# EDGAR Filing Document

**Accession Number:** 0001271833
**File Stem:** 0001271833-26-000009
**Filing Date:** 2026-4
**Character Count:** 124493
**Document Hash:** 76e9c4a82b06fe70d65a94d2dde7d9a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001271833-26-000009.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001271833-26-000009

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CCO HOLDINGS LLC
- **CENTRAL INDEX KEY:** 0001271833
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 861067239
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37789
- **FILM NUMBER:** 26890448

**BUSINESS ADDRESS:**
- **STREET 1:** 400 WASHINGTON BLVD.
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 203-905-7801

**MAIL ADDRESS:**
- **STREET 1:** 400 WASHINGTON BLVD.
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CCO HOLDINGS CAPITAL CORP
- **CENTRAL INDEX KEY:** 0001271834
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 200257904
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-112593-01
- **FILM NUMBER:** 26890449

**BUSINESS ADDRESS:**
- **STREET 1:** 400 WASHINGTON BLVD.
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 203-905-7801

**MAIL ADDRESS:**
- **STREET 1:** 400 WASHINGTON BLVD.
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

?xml version='1.0' encoding='ASCII'? ccoh-20260331

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

______________

**FORM 10-Q** 

______________

*(Mark One)*

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Commission File Number: | **001-37789** |
| | **333-112593-01** |

---

**<u>CCO Holdings, LLC</u>** 

**CCO Holdings Capital Corp.**

*(Exact name of registrant as specified in its charter)* 

---

| | | | |
|:---|:---|:---|:---|
| **Delaware**<br>**Delaware** | | | **86-1067239**<br>**20-0257904** |
| (State or other jurisdiction of incorporation or organization) |  |  | (I.R.S. Employer Identification No.) |
| **400 Washington Blvd.** | **Stamford** | **Connecticut** | **06902** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

**<u>(203) 905-7801</u>** 

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ⌧No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer □&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer ⌧&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company ☐ &nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ⌧

All of the issued and outstanding shares of capital stock of CCO Holdings Capital Corp. are held by CCO Holdings, LLC. All of the limited liability company membership interests of CCO Holdings, LLC are held by CCH I Holdings, LLC (an indirect subsidiary of Charter Communications, Inc., a reporting company under the Exchange Act). There is no public trading market for any of the aforementioned limited liability company membership interests or shares of capital stock.

CCO Holdings, LLC and CCO Holdings Capital Corp. meet the conditions set forth in General Instruction I(1)(a) and (b) to Form 10-K and are therefore filing with the reduced disclosure format.

Number of shares of common stock of CCO Holdings Capital Corporation outstanding as of March 31, 2026: 1

------

**CCO HOLDINGS, LLC**

**CCO HOLDINGS CAPITAL CORP.** 

**QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 2026** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| <u>[PART I](#i5eeba8d7779f47f38ff344a6610e3da5_13)</u> | <u>[FINANCIAL INFORMATION](#i5eeba8d7779f47f38ff344a6610e3da5_13)</u> |  |
| <u>[Item 1](#i5eeba8d7779f47f38ff344a6610e3da5_16)</u> | <u>[Financial Statements - CCO Holdings, LLC and Subsidiaries](#i5eeba8d7779f47f38ff344a6610e3da5_16)</u> |  |
|  | <u>[Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#i5eeba8d7779f47f38ff344a6610e3da5_19)</u> | <u>[1](#i5eeba8d7779f47f38ff344a6610e3da5_19)</u> |
|  | <u>[Consolidated Statements of Operations](#i5eeba8d7779f47f38ff344a6610e3da5_25)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[for the three months ended March 31, 2026 and 2025](#i5eeba8d7779f47f38ff344a6610e3da5_25)</u> | <u>[2](#i5eeba8d7779f47f38ff344a6610e3da5_25)</u> |
|  | <u>[Consolidated Statements of Changes in Member's Equity](#i5eeba8d7779f47f38ff344a6610e3da5_28)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[for the three months ended March 31, 2026 and 2025](#i5eeba8d7779f47f38ff344a6610e3da5_28)</u> | <u>[3](#i5eeba8d7779f47f38ff344a6610e3da5_28)</u> |
|  | <u>[Consolidated Statements of Cash Flows](#i5eeba8d7779f47f38ff344a6610e3da5_31)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[for the three months ended March 31, 2026 and 2025](#i5eeba8d7779f47f38ff344a6610e3da5_31)</u> | <u>[4](#i5eeba8d7779f47f38ff344a6610e3da5_31)</u> |
|  | <u>[Notes to Consolidated Financial Statements](#i5eeba8d7779f47f38ff344a6610e3da5_34)</u> | <u>[5](#i5eeba8d7779f47f38ff344a6610e3da5_34)</u> |
| <u>[Item 2](#i5eeba8d7779f47f38ff344a6610e3da5_73)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5eeba8d7779f47f38ff344a6610e3da5_73)</u> | <u>[11](#i5eeba8d7779f47f38ff344a6610e3da5_73)</u> |
| <u>[Item 3](#i5eeba8d7779f47f38ff344a6610e3da5_82)</u> | <u>[Quantitative and Qualitative Disclosure About Market Risk](#i5eeba8d7779f47f38ff344a6610e3da5_82)</u> | <u>[24](#i5eeba8d7779f47f38ff344a6610e3da5_82)</u> |
| <u>[Item 4](#i5eeba8d7779f47f38ff344a6610e3da5_85)</u> | <u>[Controls and Procedures](#i5eeba8d7779f47f38ff344a6610e3da5_85)</u> | <u>[24](#i5eeba8d7779f47f38ff344a6610e3da5_85)</u> |
| <u>[PART II](#i5eeba8d7779f47f38ff344a6610e3da5_88)</u> | <u>[OTHER INFORMATION](#i5eeba8d7779f47f38ff344a6610e3da5_88)</u> |  |
| <u>[Item 1](#i5eeba8d7779f47f38ff344a6610e3da5_91)</u> | <u>[Legal Proceedings](#i5eeba8d7779f47f38ff344a6610e3da5_91)</u> | <u>[26](#i5eeba8d7779f47f38ff344a6610e3da5_91)</u> |
| <u>[Item 1A](#i5eeba8d7779f47f38ff344a6610e3da5_94)</u> | <u>[Risk Factors](#i5eeba8d7779f47f38ff344a6610e3da5_94)</u> | <u>[26](#i5eeba8d7779f47f38ff344a6610e3da5_94)</u> |
| <u>[Item 6](#i5eeba8d7779f47f38ff344a6610e3da5_100)</u> | <u>[Exhibits](#i5eeba8d7779f47f38ff344a6610e3da5_100)</u> | <u>[26](#i5eeba8d7779f47f38ff344a6610e3da5_100)</u> |
| <u>[Signatures](#i5eeba8d7779f47f38ff344a6610e3da5_103)</u> | <u>[Signatures](#i5eeba8d7779f47f38ff344a6610e3da5_103)</u> | <u>[S-](#i5eeba8d7779f47f38ff344a6610e3da5_103)[1](#i5eeba8d7779f47f38ff344a6610e3da5_103)</u> |
| <u>[Exhibit Index](#i5eeba8d7779f47f38ff344a6610e3da5_106)</u> | <u>[Exhibit Index](#i5eeba8d7779f47f38ff344a6610e3da5_106)</u> | <u>[E-](#i5eeba8d7779f47f38ff344a6610e3da5_106)[1](#i5eeba8d7779f47f38ff344a6610e3da5_106)</u> |

---

This quarterly report on Form 10-Q is for the three months ended March 31, 2026. The United States Securities and Exchange Commission ("SEC") allows us to "incorporate by reference" information that we file with the SEC, which means that we can disclose important information to you by referring you directly to those documents. In this quarterly report, "CCO Holdings," "we," "us" and "our" refer to CCO Holdings, LLC and its subsidiaries.

i

------

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This quarterly report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial including, without limitation, the forward-looking statements set forth in Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this quarterly report. Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under "Risk Factors" in Part I, Item 1A of our most recent Form 10-K filed with the SEC. Many of the forward-looking statements contained in this quarterly report may be identified by the use of forward-looking words such as "believe," "future," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," "aim," "on track," "target," "opportunity," "tentative," "positioning," "designed," "create," "predict," "project," "initiatives," "seek," "would," "could," "continue," "ongoing," "upside," "increases," "grow," "focused on" and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this quarterly report are set forth in this quarterly report on Form 10-Q, in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:

• our ability to sustain and grow revenues and cash flow from operations by offering Internet, mobile, video, voice, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;

• the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite ("DBS") operators, wireless and satellite broadband and telephone providers, digital subscriber line ("DSL") providers, fiber to the home providers and providers of video content over broadband Internet connections;

• general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn;

• our ability to develop and deploy new products and technologies including consumer services and service platforms;

• any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;

• the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;

• our ability to procure necessary services and equipment from our vendors in a timely manner and at reasonable costs including in connection with our network evolution and rural construction initiatives;

• our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements);

• the ability to hire and retain key personnel;

• the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets;

• our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions;

• our ability to satisfy the conditions to consummate the Liberty Broadband Combination and/or the Cox Transactions and/or to consummate the Liberty Broadband Combination and/or the Cox Transactions in a timely manner or at all;

• the risks related to us being restricted in the operation of our business while the Liberty Broadband Merger Agreement and the Cox Communications Transaction Agreement are in effect;

• other risks related to the Liberty Broadband Combination as described in the definitive joint proxy statement/prospectus with respect to the Liberty Broadband Combination, filed by Charter Communications, Inc. on January 22, 2025, including the sections entitled "Risk Factors" and "Where You Can Find More Information" included therein; and

• other risks related to the Cox Transactions as described in the definitive proxy statement with respect to the Cox Transactions, filed by Charter Communications, Inc. on July 2, 2025, including the sections entitled "Risk Factors" and "Where You Can Find More Information" included therein.

