Charter Communications (CHTR.O): Charter Reports Underwhelming 2Q26 Results with Greater Broadband Revenue Erosion

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Charter Communications (CHTR.O): Charter Reports Underwhelming 2Q26 Results with Greater Broadband Revenue Erosion

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24 Jul 2026 08:44:49 ET │ 15 pages

Charter Communications (CHTR.O)

Charter Reports Underwhelming 2Q26 Results with Greater Broadband

Revenue Erosion

CITI'S TAKE Buy

Price (23 Jul 26 16:00) US$126.50 Charter reported an underwhelming 2Q with a larger EBITDA decline of -

Target price US$190.00 3.2% yoy (excluding transition expenses) on weaker broadband results

with respect to losses of -172k and greater broadband ARPU erosion of - Expected share price return 50.2%

1.5% to $70. Overall revenue was fine on what was likely higher equipment Expected dividend yield 0.0%

sales with surprisingly better wireless net adds of 406k that outperformed Expected total return 50.2%

our estimate and consensus. Commercial revenue performance was better Market Cap US$15,558M

in SMB and Enterprise. Charter continues to guide towards declining

capital intensity beginning in 2027 that should support significantly better

annual FCF. We will look for an update on the path forward for its

broadband business, while the underperformance remains an ongoing risk Michael Rollins, CFAAC

for valuation. We believe CHTR shares may trade lower near-term given +1-212-816-1116

that results infer a further erosion in EBITDA for 2026 relative to our michael.rollins@citi.com

estimates and consensus. Our Buy on CHTR has been largely based on Caitlyn Walsh

valuation and improving forward FCF. +1-212-816-6692

caitlyn.walsh@citi.com

By The Numbers — For2Q26, Charter reported total revenues of $13.5B, with a 1.7% Roberta Versiani

yoy decline, aboveour estimate of $13.4B and in line with Visible Alpha consensus. +1-212-816-5071

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