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Charter Announces First Quarter 2025 Results

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STAMFORD, Conn., April 25, 2025 /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, 2025.

First quarter total Internet customers decreased by 60,000. As of March 31, 2025, Charter served 30.0 million Internet customers.First quarter total mobile lines increased by 514,000. As of March 31, 2025, Charter served 10.4 million mobile lines.As of March 31, 2025, Charter had a total of 31.4 million customer relationships, excluding mobile-only relationships.First quarter revenue of $13.7 billion grew by 0.4% year-over-year, driven by residential mobile service revenue growth of 33.5%, residential Internet revenue growth of 1.8% and other revenue growth of 13.4%.Net income attributable to Charter shareholders totaled $1.2 billion in the first quarter.First quarter Adjusted EBITDA1 of $5.8 billion grew by 4.8% year-over-year.First quarter capital expenditures totaled $2.4 billion and included $878 million of line extensions.First quarter net cash flows from operating activities totaled $4.2 billion, compared to $3.2 billion in the prior year.First quarter free cash flow1 of $1.6 billion increased from $358 million in the prior year, primarily due to lower capital expenditures, higher Adjusted EBITDA and lower cash paid for interest.During the first quarter, Charter purchased 2.1 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (“Charter Holdings”) common units for approximately $751 million.

“We continue to execute on our long-held strategy of delivering the best network and products, at the best value, combined with unmatched service,” said Chris Winfrey, President and CEO of Charter. “That strategy is working, as evidenced by our first quarter results. We remain on track to deliver customer, EBITDA and robust free cash flow results for many years to come, driving outstanding shareholder value.”

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, 2025 (c)

March 31, 2024 (c)

Y/Y Change

Footprint

Estimated Passings (d)

57,167

55,687

2.7 %

Customer Relationships (e)

Residential

29,160

29,797

(2.1) %

Small Business*

2,209

2,219

(0.4) %

         Total Customer Relationships

31,369

32,016

(2.0) %

Residential

(98)

(107)

9

Small Business*

(6)

(3)

(3)

          Total Customer Relationships Quarterly Net Additions

(104)

(110)

6

          Total Customer Relationship Penetration of Estimated Passings (f)

54.9 %

57.5 %

(2.6) ppts

Monthly Residential Revenue per Residential Customer (g)

$               123.06

$               120.48

2.1 %

Monthly Small Business Revenue per Small Business Customer* (h)

$               163.68

$               163.44

0.1 %

Residential Customer Relationships Penetration

One Product Penetration (i)

47.6 %

47.3 %

0.3 ppts

Two Product Penetration (i)

34.3 %

33.0 %

1.3 ppts

Three or More Product Penetration (i)

18.1 %

19.7 %

(1.6) ppts

% Residential Non-Video Customer Relationships

58.3 %

56.0 %

2.3 ppts

Internet

Residential

27,979

28,472

(1.7) %

Small Business*

2,041

2,044

(0.1) %

          Total Internet Customers

30,020

30,516

(1.6) %

Residential

(55)

(72)

17

Small Business*

(5)

(5)

          Total Internet Quarterly Net Additions

(60)

(72)

12

Video

Residential

12,160

13,111

(7.3) %

Small Business*

551

606

(9.0) %

          Total Video Customers

12,711

13,717

(7.3) %

Residential

(167)

(392)

225

Small Business*

(14)

(13)

(1)

          Total Video Quarterly Net Additions

(181)

(405)

224

Mobile Lines (j)

Residential

10,063

7,992

25.9 %

Small Business*

334

260

28.7 %

          Total Mobile Lines

10,397

8,252

26.0 %

Residential

495

473

22

Small Business*

19

13

6

          Total Mobile Lines Quarterly Net Additions

514

486

28

Voice

Residential

5,372

6,438

(16.6) %

Small Business*

1,234

1,288

(4.2) %

          Total Voice Customers

6,606

7,726

(14.5) %

Residential

(264)

(274)

10

Small Business*

(14)

(5)

(9)

          Total Voice Quarterly Net Additions

(278)

(279)

1

Mid-Market & Large Business* (k)

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

324

308

5.4 %

Mid-Market & Large Business Quarterly Net Additions*

5

5

* In connection with the launch of our Spectrum Business brand, the previously reported “Small and Medium Business (“SMB”)” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported customer data.

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. 

In September 2024, Spectrum launched a new brand platform, Life Unlimited, which emphasizes the power of Spectrum’s advanced network and cutting-edge connectivity products and services to create opportunities and remove barriers to help customers live their best lives. As part of its new brand platform, Spectrum launched a new and simplified pricing and packaging strategy that better utilizes its seamless connectivity and entertainment products to offer lower promotional and persistent bundled pricing to drive growth. Additionally, Spectrum announced new customer commitments focused on reliable connectivity, transparency, exceptional service and a focus on always improving.

First quarter total Internet customers decreased by 60,000, including approximately 9,000 customer disconnects related to the wildfires in California in January, compared to a decline of 72,000 during the first quarter of 2024. 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 eight markets. In January 2025, Spectrum launched 2×1 Gbps service in two markets. In the coming months, Spectrum will launch 2×1 Gbps service in additional markets. Unlike competitors, Spectrum upgrades its network to serve all of its passings and can do so at a much lower cost. Spectrum Advanced WiFi provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy.