All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We are under no duty or obligation to update any of the forward-looking statements after the date of this quarterly report.

ii

------

**PART I. FINANCIAL INFORMATION**

**Item 1. *Financial Statements.***

**CCO HOLDINGS, LLC AND SUBSIDIARIES** 

**CONSOLIDATED BALANCE SHEETS** 

**(dollars in millions)**

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| | **(unaudited)** | |
| **ASSETS** | | |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $246 | $218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance for doubtful accounts of $219 and $219, respectively | 3439 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from related party | 77 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 828 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 4590 | 4529 |
| INVESTMENT IN CABLE PROPERTIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net of accumulated depreciation of $41,399 and $41,311, respectively | 46359 | 45599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships, net of accumulated amortization of $17,991 and $17,875, respectively | 324 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchises | 67471 | 67471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 29710 | 29710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment in cable properties, net | 143864 | 143220 |
| OTHER NONCURRENT ASSETS | 4216 | 4233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $152670 | $151982 |
| **LIABILITIES AND MEMBER'S EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued and other current liabilities | $11581 | $11643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt |  | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 11581 | 12393 |
| LONG-TERM DEBT | 94414 | 94006 |
| EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY | 1596 | 1447 |
| DEFERRED INCOME TAXES | 67 | 67 |
| OTHER LONG-TERM LIABILITIES | 3387 | 3362 |
| MEMBER'S EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings member's equity | 41600 | 40682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total member's equity | 41625 | 40707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and member's equity | $152670 | $151982 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**CCO HOLDINGS, LLC AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(dollars in millions)**

**Unaudited**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| REVENUES | $13597 | $13735 |
| COSTS AND EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating costs and expenses (exclusive of items shown separately below) | 8182 | 8219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2204 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 15 | 123 |
|  | 10401 | 10515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 3196 | 3220 |
| OTHER INCOME (EXPENSES): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (1245) | (1231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses, net | (130) | (142) |
|  | (1375) | (1373) |
| Income before income taxes | 1821 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (14) | (9) |
| Consolidated net income | 1807 | 1838 |
| Less: Net income attributable to noncontrolling interests | (1) | (1) |
| Net income attributable to CCO Holdings member | $1806 | $1837 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**CCO HOLDINGS, LLC AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY**

**(dollars in millions)**

**Unaudited**

---

| | | | |
|:---|:---|:---|:---|
| | **CCO Holdings Member's Equity** | **Noncontrolling Interests** | **Total Member's Equity** |
| BALANCE, December 31, 2025 | $40682 | $25 | $40707 |
| &nbsp;&nbsp;&nbsp;Consolidated net income | 1806 | 1 | 1807 |
| &nbsp;&nbsp;&nbsp;Stock compensation expense | 203 |  | 203 |
| &nbsp;&nbsp;&nbsp;Contributions from parent | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;Distributions to parent | (1097) |  | (1097) |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interest |  | (1) | (1) |
| BALANCE, March 31, 2026 | $41600 | $25 | $41625 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **CCO Holdings Member's Equity** | **Noncontrolling Interests** | **Total Member's Equity** |
| BALANCE, December 31, 2024 | $39235 | $26 | $39261 |
| &nbsp;&nbsp;&nbsp;Consolidated net income | 1837 | 1 | 1838 |
| &nbsp;&nbsp;&nbsp;Stock compensation expense | 222 |  | 222 |
| &nbsp;&nbsp;&nbsp;Contributions from parent | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;Distributions to parent | (882) |  | (882) |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interest |  | (2) | (2) |
| BALANCE, March 31, 2025 | $40416 | $25 | $40441 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**CCO HOLDINGS, LLC AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(dollars in millions)**

**Unaudited**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income | $1807 | $1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile consolidated net income to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2204 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 203 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash interest, net | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 132 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 18 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (98) | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities and other | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to related party | (4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from operating activities | 4351 | 4291 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (2855) | (2399) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in accrued expenses related to capital expenditures | (77) | (273) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (42) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from investing activities | (2974) | (2791) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of long-term debt | 7216 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of equipment installment plan financing facility | 148 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of long-term debt | (7499) | (1609) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for debt issuance costs | (30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to parent | (1097) | (882) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from parent | 6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interest | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (108) | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from financing activities | (1365) | (1139) |
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 12 | 361 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 339 | 301 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $351 | $662 |
| CASH PAID FOR INTEREST | $1060 | $992 |

---

As of March 31, 2026, December 31, 2025, March 31, 2025 and December 31, 2024, cash, cash equivalents and restricted cash includes $105 million, $121 million, $70 million and $47 million of restricted cash included in prepaid expenses and other current assets in the consolidated balance sheets, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

------

**CCO HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**(dollars in millions, except where indicated)**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Organization and Basis of Presentation** 

**Organization** 

CCO Holdings, LLC (together with its subsidiaries, "CCO Holdings," or the "Company") is a leading broadband connectivity company with services available to homes and small to large businesses through its Spectrum<sup>®</sup> brand. The Company has evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by the Company's 100% U.S.-based employees, the Company offers Seamless Connectivity and Entertainment with Spectrum Internet<sup>®</sup>, Mobile, TV and Voice products.

CCO Holdings is a holding company whose principal assets are the equity interests in its operating subsidiaries. CCO Holdings is a direct subsidiary of CCH I Holdings, LLC, which is an indirect subsidiary of Charter Communications, Inc. ("Charter"), Charter Communications Holdings, LLC ("Charter Holdings") and Spectrum Management Holding Company, LLC ("Spectrum Management"). All of the outstanding capital stock of CCO Holdings Capital Corp. is owned by CCO Holdings. The consolidated financial statements include the accounts of CCO Holdings and all of its subsidiaries where the underlying operations reside. All significant intercompany accounts and transactions among consolidated entities have been eliminated. Charter, Charter Holdings and Spectrum Management have performed financing, cash management, treasury and other services for CCO Holdings on a centralized basis. Changes in member's equity in the consolidated balance sheets related to these activities have been considered cash receipts (contributions) and payments (distributions) for purposes of the consolidated statements of cash flows and are reflected in financing activities.

**Basis of Presentation**

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures typically included in the Company's Annual Report on Form 10-K have been condensed or omitted for this quarterly report. The accompanying consolidated financial statements are unaudited and are subject to review by regulatory authorities. However, in the opinion of management, such financial statements include all adjustments, which consist of only normal recurring adjustments, necessary for a fair presentation of the results for the periods presented. Interim results are not necessarily indicative of results for a full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas involving significant judgments and estimates include capitalization of labor and overhead costs, valuation and impairment of franchise assets and goodwill, and income taxes. Actual results could differ from those estimates.

Comprehensive income equaled net income attributable to CCO Holdings member for the three months ended March 31, 2026 and 2025.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Mergers and Acquisitions**

On May 16, 2025, Charter, Charter Holdings, and Cox Enterprises, Inc. ("Cox Enterprises") entered into a Transaction Agreement (the "Transaction Agreement") pursuant to which (i) Cox Enterprises will sell and transfer to Charter 100% of the equity interests of certain subsidiaries of Cox Communications, Inc. ("Cox Communications") that conduct Cox Communications' commercial fiber and managed IT and cloud services businesses (the "Equity Sale"), (ii) Cox Enterprises will contribute the equity interests of Cox Communications and certain other assets (other than certain excluded assets) primarily related to Cox Communications' residential cable business to Charter Holdings (the "Contribution"), and (iii) Cox Enterprises will pay $1.00 to Charter (collectively, the "Cox Transactions"). Under the Transaction Agreement, Charter and Cox Enterprises may designate one or more wholly owned subsidiaries to take actions with respect to Charter and Cox Enterprises, respectively.

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**CCO HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**(dollars in millions, except where indicated)**

Pursuant to the Transaction Agreement, at the closing of the Cox Transactions:

• in consideration of the Equity Sale, Charter will pay $3.5 billion in cash to Cox Enterprises;

• in consideration of the Contribution, Charter Holdings will (i) pay to Cox Enterprises $650 million in cash and (ii) issue to Cox Enterprises convertible preferred units of Charter Holdings with an aggregate liquidation preference of $6.0 billion, which will pay a 6.875% dividend per annum, and approximately 33.6 million Charter Holdings common units. The Charter Holdings convertible preferred units will be convertible into Charter Holdings common units, with an initial conversion price of $477.41, subject to certain adjustments. The Charter Holdings common units will be exchangeable by the holder, in certain circumstances, for cash or, at the election of Charter, Charter Class A common stock on a one-for-one basis, subject to certain adjustments; and

• in consideration of the $1.00 payment from Cox Enterprises to Charter, Charter will issue to Cox Enterprises one share of the newly created Charter Class C common stock. The Charter Class C common stock will be equivalent, economically, to the outstanding Charter Class A common stock and the Charter Class B common stock but will have a number of votes per share that reflect the voting power of the Charter Holdings common units and the Charter Holdings convertible preferred units held by Cox Enterprises on an as-converted, as-exchanged basis.

The combined entity will assume Cox Communications' approximately $12.4 billion in outstanding net debt and finance leases.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable, Accrued and Other Current Liabilities**

Accounts payable, accrued and other current liabilities consist of the following as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Accounts payable – trade | $994 | $995 |
| Deferred revenue | 456 | 422 |
| Accrued and other current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Programming costs | 1608 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Labor | 1120 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | 3239 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1448 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 812 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1904 | 1822 |
|  | $11581 | $11643 |

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Under a supply chain finance program, the Company has agreements with third parties that allow its participating vendors to finance payment obligations from the Company with designated third-party financial institutions who act as its paying agent. As a result, the Company has generally extended its payment terms with vendors. A participating vendor may request a participating financial institution to finance one or more of the Company's payment obligations to such vendor prior to the scheduled due date thereof at a discounted price. The Company is not required to provide collateral to the financial institutions. The Company's obligations to participating vendors, including amounts due and scheduled payment dates, are not impacted by the vendors' decisions to finance amounts due under these financing arrangements. The Company's outstanding payment obligations to participating vendors were $672 million and $735 million as of March 31, 2026 and December 31, 2025, respectively, and are included in accounts payable - trade and accrued capital expenditures above. Cash outflows to the financial institutions are classified as cash flows from operating and investing activities.

Under a deferred payment program, the Company has agreements with third parties to pay certain invoices when due, and the Company pays the third parties at a later date, the invoice amount plus interest. The Company's outstanding payment obligation to participating vendors under the deferred payment plan was $812 million and $918 million as of March 31, 2026 and December 31, 2025, respectively, and is included in short-term borrowings. Cash outflows to the financial institutions are classified as cash flows from financing activities.

