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Oracle Announces Fiscal 2025 Second Quarter Financial Results

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Q2 GAAP Earnings per Share up 24% to $1.10, Non-GAAP Earnings per Share up 10% to $1.47Q2 Total Revenue $14.1 billion, up 9% in both USD and constant currencyQ2 Total Remaining Performance Obligations $97 billion, up 49% in USD & 50% in constant currencyQ2 Cloud Revenue (IaaS plus SaaS) $5.9 billion, up 24% in both USD and constant currencyQ2 Cloud Infrastructure (IaaS) Revenue $2.4 billion, up 52% in both USD and constant currencyQ2 Cloud Application (SaaS) Revenue $3.5 billion, up 10% in both USD and constant currencyQ2 Fusion Cloud ERP (SaaS) Revenue $0.9 billion, up 18% in both USD and constant currencyQ2 NetSuite Cloud ERP (SaaS) Revenue $0.9 billion, up 20% in USD and 19% in constant currency

AUSTIN, Texas, Dec. 9, 2024 /PRNewswire/ — Oracle Corporation (NYSE: ORCL) today announced fiscal 2025 Q2 results. Total quarterly revenues were up 9% year-over-year, in both USD and constant currency, to $14.1 billion. Cloud services and license support revenues were up 12% year-over-year, in both USD and constant currency, to $10.8 billion. Cloud license and on-premise license revenues were up 1% in USD and up 3% in constant currency, to $1.2 billion.  

Q2 GAAP operating income was $4.2 billion. Non-GAAP operating income was $6.1 billion, up 10% in both USD and constant currency. GAAP operating margin was 30%, and non-GAAP operating margin was 43%. GAAP net income was $3.2 billion. Non-GAAP net income was $4.2 billion, up 12% in both USD and constant currency. Q2 GAAP earnings per share was $1.10, up 24% in USD and up 23% in constant currency, while non-GAAP earnings per share was $1.47, up 10% in both USD and constant currency.

Short-term deferred revenues were $9.4 billion. Over the last twelve months, operating cash flow was $20.3 billion and free cash flow was $9.5 billion.

“Record level AI demand drove Oracle Cloud Infrastructure revenue up 52% in Q2, a much higher growth rate than any of our hyperscale cloud infrastructure competitors,” said Oracle CEO, Safra Catz. “Growth in the AI segment of our Infrastructure business was extraordinary—GPU consumption was up 336% in the quarter—and we delivered the world’s largest and fastest AI SuperComputer scaling up to 65,000 NVIDIA H200 GPUs. With our remaining performance obligation (RPO) up 50% to $97 billion, we believe our already impressive growth rates will continue to climb even higher. This fiscal year, total Oracle Cloud revenue should top $25 billion.”

“Oracle Cloud Infrastructure trains several of the world’s most important generative AI models because we are faster and less expensive than other clouds,” said Oracle Chairman and CTO, Larry Ellison. “And we just signed an agreement with Meta—for them to use Oracle’s AI Cloud Infrastructure—and collaborate with Oracle on the development of AI Agents based on Meta’s Llama models. The Oracle Cloud trains dozens of specialized AI models and embeds hundreds of AI Agents in cloud applications. For example, Oracle’s AI Agents automate drug design, image and genomic analysis for cancer diagnostics, audio updates to electronic health records for patient care, satellite image analysis to predict and improve agricultural output, fraud and money laundering detection, dual-factor biometric computer logins, and real time video weapons detection in schools. Oracle trained AI models and AI Agents will improve the rate of scientific discovery, economic development and corporate growth throughout the world. The scale of the opportunity is unimaginable.”

The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on January 9, 2025, with a payment date of January 23, 2025.

A sample list of customers which purchased Oracle Cloud services during the quarter will be available at www.oracle.com/customers/earnings/.A list of recent technical innovations and announcements is available at www.oracle.com/news/.To learn what industry analysts have been saying about Oracle’s products and services see www.oracle.com/corporate/analyst-reports/.

Earnings Conference Call and Webcast

Oracle will hold a conference call and webcast today to discuss these results at 4:00 p.m. Central. A live and replay webcast will be available on the Oracle Investor Relations website at www.oracle.com/investor/.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks

Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

“Safe Harbor” Statement: Statements in this press release relating to future plans, expectations, beliefs, intentions and prospects, including the expectations for converting the Remaining Performance Obligations to revenue, future total Oracle Cloud revenue this fiscal year and the scale of opportunity for Oracle trained AI models and AI Agents, are “forward-looking statements” and are subject to material risks and uncertainties. Risks and uncertainties that could affect our current expectations and our actual results, include, among others: our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services, including our AI products; our management of complex cloud and hardware offerings, including the sourcing of technologies and technology components; our ability to secure data center capacity; significant coding, manufacturing or configuration errors in our offerings; risks associated with acquisitions; economic, political and market conditions; information technology system failures, privacy and data security concerns; cybersecurity breaches; unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or by contacting Oracle’s Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/. All information set forth in this press release is current as of December 9, 2024. Oracle undertakes no duty to update any statement in light of new information or future events.

 

ORACLE  CORPORATION

Q2 FISCAL 2025 FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions, except per share data)

Three Months Ended November 30,

% Increase

% Increase

(Decrease)

% of

% of

(Decrease)

in Constant

2024

Revenues

2023

Revenues

in US $

Currency (1)

REVENUES

Cloud services and license support

$         10,806

77 %

$           9,639

74 %

12 %

12 %

Cloud license and on-premise license

1,195

9 %

1,178

9 %

1 %

3 %

Hardware

728

5 %

756

6 %

(4 %)

(3 %)

Services

1,330

9 %

1,368

11 %

(3 %)

(3 %)

      Total revenues

14,059

100 %

12,941

100 %

9 %

9 %

OPERATING EXPENSES

Cloud services and license support

2,746

19 %

2,274

17 %

21 %

21 %

Hardware

172

1 %

213

2 %

(20 %)

(19 %)

Services

1,167

8 %

1,253

10 %

(7 %)

(7 %)

Sales and marketing

2,190

16 %

2,093

16 %

5 %

5 %

Research and development

2,471

18 %

2,226

17 %

11 %

11 %

General and administrative

387

3 %

375

3 %

3 %

3 %

Amortization of intangible assets

591

4 %

755

6 %

(22 %)

(22 %)

Acquisition related and other

31

0 %

47

0 %

(34 %)

(33 %)

Restructuring

84

1 %

83

1 %

0 %

1 %

      Total operating expenses

9,839

70 %

9,319

72 %

6 %

6 %

OPERATING INCOME

4,220

30 %

3,622

28 %

17 %

16 %

Interest expense

(866)

(6 %)

(888)

(7 %)

(3 %)

(3 %)

Non-operating income (expenses), net

36

0 %

(14)

0 %

*

*

INCOME BEFORE INCOME TAXES

3,390

24 %

2,720

21 %

25 %

24 %

Provision for income taxes

239

2 %

217

2 %

11 %

10 %

NET INCOME

$           3,151

22 %

$           2,503

19 %

26 %

26 %

EARNINGS PER SHARE:

Basic

$              1.13

$              0.91

Diluted

$              1.10

$              0.89

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

2,790

2,746

Diluted

2,869

2,817

(1)

We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the three months ended November 30, 2024 compared with the corresponding prior year period increased our operating income by 1 percentage point.

   *

Not meaningful

 

ORACLE  CORPORATION

Q2 FISCAL 2025 FINANCIAL RESULTS

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)

($ in millions, except per share data)

Three Months Ended November 30,

% Increase
(Decrease)
in US $

% Increase
(Decrease)
in Constant
Currency (2)

2024

2024

2023

2023

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

TOTAL REVENUES

$       14,059

$            –

$       14,059

$       12,941

$            –

$       12,941

9 %

9 %

9 %

9 %

TOTAL OPERATING EXPENSES

$         9,839

$   (1,876)

$         7,963

$         9,319

$   (1,914)

$         7,405

6 %

8 %

6 %

8 %

     Stock-based compensation (3)

1,170

(1,170)

1,029

(1,029)

14 %

*

14 %

*

     Amortization of intangible assets (4)

591

(591)

755

(755)

(22 %)

*

(22 %)

*

     Acquisition related and other

31

(31)

47

(47)

(34 %)

*

(33 %)

*

     Restructuring

84

(84)

83

(83)

0 %

*

1 %

*

OPERATING INCOME

$         4,220

$     1,876

$         6,096

$         3,622

$     1,914

$         5,536

17 %

10 %

16 %

10 %

OPERATING MARGIN %

30 %

43 %

28 %

43 %

203 bp.