Total video customers decreased by 181,000 in the first quarter of 2025, compared to a decline of 405,000 in the first quarter of 2024, with the improvement driven by new and simplified pricing and packaging launched in September 2024. As of March 31, 2025, Charter had 12.7 million total video customers. Spectrum TV Select video customers now receive up to approximately $70 per month (soon to be approximately $80 per month) of programmers’ streaming application retail value at no extra cost, including the ad-supported versions of Max, Disney+, ESPN+, Paramount+, Peacock, AMC+, ViX, Tennis Channel Plus, Discovery+ and BET+. This programmer streaming application inclusion is part of Charter’s broader video evolution strategy to provide flexible packages with enhanced value, whether through full packages with seamless entertainment, smaller video packages or a suite of a-la-carte programmer application options for broadband customers.

During the first quarter of 2025, Charter added 514,000 total mobile lines, compared to growth of 486,000 during the first quarter of 2024. Spectrum MobileTM is available to all new and existing Spectrum Internet customers and offers the fastest overall speeds,2 with plans that include 5G access, do not require contracts and include taxes and fees in the price. In March 2025, Spectrum Mobile launched satellite-based services through a collaboration with Skylo, a non-terrestrial network service provider. Spectrum Mobile is central to Charter’s converged network strategy to provide consumers a differentiated connectivity experience with highly competitive, simple data plans and pricing.

During the first quarter of 2025, total wireline voice customers declined by 278,000, compared to a decline of 279,000 in the first quarter of 2024. As of March 31, 2025, Charter had 6.6 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 2025, Charter activated 89,000 subsidized rural passings. Within Charter’s subsidized rural footprint, total customer relationships increased by 39,000 in the first quarter of 2025.

1.

Based on Broadband Download Speed among the top 5 national providers in Opensignal USA: Fixed Broadband Experience Report — National View, May 2024. Based on Opensignal independent analysis of mean download speed. © 2025 Opensignal Limited.

2.

Based on analysis by Spectrum of Ookla® Speedtest Intelligence® data for overall Mobile WiFi and Cellular performance for Q3-Q4 2024 in Spectrum’s cable footprint. Ookla trademarks used under license and reprinted with permission.

First Quarter Financial Results
(in millions)

Three Months Ended March 31,

2025

2024

% Change

Revenues:

Internet

$      5,930

$      5,826

1.8 %

Video

3,580

3,908

(8.4) %

Mobile service

914

685

33.5 %

Voice

356

374

(5.0) %

Residential revenue

10,780

10,793

(0.1) %

Small business1

1,086

1,088

(0.2) %

Mid-market & large business1

736

708

3.9 %

Commercial revenue

1,822

1,796

1.4 %

Advertising sales

340

391

(12.9) %

Other

793

699

13.4 %

Total Revenues

$    13,735

$    13,679

0.4 %

Net income attributable to Charter shareholders

$      1,217

$      1,106

10.0 %

Net income attributable to Charter shareholders margin

8.9 %

8.1 %

Adjusted EBITDA2

$      5,763

$      5,497

4.8 %

Adjusted EBITDA margin

42.0 %

40.2 %

Capital expenditures

$      2,399

$      2,791

(14.1) %

Net cash flows from operating activities

$      4,236

$      3,212

31.9 %

Free cash flow2

$      1,564

$         358

336.9 %

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

1.

In connection with the launch of our Spectrum Business brand, the previously reported “SMB” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported revenue data.

2.

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 increased by 0.4% year-over-year to $13.7 billion, driven by growth in residential mobile service, residential Internet and other revenues, partly offset by lower residential video and advertising sales revenues.

Residential revenue totaled $10.8 billion in the first quarter, a decrease of 0.1% year-over-year.

First quarter 2025 monthly residential revenue per residential customer totaled $123.06, an increase of 2.1% compared to the prior year period. The growth was driven by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile, partly offset by a lower mix of video customer relationships, a higher mix of lower priced video packages within Charter’s video customer base and $47 million of costs allocated to programmer streaming applications and netted within video revenue.

Internet revenue grew by 1.8% year-over-year to $5.9 billion, driven by promotional rate step-ups, rate adjustments and less unfavorable bundled revenue allocation year-over-year, partly offset by a decline in Internet customers year-over-year.

Video revenue totaled $3.6 billion in the first quarter, a decrease of 8.4% compared to the prior year period, driven by a decline in video customers during the last year, a higher mix of lower priced video packages within Charter’s video customer base, $47 million of costs allocated to programmer streaming applications and netted within video revenue and more unfavorable bundled revenue allocation year-over-year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.

First quarter mobile service revenue totaled $914 million, an increase of 33.5% year-over-year, driven by mobile line growth and mobile service revenue per line growth.

Voice revenue decreased by 5.0% year-over-year to $356 million, driven by a decline in wireline voice customers, partly offset by voice rate adjustments.

