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Telecom services · Communication Services · Fiscal year ends Dec 31
Liberty Global reported revenue of $4.9B in the fiscal year ended Dec 2025, up 12.4% from the year before. Operating income was −$23M, an operating margin of −0.5%, and net income was −$7.1B. Operating cash flow of $1.2B less capital expenditure of $1.3B left free cash flow of −$132M. Net debt was $6.5B.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 10,311 | 4,018 | 4,116 | 4,342 | 4,879 |
| Cost of revenue | 3,018 | 1,066 | 1,286 | 1,451 | 1,671 |
| Gross profit | 7,294 | 2,951 | 2,830 | 2,891 | 3,208 |
| Selling, general & admin | 2,154 | 1,006 | 1,119 | 1,139 | 1,224 |
| Operating income | 1,320 | 110 | −314 | −60.1 | −23.3 |
| Interest expense | 882 | 589 | 908 | 575 | 498 |
| Pre-tax income | 14,001 | 1,178 | −3,446 | 1,838 | −7,173 |
| Income tax | 473 | 407 | 213 | −30.8 | −75.8 |
| Net income | 13,427 | 1,473 | −4,052 | 1,588 | −7,138 |
| Diluted EPS | 23.59 | 2.96 | −9.52 | 4.23 | −20.86 |
| Diluted shares | 569 | 497 | 426 | 375 | 342 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 911 | 1,724 | 1,410 | 1,816 | 2,081 |
| Receivables | 907 | 831 | 404 | 450 | 558 |
| Current assets | 5,941 | 6,297 | 5,642 | 3,300 | 3,396 |
| Net PP&E | 6,982 | 6,505 | 4,354 | 4,326 | 5,270 |
| Goodwill | 9,523 | 2,801 | 3,308 | 3,153 | 3,503 |
| Total assets | 46,917 | 42,895 | 42,088 | 25,440 | 22,596 |
| Payables | 613 | 610 | 408 | 371 | 479 |
| Deferred revenue | 275 | 264 | 170 | 285 | 292 |
| Current liabilities | 4,085 | 3,921 | 4,333 | 3,134 | 3,159 |
| Short-term debt | 783 | 722 | 795 | 889 | 756 |
| Long-term debt | 13,558 | 12,606 | 14,913 | 8,178 | 7,805 |
| Total liabilities | 21,319 | 20,322 | 23,081 | 12,895 | 12,650 |
| Shareholders' equity | 25,935 | 22,436 | 19,063 | 12,366 | 9,736 |
| Backlog (remaining obligations) | – | – | – | – | 2,100 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 3,549 | 2,838 | 2,166 | 2,033 | 1,211 |
| Capital expenditure | 1,408 | 891 | 922 | 909 | 1,343 |
| Free cash flow | 2,141 | 1,947 | 1,244 | 1,124 | −132 |
| Depreciation & amortisation | 2,354 | 1,094 | 1,216 | 1,002 | 1,039 |
| Stock-based compensation | 308 | 163 | 205 | 168 | 169 |
| Acquisitions | 70.8 | 0.0 | 0.0 | 199 | 0.0 |
| Share buybacks | 1,580 | 1,703 | 1,495 | 690 | 192 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −61.0% | 2.4% | 5.5% | 12.4% |
| Operating income growth (YoY) | – | −91.7% | −385.5% | – | – |
| EPS growth (YoY) | – | −87.5% | −421.6% | – | −593.1% |
| Gross margin | 70.7% | 73.5% | 68.8% | 66.6% | 65.8% |
| Operating margin | 12.8% | 2.7% | −7.6% | −1.4% | −0.5% |
| Net margin | 130.2% | 36.7% | −98.4% | 36.6% | −146.3% |
| Return on equityBlank when equity is negative | 51.8% | 6.6% | −21.3% | 12.8% | −73.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.1% | 0.3% | −0.8% | −0.3% | −0.1% |
| Free cash flow margin | 20.8% | 48.5% | 30.2% | 25.9% | −2.7% |
| Cash conversion (CFO ÷ net income) | 0.26x | 1.93x | −0.53x | 1.28x | −0.17x |
| Receivable days | 32 | 75 | 36 | 38 | 42 |
| Payable days | 74 | 209 | 116 | 93 | 105 |
| Interest cover | 1.50x | 0.19x | −0.35x | −0.10x | −0.05x |
| Debt ÷ equity | 0.55x | 0.59x | 0.82x | 0.73x | 0.88x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 13,431 | 11,603 | 14,298 | 7,251 | 6,480 |
| Current ratio | 1.45x | 1.61x | 1.30x | 1.05x | 1.08x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.