Liberty Capital (GLIBA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $261 million, flat year-over-year, with adjusted OIBDA of $96 million and operating income of $29 million; net earnings were $16 million, down from $27 million in Q2 2025.

• Free cash flow for the trailing 12 months was $59 million; net cash from operating activities was $308 million for the same period.

• Announced a new capital allocation policy, including a quarterly dividend totaling $60 million annually starting December 2026.

• The Quintillion acquisition is expected to close in 2026, enhancing network resilience and free cash flow, with $20 million in run rate synergies anticipated over 24 months post-closing.

• Completed the acquisition of SwS for $11 million, adding 5,400 broadband subscribers.

Financial highlights

• Q2 2026 revenue was $261 million, unchanged year-over-year; adjusted OIBDA was $96 million, down 11% year-over-year; operating income fell 43% to $29 million.

• Net earnings for Q2 2026 were $16 million, with diluted EPS of $0.40, down from $0.87 in Q2 2025.

• Free cash flow for the trailing 12 months was $59 million, a year-over-year decline due to higher CapEx and lower OIBDA.

• Capital expenditures for the first half of 2026 were $125 million, up 25% year-over-year; full-year CapEx expected at $290 million.

• Cash and cash equivalents at June 30, 2026 were $497 million, up from $416 million at year-end 2025.

Outlook and guidance

• Capital intensity expected to peak in 2026, then decline in 2027 and 2028, returning to historical levels.

• Dividend of $15 million per quarter to begin in Q4 2026, representing about half of next year's free cash flow.

• Quintillion acquisition expected to close in 2026, with $50–$55 million adjusted OIBDA contribution (including synergies) in 2026.

• GCI expects stable performance for 2026 and a step-up in cash generation in 2027.

• The company expects to cover expenses and capital needs with existing cash and liquidity sources for the foreseeable future.