Commercial revenue increased by 1.4% year-over-year to $1.8 billion, driven by mid-market and large business growth of 3.9% year-over-year, partly offset by a decline in small business revenue of 0.2%.1 Mid-market and large business revenue excluding wholesale increased by 4.4% year-over-year, mostly reflecting PSU growth. The year-over-year decrease in first quarter 2025 small business revenue was driven by a decline in small business customer relationships year-over-year, partly offset by higher monthly small business revenue per small business customer.

First quarter advertising sales revenue of $340 million decreased by 12.9% compared to the year-ago quarter, primarily driven by lower political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 5.1% year-over-year due to a more challenged local and national advertising market.

Other revenue totaled $793 million in the first quarter, an increase of 13.4% compared to the first quarter of 2024, primarily driven by higher mobile device sales.

Operating Costs and Expenses2

First quarter programming costs decreased by $268 million, or 10.4% as compared to the first quarter of 2024, reflecting fewer video customers, a higher mix of lower cost packages within Charter’s video customer base and $47 million of costs allocated to programmer streaming applications and netted within video revenue, partly offset by contractual programming rate increases and renewals. First quarter 2025 programming costs include $12 million of favorable adjustments compared to $28 million of favorable adjustments in the prior year period.

Other costs of revenue increased by $126 million, or 8.7% year-over-year, primarily driven by higher mobile device sales and mobile service direct costs.

Field and technology operations decreased by $8 million, or 0.7% year-over-year.

Customer operations decreased by $38 million, or 4.5% year-over-year, primarily due to lower labor costs, given an increasingly efficient service infrastructure.

Marketing and residential sales expenses increased by $68 million, or 7.7% year-over-year, given Spectrum’s continued focus on driving growth and the launch of its new brand platform, Life Unlimited.

Other expenses decreased by $90 million, or 7.8% as compared to the first quarter of 2024, mostly driven by one-time benefits of $75 million.

1.

In connection with the launch of our Spectrum Business brand, the previously reported “SMB” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported revenue data.

2.

Certain expense reclassifications were also made to reflect changes in how we manage our business in connection with the launch of our Spectrum Business brand in 2025. The reclassifications did not result in any changes to total operating expenses or Adjusted EBITDA for any period presented. See the 1Q25 Trending Schedule at ir.charter.com for more information.

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $1.2 billion in the first quarter of 2025, compared to $1.1 billion in the first quarter of 2024, due to higher Adjusted EBITDA and lower interest expense, partly offset by an increase in other operating expenses due to a non-strategic asset impairment charge this quarter versus a gain on sale of assets in the first quarter of 2024.

Net income per basic common share attributable to Charter shareholders totaled $8.59 in the first quarter of 2025 compared to $7.66 during the same period last year. The increase was primarily the result of the factors described above in addition to a 2.0% decrease in basic weighted average common shares outstanding versus the prior year period.

Adjusted EBITDA

First quarter Adjusted EBITDA of $5.8 billion grew by 4.8% year-over-year, reflecting growth in revenue of 0.4% and a decline in operating expenses of 2.6%.

Capital Expenditures

Capital expenditures totaled $2.4 billion in the first quarter of 2025, a decrease of $392 million compared to the first quarter of 2024, driven by timing of CPE, upgrade/rebuild (primarily network evolution) and line extensions.

Charter continues to expect full year 2025 capital expenditures to total approximately $12 billion, including line extensions capital expenditures of approximately $4.2 billion and network evolution spend of approximately $1.5 billion. The actual amount of capital expenditures in 2025 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 2025, net cash flows from operating activities totaled $4.2 billion, an increase from $3.2 billion in the prior year. The year-over-year increase was primarily due to higher Adjusted EBITDA, lower cash paid for interest and a less unfavorable change in working capital.

Free cash flow in the first quarter of 2025 totaled $1.6 billion, an increase of $1.2 billion compared to the first quarter of 2024. The year-over-year increase in free cash flow was primarily driven by higher net cash flows from operating activities and lower capital expenditures, partly offset by a more unfavorable change in accrued expenses related to capital expenditures.

Liquidity & Financing

As of March 31, 2025, total principal amount of debt was $93.6 billion and Charter’s credit facilities provided approximately $6.4 billion of additional liquidity in excess of Charter’s $796 million cash position.

Share Repurchases

During the three months ended March 31, 2025, Charter purchased 2.1 million shares of Charter Class A common stock and Charter Holdings common units for $751 million.

Webcast

Charter will host a webcast on Friday, April 25, 2025 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, 2025, 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 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 and $371 million for the three months ended March 31, 2025 and 2024, respectively.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator with services available to more than 57 million homes and businesses in 41 states through its Spectrum brand. Over an advanced communications network, supported by a 100% US-based workforce, the Company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.

