Detailed financial statements for Charter Communications, Inc. (CHTR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Charter Communications, Inc. is a prominent U.S. broadband and cable operator, delivering services to residential and commercial customers nationwide. Its offerings encompass a wide array of subscription video services, including on-demand content, high-definition channels, digital video recording (DVR), and pay-per-view options.
Analysis Summary
Charter Communications, Inc. reported revenue of $54.77B in the most recent fiscal year, growing at a 5-year CAGR of 2.6%. Net income reached $4.99B, with a 9.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 46.0%, operating margin 24.0%, net margin 9.1%. Free cash flow grew at -7.7% CAGR over 5 years.
At $111.49 (closing price, October 30, 2026), CHTR trades at a P/E of 2.90 and an ROE of 30.43%. Market capitalisation stands at $15.0B, placing it among large-cap names.
Balance sheet quality for CHTR: current ratio of 0.4, net debt of $96.64B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $4.42B represents 89% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.00B | $41.58B | $43.63B | $45.76B | $48.10B | $51.68B | $54.02B | $54.61B | $55.09B | $54.77B |
| Cost of Revenue | $20.58B | $31.03B | $30.98B | $30.86B | $30.76B | $31.08B | $30.60B | $33.34B | $29.76B | $29.40B |
| Gross Profit | $8.42B | $10.55B | $12.65B | $14.90B | $17.34B | $20.61B | $23.42B | $21.27B | $25.32B | $25.37B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $4.98B | $6.10B | $7.20B | $8.29B | $8.87B | $9.75B | $11.18B | $8.77B | $12.08B | $12.03B |
| Operating Expenses | $4.98B | $6.10B | $7.20B | $8.29B | $8.87B | $9.75B | $11.18B | $8.77B | $12.08B | $12.03B |
| Operating Income | $3.44B | $4.45B | $5.46B | $6.61B | $8.46B | $10.86B | $12.24B | $12.51B | $13.24B | $13.34B |
| EBITDA | $10.23B | $14.71B | $15.54B | $16.15B | $17.85B | $19.77B | $20.92B | $20.74B | $21.40B | $21.21B |
| Interest Expense | $2.50B | $3.09B | $3.54B | $3.80B | $3.85B | $4.04B | $4.56B | $5.19B | $5.23B | $5.04B |
| Pre-tax Income | $820.0M | $1.03B | $1.69B | $2.43B | $4.30B | $6.39B | $7.46B | $6.85B | $7.50B | $7.46B |
| Income Tax | -$2.92B | -$9.09B | $180.0M | $439.0M | $626.0M | $1.07B | $1.61B | $1.59B | $1.65B | $1.69B |
| Net Income | $3.52B | $9.89B | $1.23B | $1.67B | $3.22B | $4.65B | $5.05B | $4.56B | $5.08B | $4.99B |
| EPS | $17.05 | $38.55 | $5.29 | $7.60 | $15.85 | $25.34 | $31.30 | $30.54 | $35.53 | $36.90 |
| EPS (Diluted) | $15.94 | $34.09 | $5.22 | $7.45 | $15.40 | $24.47 | $30.74 | $29.99 | $34.97 | $36.21 |
| Shares Outstanding (Diluted) | 234.8 M | 296.7 M | 235.5 M | 223.8 M | 209.3 M | 193.0 M | 164.4 M | 152.0 M | 145.4 M | 137.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $13.67B | $13.60B | $13.60B | $13.53B |
| Gross Profit | $6.32B | $6.27B | $6.28B | $6.14B |
| Operating Income | $3.25B | $3.37B | $3.25B | $3.18B |
| EBITDA | $5.16B | $5.42B | $5.29B | $5.47B |
| Net Income | $1.14B | $1.33B | $1.16B | $1.29B |
| EPS | $8.50 | $10.47 | $9.27 | $10.76 |
