Revenue has experienced a persistent downward trajectory, culminating in a 2.3% year-over-year decline in 2025Q4 alongside extreme operating income volatility that saw a $1.2 billion loss in 2025Q3.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 8.59B | 8.95B | 9.24B | 9.65B | 10.09B | 9.89B | 9.76B | 9.57B | 9.31B | 6.02B | 6.51B | 6.46B | 6.23B | 6.13B |
| Revenue Growth % | -4.06% | -3.06% | -4.26% | -4.39% | 1.98% | 1.37% | 2.03% | 2.79% | 54.67% | -7.57% | 0.76% | 3.67% | 1.64% | - |
| Cost of Goods Sold | 0 | 2.9B | 4.67B | 4.98B | 3.38B | 3.34B | 3.3B | 3.17B | 3.04B | 1.91B | 3.2B | 3.14B | 3.08B | 2.94B |
| COGS % of Revenue | - | 32.35% | 50.6% | 51.61% | 33.52% | 33.76% | 33.81% | 33.17% | 32.62% | 31.76% | 49.13% | 48.6% | 49.41% | 48.02% |
| Gross Profit | 0 | 6.06B | 4.56B | 4.67B | 6.71B | 6.55B | 6.46B | 6.39B | 6.27B | 4.11B | 3.31B | 3.32B | 3.15B | 3.19B |
| Gross Margin % | - | 67.65% | 49.4% | 48.39% | 66.48% | 66.24% | 66.19% | 66.83% | 67.38% | 68.24% | 50.87% | 51.4% | 50.59% | 51.98% |
| Gross Profit Growth % | -100% | 32.76% | -2.26% | -30.41% | 2.36% | 1.45% | 1.04% | 1.95% | 52.74% | 23.99% | -0.29% | 5.34% | -1.08% | - |
| Operating Expenses | 0 | 4.38B | 2.65B | 2.74B | 4.18B | 4.44B | 4.64B | 4.71B | 5.43B | 3.64B | 2.38B | 2.32B | 2.36B | 2.4B |
| OpEx % of Revenue | - | 48.89% | 28.65% | 28.35% | 41.46% | 44.86% | 47.5% | 49.25% | 58.35% | 60.55% | 36.62% | 35.91% | 37.86% | 39.13% |
| Selling, General & Admin | 0 | 263.53M | 2.65B | 2.74B | 0 | 0 | 233.33M | 249.8M | 235.98M | 138.43M | 1.57B | 1.53B | 1.52B | 1.44B |
| SG&A % of Revenue | - | 2.94% | 28.65% | 28.35% | - | - | 2.39% | 2.61% | 2.54% | 2.3% | 24.15% | 23.76% | 24.41% | 23.47% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -112.56M | 1.68B | 1.92B | 1.93B | 2.52B | 2.12B | 1.82B | 1.68B | 841.01M | 462.81M | 874.18M | 926.08M | 771.23M | 854.48M |
| Operating Margin % | -1.31% | 18.76% | 20.75% | 20.03% | 25.02% | 21.38% | 18.68% | 17.59% | 9.04% | 7.69% | 13.43% | 14.33% | 12.38% | 13.94% |
| Operating Income Growth % | -106.7% | -12.34% | -0.84% | -23.44% | 19.35% | 15.98% | 8.41% | 100.04% | 81.72% | -47.06% | -5.6% | 20.08% | -9.74% | - |
| EBITDA | 1.58B | 3.32B | 3.61B | 3.75B | 4.31B | 4.2B | 4.09B | 4.06B | 3.77B | 2.16B | 1.74B | 1.79B | 1.63B | 1.75B |
| EBITDA Margin % | 18.44% | 37.1% | 39.05% | 38.88% | 42.73% | 42.43% | 41.87% | 42.49% | 40.52% | 35.95% | 26.72% | 27.65% | 26.19% | 28.49% |
| EBITDA Growth % | -52.31% | -7.89% | -3.83% | -13.01% | 2.69% | 2.73% | 0.55% | 7.77% | 74.36% | 24.36% | -2.62% | 9.46% | -6.59% | - |
| D&A (Non-Cash Add-back) | 1.7B | 1.64B | 1.69B | 1.82B | 1.79B | 2.08B | 2.26B | 2.38B | 2.93B | 1.7B | 865.25M | 860.25M | 860.69M | 892.48M |
| EBIT | 0 | 1.7B | 1.77B | 1.85B | 2.57B | 1.94B | 1.9B | 1.71B | 981.55M | 700.29M | 874.18M | 926.08M | 771.23M | 854.48M |
| Net Interest Income | 0 | -1.76B | -1.64B | -1.33B | -1.27B | -1.35B | -1.53B | -1.61B | -1.6B | -1.52B | -584.84M | -575.58M | -600.64M | 0 |
| Interest Income | 0 | 0 | 8.38M | 3.42M | 160K | 2.19M | 5.71M | 10.86M | 1.92M | 13.81M | 584.84M | 575.58M | 600.64M | 661.9M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -1.93B | -82.35M | 118.56M | 516.73M | 1.31B | 583.23M | 187.13M | -18.06M | -1.37B | -1.09B | 342.66M | 425.15M | 192.96M | 126.32M |
| Pretax Margin % | -22.47% | -0.92% | 1.28% | 5.36% | 12.94% | 5.89% | 1.92% | -0.19% | -14.69% | -18.13% | 5.26% | 6.58% | 3.1% | 2.06% |
| Income Tax | -60.93M | -4.07M | 39.53M | 295.84M | 294.98M | 139.75M | 47.19M | -38.66M | -2.86B | -259.67M | 154.87M | 115.77M | 65.64M | 51.99M |
| Effective Tax Rate % | 3.16% | 4.94% | 33.34% | 57.25% | 22.59% | 23.96% | 25.22% | 214.02% | 209.3% | 23.8% | 45.2% | 27.23% | 34.01% | 41.16% |
| Net Income | -1.87B | -102.92M | 53.2M | 194.56M | 990.31M | 436.18M | 138.94M | 18.83M | 1.49B | -832.03M | 187.99M | 308.62M | 127.34M | 74.23M |
| Net Margin % | -21.76% | -1.15% | 0.58% | 2.02% | 9.81% | 4.41% | 1.42% | 0.2% | 16.04% | -13.83% | 2.89% | 4.78% | 2.04% | 1.21% |
| Net Income Growth % | -1716.03% | -293.46% | -72.66% | -80.35% | 127.04% | 213.95% | 637.73% | -98.74% | 279.46% | -542.59% | -39.09% | 142.35% | 71.54% | - |
| Net Income (Continuing) | -1.87B | -78.28M | 79.04M | 220.89M | 1.01B | 443.48M | 139.94M | 20.59M | 1.49B | -831.48M | 187.79M | 309.38M | 127.33M | 74.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.54M | 2.82M | 338.32M | 0 |
| Minority Interest | 21.93M | 12.4M | -12.24M | -28.7M | -51.11M | -62.11M | 9.3M | 9.29M | 1.54M | 287K | -268K | 9.46M | 10.08M | 13.16M |
