Liberty Global Ltd. LBTYA
We are Liberty Global Ltd. (Liberty Global), a dynamic team of operators and investors generating and delivering long-term shareholder value through the strategic management of three complementary platforms: Liberty Telecom, Liberty Growth and Liberty Services.
Liberty Telecom is a world leader in converged broadband, video and mobile communications that has built fixed-mobile convergence (FMC) national champions through some of Europe's best-known consumer brands. These brands deliver market-leading connectivity and entertainment products through next-generation networks, providing approximately 80 million fixed and mobile connections at December 31, 2025. We are pursuing strategies in each market to drive commercial momentum, finance and monetize network infrastructure and pursue accretive transactions that deliver value to our shareholders.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.88B | $4.34B | $4.12B | $4.02B | $10.31B | $11.55B | $11.12B | $11.96B | $11.28B | $13.73B |
| Cost of revenue | $1.67B | $1.45B | $1.29B | $1.07B | $3.02B | $3.32B | $3.13B | $3.25B | $2.97B | $3.50B |
| Gross profit | $3.21B | $2.89B | $2.83B | $2.95B | $7.29B | $8.22B | $7.99B | $8.71B | $8.30B | $10.23B |
| SG&A | $1.22B | $1.14B | $1.12B | $1.01B | $2.15B | $2.15B | $2.04B | $2.05B | $1.98B | $2.49B |
| Total operating expenses | $4.90B | $4.40B | $4.43B | $3.91B | $8.99B | $9.51B | $10.46B | $11.12B | $10.48B | $12.16B |
| Operating income | -$23.3M | -$60.1M | -$313.8M | $109.9M | $1.32B | $2.03B | $659.9M | $839.1M | $792.4M | $1.57B |
| Interest expense | $497.5M | $574.7M | $505.0M | $300.9M | $882.1M | $1.19B | $1.38B | $1.48B | $1.42B | $1.87B |
| Pre-tax income | -$7.17B | $1.84B | -$3.45B | $1.18B | $14.00B | -$1.80B | -$1.24B | $161.8M | -$2.11B | $243.3M |
| Income tax | $75.8M | $30.8M | $213.1M | $406.7M | $473.3M | $275.9M | $234.0M | $1.57B | $238.9M | $1.41B |
| Net income | -$7.10B | $1.65B | -$3.87B | $1.99B | $13.61B | -$1.63B | $11.52B | $725.3M | -$2.78B | $1.71B |
| EPS, basic | -20.86 | 4.33 | -9.52 | 3.01 | 24.16 | -2.70 | 16.32 | — | — | — |
| EPS, diluted | -20.86 | 4.23 | -9.52 | 2.96 | 23.59 | -2.70 | 16.32 | -1.97 | — | — |
| Shares, diluted (wtd. avg.) | $342.3M | $375.2M | $425.7M | $497.0M | $569.1M | $602.1M | $705.8M | $778.7M | $847.9M | $900.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.08B | $1.82B | $1.41B | $1.72B | $910.6M | $1.33B | $8.14B | $1.48B | $1.67B | $1.08B |
| Short-term investments | $76.2M | $335.6M | $1.99B | $2.62B | $2.27B | $1.60B | $0 | — | — | — |
| Receivables | $558.2M | $449.8M | $404.3M | $830.6M | $907.3M | $1.08B | $1.40B | $1.34B | $1.40B | $1.37B |
| Total current assets | $3.40B | $3.30B | $5.64B | $6.30B | $5.94B | $5.80B | $10.57B | $4.14B | $4.33B | $7.05B |
| Property, plant and equipment | — | — | — | — | — | — | — | $13.88B | $14.15B | $17.25B |
| Goodwill | $3.50B | $3.15B | $3.31B | $2.80B | $9.52B | $9.97B | $13.56B | $13.72B | $14.35B | $12.76B |
| Other intangibles | $1.35B | $1.29B | $673.6M | $2.34B | $2.34B | $2.88B | $572.1M | $1.03B | $1.61B | $2.42B |
| Total assets | $22.60B | $25.44B | $42.09B | $42.90B | $46.92B | $59.09B | $49.05B | $53.15B | $57.60B | $68.68B |
| Accounts payable | $478.7M | $371.2M | $407.5M | $610.1M | $613.4M | $579.1M | $963.9M | $874.3M | $926.0M | $954.5M |
| Short-term debt | $756.4M | $898.5M | $428.9M | $799.7M | $850.3M | $1.09B | $3.88B | $3.62B | $3.67B | $2.62B |
| Total current liabilities | $3.16B | $3.13B | $4.33B | $3.92B | $4.08B | $4.51B | $8.65B | $10.31B | $9.97B | $9.72B |
| Long-term debt | $7.81B | $9.07B | $9.24B | $13.33B | $14.34B | $14.40B | $27.57B | $29.18B | $32.01B | $36.29B |
| Total liabilities | $12.65B | $12.90B | $23.08B | $20.32B | $21.32B | $45.79B | $35.85B | $49.01B | $51.20B | $53.95B |
| Retained earnings | $5.10B | $12.24B | $15.57B | $19.62B | $18.14B | $4.69B | $6.35B | -$5.17B | -$6.22B | -$3.45B |
| Total equity | $9.74B | $12.37B | $19.01B | $22.57B | $25.60B | $13.30B | $13.20B | $4.15B | $6.39B | $14.73B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.21B | $2.03B | $2.17B | $2.84B | $3.55B | $4.19B | $4.59B | $5.96B | $5.71B | $5.94B |
| Stock-based compensation | $169.4M | $168.3M | $204.8M | $163.2M | $308.1M | $348.0M | $305.8M | $206.0M | $162.2M | $268.1M |
| Capital expenditure | $1.34B | $908.5M | $921.9M | $891.3M | $1.41B | $1.29B | $1.17B | $1.45B | $1.25B | $1.54B |
| Investing cash flow | -$874.9M | $684.7M | -$1.84B | $1.28B | -$5.80B | -$8.87B | $9.27B | $87.3M | -$560.8M | -$7.04B |
| Financing cash flow | -$226.1M | -$2.25B | -$692.4M | -$3.28B | -$1.55B | $1.08B | -$7.18B | -$6.19B | -$4.68B | $1.70B |
| Buybacks | $192.1M | $689.8M | $1.49B | $1.70B | $1.58B | $1.07B | $3.22B | $2.01B | $2.98B | $1.97B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-191485.
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