accounting policy to assume zero forfeitures for stock awards grants and account for forfeitures when they occur.
0.045 0.039 0.037 P4Y7M6D P5Y P4Y9M18D 0.365 0.33 0.31 P3Y P3Y P10Y P1Y 198000000 1000000 363000000 P2Y P4M P2Y
A summary of the activity for Charter’s stock options for the years ended December 31, 2025, 2024 and 2023, is as follows (shares in thousands, except per share data):

Year Ended December 31,
202520242023
SharesWeighted Average Exercise PriceAggregate Intrinsic ValueSharesWeighted Average Exercise PriceAggregate Intrinsic ValueSharesWeighted Average Exercise PriceAggregate Intrinsic Value
Outstanding, beginning of period13,374 $397.54 12,658 $398.51 9,180 $396.89 
Granted1,499 $347.79 1,381 $360.82 4,278 $384.50 
Exercised(344)$250.65 $44 (373)$256.94 $39 (563)$228.69 $102 
Canceled(466)$392.75 (292)$446.11 (237)$486.77 
Outstanding, end of period14,063 $395.99 $1 13,374 $397.54 12,658 $398.51 
Weighted average remaining contractual life5years6years5years
Options exercisable, end of period7,495 $417.10 $1 6,766 $378.31 6,051 $325.80 
Options expected to vest, end of period6,568 $371.91 $— 
Weighted average fair value of options granted$131.31 $129.30 $126.13 
13374000 397.54 12658000 398.51 9180000 396.89 1499000 347.79 1381000 360.82 4278000 384.50 344000 250.65 44000000 373000 256.94 39000000 563000 228.69 102000000 466000 392.75 292000 446.11 237000 486.77 14063000 395.99 1000000 13374000 397.54 12658000 398.51 P5Y P6Y P5Y 7495000 417.10 1000000 6766000 378.31 6051000 325.80 6568000 371.91 0 131.31 129.30 126.13
A summary of the activity for Charter’s restricted stock for the years ended December 31, 2025, 2024 and 2023, is as follows (shares in thousands, except per share data):

Year Ended December 31,
202520242023
SharesWeighted Average Grant PriceSharesWeighted Average Grant PriceSharesWeighted Average Grant Price
Outstanding, beginning of period13 $268.55 11 $331.45 7 $494.72 
Granted12 $328.53 13 $268.55 11 $331.45 
Vested(13)$268.55 (11)$331.45 (7)$494.72 
Canceled— $— — $— — $— 
Outstanding, end of period12 $328.53 13 $268.55 11 $331.45 
13000 268.55 11000 331.45 7000 494.72 12000 328.53 13000 268.55 11000 331.45 13000 268.55 11000 331.45 7000 494.72 0 0 0 0 0 0 12000 328.53 13000 268.55 11000 331.45
A summary of the activity for Charter’s restricted stock units for the years ended December 31, 2025, 2024 and 2023, is as follows (shares in thousands, except per share data):

Year Ended December 31,
202520242023
SharesWeighted Average Grant PriceSharesWeighted Average Grant PriceSharesWeighted Average Grant Price
Outstanding, beginning of period2,951 $386.44 2,371 $432.11 1,266 $545.00 
Granted1,295 $339.55 1,123 $359.24 1,561 $359.07 
Vested(771)$473.53 (369)$595.28 (358)$510.22 
Canceled(162)$358.90 (174)$390.31 (98)$440.14 
Outstanding, end of period3,313 $349.17 2,951 $386.44 2,371 $432.11 
2951000 386.44 2371000 432.11 1266000 545.00 1295000 339.55 1123000 359.24 1561000 359.07 771000 473.53 369000 595.28 358000 510.22 162000 358.90 174000 390.31 98000 440.14 3313000 349.17 2951000 386.44 2371000 432.11 Income Taxes
The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities and expected benefits of utilizing loss carryforwards. Valuation allowances are established when management determines that it is more likely than not that some portion or the entire deferred tax asset will not be realized. In evaluating the need for a valuation allowance, management takes into account various factors, including the expected level of future taxable income, available tax planning strategies and reversals of existing taxable temporary differences. The impact on deferred taxes of changes in tax rates and tax law, if any, applied to the years during which temporary differences are expected to be settled, are reflected in the consolidated financial statements in the period of enactment. In determining the Company’s tax provision for financial reporting purposes, the Company establishes a reserve for uncertain tax positions unless such positions are determined to be “more likely than not” of being sustained upon examination, based on their technical merits. There is considerable judgment involved in making such a determination. The Company recognizes interest and penalties accrued on uncertain income tax positions as part of the income tax provision.

Substantially all of the Company’s operations are held through Charter Holdings and its direct and indirect subsidiaries. Charter Holdings and the majority of its subsidiaries are generally limited liability companies that are not subject to income tax. However, certain of these limited liability companies are subject to state income tax. In addition, the subsidiaries that are corporations are subject to income tax. Generally, the taxable income, gains, losses, deductions and credits of Charter Holdings are passed through to its members, Charter and A/N. Charter is responsible for its share of taxable income or loss of Charter Holdings allocated to it in accordance with the Charter Holdings Limited Liability Company Agreement (“LLC Agreement”) and partnership tax rules and regulations. As a result, Charter's primary deferred tax component recorded in the consolidated balance sheets relates to its excess financial reporting outside basis, excluding amounts attributable to nondeductible goodwill, over Charter's tax basis in the investment in Charter Holdings.

Charter Holdings, the indirect owner of the Company’s cable systems, generally allocates its taxable income, gains, losses, deductions and credits proportionately according to the members’ respective ownership interests, except for special allocations required under Section 704(c) of the Internal Revenue Code and the Treasury Regulations (“Section 704(c)”).  Pursuant to Section 704(c) and the LLC Agreement, each item of income, gain, loss and deduction with respect to any property contributed to the capital of the partnership shall, solely for tax purposes, be allocated among the members so as to take into account any variation between the adjusted basis of such property to the partnership for U.S. federal income tax purposes and its initial gross asset value using the “traditional method” as described in the Treasury Regulations.
Income Tax Expense

For the years ended December 31, 2025, 2024, and 2023, the Company recorded income tax expense as shown below. The tax provision in future periods will vary based on current and future temporary differences, as well as future operating results.

Year Ended December 31,
202520242023
Current expense:
Federal income taxes$358 $1,379 $1,304 
State income taxes321 357 369 
Current income tax expense679 1,736 1,673 
Deferred (benefit) expense:
Federal income taxes943 (69)(208)
State income taxes70 (18)128 
Deferred income tax (benefit) expense1,013 (87)(80)
Income tax expense$1,692 $1,649 $1,593 

The Company’s effective tax rate differs from that derived by applying the applicable federal income tax rate for the years ended December 31, 2025, 2024 and 2023 as follows:

Year Ended December 31,
202520242023
U.S. federal tax at statutory rate$1,566 21.0 %$1,575 21.0 %$1,439 21.0 %
State and local income taxes, net of federal income tax effect201 2.7 %171 2.3 %372 5.4 %
Net income attributable to noncontrolling interest(164)(2.2)%(162)(2.2)%(141)(2.1)%
Federal tax credits(18)(0.2)%(45)(0.6)%(64)(0.9)%
Nontaxable or nondeductible items25 0.3 %29 0.4 %28 0.4 %
Change in unrecognized tax benefits93 1.2 %89 1.2 %41 0.6 %
Other(11)(0.1)%(8)(0.1)%(82)(1.2)%
Income tax expense$1,692 22.7 %$1,649 22.0 %$1,593 23.2 %

The states that contribute to the majority (greater than 50%) of the tax effect include California, New York, Florida and New York City for 2025, New York, California, Florida, Texas, Wisconsin and South Carolina for 2024, and New York, California and New York City for 2023.

