Key Highlights

● Second-quarter Revenue fell 5.8% to $2.02 billion.

● Net Debt was $25.3 billion, or 8.0 times annualized adjusted EBITDA.

● About $6.3 billion in the CSC Holdings group matures in 2027.

● Free Cash Flow was negative $91.9 million in the quarter.

Optimum Communications, Inc. (NYSE:OPTU) carries one of the larger debt loads among US cable and broadband providers, and its Maturity schedule is a central part of the Investment discussion.

Revenue Slips, Cash Flow Turns Negative

For the quarter ended June 30, 2026, the company reported revenue of $2.02 billion, down 5.8% year over year, and adjusted EBITDA of $785.7 million, down 2.2%, a 38.8% margin. The net loss attributable to stockholders was $291.8 million, or $0.67 per diluted share. Operating Cash Flow was $228.1 million, cash Capital Expenditure was $320.0 million, and free cash flow was negative $91.9 million, compared with positive $28.4 million a year earlier.

Broadband lost about 40,000 net subscribers in the quarter, including a benefit from a bulk agreement, leaving roughly 4.0 million total broadband customers. The release offered no quantitative guidance. Operating cash flow declined 44.6% year over year, while cash capital expenditure fell 16.6%. The company reported capital intensity of 15.8% of revenue. Net debt and Leverage details follow in the next section.

A Heavy Maturity Wall

Consolidated net debt was $25.3 billion at June 30, 2026, equal to 8.0 times last-two-quarters annualized adjusted EBITDA, with a weighted average cost of debt of 6.8% and a weighted average life of 2.8 years. Consolidated cash was $1.3 billion. Within the CSC Holdings restricted group, about $6.3 billion matures in 2027, including a drawn $2.2 billion revolver, a $2.8 billion term Loan and $1.3 billion of 5.500% notes.

About $3.05 billion more falls due in 2028 in that group, and a separate $3.1 billion term loan also matures that year. On the network side, the company passed about 10.1 million premises, of which 3.2 million were fiber to the home. About 97% of the footprint has gigabit or faster speeds available, and passings grew by about 223,000 over the last twelve months. Lightpath carried $1.57 billion of net debt at 5.5 times, while the unrestricted group showed $2.3 billion at 1.2 times.

Refinancing and Fiber Pace

Investors may watch for any refinancing, extension or exchange activity ahead of the 2027 maturities, since the company's Liquidity of about $1.3 billion in cash is small relative to those obligations. Changes in the weighted average life and cost of debt could signal how markets are pricing the credit. Operationally, broadband subscriber trends, the pace of fiber passings after the 68,200 added in the second quarter, and whether capital intensity of 15.8% persists may be informative for free cash flow.

Any move involving the separate Lightpath Business or the unrestricted Subsidiary group could also matter, as could disclosure about creditor negotiations. Analyst views are distinct from the confirmed figures cited here. Undrawn revolver capacity of $75.2 million and undrawn Lightpath notes of $93.7 million, subject to covenants, also frame near-term flexibility.

Fiber Ambition, Leveraged Footing

Optimum's disclosures show a business generating substantial EBITDA while carrying leverage and near-term maturities that may keep Capital Structure decisions in focus. The fiber build could support the subscriber base over time, but it also consumes cash, and the net effect remains uncertain.