Diverging Paths: 2Q26 Cable & Telecom Earnings Review

Research evidence excerpt

Diverging Paths: 2Q26 Cable & Telecom Earnings Review

J P M O R G A N North America Credit Research

30 July 2026

Diverging Paths

2Q26 Cable & Telecom Earnings Review

• 2Q Cable and Telecom earnings highlighted an increasingly complex North American Corporate Credit –

competitive landscape, with operators balancing execution in their core Tech, Media, & Telecom (IG)

businesses while adapting to shifting technologies, convergence and Erica R Spear AC

strategic priorities. Today, we offer updated ratings and relative value views (1-212) 834-4143

across the IG Cable and Telecom space, before turning to a deep dive into sector erica.spear@jpmchase.com

trends and overall issuer performance the quarter. Quinn Degen

(1-212) 270-0091

• Results offered a modestly more constructive picture across Telecom and roger.degen@jpmchase.com

Cable, with wireless trends generally improving while Cable J.P. Morgan Securities LLC

fundamentals remained challenged. Management commentary suggested

competitive intensity has become more rational in wireless, although the long-

term implications of satellite-based competition remain an overhang. In

Cable, subscriber pressures persisted and operators continued to

prioritize broadband and convergence initiatives, while maintaining

relatively disciplined capital allocation in the face of slowing EBITDA growth.

Against this backdrop, investors also remained focused on longer-term

strategic questions, including the path for industry consolidation following

Comcast’s planned separation of its Cable and Media businesses.

• We are downgrading Charter's senior secured notes to Neutral from

Overweight today. While valuations continue to look reasonable relative to

many areas of the IG market, we were underwhelmed by the quarter overall,