Cash Taxes Paid

The Company paid cash taxes for the years ended December 31, 2025, 2024 and 2023 as follows:

Year Ended December 31,
202520242023
Cash paid for U.S federal income taxes, net$739 $1,343 $1,211 
Cash paid for state and local income taxes, net154 219 213 
$893 $1,562 $1,424 
Deferred Tax Assets and Liabilities

The tax effects of these temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are presented below.
December 31,
20252024
Deferred tax assets:
Carryforwards$397 $642 
Accrued and other902 535 
Total gross deferred tax assets1,299 1,177 
Less: valuation allowance(15)(15)
Deferred tax assets1,284 1,162 
Deferred tax liabilities:
Investment in partnership21,121 19,999 
Accrued and other4 8 
Deferred tax liabilities21,125 20,007 
Net deferred tax liabilities$19,841 $18,845 

The deferred tax liabilities on the investment in partnership above includes approximately $67 million and $88 million net deferred tax liabilities relating to certain indirect subsidiaries that file separate state income tax returns at December 31, 2025 and 2024, respectively. 

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA contains numerous business tax provisions, including business extenders made permanent such as restoration of 100% bonus depreciation, IRC Section 174 expensing for US-based research, and the EBITDA-based business interest expense limitation under IRC Section 163(j). As a result of this legislation, Charter adjusted its current year tax deduction and remeasured its deferred taxes resulting in a current tax benefit offset by a deferred tax expense which resulted in a $547 million decrease to current income taxes payable and corresponding increase to deferred income tax liabilities.

Carryforwards

Charter has federal tax net operating loss carryforwards that expire in 2035 resulting from the operations of Charter Communications Holdings Company, LLC (“Charter Holdco”) and its subsidiaries and from loss carryforwards received as a result of the merger with Time Warner Cable Inc. (“TWC”). In addition, Charter has state tax net operating loss carryforwards that generally expire in the years 2026 through 2044. Charter's federal tax loss carryforwards are subject to Section 382 and other restrictions. Also included in carryforwards is Charter's Section 163(j) interest limitation, which is based on interest expense that was not deductible in prior years due to taxable income limitations. The limited interest has an indefinite carryforward period and is deductible as Charter generates taxable income sufficient to overcome the limitation.

Tax Receivable Agreement

Under the LLC Agreement, A/N has the right to exchange at any time some or all of its common units in Charter Holdings for Charter’s Class A common stock or cash, at Charter’s option. Pursuant to a Tax Receivable Agreement ("TRA") between Charter and A/N, Charter must pay to A/N 50% of the tax benefit when realized by Charter from the step-up in tax basis resulting from any future exchange or sale of the common units. Charter does not record a liability for an obligation for future exchanges since the tax benefit is dependent on uncertain future events that are outside of Charter’s control, such as the timing of a conversion or exchange. A future exchange or sale is not based on a fixed and determinable date and the exchange or sale is not certain to occur. If all of A/N's partnership units were to be exchanged or sold in the future, the undiscounted value of the obligation is currently estimated to be in the range of zero to $3.5 billion depending on measurement of the tax step-up in the future and Charter’s ability to realize the tax benefit in the periods following the exchange or sale. Factors impacting these
calculations include, but are not limited to, the fair value of the equity at the time of the exchange and the effective tax rates when the benefits are realized.

Uncertain Tax Positions

The net amount of the unrecognized tax benefits recorded as of December 31, 2025 that could impact the effective tax rate is $680 million. These uncertain tax positions, if ever recognized in the financial statements, would be recorded in the consolidated statements of operations as part of the income tax provision. A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of interest and penalties, is as follows:

BALANCE, December 31, 2023$647 
Activity on prior year tax positions1 
Additions on current year tax positions131 
Reductions on settlements with taxing authorities and expirations(36)
BALANCE, December 31, 2024743 
Activity on prior year tax positions(2)
Additions on current year tax positions103 
Reductions on settlements with taxing authorities and expirations (9)
BALANCE, December 31, 2025$835 

Charter is currently under examination by the Internal Revenue Service ("IRS") for income tax purposes for 2016, 2019, 2020 and 2021. Charter's 2022, 2023 and 2024 tax years remain open for examination and assessment. Charter’s 2017 and 2018 tax years remain open solely for purposes of loss and credit carryforwards. Charter’s short period return dated May 17, 2016 (prior to the merger with TWC and acquisition of Bright House Networks, LLC) and prior years remain open solely for purposes of examination of Charter’s loss and credit carryforwards. The IRS is currently examining Charter Holdings’ income tax returns for 2016, 2019, 2020 and 2021. Charter Holdings’ 2022, 2023 and 2024 tax years remain open for examination and assessment, while 2017 and 2018 remain open solely for purposes of credit carryforwards. The IRS is currently examining TWC’s income tax returns for 2011, 2012 and 2015. The 2013 and 2014 years were settled. The Company does not anticipate that these examinations will have a material impact on its consolidated financial position or results of operations. In addition, the Company is also subject to ongoing examinations of our tax returns by state and local tax authorities for various periods. Activity related to these state and local examinations did not have a material impact on the Company's consolidated financial position or results of operations during the year ended December 31, 2025, nor does the Company anticipate a material impact in the future.
The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities and expected benefits of utilizing loss carryforwards. Valuation allowances are established when management determines that it is more likely than not that some portion or the entire deferred tax asset will not be realized. In evaluating the need for a valuation allowance, management takes into account various factors, including the expected level of future taxable income, available tax planning strategies and reversals of existing taxable temporary differences. The impact on deferred taxes of changes in tax rates and tax law, if any, applied to the years during which temporary differences are expected to be settled, are reflected in the consolidated financial statements in the period of enactment. In determining the Company’s tax provision for financial reporting purposes, the Company establishes a reserve for uncertain tax positions unless such positions are determined to be “more likely than not” of being sustained upon examination, based on their technical merits. There is considerable judgment involved in making such a determination. The Company recognizes interest and penalties accrued on uncertain income tax positions as part of the income tax provision.
For the years ended December 31, 2025, 2024, and 2023, the Company recorded income tax expense as shown below. The tax provision in future periods will vary based on current and future temporary differences, as well as future operating results.

Year Ended December 31,
202520242023
Current expense:
Federal income taxes$358 $1,379 $1,304 
State income taxes321 357 369 
Current income tax expense679 1,736 1,673 
Deferred (benefit) expense:
Federal income taxes943 (69)(208)
State income taxes70 (18)128 
Deferred income tax (benefit) expense1,013 (87)(80)
Income tax expense$1,692 $1,649 $1,593 
358000000 1379000000 1304000000 321000000 357000000 369000000 679000000 1736000000 1673000000 943000000 -69000000 -208000000 70000000 -18000000 128000000 1013000000 -87000000 -80000000 1692000000 1649000000 1593000000
The Company’s effective tax rate differs from that derived by applying the applicable federal income tax rate for the years ended December 31, 2025, 2024 and 2023 as follows:

Year Ended December 31,
202520242023
U.S. federal tax at statutory rate$1,566 21.0 %$1,575 21.0 %$1,439 21.0 %
State and local income taxes, net of federal income tax effect201 2.7 %171 2.3 %372 5.4 %
Net income attributable to noncontrolling interest(164)(2.2)%(162)(2.2)%(141)(2.1)%
Federal tax credits(18)(0.2)%(45)(0.6)%(64)(0.9)%
Nontaxable or nondeductible items25 0.3 %29 0.4 %28 0.4 %
Change in unrecognized tax benefits93 1.2 %89 1.2 %41 0.6 %
Other(11)(0.1)%(8)(0.1)%(82)(1.2)%
Income tax expense$1,692 22.7 %$1,649 22.0 %$1,593 23.2 %