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,” “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, video, mobile, 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 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 to consummate the Liberty Broadband combination 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 is in effect; andother risks related to the Liberty Broadband combination as described in the definitive joint proxy statement/prospectus with respect to the combination, filed by Charter on January 22, 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,

2025

2024

2025

2024

Net income attributable to Charter shareholders

$             1,217

$             1,106

$             5,194

$             4,642

Plus:  Net income attributable to noncontrolling interest

192

174

788

716

Interest expense, net

1,241

1,316

5,154

5,239

Income tax expense

445

446

1,648

1,665

Depreciation and amortization

2,181

2,190

8,664

8,680

Stock compensation expense

222

214

659

698

Other, net

265

51

728

401

Adjusted EBITDA (a)

$             5,763

$             5,497

$           22,835

$           22,041

Net cash flows from operating activities

$             4,236

$             3,212

$           15,454

$           14,322

Less:  Purchases of property, plant and equipment

(2,399)

(2,791)

(10,877)

(11,442)

Change in accrued expenses related to capital expenditures

(273)

(63)

886

304

Free cash flow (a)

$             1,564

$                358

$             5,463

$             3,184

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,

2025

2024

% Change

REVENUES:

Internet

$             5,930

$             5,826

1.8 %

Video

3,580

3,908

(8.4) %

Mobile service

914

685

33.5 %

Voice

356

374

(5.0) %

Residential revenue

10,780

10,793

(0.1) %

Small business*

1,086

1,088

(0.2) %

Mid-market & large business*

736

708

3.9 %

Commercial revenue

1,822

1,796

1.4 %

Advertising sales

340

391

(12.9) %

Other

793

699

13.4 %

Total Revenues

13,735

13,679

0.4 %

COSTS AND EXPENSES:

Programming

2,302

2,570

(10.4) %

Other costs of revenue

1,584

1,458

8.7 %

Field and technology operations*

1,290

1,298

(0.7) %

Customer operations

786

824

(4.5) %

Marketing and residential sales*

949

881

7.7 %

Other expense* (b)

1,061

1,151

(7.8) %

Total operating costs and expenses (b)

7,972

8,182

(2.6) %

Adjusted EBITDA (a)

$             5,763

$             5,497

4.8 %

* In connection with the launch of our Spectrum Business brand, the previously reported “SMB” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively.  The new terminology did not result in any changes to previously reported revenue data.  Certain expense reclassifications were also made to reflect changes in how we manage our business in connection with the launch of our Spectrum Business brand in 2025.  The reclassifications did not result in any changes to total operating expenses or Adjusted EBITDA for any period presented.  See the 1Q25 Trending Schedule at ir.charter.com for more information.

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,

2025

2024

REVENUES

$           13,735

$           13,679

COSTS AND EXPENSES:

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

8,194

8,396

Depreciation and amortization

2,181

2,190

Other operating (income) expenses, net

123

(38)

10,498

10,548

Income from operations

3,237

3,131

OTHER INCOME (EXPENSES):

Interest expense, net

(1,241)

(1,316)

Other expenses, net

(142)

(89)

(1,383)

(1,405)

Income before income taxes

1,854

1,726

Income tax expense

(445)

(446)

Consolidated net income

1,409

1,280

Less: Net income attributable to noncontrolling interests

(192)

(174)

Net income attributable to Charter shareholders

$             1,217

$             1,106

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:

Basic

$               8.59

$               7.66

Diluted

$               8.42

$               7.55

Weighted average common shares outstanding, basic

141,591,396

144,510,317

Weighted average common shares outstanding, diluted

144,574,684

146,643,199

 

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions) 

March 31,

December 31,

2025

2024

ASSETS

(unaudited)

CURRENT ASSETS:

Cash and cash equivalents

$                    796

$                    459

Accounts receivable, net

3,311

3,097

Prepaid expenses and other current assets

861

677

Total current assets

4,968

4,233

INVESTMENT IN CABLE PROPERTIES:

Property, plant and equipment, net

43,359

42,913

Customer relationships, net

818

975

Franchises

67,468

67,462

Goodwill

29,674

29,674

Total investment in cable properties, net

141,319

141,024

OTHER NONCURRENT ASSETS

4,667

4,763

Total assets

$              150,954

$              150,020

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable, accrued and other current liabilities

$               11,873

$               11,687

Current portion of long-term debt

1,799

1,799

Total current liabilities

13,672

13,486

LONG-TERM DEBT

91,970

92,134

EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY

1,194

1,072

DEFERRED INCOME TAXES

18,822

18,845

OTHER LONG-TERM LIABILITIES

4,774

4,776

SHAREHOLDERS’ EQUITY:

Controlling interest

16,247

15,587

Noncontrolling interests

4,275

4,120

Total shareholders’ equity

20,522

19,707

Total liabilities and shareholders’ equity

$              150,954

$              150,020

 

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions) 

Three Months Ended March 31,

2025

2024

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated net income

$             1,409

$             1,280

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

Depreciation and amortization

2,181

2,190

Stock compensation expense

222

214

Noncash interest, net

8

8

Deferred income taxes

(27)

21

Other, net

233

15

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

Accounts receivable

(48)

(39)

Prepaid expenses and other assets

(235)

(366)

Accounts payable, accrued liabilities and other

493

(111)

Net cash flows from operating activities

4,236

3,212

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(2,399)

(2,791)

Change in accrued expenses related to capital expenditures

(273)