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**CCO HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**(dollars in millions, except where indicated)**

**4.&nbsp;&nbsp;&nbsp;&nbsp;Total Debt**

A summary of our debt as of March 31, 2026 and December 31, 2025 is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Principal Amount** | **Carrying Value** | **Fair Value** | **Principal Amount** | **Carrying Value** | **Fair Value** |
| Senior unsecured notes | $27250 | $27174 | $25527 | $27250 | $27197 | $25634 |
| Senior secured notes and debentures<sup>(a)</sup> | 55387 | 55620 | 47245 | 55418 | 55658 | 48030 |
| Credit facilities<sup>(b)</sup> | 11665 | 11620 | 11471 | 11949 | 11901 | 11803 |
|  | $94302 | $94414 | $84243 | $94617 | $94756 | $85467 |

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<sup>(a)</sup>Includes the Company's £625 million fixed-rate British pound sterling denominated notes (the "Sterling Notes") (remeasured at $827 million and $842 million as of March 31, 2026 and December 31, 2025, respectively, using the exchange rate at the respective dates) and the Company's £650 million aggregate principal amount of Sterling Notes (remeasured at $860 million and $876 million as of March 31, 2026 and December 31, 2025, respectively, using the exchange rate at the respective dates).

<sup>(b)</sup>The Company has availability under the Charter Communications Operating, LLC ("Charter Operating") credit facilities of approximately $4.6 billion as of March 31, 2026.

The estimated fair value of the Company's senior unsecured and secured notes and debentures as of March 31, 2026 and December 31, 2025 is based on quoted market prices in active markets and is classified within Level 1 of the valuation hierarchy, while the estimated fair value of the Company's credit facilities is based on quoted market prices in inactive markets and is classified within Level 2.

In February 2026, CCO Holdings and CCO Holdings Capital Corp. redeemed $750 million in aggregate principal amount of the outstanding 5.500% senior notes due 2026 and $2.25 billion in aggregate principal amount of the outstanding 5.125% senior notes due 2027. The transactions resulted in a loss on extinguishment of debt of approximately $4 million during the three months ended March 31, 2026 recorded in other expenses, net in the consolidated statement of operations.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Equipment Installment Plan Financing Facility**

CCO EIP Financing, LLC (the "SPV Borrower"), a bankruptcy remote special purpose vehicle and consolidated subsidiary of the Company, is the borrower of a senior secured revolving credit facility to finance the purchase of equipment installment plan receivables ("EIP Receivables") with a number of financial institutions (the "EIP Financing Facility").

The revolving credit facility under the EIP Financing Facility bears interest on the outstanding borrowings based on lenders' cost of funds plus an applicable margin and was 4.85% and 5.14% as of March 31, 2026 and December 31, 2025, respectively. The EIP Financing Facility has a final maturity date of November 3, 2029, comprised of a twelve-month revolving loan period subject to renewal, and if not renewed, cash flows on EIP Receivables are applied to amortize the loan which may occur over a period of up to three years. SPV Borrower may borrow up to $2.0 billion under the EIP Financing Facility. As of March 31, 2026 and December 31, 2025, the carrying value of the EIP Financing Facility was $1.6 billion and $1.4 billion, respectively, and is included in the Company's consolidated balance sheets.

The SPV Borrower's sole business consists of the purchase or acceptance through capital contributions of the EIP Receivables from Spectrum Mobile Equipment, LLC, (the sole direct parent entity of SPV Borrower that originates the EIP Receivables) and the subsequent retransfer of or granting of a security interest in such EIP Receivables to the administrative agent under the EIP Financing Facility. The SPV Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the SPV Borrower's assets prior to any assets or value in the SPV Borrower becoming available to the SPV Borrower's equity holders, and the assets of the SPV Borrower are not available to pay creditors of any other affiliate of the Company.

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**CCO HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**(dollars in millions, except where indicated)**

The EIP Financing Facility is accounted for on a consolidated basis as a secured borrowing. As of March 31, 2026 and December 31, 2025, pledged EIP Receivables with an unpaid principal balance of $2.2 billion included in accounts receivable, net and other noncurrent assets, and restricted cash of $105 million and $121 million, respectively, included in prepaid expenses and other current assets, are held by the SPV Borrower and reflected in the Company's consolidated balance sheets. Receipts from mobile customers related to the underlying EIP Receivables are reflected as cash flows from operating activities and borrowings and repayments under the EIP Financing Facility are reflected as cash flows from financing activities in the Company's consolidated statements of cash flows.

**6. &nbsp;&nbsp;&nbsp;&nbsp;Accounting for Derivative Instruments and Hedging Activities** 

Cross-currency derivative instruments are used to manage foreign exchange risk on the Sterling Notes by effectively converting £1.275 billion aggregate principal amount of fixed-rate British pound sterling denominated debt, including annual interest payments and the payment of principal at maturity, to fixed-rate U.S. dollar denominated debt. The fair value of the Company's cross-currency derivatives, which are classified within Level 2 of the valuation hierarchy, was $483 million and $406 million and is included in other long-term liabilities on its consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.

The effect of financial instruments are recorded in other expenses, net in the consolidated statements of operations and consisted of the following.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Change in fair value of cross-currency derivative instruments  | $(76) | $(13) |
| Foreign currency remeasurement of Sterling Notes to U.S. dollars | 31 | (52) |
| Loss on financial instruments, net | $(45) | $(65) |

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**7.&nbsp;&nbsp;&nbsp;&nbsp;Revenues**

The Company's revenues by product line are as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | $5852 | $5930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mobile service | 1052 | 914 |
| &nbsp;&nbsp;Connectivity | 6904 | 6844 |
| &nbsp;&nbsp;Video | 3252 | 3580 |
| &nbsp;&nbsp;Voice | 338 | 356 |
| Residential revenue | 10494 | 10780 |
| &nbsp;&nbsp;Small business | 1090 | 1088 |
| &nbsp;&nbsp;Mid-market & large business | 749 | 734 |
| Commercial revenue | 1839 | 1822 |
| Advertising sales | 358 | 340 |
| Other | 906 | 793 |
|  | $13597 | $13735 |

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As of each March 31, 2026 and December 31, 2025, accounts receivable, net on the consolidated balance sheets includes approximately $1.3 billion of current equipment installment plan receivables and other noncurrent assets includes approximately $1.1 billion of noncurrent equipment installment plan receivables.

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**CCO HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**(dollars in millions, except where indicated)**

**8. &nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting**

The Company's operations are managed and reported to its Chief Executive Officer ("CEO"), the Company's chief operating decision maker ("CODM"), on a consolidated basis. The Company provides broadband connectivity services with all of its services delivered to customers over an advanced communications network. The CODM assesses performance and allocates resources based on the Company's consolidated statements of operations, as the converged network requires the CODM to manage and evaluate the results of the business in a consolidated manner to drive efficiencies and develop uniform strategies. Accordingly, key components and processes of the Company's operations are managed centrally, including contracting for programming, capital and new technology development and deployment, plant engineering, customer service, marketing, legal and government affairs. Segment asset information is not used by the CODM to allocate resources. Under this organizational and reporting structure, the Company has one reportable segment.

As a single reportable segment entity, the Company's segment performance measure is net income attributable to Charter shareholders. See Note 7 for a description of the Company's disaggregated revenues by product line. Significant segment expenses are presented in the Company's consolidated statements of operations. Additional disaggregated significant segment expenses on a functional basis, that are not separately presented on the Company's consolidated statements of operations, are presented below.

**Operating Costs and Expenses**

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Programming | $2088 | $2302 |
| Other costs of revenue | 1765 | 1584 |
| Field and technology operations | 1258 | 1282 |
| Customer operations | 766 | 772 |
| Marketing and residential sales | 919 | 949 |
| Stock compensation expense (see Note 9) | 203 | 222 |
| Transition expenses | 24 |  |
| Other expense | 1159 | 1108 |
|  | $8182 | $8219 |

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Programming costs consist primarily of costs paid to programmers for basic, premium, video on demand and pay-per-view programming. Other costs of revenue include costs directly related to providing Internet, mobile, video and voice services including mobile device costs, payments to franchise and regulatory authorities, payments for sports, local and news content produced by the Company and direct costs associated with selling advertising. Also included in other costs of revenue are content acquisition costs for the Los Angeles Lakers' basketball games and Los Angeles Dodgers' baseball games, which are recorded as games are exhibited over the contract period. Field and technology operations costs include indirect costs incurred to manage the Company's inside and outside cable network, including labor for the non-capitalizable portion of customer installations and service and repairs. Customer operations costs include call center labor costs for customer care, billing costs, bad debt expense, and collections. Marketing and residential sales costs represent the costs of marketing residential and business Internet, mobile, video and voice services and costs to sell to current and potential non-bulk residential customers, including labor cost. Transition expenses represent incremental costs incurred to prepare for the integration of the Cox Transactions' operations and to bring systems and processes into a uniform operating structure. See Note 2. Other expense includes corporate overhead costs, as well as certain indirect costs associated with Spectrum Business, Spectrum Reach, Spectrum Networks and Spectrum Community Solutions, including related sales expenses.

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**CCO HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**(dollars in millions, except where indicated)**

**Other Operating Expenses, Net**

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Special charges, net | $(2) | $32 |
| Merger and acquisition costs | 15 |  |
| Loss on disposal of assets, net | 2 | 91 |
|  | $15 | $123 |

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Special charges, net primarily includes severance costs and net amounts of litigation settlements. Merger and acquisition costs represents costs incurred primarily in connection with the Cox Transactions, such as advisory, legal and accounting fees, among others. Loss on disposal of assets, net includes a $90 million impairment on the sale of non-strategic assets during the three months ended March 31, 2025.

**Other Expenses, Net** 

Other expenses, net consist of the following for the periods presented:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Loss on equity investments, net | $(81) | $(77) |
| Loss on financial instruments, net (see Note 6) | (45) | (65) |
| Loss on extinguishment of debt (see Note 4) | (4) |  |
|  | $(130) | $(142) |

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**9. &nbsp;&nbsp;&nbsp;&nbsp;Stock Compensation Plans**

Charter's stock incentive plans provide for grants of nonqualified stock options, incentive stock options, stock appreciation rights, dividend equivalent rights, performance units and performance shares, share awards, phantom stock, restricted stock units and restricted stock. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing consulting services for the Company, are eligible for grants under the stock incentive plans.

Charter granted the following equity awards for the periods presented.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Stock options | 2379000 | 1407700 |
| Restricted stock | 300 |  |
| Restricted stock units | 2040600 | 1155200 |

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Stock options and restricted stock units generally cliff vest three years from the date of grant. Certain stock options and restricted stock units vest based on achievement of stock price hurdles. Stock options generally expire ten years from the grant date and restricted stock units have no voting rights. Restricted stock generally vests one year from the date of grant.

