Key Financial Data
- Q4 Total revenue: $13.6 billion (-2.3% year-over)
- Q4 Net income: $1.3 billion (-9.1%)
- Q4 Broadband revenue: $5.9 billion (+0.7%)
- Q4 Mobile services revenue: $973 million (+13.1%)
- Q4 Video revenue: $3.2 billion (-10.3%)
- Q4 Residential services revenue: $10.4 billion (-2.4%)
- Q4 Commercial services revenue: $1.8 billion (+0.3%)
- FY25 Total revenue: $54.8 billion (-0.6%)
- FY25 Net income: $5 billion (-1.9%)
- Total broadband relationships: 29.7 million (-1.3%)
- Total video relationships: 12.6 million (-2%)
- Q4 Net broadband additions: -119,000
- Q4 Net video additions: 44,000
- Total voice customers: 6 million (-12.2%)
- Total mobile lines served: 11.8 million (+19.4%)
- Q4 Net mobile line additions: +428,000
- Read more Q4 media earnings coverage
Charter reported a rare increase in sign-ups to its Spectrum TV product during the last three months of 2025, though the company’s overall financial struggles continued as it dealt with ongoing losses in its higher-margin broadband Internet product.
During the fourth quarter (Q4) of the year, Charter brought in $13.6 billion in revenue, down 2.3 percent on a year-over basis. The company ended the year with $54.8 billion in overall revenue, down nearly 1 percent compared to 2024.
Broadband losses continued at Charter, with 119,000 customers disconnecting their Spectrum Internet service, despite guarantees made on price and customer service over the past few months.
Things were brighter at Spectrum TV, as customers appeared swayed by the company’s more-flexible programming packages and inclusion of network-owned streaming apps like the ad-supported tiers of Peacock, Hulu, Disney Plus, ESPN Unlimited, AMC Plus and HBO Max at no extra cost.
Growth at Spectrum TV was likely attributed to existing business from Spectrum Internet, not new customer additions to the company entirely. As Internet subscribers sampled across different streaming services, Spectrum did a better job marketing the aggregate savings of their streaming offerings through Spectrum TV — the company says customers can save more than $100 per month off the retail cost of each streaming subscription when they activate courtesy accounts through Spectrum TV, rather than signing up for each service on their own.
Some companies have chosen to exit the pay TV business entirely as part of a more-concerted focus on fiber Internet service, which generates better business margins. By comparison, pay TV has been afflicted by higher distribution fees charged by programmers like Disney, Fox, NBC Universal and Paramount and local broadcast stations owners like Sinclair, TEGNA, Nexstar and Cox Media Group.
Two years ago, Charter reasoned that broadcasters and programmers could charge customers more for their channels, but only if the company was given greater flexibility to move lower-viewed channels around different packages or drop them entirely. Charter also wanted — and got — an agreement that allowed them to purchase access to network-owned streaming apps at wholesale rates, which allowed them to bundle those apps into their pay TV packages.
Stock Price
The bet on bundling streaming apps with linear channels didn’t pay off at first. The fourth quarter (Q4) earnings report released on Thursday was the first time that Charter could point to pay TV growth after two years of bundling its linear TV channels with streaming apps.
But that growth didn’t translate into better business where it counts: Money. Charter logged a 10 percent year-over decline in video revenue, ending Q4 with just $3.2 billion. By comparison, Internet revenue ticked up nearly 1 percent to $5.9 billion, despite Charter losing 119,000 customers in that business.
On a conference call with investors, Charter CEO Chris Winfrey pointed to his company’s wins where he could. For the moment, that’s in pay TV growth.
“Our goal is to have a video product that supports broadband acquisition and broadband retention,” Winfrey said. “I think that’s a powerful tool to do that, if we can provide value and utility for customers.”
Translations: Within Charter, pay TV is no longer viewed as its own product capable of generating sizable returns. Instead, pay TV is a value add for broadband customers — a way to lure new customers to Spectrum Internet, and keep them there with bundled opportunities that unlock live sports and news on traditional TV channels with entertainment and some ancillary sports on nearly a dozen streaming apps that are included in most plans.
Like other broadband companies, Charter also experienced rapid growth in its wireless sector, with Spectrum Mobile adding 428,000 new lines during Q4. Charter ended the year with 11.8 million mobile lines served — a number that doesn’t translate directly to customers, since some subscribers have multiple lines of service through the company.
Charter requires customers to have Spectrum Internet in order to sign up for Spectrum Mobile. The cost of Spectrum Mobile’s unlimited phone plans undercuts similar offerings from the larger carriers, including Verizon, whose network Charter uses for Spectrum Mobile.
Wall Street reacted positively to Charter’s growth in pay TV and mobile, sending the stock price up more than 10 percent in early market trading. Charter’s stock price was trading around 8 percent higher by mid-afternoon, according to TradingView.