| EPS (Diluted) | $8.34 | $10.34 | $9.17 | $10.66 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.53B | $621.0M | $551.0M | $3.48B | $1.00B | $601.0M | $645.0M | $709.0M | $459.0M | $477.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.43B | $1.64B | $1.73B | $2.23B | $2.54B | $2.58B | $2.92B | $2.96B | $3.10B | $3.68B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.30B | $2.56B | $2.73B | $6.47B | $3.91B | $3.57B | $4.02B | $4.13B | $4.23B | $5.14B |
| Property, Plant & Equipment | $32.96B | $33.89B | $35.13B | $35.68B | $34.36B | $34.31B | $36.04B | $39.52B | $42.91B | $46.44B |
| Goodwill | $29.51B | $29.55B | $29.55B | $29.55B | $29.55B | $29.56B | $29.56B | $29.67B | $29.67B | $29.71B |
| Intangible Assets | $81.92B | $79.27B | $76.88B | $74.78B | $72.94B | $71.41B | $70.14B | $69.14B | $68.44B | $67.91B |
| Total Assets | $149.07B | $146.62B | $146.13B | $148.19B | $144.21B | $142.49B | $144.52B | $147.19B | $150.02B | $154.21B |
| Accounts Payable | $454.0M | $740.0M | $758.0M | $786.0M | $763.0M | $724.0M | $952.0M | $931.0M | $880.0M | $1.03B |
| Short-term Debt | $2.03B | $2.04B | $3.29B | $3.50B | $1.01B | $3.00B | $1.51B | $2.42B | $2.83B | $1.67B |
| Total Current Liabilities | $9.57B | $11.09B | $12.10B | $12.38B | $9.88B | $12.46B | $12.06B | $13.21B | $13.49B | $13.31B |
| Long-term Debt | $59.72B | $68.19B | $69.54B | $75.58B | $81.74B | $88.56B | $96.09B | $95.78B | $92.13B | $95.45B |
| Total Liabilities | $98.70B | $99.09B | $101.86B | $109.38B | $113.92B | $124.33B | $131.97B | $132.47B | $130.31B | $133.69B |
| Retained Earnings | $733.0M | $3.83B | $2.78B | $40.0M | -$5.20B | -$12.68B | -$14.82B | -$12.26B | -$7.75B | -$5.39B |
| Total Equity | $40.14B | $39.08B | $36.28B | $31.45B | $23.80B | $14.05B | $9.12B | $11.09B | $15.59B | $16.05B |
| Total Debt | $61.75B | $70.23B | $72.83B | $80.27B | $82.99B | $91.83B | $97.90B | $98.20B | $95.76B | $97.12B |
| Net Debt | $60.21B | $69.61B | $72.28B | $76.79B | $81.99B | $91.23B | $97.25B | $97.49B | $95.30B | $96.64B |
| Working Capital | -$6.27B | -$8.54B | -$9.37B | -$5.91B | -$5.97B | -$8.89B | -$8.05B | -$9.08B | -$9.25B | -$8.16B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $464.0M | $477.0M | $517.0M | $509.0M |
| Total Assets | $152.85B | $154.21B | $154.64B | $155.62B |
| Total Liabilities | $133.26B | $133.69B | $133.57B | $133.72B |
| Total Equity | $15.34B | $16.05B | $16.39B | $16.95B |
| Total Debt | $95.70B | $97.12B | $96.82B | $96.71B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.75B | $10.12B | $1.51B | $1.99B | $3.68B | $5.32B | $5.85B | $5.26B | $5.85B | $5.77B |
| Depreciation & Amortization | $6.91B | $10.59B | $10.32B | $9.93B | $9.70B | $9.35B | $8.90B | $8.70B | $8.67B | $8.71B |
| Stock-based Compensation | $492.0M | $310.0M | $285.0M | $315.0M | $351.0M | $430.0M | $470.0M | $692.0M | $651.0M | $673.0M |
| Change in Working Capital | $980.0M | $441.0M | -$243.0M | -$1.00B | $193.0M | $160.0M | -$396.0M | -$447.0M | -$1.05B | -$653.0M |
| Operating Cash Flow | $8.04B | $11.95B | $11.77B | $11.75B | $14.56B | $16.24B | $14.93B | $14.43B | $14.43B | $16.08B |