The states that contribute to the majority (greater than 50%) of the tax effect include California, New York, Florida and New York City for 2025, New York, California, Florida, Texas, Wisconsin and South Carolina for 2024, and New York, California and New York City for 2023.
1566000000 0.210 1575000000 0.210 1439000000 0.210 201000000 0.027 171000000 0.023 372000000 0.054 164000000 0.022 162000000 0.022 141000000 0.021 18000000 0.002 45000000 0.006 64000000 0.009 25000000 0.003 29000000 0.004 28000000 0.004 93000000 0.012 89000000 0.012 41000000 0.006 -11000000 -0.001 -8000000 -0.001 -82000000 -0.012 1692000000 0.227 1649000000 0.220 1593000000 0.232
The Company paid cash taxes for the years ended December 31, 2025, 2024 and 2023 as follows:

Year Ended December 31,
202520242023
Cash paid for U.S federal income taxes, net$739 $1,343 $1,211 
Cash paid for state and local income taxes, net154 219 213 
$893 $1,562 $1,424 
739000000 1343000000 1211000000 154000000 219000000 213000000 893000000 1562000000 1424000000
The tax effects of these temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are presented below.
December 31,
20252024
Deferred tax assets:
Carryforwards$397 $642 
Accrued and other902 535 
Total gross deferred tax assets1,299 1,177 
Less: valuation allowance(15)(15)
Deferred tax assets1,284 1,162 
Deferred tax liabilities:
Investment in partnership21,121 19,999 
Accrued and other4 8 
Deferred tax liabilities21,125 20,007 
Net deferred tax liabilities$19,841 $18,845 
397000000 642000000 902000000 535000000 1299000000 1177000000 15000000 15000000 1284000000 1162000000 21121000000 19999000000 4000000 8000000 21125000000 20007000000 19841000000 18845000000 67000000 88000000 547000000 547000000 0.50 0 3500000000 680000000 A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of interest and penalties, is as follows:
BALANCE, December 31, 2023$647 
Activity on prior year tax positions1 
Additions on current year tax positions131 
Reductions on settlements with taxing authorities and expirations(36)
BALANCE, December 31, 2024743 
Activity on prior year tax positions(2)
Additions on current year tax positions103 
Reductions on settlements with taxing authorities and expirations (9)
BALANCE, December 31, 2025$835 
647000000 1000000 131000000 36000000 743000000 2000000 103000000 9000000 835000000 Earnings Per Share
Basic earnings per common share is computed by dividing net income attributable to Charter shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share considers the impact of potentially dilutive securities using the treasury stock and if-converted methods and is based on the weighted average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options, restricted stock, restricted stock units, equity awards with market conditions and Charter Holdings common units. Charter Holdings common units of 16 million, 17 million and 18 million for the years ended December 31, 2025, 2024 and 2023, respectively,
were not included in the computation of diluted earnings per share as their effect would have been antidilutive. The following is the computation of diluted earnings per common share for the years presented.

Year Ended December 31,
202520242023
Numerator:
Net income attributable to Charter shareholders$4,987 $5,083 $4,557 
Denominator:
Weighted average common shares outstanding, basic135,155,309 143,061,337 149,208,188 
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans2,588,367 2,302,434 2,758,125 
Weighted average common shares outstanding, diluted137,743,676 145,363,771 151,966,313 
Basic earnings per common share attributable to Charter shareholders$36.90 $35.53 $30.54 
Diluted earnings per common share attributable to Charter shareholders$36.21 $34.97 $29.99 
16000000 17000000 18000000 The following is the computation of diluted earnings per common share for the years presented.
Year Ended December 31,
202520242023
Numerator:
Net income attributable to Charter shareholders$4,987 $5,083 $4,557 
Denominator:
Weighted average common shares outstanding, basic135,155,309 143,061,337 149,208,188 
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans2,588,367 2,302,434 2,758,125 
Weighted average common shares outstanding, diluted137,743,676 145,363,771 151,966,313 
Basic earnings per common share attributable to Charter shareholders$36.90 $35.53 $30.54 
Diluted earnings per common share attributable to Charter shareholders$36.21 $34.97 $29.99 
4987000000 5083000000 4557000000 135155309 143061337 149208188 2588367 2302434 2758125 137743676 145363771 151966313 36.90 35.53 30.54 36.21 34.97 29.99 Related Party Transactions
The following sets forth certain transactions in which the Company and a director, executive officer, or other related party of the Company are involved or, in the case of the management arrangements, subsidiaries that are debt issuers that pay certain of their parent companies for services.

Charter is a party to management arrangements with its subsidiary, Spectrum Management Holding Company, LLC ("Spectrum Management"), and certain of their subsidiaries. Under these agreements, Charter, Spectrum Management and Charter Holdco provide management services for the cable systems owned or operated by their subsidiaries. Costs associated with providing these services are charged directly to the Company’s operating subsidiaries. All other costs incurred on behalf of Charter’s operating subsidiaries are considered a part of the management fee. These costs are recorded as a component of operating costs and expenses, in the accompanying consolidated financial statements. The management fee charged to the Company’s operating subsidiaries approximated the expenses incurred by Spectrum Management, Charter Holdco and Charter on behalf of the Company’s operating subsidiaries in 2025, 2024 and 2023.

Liberty Broadband and A/N

Under the terms of the Second Amended and Restated Stockholders Agreement among Charter, Liberty Broadband and A/N, dated as of May 23, 2015 (the “Existing Stockholders Agreement”), as amended by Amendment No. 1 to the Second Amended and Restated Stockholders Agreement and the Letter Agreement, dated as of November 12, 2024 (the “Stockholders and Letter Agreement Amendment”), the number of Charter’s directors is fixed at 13. Two designees selected by A/N are members of the Board of Directors of Charter and three designees selected by Liberty Broadband are members of the Board of Directors of Charter. The remaining eight directors are not designated by either A/N or Liberty Broadband. Each of A/N and Liberty Broadband is entitled to nominate at least one director to each of the committees of the Board of Directors of Charter, subject to applicable stock exchange listing rules and certain specified voting or equity ownership thresholds for each of A/N and Liberty Broadband, and provided that the Nominating and Corporate Governance Committee and the Compensation and Benefit Committee each have at least a majority of directors that were not designated by either A/N or Liberty Broadband. Each of the Nominating and Corporate Governance Committee and the Compensation and Benefits Committee is currently comprised of three directors not designated by either A/N or Liberty Broadband and one designee of each of A/N and Liberty Broadband. A/N and Liberty Broadband also have certain other committee designation and governance rights. A description of the terms of the Stockholders and Letter Agreement Amendment is set forth below under “Stockholders and Letter Agreement Amendment.”

In December 2016, Charter and A/N entered into a letter agreement, as amended in December 2017 (the “Existing A/N Letter Agreement”) that requires A/N to sell to Charter or to Charter Holdings, on a monthly basis, a number of shares of Charter Class A common stock or Charter Holdings common units that represents a pro rata participation by A/N and its affiliates in
any repurchases of shares of Charter Class A common stock from persons other than A/N effected by Charter during the immediately preceding calendar month, at a purchase price equal to the average price paid by Charter for the shares repurchased from persons other than A/N during such immediately preceding calendar month. A/N and Charter both have the right to terminate or suspend the pro rata repurchase arrangement on a prospective basis. Pursuant to the TRA between Charter and A/N, Charter must pay to A/N 50% of the tax benefit when realized by Charter from the step-up in tax basis resulting from any future exchange or sale of the common units. See Note 17 for more information. In connection with the Cox Transactions, Charter, Charter Holdings and A/N entered into an amendment to the Existing A/N Repurchase Letter, dated as of May 16, 2025 (the “A/N Repurchase Letter Amendment”) which sets forth, among other things, the updated terms of A/N’s participation in Charter’s share repurchases going forward. A description of the terms of the A/N Repurchase Letter Amendment is set forth below under “A/N Repurchase Letter Amendment.”

