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Liberty Broadband (LBRDA) investor relations material

Liberty Broadband Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Achieved solid quarterly performance with revenue of $257 million, tracking toward record adjusted EBITDA in 2025, and completed the transition to a pure-play connectivity provider after exiting the video business.

  • Restored all customers affected by a major third-party fiber break; no material near-term impact expected from Typhoon Halong, though long-term effects are being assessed.

  • Completed the divestiture of GCI Liberty on July 14, 2025, presenting GCI as a discontinued operation and marking a strategic shift.

  • Entered into a definitive agreement for acquisition by Charter Communications, with the transaction expected to close with Charter’s combination with Cox Communications.

  • Leadership transition: Martin E. Patterson appointed President and CEO effective July 14, 2025; John C. Malone remains Chairman.

Financial highlights

  • Total revenue for the quarter was $257 million, a 2% decrease year-over-year, with an operating loss of $488 million due to a $525 million non-cash impairment charge.

  • Adjusted EBITDA/OIBDA was $92 million, down 8% year-over-year, impacted by lower revenue and higher SG&A expenses.

  • Consumer revenue declined 4% to $115 million, with wireless revenue up 11% to $52 million, offsetting declines in video and data.

  • Business revenue remained flat at $142 million; business wireless revenue declined 9%.

  • Free cash flow on a trailing 12-month basis was $155 million.

Outlook and guidance

  • Tracking toward record adjusted EBITDA in 2025.

  • Full-year CapEx expected to be $225–$250 million; 2026 anticipated as peak CapEx year, with a meaningful step-down after.

  • Plans to scale hybrid fiber coax network, roll out DOCSIS 4.0 upgrades, and expand 5G wireless across Alaska.

  • Capital spending focused on rural Alaska network improvements and FCC Alaska Plan build-out, expected to complete by end of 2026.

  • Charter repurchases of its shares from Liberty Broadband are expected to remain a significant source of liquidity until the merger closes.

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Frequently asked questions

Liberty Broadband Corporation designs, deploys, and operates wireless communications and technology solutions. The company offers data products and services, including WiFi communications and connectivity as well as cloud-based software applications. It also provides voice services; video offerings comprising video on demand, high-definition television, integrated digital video recorder service, wireless digital video recorders for laptops, and gateway devices to access traditional cable, satellite set-top boxes, and Internet Protocol television networks; home networking products; wholesale fiber network services through the acquisition of Zayo Group Holding Corporation in May 2017; international call termination services; voice over Internet protocol services; business continuity solutions enabling businesses to quickly recover from disruptions caused by natural disasters, power outages, or other interruptions in communications services; and managed networking solutions that allow businesses to leverage cloud-based applications to improve efficiency. In addition, the company offers managed access services that connect businesses with very large numbers of mobile users via small cells located on its network and in the public right of ways.

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