58 bp.

196 bp.

52 bp.

INCOME TAX EFFECTS (5)

$            239

$        820

$         1,059

$            217

$        655

$            872

11 %

22 %

10 %

21 %

NET INCOME

$         3,151

$     1,056

$         4,207

$         2,503

$     1,259

$         3,762

26 %

12 %

26 %

12 %

DILUTED EARNINGS PER SHARE

$           1.10

$           1.47

$           0.89

$           1.34

24 %

10 %

23 %

10 %

DILUTED WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING

2,869

2,869

2,817

2,817

2 %

2 %

2 %

2 %

(1)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2)

We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods.

(3)

Stock-based compensation was included in the following GAAP operating expense categories:

Three Months Ended

Three Months Ended

November 30, 2024

November 30, 2023

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

     Cloud services and license support

$            158

$      (158)

$               –

$            137

$      (137)

$               –

     Hardware

8

(8)

6

(6)

     Services

53

(53)

45

(45)

     Sales and marketing

195

(195)

174

(174)

     Research and development

657

(657)

573

(573)

     General and administrative

99

(99)

94

(94)

           Total stock-based compensation

$         1,170

$   (1,170)

$               –

$         1,029

$   (1,029)

$               –

(4)

Estimated future annual amortization expense related to intangible assets as of November 30, 2024 was as follows:

     Remainder of fiscal 2025

$         1,092

     Fiscal 2026

1,639

     Fiscal 2027

672

     Fiscal 2028

635

     Fiscal 2029

561

     Fiscal 2030

522

     Thereafter

558

           Total intangible assets, net

$         5,679

(5)

Income tax effects were calculated reflecting an effective GAAP tax rate of 7.1% and 8.0% in the second quarter of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 20.1% and 18.8% in the second quarter of fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the second quarters of fiscal 2025 and 2024 was primarily due to the net tax effects related to stock-based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure.

*

Not meaningful

 

ORACLE  CORPORATION

Q2 FISCAL 2025 YEAR TO DATE FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions, except per share data)

Six Months Ended November 30,

% Increase

% Increase

(Decrease)

% of

% of

(Decrease)

in Constant

2024

Revenues

2023

Revenues

in US $

Currency (1)

REVENUES

Cloud services and license support

$         21,324

78 %

$         19,186

75 %

11 %

11 %

Cloud license and on-premise license

2,065

8 %

1,987

8 %

4 %

5 %

Hardware

1,383

5 %

1,470

6 %

(6 %)

(5 %)

Services

2,594

9 %

2,751

11 %

(6 %)

(5 %)

      Total revenues

27,366

100 %

25,394

100 %

8 %

8 %

OPERATING EXPENSES

Cloud services and license support

5,344

20 %

4,452

18 %

20 %

20 %

Hardware

333

1 %

432

2 %

(23 %)

(22 %)

Services

2,314

8 %

2,465

10 %

(6 %)

(6 %)

Sales and marketing

4,226

15 %

4,118

16 %

3 %

3 %

Research and development

4,777

18 %

4,442

17 %

8 %

8 %

General and administrative

745

3 %

769

3 %

(3 %)

(3 %)

Amortization of intangible assets

1,215

4 %

1,518

6 %

(20 %)

(20 %)

Acquisition related and other

44

0 %

58

0 %

(25 %)

(25 %)

Restructuring

157

1 %

222

1 %

(29 %)

(29 %)

      Total operating expenses

19,155

70 %

18,476

73 %

4 %

4 %

OPERATING INCOME

8,211

30 %

6,918

27 %

19 %

19 %

Interest expense

(1,708)

(6 %)

(1,760)

(7 %)

(3 %)

(3 %)

Non-operating income (expenses), net

57

0 %

(63)

0 %

*

*

INCOME BEFORE INCOME TAXES

6,560

24 %

5,095

20 %

29 %

30 %

Provision for income taxes

480

2 %

172

1 %

179 %

181 %

NET INCOME

$           6,080

22 %

$           4,923

19 %

24 %

24 %

EARNINGS PER SHARE:

Basic

$              2.19

$              1.80

Diluted

$              2.13

$              1.75

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

2,775

2,737

Diluted

2,860

2,820

(1)

We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the six months ended November 30, 2024 compared with the corresponding prior year period had no impact to our total revenues, total operating expenses and operating income.

*  

Not meaningful

 

ORACLE  CORPORATION

Q2 FISCAL 2025 YEAR TO DATE FINANCIAL RESULTS

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)

($ in millions, except per share data)

Six Months Ended November 30,

% Increase
(Decrease)
in US $

% Increase 
(Decrease)
in Constant
Currency (2)

2024

2024

2023

2023

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

TOTAL REVENUES

$       27,366

$            –

$       27,366

$       25,394

$           –

$       25,394

8 %

8 %

8 %

8 %

TOTAL OPERATING EXPENSES

$       19,155

$   (3,592)

$       15,563

$       18,476

$   (3,676)

$       14,800

4 %

5 %

4 %

6 %

     Stock-based compensation (3)

2,176

(2,176)

1,878

(1,878)

16 %

*

16 %

*

     Amortization of intangible assets (4)

1,215

(1,215)

1,518

(1,518)

(20 %)

*

(20 %)

*

     Acquisition related and other

44

(44)

58

(58)

(25 %)

*

(25 %)

*

     Restructuring

157

(157)

222

(222)

(29 %)

*

(29 %)

*

OPERATING INCOME

$         8,211

$     3,592

$       11,803

$         6,918

$     3,676

$       10,594

19 %

11 %

19 %

12 %

OPERATING MARGIN %

30 %

43 %

27 %

42 %

276 bp.

141 bp.

279 bp.

140 bp.

INCOME TAX EFFECTS (5)

$            480

$     1,500

$         1,980

$            172

$     1,478

$         1,650

179 %

20 %

181 %

21 %

NET INCOME

$         6,080

$     2,092

$         8,172

$         4,923

$     2,198

$         7,121

24 %

15 %

24 %

15 %

DILUTED EARNINGS PER SHARE

$           2.13

$           2.86

$           1.75

$           2.53

22 %

13 %

23 %

14 %

DILUTED WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING

2,860

2,860

2,820

2,820

1 %

1 %

1 %

1 %

(1)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2)

We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods.

(3)

Stock-based compensation was included in the following GAAP operating expense categories:

Six Months Ended

Six Months Ended

November 30, 2024

November 30, 2023

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

     Cloud services and license support

$            299

$      (299)

$               –

$            248

$      (248)

$               –

     Hardware

14

(14)

11

(11)

     Services

96

(96)

78

(78)

     Sales and marketing

356

(356)

309

(309)

     Research and development

1,226

(1,226)

1,057

(1,057)

     General and administrative

185

(185)

175

(175)

           Total stock-based compensation

$         2,176

$   (2,176)

$               –

$         1,878

$   (1,878)

$               –

(4)

Estimated future annual amortization expense related to intangible assets as of November 30, 2024 was as follows:

     Remainder of fiscal 2025

$         1,092

     Fiscal 2026

1,639

     Fiscal 2027

672

     Fiscal 2028

635

     Fiscal 2029

561

     Fiscal 2030

522

     Thereafter

558

           Total intangible assets, net

$         5,679

(5)

Income tax effects were calculated reflecting an effective GAAP tax rate of 7.3% and 3.4% in the first half of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 19.5% and 18.8% in the first half of fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the first half of fiscal 2025 and 2024 was primarily due to the net tax effects related to stock-based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure.

