Adjusted EBITDA was $804 million, down 7.3% year-over-year but slightly up sequentially, with a margin of 37.4% declining 130 basis points year-over-year.
Broadband ARPU grew 0.9% year-over-year to $74.77, while residential ARPU declined 1.7% to $133.68, pressured mainly by video.
Cash capital expenditures were $384 million in Q2, up 10% year-over-year, with full year 2025 CapEx expected around $1.2 billion.
Gross margin expanded by 120 basis points to 69.1%, driven by a shift towards broadband and optimized video margins.
Other operating expenses increased by approximately 4%, driven by consulting fees, sales and marketing investments, and employee health and wellness costs.
Total revenue declined 4.2% year-over-year, primarily due to video cord-cutting which accounted for about 85% of the decline.
This innovative financing structure diversifies Altice's funding sources and unlocks significant asset value, reflecting confidence in the stability of HFC cash flows.
The new structure enhances leverage flexibility and is scalable, allowing the company to manage upcoming debt maturities more effectively.
The transaction signifies a strategic shift towards asset-backed financing, potentially setting a precedent in the industry for similar future deals.
AFFO guidance for 2025 remains mid-single-digit growth, supported by cost reductions and revenue expectations.
Billboard adjusted OIBDA margin increased by 50 basis points to 38.3%.
Billboard expenses decreased by over $7 million (3.3%) year-over-year, mainly from lease cost reductions.
Billboard revenues declined 2.5% due to exits of two large marginally profitable contracts in New York and Los Angeles.
Corporate expenses rose by about $2 million, mainly due to market fluctuations on an unfunded equity-linked retirement plan and higher professional fees.
Digital revenues grew 1.5%, representing over 34% of total organic revenues; excluding exited contracts, digital growth would be about 5%.
Net leverage was 4.8x as of June 30, within the target range of 4 to 5x.
OIBDA was $124 million and AFFO was $85 million for the quarter.
Organic revenues were essentially flat in Q2 2025, aligning with prior guidance.
Q2 CapEx was $26 million, including $7 million for maintenance; 22 new digital boards were converted, offset by a decline of 114 small format digital boards.
Transit expenses increased by 3%, with transit adjusted OIBDA improving by nearly $3 million.
Transit revenues grew 5.6%, driven by 17% growth in digital revenues.
Adjusted net income was $9.3 million with adjusted diluted EPS of $0.33, up from $0.30 prior year.
Fiscal 2026 Q1 revenue was a record $76.7 million, up 21% year-over-year, driven by 44% growth in subscription revenue and 16% growth in professional services revenue.
Free cash flow was negative $5 million due to working capital timing and other factors; the company is now debt-free after paying off its credit revolver.
Gross profit was $47.3 million with a margin of 61.7%, slightly down from 62.8% due to onetime revenue margin impacts and ramping professional services costs.
Operating income was $4.5 million and net income was $4.9 million, lower than prior year due to planned one-time costs including the user conference.
Professional services revenue was a record $18.1 million, up 16% year-over-year, indicating strong implementation activity.
Recurring revenue reached a record $48.6 million, representing 63.4% of total revenue, with subscription revenue comprising 65.6% of recurring revenue.
Subscription revenue grew 44.3% year-over-year, with organic subscription revenue up 24%, including a 48% increase in PMS-related revenue and 16% increase in POS-related revenue.
Adjusted EBITDA was $109.7 million or 15% of net sales, up from $84.6 million or 14% in Q2 2024.
Cash flow from operations was $97.8 million or 13.4% of net sales, with net leverage at a healthy 1.2x.
GAAP operating income was $61.8 million, up from $39 million in Q2 2024, and GAAP net income was $41.5 million or $0.40 per diluted share compared to $26.4 million or $0.25 per diluted share a year ago.
Gross margin increased to 20.9% from 20% in the prior year quarter due to higher sales volume and improved operational execution.
Non-GAAP EPS was a quarterly record at $0.58, adjusted for unrealized foreign exchange gains.
Non-GAAP operating margin improved 210 basis points year-over-year to 11.1%, marking the fourth consecutive quarter of double-digit operating margin performance.
R&D expenses were $7 million or 1% of net sales, down from $8.2 million or 1.4% last year.
Selling and marketing expenses decreased as a percentage of sales to 2.8% from 3.1%, while general and administrative expenses increased in dollars but decreased as a percentage of sales to 6.1%.
TTM delivered a strong Q2 2025 with revenue of $730.6 million, a 21% year-over-year increase driven by aerospace and defense, data center computing, networking, and medical/industrial/instrumentation end markets.
Adjusted EBITDA loss improved to $10 million, a 36% improvement sequentially and 17% year-over-year.
Cash balance at quarter end was $239 million.
Excluding one-time adjustments, revenue grew 22% sequentially and 4% year-over-year.
Net cash used in operating activities was $21 million, or $8 million excluding litigation settlements, insurance recovery, and debt payments.
Net loss was $9 million, compared to net income of $26 million in the prior year quarter, with a $3 million year-over-year improvement excluding certain items.
Paying MAU was 146,000, up 18% sequentially and 20% year-over-year.
Q2 GAAP revenue was $27 million, up 30% sequentially and 8% year-over-year.
Dafinchi