Optimum Communications, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
OPTU$0.75+32.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001702780-26-000035
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001702780-26-000048
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 193 previous paragraphs and 213 current paragraphs.
129 unchanged; 54 reworded; 27 added; 8 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 18 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
News and advertising revenue decreased $18,793 (16%) and $1,529 (1%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The decrease for the three months ended June 30, 2026 as compared to the prior year period was primarily due to the sale of our interest in a non-core advertising agency business in May 2026. The decrease for the six months ended June 30, 2026 as compared to the prior year period was primarily due to the sale of our interest in a non-core advertising agency business, partially offset by an increase in linear advertising revenue during the first three months of 2026.
Current report
(b)See Note 9 for a discussion of the Private Exchange Transaction. As required by GAAP, the Company recognized an expense of $156,555 based on the closing price of its common stock on the transaction date, rather than other indicators of economic value, including those that were taken into account by the special committee of the board of CSC Investments II LLC that approved the transaction.
Current report
Adjusted EBITDA amounted to $785,732 and $1,574,745 for the three and six months ended June 30, 2026, respectively, as compared to $803,812 and $1,602,826 for the three and six months ended June 30, 2025, respectively.
Current report
For the three and six months ended June 30, 2026, we recognized a loss of $10,958 on the sale of our interest in a non-core advertising agency business.
Current report
SUPPLEMENTAL FINANCIAL INFORMATION
Current report
Presented below are balance sheets for the UnSub Group and CSC Investments II (unaudited). See Note 9 of our consolidated financial statements.
Current report
Presented below are Statements of Operations of the UnSub Group for the three and six months ended June 30, 2026 and 2025 (unaudited):
Current report
Presented below are Statements of Operations of CSC Investments II for the three and six months ended June 30, 2026 and 2025 (unaudited):
Current report
Presented below are Statements of Cash Flows of the UnSub Group (unaudited):
Current report
Presented below are Statements of Cash Flows of CSC Investments II LLC (unaudited):
Current report
Presented below is a reconciliation of the net loss to adjusted EBITDA for CSC Holdings Restricted Group (unaudited):
Current report
(a)Includes an impairment charge related to our indefinite-lived cable franchise rights of $1,618,489 for the six months ended June 30, 2026.
Current report
Presented below is a reconciliation of the net income (loss) to adjusted EBITDA for the UnSub Group (unaudited):
Current report
(a)Includes an impairment charge related to our indefinite-lived cable franchise rights of $1,551,511 for the six months ended June 30, 2026.
Current report
Presented below is a reconciliation of the net income (loss) to adjusted EBITDA for CSC Investments II (unaudited):
Current report
(a)Includes an impairment charge related to our indefinite-lived cable franchise rights of $1,081,511 for the six months ended June 30, 2026.
Current report
The Unsub Group entered into a Second Amended and Restated Credit Agreement, dated as of July 6, 2026 (the “Second A&R UnSub Credit Agreement”). The Second A&R UnSub Credit Agreement provides for, among other things, an incremental term loan commitment in an aggregate principal amount of $250 million. The loans made pursuant to such incremental term loan commitment on July 6, 2026 (the “UnSub Incremental Term Loan”) have substantially similar terms as the term loans that have been outstanding under the A&R UnSub Credit Agreement, which term loans will remain outstanding under the Second A&R UnSub Credit Agreement, and will (i) mature on November 25, 2028, (ii) accrue interest at a fixed rate per annum equal to 9.000% and (iii) not amortize. We received an additional $250,000 of proceeds and incurred additional deferred financing costs of $13,760. The proceeds from the UnSub Incremental Term Loan are expected to be used for general corporate purposes.
Current report
Private Placement of Redeemable Preferred Units
Current report
On May 29, 2026, CSC Investments II LLC ("CSC II"), an indirect wholly owned subsidiary of Optimum Communications, sold to certain institutional accredited investors newly issued Series A Preferred Units of CSC II (the “Preferred Units”) having an initial stated value of $300,000 for an aggregate purchase price of $300,000 (the “Private Placement Transaction”). See Note 9 of the accompanying consolidated financial statements for further details.
Current report
Private Exchange Transaction
Current report
On May 29, 2026, CSC II entered into an exchange transaction (the “Private Exchange Transaction”) with Next Alt and its affiliate, Next Partner, L.P. (“Next Partner” and, together with Next Alt, the “Next Entities”), certain members of Optimum Communications' board of directors and executive management. In the Private Exchange Transaction, CSC II issued additional Preferred Units having an initial stated value of $200,000 to Next Partner in exchange for 5,846,652 shares of Optimum Class A common stock, par value $0.01 per share (“Class A shares”) owned by Next
Current report
Alt, and 74,153,348 shares of Optimum Class B common stock, par value $0.01 per share (“Class B shares”) owned by Next Alt, implying a price of $2.50 per common share, and Preferred Units having an aggregate initial stated value of $12,503 to such members of Optimum Communications' board of directors and executive management in exchange for 5.0 million Class A shares. Such exchanged common shares are held by CSC II and were not canceled. See Note 9 of the accompanying consolidated financial statements for further details.