| EPS (Diluted) | -4.00 | -0.22 | 0.12 | 0.43 | 2.14 | 0.75 | 0.21 | 0.03 | 2.15 | -1.28 | 0.68 | 1.14 | 0.48 | 0.28 |
| EPS Growth % | -1718.18% | -283.33% | -72.09% | -79.91% | 185.33% | 257.14% | 713.95% | -98.8% | 267.97% | -288.24% | -40.35% | 137.5% | 71.43% | - |
| EPS (Basic) | -4.00 | -0.22 | 0.12 | 0.43 | 2.16 | 0.75 | 0.21 | 0.03 | 2.15 | -1.13 | 0.68 | 1.14 | 0.48 | 0.28 |
| Diluted Shares Outstanding | 467.78M | 461.54M | 455.03M | 453.28M | 462.3M | 583.69M | 662.54M | 730.09M | 696.05M | 737.07M | 276.34M | 270.7M | 265.94M | 267.33M |
| Basic Shares Outstanding | 467.78M | 459.89M | 454.73M | 453.24M | 462.76M | 581.58M | 661.6M | 730.1M | 696.06M | 649.53M | 258.01M | 273.19M | 970.13M | 265.12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 7964.4% | 61.57% | - | 66.58% | 52.02% | 125.41% | 220.75% |
High leverage and subscriber churn
As reported in recent financial filings, ATUS has experienced a consistent decline in quarterly revenue, with the most recent period showing a 2.3% year-over-year contraction, reflecting ongoing challenges in maintaining its subscriber base against aggressive competition from fixed wireless access providers in its core markets.
The persistent revenue decline suggests that the company's core broadband business is struggling to offset the secular loss of video subscribers. This trend appears to indicate that pricing power is insufficient to compensate for volume losses, raising concerns about the long-term durability of the current revenue model.
Based on the provided income statement data, gross margins have fluctuated within a range of 67% to 69.7% over the last several quarters, highlighting the difficulty in managing programming costs while simultaneously attempting to transition the customer base toward higher-margin fiber-to-the-home services.
While gross margins appear relatively stable on a percentage basis, the underlying dollar contribution is shrinking alongside top-line revenue. Investors should monitor whether the company can achieve meaningful operating leverage as it scales its fiber network, or if the cost of customer acquisition will continue to suppress profitability.
According to the latest quarterly results, the company's operating income has exhibited extreme volatility, swinging from a $501.6 million profit in 2024Q2 to a $1.2 billion loss in 2025Q3, which suggests that fixed costs are not scaling efficiently with the current revenue trajectory.
The inability to maintain consistent operating profitability indicates that the company's cost structure remains overly rigid in the face of declining demand. This lack of operating leverage may imply that management's efforts to streamline operations are being outpaced by the structural decline in legacy service revenue.
As indicated by the income statement, net income has remained largely negative over the past ten quarters, with the 2025Q3 net loss of $1.6 billion highlighting significant non-operating charges that continue to weigh heavily on the company's bottom-line performance and overall earnings quality.
The frequent net losses suggest that the company's reported earnings are not currently reflective of a sustainable business model. Analysts should investigate whether these recurring losses are driven by structural interest burdens or one-time impairment charges, as both scenarios present distinct risks to equity holders.
Based on the reported figures, the company's persistent net losses and declining revenue base raise significant questions regarding its ability to service its debt load, suggesting that the current financial trajectory may be unsustainable without a fundamental shift in operational performance or capital structure.
Short-sellers likely focus on the company's inability to generate consistent positive net income, which may indicate that the business is trapped in a cycle of high capital expenditure requirements and declining cash flow. This warrants further investigation into the company's debt maturity schedule and its capacity to refinance under current market conditions.
Quick answers to the most common questions about buying ATUS stock.
For fiscal year 2025, Altice USA, Inc. (ATUS) reported total revenue of $8.59B. This represents a 40.1% increase compared to $6.13B in 2012.
Altice USA, Inc. (ATUS) reported a net loss of $1.87B for the fiscal year ending 2025.
Altice USA, Inc. (ATUS) reported an operating income of $-112.6M, resulting in an operating profit margin of -1.3%. This margin reflects the operational efficiency of the business before interest and taxes.