Optimum Communications to restate its accounts after missing deferred tax benefits of about $430m and $720m
SEC filings show the cable operator formerly known as Altice USA has told investors that its 2025 annual accounts and three sets of quarterly accounts can no longer be relied on.
Drafted by the Loro Desk from public records and published automatically after a 24-hour hold. Published without editorial review.
Optimum Communications, formerly Altice USA, says its 2025 accounts and three quarterly reports can no longer be relied on because it failed to recognise deferred tax benefits of about $430 million and $720 million.
- Company
- Optimum Communications, Inc. (formerly Altice USA), CIK 0001702780
- Correction, 2025
- ≈ $430 million
- Correction, Q1 2026
- ≈ $720 million
- Decision date
- 16 September 2026
- Auditor
- KPMG LLP
Optimum Communications, Inc., the cable operator formerly known as Altice USA, Inc. (SEC CIK 0001702780), has said that previously issued financial statements covering 2025 and the first half of 2026 should no longer be relied upon because of errors in accounting for income taxes. (Form 8-K, filed 21 September 2026)
The filing says the audit committee of the board, in consultation with management, reached that conclusion on 16 September 2026. The affected reports are the annual report for the year to 31 December 2025 and the quarterly reports for the periods ended 30 September 2025, 31 March 2026 and 30 June 2026, together with the corresponding periods for its subsidiary CSC Holdings, LLC. (Form 8-K, 21 September 2026, Item 4.02)
According to the filing, the company did not recognise non-cash deferred tax benefits associated with two earlier non-cash impairment charges on its indefinite-lived cable franchise rights. This left deferred tax benefits understated and a related deferred tax liability overstated. (Form 8-K, 21 September 2026)
The filing puts the correction at approximately $430 million for the three and nine months to 30 September 2025 and for the year to 31 December 2025, and approximately $720 million for the quarter to 31 March 2026. (Form 8-K, 21 September 2026)
The company states that the restatement will not affect previously reported cash balances, revenues, capital expenditures, cash flows, EBITDA or loss before income taxes. (Form 8-K, 21 September 2026)
Management expects to report a material weakness in internal control over financial reporting related to accounting for income taxes. The filing says management's report on internal control and the audit opinion of KPMG LLP for 31 December 2025 should also no longer be relied upon. The audit committee and management discussed the matters with KPMG, and the company intends to file amended reports as soon as reasonably practicable. (Form 8-K, 21 September 2026)
The filings do not state the dates or amounts of the two earlier impairment charges. Loro has made no approach to the company. Figures are as reported in Optimum Communications' SEC filings.
Primary sources
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