Current report
Next Alt is a personal holding company of Patrick Drahi, who is its controlling shareholder and a member of Optimum Communications’ board of directors. As of May 27, 2026, Next Alt beneficially owned approximately 39.6% of the Company’s outstanding Class A shares and approximately 99.9% of the Company’s outstanding Class B shares, representing in the aggregate approximately 94.0% of the voting power of the Company. After giving effect to the Private Exchange Transaction, Next Alt beneficially owned approximately 27.8% of the Company’s outstanding Class A shares and approximately 99.9% of the Company’s outstanding Class B shares, representing in the aggregate approximately 90.5% of the voting power of the Company.
Current report
Cash Tender Offer
Current report
In July 2026, in accordance with the terms and conditions of a tender offer by CSC II (the "Tender Offer") to purchase shares of Class A common stock of Optimum Communications from unaffiliated stockholders at a purchase price of $2.50 per share, CSC II purchased 120,000,000 shares for an aggregate purchase price of $300,000, excluding fees and expenses related to the Tender Offer. See Note 17 of the accompanying consolidated financial statements for further details.
Current report
Net cash provided by operating activities amounted to $398,409 for the six months ended June 30, 2026 as compared to $599,448 for the six months ended June 30, 2025.
Current report
Net cash provided by operating activities amounted to $393,206 for the six months ended June 30, 2026 as compared to $602,711 for the six months ended June 30, 2025.
Removed paragraphs (8)
Previous report
News and advertising revenue increased $17,264 (17%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase was primarily due to an increase in linear advertising revenue.
Previous report
Adjusted EBITDA amounted to $789,013 and $799,014 for the three months ended March 31, 2026 and 2025, respectively.
Previous report
The composition of the Restricted Group was modified as a result of the NYC ABS transaction in July 2025 and an amendment to the CSC Holdings' Credit Facility in November 2025, which resulted in certain subsidiaries being re-designated as unrestricted subsidiaries. The Company’s financial information is now presented to reflect the current composition of the Restricted Group following these re-designations.
Previous report
The financial information set forth below reflects the financial condition and results of operations of the Restricted Group, presented separately from the financial condition and results of operations of the Unrestricted Group. To provide a meaningful comparison of the current composition of the Restricted Group, the financial information as of and for the three months ended March 31, 2026 and 2025 is presented on a pro forma basis as if the July 2025 designation and the November 2025 designation had, in each case, occurred on January 1, 2025.
Previous report
CSC Holdings Restricted Group
Previous report
Net cash provided by operating activities amounted to $170,283 for the three months ended March 31, 2026 as compared to $187,483 for the three months ended March 31, 2025.
Previous report
CSC Holdings
Previous report
Net cash provided by operating activities amounted to $164,790 for the three months ended March 31, 2026 as compared to $189,707 for the three months ended March 31, 2025.
Reworded paragraphs (54)
Previous wording
•other risks and uncertainties inherent in our cable and broadband communications businesses and our other businesses, including those listed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 13, 2026 (the "Annual Report").
Current wording
•other risks and uncertainties inherent in our cable and broadband communications businesses and our other businesses, including those listed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 13, 2026 (the "Annual Report") and our subsequent Quarterly Reports on Form 10-Q.
Previous wording
We principally provide broadband communications and video services in the United States and market our services under the Optimum brand. We deliver broadband, video, telephony, and mobile services to approximately 4.3 million residential and business customers across our footprint. Our footprint extends across 21 states (primarily in the New York metropolitan area and various markets in the south-central United States) through a fiber-rich hybrid-fiber coaxial ("HFC") broadband network and a FTTH network with approximately 10.0 million total passings as of March 31, 2026. Additionally, we offer news programming and advertising services.
Current wording
We principally provide broadband communications and video services in the United States and market our services under the Optimum brand. We deliver broadband, video, telephony, and mobile services to approximately 4.2 million residential and business customers across our footprint. Our footprint extends across 21 states (primarily in the New York metropolitan area and various markets in the south-central United States) through a fiber-rich hybrid-fiber coaxial ("HFC") broadband network and a FTTH network with approximately 10.1 million total passings as of June 30, 2026. Additionally, we offer news programming and advertising services.
