NEW YORK--(BUSINESS WIRE)--February 12, 2026--
Optimum Communications, Inc. (NYSE: OPTU) today reports results for the fourth quarter and full year ended December 31, 2025.
Dennis Mathew, Optimum Chairman and Chief Executive Officer, said: "In full year 2025, we achieved the goals we shared in the beginning of the year across revenue, Broadband ARPU, direct costs, operating expense, Adjusted EBITDA excluding i24 News, and capital spend, reflecting our disciplined execution at Optimum. During the quarter, we achieved year over year Adjusted EBITDA growth, driven by moderating revenue declines, higher gross margins, and disciplined expense management. We saw continued momentum across key segments, including Residential and Broadband ARPU growth, improved video trends, as well as momentum in Lightpath and Mobile. While broadband subscriber trends remain under pressure in a highly competitive market, we enter 2026 with a simpler, more competitive approach, featuring streamlined pricing and packaging and a convergence-led go-to-market strategy intended to support improvements in the broadband performance. Looking ahead, this focus on simplification extends across our operations and customer experience, positioning us to execute more efficiently, support performance over time, and support long-term shareholder value."
Fourth Quarter and Full Year 2025 Overview
-- Total revenue of $2.18 billion in Q4 2025 (-2.3% year over year) and
$8.6 billion in FY 2025 (-4.1% year over year)
-- Total broadband primary service units (PSUs) net losses of -62k in Q4
2025, compared to -39k in Q4 2024; Ending Total Broadband Subscribers of
4.2 million
-- Net loss attributable to stockholders of ($71.2) million (($0.15)/share
on a diluted basis) in Q4 2025, compared to ($54.1) million
(($0.12)/share on a diluted basis) in Q4 2024, and ($1,869.0) million
(($4.00)/share on a diluted basis) in FY 2025, compared to ($102.9)
million (($0.22)/share on a diluted basis) in FY 2024
-- Net cash flows from operating activities of $481.6 million (9.5% year
over year) in Q4 2025, and $1,228.5 million in FY 2025 (-22.4% year over
year)
-- Adjusted EBITDA(1) of $902.2 million (7.7% year over year), margin of
41.3% in Q4 2025, and $3,335.6 million (-2.3% year over year), margin of
38.8% in FY 2025
-- Cash capital expenditures of $282.1 million (-27.7% year over year),
capital intensity(2) of 12.9% in Q4 2025 (10.5% excluding FTTH and new
build(3)), and $1,347.3 million (-6.0% year over year), capital
intensity(2) of 15.7% in FY 2025 (12.1% excluding FTTH and new build(3))
-- Free Cash Flow (deficit)(1) of $199.4 million in Q4 2025 compared to
$49.9 million in Q4 2024, and ($118.8) million in FY 2025 compared to
$149.4 million in FY 2024
Fourth Quarter 2025 Key Operational Highlights
-- Improved Customer Economics Amid Competitive Environment
-- During the fourth quarter and full year 2025, Optimum
Communications, Inc. ("Optimum Communications" or the "Company")
continued to operate in a highly competitive market with elevated
promotional activity and increased customer price sensitivity. The
Company maintained a disciplined approach to pricing, promotions
and customer acquisition.
-- In Q4 2025, Broadband ARPU(4) of $76.71 increased 2.8% year over
year. Residential ARPU(5) of $134.49 increased 0.4% year over
year.
-- Best Video Trends in Last 5 Years: -49k Video Subscriber Losses
-- Driven by lowest video churn in the last decade and
stabilization of video gross add attachment rate, supported by new
video tiers launched in 2024.
-- Mobile Growth: +38k Mobile Line Net Additions in Q4 2025 and +163k in
FY 2025
-- Reached 623k mobile lines, a 35% increase in total mobile lines
at the end of FY 2025 compared to the end of FY 2024.
-- Mobile customer penetration of broadband customer base(6)
reached 8.3% at the end of FY 2025, up from 5.7% at the end of FY
2024.
-- Fiber Growth: +12k Fiber Customers Net Additions in Q4 2025 and +178k
in FY 2025
-- 3.1 million fiber passings at the end of FY 2025, with 23.1%
customer penetration of the fiber network, up from 18.2% at the
end of FY 2024.
