Total revenue for the quarter ended September 30, 2025 reached $2.11 billion, a 5.4% decline from $2.20 billion in the same period last year. The drop was largely driven by a 12% decline in broadband revenue, a 9% decline in video services, and a 7% decline in telephony, reflecting intensified competition and a saturated market for legacy services. Fiber and mobile segments grew 46% and 39% respectively, adding $120 million and $90 million to revenue, but the gains were insufficient to offset the legacy losses.
Adjusted EBITDA fell to $830.7 million, a 3.6% year‑over‑year decline from $862.0 million. The decrease was largely attributable to a $200 million one‑time restructuring charge and higher operating expenses, yet the figure remains close to the company’s guidance of approximately $3.4 billion for the full year. The margin compression reflects the continued pressure on legacy revenue streams, while the growth in fiber and mobile helps maintain EBITDA levels.
Net loss for the quarter widened to $1.626 billion, up from a $43 million loss in Q3 2024. The sharp increase is driven by a $1.6 billion non‑cash impairment related to cable franchise rights and higher interest expense on the company’s $25 billion debt load. The impairment charge, while one‑off, significantly impacted the bottom line and illustrates the company’s ongoing restructuring efforts.
GAAP earnings per share were a loss of $3.47, missing the consensus estimate of a $0.06 loss. Non‑GAAP EPS was a loss of $0.12, also below the consensus of $0.068. The misses are primarily due to the large impairment charge and weaker legacy revenue, which outweighed the gains from fiber and mobile. Management noted that “intense competition and a sustained low‑growth environment” contributed to the softer broadband subscriber trends, underscoring the challenges in the core business.
The company reaffirmed its full‑year adjusted EBITDA outlook of roughly $3.4 billion and maintained its revenue guidance. Management emphasized continued investment in AI‑driven network optimization and the launch of new value‑added services to improve customer retention. Chairman and CEO Dennis Mathew said, “We are sharpening our go‑to‑market and base‑management strategies to strengthen our broadband performance and improve our revenue trajectory in this highly competitive landscape.” The guidance signals confidence in the company’s long‑term strategy despite short‑term headwinds.
Pre‑market trading showed a 2.3% decline in the company’s stock, driven by the earnings miss and persistent broadband subscriber losses. Investors reacted to the weaker-than‑expected revenue and EPS figures, as well as the significant net loss, which highlighted the company’s ongoing debt burden and the impact of the franchise rights impairment. The market reaction underscores the importance of meeting analyst expectations and the sensitivity to legacy business performance.
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