(63)

Other, net

(132)

(53)

Net cash flows from investing activities

(2,804)

(2,907)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings of long-term debt

1,393

5,921

Borrowings of equipment installment plan financing facility

121

Repayments of long-term debt

(1,609)

(5,716)

Payments for debt issuance costs

(2)

Purchase of treasury stock

(802)

(516)

Proceeds from exercise of stock options

17

2

Purchase of noncontrolling interest

(20)

(95)

Distributions to noncontrolling interest

(3)

(3)

Other, net

(169)

56

Net cash flows from financing activities

(1,072)

(353)

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

360

(48)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period

506

709

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period

$                866

$                661

CASH PAID FOR INTEREST

$                995

$             1,236

CASH PAID FOR INCOME TAXES

$                  56

$                  78

As of March 31, 2025 and December 31, 2024, cash, cash equivalents and restricted cash includes $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,
2025 (c)

December 31,
2024 (c)

March 31,
2024 (c)

Footprint

Estimated Passings (d)

57,167

56,861

55,687

Customer Relationships (e)

Residential

29,160

29,258

29,797

Small Business*

2,209

2,215

2,219

Total Customer Relationships

31,369

31,473

32,016

Residential

(98)

(207)

(107)

Small Business*

(6)

(8)

(3)

Total Customer Relationships Quarterly Net Additions

(104)

(215)

(110)

Total Customer Relationship Penetration of Estimated Passings (f)

54.9 %

55.4 %

57.5 %

Monthly Residential Revenue per Residential Customer (g)

$        123.06

$        121.40

$        120.48

Monthly Small Business Revenue per Small Business Customer* (h)

$        163.68

$        163.14

$        163.44

Residential Customer Relationships Penetration

One Product Penetration (i)

47.6 %

47.6 %

47.3 %

Two Product Penetration (i)

34.3 %

33.9 %

33.0 %

Three or More Product Penetration (i)

18.1 %

18.5 %

19.7 %

% Residential Non-Video Customer Relationships

58.3 %

57.9 %

56.0 %

Internet

Residential

27,979

28,034

28,472

Small Business*

2,041

2,046

2,044

Total Internet Customers

30,020

30,080

30,516

Residential

(55)

(171)

(72)

Small Business*

(5)

(6)

Total Internet Quarterly Net Additions

(60)

(177)

(72)

Video

Residential

12,160

12,327

13,111

Small Business*

551

565

606

Total Video Customers

12,711

12,892

13,717

Residential

(167)

(110)

(392)

Small Business*

(14)

(13)

(13)

Total Video Quarterly Net Additions

(181)

(123)

(405)

Mobile Lines (j)

Residential

10,063

9,568

7,992

Small Business*

334

315

260

Total Mobile Lines

10,397

9,883

8,252

Residential

495

511

473

Small Business*

19

18

13

Total Mobile Lines Quarterly Net Additions

514

529

486

Voice

Residential

5,372

5,636

6,438

Small Business*

1,234

1,248

1,288

Total Voice Customers

6,606

6,884

7,726

Residential

(264)

(259)

(274)

Small Business*

(14)

(15)

(5)

Total Voice Quarterly Net Additions

(278)

(274)

(279)

Mid-Market & Large Business* (k)

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

324

319

308

Mid-Market & Large Business Quarterly Net Additions*

5

4

5

* In connection with the launch of our Spectrum Business brand, the previously reported “SMB” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported customer data. 

See footnotes on page 7.

 

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 
UNAUDITED CAPITAL EXPENDITURES
(dollars in millions) 

Three Months Ended March 31,

2025

2024

Customer premise equipment (l)

$                473

$                635

Scalable infrastructure (m)

293

328

Upgrade/rebuild (n)

395

481

Support capital (o)

360

388

Capital expenditures, excluding line extensions

1,521

1,832

Subsidized rural construction line extensions

467

427

Other line extensions

411

532

Total line extensions (p)

878

959

Total capital expenditures

$             2,399

$             2,791

Capital expenditures included in total related to:

Commercial services

$                273

$                375

Subsidized rural construction initiative (q)

$                468

$                427

Mobile

$                  53

$                  59

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 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, 2025, December 31, 2024 and March 31, 2024, customers included approximately 92,200, 102,500 and 110,000 customers, respectively, whose accounts were over 60 days past due, approximately 10,700, 12,100 and 42,600 customers, respectively, whose accounts were over 90 days past due and approximately 17,000, 13,600 and 283,100 customers, respectively, whose accounts were over 120 days past due.  The decrease in accounts past due since March 31, 2024 is predominately due to revisions to customer account balances associated with the end of the Federal Communications Commission’s Affordable Connectivity Program, including balance write-offs and conversion to payment plans. 

(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.  In the fourth quarter of 2024, we completed a review of our passings which resulted in a net reduction of approximately 1.7 million passings for all periods presented.

(e)   

Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, video, mobile 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 and mobile-only customer relationships.

(f)

Penetration represents residential and small business customers as a percentage of estimated passings.  Penetration excludes mobile-only customers. 

(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 and excludes mobile-only customer relationships.