| Capital Expenditure | -$33.53B | -$7.87B | -$9.60B | -$7.14B | -$7.96B | -$7.55B | -$8.82B | -$10.94B | -$11.27B | -$11.66B |
| Acquisitions | -$29.03B | -$1.67B | -$656.0M | -$885.0M | -$1.46B | -$2.23B | -$1.60B | -$427.0M | -$189.0M | 0 |
| Stock Repurchased | -$1.56B | -$11.71B | -$4.40B | -$6.87B | -$11.22B | -$15.43B | -$10.28B | -$3.21B | -$1.21B | -$5.13B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$25.49B | $4.08B | $2.17B | $4.61B | $6.61B | $8.68B | $6.10B | $3.49B | $3.16B | $4.42B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $4.48B | $3.76B | $4.30B | $3.92B |
| Capital Expenditure | -$3.05B | -$3.33B | -$2.85B | -$2.87B |
| Free Cash Flow | $1.43B | $426.0M | $1.45B | $1.05B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $151.0M | $143.0M | $203.0M | $138.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +43.4% | +4.9% | +4.9% | +5.1% | +7.5% | +4.5% | +1.1% | +0.9% | -0.6% | |
| Net Income Growth (YoY) | +180.9% | -87.6% | +35.6% | +93.2% | +44.4% | +8.6% | -9.9% | +11.5% | -1.9% | |
| EPS Growth (YoY) | +126.1% | -86.3% | +43.7% | +108.6% | +59.9% | +23.5% | -2.4% | +16.3% | +3.9% | |
| Shares Change (YoY) | +26.4% | -20.6% | -5.0% | -6.5% | -7.8% | -14.8% | -7.6% | -4.3% | -5.2% | |
| FCF Growth (YoY) | +116.0% | -46.8% | +112.2% | +43.4% | +31.5% | -29.7% | -42.8% | -9.4% | +39.8% | |
| Gross Margin | 29.0% | 25.4% | 29.0% | 32.6% | 36.0% | 39.9% | 43.4% | 39.0% | 46.0% | 46.3% |
| Operating Margin | 11.9% | 10.7% | 12.5% | 14.5% | 17.6% | 21.0% | 22.7% | 22.9% | 24.0% | 24.4% |
| EBITDA Margin | 35.3% | 35.4% | 35.6% | 35.3% | 37.1% | 38.3% | 38.7% | 38.0% | 38.9% | 38.7% |
| Net Margin | 12.1% | 23.8% | 2.8% | 3.6% | 6.7% | 9.0% | 9.4% | 8.3% | 9.2% | 9.1% |
| FCF Margin | -87.9% | 9.8% | 5.0% | 10.1% | 13.7% | 16.8% | 11.3% | 6.4% | 5.7% | 8.1% |
| Effective Tax Rate | -356.7% | -883.9% | 10.7% | 18.1% | 14.6% | 16.7% | 21.6% | 23.2% | 22.0% | 22.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-108.57 | $13.76 | $9.22 | $20.59 | $31.57 | $44.98 | $37.11 | $22.97 | $21.75 | $32.07 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 206.5 M | 256.7 M | 232.4 M | 219.5 M | 203.3 M | 183.7 M | 161.5 M | 149.2 M | 143.1 M | 135.2 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 30.43% |
| Return on Invested Capital | 6.92% |
| Return on Assets | 3.16% |
| Gross Margin | 45.98% |
| Operating Margin | 23.98% |
| Net Margin | 9.05% |
Financial Health
| Debt / Equity | 5.70 |
| Current Ratio | 0.36 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.65 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.89 | 8.71 | 53.87 | 63.83 | 41.74 | 25.73 | 10.83 | 12.73 | 9.65 | 5.66 |
| P/B | 1.48 | 2.21 | 1.82 | 3.39 | 5.65 | 8.52 | 6.01 | 5.23 | 3.15 | 1.76 |
| P/S | 2.05 | 2.07 | 1.52 | 2.33 | 2.80 | 2.32 | 1.01 | 1.06 | 0.89 | 0.52 |
| Gross Margin | 29.0% | 25.4% | 29.0% | 32.6% | 36.0% | 39.9% | 43.4% | 39.0% | 46.0% | 46.3% |
| Operating Margin | 11.9% | 10.7% | 12.5% | 14.5% | 17.6% | 21.0% | 22.7% | 22.9% | 24.0% | 24.4% |
| Net Margin | 12.1% | 23.8% | 2.8% | 3.6% | 6.7% | 9.0% | 9.4% | 8.3% | 9.2% | 9.1% |
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