-- Moderated the pace of fiber migrations to balance near-term
margins and cash flow with long-term growth objectives.
-- Reached 716k fiber customers, a 33% increase in total fiber
customers at the end of FY 2025 compared to the end of FY 2024.
-- Expanding and Enhancing Our Networks
-- Added +65k total new passings in Q4 2025 and +177k total new
passings in FY 2025
-- Added +43k new fiber passings in Q4 2025 and +134k new fiber
passings in FY 2025
-- Lightpath continues to expand in hyperscaler community with $362
million in total contract value awarded over FY 2024 and FY 2025.
2026 Priorities Focused on Simplification to Drive Business Acceleration
-- Improve Broadband Trends: Focus on improving broadband subscriber
performance through simplified product offerings and a more streamlined
pricing structure, as well as a simplified go-to-market strategy focused
on convergence and value-added product sell-in to improve customer
retention and overall customer value.
-- Maintain Financial Discipline: Initiatives focused on strengthening
base management and proactive churn reduction, ongoing product margin
expansion, and operating efficiency supported by automation and
artificial intelligence initiatives aimed to reduce costs and improve
productivity.
-- Invest for Long Term Value Creation: Continue investment in fiber
expansion and targeted network upgrades to support long-term
competitiveness, capacity and service quality.
Balance Sheet Review as of December 31, 2025
-- Consolidated net debt(7) for Optimum Communications was $25,290 million,
representing consolidated net leverage of 7.3x L2QA(8)
-- The weighted average cost of debt for consolidated Optimum
Communications was 6.8%(9) and the weighted average life of debt
was 3.2 years.
-- Net debt(7) for CSC Holdings, LLC Restricted Group was $20,869 million
at the end of Q4 2025, representing net leverage of 20.0x L2QA(8)
-- The weighted average cost of debt for CSC Holdings, LLC
Restricted Group was 6.6% and the weighted average life of debt
was 3.2 years.
-- Net debt(7) for Cablevision Lightpath LLC was $1,473 million at the end
of Q4 2025, representing net leverage of 4.6x L2QA(8)
-- The weighted average cost of debt for Cablevision Lightpath LLC
was 5.3%(9) and the weighted average life of debt was 2.1 years.
-- Consolidated net debt(7) for Cablevision Funding LLC was $980 million,
representing consolidated net leverage of 2.4x L2QA(8)
-- The weighted average cost of debt for the NYC ABS (as defined
below) was 8.9% and the weighted average life of debt was 5.0
years.
-- Consolidated net debt(7) for Cablevision Litchfield, LLC and CSC
Optimum Holdings, LLC was $1,999 million, representing consolidated net
leverage of 1.2x L2QA(8)
-- The weighted average cost of debt for the UnSub Group (as
defined below) was 9.0% and the weighted average life of debt was
2.9 years.
Shares Outstanding
-- As of December 31, 2025, Optimum Communications had 470,433,478
combined shares of Class A and Class B common stock outstanding.
Recent Refinancing Activity
-- On February 10, 2026, subsidiaries of Cablevision Lightpath LLC priced
an ABS transaction which is expected to close in March 2026. The
proceeds of the transaction, as and when consummated, will be used to
repay existing Lightpath indebtedness, fund liquidity reserve accounts,
pay fees and expenses, and for general corporate purposes.
-- On January 12, 2026, Cablevision Litchfield, LLC ("Cablevision
Litchfield") and CSC Optimum Holdings, LLC ("CSC Optimum"), each an
indirect wholly-owned subsidiary of Optimum Communications, entered into
an Amended and Restated Credit Agreement (the "A&R UnSub Credit
Agreement"), by and among Cablevision Litchfield and CSC Optimum, each as
a borrower, the guarantors party thereto, the lenders party thereto and
JPMorgan Chase Bank, N.A., as administrative agent and collateral agent.