As of March 31, 2026, total unrecognized compensation remaining to be recognized in future periods totaled $298 million for stock options, $628 million for restricted stock units and $0.3 million for restricted stock and the weighted average period over which they are expected to be recognized is two years for stock options and restricted stock units and three months for restricted stock.

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**Item 2. &nbsp;&nbsp;&nbsp;&nbsp;*Management's Discussion and Analysis of Financial Condition and Results of Operations.*** 

**General**

CCO Holdings, LLC ("CCO Holdings") is a holding company whose principal assets are the equity interests in its operating subsidiaries. CCO Holdings is a direct subsidiary of CCH I Holdings, LLC, which is an indirect subsidiary of Charter Communications, Inc. ("Charter"), Charter Communications Holdings, LLC ("Charter Holdings") and Spectrum Management Holding Company, LLC. All of the outstanding capital stock of CCO Holdings Capital Corp. is owned by CCO Holdings. The consolidated financial statements include the accounts of CCO Holdings and all of its subsidiaries where the underlying operations reside. All significant intercompany accounts and transactions among consolidated entities have been eliminated

We are a leading broadband connectivity company with services available to nearly 59 million homes and small to large businesses across 41 states through our Spectrum brand. We have evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, we offer Seamless Connectivity and Entertainment with Spectrum Internet, Mobile, TV and Voice products.

**The Cox Transactions**

On May 16, 2025, Charter, Charter Holdings, and Cox Enterprises, Inc. ("Cox Enterprises") entered into a Transaction Agreement (the "Transaction Agreement") pursuant to which (i) Cox Enterprises will sell and transfer to Charter 100% of the equity interests of certain subsidiaries of Cox Communications, Inc. ("Cox Communications") that conduct Cox Communications' commercial fiber and managed IT and cloud services businesses (the "Equity Sale"), (ii) Cox Enterprises will contribute the equity interests of Cox Communications and certain other assets (other than certain excluded assets) primarily related to Cox Communications' residential cable business to Charter Holdings (the "Contribution"), and (iii) Cox Enterprises will pay $1.00 to Charter (collectively, the "Cox Transactions"). Under the Transaction Agreement, Charter and Cox Enterprises may designate one or more wholly owned subsidiaries to take actions with respect to Charter and Cox Enterprises, respectively.

Pursuant to the Transaction Agreement, at the closing of the Cox Transactions (the "Closing"):

• in consideration of the Equity Sale, Charter will pay $3.5 billion in cash to Cox Enterprises;

• in consideration of the Contribution, Charter Holdings will (i) pay to Cox Enterprises $650 million in cash and (ii) issue to Cox Enterprises convertible preferred units of Charter Holdings with an aggregate liquidation preference of $6.0 billion, which will pay a 6.875% dividend per annum, and approximately 33.6 million Charter Holdings common units. The Charter Holdings convertible preferred units will be convertible into Charter Holdings common units, with an initial conversion price of $477.41, subject to certain adjustments. The Charter Holdings common units will be exchangeable by the holder, in certain circumstances, for cash or, at the election of Charter, Charter Class A common stock on a one-for-one basis, subject to certain adjustments; and

• in consideration of the $1.00 payment from Cox Enterprises to Charter, Charter will issue to Cox Enterprises one share of the newly created Charter Class C common stock. The Charter Class C common stock will be equivalent, economically, to the outstanding Charter Class A common stock and the Charter Class B common stock but will have a number of votes per share that reflect the voting power of the Charter Holdings common units and the Charter Holdings convertible preferred units held by Cox Enterprises on an as-converted, as-exchanged basis.

The combined entity will assume Cox Communications' approximately $12.4 billion in outstanding net debt and finance leases.

**Overview**

The competitive environment continued to challenge Internet customer growth in the first quarter of 2026 with a loss of 120,000 Internet customers. Mobile lines grew by 368,000 while video and voice customer losses improved versus the prior year period as customers find value in bundling our seamless connectivity and entertainment products. Our core strategy is to deliver great products, at a great value, while continuously improving service. We remain focused on improving customer results through the power of our advanced fiber-powered network and cutting-edge connectivity products and services, and our simplified pricing and packaging strategy that better utilizes our seamless connectivity and entertainment products to offer lower promotional and persistent bundled pricing to drive growth. Our Internet and mobile product bundles provide a

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differentiated connectivity experience by bringing together Spectrum Internet, Advanced WiFi and Unlimited Spectrum Mobile to offer consumers fast, reliable and secure online connections on their favorite devices at home and on the go in high-value packages. We have completed deals with major programmers to deliver better flexibility and greater value to our customers by including seamless entertainment applications with certain of our Spectrum TV packages at no additional cost. We offer the sale of these seamless entertainment applications to customers on an à la carte basis, and through our digital storefront, the Spectrum App Store, customers can easily activate, upgrade, buy and manage their streaming applications in one place. We also continue to develop other elements of our video product and are deploying Xumo stream boxes to new video customers.

Our customer commitments focus on reliable connectivity, transparency, exceptional service and always improving. By continually improving our product set and offering consumers the opportunity to save money by switching to our services, we believe we can continue to penetrate our expanding footprint and sell additional products to our existing customers. We see operational benefits from the targeted investments we made in employee wages and benefits to build employee skill sets and tenure, as well as the continued investments in digitization of our customer service platforms, all with the goal of improving the customer experience, reducing transactions and driving customer growth and retention.

We currently offer Spectrum Internet products with speeds up to 1 Gbps across our entire footprint and multi-gigabit data speeds in a portion of our footprint. Our network evolution initiative remains on track to deliver symmetrical and multi-gigabit speeds across our entire footprint with convergence everywhere we operate. We spent $427 million on our subsidized rural construction initiative during the three months ended March 31, 2026 and activated approximately 89,000 subsidized rural passings.

We realized revenue, Adjusted EBITDA and income from operations during the periods presented as follows (in millions; all percentages are calculated using whole numbers; minor differences may exist due to rounding):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** | **% Change** |
| Revenues | $13597 | $13735 | (1.0)% |
| Adjusted EBITDA | $5618 | $5738 | (2.1)% |
| Income from operations | $3196 | $3220 | (0.7)% |

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Adjusted EBITDA is defined as net income attributable to CCO Holdings member plus net income attributable to noncontrolling interest, interest expense, net, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges, merger and acquisition costs and (gain) loss on sale or retirement of assets. See "Use of Adjusted EBITDA and Free Cash Flow" for further information on Adjusted EBITDA and free cash flow.

Total revenues decreased $138 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily due to higher seamless entertainment allocation, partly offset by growth in connectivity revenue. Adjusted EBITDA and income from operations were also negatively impacted by one-time favorable adjustments of $75 million in the first quarter of 2025.

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The following table summarizes our customer statistics for connectivity, Internet, mobile, video and voice as of March 31, 2026 and 2025 (in thousands except per customer data and footnotes).

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| | | |
|:---|:---|:---|
| | **Approximate as of** | **Approximate as of** |
| | **March 31,** | **March 31,** |
| | **2026** <sup>(a)</sup> | **2025** <sup>(a)</sup> |
| **<u>Customer Relationships</u>** <sup>(b)</sup> | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 29452 | 29914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Business | 2231 | 2246 |
| Total Customer Relationships | 31683 | 32160 |
| Monthly Residential Revenue per Residential Customer <sup>(c)</sup> | $118.44 | $120.07 |
| Monthly Small Business Revenue per Small Business Customer <sup>(d)</sup> | $162.71 | $161.31 |
| **<u>Connectivity</u>** <sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 28446 | 28758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Business | 2074 | 2080 |
| Total Connectivity Customers | 30520 | 30838 |
| **<u>Internet</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 27524 | 27979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Business | 2036 | 2045 |
| Total Internet Customers | 29560 | 30024 |
| **<u>Mobile Lines</u>** <sup>(f)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 11714 | 10031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Business | 420 | 334 |
| Total Mobile Lines | 12134 | 10365 |
| **<u>Video</u>** <sup>(g)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 12021 | 12160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Business | 524 | 551 |
| Total Video Customers | 12545 | 12711 |
| **<u>Voice</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 4665 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Business | 1207 | 1234 |
| Total Voice Customers | 5872 | 6606 |
| **<u>Mid-Market & Large Business Primary Service Units ("PSUs")</u>** <sup>(h)</sup> | 360 | 344 |

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<sup>(a)</sup>We calculate the aging of customer accounts based on the monthly billing cycle for each account in accordance with our collection policies. On that basis, as of March 31, 2026 and 2025, customers include approximately 87,600 and 92,200 customers, respectively, whose accounts were over 60 days past due, approximately 7,800 and 10,700 customers, respectively, whose accounts were over 90 days past due and approximately 13,600 and 17,000 customers, respectively, whose accounts were over 120 days past due.

<sup>(b)</sup>Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, mobile, video and voice services, without regard to which service(s) such customers receive. Customers who reside in residential multiple dwelling units ("MDUs") and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU. Total customer relationships exclude mid-market & large business customer relationships.

<sup>(c)</sup>Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter.

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<sup>(d)</sup>Monthly small business revenue per small business customer is calculated as total small business quarterly revenue divided by three divided by average small business customer relationships during the respective quarter.

<sup>(e)</sup>Connectivity customers represent all customers receiving our Internet and/or mobile connectivity services.

<sup>(f)</sup>Mobile lines include phones and tablets which require one of our standard rate plans (e.g., "Unlimited" or "By the Gig"). Mobile lines exclude wearables and other devices that do not require standard phone rate plans.

<sup>(g)</sup>Video customers only include customers that purchase Spectrum traditional or streaming linear video packages and exclude customers that only purchase streaming applications.

<sup>(h)</sup>Mid-market & large business PSUs represent the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.

**Critical Accounting Policies and Estimates** 

For a discussion of our critical accounting policies and the means by which we develop estimates, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Annual Report on Form 10-K. There have been no material changes from the critical accounting policies described in our Form 10-K.