Previous wording
We derive revenue principally through monthly charges to residential customers of our broadband, video, telephony and mobile services. We also derive revenue from digital video recorder, video-on-demand ("VOD"), pay-per-view, installation and home shopping commissions. Our residential broadband, video, telephony and mobile services accounted for approximately 41%, 29%, 3%, and 2%, respectively, of our consolidated revenue for the three months ended March 31, 2026. We also derive revenue from the sale of a wide and growing variety of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, video, and mobile services. For the three months ended March 31, 2026, 18% of our consolidated revenue was derived from these business services. In addition, we derive revenue from the sale of advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), digital advertising, data analytics and affiliation fees for news programming, which accounted for approximately 6% of our consolidated revenue for the three months ended March 31, 2026. Our other revenue (which primarily consists of mobile equipment revenue) for the three months ended March 31, 2026 accounted for approximately 1% of our consolidated revenue.
Current wording
We derive revenue principally through monthly charges to residential customers of our broadband, video, telephony and mobile services. We also derive revenue from digital video recorder, video-on-demand ("VOD"), pay-per-view, installation and home shopping commissions. Our residential broadband, video, telephony and mobile services accounted for approximately 41%, 29%, 3%, and 2%, respectively, of our consolidated revenue for the six months ended June 30, 2026. We also derive revenue from the sale of a wide and growing variety of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, video, and mobile services. For the six months ended June 30, 2026, 18% of our consolidated revenue was derived from these business services. In addition, we derive revenue from the sale of advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), digital advertising, data analytics and affiliation fees for news programming, which accounted for approximately 5% of our consolidated revenue for the six months ended June 30, 2026. Our other revenue (which primarily consists of mobile equipment revenue) for the three months ended June 30, 2026 accounted for approximately 1% of our consolidated revenue.
Previous wording
We operate in a highly competitive, consumer-driven industry and we compete against a variety of broadband, video, mobile, fixed wireless broadband and fixed-line telephony providers and delivery systems, including broadband communications companies, wireless data and telephony providers, fiber-based service providers, satellite-based connectivity providers, Internet-delivered video content and broadcast television signals available to residential and business customers in our service areas. Emerging satellite broadband providers are beginning to offer high-speed connectivity in certain geographies that can compete with traditional broadband, although their overall presence in our footprint remains limited. Our competitors include Verizon Communications Inc., AT&T Inc., T-Mobile US, Inc., Charter Communications, Inc., Comcast Corporation, and emerging satellite-based broadband providers, as well as DirecTV, DISH Network (a wholly-owned subsidiary of EchoStar Corporation), Lumen Technologies, Inc.'s consumer brands, including CenturyLink and Quantum Fiber, and other providers. Consumers' selection of an alternate source of service, whether due to economic constraints, technological advances, or preference, negatively impacts the demand for our services. For more information on our competitive landscape, see "Risk Factors" and "Business–Competition" included in our Annual Report.
Current wording
We operate in a highly competitive, consumer-driven industry and we compete against a variety of broadband, video, mobile, fixed wireless broadband and fixed-line telephony providers and delivery systems, including broadband communications companies, wireless data and telephony providers, fiber-based service providers, satellite-based connectivity providers, Internet-delivered video content and broadcast television signals available to residential and business customers in our service areas. Emerging satellite broadband providers are beginning to offer high-speed connectivity in certain geographies that can compete with traditional broadband, although their overall presence in our footprint remains limited. Our competitors include Verizon Communications Inc., AT&T Inc., T-Mobile US, Inc., Charter Communications, Inc., Comcast Corporation, and emerging satellite-based broadband providers, as well as DirecTV, DISH Network (a wholly-owned subsidiary of EchoStar Corporation), and other providers. Consumers' selection of an alternate source of service, whether due to economic constraints, technological advances, or preference, negatively impacts the demand for our services. For more information on our competitive landscape, see "Risk Factors" and "Business–Competition" included in our Annual Report.
Previous wording
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.
Current wording
Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that result 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.
Previous wording
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.
Current wording
We also use Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures), which is a non-GAAP financial measure, 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. See reconciliation of net cash flow from operating activities to Free Cash Flow below.
Previous wording
(a)Represents the estimated number of single residence homes, apartments, and condominium units passed by our HFC and FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our HFC and FTTH network. Broadband services were not available to approximately 26 thousand passings and telephony services were not available to approximately 460 thousand passings.
Current wording
(a)Represents the estimated number of single residence homes, apartments, and condominium units passed by our HFC and FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our HFC and FTTH network.
Previous wording
(e)Mobile lines represent the number of residential and business customers’ wireless connections, which include mobile phone handsets and other mobile wireless connected devices. An individual customer relationship may have multiple mobile lines. The total mobile ending lines as of March 31, 2026, December 31, 2025 and March 31, 2025 include approximately 20.9 thousand, 17.6 thousand and 7.5 thousand lines related to business customers, respectively. The service revenue related to these business customers is reflected in business services and wholesale in the table above.