On August 4, 2025, Charter received a notice from A/N pursuant to the Existing Letter Agreement, whereby A/N notified Charter that A/N was suspending the standing share repurchase agreement between A/N and Charter (the “Suspension”). The Suspension took effect immediately after the first repurchase closing date under the Existing Letter Agreement to occur following the date of the notice. In the notice, A/N informed Charter that it intends for the Suspension to continue through the consummation of the closing of the Cox Transactions or the termination thereof, but reserved the right to end such Suspension before or after such time.

In February 2021, Charter and Liberty Broadband entered into a letter agreement (the “Existing LBB Letter Agreement”), as amended by the Stockholders and Letter Agreement Amendment. The Existing LBB Letter Agreement implemented Liberty Broadband’s obligations under the Existing Stockholders Agreement to participate in share repurchases by Charter. The Existing LBB Letter Agreement was amended on November 12, 2024 pursuant to the Stockholders and Letter Agreement Amendment as described below under “Stockholders and Letter Agreement Amendment.”

Gregory Maffei, a former director of Charter and former President and CEO and director and holder of a 3.6% voting interest in Liberty Broadband, is Chairman of the board of directors of QVC Group, Inc. (formerly known as Qurate Retail, Inc.) (“QVC Group”). As reported in SEC filings of QVC Group and Mr. Maffei, Mr. Maffei has ownership of an approximate 18.2% voting interest in QVC Group. QVC Group wholly owns HSN, Inc. (“HSN”) and QVC, Inc. (“QVC”). The Company has programming relationships with HSN and QVC. For the years ended December 31, 2025, 2024 and 2023, the Company recorded revenue in aggregate of approximately $39 million, $48 million and $47 million, respectively, from HSN and QVC as part of channel carriage fees and revenue sharing arrangements for home shopping sales made to customers in the Company’s footprint.

Liberty Broadband Combination

On November 12, 2024, Charter, Liberty Broadband, Fusion Merger Sub 1, LLC, a wholly owned subsidiary of Charter, and Fusion Merger Sub 2, Inc., a wholly owned subsidiary of Fusion Merger Sub 1, LLC, entered into an Agreement and Plan of Merger (as it may be amended or supplemented from time to time, the “Merger Agreement”), pursuant to which, subject to the terms and conditions set forth therein, Charter will acquire Liberty Broadband through the merger of Fusion Merger Sub 2, Inc. with and into Liberty Broadband (the “Merger”), with Liberty Broadband surviving the Merger and becoming an indirect wholly owned subsidiary of Charter. Immediately following the Merger, Liberty Broadband, as the surviving corporation of the Merger, will merge with and into Fusion Merger Sub 1, LLC (the “Upstream Merger” and together with the Merger, the “Liberty Broadband Combination”), with Fusion Merger Sub 1, LLC surviving the Upstream Merger as a wholly owned subsidiary of Charter.

At the effective time of the Merger (the “effective time”):

•each share of (i) Liberty Broadband Series A common stock, par value $0.01 per share (“Liberty Broadband Series A common stock”), (ii) Liberty Broadband Series B common stock, par value $0.01 per share (“Liberty Broadband Series B common stock”), and (iii) Liberty Broadband Series C common stock, par value $0.01 per share (“Liberty Broadband Series C common stock” and together with the Liberty Broadband Series A common stock and the Liberty Broadband Series B common stock, the “Liberty Broadband common stock”), in each case, issued and outstanding immediately prior to the effective time (other than certain excluded shares as set forth in the Merger Agreement) will be converted into the right to receive 0.236 of a validly issued, fully paid and nonassessable share of Charter Class A common stock, par value $0.001 per share (“Charter Class A common stock”); and
•each share of Liberty Broadband Series A cumulative redeemable preferred stock, par value $0.01 per share (“Liberty Broadband preferred stock”), issued and outstanding immediately prior to the effective time (other than excluded treasury shares as set forth in the Merger Agreement) will be converted into the right to receive one share of newly issued Charter Series A cumulative redeemable preferred stock, par value $0.001 per share (“Charter preferred stock”). The Charter preferred stock will have substantially identical terms to the Liberty Broadband preferred stock, including a mandatory redemption date of March 8, 2039.

As of December 31, 2025, Liberty Broadband’s principal assets consist of approximately 41.5 million shares of Charter Class A common stock. Pursuant to the Merger Agreement, Liberty Broadband agreed to spin off its subsidiary, GCI, LLC, which was comprised of one operating entity, GCI Holdings, LLC (“GCI”), Alaska’s largest communications provider, by way of a distribution to the stockholders of Liberty Broadband prior to the closing of the Liberty Broadband Combination (the “GCI Divestiture”). The GCI Divestiture was completed on July 14, 2025. The GCI Divestiture is expected to be taxable to Liberty Broadband and its stockholders, with Charter bearing the corporate level tax liability upon completion of the Liberty Broadband Combination. However, to the extent such corporate level tax liability exceeds $420 million, Charter will be entitled under a tax receivables agreement to the portion of the tax benefits realized by GCI corresponding to such excess. The companies currently expect the transaction to close contemporaneously with the closing of the Cox Transactions, pursuant to the terms of the Liberty Side Letter described below, unless otherwise agreed, subject to customary closing conditions.

Liberty Broadband Combination Voting Agreements

In connection with the transactions contemplated by the Merger Agreement, on November 12, 2024, Dr. Malone’s affiliated holders of shares of Liberty Broadband common stock and Liberty Broadband preferred stock (collectively, the “Malone Group) entered into a voting agreement with Charter and Liberty Broadband, pursuant to which, subject to certain conditions, the Malone Group committed to vote its shares of Liberty Broadband common stock and Liberty Broadband preferred stock representing approximately 48.5% of the total voting power of the issued and outstanding shares of Liberty Broadband common stock and Liberty Broadband preferred stock, in the aggregate, in favor of the adoption of the Merger Agreement and the approval of the transactions contemplated thereby.

In addition, on November 12, 2024, Mr. Maffei and certain related holders of shares of Liberty Broadband common stock and Liberty Broadband preferred stock (collectively, the “Maffei Group”) entered into a voting agreement with Charter and Liberty Broadband, pursuant to which, subject to certain conditions, the Maffei Group committed to vote its shares of Liberty Broadband common stock and Liberty Broadband preferred stock representing approximately 3.7% of the total voting power of the issued and outstanding shares of Liberty Broadband common stock and Liberty Broadband preferred stock, in the aggregate, in favor of the adoption of the Merger Agreement and the approval of the transactions contemplated thereby.