**Results of Operations** 

The following table sets forth the consolidated statements of operations for the periods presented (dollars in millions):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Revenues | $13597 | $13735 |
| Costs and Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating costs and expenses (exclusive of items shown separately below) | 8182 | 8219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2204 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 15 | 123 |
|  | 10401 | 10515 |
| Income from operations | 3196 | 3220 |
| Other Income (Expenses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (1245) | (1231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses, net | (130) | (142) |
|  | (1375) | (1373) |
| Income before income taxes | 1821 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (14) | (9) |
| Consolidated net income | 1807 | 1838 |
| &nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interests | (1) | (1) |
| Net income attributable to CCO Holdings member | $1806 | $1837 |

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***Revenues.*** Total revenues decreased $138 million during the three months ended March 31, 2026 compared to the corresponding period in 2025. The decrease was primarily due to higher seamless entertainment allocation, partly offset by growth in connectivity revenue.

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Revenues by service offering were as follows (dollars in millions; all percentages are calculated using whole numbers; minor differences may exist due to rounding):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | $5852 | $5930 | (1.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mobile service | 1052 | 914 | 15.1% |
| &nbsp;&nbsp;Connectivity | 6904 | 6844 | 0.9% |
| &nbsp;&nbsp;Video | 3252 | 3580 | (9.2)% |
| &nbsp;&nbsp;Voice | 338 | 356 | (5.0)% |
| Residential revenue | 10494 | 10780 | (2.7)% |
| &nbsp;&nbsp;Small business | 1090 | 1088 | 0.2% |
| &nbsp;&nbsp;Mid-market & large business | 749 | 734 | 2.1% |
| Commercial revenue | 1839 | 1822 | 1.0% |
| Advertising sales | 358 | 340 | 5.3% |
| Other | 906 | 793 | 14.2% |
|  | $13597 | $13735 | (1.0)% |

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The decrease in Internet revenues from our residential customers is attributable to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Decrease in average residential Internet customers | $(87) |
| Increase related to rate and product mix changes | 9 |
|  | $(78) |

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Residential Internet customers decreased by 455,000 customers from March 31, 2025 to March 31, 2026. The increase related to rate and product mix was primarily due to promotional rate step-ups, rate adjustments, and a favorable change in bundled revenue allocation.

The increase in mobile service revenues from our residential customers is attributable to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Increase in average residential mobile lines | $164 |
| Decrease related to rate | (26) |
|  | $138 |

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Residential mobile lines increased by approximately 1.7 million mobile lines from March 31, 2025 to March 31, 2026. The decrease related to rate was primarily due to less favorable bundled revenue allocation, partly offset by rate adjustments.

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Video revenues consist primarily of revenues from video services provided to our residential customers, as well as franchise fees, equipment service fees and video installation revenue. The decrease in video revenues is attributable to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Increase in seamless entertainment allocation | $(171) |
| Decrease related to rate and product mix changes | (103) |
| Decrease in average residential video customers | (54) |
|  | $(328) |

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Seamless entertainment allocation represents costs allocated to programmer streaming applications and netted within video revenue. The increase in seamless entertainment allocation is due to growth in seamless entertainment applications and higher activations. The decrease related to rate and product mix was primarily due to a higher mix of lower priced video packages within our video customer base and more unfavorable bundled revenue allocation, partly offset by promotional rate step-ups and video rate adjustments that pass-through programming rate increases. Residential video customers decreased by 139,000 from March 31, 2025 to March 31, 2026.

The decrease in voice revenues from our residential customers is attributable to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Decrease in average residential voice customers | $(49) |
| Increase related to rate adjustments | 31 |
|  | $(18) |

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Residential wireline voice customers decreased by 707,000 customers from March 31, 2025 to March 31, 2026.

The increase in small business revenues is attributable to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Increase related to rate and product mix changes | $9 |
| Decrease in average small business customers | (7) |
|  | $2 |

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Small business customers decreased by 15,000 from March 31, 2025 to March 31, 2026.

Mid-market & large business revenues increased $15 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily due to an increase in Internet PSUs. Mid-market & large business PSUs increased 16,000 from March 31, 2025 to March 31, 2026.

Advertising sales revenues consist primarily of revenues from commercial advertising customers, programmers and other vendors, as well as local cable and advertising on regional sports and news channels. Advertising sales revenues increased $18 million during the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to an increase in political and streaming advertising revenue, partly offset by a decrease in linear advertising revenue.

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Other revenues consist of revenue from mobile and video device sales, processing fees, regional sports and news channels (excluding intercompany charges or advertising sales on those channels), subsidy revenue, home shopping, wire maintenance fees and other miscellaneous revenues. Other revenues increased $113 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily due to higher mobile device sales.

***Operating costs and expenses*.** The decrease in our operating costs and expenses, exclusive of items shown separately in the consolidated statements of operations, are attributable to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Programming | $(214) |
| Other costs of revenue | 181 |
| Field and technology operations | (24) |
| Customer operations | (6) |
| Marketing and residential sales | (30) |
| Transition expenses | 24 |
| Other | 32 |
|  | $(37) |

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Programming costs were approximately $2.1 billion and $2.3 billion for the three months ended March 31, 2026 and 2025, representing 26% and 28% of total operating costs and expenses, respectively. Programming costs consist primarily of costs paid to programmers for basic, premium, video on demand, and pay-per-view programming. Programming costs decreased as a result of a $171 million increase in costs allocated to seamless entertainment applications and netted within video revenue as well as a higher mix of lower cost video packages within our video customer base and fewer video customers, partly offset by contractual rate adjustments, including renewals and increases in amounts paid for retransmission consent.

Other costs of revenue increased $181 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily due to higher mobile service direct costs and mobile device sales due to an increase in mobile lines as well as higher advertising sales costs given higher political revenue.

***Depreciation and amortization.*** Depreciation and amortization expense increased $31 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily due to an increase in depreciation as a result of more recent capital expenditures, partly offset by certain assets becoming fully depreciated.

***Other operating expenses, net.*** The decrease in other operating expenses, net is attributable to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Special charges, net | $(34) |
| Merger and acquisition costs | 15 |
| Loss on disposal of assets, net | (89) |
|  | $(108) |

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See Note 8 to the accompanying consolidated financial statements contained in "Item 1. Financial Statements" for more information.

***Interest expense, net.*** Net interest expense increased by $14 million for the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily due to an increase in weighted average debt.

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***Other expenses, net.*** The change in other expenses, net is attributable to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Loss on equity investments, net | $(4) |
| Loss on financial instruments, net (see Note 6) | 20 |
| Loss on extinguishment of debt (see Note 4) | (4) |
|  | $12 |

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See Note 8 and the Notes referenced above to the accompanying consolidated financial statements contained in "Item 1. Financial Statements" for more information.

***Income tax expense.*** We recognized income tax expense of $14 million and $9 million for the three months ended March 31, 2026 and 2025, respectively.

***Net income attributable to noncontrolling interest.*** Net income attributable to noncontrolling interest relates to our third-party interest in CV of Viera, LLP, a consolidated joint venture in a small cable system in Florida.

***Net income attributable to CCO Holdings member.*** Net income attributable to CCO Holdings member decreased $31 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily as a result of the factors described above.

**Use of Adjusted EBITDA and Free Cash Flow**

We use certain measures that are not defined by U.S. generally accepted accounting principles ("GAAP") to evaluate various aspects of our business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to CCO Holdings member and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by us, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to CCO Holdings member and net cash flows from operating activities, respectively, below.

Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses as well as other non-cash or special items, and is unaffected by our capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and our cash cost of financing. These costs are evaluated through other financial measures.

Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

Management and Charter's board of directors use Adjusted EBITDA and free cash flow to assess our performance and our ability to service our debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under our credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the Securities and Exchange Commission (the "SEC")). For the purpose of calculating compliance with leverage covenants, we use Adjusted EBITDA, as presented, excluding certain expenses paid by our operating subsidiaries to other Charter entities. Our debt covenants refer to these expenses as management fees which were $366 million for both the three months ended March 31, 2026 and 2025.

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A reconciliation of Adjusted EBITDA and free cash flow to net income attributable to CCO Holdings member and net cash flows from operating activities, respectively, is as follows (dollars in millions):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net income attributable to CCO Holdings member | $1806 | $1837 |
| Plus: Net income attributable to noncontrolling interest | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 1245 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 14 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2204 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 203 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 145 | 265 |
| Adjusted EBITDA | $5618 | $5738 |
| Net cash flows from operating activities | $4351 | $4291 |
| Less: Purchases of property, plant and equipment | (2855) | (2399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in accrued expenses related to capital expenditures | (77) | (273) |
| Free cash flow | $1419 | $1619 |

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**Liquidity and Capital Resources** 

***Overview***

We have significant amounts of debt and require significant cash to fund principal and interest payments on our debt. The principal amount of our debt as of March 31, 2026 was $94.3 billion, consisting of $11.7 billion of credit facility debt, $55.4 billion of investment grade senior secured notes and $27.3 billion of high-yield senior unsecured notes. Our split credit rating allows us to access both the investment grade debt and the high yield debt markets.

Our projected cash needs and projected sources of liquidity depend upon, among other things, our actual results, and the timing and amount of our expenditures. Free cash flow was $1.4 billion and $1.6 billion for the three months ended March 31, 2026 and 2025, respectively. See the table below for factors impacting free cash flow during the three months ended March 31, 2026 compared to the corresponding prior period. As of March 31, 2026, the amount available under our credit facilities was approximately $4.6 billion and cash on hand was approximately $246 million. We expect to utilize free cash flow, cash on hand and availability under our credit facilities as well as future refinancing transactions to further extend the maturities of our obligations. The timing and terms of any refinancing transactions will be subject to market conditions among other considerations. Additionally, we may, from time to time, and depending on market conditions and other factors, use cash on hand and the proceeds from securities offerings or other borrowings to retire our debt through open market purchases, privately negotiated purchases, tender offers or redemption provisions. We are also required to fund approximately $4.2 billion of cash purchase price at the closing of the Cox Transactions. We believe we have sufficient liquidity from cash on hand, free cash flow and Charter Communications Operating, LLC's ("Charter Operating") revolving credit facility as well as access to the capital markets to fund our projected cash needs.

We continue to evaluate the deployment of our cash on hand and anticipated future free cash flow, including investing in our business growth and other strategic opportunities, including expanding the capacity of our network, the expansion of our network through our rural broadband construction initiative, the build-out and deployment of our CBRS spectrum, and mergers and acquisitions as well as distributions to parent companies for stock repurchases and dividends. Charter's leverage ratio of net debt to the last twelve months Adjusted EBITDA was 4.15 times as of March 31, 2026. Charter plans to maintain a leverage ratio, pro forma for the closing of the Liberty Broadband Corporation ("Liberty Broadband") Combination near the midpoint of its stated range of 4.0 to 4.5 times Adjusted EBITDA in the period leading up to the Closing, and up to 3.5 times Adjusted EBITDA at the Charter Operating first lien level. Charter plans to adjust its long-term target leverage range after the Closing to 3.5 to 3.75 times Adjusted EBITDA. As Adjusted EBITDA grows, we expect to increase the total amount of our indebtedness to maintain leverage within Charter's target leverage range.