Current wording
(e)Mobile lines represent the number of residential and business customers’ wireless connections, which include mobile phone handsets and other mobile wireless connected devices. An individual customer relationship may have multiple mobile lines. The total mobile ending lines as of June 30, 2026, March 31, 2026 and June 30, 2025 include approximately 25.5 thousand, 20.9 thousand and 10.8 thousand lines related to business customers, respectively. The service revenue related to these business customers is reflected in business services and wholesale in the table above.
Previous wording
Comparison of Results for the Three Months Ended March 31, 2026 compared to the Three Months Ended March 31, 2025
Current wording
Comparison of Results for the Three and Six Months Ended June 30, 2026 compared to the Three and Six Months Ended June 30, 2025
Previous wording
Broadband revenue for the three months ended March 31, 2026 and 2025 was $850,039 and $899,561, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $49,522 (6%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was due primarily to a decline in broadband customers and lower average recurring broadband revenue per broadband subscriber.
Current wording
Broadband revenue for the three and six months ended June 30, 2026 was $840,919 and $1,690,958, respectively, and $885,139 and $1,784,700 for the three and six months ended June 30, 2025, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $44,220 (5%) and $93,742 (5%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The decrease for the three months ended June 30, 2026 as compared to the same period in the prior year was due primarily to declines in broadband customers, partially offset by higher average recurring broadband revenue per broadband subscriber. The decrease for the six months ended June 30, 2026 as compared to the same period in the prior year was due primarily to declines in broadband customers, as well as lower average recurring broadband revenue per broadband subscriber.
Previous wording
Video revenue for the three months ended March 31, 2026 and 2025 was $602,223 and $665,568, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $63,345 (10%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was due primarily to a decline in video customers, partially offset by higher average recurring video revenue per video customer, primarily driven by certain rate increases. In addition, customer credits attributable to the temporary interruption of certain video programming during the three months ended March 31, 2025 partially offset the year-over-year decline.
Current wording
Video revenue for the three and six months ended June 30, 2026 was $587,830 and $1,190,053, respectively, and $660,540 and $1,326,108 for the three and six months ended June 30, 2025, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $72,710 (11%) and $136,055 (10%) for the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30, 2025. The decreases were due primarily to declines in video customers, partially offset by higher average recurring video revenue per video customer, primarily driven by certain rate increases. In addition, customer credits attributable to the temporary interruption of certain video programming during the three months ended March 31, 2025 partially offset the year-over-year decline.
Previous wording
Telephony revenue for the three months ended March 31, 2026 and 2025 was $58,406 and $66,412, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $8,006 (12%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was due primarily to declines in telephony customers, partially offset by higher average recurring telephony revenue per telephony customer.
Current wording
Telephony revenue for the three and six months ended June 30, 2026 was $56,296 and $114,702, respectively, and $64,633 and $131,045 for the three and six months ended June 30, 2025, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $8,337 (13%) and $16,343 (12%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The decreases were due primarily to declines in telephony customers, partially offset by higher average recurring telephony revenue per telephony customer.
Previous wording
Mobile service revenue for the three months ended March 31, 2026 and 2025 was $49,549 and $36,699, respectively. The increase of $12,850 (35%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to an increase in mobile lines, as well as an increase in certain fees and surcharges as compared to the prior year.
Current wording
Mobile service revenue for the three and six months ended June 30, 2026 was $52,553 and $102,102, respectively, and $37,621 and $74,320, for the three and six months ended June 30, 2025, respectively. The increases of $14,932 (40%) and $27,782 (37%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were primarily due to increases in mobile lines, as well as increases in certain fees and surcharges as compared to the prior year periods.
Previous wording
Business services and wholesale revenue for the three months ended March 31, 2026 and 2025 was $364,300 and $363,545, respectively. Business services and wholesale revenue is derived primarily from the sale of fiber-based telecommunications services to the business market, and the sale of broadband, video, telephony, and mobile services to SMB customers.
Current wording
Business services and wholesale revenue for the three and six months ended June 30, 2026 was $366,286 and $730,586, respectively, and $361,788 and $725,333 for the three and six months ended June 30, 2025, respectively. Business services and wholesale revenue is derived primarily from the sale of fiber-based telecommunications services to the business market, and the sale of broadband, video, telephony, and mobile services to SMB customers.
Previous wording
Business services and wholesale revenue increased $755 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase was primarily due to increases in Ethernet and other fees and surcharges revenue from our Lightpath business, partially offset by a decline in SMB customers.
Current wording
Business services and wholesale revenue increased $4,498 (1%) and $5,253 (1%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The increases were primarily due to increases in Ethernet and other fees and surcharges revenue from our Lightpath business, partially offset by a decline in SMB customers.
Previous wording
News and advertising revenue for the three months ended March 31, 2026 and 2025 was $119,674 and $102,410, respectively. News and advertising revenue is primarily derived from the sale of (i) advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), (ii) digital advertising, (iii) data analytics, and (iv) affiliation fees for news programming.