*

Not meaningful

 

ORACLE  CORPORATION

Q2 FISCAL 2025 FINANCIAL RESULTS

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in millions)

November 30,

May 31,

2024

2024

ASSETS

Current Assets:

Cash and cash equivalents

$               10,941

$               10,454

Marketable securities

370

207

Trade receivables, net

8,177

7,874

Prepaid expenses and other current assets

4,015

4,019

     Total Current Assets

23,503

22,554

Non-Current Assets:

   Property, plant and equipment, net

26,432

21,536

   Intangible assets, net

5,679

6,890

   Goodwill, net

62,204

62,230

   Deferred tax assets

11,984

12,273

   Other non-current assets

18,681

15,493

     Total Non-Current Assets

124,980

118,422

TOTAL ASSETS

$            148,483

$            140,976

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Notes payable and other borrowings, current

$                 8,162

$               10,605

Accounts payable

2,679

2,357

Accrued compensation and related benefits

1,653

1,916

Deferred revenues

9,430

9,313

Other current liabilities

7,128

7,353

     Total Current Liabilities

29,052

31,544

Non-Current Liabilities:

Notes payable and other borrowings, non-current

80,462

76,264

Income taxes payable

9,553

10,817

Deferred tax liabilities

2,864

3,692

Other non-current liabilities

12,316

9,420

     Total Non-Current Liabilities

105,195

100,193

Stockholders’ Equity

14,236

9,239

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$            148,483

$            140,976

 

     ORACLE  CORPORATION

Q2 FISCAL 2025 FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in millions)

Six Months Ended November 30,

2024

2023

Cash Flows From Operating Activities:

Net income

$        6,080

$        4,923

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

1,712

1,510

Amortization of intangible assets

1,215

1,518

Deferred income taxes

(601)

(1,049)

Stock-based compensation

2,176

1,878

Other, net

298

331

Changes in operating assets and liabilities:

(Increase) decrease in trade receivables, net

(451)

145

Decrease in prepaid expenses and other assets

676

301

Decrease in accounts payable and other liabilities

(1,143)

(1,048)

Decrease in income taxes payable

(1,685)

(1,541)

Increase in deferred revenues

454

149

Net cash provided by operating activities

8,731

7,117

Cash Flows From Investing Activities:

Purchases of marketable securities and other investments

(636)

(515)

Proceeds from sales and maturities of marketable securities and other investments

356

157

Acquisitions, net of cash acquired

(59)

Capital expenditures

(6,273)

(2,394)

Net cash used for investing activities

(6,553)

(2,811)

Cash Flows From Financing Activities:

Payments for repurchases of common stock

(300)

(600)

Proceeds from issuances of common stock

307

426

Shares repurchased for tax withholdings upon vesting of restricted stock-based awards

(898)

(1,733)

Payments of dividends to stockholders

(2,221)

(2,190)

(Repayments of) proceeds from issuances of commercial paper, net

(396)

1,749

Proceeds from issuances of senior notes and term loan credit agreements, net of issuance costs

11,837

Repayments of senior notes and term loan credit agreements

(9,700)

(3,500)

Other, net

(276)

31

Net cash used for financing activities

(1,647)

(5,817)

Effect of exchange rate changes on cash and cash equivalents

(44)

(10)

Net increase (decrease) in cash and cash equivalents

487

(1,521)

Cash and cash equivalents at beginning of period

10,454

9,765

Cash and cash equivalents at end of period

$      10,941

$        8,244

 

ORACLE  CORPORATION

 Q2 FISCAL 2025 FINANCIAL RESULTS

 FREE CASH FLOW – TRAILING 4-QUARTERS (1)

 ($ in millions)

 Fiscal 2024

 Fiscal 2025

 Q1

 Q2

 Q3

 Q4

 Q1

 Q2

 Q3

 Q4

GAAP Operating Cash Flow

$            17,745

$            17,039

$            18,239

$            18,673

$            19,126

$            20,287

Capital Expenditures

(8,290)

(6,935)

(5,981)

(6,866)

(7,855)

(10,745)

Free Cash Flow

$               9,455

$            10,104

$            12,258

$            11,807

$            11,271

$               9,542

Operating Cash Flow % Growth over prior year

68 %

13 %

18 %

9 %

8 %

19 %

Free Cash Flow % Growth over prior year

76 %

20 %

68 %

39 %

19 %

(6 %)

GAAP Net Income

$               9,375

$            10,137

$            10,642

$            10,467

$            10,976

$            11,624

Operating Cash Flow as a % of Net Income

189 %

168 %

171 %

178 %

174 %

175 %

Free Cash Flow as a % of Net Income

101 %

100 %

115 %

113 %

103 %

82 %

(1) To supplement our statements of cash flows presented on a GAAP basis, we use non-GAAP measures of cash flows on a trailing 4-quarter basis to analyze cash flow generated from
      operations. We believe free cash flow is also useful as one of the bases for comparing our performance with our competitors. The presentation of non-GAAP free cash flow is not meant
      to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of
      liquidity.

 

 ORACLE  CORPORATION

 Q2 FISCAL 2025 FINANCIAL RESULTS

 SUPPLEMENTAL ANALYSIS OF GAAP REVENUES (1)

 ($ in millions)

 Fiscal 2024

 Fiscal 2025

 Q1

 Q2

 Q3

 Q4

 TOTAL

 Q1

 Q2

 Q3

 Q4

 TOTAL

REVENUES BY OFFERINGS

 Cloud services

$    4,635

$    4,775

$    5,054

$    5,311

$   19,774

$    5,623

$    5,937

$   11,559

 License support

4,912

4,864

4,909

4,923

19,609

4,896

4,869

9,765

 Cloud services and license support

9,547

9,639

9,963

10,234

39,383

10,519

10,806

21,324

 Cloud license and on-premise license

809

1,178

1,256

1,838

5,081

870

1,195

2,065

 Hardware

714

756

754

842

3,066

655

728

1,383

 Services 

1,383

1,368

1,307

1,373

5,431

1,263

1,330

2,594

                    Total revenues 

$  12,453

$  12,941

$  13,280

$  14,287

$   52,961

$  13,307

$  14,059

$   27,366

AS REPORTED REVENUE GROWTH RATES

Cloud services

30 %

25 %

25 %

20 %

25 %

21 %

24 %

23 %

License support

2 %

2 %

1 %

0 %

1 %

0 %

0 %

0 %

 Cloud services and license support

13 %

12 %

12 %

9 %

12 %

10 %

12 %

11 %

 Cloud license and on-premise license

(10 %)

(18 %)

(3 %)

(15 %)

(12 %)

7 %

1 %

4 %

 Hardware

(6 %)

(11 %)

(7 %)

(1 %)

(6 %)

(8 %)

(4 %)

(6 %)

 Services 

2 %

(2 %)

(5 %)

(6 %)

(3 %)

(9 %)

(3 %)

(6 %)

                    Total revenues 

9 %

5 %

7 %

3 %

6 %

7 %

9 %

8 %

CONSTANT CURRENCY REVENUE GROWTH RATES (2)

Cloud services

29 %

24 %

24 %

20 %

24 %

22 %

24 %

23 %

License support

0 %

0 %

1 %

1 %

0 %

0 %

0 %

0 %

 Cloud services and license support 

12 %

11 %

11 %

10 %

11 %

11 %

12 %

11 %

 Cloud license and on-premise license

(11 %)

(19 %)

(3 %)

(14 %)

(12 %)

8 %

3 %

5 %

 Hardware 

(8 %)

(12 %)

(7 %)

0 %

(7 %)

(8 %)

(3 %)

(5 %)

 Services 

1 %

(3 %)

(5 %)

(6 %)

(3 %)

(8 %)

(3 %)

(5 %)

                    Total revenues 

8 %

4 %

7 %

4 %

6 %

8 %

9 %

8 %

CLOUD SERVICES AND LICENSE SUPPORT REVENUES

BY ECOSYSTEM

 Applications cloud services and license support

$    4,471

$    4,474

$    4,584

$    4,642

$   18,172

$    4,769

$    4,784

$      9,552

 Infrastructure cloud services and license support

5,076

5,165

5,379

5,592

21,211

5,750

6,022

11,772

                    Total cloud services and license support revenues 

$    9,547

$    9,639

$    9,963

$  10,234

$   39,383

$  10,519

$  10,806

$   21,324

AS REPORTED REVENUE GROWTH RATES

 Applications cloud services and license support

11 %

10 %

10 %

6 %

9 %

7 %

7 %

7 %

 Infrastructure cloud services and license support

15 %

14 %

13 %

12 %

14 %

13 %

17 %

15 %

                    Total cloud services and license support revenues 

13 %

12 %

12 %

9 %

12 %

10 %

12 %

11 %

CONSTANT CURRENCY REVENUE GROWTH RATES (2)

 Applications cloud services and license support

11 %

9 %

10 %

6 %

9 %

7 %

7 %

7 %

 Infrastructure cloud services and license support

14 %

12 %

13 %

13 %

13 %

14 %

17 %

16 %

                    Total cloud services and license support revenues 

12 %

11 %

11 %

10 %

11 %

11 %

12 %

11 %

GEOGRAPHIC REVENUES

 Americas

$    7,841

$    8,067

$    8,270

$    8,945

$   33,122

$    8,372

$    8,933

$   17,305

 Europe/Middle East/Africa

3,005

3,170

3,316

3,539

13,030

3,228

3,381

6,609

 Asia Pacific

1,607

1,704

1,694

1,803

6,809

1,707

1,745

3,452

                    Total revenues 

$  12,453

$  12,941

$  13,280

$  14,287

$   52,961

$  13,307

$  14,059

$   27,366

(1) The sum of the quarterly information presented may vary from the year-to-date information presented due to rounding.

