Charter Communications is one of the largest cable and broadband operators in the U.S., serving approximately 32 million customer relationships across 41 states under the Spectrum brand. Charter's core product is broadband Internet, which anchors the customer relationship and is sold alongside mobile, video, and voice in bundled packages. The company's strategy centers on convergence: bundling Internet, mobile, and video together at prices that undercut standalone alternatives, which drives higher household revenue per customer and reduces churn. Spectrum Mobile is Charter's fastest-growing product, with roughly 11.8M lines, sold exclusively to Internet subscribers. Charter runs mobile primarily over its own WiFi and CBRS network — about 89% of traffic — using Verizon's cellular network as a backup, which gives Charter better unit economics than a typical MVNO. Video is a declining product that Charter has restructured to include major streaming apps within its packages; video is now used primarily as a churn-reduction and broadband acquisition tool rather than a standalone revenue driver. Charter is mid-way through a network upgrade to deliver symmetrical multi-gigabit speeds across its full footprint by end-2027 using DOCSIS 4.0 technology. Charter is also building roughly 1.7M new rural passings through a subsidized construction program. In May 2025, Charter announced the acquisition of Cox Communications, which would add approximately 6.5M homes and push total passings above 70M. Charter is highly leveraged at roughly 4.5x net EBITDA, but expects free cash flow to increase significantly as capital expenditures decline from roughly $11.7B in 2025 to below $8B by 2028.