Current wording
News and advertising revenue for the three and six months ended June 30, 2026 was $99,978 and $219,652, respectively, and $118,771 and $221,181 for the three and six months ended June 30, 2025, respectively. News and advertising revenue is primarily derived from the sale of (i) advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), (ii) digital advertising, (iii) data analytics, and (iv) affiliation fees for news programming.
Previous wording
Other revenue for the three months ended March 31, 2026 and 2025 was $21,177 and $18,087, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $3,090 (17%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase was primarily due to higher mobile equipment sales during 2026 as compared to the same period in the prior year.
Current wording
Other revenue for the three and six months ended June 30, 2026 was $19,841 and $41,018, respectively, and $18,711 and $36,798 for the three and six months ended June 30, 2025, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $1,130 (6%) and $4,220 (11%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The increases were primarily due to higher mobile equipment sales during 2026 as compared to the same periods in the prior year.
Previous wording
Programming and other direct costs for the three months ended March 31, 2026 and 2025 amounted to $631,129 and $670,531, respectively. Programming and other direct costs include cable programming costs, which are costs paid to programmers (net of amortization of any incentives received from programmers for carriage) for cable content (including costs of VOD and pay-per-view) and are generally paid on a per-customer basis. These costs are impacted by changes in contractual rates, changes in the number of customers receiving certain programming services, new channel launches, and channel drops. These costs also include interconnection, call completion, circuit and transport fees paid to other telecommunication companies for the transport and termination of voice and data services, which typically vary based on rate changes and the level of usage by our customers. These costs also include franchise fees which are payable to the state governments and local municipalities where we operate and are primarily based on a percentage of certain categories of revenue derived from the provision of video service over our cable systems, which vary by state and municipality. These costs change in relation to changes in such categories of revenues or rate changes. Additionally, these costs include the cost of media for advertising spots sold, the cost of mobile devices sold to our customers and direct costs of providing mobile services.
Current wording
Programming and other direct costs for the three and six months ended June 30, 2026 amounted to $587,654 and $1,218,783, respectively, and $662,690 and $1,333,221 for the three and six months ended June 30, 2025, respectively. Programming and other direct costs include cable programming costs, which are costs paid to programmers (net of amortization of any incentives received from programmers for carriage) for cable content (including costs of VOD and pay-per-view) and are generally paid on a per-customer basis. These costs are impacted by changes in contractual rates, changes in the number of customers receiving certain programming services, new channel launches, and channel drops. These costs also include interconnection, call completion, circuit and transport fees paid to other telecommunication companies for the transport and termination of voice and data services, which typically vary based on rate changes and the level of usage by our customers. These costs also include franchise fees which are payable to the state governments and local municipalities where we operate and are primarily based on a percentage of certain categories of revenue derived from the provision of video service over our cable systems, which vary by state and municipality. These costs change in relation to changes in such categories of revenues or rate changes. Additionally, these costs include the cost of media for advertising spots sold, the cost of mobile devices sold to our customers and direct costs of providing mobile services.
Previous wording
The decrease in programming and other direct costs of $39,402 (6%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily attributable to the following:
Current wording
The decreases in programming and other direct costs of $75,036 (11%) and $114,438 (9%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were primarily attributable to the following:
Previous wording
Programming costs aggregated $441,342 and $504,756 for the three months ended March 31, 2026 and 2025, respectively. Our programming costs in 2026 will continue to be impacted by changes in the number of video customers and by changes in programming rates, the latter of which we expect will increase.
Current wording
Programming costs aggregated $426,146 and $867,488 for the three and six months ended June 30, 2026, respectively, and $497,520 and $1,002,276 for the three and six months ended June 30, 2025, respectively. Our programming costs in 2026 will continue to be impacted by changes in the number of video customers and by changes in programming rates, the latter of which we expect will increase.
Previous wording
Other operating expenses for the three months ended March 31, 2026 and 2025 amounted to $660,203 and $698,186, respectively. Other operating expenses include staff costs and employee benefits including salaries of company employees and related taxes, benefits and other employee related expenses, as well as third-party labor costs. Other operating expenses also include network management and field service costs, which represent costs associated with the maintenance of our broadband network, including costs of certain customer connections and other costs associated with providing and maintaining services to our customers.
Current wording
Other operating expenses for the three and six months ended June 30, 2026 amounted to $655,956 and $1,316,159, respectively, and $696,867 and $1,395,053 for the three and six months ended June 30, 2025, respectively. Other operating expenses include staff costs and employee benefits including salaries of company employees and related taxes, benefits and other employee related expenses, as well as third-party labor costs. Other operating expenses also include network management and field service costs, which represent costs associated with the maintenance of our broadband network, including costs of certain customer connections and other costs associated with providing and maintaining services to our customers.