The A&R UnSub Credit Agreement provides for, among other things, an
incremental term loan commitment in an aggregate principal amount of $1.1
billion. The loans made pursuant to this incremental term loan commitment
have the same terms as the initial term loans extended pursuant to the
UnSub Group Credit Agreement (defined below) including maturity, interest
rate and amortization. The proceeds from the loans made pursuant to the
incremental term loan commitment were used to (x) refinance all of the
outstanding debt under the Receivables Facility Loan and Security
Agreement, dated as of July 16, 2025, by and among Cablevision Funding
LLC, Cablevision SPE Guarantor LLC, the other loan parties party thereto
from time to time (the "NYC ABS"), each of the financial institutions
from time to time party thereto as lenders, Alter Domus (US) LLC, as
administrative agent, Citibank, N.A., as Account Bank (as defined
therein), Citibank, N.A., as collateral agent, and Goldman Sachs Bank USA
and TPG Angelo Gordon, as structuring agents and (y) pay certain fees and
expenses relating to the foregoing, with any excess proceeds being used
for general corporate purposes.
-- On November 25, 2025, CSC Holdings, LLC ("CSC Holdings"), an indirect
wholly-owned subsidiary of Optimum Communications, entered into a
Fourteenth Amendment to Credit Agreement (Incremental Loan Assumption
Agreement) ("Fourteenth Amendment"), by and among CSC Holdings, as
borrower, the incremental lender party thereto and each of the other loan
parties signatory thereto. The Fourteenth Amendment amends and
supplements CSC Holdings' credit agreement, dated as of October 9, 2015
(as amended, restated or otherwise modified from time to time, the "CSC
Credit Agreement"), by and among CSC Holdings, as borrower, the lenders
party thereto from time to time, JPMorgan Chase Bank, N.A., as
administrative agent and as security agent, and the other parties thereto
from time to time. The Fourteenth Amendment provides for, among other
things, new incremental term loan commitments (the "Incremental Term Loan
B-7 Commitments") in an aggregate principal amount of $2.0 billion. The
proceeds from the loans made pursuant to the Incremental Term Loan B-7
Commitments were used to (i) refinance all of CSC Holdings' outstanding
Incremental Term Loan B-6 under the CSC Credit Agreement and (ii) pay
certain fees and expenses relating to the foregoing.
-- Also on November 25, 2025, following the consummation of the
refinancing transaction described above, Cablevision Litchfield and CSC
Optimum entered into a Credit Agreement (the "UnSub Group Credit
Agreement"), by and among Cablevision Litchfield and CSC Optimum, each as
a borrower, the guarantors party thereto (together, the "UnSub Group"),
the lenders party thereto and JPMorgan Chase Bank, N.A., as
administrative agent and collateral agent. The UnSub Group Credit
Agreement provided for, among other things, initial term loans in an
aggregate principal amount of $2.0 billion (the "UnSub Group Term
Loans"). The UnSub Group Term Loans (i) mature on November 25, 2028, (ii)
accrue interest at a fixed rate per annum equal to 9.000% and (iii) will
not amortize. The UnSub Group Term Loans were used to repay in full the
Incremental Term Loan B-7 under the CSC Credit Agreement.
Customer Metrics
(in thousands, except per customer amounts)
Q1-24 Q2-24 Q3-24(10) Q4-24(11) FY-24(11) Q1-25 Q2-25 Q3-25 Q4-25 FY-25
------- ------- --------- --------- --------- ------- ------- ------- -------- --------
Total Passings(12) 9,679.3 9,746.4 9,784.7 9,830.8 9,830.8 9,856.1 9,891.5 9,942.9 10,008.2 10,008.2
Total Passings
additions 50.6 67.2 38.3 54.4 210.4 25.2 35.4 51.4 65.2 177.3
Total Customer
Relationships(13)(14)
Residential 4,326.8 4,272.3 4,217.5 4,173.7 4,173.7 4,130.5 4,088.0 4,028.6 3,963.8 3,963.8
SMB 379.7 379.7 378.4 376.6 376.6 375.3 374.3 371.9 369.9 369.9
Total Unique
Customer
Relationships 4,706.5 4,652.0 4,595.9 4,550.3 4,550.3 4,505.9 4,462.2 4,400.5 4,333.6 4,333.6
Residential
net
additions
(losses) (36.3) (54.5) (54.8) (41.8) (187.4) (43.2) (42.5) (59.3) (64.9) (209.9)
