Liberty Broadband (LBRDA) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $1.05 billion, with Adjusted OIBDA up 12% to $403 million, reflecting strong operational execution and strategic focus on broadband and wireless services after exiting the video business.

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

• Consumer wireless base expanded 2% year-over-year to 199,000, while data subscribers declined 3% to 151,200 due to wireless substitution and competition.

• Net cash from operating activities was $370 million and free cash flow was $146 million for the year, up over 70% from 2024.

• Operating loss widened to $347 million due to a $525 million non-cash impairment charge, resulting in a net loss of $309 million for 2025.

Financial highlights

• Full-year revenue grew 3% year-over-year to $1.05 billion, driven by business segment growth; Adjusted OIBDA rose 12% to $403 million, a record high.

• Fourth-quarter revenue was $262 million, flat year-over-year; Adjusted OIBDA increased 7% to $90 million.

• Consumer gross margin increased to 70.7% for the year, up 220 bps; business gross margin reached 80.1%, up 390 bps.

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

• Basic and diluted EPS were $(9.97) for 2025, down from $2.26 in 2024.

Outlook and guidance

• Business expected to remain stable in 2026, with CapEx peaking at approximately $290 million due to Alaska Plan build-out and timing shifts.

• Long-term CapEx expected to return to historical 15%-20% of revenue after 2026.

• Capital expenditures in 2025 focused on rural Alaska network improvements and FCC Alaska Plan build-out, expected to complete by end of 2026.

• New 12-month free wireless promotion launched to support further postpaid growth.

• Rights offering proceeds may be used for working capital, capex, debt repayment, or strategic acquisitions.