Previous wording
The decrease in other operating expenses of $37,983 (5%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was attributable to the following:
Current wording
The decreases in other operating expenses of $40,911 (6%) and $78,894 (6%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were attributable to the following:
Previous wording
Restructuring, impairments and other operating items for the three months ended March 31, 2026 and 2025 amounted to $2,727,629 and $21,622, respectively, and comprised the following:
Current wording
Restructuring, impairments and other operating items for the three and six months ended June 30, 2026 amounted to $206,968 and $2,934,597, respectively, as compared to $66,826 and $88,448 for the three and six months ended June 30, 2025, and comprised the following:
Previous wording
(b)Amounts reflect estimated amounts for certain legal matters, including adjustments to these estimates, and costs to early terminate contracts with vendors.
Current wording
(c)Amounts reflect estimated amounts for certain legal matters, including adjustments to these estimates, and costs to early terminate contracts with vendors.
Previous wording
Depreciation and amortization for the three months ended March 31, 2026 and 2025 amounted to $406,496 and $418,485, respectively. The decrease in depreciation and amortization of $11,989 (3%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to lower amortization.
Current wording
Depreciation and amortization for the three and six months ended June 30, 2026 amounted to $407,076 and $813,572, respectively, and $409,697 and $828,182 for the three and six months ended June 30, 2025, respectively. The decreases in depreciation and amortization of $2,621 (1%) and $14,610 (2%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were primarily due to lower amortization related to customer relationships.
Previous wording
The decrease in Adjusted EBITDA of $10,001 (1%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was due to a decrease in revenue, partially offset by a decrease in operating expenses during 2026 (excluding depreciation and amortization, share-based compensation, restructuring, impairments and other operating items), as discussed above.
Current wording
The decreases in Adjusted EBITDA of $18,080 (2%) and $28,081 (2%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were due to a decrease in revenue, partially offset by a decrease in operating expenses during 2026 (excluding depreciation and amortization, share-based compensation, restructuring, impairments and other operating items), as discussed above.
Previous wording
Free Cash Flow (Deficit) was $(137,421) and $(168,641) for the three months ended March 31, 2026 and 2025, respectively. The decrease in Free Cash Flow (Deficit) of $31,220 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was due to a decrease in capital expenditures, offset by lower net cash provided by operating activities.
Current wording
Free Cash Flow (Deficit) was $(91,899) and $(229,320) for the three and six months ended June 30, 2026, respectively, as compared to $28,446 and $(140,195) for the three and six months ended June 30, 2025, respectively. The decreases in Free Cash Flow of $120,345 and $89,125 for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were due to lower net cash provided by operating activities, partially offset by lower capital expenditures.
Previous wording
Interest expense, net was $457,819 for the three months ended March 31, 2026 as compared to $428,016 for the same periods in the prior year. The increase of $29,803 (7%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was attributable to the following:
Current wording
Interest expense, net was $475,576 and $933,395 for the three and six months ended June 30, 2026 as compared to $444,659 and $872,675 for the same periods in the prior year. The increases of $30,917 (7%) and $60,720 (7%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were attributable to the following:
Previous wording
Gain (loss) on interest rate swap contracts, net was $2,398 and $(1,719) for the three months ended March 31, 2026 and 2025, respectively. These amounts primarily represent the change in the fair value of our interest rate swap contracts. These swap contracts are not designated as hedges for accounting purposes. The gain for the three months ended March 31, 2026 included a $2,458 gain related to the early termination of Lightpath interest rate swap agreements with an aggregate notional value of $575,000.
Current wording
Gain (loss) on interest rate swap contracts, net was $2,398 for the six months ended June 30, 2026, compared to $430 and $(1,289) for the three and six months ended June 30, 2025, respectively. These amounts primarily represent the change in the fair value of our interest rate swap contracts. These swap contracts are not designated as hedges for accounting purposes. The six months ended June 30, 2026 included a $2,458 gain related to the early termination of Lightpath interest rate swap agreements with an aggregate notional value of $575,000.
Previous wording
Loss on extinguishment of debt and write-off of deferred financing costs amounted to $106,045 for the three months ended March 31, 2026, and related to the following:
Current wording
Loss on extinguishment of debt and write-off of deferred financing costs amounted to $106,045 for the six months ended June 30, 2026, and related to the following:
Previous wording
Other expense, net amounted to $529 and $963 for the three months ended March 31, 2026 and 2025, respectively. These amounts include the non-service benefit or cost components of our pension plans.
Current wording
Other expense, net amounted to $315 and $844 for the three and six months ended June 30, 2026 compared to $834 and $1,797 for the three and six months ended June 30, 2025, respectively. These amounts include the non-service benefit or cost components of our pension plans.
Previous wording
For the three months ended March 31, 2026, we recorded a tax benefit of $45,108 on pre-tax loss of $2,922,084, resulting in an effective tax rate that was lower than the U.S. statutory tax rate. The lower rate is primarily due to the nonrecognition for tax purposes of the intangible impairment charge.