Excluding purchases from Liberty Broadband discussed below, during the three months ended March 31, 2026 and 2025, Charter purchased in the public market approximately 3.4 million and 1.2 million shares of Charter Class A common stock, respectively, for approximately $773 million and $431 million, respectively. Since the beginning of its buyback program in

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September 2016 through March 31, 2026, Charter has purchased approximately 184.0 million shares of Class A common stock and Charter Holdings common units for approximately $79.7 billion, including purchases from Liberty Broadband and Advance/Newhouse Partnership ("A/N") discussed below.

On November 12, 2024, Charter, Liberty Broadband, Fusion Merger Sub 1, LLC, a wholly owned subsidiary of Charter, and Fusion Merger Sub 2, Inc., a wholly owned subsidiary of Fusion Merger Sub 1, LLC, entered into an Agreement and Plan of Merger (as it may be amended or supplemented from time to time, the "Merger Agreement"), pursuant to which, subject to the terms and conditions set forth therein, Charter will acquire Liberty Broadband through the merger of Fusion Merger Sub 2, Inc. with and into Liberty Broadband (the "Merger"), with Liberty Broadband surviving the Merger and becoming an indirect wholly owned subsidiary of Charter. Immediately following the Merger, Liberty Broadband, as the surviving corporation of the Merger, will merge with and into Fusion Merger Sub 1, LLC (the "Upstream Merger" and together with the Merger, the "Liberty Broadband Combination"), with Fusion Merger Sub 1, LLC surviving the Upstream Merger as a wholly owned subsidiary of Charter.

On November 12, 2024, Charter and Liberty Broadband also entered into Amendment No. 1 to the Second Amended and Restated Stockholders Agreement and the Letter Agreement (the "Stockholders and Letter Agreement Amendment"). The Stockholders and Letter Agreement Amendment sets forth, among other things, the terms of Liberty Broadband's participation in Charter's share repurchases during the period between the execution of the Merger Agreement and the effective time of the Merger. Pursuant to the Stockholders and Letter Agreement Amendment, each month during the pendency of the proposed transaction, Charter will repurchase shares of Charter Class A common stock from Liberty Broadband in an amount equal to the greater of (i) $100 million and (ii) the Liberty Broadband minimum liquidity threshold as set forth in the Stockholders and Letter Agreement Amendment, provided that if any repurchase would reduce Liberty Broadband's equity interest in Charter below 25.25% after giving effect to such repurchase or if all or a portion of such repurchase is not permitted under applicable law, then Charter shall instead loan to Liberty Broadband an amount equal to the lesser of (x) the repurchase amount that cannot be repurchased and (y) the Liberty Broadband minimum liquidity threshold as set forth in the Stockholders and Letter Agreement Amendment less the repurchase amount that is repurchased, with such loan on the terms set forth in the Stockholders and Letter Agreement Amendment. From and after the date Liberty Broadband's exchangeable debentures are no longer outstanding, the amount of monthly repurchases will be the lesser of (i) $100 million and (ii) an amount equal to the sum of (x) the amount needed, in the reasonable judgment of Charter, to maintain an unrestricted cash balance of Liberty Broadband and its subsidiaries (other than GCI Holdings, LLC, GCI Spinco (as defined in the Merger Agreement) and their respective subsidiaries) of $50 million plus (y) the aggregate outstanding principal amount of the Liberty Broadband margin loan. The purchase price payable by Charter to Liberty Broadband in connection with such monthly repurchases will equal (i) the average price paid by Charter for shares of Charter Class A common stock repurchased during the immediately preceding calendar month (excluding shares repurchased from A/N and certain other excluded repurchases) or (ii) if Charter has not engaged in any repurchases of shares of Charter Class A common stock during the immediately preceding calendar month (other than any repurchases from A/N and certain other excluded repurchases), a purchase price based on a Bloomberg volume-weighted average price methodology proposed by Charter and reasonably acceptable to Liberty Broadband. Liberty Broadband will apply the proceeds from any such repurchases or borrowings from Charter to repay certain of its outstanding indebtedness in accordance with the Stockholders and Letter Agreement Amendment. The Stockholders and Letter Agreement Amendment provides that Liberty Broadband will be exempt from the standstill restrictions and the ownership cap under the Second Amended and Restated Stockholders Agreement among Charter, Liberty Broadband and A/N, dated as of May 23, 2015 to the extent its ownership in Charter exceeds such ownership cap solely as a result of the repurchase provisions in the Stockholders and Letter Agreement Amendment. During the three months ended March 31, 2026 and 2025, Charter purchased from Liberty Broadband 0.9 million and 0.8 million shares of Charter Class A common stock, respectively, for approximately $190 million and $300 million, respectively.

In December 2016, Charter and A/N entered into a letter agreement, as amended in December 2017 (the "Existing A/N Letter Agreement"), that requires A/N to sell to Charter or to Charter Holdings, on a monthly basis, a number of shares of Charter Class A common stock or Charter Holdings common units that represents a pro rata participation by A/N and its affiliates in any repurchases of shares of Charter Class A common stock from persons other than A/N effected by Charter during the immediately preceding calendar month, at a purchase price equal to the average price paid by Charter for the shares repurchased from persons other than A/N during such immediately preceding calendar month. In connection with the Cox Transactions, Charter, Charter Holdings and A/N entered into an amendment to the Existing A/N Repurchase Letter, dated as of May 16, 2025 (the "A/N Repurchase Letter Amendment") which sets forth, among other things, the updated terms of A/N's participation in Charter's share repurchases going forward. The right to participate pro rata in repurchases on the terms and conditions set forth in the A/N Repurchase Letter Amendment is effective only from the earlier of the Closing and, in the event the Transaction Agreement is terminated in accordance with its terms, the date of such termination (such earlier date, the "Trigger Date"). Prior to the Trigger Date, the Existing A/N Letter Agreement will remain in full force and continue to govern A/N's

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participation in Charter's share repurchases, except for certain specific amendments set forth in the A/N Repurchase Letter Amendment which became effective upon execution of the A/N Repurchase Letter Amendment, including, in certain circumstances, where A/N elects not to participate in redemptions by Charter Holdings because such participation would cause A/N's equity interest in Charter to be less than 11% prior to the Trigger Date, A/N may, subject to certain conditions, elect to receive a tax loan from Charter Holdings on the terms set forth in the A/N Repurchase Letter Amendment and in definitive documents in form and substance reasonably satisfactory to Charter and A/N. During the three months ended March 31, 2025, Charter Holdings purchased from A/N 0.1 million Charter Holdings common units for approximately $20 million. Charter Holdings' did not purchase any Charter Holdings common units from A/N during the three months ended March 31, 2026.

On August 4, 2025, Charter received a notice from A/N pursuant to the Existing Letter Agreement, whereby A/N notified Charter that A/N was suspending the standing share repurchase agreement between A/N and Charter (the "Suspension"). The Suspension took effect immediately after the first repurchase closing date under the Existing Letter Agreement to occur following the date of the notice. In the notice, A/N informed Charter that it intends for the Suspension to continue through the consummation of the closing of the Cox Transactions or the termination thereof, but reserved the right to end such Suspension before or after such time.

As of March 31, 2026, Charter had remaining board authority to purchase an additional $179 million of Charter's Class A common stock and/or Charter Holdings common units, excluding purchases from Liberty Broadband. Although Charter expects to continue to buy back its common stock consistent with its leverage target range, Charter is not obligated to acquire any particular amount of common stock, and the timing of any purchases that may occur cannot be predicted and will largely depend on market conditions and other potential uses of capital. Purchases may include open market purchases, tender offers or negotiated transactions. To the extent such purchases occur, CCO Holdings and its subsidiaries are the primary source for funding such purchases through distributions to their parent companies.

As possible acquisitions, swaps or dispositions arise, we actively review them against our objectives including, among other considerations, improving the operational efficiency, geographic clustering of assets, product development or technology capabilities of our business and achieving appropriate return targets, and we may participate to the extent we believe these possibilities present attractive opportunities. However, there can be no assurance that we will actually complete any acquisitions, including the Cox Transactions or Liberty Broadband Combination, dispositions or system swaps, or that any such transactions will be material to our operations or results.

***Free Cash Flow***

Free cash flow decreased $200 million during the three months ended March 31, 2026 compared to the corresponding prior period in 2025 due to the following (dollars in millions):

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| | |
|:---|:---|
| | **Three months ended <br>March 31, 2026<br>compared to <br>three months ended <br>March 31, 2025** |
| Increase in capital expenditures | $(456) |
| Decrease in Adjusted EBITDA | (120) |
| Increase in cash paid for interest, net | (67) |
| Changes in working capital, excluding mobile devices | 381 |
| Changes in working capital, mobile devices | 51 |
| Other, net | 11 |
|  | $(200) |

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***Financial Information about Guarantors, Issuers of Guaranteed Securities, Affiliates Whose Securities Collateralize a Registrant's Securities and Consolidated Subsidiaries***

Each of CCO Holdings, Charter Operating, Time Warner Cable, LLC and Time Warner Cable Enterprises LLC (collectively, the "Issuers") and substantially all of Charter Operating's direct and indirect subsidiaries (the "Obligor Subsidiaries" and together with the Issuers, collectively, the "Obligor Group" and each an "Obligor") jointly, severally, fully and unconditionally guarantee the outstanding debt securities of the respective Issuers (other than the CCO Holdings unsecured notes) and Charter Operating's credit facilities on a senior basis (collectively, the "Guaranteed and Secured Debt"). Such guarantees are pari passu

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in right of payment with all senior indebtedness of the guarantors and senior in right of payment to subordinated obligations of the guarantors. Each guarantee will be limited to the maximum amount that can be guaranteed by the relevant guarantor without rendering the relevant guarantee, as it relates to that guarantor, voidable or otherwise ineffective or limited under applicable law, and enforcement of each guarantee would be subject to certain generally available defenses. The Guaranteed and Secured Debt is structurally subordinated to the creditors (including trade creditors) and preference shareholders (if any) of Charter Operating's non-guarantor subsidiaries.