(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 and excludes mobile-only customer relationships.

(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, excluding mobile-only customers.

(j)

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.

(k) 

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.

(l)

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.

(m)

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).

(n) 

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

(o) 

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).

(p) 

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

(q) 

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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MARIANA MINERALS RESTARTS UTAH COPPER MINE AS THE WORLD’S ONLY AUTONOMOUS-FIRST MINE AND REFINERY

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Software-first minerals company integrates autonomous haulage, drilling, and robotic sensing across mining and refining under a single AI operating platform

SAN JUAN COUNTY, Utah, April 27, 2026 /PRNewswire/ — Mariana Minerals, the world’s only software-first, vertically integrated minerals company, today announced the restart of mining operations at Copper One in southeastern Utah. The restart marks a milestone in mining history: Copper One becomes the world’s first mine to deploy autonomous tools across all three operational domains (mining, refining, and capital project execution) unified under a single operating system.

Mariana acquired Lisbon Valley Mining Company in Q4 2025, gaining control of a roughly 10,000-acre permitted land package that has produced high-purity copper cathode since 2009. While refinery operations continued uninterrupted, mining was paused in late 2024. Mining operations resume this month with autonomous systems and autonomous orchestration active from day one.

“Copper One will be the first mine where delivering end-to-end autonomy is the priority, where it’s being rapidly deployed across mining and refining operations and coordinated by our internal software stack. That’s what MarianaOS makes possible. We chose to prove it here because the stakes are real: the U.S. has a structural copper deficit, and the window to close it is narrowing. We’re producing now and ramping output aggressively, with the primary goal of achieving fully-autonomous mining operations,” said Turner Caldwell, Co-Founder & CEO, Mariana Minerals.

MarianaOS: An Autonomy-First Mining Operating System
What makes Copper One unprecedented is not any single piece of autonomous equipment, but the intelligence layer coordinating them. MarianaOS integrates three core subsystems, MineOS, PlantOS, and CapitalProjectOS, into a unified platform spanning project execution through copper production.

On the mining side, Copper One will begin with integrating three best-in-class autonomous equipment platforms. Pronto’s turnkey Autonomous Haulage System (AHS) uses camera-based machine learning and Global Navigation Satellite Systems (GNSS) to enable fully driverless haul truck operation, with OEM-agnostic retrofit capability across mixed fleets. Sandvik’s AutoMine® platform enables autonomous production drilling, allowing operators to simultaneously monitor multiple surface machine operations from a remote-operations control center. And Boston Dynamics’ Spot quadruped robots autonomously patrol the open pit, heap leach pad, and solvent extraction-electrowinning (SX-EW) refinery infrastructure. All of these data feed directly into MineOS, enabling fleet-wide optimization and continuous improvement.

PlantOS extends autonomous operations into refining by integrating real-time sensor data across the entire refining process (solution chemistry, flow rates, temperature, and electrowinning cell performance) into a unified control system. Machine learning models predict process drift, automatically adjust reagent dosing, and flags maintenance needs before they impact output. The result is a continuously optimized refinery that operates with minimal human intervention.

CapitalProjectOS redefines how capital-intensive infrastructure projects are planned and executed. Traditional projects often take a decade or more and frequently suffer from chronic cost overruns. CapitalProjectOS integrates process development, engineering, procurement, construction, and commissioning data into a single platform that enables real-time progress tracking, predictive risk modeling, and automated schedule optimization. At Copper One, CapitalProjectOS is managing the expansion roadmap to scale output to 50,000 metric tons per year, coordinating heap leach pad expansions, refinery upgrades, and autonomous equipment deployment in parallel.

Built to Move Fast
While Mariana is actively constructing and developing greenfield projects – with the goal of compressing engineering, procurement, construction, and commissioning timelines leveraging CapitalProjectOS – Copper One is uniquely positioned to accelerate deployment of MarianaOS at scale. With an existing open pit mine, heap leach pad, and SX-EW refining infrastructure already in place, Mariana will rapidly ramp production that would take years to replicate elsewhere.

Mariana’s longer-term plan is to scale Copper One output to 50,000 metric tons per year of high-purity copper cathode by 2030, leveraging additional proven deposits on the property and integrating copper scrap recycling.

A Critical Supply Gap
The U.S. currently imports approximately 50% of its refined copper. With domestic demand projected to nearly double by 2035 — driven by AI data centers, defense systems, EVs, and grid modernization — the supply gap is a national security issue. The Trump Administration’s Section 232 investigation cited copper imports as a direct concern, and the Pentagon has identified critical minerals vulnerability as a threat to the defense industrial base.

Domestic operations like Copper One, and the step-change in productivity that autonomous operations deliver, have become strategically essential.

About Mariana Minerals
Mariana engineers, builds, and operates mines and refineries, using proprietary AI and machine learning tools to accelerate project execution and optimize production across critically needed metals. Copper One is Mariana’s second active project, alongside Lithium One, the world’s first GWh-scale lithium extraction facility from oil and gas produced water, currently under construction in East Texas. Mariana has raised $120 million in total capital, including a Series A led by Andreessen Horowitz with participation from Breakthrough Energy Ventures, Khosla Ventures, and strategic investors.