Current wording
For the three and six months ended June 30, 2026, we recorded a tax benefit of $38,671 and $83,779 on pre-tax loss of $320,800 and $3,242,884, respectively, resulting in an effective tax rate that was lower than the U.S. statutory rate. The lower rate is primarily due to the nonrecognition for tax purposes of the intangible impairment charge recognized in the first quarter of 2026 and the expense related to the Private Exchange transaction recognized in the second quarter of 2026.
Previous wording
For the three months ended March 31, 2025, we recorded a tax benefit of $15,964 on pre-tax loss of $87,235. The effective tax rate was lower than the U.S. statutory tax rate primarily due to the increase in tax deficiencies on share-based compensation.
Current wording
For the three and six months ended June 30, 2025, we recorded a tax benefit of $47,647 and $63,611 on pre-tax loss of $135,633 and $222,868, respectively, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher rate is due to the impact of state tax expense, certain non-deductible expenses, and tax deficiencies on share-based compensation. As part of state tax expense, the rate increased in the three months ended June 30, 2025 due to a discrete adjustment of $6,823, primarily driven by the extension of the Connecticut Corporation Business Tax surcharge.
Previous wording
We believe existing cash balances, operating cash flows and availability under the CSC Holdings revolving credit facility will provide adequate funds to support our current operating plan and make planned capital expenditures for the next twelve months. However, we must refinance or restructure our debt, or raise additional capital sufficient to satisfy our debt maturities in April 2027. Our ability to refinance our debt or access the capital markets is subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond our control. Competition, market disruptions or a deterioration in economic conditions could lead to lower demand for our products, as well as lower levels of advertising, and increased incidence of customers' inability to pay for the services we provide. These events would adversely impact our results of operations, cash flows and financial position. Although we currently believe amounts available under the CSC Holdings revolving credit facility will be available in accordance with its terms, we can provide no assurance that access to such funds will not be impacted by adverse conditions in the financial markets or other conditions beyond our control. The obligations of the financial institutions under the revolving credit facility are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others.
Current wording
Our ability to refinance our debt or access the capital markets is subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond our control. Competition, market disruptions or a deterioration in economic conditions could lead to lower demand for our products, as well as lower levels of advertising, and increased incidence of customers' inability to pay for the services we provide. These events would adversely impact our results of operations, cash flows and financial position. Although we currently believe amounts available under the CSC Holdings revolving credit facility will be available in accordance with its terms, we can provide no assurance that access to such funds will not be impacted by adverse conditions in the financial markets or other conditions beyond our control. The obligations of the financial institutions under the revolving credit facility are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others.
Previous wording
As reflected on the consolidated financial statements, as of March 31, 2026, we had cash and cash equivalents of $1,048,634, and we had principal amounts of debt of $4,130,000 maturing in April 2027 and $2,125,000 maturing in July 2027. Our ability to address these maturities depends on our ability to successfully refinance, restructure or otherwise extend such indebtedness or to raise additional capital to repay the indebtedness.
Current wording
As reflected on the consolidated financial statements, as of June 30, 2026, we had cash and cash equivalents of $1,296,270, and we had principal amounts of debt of $4,122,500 maturing in April 2027 and $2,225,000 maturing in July 2027. Our ability to address these maturities depends on our ability to successfully refinance, restructure or otherwise extend such indebtedness or to raise additional capital to repay the indebtedness.
Previous wording
The following tables summarize the carrying value of our outstanding debt, net of unamortized deferred financing costs, discounts and premiums (excluding accrued interest) as of March 31, 2026, as well as interest expense for the three months ended March 31, 2026:
Current wording
The following tables summarize the carrying value of our outstanding debt, net of unamortized deferred financing costs, discounts and premiums (excluding accrued interest) as of June 30, 2026, as well as interest expense for the six months ended June 30, 2026:
Previous wording
For financing purposes, we have three debt silos: CSC Holdings, the UnSub Group (defined below) and Lightpath. The CSC Holdings silo is structured as a restricted group (the "CSC Holdings Restricted Group") and an unrestricted group, which includes certain designated subsidiaries. The CSC Holdings Restricted Group is comprised of CSC Holdings and its wholly-owned operating subsidiaries, excluding Lightpath and certain of its designated subsidiaries, Cablevision Litchfield, LLC ("Cablevision Litchfield"), CSC Optimum Holdings, LLC ("CSC Optimum") and certain subsidiaries of CSC Holdings designated as "unrestricted subsidiaries" for the purposes of the CSC Holdings silo (collectively, the "UnSub Group"). The CSC Holdings Restricted Group is subject to the covenants and restrictions of CSC Holdings' credit facility and indentures governing the notes issued by CSC Holdings. The Lightpath silo includes substantially all of Lightpath's operating subsidiaries which are subject to the covenants and restrictions of the secured fiber network revenue notes issued by Lightpath. The UnSub Group is subject to the covenants and restrictions of the UnSub Group Facility.