Business
Services net
additions
(losses) (0.7) 0.0 (1.2) (1.8) (3.7) (1.3) (1.1) (2.4) (2.0) (6.7)
Total customer
net additions
(losses) (37.0) (54.5) (56.1) (43.6) (191.1) (44.4) (43.6) (61.7) (66.9) (216.6)
Residential PSUs
Broadband 4,139.7 4,088.7 4,039.5 3,999.9 3,999.9 3,963.3 3,928.3 3,872.2 3,811.4 3,811.4
Video 2,094.7 2,021.9 1,944.8 1,880.1 1,880.1 1,792.4 1,736.3 1,674.9 1,628.4 1,628.4
Telephony 1,452.1 1,391.1 1,326.0 1,269.2 1,269.2 1,200.0 1,147.8 1,093.1 1,041.6 1,041.6
Broadband net
additions
(losses) (29.4) (51.0) (49.2) (37.7) (167.3) (36.6) (35.0) (56.2) (60.7) (188.4)
Video net
additions
(losses) (77.7) (72.8) (77.0) (64.3) (291.8) (87.7) (56.1) (61.4) (46.5) (251.7)
Telephony net
additions
(losses) (63.1) (61.1) (65.1) (56.7) (246.0) (69.2) (52.2) (54.7) (51.5) (227.7)
Residential
ARPU(5) ($) 135.67 135.95 135.77 133.95 135.44 133.93 133.68 133.28 134.49 134.18
Broadband
ARPU(4) ($) 73.58 74.13 74.92 74.64 74.38 75.31 74.77 74.65 76.71 75.58
SMB PSUs
Broadband 348.5 348.8 347.7 346.1 346.1 345.7 345.6 343.6 342.0 342.0
Video 87.3 85.4 83.3 81.0 81.0 78.7 76.6 74.6 72.6 72.6
Telephony 200.7 199.2 196.8 194.5 194.5 191.9 188.9 185.6 182.5 182.5
Broadband net
additions
(losses) (0.4) 0.3 (1.1) (1.6) (2.8) (0.4) (0.1) (2.1) (1.5) (4.1)
Video net
additions
(losses) (2.3) (1.9) (2.1) (2.2) (8.5) (2.4) (2.0) (2.0) (2.0) (8.5)
Telephony net
additions
(losses) (2.6) (1.4) (2.4) (2.3) (8.8) (2.6) (3.0) (3.3) (3.1) (12.0)
Total Mobile Lines(15)
Mobile ending
lines 351.6 384.5 420.1 459.6 459.6 508.6 546.4 584.4 622.5 622.5
Mobile line
net
additions 29.3 33.0 35.5 39.5 137.4 49.0 37.8 38.0 38.1 162.9
--------- --------
Fiber (FTTH) Customer Metrics
(in thousands)
Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
FTTH Total
Passings(16) 2,780.0 2,842.0 2,893.7 2,961.8 2,961.8 2,995.0 3,023.4 3,053.0 3,096.0 3,096.0
FTTH Total
Passing
additions 44.8 62.0 51.7 68.1 226.6 33.2 28.5 29.6 43.0 134.2
FTTH
Residential
customer
relationships 385.2 422.7 468.5 523.4 523.4 590.2 644.6 683.6 694.8 694.8
FTTH SMB
customer
relationships 9.4 11.4 13.1 14.7 14.7 16.5 18.5 19.8 21.2 21.2
FTTH Total Customer
Relationships(17) 394.6 434.1 481.6 538.2 538.2 606.7 663.0 703.5 715.9 715.9
FTTH
Residential
net
additions 51.4 37.5 45.7 55.0 189.6 66.7 54.4 39.0 11.1 171.3
FTTH SMB net
additions 1.9 2.0 1.7 1.7 7.2 1.8 1.9 1.4 1.3 6.4
FTTH Total
Customer Net
Additions 53.2 39.5 47.4 56.6 196.8 68.5 56.3 40.4 12.5 177.8
------- -------
Optimum Communications Consolidated Operating Results
($ and shares in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended December
December 31, 31,
------------------------ ----------------------------
2025 2024 2025 2024
--------- --------- ---------- ----------
Revenue:
Broadband $ 884,081 $ 900,060 $ 3,542,230 $ 3,645,460
Video 619,475 686,444 2,590,790 2,896,600
Telephony 60,841 65,393 253,677 277,938
Mobile 47,971 34,149 164,568 117,084
--------- --------- ---------- ----------
Residential
revenue 1,612,368 1,686,046 6,551,265 6,937,082
--------- --------- ---------- ----------
Business services
and wholesale 401,842 371,258 1,489,061 1,471,764
News and
Advertising 144,756 157,485 471,800 486,172
Other 23,906 20,238 78,341 59,399
--------- --------- ---------- ----------
Total revenue 2,182,872 2,235,027 8,590,467 8,954,417
--------- --------- ---------- ----------
Operating
expenses:
Programming and
other direct
costs 664,948 721,893 2,637,181 2,896,570
Other operating
expenses 636,233 692,472 2,681,740 2,711,828
Restructuring,
impairments
and other
operating
items 30,562 8,171 1,687,130 23,696
Depreciation
and
amortization 453,484 471,728 1,696,974 1,642,231
--------- --------- ---------- ----------
Operating income
(loss) 397,645 340,763 (112,558) 1,680,092
Other income
(expense):
Interest expense,
net (459,663) (434,902) (1,791,462) (1,763,166)
Gain on
investments and
sale of affiliate
interests -- 378 5 670
Gain on interest
rate swap
contracts, net 755 8,412 613 18,632
Loss on
extinguishment of
debt and
write-off of
deferred