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SOURCE Mariana Minerals

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State CISOs Report Lower Confidence Across the Public Sector Cyber Ecosystem, 2026 NASCIO-Deloitte Survey Finds

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The 2026 National Association of Chief Information Officers – Deloitte biennial cybersecurity study finds state officials face increasingly sophisticated threats, including new artificial intelligence-enabled tactics, and highlights steps CISOs are taking to better protect public data and critical digital services

NEW YORK, April 27, 2026 /PRNewswire/ — 

Key takeaways

The survey of Chief Information Security Officers (CISOs) from all 50 states and two territories found that just 26% of state CISOs are “extremely” or “very” confident that their state’s information assets are protected from cyber threats, down from 48% in 2022.Implementing effectiveness metrics is now CISOs’ top priority: 49% named it a top cybersecurity initiative in 2026, up from 15% in 2022.Nearly all state CISOs (94%) said they are involved in developing Generative AI security policies and 84% are involved in Generative AI strategy development.Budget pressure is rising with 16% of CISOs reporting their budgets have been cut, up from none in 2024.The percentage of CISOs who described themselves as “not very confident” in the ability of local government and public higher education to secure public data rose significantly, from 35% in 2022 to 63% in 2026.

Why this decline in confidence matters
States share data and systems with counties, cities, and public colleges and universities, so a vulnerability in one network can cascade, exposing personal information, disrupting essential services and driving costly incident response. As attackers adopt AI-enabled tactics, the urgency is growing for faster coordination, clearer policy and stronger baseline defenses across the public sector. This may explain why roughly one-fifth of CISOs indicated that their states were moving toward a “whole-of-state” approach to cybersecurity.

Metrics reporting becomes CISOs’ top priority
Top priorities for CISOs have shifted since the 2024 survey. When asked to identify their states’ top cybersecurity initiatives for 2026, half of CISOs named implementing effectiveness metrics (49%, up from 25% in 2024 and 15% in 2022). Capturing the effectiveness of cyber spending can be difficult, but without metrics, it is challenging to show the benefits of investments. Tracking operational, compliance and risk-based key performance indicators, such as incident response time and phishing click rate, can help demonstrate the return on cyber investment.

AI both accelerates threats and becomes a frontline defense
AI is accelerating the scale and sophistication of attacks targeting public sector systems, making it easier and cheaper for adversaries to generate and automate cyberattacks. CISOs also point to an emerging threat toolkit, including deepfakes that can fool people and evade detection, AI agents that probe for weaknesses and adapt, and AI-driven ransomware-as-a-service operations.

At the same time, CISOs describe AI as a practical way to keep pace, using it to triage security alerts, summarize events, and explore faster report creation, threat identification and training. Several states are already utilizing Generative AI in core security operations, including security information and event management (SIEM) and security orchestration, automation and response (SOAR). The report also underscores how central CISOs have become to state AI efforts.

Key quotes
“We’re seeing more states move toward a ‘whole-of-state’ cybersecurity approach where the state helps extend protection beyond state agencies to local governments, public education and other critical entities that can become an entry point for attackers. At its core, it’s about scaling capabilities through shared services and better collaboration so a weakness in one part of the ecosystem doesn’t become a statewide incident. Many states are looking to scale capabilities through security operations centers and regional support, so counties, cities and schools can benefit from the same cyber-defense muscle as the enterprise.”

Mike Wyatt, Stale local and higher education cyber risk leader, Deloitte

“It’s an encouraging development that state CISOs are being placed at the center of Generative AI security. They are helping shape the strategy, establishing security policies and reviewing proposed use cases. By being involved from the beginning, CISOs are helping governments move faster without sacrificing safeguards because security and governance complement each other. We’re also seeing CISOs explore practical uses of AI to strengthen day-to-day defense, while putting clearer guardrails around responsible uses.”

Meredith Ward, deputy executive director, NASCIO

Additional data
To read the 2026 NASCIO-Deloitte report in its entirety, click here.

About NASCIO
The National Association of State Chief Information Officers is the premier network and resource for state CIOs and a leading advocate for technology policy at all levels of government. NASCIO represents state chief information officers and information technology executives from the states, territories, and the District of Columbia. For more information about NASCIO visit www.nascio.org.

As used in this document, “Deloitte” means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.

 

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SOURCE Deloitte

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Duck Creek Kicks Off Formation ’26 as Strong Fiscal Momentum Signals Accelerating Demand for its Intelligent Core Insurance Platform

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Company highlights double-digit SaaS growth, global expansion, and launch of its new agentic AI platform as industry leaders gather in Orlando

BOSTON, April 27, 2026 /CNW/ — Duck Creek Technologies, the intelligent core of insurance, today kicks off Formation ’26: Agents of Innovation, its flagship user conference, as the company builds strong momentum in the first half of fiscal 2026, marked by double-digit year-over-year SaaS ARR growth fueled by new logos and expansion across its global customer base.