Current wording
For financing purposes, we have three debt silos: CSC Holdings, the UnSub Group (defined below) and Lightpath. The CSC Holdings silo is structured as a restricted group (the "CSC Holdings Restricted Group") and an unrestricted group, which includes Cablevision Litchfield, LLC ("Cablevision Litchfield"), CSC Optimum Holdings, LLC ("CSC Optimum") and certain subsidiaries of CSC Holdings designated as "unrestricted subsidiaries" for the purposes of the CSC Holdings silo (collectively, the "UnSub Group"). The CSC Holdings Restricted Group is comprised of CSC Holdings and its wholly-owned operating subsidiaries, excluding Lightpath and the UnSub Group. The CSC Holdings Restricted Group is subject to the covenants and restrictions of CSC Holdings' credit facility and indentures governing the notes issued by CSC Holdings. The Lightpath silo includes substantially all of Lightpath's operating subsidiaries which are subject to the covenants and restrictions of the secured fiber network revenue notes issued by Lightpath. The UnSub Group is subject to the covenants and restrictions of the UnSub Group Facility.
Previous wording
In October 2015, a wholly-owned subsidiary of Optimum Communications, which merged with and into CSC Holdings on June 21, 2016, entered into a senior secured credit facility, which, as amended, currently provides for U.S. dollar term loans comprising (i) an incremental term loan amount of $3,000,000 ($2,820,000 outstanding as of March 31, 2026) ("Incremental Term Loan B-5") and U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 ($2,125,000 outstanding as of March 31, 2026) (the "CSC Revolving Credit Facility" and, together with the Incremental Term Loan B-5, the "CSC Credit Facilities"), which are governed by a credit facilities agreement entered into by, inter alios, CSC Holdings, certain lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent and security agent (as amended, restated, supplemented, or otherwise modified from time to time, the "CSC Credit Facilities Agreement").
Current wording
In October 2015, a wholly-owned subsidiary of Optimum Communications, which merged with and into CSC Holdings on June 21, 2016, entered into a senior secured credit facility, which, as amended, currently provides for U.S. dollar term loans comprising (i) an incremental term loan amount of $3,000,000 ($2,812,500 outstanding as of June 30, 2026) ("Incremental Term Loan B-5") and U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 ($2,225,000 outstanding as of June 30, 2026) (the "CSC Revolving Credit Facility" and, together with the Incremental Term Loan B-5, the "CSC Credit Facilities"), which are governed by a credit facilities agreement entered into by, inter alios, CSC Holdings, certain lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent and security agent (as amended, restated, supplemented, or otherwise modified from time to time, the "CSC Credit Facilities Agreement").
Previous wording
At March 31, 2026, $200,261 of the CSC Revolving Credit Facility was restricted for certain letters of credit issued on our behalf and $149,739 was undrawn and available, subject to covenant limitations.
Current wording
At June 30, 2026, $174,799 of the CSC Revolving Credit Facility was restricted for certain letters of credit issued on our behalf and $75,201 was undrawn and available, subject to covenant limitations.
Previous wording
As of March 31, 2026, CSC Holdings was in compliance with applicable financial covenants under each respective indenture by which the senior guaranteed notes and senior notes were issued.
Current wording
As of June 30, 2026, CSC Holdings was in compliance with the covenants under each respective indenture by which the senior guaranteed notes and senior notes were issued.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Free Cash Flow is a non-GAAP measure that is defined as net cash flows from operating activities less cash capital expenditures. See reconciliation of net cash flow from operating activities to Free Cash Flow above.
Current report — wording carried from elsewhere
Gain (loss) on Investments and Sale of Affiliate Interests
Current report — wording carried from elsewhere
We believe existing cash balances, operating cash flows and availability under the CSC Holdings revolving credit facility will provide adequate funds to support our current operating plan and make planned capital expenditures for the next twelve months. However, we must refinance or restructure our debt, or raise additional capital sufficient to satisfy our debt maturities in April 2027 and July 2027.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
For financing purposes, CSC Holdings is structured as a "Restricted Group" and an "Unrestricted Group." The Restricted Group was historically comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries. These Restricted Group subsidiaries are subject to the covenants and restrictions of the CSC Holdings' Credit Facility and the indentures governing the notes issued by CSC Holdings. The Unrestricted Group includes certain designated subsidiaries and investments (the "Unrestricted Group") which are not subject to such covenants.
Previous report — wording carried elsewhere
February 2026, we terminated all our interest rate swap agreements and received cash of $2,458. For thethree months ended March 31, 2026, we recorded a gain on interest rate swap contracts of$2,398.