The Guaranteed and Secured Debt and the subsidiary guarantees thereof are also secured by (i) a lien on substantially all of the assets of Charter Operating and the Obligor Subsidiaries, to the extent such lien can be perfected under the Uniform Commercial Code by the filing of a financing statement, and (ii) a pledge of substantially all of the equity interests of subsidiaries owned by Charter Operating or the Obligor Subsidiaries (the "Pledged Equity Interests"), as well as intercompany obligations owing to it by any of such entities ((i) and (ii) collectively, the "Collateral"). In addition, payments of a mortgage note, currently outstanding for approximately $261 million, incurred by a single-asset special purpose entity to finance construction of the first building of the Charter headquarters in Stamford, Connecticut are guaranteed by the Obligor Group and rank equally with the liens on the Collateral securing the Guaranteed and Secured Debt. No assets of any of Charter Operating's non-guarantor subsidiaries (including any capital stock owned by any such subsidiary) will constitute Collateral. The subsidiary guarantees are effectively senior to all unsecured debt or debt secured by junior liens of the subsidiary guarantors, in each case to the extent of the value of the collateral securing the guarantee obligations of the subsidiary guarantors. Upon the occurrence and during the continuance of an event of default under the Guaranteed and Secured Debt, subject to the terms of an intercreditor agreement, the security documents governing the Guaranteed and Secured Debt provide for (among other available remedies) the foreclosure upon and sale of the Collateral by the collateral agent(s) of the respective Guaranteed and Secured Debt and the distribution of the net proceeds of any such sale to the holders and/or the lenders of the Guaranteed and Secured Debt on a pro rata basis, subject to any prior liens on the Collateral. We believe there is no separate trading market for the Pledged Equity Interests.

We presently expect that after the Closing: (i) the outstanding unsecured notes issued by Cox Communications that will be assumed at the Closing will constitute Guaranteed and Secured Debt and (ii) Cox Communications and, subject to certain exceptions, substantially all of its subsidiaries will become Obligors. Additionally, all or a portion of the approximately $4.2 billion of indebtedness issued to finance the cash payment under the Cox Transactions may constitute Guaranteed and Secured Debt when issued.

Certain Charter Operating subsidiaries that are regulated entities are only designated as guarantor subsidiaries, and certain related assets (including the capital stock of such regulated entities) are only required to be pledged as Collateral, upon approval by regulators. The guaranteed obligations and collateral of an Obligor Subsidiary (including Pledged Equity Interests) may be released under certain circumstances permitted under the documentation governing the Guaranteed and Secured Debt, including if an Obligor Subsidiary no longer qualifies as a "Subsidiary" of Charter Operating under transactions not prohibited by the Charter Operating credit agreement.

Our bankruptcy remote special purpose vehicle and consolidated subsidiary, CCO EIP Financing, LLC, (the "SPV Borrower") is the borrower of a senior secured revolving credit facility to finance the purchase of equipment installment plan receivables ("EIP Receivables") with a number of financial institutions (the "EIP Financing Facility"). Borrowings under the EIP Financing Facility are secured by the EIP Receivables transferred to the SPV Borrower, future collections on such EIP Receivables, and related assets consisting primarily of restricted cash. We and our other subsidiaries do not guarantee any principal or interest payable by SPV Borrower under the EIP Financing Facility and SPV Borrower is not a guarantor of the Guaranteed and Secured Debt. As of March 31, 2026, the carrying value of the EIP Financing Facility was $1.6 billion and is reflected on our consolidated balance sheets. As of March 31, 2026, pledged EIP Receivables with an unpaid principal balance of $2.2 billion, included in accounts receivable, net and other noncurrent assets, and restricted cash of $105 million, included in prepaid expenses and other current assets, are held by the SPV Borrower and reflected on our consolidated balance sheets.

See Note 9 to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025 for further details about the terms, conditions and other factors that may affect payments to holders and the collateral arrangements of the Guaranteed and Secured Debt.

Because the assets, liabilities and results of operations of the combined Obligor Group are not materially different than corresponding amounts presented in the consolidated financial statements of CCO Holdings, summarized financial information of the Obligor Group have been omitted pursuant to SEC Regulation S-X Rule 13-01, *Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered* and S-X Rule 13-02, *Affiliates Whose Securities Collateralize Securities Registered Or Being Registered*.

------

***Limitations on Distributions***

Distributions by us and our subsidiaries to a parent company for payment of principal on parent company notes are restricted under CCO Holdings indentures governing CCO Holdings' indebtedness, unless there is no default under the applicable indenture, and unless CCO Holdings' leverage ratio test is met at the time of such distribution. As of March 31, 2026, there was no default under any of these indentures, and CCO Holdings met its leverage ratio test based on March 31, 2026 financial results. There can be no assurance that CCO Holdings will satisfy its leverage ratio test at the time of the contemplated distribution.

In addition to the limitation on distributions under the various indentures, distributions by our subsidiaries may be limited by applicable law, including the Delaware Limited Liability Company Act, under which our subsidiaries may only make distributions if they have "surplus" as defined in the act.

***Historical Operating, Investing, and Financing Activities*** 

***Cash and Cash Equivalents.*** We held $246 million and $218 million in cash and cash equivalents as of March 31, 2026 and December 31, 2025, respectively. In addition, we held $105 million and $121 million in restricted cash included in prepaid and other current assets in our consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.

***Operating Activities.*** Net cash provided by operating activities increased $60 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to favorable changes in working capital.

***Investing Activities.*** Net cash used in investing activities was $3.0 billion and $2.8 billion for the three months ended March 31, 2026 and 2025, respectively. The increase in cash used was primarily due to an increase in capital expenditures, partly offset by a favorable change in accrued expenses related to capital expenditures.

***Financing Activities.*** Net cash used in financing activities increased $226 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to an increase in distributions to parent companies.

***Capital Expenditures*** 

We have significant ongoing capital expenditure requirements. Capital expenditures were $2.9 billion and $2.4 billion for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily driven by higher spend on network evolution and an increase in customer premise equipment. See the table below for more details.

We currently expect full year 2026 capital expenditures, excluding impacts from the Cox Transactions, to total approximately $11.4 billion. The actual amount of capital expenditures in 2026 will depend on a number of factors including, but not limited to, the pace of our network evolution and expansion initiatives, supply chain timing and residential and business growth rates.

Our capital expenditures are funded primarily from cash flows from operating activities and borrowings on our credit facility. In addition, our accrued expenses related to capital expenditures decreased by $77 million and $273 million for the three months ended March 31, 2026 and 2025, respectively.

------

The following tables present our major capital expenditures categories in accordance with National Cable and Telecommunications Association ("NCTA") disclosure guidelines for the three months ended March 31, 2026 and 2025. These disclosure guidelines are not required disclosures under GAAP, nor do they impact our accounting for capital expenditures under GAAP (dollars in millions):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| &nbsp;&nbsp;Customer premise equipment <sup>(a)</sup> | $668 | $473 |
| &nbsp;&nbsp;Scalable infrastructure <sup>(b)</sup> | 310 | 293 |
| &nbsp;&nbsp;Upgrade/rebuild <sup>(c)</sup> | 675 | 395 |
| &nbsp;&nbsp;Support capital <sup>(d)</sup> | 390 | 360 |
| Capital expenditures, excluding line extensions | 2043 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subsidized rural construction line extensions | 426 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other line extensions | 386 | 411 |
| &nbsp;&nbsp;Total line extensions <sup>(e)</sup> | 812 | 878 |
| Total capital expenditures | $2855 | $2399 |
| Of which: |  |  |
| &nbsp;&nbsp;Commercial services | $286 | $273 |
| &nbsp;&nbsp;Subsidized rural construction initiative <sup>(f)</sup> | $427 | $468 |
| &nbsp;&nbsp;Mobile | $60 | $53 |

---

<sup>(a)</sup>Customer premise equipment includes equipment and devices located at the customer's premise used to deliver our Internet, video and voice services (e.g., modems, routers and set-top boxes), as well as installation costs.

<sup>(b)</sup>Scalable infrastructure includes costs, not related to customer premise equipment or our network, to secure growth of new customers or provide service enhancements (e.g., headend equipment).

<sup>(c)</sup>Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including our network evolution initiative.

<sup>(d)</sup>Support capital includes costs associated with the replacement or enhancement of non-network assets (e.g., back-office systems, non-network equipment, land and buildings, vehicles, tools and test equipment).

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

<sup>(f)</sup>The subsidized rural construction initiative subcategory includes projects for which we are receiving subsidies from federal, state and local governments, excluding customer premise equipment and installation.

**Recently Issued Accounting Standards**

See Note 19 to the Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of recently issued accounting standards. There have been no material changes from the recently issued accounting standards described in our Form 10-K.

**Item 3. &nbsp;&nbsp;&nbsp;&nbsp;*Quantitative and Qualitative Disclosures About Market Risk.*** 

There have been no material changes to the interest rate risk as previously disclosed in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 4. &nbsp;&nbsp;&nbsp;&nbsp;*Controls and Procedures.***

As of the end of the period covered by this report, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our design and operation of disclosure controls and procedures with respect to the information generated for use in this quarterly report. The evaluation was based upon reports and certifications provided by a number of executives. Based on, and as of the date of that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective to provide reasonable assurances that information required to be disclosed in the reports we file or submit under the

------

Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based upon the evaluation, we believe that our controls provide such reasonable assurances.

During the quarter ended March 31, 2026, there was no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II. OTHER INFORMATION**

**Item 1. &nbsp;&nbsp;&nbsp;&nbsp;*Legal Proceedings.*** 

See Note 17 to our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of legal proceedings. Within this section, we use a threshold of $1 million in disclosing environmental proceedings involving a governmental authority, if any.

**Item 1A. &nbsp;&nbsp;&nbsp;&nbsp;*Risk Factors.***

Our Annual Report on Form 10-K for the year ended December 31, 2025 includes "Risk Factors" under Item 1A of Part I. There have been no material changes from the risk factors described in our Form 10-K.