(2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a
      framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and
      comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on
      May 31, 2024 and 2023 for the fiscal 2025 and fiscal 2024 constant currency growth rate calculations presented, respectively, rather than the actual exchange rates in effect during
      the respective periods.

 

APPENDIX A

ORACLE CORPORATION
Q2 FISCAL 2025 FINANCIAL RESULTS
EXPLANATION OF NON-GAAP MEASURES

To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude certain business combination accounting entries and expenses related to acquisitions, as well as other significant expenses including stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on these non-GAAP measures. Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:

Stock-based compensation expenses: We have excluded the effect of stock-based compensation expenses from our non-GAAP operating expenses, income tax effects and net income measures. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to the revenues earned during the periods presented and also believe it will contribute to the generation of future period revenues, we continue to evaluate our business performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods.Amortization of intangible assets: We have excluded the effect of amortization of intangible assets from our non-GAAP operating expenses, income tax effects and net income measures. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of intangible assets will recur in future periods.Acquisition related and other expenses; and restructuring expenses: We have excluded the effect of acquisition related and other expenses and the effect of restructuring expenses from our non-GAAP operating expenses, income tax effects and net income measures. We incurred expenses in connection with our acquisitions and also incurred certain other operating expenses or income, which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition related and other expenses consisted of personnel related costs for transitional and certain other employees, certain business combination adjustments including certain adjustments after the measurement period has ended, and certain other operating items, net. Restructuring expenses consisted of employee severance and other exit costs. We believe it is useful for investors to understand the effects of these items on our total operating expenses. Although acquisition related and other expenses and restructuring expenses may diminish over time with respect to past acquisitions and/or strategic initiatives, we generally will incur certain of these expenses in connection with any future acquisitions and/or strategic initiatives.

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Technology

S&P Global Announces New Strategic Direction for Upstream Energy Business

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Divests its geoscience and petroleum engineering software portfolio to global technology firm SLB in order to sharpen focus on proprietary data and insightsLaunches Titan, a new customer facing AI-powered platform for upstream data and insightsPartners with SLB to distribute S&P Global Energy data and develop new tools

NEW YORK, April 24, 2026 /PRNewswire/ — Today, S&P Global announced strategic innovations and changes to its upstream energy business, beginning with a definitive agreement to sell S&P Global Energy’s geoscience and petroleum engineering software portfolio to SLB, a global technology company driving energy innovation across more than 100 countries. This portfolio of subsurface and engineering software, widely used by U.S. onshore and unconventional operators, includes Kingdom Software, Petra, Harmony Enterprise, Analytics Explorer, SubPUMP, PowerTools, FieldDIRECT, Piper, WellTest, and The Element Platform, together with associated business services.

In addition, S&P Global Energy will launch an AI-powered upstream data platform known as Titan, designed to transform how customers discover, analyze, and act on high-quality data and insights. Built on comprehensive global coverage spanning 113 countries, Titan will serve an estimated 110,000 users across 4,000 client organizations, scaling from individual analysts to global enterprises.

Currently in beta testing with select customers, Titan is scheduled for full commercial launch later this year. The platform consolidates content and analytics into a single, high-performance workspace that accelerates critical decision-making. Titan differentiates through an AI-Powered experience that enables anticipatory discovery, surfacing relevant patterns before users need to search, and helping teams translate upstream market signals into faster commercial and strategic actions.

“This new strategic direction for our upstream business will allow us to transform a core part of our business and deliver enhanced value to our customers,” said Dave Ernsberger, President, S&P Global Energy. “Backed by an innovative new AI-powered platform, Titan, that will fundamentally change how our upstream data is connected and delivered, we are taking a significant leap forward in how we serve global energy markets as the most trusted provider of data and insights. These new investments could not come at a more important time as the world navigates a challenging energy environment, powered by the data and insights we provide.”

Along with launching Titan, divesting these software assets will allow S&P Global Energy to focus on providing world class data and insights and pursue a channel-agnostic approach toward the distribution of its content. As part of this transaction, S&P Global Energy will continue to distribute its leading proprietary data through the divested geoscience and petroleum engineering workflow tools. The parties have also entered an agreement to expand their partnership through further data distribution and collaboration on building new AI models to transform upstream business use cases.
 
“Unconventional markets demand speed, scale and efficiency,” said Olivier Le Peuch, Chief Executive Officer, SLB. “This software portfolio is widely used by U.S. land operators in their daily workflows. By integrating these capabilities with our industrial-scale digital platforms and AI technologies we can serve customers across the full spectrum of subsurface and planning needs.”  

SLB’s upstream energy sector tools and services are designed to deliver insights and manage data to meet diverse client needs across exploration, production, logistics, and midstream infrastructure including pipelines, storage terminals, and ports. The customers include national and international energy companies, and independents, along with midstream-downstream operating companies.

The transaction is subject to the satisfaction of customary conditions, including the receipt of regulatory approvals, and is expected to close in the second half of 2026 or early 2027. Terms of the transaction were not disclosed.

J.P. Morgan Securities LLC is acting as financial advisor to S&P Global. Ropes & Gray LLP is acting as legal advisor to S&P Global. Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to SLB.

Media Contacts:

Josh Goldstein    
S&P Global Energy  
+1 954-254-4900  
josh.goldstein@spglobal.com  

Orla O’Brien  
S&P Global  
+1 857-407-8559  
orla.obrien@spglobal.com   

About S&P Global Energy
At S&P Global Energy (formerly S&P Global Commodity Insights), our comprehensive view of global energy and commodities markets enables our customers to make superior decisions and create long-term, sustainable value. Our four core capabilities are: Platts for pricing and news; CERA for research and advisory; Horizons for energy expansion and sustainability solutions; and Events for industry collaboration.

S&P Global Energy is a division of S&P Global (NYSE: SPGI). S&P Global enables businesses, governments, and individuals with trusted data, expertise, and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive economically in a rapidly changing global landscape. Learn more at www.spglobal.com/energy

About SLB  
SLB is a global technology company that has driven energy innovation for 100 years.  With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.

Forward-Looking Statements: This press release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; the Company’s cost structure, dividend policy, cash flows or liquidity; and the anticipated separation of S&P Global Mobility (“Mobility”) into a standalone public company.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;the demand and market for credit ratings in and across the sectors and geographies where the Company operates;the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;the outcome of litigation, government and regulatory proceedings, investigations and inquiries;concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;the level of merger and acquisition activity in the United States and abroad;the level of the Company’s future cash flows and capital investments;the effect of competitive products (including those incorporating artificial intelligence (“AI”)) and pricing, including the level of success of new product developments and global expansion;the impact of customer cost-cutting pressures;a decline in the demand for our products and services by our customers and other market participants;our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;the introduction of competing products (including those developed by AI) or technologies by other companies;our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services;our ability to attract, incentivize and retain key employees, especially in a competitive business environment;our ability to successfully navigate key organizational changes;the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;consolidation of the Company’s customers, suppliers or competitors;the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates;the impact of changes in applicable tax or accounting requirements on the Company;the separation of Mobility not being consummated within the anticipated time period or at all;the ability of the separation of Mobility to qualify for tax-free treatment for U.S. federal income tax purposes;any disruption to the Company’s business in connection with the proposed separation of Mobility;any loss of synergies from separating the businesses of Mobility and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility not realizing all of the expected benefits of the separation; andfollowing the separation of Mobility, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company’s common stock had the separation not occurred.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

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Charter Announces First Quarter 2026 Results

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STAMFORD, Conn., April 24, 2026 /PRNewswire/ — Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”), which operates the Spectrum brand, today reported financial and operating results for the three months ended March 31, 2026.

