GCI Liberty (GLIBA) Q2 2025 earnings summary

Executive summary

• Completed spin-off from Liberty Broadband in July 2025, marking the first quarterly call as a standalone public company and new Nasdaq listings.

• Q2 2025 revenue grew 6% year-over-year to $261 million, with operating income up 70% to $51 million and net earnings rising to $27 million from $13 million in Q2 2024.

• Achieved record last 12 months EBITDA of $405 million and Adjusted OIBDA of $108 million, up 26% year-over-year, driven by rural health, education, and wireless growth.

• Supreme Court upheld the Universal Service Fund, removing a major business overhang and providing regulatory clarity.

• S&P eliminated negative credit watch and raised the credit rating in July.

Financial highlights

• Q2 2025 revenue was $261 million, up $15 million year-over-year; operating income was $51 million, up from $30 million; Adjusted OIBDA was $108 million, margin up to 41.4%.

• Net earnings for Q2 2025 were $27 million; for the first half, $62 million.

• Free cash flow for the trailing 12 months was $153 million; net cash from operations was $342 million.

• Cash and equivalents at quarter end were $117 million; total assets $3.35 billion, total liabilities $1.86 billion.

• $377 million undrawn capacity on credit facility at quarter-end.

Outlook and guidance

• Full-year 2025 net CapEx expected to be around $250 million, focused on rural network expansion.

• Management expects to cover corporate expenses and debt repayments with available liquidity and operating cash flow.

• Projected uses of cash include $150 million in net capital expenditures and $25 million in interest payments for the remainder of 2025.

• Expect slowdown in adjusted EBITDA growth in the second half of 2025 as upsell cycle laps.

• Full exit from the video business by year-end 2025, with immaterial impact on revenue and EBITDA.