GCI Liberty (GLIBA) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $1.05 billion and record adjusted OIBDA of $403 million, marking significant milestones.

• Completed a fully subscribed $300 million rights offering in December 2025, enhancing liquidity and strategic flexibility.

• Exited the video business in Q3 2025, sharpening focus on converged broadband and wireless services in Alaska.

• Operating loss of $347 million for 2025, primarily due to a $525 million non-cash impairment charge in Q3.

• Net cash from operating activities was $370 million, and free cash flow reached $146 million for the year.

Financial highlights

• Total revenue grew 3% year-over-year to $1.05 billion, driven by business segment growth.

• Adjusted OIBDA reached a record $403 million, up 12% year-over-year.

• Free cash flow for the year was $146 million, up over 70% from 2024, aided by working capital swings.

• Consumer revenue declined 2% for the year and fourth quarter, mainly due to video business shutdown and data subscriber losses.

• Business revenue increased 7% for the year, supported by a strong upgrade cycle.

Outlook and guidance

• Business expected to remain stable in 2026, with peak CapEx of approximately $290 million, then trending back to 15%-20% of revenue.

• Free cash flow projected to decrease in 2026 due to higher CapEx and working capital shifts.

• FCC Alaska Plan build-out requirements expected to be completed by end of 2026.

• Focus on network investment, rural expansion, and completion of Alaska Plan commitments.

• Rights offering proceeds provide strategic optionality for future investments and acquisitions.