First quarter Spectrum Mobile™ lines increased by 368,000 and by 1.8 million over the last twelve months. As of March 31, 2026, Charter served 12.1 million mobile lines.During the first quarter, Spectrum Internet® customers declined by 120,000. As of March 31, 2026, Charter served 29.6 million Internet customers.As of March 31, 2026, customer relationships totaled 31.7 million and connectivity customers totaled 30.5 million.First quarter revenue of $13.6 billion declined 1.0% year-over-year, primarily driven by lower residential video revenue. Residential connectivity revenue grew 0.9% year-over-year.Net income attributable to Charter shareholders totaled $1.2 billion in the first quarter.  First quarter Adjusted EBITDA1 of $5.6 billion declined 2.2% year-over-year and declined 1.8% excluding transition expenses.First quarter capital expenditures totaled $2.9 billion and included $812 million of line extensions.First quarter net cash flows from operating activities totaled $4.3 billion versus $4.2 billion in the prior year.First quarter free cash flow1 of $1.4 billion decreased from $1.6 billion in the prior year, primarily due to higher capital expenditures, partly offset by higher operating cash flow.During the first quarter, Charter purchased 4.3 million shares of Charter Class A common stock for $963 million.

“We remain confident about our ability to win in the marketplace and grow over the longer term. That confidence is founded on our advanced network, our core operating strategy of delivering great products at great prices and our focus on increasing customer satisfaction,” said Chris Winfrey, President and CEO of Charter. “As we continue to improve our products, pricing, packaging, and service, and complete our rural and network initiatives, we are poised for improving customer and free cash flow growth.”

1.

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the “Use of Adjusted EBITDA and Free Cash Flow Information” section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.

Key Operating Results

Approximate as of

March 31, 2026 (c)

March 31, 2025 (c)

Y/Y Change

Footprint

Estimated Passings (d)

58,661

57,167

2.6 %

Customer Relationships (e)

Residential

29,452

29,914

(1.5) %

Small Business

2,231

2,246

(0.7) %

  Total Customer Relationships

31,683

32,160

(1.5) %

Residential

(157)

(50)

(107)

Small Business

(6)

(4)

(2)

  Total Customer Relationships Quarterly Net Additions

(163)

(54)

(109)

Total Customer Relationship Penetration of Estimated Passings (f)

54.0 %

56.3 %

(2.3) ppts

Monthly Residential Revenue per Residential Customer (g)

$               118.44

$               120.07

(1.4) %

Monthly Small Business Revenue per Small Business Customer (h)

$               162.71

$               161.31

0.9 %

Residential Customer Relationships Penetration (i)

One Product Penetration

47.7 %

48.9 %

(1.2) ppts

Two Product Penetration

34.8 %

33.4 %

1.4 ppts

Three or More Product Penetration

17.5 %

17.7 %

(0.2) ppts

Connectivity (j)

Residential

28,446

28,758

(1.1) %

Small Business

2,074

2,080

(0.3) %

  Total Connectivity Customers

30,520

30,838

(1.0) %

Residential

(117)

(5)

(112)

Small Business

(3)

(2)

(1)

  Total Connectivity Quarterly Net Additions

(120)

(7)

(113)

Internet

Residential

27,524

27,979

(1.6) %

Small Business

2,036

2,045

(0.5) %

  Total Internet Customers

29,560

30,024

(1.5) %

Residential

(117)

(55)

(62)

Small Business

(3)

(4)

1

  Total Internet Quarterly Net Additions

(120)

(59)

(61)

Mobile Lines (k)

Residential

11,714

10,031

16.8 %

Small Business

420

334

25.7 %

  Total Mobile Lines

12,134

10,365

17.1 %

Residential

344

488

(144)

Small Business

24

19

5

  Total Mobile Lines Quarterly Net Additions

368

507

(139)

Video (l)

Residential

12,021

12,160

(1.1) %

Small Business

524

551

(5.0) %

  Total Video Customers

12,545

12,711

(1.3) %

Residential

(51)

(167)

116

Small Business

(9)

(14)

5

  Total Video Quarterly Net Additions

(60)

(181)

121

Voice

Residential

4,665

5,372

(13.2) %

Small Business

1,207

1,234

(2.2) %

  Total Voice Customers

5,872

6,606

(11.1) %

Mid-Market & Large Business (m)

Mid-Market & Large Business Primary Service Units (“PSUs”)

360

344

4.5 %

Mid-Market & Large Business Quarterly Net Additions

3

4

(1)

In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 7 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics.  All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

First quarter total Internet customers decreased by 120,000, compared to a decline of 59,000 during the first quarter of 2025. Spectrum Internet delivers the fastest Internet speeds1 in the nation. Spectrum is evolving its connectivity network to offer symmetrical and multi-gigabit Internet speeds across its entire footprint and has launched symmetrical Internet service in several markets. Spectrum expects to complete its network evolution initiative in 2027. Spectrum Advanced WiFi provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy. In February, Spectrum launched its Invincible WiFi™ product, a tri-band advanced WiFi 7 router that integrates 5G cellular and battery backup to keep customers seamlessly and fully connected during a power outage or network disruption. In the first quarter, Spectrum launched its $1,000 savings guarantee; customers signing up to Spectrum Internet and switching two or more mobile lines from Verizon, AT&T or T-Mobile are now guaranteed $1,000 of savings in their first year, or Spectrum will cover the difference.

During the first quarter of 2026, Charter added 368,000 total mobile lines, compared to growth of 507,000 during the first quarter of 2025. Spectrum Mobile offers the fastest overall speeds,2 with plans that include 5G access, do not require contracts and include taxes and fees in the price. Spectrum Mobile is central to Charter’s converged network strategy to provide customers a differentiated connectivity experience with highly competitive, simple data plans and pricing.

Total video customers decreased by 60,000 in the first quarter of 2026, compared to a decline of 181,000 in the first quarter of 2025, with the improvement driven by simplified pricing and packaging and benefits from the inclusion of programmers’ streaming applications in Spectrum’s expanded basic video packages. As of March 31, 2026, Charter had 12.5 million total video customers.

Spectrum TV Select video customers now receive up to approximately $120 per month (soon to be approximately $126 per month) of programmers’ streaming application retail value at no extra cost, including the ad-supported versions of Disney+, Hulu, ESPN Unlimited, HBO Max, Paramount+, Peacock, AMC+, ViX, Tennis Channel and Fox One, with Discovery+ launching soon. In October 2025, Spectrum unveiled the Spectrum App Store, an innovative digital marketplace where Spectrum TV customers can activate, manage and upgrade the streaming apps included with their video plans. The Spectrum App Store also allows Spectrum customers without a traditional TV package to purchase and manage streaming apps à la carte.

During the first quarter of 2026, total wireline voice customers declined by 174,000, compared to a decline of 278,000 in the first quarter of 2025. As of March 31, 2026, Charter had 5.9 million total wireline voice customers.

Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the first quarter of 2026, Charter activated 89,000 subsidized rural passings. Within Charter’s subsidized rural footprint, total customer relationships increased by 41,000 in the first quarter of 2026.

1.

Fastest Speeds claim based on Broadband Download Speed among the top 5 national providers in Opensignal USA: Fixed Broadband Experience Report – May 2025. Based on Opensignal independent analysis of mean download speed.

2.

Fastest Wireless Speeds based on combined mean download speed results for 4G, 5G and Wi-Fi across converged users on the top 5 national providers in November 2025 report.

First Quarter Financial Results
(in millions)

Three Months Ended March 31,

2026

2025

% Change

Revenues:

  Internet

$    5,852

$    5,930

(1.3) %

  Mobile service

1,052

914

15.1 %

Connectivity

6,904

6,844

0.9 %

Video

3,252

3,580

(9.2) %

Voice

338

356

(5.0) %

Residential revenue

10,494

10,780

(2.7) %

Small business

1,090

1,088

0.2 %

Mid-market & large business

749

734

2.1 %

Commercial revenue

1,839

1,822

1.0 %

Advertising sales

358

340

5.3 %

Other

906

793

14.2 %

Total Revenues

$  13,597

$  13,735

(1.0) %

Net income attributable to Charter shareholders

$    1,163

$    1,217

(4.4) %

Net income attributable to Charter shareholders margin

8.6 %

8.9 %

Adjusted EBITDA1

$    5,637

$    5,763

(2.2) %

Adjusted EBITDA margin

41.5 %

42.0 %

Capital expenditures

$    2,855

$    2,399

19.0 %

Net cash flows from operating activities

$    4,304

$    4,236

1.6 %

Free cash flow1

$    1,372

$    1,564

(12.3) %

All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

1.