**Item 6. &nbsp;&nbsp;&nbsp;&nbsp;*Exhibits.***

See Exhibit Index.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, CCO Holdings, LLC and CCO Holdings Capital Corp. have duly caused this quarterly report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | CCO HOLDINGS, LLC | CCO HOLDINGS, LLC |
| | Registrant | Registrant |
| | By: | /s/ Kevin D. Howard |
| | | Kevin D. Howard |
| Date: April 24, 2026 |  | Executive Vice President, Chief Accounting Officer and Controller |
|  | CCO HOLDINGS CAPITAL CORP. | CCO HOLDINGS CAPITAL CORP. |
|  | Registrant | Registrant |
|  | By: | /s/ Kevin D. Howard |
|  |  | Kevin D. Howard |
| Date: April 24, 2026 |  | Executive Vice President, Chief Accounting Officer and Controller |

---

------

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 4.1 | <u>[Indenture, dated as of May 23, 2019, among CCO Holdings, LLC, CCO Holdings Capital Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by Charter Communications, Inc. on May 30, 2019).](https://www.sec.gov/Archives/edgar/data/1091667/000119312519161294/d753026dex41.htm)</u> |
| 4.2 | <u>[Eleventh Supplemental Indenture, dated as of January 13, 2026, among CCO Holdings, LLC, CCO Holdings Capital Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed by Charter Communications, Inc. on January 14, 2026).](https://www.sec.gov/Archives/edgar/data/1091667/000110465926003739/tm263008d1_ex4-2.htm)</u> |
| 4.3 | <u>[Form of 7.000% Senior Notes due 2033 (included in Exhibit 4.2 hereto).](https://www.sec.gov/Archives/edgar/data/1091667/000110465926003739/tm263008d1_ex4-2.htm)</u> |
| 4.4 | <u>[Form of 7.375% Senior Notes due 2036 (included in Exhibit 4.2 hereto).](https://www.sec.gov/Archives/edgar/data/1091667/000110465926003739/tm263008d1_ex4-2.htm)</u> |
| 10.1 | <u>[Exchange and Registration Rights Agreement, dated January 13, 2026, relating to the 7.000% Senior Notes due 2033 and the 7.375% Senior Notes due 2036, among CCO Holdings, LLC, CCO Holdings Capital Corp. and Morgan Stanley & Co. LLC, as representative of the several Purchasers (as defined therein) (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Charter Communications, Inc. on January 14, 2026).](https://www.sec.gov/Archives/edgar/data/1091667/000110465926003739/tm263008d1_ex10-1.htm)</u> |
| 10.2 | <u>[Employment Agreement, dated as of January 16, 2026, by and between Charter Communications, Inc. and Adam Ray (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Charter Communications, Inc. on January 22, 2026).](https://www.sec.gov/Archives/edgar/data/1091667/000109166726000006/chtr0116268kexh101.htm)</u> |
| 10.3 | <u>[Employment Agreement, dated as of February 24, 2026, by and between Charter Communications, Inc. and Nick Jeffery (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Charter Communications, Inc. on February 25, 2026).](https://www.sec.gov/Archives/edgar/data/1091667/000114036126006730/ef20066502_ex10-1.htm)</u> |
| 10.4 | <u>[Amendment Agreement to Amendment No. 1 to the Second Amended and Restated Stockholders Agreement and the Letter Agreement, dated as of March 5, 2026, by and among Charter Communications, Inc., Advance/Newhouse Partnership and Liberty Broadband Corporation (incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q filed by Charter Communications, Inc. on April 24, 2026).](https://www.sec.gov/Archives/edgar/data/1091667/000109166726000028/chtr331202610-qxexh104.htm)</u> |
| 22.1\* | <u>[Issuers and Guarantors of Guaranteed Securities and Affiliate Securities Pledged as Collateral.](ccoh3312026exh-221.htm)</u> |
| 31.1\* | <u>[Certificate of Chief Executive Officer pursuant to Rule 13a-14(a)/Rule 15d-14(a) under the under the Securities Exchange Act of 1934.](ccoh3312026exh-311.htm)</u> |
| 31.2\* | <u>[Certificate of Chief Financial Officer pursuant to Rule 13a-14(a)/Rule 15d-14(a) under the Securities Exchange Act of 1934.](ccoh3312026exh-312.htm)</u> |
| 32.1\* | <u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).](ccoh3312026exh-321.htm)</u> |
| 32.2\* | <u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).](ccoh3312026exh-322.htm)</u> |
| 101 | The following financial information from CCO Holdings, LLC's Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed with the Securities and Exchange Commission on April 24, 2026, formatted in iXBRL (inline eXtensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Changes in Member's Equity; (iv) the Consolidated Statements of Cash Flows; and (vi) the Notes to the Consolidated Financial Statements. |
| 104 | Cover Page, formatted in iXBRL and contained in Exhibit 101. |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

## Exhibit 22.1

**Exhibit 22.1**

<u>Issuers and Guarantors of Guaranteed Securities and Affiliate Securities Pledged as Collateral</u>

<u>as of March 31, 2026</u>

CCO Holdings, LLC, a Delaware limited liability company (the "Company") and each of the CCOH Obligor Subsidiaries (as defined below), have fully and unconditionally guaranteed on a joint, several, full and unconditional basis each of the debt securities listed below, unless such subsidiary is an issuer of the listed debt security. Such guarantees are secured by substantially all of the assets of the CCOH Obligor Subsidiaries, including a pledge of the equity interests of substantially all of the subsidiaries owned by CCO and the other CCOH Obligor Subsidiaries (the "Pledged Equity Interests").

**Debt Securities Issued by Charter Communications Operating, LLC ("CCO") and Charter Communications Operating Capital Corp. ("CCO Capital"), guaranteed by the Company and each of the CCOH Obligor Subsidiaries (as defined below, other than CCO and CCO Capital) and secured by the Pledged Equity Interests:**

3.750% senior notes due February 15, 2028

4.200% senior notes due March 15, 2028

2.250% senior notes due January 15, 2029

5.050% senior notes due March 30, 2029

6.100% senior notes due June 1, 2029

2.800% senior notes due April 1, 2031

2.300% senior notes due February 1, 2032

4.400% senior notes due April 1, 2033

6.650% senior notes due February 1, 2034

6.550% senior notes due June 1, 2034

6.384% senior notes due October 23, 2035

5.850% senior notes due December 1, 2035

5.375% senior notes due April 1, 2038

3.500% senior notes due June 1, 2041

3.500% senior notes due March 1, 2042

6.484% senior notes due October 23, 2045

5.375% senior notes due May 1, 2047

5.750% senior notes due April 1, 2048

5.125% senior notes due July 1, 2049

4.800% senior notes due March 1, 2050

3.700% senior notes due April 1, 2051

3.900% senior notes due June 1, 2052

5.250% senior notes due April 1, 2053

6.834% senior notes due October 23, 2055

6.700% senior notes due December 1, 2055

3.850% senior notes due April 1, 2061

4.400% senior notes due December 1, 2061

3.950% senior notes due June 30, 2062

5.500% senior notes due April 1, 2063

**Debt Securities Issued by Time Warner Cable, LLC ("TWC"), guaranteed by the Company and each of the CCOH Obligor Subsidiaries (as defined below, other than TWC) and secured by the Pledged Equity Interests:**

5.750% sterling senior notes due June 2, 2031

6.550% senior debentures due May 1, 2037

7.300% senior debentures due July 1, 2038

6.750% senior debentures due June 15, 2039

5.875% senior debentures due November 15, 2040

------

5.500% senior debentures due September 1, 2041

5.250% sterling senior notes due July 15, 2042

4.500% senior debentures due September 15, 2042

**Debt Securities Issued by Time Warner Cable Enterprises LLC ("TWCE"), guaranteed by the Company and each of the CCOH Obligor Subsidiaries (as defined below, other than TWCE) and secured by the Pledged Equity Interests:**

8.375% senior debentures due July 15, 2033

**"CCOH Obligor Subsidiaries":** 

Bresnan Broadband Holdings, LLC

CCO NR Holdings, LLC

Charter Communications ASC, LLC

Charter Communications, LLC

Charter Communications Operating, LLC

Charter Communications Operating Capital Corp.

Charter Communications SSC, LLC

Charter Communications VI HoldCo, LLC

Charter Communications VI, L.L.C.

Charter Distribution, LLC

Charter Leasing Holding Company, LLC

Charter Procurement Leasing, LLC

DukeNet Communications, LLC

Spectrum Advanced Services, LLC

Spectrum Gulf Coast, LLC

Spectrum Mid-America, LLC

Spectrum Mobile Equipment, LLC

Spectrum Mobile, LLC

Spectrum New York Metro, LLC

Spectrum NLP, LLC

Spectrum Northeast, LLC

Spectrum Oceanic, LLC

Spectrum Originals Development, LLC

Spectrum Originals, LLC

Spectrum Pacific West, LLC

Spectrum Reach, LLC

Spectrum RSN, LLC

Spectrum Southeast, LLC

Spectrum Sunshine State, LLC

Spectrum TV Essentials, LLC

Spectrum Wireless Holdings, LLC

Time Warner Cable Enterprises LLC

Time Warner Cable, LLC

TWC Administration LLC

TWC Communications, LLC

TWC SEE Holdco LLC

## Exhibit 31.1

**Exhibit 31.1**

I, Christopher L. Winfrey, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of CCO Holdings, LLC and CCO Holdings Capital Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 24, 2026

/s/ Christopher L. Winfrey

Christopher L. Winfrey

President and Chief Executive Officer

## Exhibit 31.2

**Exhibit 31.2**

I, Jessica M. Fischer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of CCO Holdings, LLC and CCO Holdings Capital Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 24, 2026

/s/ Jessica M. Fischer

Jessica M. Fischer

Chief Financial Officer

(Principal Financial Officer)

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE** 

**OFFICER REGARDING PERIODIC REPORT CONTAINING** 

**FINANCIAL STATEMENTS**

I, Christopher L. Winfrey, the President and Chief Executive Officer of CCO Holdings, LLC and CCO Holdings Capital Corp. (the "Company") in compliance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify that, the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (the "Report") filed with the Securities and Exchange Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Christopher L. Winfrey

Christopher L. Winfrey

President and Chief Executive Officer

April 24, 2026

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CHIEF FINANCIAL** 

**OFFICER REGARDING PERIODIC REPORT CONTAINING** 

**FINANCIAL STATEMENTS**

I, Jessica M. Fischer, the Chief Financial Officer of CCO Holdings, LLC and CCO Holdings Capital Corp. (the "Company"), in compliance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify that, the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (the "Report") filed with the Securities and Exchange Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Jessica M. Fischer

Jessica M. Fischer

Chief Financial Officer

(Principal Financial Officer)

April 24, 2026

<br>