0001091667-26-000052
SEC filingCharter 2026年Q2营收降1.7%至$13,526M、Adjusted EBITDA降4.3%，宽带客户流失与Cox整合过渡费用拖累盈利。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $13,526M | $13,766M | -1.7% |
| Adjusted EBITDA | $5,449M | $5,693M | -4.3% |
| Operating Income | $3,063M | $3,279M | -6.5% |
| Net Income (attributable to Charter shareholders) | $1,292M | $1,301M | -0.7% |
| Diluted EPS | $10.66 | $9.18 | +16.1% |
| Free Cash Flow | $969M | $1,046M | -7.4% |
营收同比减少$240M至$13,526M，降幅1.7%，主因seamless entertainment allocation上升（video收入中冲减$184M）及客户关系减少，部分被移动线路增长（mobile service收入+18.9%至$1,095M）抵消。Internet收入降3.2%至$5,776M，反映Q2净流失172,000 Internet客户及费率下降$89M；video收入降9.7%至$3,149M，voice降4.5%。广告销售增12.3%至$416M，其他收入增7.1%至$894M（移动设备销售增长，部分被上年同期一次性$45M收益抵消）。
Adjusted EBITDA同比减少$244M至$5,449M，降幅4.3%，主因营收下降及Cox整合过渡费用增加$65M；经营利润降6.5%至$3,063M，但其他收益净额由-$107M转为+$212M（含$243M债务清偿收益），使税前利润增至$1,999M。净利润 attributable to Charter shareholders 微降$9M至$1,292M，而稀释EPS因股份回购（稀释股数由141.7M降至121.3M）升至$10.66。
自由现金流同比减少$77M至$969M：Adjusted EBITDA下降$244M及移动设备营运资金变动-$79M，部分被税费现金支出减少$554M抵消。资本支出持平于$2.9B，全年2026指引约$11.4B（不含Cox交易影响）。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Internet | $5,776M | -3.2% | — | — | 客户流失与费率下降 |
| Mobile service | $1,095M | +18.9% | — | — | 移动线路增长 |
| Video | $3,149M | -9.7% | — | — | seamless entertainment allocation增加及低价套餐组合 |
| Voice | $331M | -4.5% | — | — | 语音客户减少 |
| Residential revenue | $10,351M | -3.5% | — | — | 客户关系减少 |
| Commercial revenue | $1,865M | +1.5% | — | — | 中小企业及中大型企业PSU增长 |
| Advertising sales | $416M | +12.3% | — | — | 政治及流媒体广告增长 |
| Other | $894M | +7.1% | — | — | 移动设备销售增长 |
| 项目 | 本期 | 去年同期 |
|---|---|---|
| Operating Cash Flow | $8,229M | $7,836M |
| Capex | $5,726M | $5,273M |
| Free Cash Flow | $2,503M | $2,563M |
| FCF 转化率 (FCF/Net Income) | 86.7% | 88.3% |
| Share Repurchases | $1,878M | $2,253M |
| Dividends Paid | — | — |
上半年 CFO 为 $8,229M，高于 Consolidated net income $2,887M，主要受 D&A $4,408M 等非现金项目支撑，盈利质量良好；Capex 强度（Capex/CFO）约 69.6%，自由现金流 $2,503M 可覆盖回购 $1,878M，但叠加长期债务净偿还 $498M 及非控股权益分配 $22M 后，融资活动净流出 $2,055M。需关注营运资本波动（Accounts receivable 减少 $136M、Accounts payable 增加 $382M）及 Deferred income taxes $417M 对现金流的正向影响。