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the “Use of Adjusted EBITDA and Free Cash Flow Information” section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.

Revenues

First quarter revenue decreased by 1.0% year-over-year to $13.6 billion, driven by lower residential video revenue partly due to costs allocated to programmer streaming applications and netted within video revenue and lower residential Internet revenue, partly offset by an increase in residential mobile service revenue and higher mobile device revenue. Excluding advertising sales revenue and costs allocated to programmer streaming applications and netted within video revenue, first quarter total revenue grew by 0.1% year-over-year.

Residential revenue totaled $10.5 billion in the first quarter, a decrease of 2.7% year-over-year, driven by a year-over-year decline in residential customers of 1.5% and a decrease in monthly residential revenue per residential customer of 1.4%.

First quarter 2026 monthly residential revenue per residential customer totaled $118.44, a decrease of 1.4% compared to the prior year period. The decline was driven by a higher mix of lower priced video packages within Charter’s video customer base, $218 million of costs allocated to programmer streaming applications and netted within video revenue versus $47 million in the prior year period and a decline in video customers during the last year, partly offset by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile. Excluding costs allocated to programmer streaming applications and netted within video revenue, monthly residential revenue per residential customer increased 0.3% compared to the prior year period.

Internet revenue declined 1.3% year-over-year to $5.9 billion, driven by a decline in Internet customers year-over year, partly offset by a favorable change in bundled revenue allocation year-over-year, promotional rate step-ups and rate adjustments.

First quarter mobile service revenue totaled $1.1 billion, an increase of 15.1% year-over-year, driven by mobile line growth and rate adjustments, partly offset by less favorable bundled revenue allocation year-over-year.

Video revenue totaled $3.3 billion in the first quarter, a decrease of 9.2% compared to the prior year period, driven by a higher mix of lower priced video packages within Charter’s video customer base, $218 million of costs allocated to programmer streaming applications and netted within video revenue versus $47 million in the prior year period, more unfavorable bundled revenue allocation year-over-year and a decline in video customers during the last year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.

Voice revenue decreased by 5.0% year-over-year to $338 million, driven by a decline in wireline voice customers, partly offset by voice rate adjustments.

Commercial revenue increased by 1.0% year-over-year to $1.8 billion, driven by mid-market and large business revenue growth of 2.1% year-over-year and an increase in small business revenue of 0.2%. Mid-market and large business revenue excluding wholesale increased by 2.8% year-over-year, mostly reflecting PSU growth. The year-over-year increase in first quarter 2026 small business revenue was driven by a 0.9% increase year-over-year in monthly small business revenue per small business customer, mostly offset by a decline in small business customer relationships year-over-year.

First quarter advertising sales revenue of $358 million increased by 5.3% compared to the year-ago quarter, primarily driven by higher political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 3.4% year-over-year driven by lower linear advertising revenue, partly offset by higher streaming advertising revenue.

Other revenue totaled $906 million in the first quarter, an increase of 14.2% compared to the first quarter of 2025, primarily driven by higher mobile device sales.

Operating Costs and Expenses

First quarter total operating costs and expenses declined 0.2% year-over-year to $8.0 billion driven by lower programming costs, mostly offset by higher other costs of revenue.

First quarter programming costs decreased by $214 million, or 9.3% as compared to the first quarter of 2025, reflecting $218 million of costs allocated to programmer streaming applications and netted within video revenue versus $47 million in the prior year period, a higher mix of lower cost packages within Charter’s video customer base and fewer video customers, partly offset by contractual programming rate increases and renewals.

Other costs of revenue increased by $181 million, or 11.4% year-over-year, primarily driven by higher mobile service direct costs, higher mobile device sales and higher advertising sales costs given higher political revenue.

Field and technology operations expenses decreased by $24 million, or 1.8% year-over-year, primarily driven by lower labor expense.

Customer operations expenses decreased by $6 million, or 0.8% year-over-year, primarily due to a decrease in bad debt expense.

Marketing and residential sales expenses decreased by $30 million or 3.2% year-over-year, due to lower marketing and labor expenses.

Transition expenses represent incremental costs incurred to prepare for the integration of the previously announced Cox transaction.

Other expenses increased by $57 million, or 5.3% as compared to the first quarter of 2025, primarily due to one-time benefits of $75 million in the prior year period.

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $1.2 billion in the first quarter of 2026 and 2025, with lower Adjusted EBITDA and higher depreciation and amortization, partly offset by a decrease in other operating expenses due to a non-strategic asset impairment charge in the first quarter of 2025.

Net income per basic common share attributable to Charter shareholders totaled $9.27 in the first quarter of 2026 compared to $8.59 during the same period last year. The increase was primarily the result of a 11.4% decrease in basic weighted average common shares outstanding versus the prior year period, partly offset by the factors described above.

Adjusted EBITDA

First quarter Adjusted EBITDA of $5.6 billion declined by 2.2% year-over-year, reflecting a decline in revenue of 1.0%, partly offset by a decrease in operating costs and expenses of 0.2%. Excluding transition expenses, Adjusted EBITDA declined 1.8% year-over-year.

Capital Expenditures

Capital expenditures totaled $2.9 billion in the first quarter of 2026, an increase of $456 million compared to the first quarter of 2025 given timing of spend, with higher upgrade/rebuild (primarily network evolution) and CPE, partly offset by lower line extension spend.

Charter continues to expect full year 2026 capital expenditures, excluding impacts from the previously announced Cox transaction, to total approximately $11.4 billion. The actual amount of capital expenditures in 2026 will depend on a number of factors including, but not limited to, the pace of Charter’s network evolution and expansion initiatives, supply chain timing and growth rates in Charter’s residential and commercial businesses.

Cash Flow and Free Cash Flow

During the first quarter of 2026, net cash flows from operating activities totaled $4.3 billion, an increase from $4.2 billion in the prior year. The year-over-year increase was primarily due to a less unfavorable change in working capital, partly offset by lower Adjusted EBITDA and higher cash paid for interest.

Free cash flow in the first quarter of 2026 totaled $1.4 billion, a decrease of $192 million compared to the first quarter of 2025. The year-over-year decrease in free cash flow was driven by higher capital expenditures, partly offset by a less unfavorable change in accrued expenses related to capital expenditures and higher net cash flows from operating activities.

Liquidity & Financing

As of March 31, 2026, total principal amount of debt was $94.3 billion and Charter’s credit facilities provided approximately $4.6 billion of additional liquidity in excess of Charter’s $517 million cash position.

In January 2026, CCO Holdings, LLC (“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. In February 2026, CCO Holdings and CCO Holdings Capital Corp. redeemed $750 million in aggregate principal amount of the outstanding 5.500% senior notes due 2026 and $2.25 billion in aggregate principal amount of the outstanding 5.125% senior notes due 2027.

Share Repurchases

During the three months ended March 31, 2026, Charter purchased 4.3 million shares of Charter Class A common stock for $963 million.

Webcast

Charter will host a webcast on Friday, April 24, 2026 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.

The webcast can be accessed live via the Company’s investor relations website at ir.charter.com. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at ir.charter.com two hours after completion of the webcast.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026, which will be posted on the “Results & SEC Filings” section of the Company’s investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the “SEC”). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the “Results & SEC Filings” section.

Use of Adjusted EBITDA and Free Cash Flow Information

The Company uses certain measures that are not defined by U.S. generally accepted accounting principles (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges, merger and acquisition costs and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s businesses as well as other non-cash or special items, and is unaffected by the Company’s capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.

Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

Management and Charter’s board of directors use Adjusted EBITDA and free cash flow to assess Charter’s performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company’s credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company’s debt covenants refer to these expenses as management fees, which were $366 million for both the three months ended March 31, 2026 and 2025.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company with services available to nearly 59 million homes and small to large businesses across 41 states through its Spectrum brand. Founded in 1993, Charter 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 our 100% U.S.-based employees, the Company offers Seamless Connectivity and Entertainment with Spectrum Internet®, Mobile, TV and Voice products.