Stockholders and Letter Agreement Amendment

Simultaneously with the entry into the Merger Agreement, Charter, Liberty Broadband and A/N entered into the Stockholders and Letter Agreement Amendment to amend (i) the Existing Stockholders Agreement and (ii) the Existing LBB Letter Agreement. The Stockholders and Letter Agreement Amendment sets forth, among other things, the terms of Liberty Broadband’s participation in Charter’s share repurchases during the period between the execution of the Merger Agreement and the effective time of the Liberty Broadband Combination. Pursuant to the Stockholders and Letter Agreement Amendment, each month during the pendency of the proposed transaction, Charter will repurchase shares of Charter Class A common stock from Liberty Broadband in an amount equal to the greater of (i) $100 million and (ii) the Liberty Broadband minimum liquidity threshold as set forth in the Stockholders and Letter Agreement Amendment, provided that if any repurchase would reduce Liberty Broadband’s equity interest in Charter below 25.25% after giving effect to such repurchase or if all or a portion of such repurchase is not permitted under applicable law, then Charter shall instead loan to Liberty Broadband an amount equal to the lesser of (x) the repurchase amount that cannot be repurchased and (y) the Liberty Broadband minimum liquidity threshold less the repurchase amount that is repurchased, with such loan on the terms set forth in the Stockholders and Letter Agreement Amendment. From and after the date Liberty Broadband’s exchangeable debentures are no longer outstanding, the amount of monthly repurchases will be the lesser of (i) $100 million and (ii) an amount equal to the sum of (x) the amount needed in the reasonable judgment of Charter to maintain unrestricted cash on the balance sheet of Liberty Broadband and its subsidiaries (other than GCI, GCI Spinco (as defined in the Merger Agreement) and their respective subsidiaries) of $50 million plus (y) the aggregate outstanding principal amount of the Liberty Broadband margin loan. The purchase price payable by Charter to
Liberty Broadband in connection with such monthly repurchases will equal (i) the average price paid by Charter for shares of Charter Class A common stock repurchased during the immediately preceding calendar month (excluding shares repurchased from A/N and certain other excluded repurchases) or (ii) if Charter has not engaged in any repurchases of shares of Charter Class A common stock during the immediately preceding calendar month (other than any repurchases from A/N and certain other excluded repurchases), a purchase price based on a Bloomberg volume-weighted average price methodology proposed by Charter and reasonably acceptable to Liberty Broadband. Liberty Broadband will apply the proceeds from any such repurchases or borrowings from Charter to repay certain of its outstanding indebtedness in accordance with the Stockholders and Letter Agreement Amendment. The Stockholders and Letter Agreement Amendment provides that Liberty Broadband will be exempt from the standstill restrictions and the ownership cap under the Existing Stockholders Agreement to the extent its ownership in Charter exceeds such ownership cap solely as a result of the repurchase provisions in the Stockholders and Letter Agreement Amendment.

Liberty Broadband Combination Other Agreements

Simultaneously with the entry into the Merger Agreement, certain additional related agreements were entered into by Charter and Liberty Broadband, including:

•An Assumption and Joinder Agreement to Tax Sharing Agreement, by and among Charter, Liberty Broadband, Grizzly Merger Sub 1, LLC (successor to GCI Liberty, Inc. (“GCI Liberty”)) (“Grizzly Merger Sub”) and Qurate, pursuant to which Charter agrees to assume, effective at the Effective Time, Liberty Broadband’s rights and obligations under the Tax Sharing Agreement, dated as of March 9, 2018, by and between Qurate and Grizzly Merger Sub (the “Tax Sharing Agreement”). The Tax Sharing Agreement allocates responsibilities among Qurate Retail, GCI Liberty and their respective groups for various tax obligations, including any taxes imposed if the split-off transaction effected by Qurate Retail of GCI Liberty is deemed taxable (the “GCI Liberty Split-off”). The Tax Sharing Agreement also sets forth the rights and responsibilities of the parties with respect to tax return preparation and tax contests.
•An Assumption and Joinder Agreement to Indemnification Agreement, by and among Charter, Liberty Broadband, Grizzly Merger Sub, LV Bridge, LLC, Qurate and Liberty Interactive LLC (“Liberty Interactive”), pursuant to which Charter agrees to assume, effective at the Effective Time, Liberty Broadband’s rights and obligations under the Indemnification Agreement, dated as of March 9, 2018, by and among Grizzly Merger Sub, Qurate, Liberty Interactive and LV Bridge, LLC (the “Indemnification Agreement”). Under the Indemnification Agreement, GCI Liberty agreed to indemnify Liberty Interactive LLC with respect to any of Liberty Interactive’s 1.75% exchangeable debentures due 2046 (the “Liberty Charter Exchangeable Debentures”) surrendered for exchange to Liberty Interactive on or before October 5, 2023 for the amount by which the exchange value exceeds (i) the sum of the adjusted principal amount of such Liberty Charter Exchangeable Debentures plus (ii) the amount of certain tax benefits attributable to such Liberty Charter Exchangeable Debentures so exchanged. The Indemnification Agreement also provides, among other things, that Qurate Retail and GCI Liberty will indemnify each other and their respective subsidiaries, current and former directors, officers and employees, and each of their heirs, executors, trustees, administrators, successors and assigns with respect to certain potential losses in respect of the GCI Liberty Split-off.

Cox Transactions Voting Agreements

In connection with the Cox Transactions, on May 16, 2025, Liberty entered into a voting agreement with Charter and Cox Enterprises, pursuant to which, subject to certain conditions, Liberty committed to vote its shares of Charter Class A common stock beneficially owned as of the applicable record date for the applicable stockholders meeting representing, as of May 16, 2025, approximately 28% of the total voting power of the issued and outstanding shares of Charter common stock in favor of the Certificate Amendment (as defined in the Transaction Agreement) and the Equity Issuance and against any action or proposal in favor of any Columbus Acquisition Proposal (as defined in the Transaction Agreement) at any meeting of the stockholders of Charter called to vote upon such matters.

In addition, on May 16, 2025, A/N entered into a voting agreement with Charter and Cox Enterprises, pursuant to which, subject to certain conditions, A/N committed to vote its shares of Charter Class A common stock and Class B common stock beneficially owned as of the applicable record date for the applicable stockholders meeting representing, as of May 16, 2025, approximately 12% of the total voting power of the issued and outstanding shares of Charter common stock in favor of the Certificate Amendment (as defined in the Transaction Agreement) and the Equity Issuance and against any action or proposal in
favor of any Charter acquisition proposal (as defined in the Transaction Agreement) at any meeting of the stockholders of Charter called to vote upon such matters.

Liberty Side Letter

In connection with the Cox Transactions, on May 16, 2025, Charter, Liberty, Fusion Merger Sub 1, LLC and Fusion Merger Sub 2, Inc. entered into a side letter (the “Liberty Side Letter”), pursuant to which, among other things, the parties agreed to accelerate the date of the closing of Liberty’s pending transaction with Charter (the “Liberty Closing”), as contemplated by the Merger Agreement, to occur on the earlier of (a) immediately prior to the closing of the Cox Transactions, (b) the later of (i) June 30, 2027 and (ii) the third business day after all conditions set forth in the Merger Agreement have been satisfied or waived (to the extent waivable), or at such other date and time as agreed to by the parties in writing or pursuant to Section 5.11(f) of the Merger Agreement and (c) solely if the Transaction Agreement is terminated in accordance with its terms (the “Cox Transaction Termination”), at Liberty’s election, the later of (i) the tenth business day after the Cox Transaction Termination and (ii) the third business day after all conditions set forth in the Liberty Merger Agreement have been satisfied or waived (to the extent waivable), or at such other date and time as agreed to by the parties in writing or pursuant to Section 5.11(f) of the Merger Agreement.

In addition, Liberty has agreed to cause each of its director designees serving on the Board of Directors of Charter to resign, with such resignation conditioned on the occurrence of, and effective as of immediately prior to, the effective time of the Liberty Closing.

A/N Repurchase Letter Amendment

On May 16, 2025, Charter, Charter Holdings and A/N entered into the A/N Repurchase Letter Amendment to amend the Existing A/N Repurchase Letter by and between Charter and A/N, which sets forth, among other things, the updated terms of A/N’s participation in Charter’s share repurchases going forward.