financing costs (21,809) (5,866) (23,502) (12,901)
Other expense, net (663) (1,149) (3,051) (5,675)
--------- --------- ---------- ----------
Loss before income
taxes (83,735) (92,364) (1,929,955) (82,348)
Income tax benefit 31,900 46,116 96,908 4,071
--------- --------- ---------- ----------
Net loss (51,835) (46,248) (1,833,047) (78,277)
Net income
attributable to
noncontrolling
interests (19,363) (7,868) (35,977) (24,641)
--------- --------- ---------- ----------
Net loss
attributable to
Optimum
Communications
stockholders $ (71,198) $ (54,116) $(1,869,024) $ (102,918)
========= ========= ========== ==========
Net loss per
share:
Basic and diluted
net loss per
share
attributable to
Optimum
Communications,
Inc.
stockholders $ (0.15) $ (0.12) $ (4.00) $ (0.22)
========= ========= ========== ==========
Basic and diluted
weighted average
common shares (in
thousands) 469,785 461,536 467,782 459,888
========= ========= ========== ==========
Optimum Communications, Inc. Consolidated Statements of Cash Flows
($ in thousands)
(unaudited)
Twelve Months Ended December 31,
--------------------------------------
2025 2024
-------------- -------------
Cash flows from operating
activities:
Net loss $ (1,833,047) $ (78,277)
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Depreciation and
amortization 1,696,974 1,642,231
Gain on investments, sale
of assets or sale of
affiliate interests (55,119) (670)
Loss on extinguishment of
debt and write-off of
deferred financing costs 23,502 12,901
Amortization of deferred
financing costs and
discounts (premiums) on
indebtedness 26,479 19,628
Share-based compensation
expense 64,088 67,162
Deferred income taxes (222,887) (396,052)
Decrease in right-of-use
assets 44,756 44,632
Allowance for credit
losses 67,792 86,561
Indefinite-lived cable
franchise rights
impairment 1,611,308 --
Other 4,398 6,436
Change in operating assets
and liabilities, net of
effects of acquisitions and
dispositions:
Accounts receivable, trade (72,322) (58,917)
Prepaid expenses and other
assets (63,901) 30,205
Amounts due from and due
to affiliates 117 (44,486)
Accounts payable and
accrued liabilities (138,688) 3,880
Interest payable 7,501 131,701
Deferred revenue 59,972 11,018
Interest rate swap
contracts 7,534 104,448
-------------- -------------
Net cash provided by
operating activities 1,228,457 1,582,401
-------------- -------------
Cash flows from investing
activities:
Capital expenditures (1,347,294) (1,433,013)
Payments for acquisitions,
net of cash acquired (7,616) (38,532)
Proceeds related to sale of
equipment, net of costs of
disposal 65,513 6,311
Additions to other intangible
assets (4,399) (1,362)
Other, net -- 11,083
-------------- -------------
Net cash used in investing
activities (1,293,796) (1,455,513)
-------------- -------------
Cash flows from financing
activities:
Proceeds from long-term debt 3,835,000 4,214,750
Repayment of debt (2,560,602) (4,223,233)
Principal payments on finance
lease obligations (103,241) (127,349)
Payment related to
acquisition of a
noncontrolling interest -- (7,261)
Additions to deferred
financing costs (170,544) (19,560)
Distributions to
noncontrolling interests (26,452) --
Other, net (24,797) (9,325)
-------------- -------------
Net cash provided (used
in) by financing
activities 949,364 (171,978)
-------------- -------------
Net increase (decrease) in cash
and cash equivalents 884,025 (45,090)
Effect of exchange rate
changes on cash and cash
equivalents 594 (424)
-------------- -------------
Net increase (decrease) in cash,
cash equivalents and restricted
cash 884,619 (45,514)
-------------- -------------
Cash, cash equivalents and
restricted cash at beginning of
year 256,824 302,338
-------------- -------------
Cash, cash equivalents and
restricted cash at end of year $ 1,141,443 $ 256,824
============== =============
Reconciliation of Non-GAAP Financial Measures
We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items (such as significant legal settlements and contractual payments for terminated employees). We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue.
Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our business and from intangible assets recognized from acquisitions, as well as certain non-cash and other operating items that affect the period-to-period comparability of our operating performance. In addition, Adjusted EBITDA is unaffected by our capital and tax structures and by our investment activities.
We believe Adjusted EBITDA is an appropriate measure for evaluating our operating performance. Adjusted EBITDA and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry. Internally, we use revenue and Adjusted EBITDA measures as important indicators of our business performance and evaluate management's effectiveness with specific reference to these indicators. We believe Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of our core business and operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to our ongoing operating results. Adjusted EBITDA should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies.
We also use Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures) as a liquidity measure. We believe this measure is useful to investors in evaluating our ability to service our debt and make continuing investments with internally generated funds, although it may not be directly comparable to similar measures reported by other companies.
Reconciliation of Net Loss to Adjusted EBITDA
($ in thousands)
(unaudited)
Three Months Ended December Twelve Months Ended December
31, 31,
--------------------------- -------------------------------
2025 2024 2025 2024
------- ------- --- ---------- ---------
Net loss $(51,835) $(46,248) $(1,833,047) $ (78,277)
Income tax
benefit (31,900) (46,116) (96,908) (4,071)
Other expense,
net 663 1,149 3,051 5,675
Gain on
interest rate
swap
contracts,
net (755) (8,412) (613) (18,632)
Gain on
investments
and sale of
affiliate
interests -- (378) (5) (670)
Loss on
extinguishment
of debt and
write-off of
deferred
financing
costs 21,809 5,866 23,502 12,901
Interest
expense, net 459,663 434,902 1,791,462 1,763,166
Depreciation
and
amortization 453,484 471,728 1,696,974 1,642,231
Restructuring,
impairments
and other
operating
items 30,562 8,171 1,687,130 23,696
Share-based
compensation 20,459 16,811 64,087 67,162
------- ------- --- ---------- ---------
Adjusted EBITDA $902,150 $837,473 $ 3,335,633 $3,413,181
======= ======= === ========== =========
Adjusted EBITDA
margin 41.3% 37.5% 38.8% 38.1%
Reconciliation of net cash flow from operating activities to
Free Cash Flow (Deficit) (in thousands) (unaudited):
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- ---------------------------
2025 2024 2025 2024
-------- --------- --------- --------------
Net cash
flows from
operating
activities $481,561 $ 439,922 $1,228,457 $ 1,582,401
Less: Capital
expenditures
(cash) 282,131 390,038 1,347,294 1,433,013
------- -------- --------- -------------
Free Cash
Flow
(Deficit) $199,430 $ 49,884 $ (118,837) $ 149,388
======= ======== ========= =============
Consolidated Net Debt as of December 31,
2025 ($ in millions)
Principal Coupon /
CSC Holdings, LLC Restricted Group Amount Margin Maturity
--------- ----------- --------
Drawn RCF $2,125 SOFR+2.350% 2027
Term Loan B-5 2,828 ABR(18) 2027
Guaranteed Notes 1,310 5.500% 2027
Guaranteed Notes 1,000 5.375% 2028
Guaranteed Notes 1,000 11.250% 2028
Guaranteed Notes 2,050 11.750% 2029
Guaranteed Notes 1,750 6.500% 2029
Guaranteed Notes 1,100 4.125% 2030
Guaranteed Notes 1,000 3.375% 2031
Guaranteed Notes 1,500 4.500% 2031
Senior Notes 1,046 7.500% 2028
Legacy unexchanged Cequel Notes 4 7.500% 2028
Senior Notes 2,250 5.750% 2030
Senior Notes 2,325 4.625% 2030
Senior Notes 500 5.000% 2031
---------