More information about Charter can be found at corporate.charter.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial.  Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations.  Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under “Risk Factors” from time to time in our filings with the SEC.  Many of the forward-looking statements contained in this communication may be identified by the use of forward-looking words such as “believe,” “future,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” “aim,” “on track,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “predict,” “project,” “initiatives,” “seek,” “would,” “could,” “continue,” “ongoing,” “upside,” “increases,” “grow,” “focused on” and “potential,” among others.  Important factors that could cause actual results to differ materially from the forward-looking statements we make in this communication are set forth in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:

our ability to sustain and grow revenues and cash flow from operations by offering Internet, mobile, video, voice, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite (“DBS”) operators, wireless and satellite broadband and telephone providers, digital subscriber line (“DSL”) providers, fiber to the home providers and providers of video content over broadband Internet connections;general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn;our ability to develop and deploy new products and technologies including consumer services and service platforms;any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;our ability to procure necessary services and equipment from our vendors in a timely manner and at reasonable costs including in connection with our network evolution and rural construction initiatives;our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements);the ability to hire and retain key personnel;the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets;our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions;our ability to satisfy the conditions to consummate the Liberty Broadband Combination and/or the Cox Transactions and/or to consummate the Liberty Broadband Combination and/or the Cox Transactions in a timely manner or at all;the risks related to us being restricted in the operation of our business while the Liberty Broadband Merger Agreement and the Cox Communications Transaction Agreement are in effect;other risks related to the Liberty Broadband Combination as described in the definitive joint proxy statement/prospectus with respect to the Liberty Broadband Combination, filed by Charter on January 22, 2025, including the sections entitled “Risk Factors” and “Where You Can Find More Information” included therein; andother risks related to the Cox Transactions as described in the definitive proxy statement with respect to the Cox Transactions, filed by Charter on July 2, 2025, including the sections entitled “Risk Factors” and “Where You Can Find More Information” included therein.

All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement.  We are under no duty or obligation to update any of the forward-looking statements after the date of this communication.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO GAAP MEASURES

(dollars in millions)

Three Months Ended
March 31,

Last Twelve Months Ended
March 31,

2026

2025

2026

2025

Net income attributable to Charter shareholders

$      1,163

$      1,217

$       4,933

$       5,194

Plus:  Net income attributable to noncontrolling interest

200

192

787

788

  Interest expense, net

1,256

1,241

5,057

5,154

  Income tax expense

465

445

1,712

1,648

  Depreciation and amortization

2,211

2,181

8,741

8,664

  Stock compensation expense

203

222

654

659

  Other, net

139

265

698

728

Adjusted EBITDA (a)

$      5,637

$      5,763

$     22,582

$     22,835

Net cash flows from operating activities

$      4,304

$      4,236

$     16,145

$     15,454

Less:  Purchases of property, plant and equipment

(2,855)

(2,399)

(12,115)

(10,877)

  Change in accrued expenses related to capital expenditures

(77)

(273)

782

886

Free cash flow (a)

$      1,372

$      1,564

$       4,812

$       5,463

The above schedule is presented in order to reconcile Adjusted EBITDA and free cash flow, non-GAAP measures, to the most directly comparable GAAP measures in accordance with Section 401(b) of the Sarbanes-Oxley Act.

UNAUDITED ALTERNATIVE PRESENTATION OF ADJUSTED EBITDA

(dollars in millions)

Three Months Ended March 31,

2026

2025

% Change

REVENUES:

  Internet

$        5,852

$        5,930

(1.3) %

  Mobile service

1,052

914

15.1 %

Connectivity

6,904

6,844

0.9 %

Video

3,252

3,580

(9.2) %

Voice

338

356

(5.0) %

Residential revenue

10,494

10,780

(2.7) %

Small business

1,090

1,088

0.2 %

Mid-market & large business

749

734

2.1 %

Commercial revenue

1,839

1,822

1.0 %

Advertising sales

358

340

5.3 %

Other

906

793

14.2 %

Total Revenues

13,597

13,735

(1.0) %

COSTS AND EXPENSES:

Programming

2,088

2,302

(9.3) %

Other costs of revenue

1,765

1,584

11.4 %

Field and technology operations

1,258

1,282

(1.8) %

Customer operations

766

772

(0.8) %

Marketing and residential sales

919

949

(3.2) %

Transition expenses

24

n/a

Other expense (b)

1,140

1,083

5.3 %

  Total operating costs and expenses (b)

7,960

7,972

(0.2) %

Adjusted EBITDA (a)

$        5,637

$        5,763

(2.2) %

All percentages are calculated using whole numbers. Minor differences may exist due to rounding.  See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in millions, except per share data)

Three Months Ended March 31,

2026

2025

REVENUES

$       13,597

$       13,735

COSTS AND EXPENSES:

Operating costs and expenses (exclusive of items shown separately below)

8,163

8,194

Depreciation and amortization

2,211

2,181

Other operating expenses, net

15

123

10,389

10,498

  Income from operations

3,208

3,237

OTHER INCOME (EXPENSES):

Interest expense, net

(1,256)

(1,241)

Other expenses, net

(124)

(142)

(1,380)

(1,383)

Income before income taxes

1,828

1,854

Income tax expense

(465)

(445)

Consolidated net income

1,363

1,409

Less: Net income attributable to noncontrolling interests

(200)

(192)

Net income attributable to Charter shareholders

$         1,163

$         1,217

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:

Basic

$           9.27

$           8.59

Diluted

$           9.17

$           8.42

Weighted average common shares outstanding, basic

125,488,486

141,591,396

Weighted average common shares outstanding, diluted

126,849,271

144,574,684

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

March 31,

December 31

2026

2025

ASSETS

(unaudited)

CURRENT ASSETS:

Cash and cash equivalents

$               517

$               477

Accounts receivable, net

3,510

3,680

Prepaid expenses and other current assets

933

987

Total current assets

4,960

5,144

INVESTMENT IN CABLE PROPERTIES:

Property, plant and equipment, net

47,198

46,444

Customer relationships, net

324

440

Franchises

67,471

67,471

Goodwill

29,710

29,710

Total investment in cable properties, net

144,703

144,065

OTHER NONCURRENT ASSETS

4,981

5,004

Total assets

$        154,644

$        154,213

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable, accrued and other current liabilities

$          12,375

$          12,556

Current portion of long-term debt

750

Total current liabilities

12,375

13,306

LONG-TERM DEBT

94,414

94,006

EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY

1,596

1,447

DEFERRED INCOME TAXES

20,049

19,841

OTHER LONG-TERM LIABILITIES

5,140

5,094

SHAREHOLDERS’ EQUITY:

Controlling interest

16,385

16,054

Noncontrolling interests

4,685

4,465

Total shareholders’ equity

21,070

20,519

Total liabilities and shareholders’ equity

$        154,644

$        154,213

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

Three Months Ended March 31,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated net income

$        1,363

$        1,409

Adjustments to reconcile consolidated net income to net cash flows from operating activities:

  Depreciation and amortization

2,211

2,181

  Stock compensation expense

203

222

  Noncash interest, net

6

8

  Deferred income taxes

214

(27)

  Other, net

126

233

Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:

  Accounts receivable

5

(48)

  Prepaid expenses and other assets

7

(235)

  Accounts payable, accrued liabilities and other

169

493

  Net cash flows from operating activities

4,304

4,236

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(2,855)

(2,399)

Change in accrued expenses related to capital expenditures

(77)

(273)

Other, net

(42)

(132)

Net cash flows from investing activities

(2,974)

(2,804)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings of long-term debt

7,216

1,393

Borrowings of equipment installment plan financing facility

148

121

Repayments of long-term debt

(7,499)

(1,609)

Payments for debt issuance costs

(30)

Purchase of treasury stock

(1,026)

(802)

Proceeds from exercise of stock options

2

17

Purchase of noncontrolling interest

(20)

Distributions to noncontrolling interest

(2)

(3)

Other, net

(115)

(169)

Net cash flows from financing activities

(1,306)

(1,072)

NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

24

360

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period

598

506

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period

$           622

$          866

CASH PAID FOR INTEREST

$        1,067

$          995

As of March 31, 2026, December 31, 2025, March 31, 2025 and December 31, 2024, cash, cash equivalents and restricted cash includes $105 million, $121 million, $70 million and $47 million of restricted cash included in prepaid expenses and other current assets in the consolidated balance sheets, respectively.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED SUMMARY OF OPERATING STATISTICS

(in thousands, except per customer and penetration data)

Approximate as of

March 31,
2026 (c)

December 31,
2025 (c)