Under the A/N Repurchase Letter Amendment, A/N will sell to Charter or to Charter Holdings, generally on a monthly basis, a number of shares of Charter Class A common stock or Charter Holdings common units that represents a pro rata participation by A/N and its affiliates in any repurchases of shares of Charter Class A common stock from persons other than A/N effected by Charter during the immediately preceding calendar month, at a purchase price equal to the average price paid by Charter for the shares repurchased from persons other than A/N, Liberty or Cox Enterprises during such immediately preceding calendar month and excluding repurchases in privately negotiated transactions or deemed repurchases due to cashless exercise of or payment of withholding taxes with respect to director, officer or employee equity awards of Charter. The right to participate pro rata in repurchases on the terms and conditions set forth in the A/N Repurchase Letter Amendment is effective only from the earlier of the closing of the Cox Transactions and, in the event the Transaction Agreement is terminated in accordance with its terms, the date of such termination (such earlier date, the “Trigger Date”), and Charter has the right to terminate this arrangement (i) prior to the sixth anniversary of the Trigger Date, if an unforeseen circumstance arises that would cause the continued repurchases to result in any significant adverse impact to Charter as determined by Charter in good faith or (ii) at any time after such sixth anniversary. A/N has the right to terminate or suspend the repurchase arrangement at any time. Prior to the Trigger Date, the Existing A/N Repurchase Letter shall remain in full force and continue to govern A/N’s participation in Charter’s share repurchases, subject to certain amendments set forth in the A/N Repurchase Letter Agreement.

Equity Investments
The Company has agreements with certain equity investees (see Note 6) pursuant to which the Company has made or received payments for the receipt of goods or services. The Company recorded payments to equity investees totaling $154 million, $189 million and $180 million during the years ended December 31, 2025, 2024 and 2023, respectively. 0.50 0.036 0.182 39000000 48000000 47000000 0.01 0.01 0.01 0.236 0.001 0.01 0.001 41500000 420000000 0.485 0.037 100000000 0.2525 100000000 50000000 0.28 0.12 154000000 189000000 180000000 Commitments and Contingencies
Commitments

The following table summarizes the Company’s payment obligations as of December 31, 2025 for its contractual obligations which consists of guaranteed minimum commitments, including rights negotiated directly with content owners for distribution
on company-owned channels or networks, commitments related to our role as an advertising and distribution sales agent for third party-owned channels or networks, commitments to our customer premise equipment and device vendors, contractual obligations related to third-party network augmentation and guaranteed minimum commitments under the Company’s programming contracts.

2026$4,503 
20273,463 
20282,762 
20291,046 
20301,072 
Thereafter 4,276 
$17,122 

The following items are not included in the contractual obligation table due to various factors discussed below. However, the Company incurs these costs as part of its operations:

•The Company rents utility poles used in its operations. Generally, pole rentals are cancelable on short notice, but the Company anticipates that such rentals will recur. Rent expense incurred for pole rental attachments for the years ended December 31, 2025, 2024 and 2023 was $273 million, $243 million and $230 million, respectively.
•The Company pays franchise fees under multi-year franchise agreements based on a percentage of revenues generated from video service per year. The Company also pays other franchise related costs, such as public education grants, under multi-year agreements. Franchise fees and other franchise-related costs included in the accompanying statement of operations were $526 million, $604 million and $664 million for the years ended December 31, 2025, 2024 and 2023 respectively.
•The Company has $364 million in letters of credit, of which $26 million are issued under the Charter Operating credit facility, primarily to its various casualty carriers as collateral for reimbursement of workers' compensation, auto liability and general liability claims, as well as $474 million of surety bonds.

Legal Proceedings

The California Attorney General and the Alameda County, California District Attorney are investigating whether certain of Charter’s waste disposal policies, procedures and practices are in violation of the California Business and Professions Code and the California Health and Safety Code. That investigation was commenced in January 2014. A similar investigation involving TWC was initiated in February 2012. Charter is cooperating with these investigations. While the Company is unable to predict the outcome of these investigations, it does not expect that the outcome will have a material effect on its operations, financial condition, or cash flows.

The Company is a defendant or co-defendant in several lawsuits involving alleged infringement of various intellectual property relating to various aspects of its businesses. Other industry participants are also defendants in certain of these cases or related cases. In the event that a court ultimately determines that the Company infringes on any intellectual property, the Company may be subject to substantial damages and/or an injunction that could require the Company or its vendors to modify certain products and services the Company offers to its subscribers, as well as negotiate royalty or license agreements with respect to the intellectual property at issue. While the Company believes the lawsuits are without merit and intends to defend the actions vigorously, no assurance can be given that any adverse outcome would not be material to the Company’s operations, consolidated financial condition, results of operations, or liquidity. The Company cannot predict the outcome of any such claims nor can it reasonably estimate a range of possible loss.

The Company is party to other lawsuits, claims and regulatory inquiries or investigations that arise in the ordinary course of conducting its business or in connection with the Company’s participation in government funding programs. The ultimate outcome of these other legal matters pending against the Company cannot be predicted, and although such lawsuits and claims are not expected individually to have a material adverse effect on the Company’s operations, consolidated financial condition, results of operations or liquidity, such lawsuits could have, in the aggregate, a material adverse effect on the Company’s operations, consolidated financial condition, results of operations or liquidity. Whether or not the Company ultimately prevails in any particular lawsuit or claim, litigation can be time consuming and costly and injure the Company’s reputation.
The following table summarizes the Company’s payment obligations as of December 31, 2025 for its contractual obligations which consists of guaranteed minimum commitments, including rights negotiated directly with content owners for distribution
on company-owned channels or networks, commitments related to our role as an advertising and distribution sales agent for third party-owned channels or networks, commitments to our customer premise equipment and device vendors, contractual obligations related to third-party network augmentation and guaranteed minimum commitments under the Company’s programming contracts.

2026$4,503 
20273,463 
20282,762 
20291,046 
20301,072 
Thereafter 4,276 
$17,122 
4503000000 3463000000 2762000000 1046000000 1072000000 4276000000 17122000000 273000000 243000000 230000000 526000000 604000000 664000000 364000000 26000000 474000000 Employee Benefit Plans
Pension Plans

The Company sponsors qualified and unqualified defined benefit pension plans that provide pension benefits to a majority of employees who were employed by TWC before the merger with TWC. Pension benefits are based on formulas that reflect the employees’ years of service and compensation during their employment period. Actuarial gains or losses are changes in the amount of either the benefit obligation or the fair value of plan assets resulting from experience different from that assumed or from changes in assumptions. The Company has elected to follow a mark-to-market pension accounting policy for recording the actuarial gains or losses annually during the fourth quarter, or earlier if a remeasurement event occurs during an interim period.

In 2023, the Company announced plans to fully terminate the qualified pension plan and purchased a buy-in group annuity contract (“GAC”) from a highly rated insurer. In 2025, pension obligations were distributed through lump sum payments to eligible participants who elected such payments. In December 2025, the buy-in GAC was converted to a buy-out with the remaining settlement obligation of $1.3 billion transferred to the insurer. The settlement of the qualified pension plan resulted in excess plan assets of approximately $131 million which were used as a qualified retirement plan transfer to the Company’s defined contribution benefit plans. The remaining $17 million projected benefit obligation as of December 31, 2025 is related to the Company’s unfunded unqualified pension plan.

Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below:
20252024
Projected benefit obligation at beginning of year$2,206 $2,426 
Interest cost95 108 
Actuarial (gain) loss38 (141)
GAC settlement transfer of obligations(1,339)— 
Lump sum cash settlement(924)(127)
Benefits paid(59)(60)
Projected benefit obligation at end of year
$17 $2,206 
Accumulated benefit obligation at end of year $17 $2,206 
Fair value of plan assets at beginning of year$2,313 $2,553 
Actual return on plan assets137 (56)
Employer contributions3 3 
GAC settlement transfer of obligations(1,339)— 
Lump sum cash settlement(924)(127)
Transfer to defined contribution plans(131)— 
Benefits paid(59)(60)
Fair value of plan assets at end of year $— $2,313 
Funded (unfunded) status$(17)$107 
The components of net periodic benefit (cost) for the years ended December 31, 2025, 2024 and 2023 consisted of the following:

Year Ended December 31,
202520242023
Interest cost$(95)$(108)$(117)
Expected return on plan assets96 113 124 
Remeasurement gain (loss)3 (28)(223)
Net periodic pension benefit (costs)$4 $(23)$(216)

The remeasurement gain recorded during the year ended December 31, 2025 was primarily driven by an actuarial gain from greater than expected lump sum take rate net of estimated plan termination costs. The remeasurement loss recorded during the year ended December 31, 2024 was primarily driven by losses to record pension assets to fair value. The remeasurement loss recorded during the year ended December 31, 2023 primarily reflects the measurement of the projected benefit obligations under a plan termination basis.