CSC Holdings, LLC Restricted Group Gross
Debt 21,788
CSC Holdings, LLC Restricted Group Cash (919)
---------
CSC Holdings, LLC Restricted Group Net
Debt $20,869
=========
CSC Holdings, LLC Restricted Group
Undrawn RCF $166.5
Cablevision Lightpath LLC Principal Amount Coupon / Margin Maturity
---------------- --------------- --------
Drawn RCF(19) $-- SOFR+3.00%
Term Loan(20) 669 SOFR+3.00% 2027
Senior Secured Notes 450 3.875% 2027
Senior Notes 415 5.625% 2028
----------------
Cablevision Lightpath Gross
Debt 1,534
Cablevision Lightpath Cash (61)
----------------
Cablevision Lightpath Net
Debt... $1,473
================
Cablevision Lightpath Undrawn
RCF $76.4
NYC ABS Principal Amount Coupon / Margin Maturity
---------------- --------------- --------
Receivables Facility Loan and
Security Agreement $980 8.875% 2031
UnSub Group Credit Agreement Principal Amount Coupon / Margin Maturity
---------------- --------------- --------
Term Loan B-8 $2,000 9.000% 2028
Net Leverage Schedule as of December 31, 2025
($ in millions)
CSC
Holdings Cablevision Optimum
Restricted Lightpath NYC UnSub Communications
Group(21) LLC ABS Group Consolidated
---------- ----------- ---- ------ ---------------
Gross Debt
Consolidated(22) $21,788 $1,534 $980 $2,000 $26,302
Cash (919) (61) -- (1) (1,012)
---------- ----------- ---- ------ ---------------
Net Debt
Consolidated(7) $20,869 $1,473 $980 $1,999 $25,290
========== =========== ==== ====== ===============
LTM EBITDA $997 $290 $408 $1,628 $3,336
L2QA EBITDA $1,044 $322 $407 $1,682 $3,466
Net Leverage
$(LTM)$ 20.9x 5.1x 2.4x 1.2x 7.6x
Net Leverage
(L2QA)(8) 20.0x 4.6x 2.4x 1.2x 7.3x
WACD(%)(9) 6.6% 5.3% 8.9% 9.0% 6.8%
Reconciliation to Financial Reported Debt
Optimum Communications Consolidated
-----------------------------------
Total Debenture and Loans from Financial
Institutions (Carrying Amount) $26,101
Unamortized financing costs and
discounts, net of unamortized
premiums 201
-----------------------------------
Gross Debt Consolidated(22) 26,302
Finance leases 106
-----------------------------------
Total Debt 26,408
Cash (1,012)
-----------------------------------
Net Debt Including Finance Leases $25,396
===================================
(1) See "Reconciliation of Non-GAAP Financial Measures" beginning on page
8 of this earnings release.
(2) Capital intensity refers to total cash capital expenditures as a
percentage of total revenue.
(3) Beginning Q1 2025, capital intensity calculation excluding FTTH and
new build includes capitalized labor related to FTTH.
(4) Broadband ARPU is calculated by dividing the average monthly
residential broadband revenue for the respective period by the average
number of total residential broadband customers for the same period.
(5) Residential ARPU is calculated by dividing the average monthly revenue
for the respective period derived from the sale of broadband, video,
telephony and mobile services to residential customers by the average
number of total residential customers for the same period and excludes
mobile-only customer relationships.
(6) Mobile penetration of broadband base is expressed as the percentage of
customers subscribing to both broadband and mobile services divided by
the total broadband customer base. Excludes mobile only customers.
(7) Net debt, defined as the principal amount of debt less cash, and
excluding finance leases and other notes.
(8) L2QA leverage is calculated as quarter end net debt consolidated
divided by the last two quarters of Adjusted EBITDA annualized.
(9) The weighted average cost of debt includes floating to fixed interest
rate swaps at Cablevision Lightpath LLC and Optimum Communications
Consolidated.
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