March 31,
2025 (c)

Footprint

Estimated Passings (d)

58,661

58,399

57,167

Customer Relationships (e)

Residential

29,452

29,609

29,914

Small Business

2,231

2,237

2,246

  Total Customer Relationships

31,683

31,846

32,160

Residential

(157)

(125)

(50)

Small Business

(6)

(2)

(4)

  Total Customer Relationships Quarterly Net Additions

(163)

(127)

(54)

Total Customer Relationship Penetration of Estimated Passings (f)

54.0 %

54.5 %

56.3 %

Monthly Residential Revenue per Residential Customer (g)

$     118.44

$       117.19

$     120.07

Monthly Small Business Revenue per Small Business Customer (h)

$     162.71

$       159.85

$     161.31

Residential Customer Relationships Penetration (i)

One Product Penetration

47.7 %

48.0 %

48.9 %

Two Product Penetration

34.8 %

34.5 %

33.4 %

Three or More Product Penetration

17.5 %

17.5 %

17.7 %

Connectivity (j)

Residential

28,446

28,563

28,758

Small Business

2,074

2,077

2,080

  Total Connectivity Customers

30,520

30,640

30,838

Residential

(117)

(95)

(5)

Small Business

(3)

(2)

  Total Connectivity Quarterly Net Additions

(120)

(95)

(7)

Internet

Residential

27,524

27,641

27,979

Small Business

2,036

2,039

2,045

  Total Internet Customers

29,560

29,680

30,024

Residential

(117)

(119)

(55)

Small Business

(3)

(4)

  Total Internet Quarterly Net Additions

(120)

(119)

(59)

Mobile Lines (k)

Residential

11,714

11,370

10,031

Small Business

420

396

334

  Total Mobile Lines

12,134

11,766

10,365

Residential

344

406

488

Small Business

24

22

19

  Total Mobile Lines Quarterly Net Additions

368

428

507

Video (l)

Residential

12,021

12,072

12,160

Small Business

524

533

551

  Total Video Customers

12,545

12,605

12,711

Residential

(51)

49

(167)

Small Business

(9)

(5)

(14)

  Total Video Quarterly Net Additions

(60)

44

(181)

Voice

Residential

4,665

4,832

5,372

Small Business

1,207

1,214

1,234

  Total Voice Customers

5,872

6,046

6,606

Mid-Market & Large Business (m)

Mid-Market & Large Business Primary Service Units (“PSUs”)

360

357

344

Mid-Market & Large Business Quarterly Net Additions

3

3

4

See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CAPITAL EXPENDITURES

(dollars in millions)

Three Months Ended March 31,

2026

2025

Customer premise equipment (n)

$          668

$          473

Scalable infrastructure (o)

310

293

Upgrade/rebuild (p)

675

395

Support capital (q)

390

360

Capital expenditures, excluding line extensions

2,043

1,521

  Subsidized rural construction line extensions

426

467

  Other line extensions

386

411

Total line extensions (r)

812

878

Total capital expenditures

$       2,855

$       2,399

Capital expenditures included in total related to:

Commercial services

$          286

$          273

Subsidized rural construction initiative (s)

$          427

$          468

Mobile

$            60

$            53

See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

FOOTNOTES

(a)

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other (income) expenses, net and other operating (income) expenses, net such as special charges, merger and acquisition costs and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses as well as other non-cash or special items, and is unaffected by our capital structure or investment activities.  Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

(b)

Other expense excludes stock compensation expense.  Total operating costs and expenses excludes stock compensation expense, depreciation and amortization and other operating (income) expenses, net.

(c)

We calculate the aging of customer accounts based on the monthly billing cycle for each account in accordance with our collection policies.  On that basis, at March 31, 2026, December 31, 2025 and March 31, 2025, customers included approximately 87,600, 82,300 and 92,200 customers, respectively, whose accounts were over 60 days past due, approximately 7,800, 9,700 and 10,700 customers, respectively, whose accounts were over 90 days past due and approximately 13,600, 13,600 and 17,000 customers, respectively, whose accounts were over 120 days past due.     

(d)

Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and small business and mid-market & large business sites passed by our cable distribution network in the areas where we offer the service indicated.  These estimates are based upon the information available at this time and are updated for all periods presented when new information becomes available. 

(e)

Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, mobile, video and voice services, without regard to which service(s) such customers receive.  Customers who reside in residential multiple dwelling units (“MDUs”) and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU.  Total customer relationships exclude mid-market & large business customer relationships.

(f)

Penetration represents residential and small business customers as a percentage of estimated passings. 

(g)

Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter.

(h)

Monthly small business revenue per small business customer is calculated as total small business quarterly revenue divided by three divided by average small business customer relationships during the respective quarter.

(i)

One product, two product and three or more product penetration represents the number of residential customers that subscribe to one product, two products or three or more products, respectively, as a percentage of residential customer relationships.

(j)

Connectivity customers represent all customers receiving our Internet and/or mobile connectivity services.

(k)

Mobile lines include phones and tablets which require one of our standard rate plans (e.g., “Unlimited” or “By the Gig”).  Mobile lines exclude wearables and other devices that do not require standard phone rate plans.

(l)

Video customers only include customers that purchase Spectrum traditional or streaming linear video packages and exclude customers that only purchase streaming applications.

(m)

Mid-market & large business PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.

(n)

Customer premise equipment includes equipment and devices located at the customer’s premise used to deliver our Internet, video and voice services (e.g., modems, routers and set-top boxes), as well as installation costs.

(o)

Scalable infrastructure includes costs, not related to customer premise equipment or our network, to secure growth of new customers or provide service enhancements (e.g., headend equipment).

(p)

Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including our network evolution initiative.

(q)

Support capital includes costs associated with the replacement or enhancement of non-network assets (e.g., back-office systems, non-network equipment, land and buildings, vehicles, tools and test equipment).

(r)

Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).

(s)

The subsidized rural construction initiative subcategory includes projects for which we are receiving subsidies from federal, state and local governments, excluding customer premise equipment and installation.

 

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SOURCE Charter Communications, Inc.

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KVB Futures Marks Its First Anniversary with Heartfelt CSR Initiative, Sharing Joy This Easter Season

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JAKARTA, Indonesia, April 24, 2026 /PRNewswire/ — Marking its first anniversary, KVB Futures celebrates a year of growth and milestones by hosting its inaugural Corporate Social Responsibility (CSR) initiative under the #BetterTogether vision at Yayasan Pondok Kasih Mandiri, Jakarta. Held in conjunction with Easter, the initiative reflects the company’s commitment to creating meaningful connections with the community through activities such as Easter egg colouring, a communal meal, and a donation handover to the foundation’s children.

The event was attended by President Director Tonny Fong, alongside the Compliance Director and KVB staff, highlighting KVB Futures’ commitment at the leadership level to actively contribute to social impact initiatives and community development.

“At KVB Futures, we believe that meaningful impact begins with care. This initiative reflects our responsibility to support and give back to the community, and we hope to continue creating a positive and lasting difference through our actions.”
Tonny Fong, President Director of KVB Futures.

In celebration of this first anniversary milestone, KVB Futures also introduces its Loyalty Program as a form of appreciation for its loyal clients. The program is designed to reward clients for their continuous trading activities, where each transaction contributes to earning exclusive rewards. Through this initiative, clients are encouraged to grow together with KVB Futures while enjoying additional benefits beyond the trading experience. Rewards offered under the program range from international travel, motorcycles, gold, iPhones, to vouchers reflecting the company’s commitment to delivering tangible value to its clients.

Beyond business growth, this initiative marks the beginning of KVB Futures’ long-term commitment to community engagement and sustainable impact. The company aims to continue developing meaningful programs that not only strengthen relationships with the community but also reinforce its position as a trusted, responsible, and people-first brokerage in Indonesia.

About KVB Futures

PT KVB Futures is a fully regulated brokerage under BAPPEBTI, operating in accordance with applicable regulations of OJK and Bank Indonesia (BI), and is ISO-certified to ensure high standards of security and operational excellence.

KVB Futures offers multi-asset trading services, including foreign exchange, gold, silver, oil, global stock indices, and US stock CFDs. With its KVB app at the core, KVB Futures combines innovative technology and a client-first approach to deliver a seamless, reliable, and competitive trading experience in Indonesia.

KVB Futures Contact

+62 851-1701-0756 | brand@kvb.co.id

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SOURCE KVB Futures

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