The discount rate used to determine benefit obligations as of December 31, 2024 was 5.08%. The Company utilized the 417(e) Applicable Mortality Table for lump sums for the portion of the benefit obligation not covered by the GAC as of December 31, 2024.

Weighted average assumptions used to determine net periodic benefit costs consisted of the following:

Year ended December 31,
202520242023
Expected long-term rate of return on plan assets5.00 %5.00 %5.00 %
Discount rate 5.08 %4.65 %5.46 %

In developing the expected long-term rate of return on plan assets, the Company considered the pension portfolio’s composition, past average rate of earnings and the Company’s future asset allocation targets. The Company determined the discount rates used to determine benefit obligations and net periodic pension benefit (costs) based on the yield of a large population of high-quality corporate bonds with cash flows sufficient in timing and amount to settle projected future defined benefit payments.

Pension Plan Assets

The assets of the qualified pension plan were held in a master trust in which the qualified pension plan was the only participating plan (the “Master Trust”). The following tables set forth the investment assets of the qualified pension plan by level within the fair value hierarchy as of December 31, 2024. In December 2025, following the settlement of the qualified
pension plan benefit obligation, the excess plan assets were used as a qualified retirement plan transfer to the Company’s defined contribution benefit plans.

December 31, 2024
Fair ValueLevel 2Level 3
Collective trust funds(a)
$806 $806 $— 
Group annuity contract(b)
1,363 — 1,363 
Total investment assets2,169 $806 $1,363 
Accrued investment income and other receivables2 
Investments measured at net asset value(c)
142 
Fair value of plan assets$2,313 

(a)Collective trust funds consist of short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding.
(b)In June 2023, the Company purchased a buy-in GAC which was initially recorded at the $1.4 billion purchase price and subsequently adjusted to fair value using changes to market conditions impacting the cash flow assumptions that were priced into the original contract. In December 2025, the buy-in GAC was converted to a buy-out with the remaining settlement obligation transferred to the insurer.
(c)As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. The primary investment classes include alternative and real estate funds. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes.

The following table represents a rollforward of the GAC, which consist of Level 3 assets, as of December 31, 2025:
Year Ended December 31,
20252024
Balance, beginning of period$1,363 $1,464 
GAC buy-out(1,339)— 
Unrealized loss(24)(101)
Balance, end of period$— $1,363 
Defined Contribution Benefit Plans
The Company’s employees may participate in the Charter Communications, Inc. 401(k) Savings Plan (the “401(k) Plan”). Employees that qualify for participation can contribute up to 50% of their salary, on a pre-tax basis, subject to a maximum contribution limit as determined by the IRS. The Company’s matching contribution is discretionary and is equal to 100% of the amount of the salary reduction the participant elects to defer (up to 6% of the participant’s eligible compensation), excluding any catch-up contributions and is paid by the Company on a per pay period basis. 

For employees who are not eligible to participate in the Company’s long-term incentive plan and who are not covered by a collective bargaining agreement, the Company offers a contribution to the Retirement Accumulation Plan ("RAP"), equal to 3% of eligible pay. The Company made contributions to the 401(k) plan and RAP totaling $546 million, $574 million and $566 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Employee Stock Purchase Plan
The Company’s Employee Stock Purchase Plan (“ESPP”) allows employees who are not eligible to participate in the Company’s long-term incentive plan to contribute up to 15% of their eligible earnings or $2,500, whichever is lower, toward
the semi-annual purchase of shares of Charter Class A common stock. Participants also receive a matching grant of restricted stock units on the date of purchase, the size of which is determined based on the employee’s tenure. Shares of Charter Class A common stock purchased under the ESPP must be held for three years following the date of purchase in order for the matching restricted stock unit grant to cliff vest three years from the date of grant, subject to the participant remaining employed through that date. The ESPP allows for the issuance of 1.5 million shares of Charter Class A common stock. The number of shares issued under the ESPP was 168,269 during the year ended December 31, 2025.
The Company sponsors qualified and unqualified defined benefit pension plans that provide pension benefits to a majority of employees who were employed by TWC before the merger with TWC. Pension benefits are based on formulas that reflect the employees’ years of service and compensation during their employment period. Actuarial gains or losses are changes in the amount of either the benefit obligation or the fair value of plan assets resulting from experience different from that assumed or from changes in assumptions. The Company has elected to follow a mark-to-market pension accounting policy for recording the actuarial gains or losses annually during the fourth quarter, or earlier if a remeasurement event occurs during an interim period.
1300000000 131000000 -17000000
Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below:
20252024
Projected benefit obligation at beginning of year$2,206 $2,426 
Interest cost95 108 
Actuarial (gain) loss38 (141)
GAC settlement transfer of obligations(1,339)— 
Lump sum cash settlement(924)(127)
Benefits paid(59)(60)
Projected benefit obligation at end of year
$17 $2,206 
Accumulated benefit obligation at end of year $17 $2,206 
Fair value of plan assets at beginning of year$2,313 $2,553 
Actual return on plan assets137 (56)
Employer contributions3 3 
GAC settlement transfer of obligations(1,339)— 
Lump sum cash settlement(924)(127)
Transfer to defined contribution plans(131)— 
Benefits paid(59)(60)
Fair value of plan assets at end of year $— $2,313 
Funded (unfunded) status$(17)$107 
2206000000 2426000000 95000000 108000000 38000000 -141000000 1339000000 0 924000000 127000000 59000000 60000000 17000000 2206000000 17000000 2206000000 2313000000 2553000000 137000000 -56000000 3000000 3000000 1339000000 0 924000000 127000000 -131000000 0 59000000 60000000 0 2313000000 -17000000 107000000
The components of net periodic benefit (cost) for the years ended December 31, 2025, 2024 and 2023 consisted of the following:

Year Ended December 31,
202520242023
Interest cost$(95)$(108)$(117)
Expected return on plan assets96 113 124 
Remeasurement gain (loss)3 (28)(223)
Net periodic pension benefit (costs)$4 $(23)$(216)
95000000 108000000 117000000 96000000 113000000 124000000 3000000 -28000000 -223000000 -4000000 23000000 216000000 0.0508
Weighted average assumptions used to determine net periodic benefit costs consisted of the following:

Year ended December 31,
202520242023
Expected long-term rate of return on plan assets5.00 %5.00 %5.00 %
Discount rate 5.08 %4.65 %5.46 %
0.0500 0.0500 0.0500 0.0508 0.0465 0.0546 The following tables set forth the investment assets of the qualified pension plan by level within the fair value hierarchy as of December 31, 2024. In December 2025, following the settlement of the qualified
pension plan benefit obligation, the excess plan assets were used as a qualified retirement plan transfer to the Company’s defined contribution benefit plans.