Duck Creek’s strong start to fiscal 2026 reflects this demand, with double-digit new customer wins and existing customer expansions across its core, specialty, and AI-powered solutions. Adoption of Duck Creek’s intelligent cloud continues to scale globally. Insurers are selecting Duck Creek for its enterprise depth including policy, billing, claims, rating, loss control, reinsurance, distribution management, and payments solutions to operate faster, more accurately, and maintain regulatory compliance.

“We are expanding our leadership in insurance technology with more than 370 customers globally. Including 33 of the top 50 North American insurers,” said Hardeep Gulati, Chief Executive Officer of Duck Creek. “Insurers modernizing their core systems are looking for more from their technology. They need a trusted partner like Duck Creek with proven enterprise scale and speed-to-value to help them drive profitable impact and growth. At Formation, we are excited to announce our new agentic platform that will help further improve the combined ratios for insurers with more than $150B in premium flowing through Duck Creek annually.”

Formation ’26 will bring together more than 800 insurance professionals, ecosystem partners, and industry leaders to explore how technology is transforming the insurance lifecycle. The event underscores growing market demand for intelligent, cloud-native platforms that enable insurers to accelerate cloud migration, product development, and automate core insurance workflows to accelerate decision-making and improve operational agility. A highlight of the event will be Duck Creek unveiling its agentic AI platform and showcasing live demonstrations of agentic applications and agents.

Formation ’26 will feature a distinguished lineup of guest speakers joining Gulati during his keynote, including Stephen Lord, Global CIO of AXIS Capital, and Monti Saroya, Senior Managing Director and Co-Head of the Flagship Fund at Vista Equity Partners. Together, they will share perspectives on large-scale transformation, AI adoption, and the future of agentic insurance.

The conference will also include a customer panel moderated by Chief Operating Officer Chris McCloskey, featuring leaders from Core Specialty, Europ Assistance, and Arbella Insurance, who will discuss their transformation journeys and business outcomes achieved through modern core systems. An analyst panel moderated by SVP of Sales William Magowan will bring together experts from AM Best, Celent, and Datos Insights to provide an external view on market trends and innovation benchmarks.

Customer Momentum

Millers Mutual Insurance advanced its modernization strategy with Duck Creek OnDemand, implementing Policy, Billing, and Reinsurance Clarity to modernize its core systems and support continued growth in the multifamily housing insurance market.Anchor Group Management Inc. partnered with Duck Creek to modernize its insurance payments infrastructure, enabling more streamlined billing processes and improved digital payment experiences for policyholders.Frankenmuth Insurance adopted Duck Creek OnDemand Distribution Management to transform how it manages agencies and producers, increasing visibility, improving operational efficiency, and strengthening collaboration across its distribution network.Indigo Insurance turned to Duck Creek OnDemand to accelerate its modernization strategy and support rapid growth, gaining a scalable cloud-based core platform designed to bring new products to market faster.Encova Insurance went live on an upgraded Duck Creek OnDemand Distribution Management system, unifying agency operations across lines of business, streamlining onboarding, and improving the overall agent experience.New Zealand’s Medical Assurance Society (MAS) selected Duck Creek’s full suite of core solutions delivered via OnDemand to modernize its general insurance business, enhance member experiences, and support a broader digital and data-driven transformation.Country-Wide Insurance selected Duck Creek Clarity to strengthen its data and analytics capabilities, enabling real-time insights and preparing for its upcoming OnDemand go-live with Active Delivery.Fortegra selected Duck Creek Reinsurance and Duck Creek Clarity to modernize financial operations, improve portfolio transparency, and support continued growth across products, geographies, and distribution models.Duck Creek secured more than a dozen additional new customer engagements across commercial specialty and personal lines.

Industry Recognition

Named a Leader in the 2025 Gartner Magic Quadrant for SaaS P&C Insurance Core Platforms North America, marking the seventh consecutive year the company has been recognized as a Leader.Named a Leader in the Everest Group 2025 Underwriting Orchestration Products PEAK Matrix Assessment, recognizing Duck Creek’s strength in delivering AI-driven underwriting, integrated core workflows, and measurable value across global P&C carriers.Featured in Everest Group’s 2026 Voice of the Customer Report for Insurance CXOPs, outperforming both core system peers and the market average, with customers citing strengths in seamless implementation, deep core system integration, and enterprise scalability and more.Received the 2025 IDC FinTech Real Results Award for Insurance Transformation for measurable customer outcomes.

About Duck Creek

Duck Creek is the intelligent core that leading insurers choose to build on. Purpose-built for property and casualty (P&C) and general insurance, Duck Creek unifies the full insurance lifecycle on a single platform with one data foundation. As an agentic platform, it connects intelligence across underwriting, policy, billing, claims, and payments workflows where decisions are made and compliance is non-negotiable. Duck Creek enables carriers to launch products faster, adapt quickly to change, and grow with precision and confidence. Solutions are available individually or as a full suite via Duck Creek OnDemand. Visit www.duckcreek.com and follow Duck Creek on LinkedIn and X.

Media Contacts:  
Marianne Dempsey / Tara Stred  
duckcreek@threeringsinc.com

 

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SOURCE Duck Creek Technologies, Inc.

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