GCI Liberty (GLIBA) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $256 million, down 4% year-over-year, primarily due to declines in consumer and business data revenue and the discontinuation of video services.

• Net earnings for Q1 2026 were $18 million, a decrease from $35 million in Q1 2025, reflecting lower operating income and higher acquisition costs.

• Announced definitive agreement to acquire Quintillion for $310 million in cash plus up to $50 million in reimbursed CapEx and potential earn-outs.

• Completed $107 million acquisition of a 6% equity interest in Liberty Latin America, with plans for further equity purchases.

• Announced intent to change name from GCI Liberty to Liberty Capital Corporation, reflecting a broader investment focus; Alaska operations will retain the GCI brand.

Financial highlights

• Adjusted OIBDA was $93 million, down 18% year-over-year, impacted by $13 million in mostly non-recurring items.

• Operating income for Q1 2026 was $30 million, down from $58 million in Q1 2025.

• Cash, cash equivalents, and restricted cash at March 31, 2026, totaled $448 million.

• Free cash flow for trailing 12 months was $99 million, down 13% year-over-year due to higher CapEx.

• Capital expenditures for Q1 2026 were $55 million, focused on rural Alaska network improvements.

Outlook and guidance

• CapEx, including Quintillion, expected to peak in 2026 at $290 million, then return to 15%-20% of revenue in future years.

• Quintillion acquisition expected to be accretive to free cash flow in the first year after closing and enhance network resiliency.

• Management expects to use cash for debt repayments, capital expenditures, interest payments, and acquisitions.

• Business expected to remain stable with a focus on network investment, rural expansion, and customer value.