Charter Q1 Revenue Slides 1.0% to $13.6B, Adds 368K Mobile Lines
Charter’s Q1 revenue fell 1.0% year-over-year to $13.6 billion with net income of $1.2 billion and Adjusted EBITDA down 2.2% to $5.6 billion. Spectrum Mobile added 368,000 lines (up to 12.1 million), Internet subscribers dipped 120,000 (to 29.6 million), and free cash flow fell to $1.4 billion.
1. Financial Performance
Charter reported first quarter revenue of $13.6 billion, down 1.0% year-over-year, driven by lower residential video revenue. Net income attributable to shareholders was $1.2 billion, while Adjusted EBITDA declined 2.2% to $5.6 billion, reflecting transition expenses and modest residential connectivity growth of 0.9%.
2. Subscriber Trends
Spectrum Mobile added 368,000 net lines in the quarter, bringing total mobile lines to 12.1 million, up 17.1% year-over-year. Conversely, Spectrum Internet customers declined by 120,000 to 29.6 million, contributing to a 1.5% drop in total customer relationships to 31.7 million.
3. Cash Flow and Capital Allocation
Charter generated $4.3 billion in operating cash flow but free cash flow fell to $1.4 billion from $1.6 billion due to $2.9 billion in capital expenditures, including $812 million of line extensions. The company repurchased 4.3 million shares for $963 million in the quarter.