December 31, 2024
Fair ValueLevel 2Level 3
Collective trust funds(a)
$806 $806 $— 
Group annuity contract(b)
1,363 — 1,363 
Total investment assets2,169 $806 $1,363 
Accrued investment income and other receivables2 
Investments measured at net asset value(c)
142 
Fair value of plan assets$2,313 

(a)Collective trust funds consist of short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding.
(b)In June 2023, the Company purchased a buy-in GAC which was initially recorded at the $1.4 billion purchase price and subsequently adjusted to fair value using changes to market conditions impacting the cash flow assumptions that were priced into the original contract. In December 2025, the buy-in GAC was converted to a buy-out with the remaining settlement obligation transferred to the insurer.
(c)As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. The primary investment classes include alternative and real estate funds. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes.
806000000 806000000 0 1363000000 0 1363000000 2169000000 806000000 1363000000 2000000 142000000 2313000000 1400000000
The following table represents a rollforward of the GAC, which consist of Level 3 assets, as of December 31, 2025:
Year Ended December 31,
20252024
Balance, beginning of period$1,363 $1,464 
GAC buy-out(1,339)— 
Unrealized loss(24)(101)
Balance, end of period$— $1,363 
1363000000 1464000000 -1339000000 0 -24000000 -101000000 0 1363000000 0.50 1 0.06 0.03 546000000 574000000 566000000 0.15 2500 P3Y P3Y 1500000 168269 Recently Issued Accounting Standards
Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”)

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, that addresses requests for improved income tax disclosures from investors, lenders, creditors, and other allocators of capital that use the financial statements to make capital allocation decisions. The standard requires enhanced disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how a company’s operations and related tax risks and tax planning and operational opportunities affect the company’s tax rate and prospects for future cash flows. ASU 2023-09 improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 (year ending December 31, 2025 for the Company). The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a retrospective basis (see Note 17).

ASU No. 2024-03, Disaggregation of Income Statement Expenses - DISE (“ASU 2024-03”)

In November 2024, the FASB issued ASU 2024-03, that requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. Qualitative disclosures about any remaining amounts in relevant expense line items must be provided. Separate disclosures of total selling expenses and an entity’s definition of those expenses are also required. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 (year ending December 31, 2027 for the Company). Early adoption is permitted. The Company expects the adoption of the standard to result in additional disaggregation of expense captions within its footnote disclosures.

ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (“Subtopic 350-40”): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”)

In September 2025, the FASB issued ASU 2025-06, which amends certain aspects of the accounting for and disclosure of software costs under Subtopic 350-40. The amendments improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, including methods that entities may use to develop software in the future. ASU 2025-06 is effective for annual periods beginning after December 15, 2027 (year ending December 31, 2028 for the Company). The Company is currently evaluating the impact the adoption of ASU 2025-06 will have on its consolidated financial statements.

ASU No. 2025-10, Accounting for Government Grants Received by Business Entities (“ASU 2025-10”)

In December 2025, the FASB issued ASU 2025-10, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. ASU 2025-10 is effective for annual periods beginning after December 15, 2028 (year ending December 31, 2029 for the Company). The Company is currently evaluating the impact the adoption of ASU 2025-10 will have on its consolidated financial statements.
Parent Company Only Financial Statements
As the result of limitations on, and prohibitions of, distributions, substantially all of the net assets of the consolidated subsidiaries are restricted from distribution to Charter, the parent company. The following condensed parent-only financial statements of Charter account for the investment in Charter Holdco under the equity method of accounting. Comprehensive
income equaled net income for the years ended December 31, 2025, 2024 and 2023. The financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto.

Charter Communications, Inc. (Parent Company Only)
Condensed Balance Sheets
December 31,
20252024
ASSETS
Receivables from related party$30 $10 
Prepaid expenses and other current assets160 19 
Investment in subsidiaries36,614 35,494 
Other noncurrent assets39 21 
Total assets$36,843 $35,544 
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities$53 $397 
Deferred income taxes19,771 18,749 
Loans payable - related party49 50 
Other long-term liabilities916 761 
Shareholder's equity16,054 15,587 
Total liabilities and shareholder's equity$36,843 $35,544 

Charter Communications, Inc. (Parent Company Only)
Condensed Statements of Operations
Year Ended December 31,
202520242023
REVENUES$3 $3 $1 
COSTS AND EXPENSES:
Operating costs and expenses 3 3 1 
Other operating income, net— — (60)
3 3 (59)
Income from operations— — 60 
OTHER INCOME (EXPENSES):
Interest expense, net(4)(4)(4)
Equity in income of subsidiaries6,644 6,640 6,021 
6,640 6,636 6,017 
Income before income taxes6,640 6,636 6,077 
Income tax expense(1,653)(1,553)(1,520)
Net income$4,987 $5,083 $4,557 
Charter Communications, Inc. (Parent Company Only)
Condensed Statements of Cash Flows
Year Ended December 31,
202520242023
NET CASH FLOWS FROM OPERATING ACTIVITIES$(1,027)$(1,389)$(1,364)
CASH FLOWS FROM INVESTING ACTIVITIES:
Contribution to subsidiaries(718)(425)(152)
Distributions from subsidiaries6,892 2,960 4,711 
Other, net(45)— — 
Net cash flows from investing activities6,129 2,535 4,559 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options20 32 22 
Purchase of treasury stock(5,132)(1,213)(3,215)
Net cash flows from related party loans(2)35 (2)
Other, net12 — — 
Net cash flows from financing activities(5,102)(1,146)(3,195)
NET INCREASE IN CASH AND CASH EQUIVALENTS— — — 
CASH AND CASH EQUIVALENTS, beginning of period— — — 
CASH AND CASH EQUIVALENTS, end of period$— $— $— 
The following condensed parent-only financial statements of Charter account for the investment in Charter Holdco under the equity method of accounting. Comprehensive
income equaled net income for the years ended December 31, 2025, 2024 and 2023. The financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto.

Charter Communications, Inc. (Parent Company Only)
Condensed Balance Sheets
December 31,
20252024
ASSETS
Receivables from related party$30 $10 
Prepaid expenses and other current assets160 19 
Investment in subsidiaries36,614 35,494 
Other noncurrent assets39 21 
Total assets$36,843 $35,544 
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities$53 $397 
Deferred income taxes19,771 18,749 
Loans payable - related party49 50 
Other long-term liabilities916 761 
Shareholder's equity16,054 15,587 
Total liabilities and shareholder's equity$36,843 $35,544 

Charter Communications, Inc. (Parent Company Only)
Condensed Statements of Operations
Year Ended December 31,
202520242023
REVENUES$3 $3 $1 
COSTS AND EXPENSES:
Operating costs and expenses 3 3 1 
Other operating income, net— — (60)
3 3 (59)
Income from operations— — 60 
OTHER INCOME (EXPENSES):
Interest expense, net(4)(4)(4)
Equity in income of subsidiaries6,644 6,640 6,021 
6,640 6,636 6,017 
Income before income taxes6,640 6,636 6,077 
Income tax expense(1,653)(1,553)(1,520)
Net income$4,987 $5,083 $4,557 
Charter Communications, Inc. (Parent Company Only)
Condensed Statements of Cash Flows
Year Ended December 31,
202520242023
NET CASH FLOWS FROM OPERATING ACTIVITIES$(1,027)$(1,389)$(1,364)
CASH FLOWS FROM INVESTING ACTIVITIES:
Contribution to subsidiaries(718)(425)(152)
Distributions from subsidiaries6,892 2,960 4,711 
Other, net(45)— — 
Net cash flows from investing activities6,129 2,535 4,559 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options20 32 22 
Purchase of treasury stock(5,132)(1,213)(3,215)
Net cash flows from related party loans(2)35 (2)
Other, net12 — — 
Net cash flows from financing activities(5,102)(1,146)(3,195)
NET INCREASE IN CASH AND CASH EQUIVALENTS— — — 
CASH AND CASH EQUIVALENTS, beginning of period— — — 
CASH AND CASH EQUIVALENTS, end of period$— $— $— 
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