Liberty Global Ltd.

Listed Company

LBTYACIK 0001570585NasdaqLarge AcceleratedCable & Other Pay Television ServicesGBFY ends Dec 31

Period

FY 2025

Revenue

$4.88B

Net Income

$-7.10B

Total Assets

—

Equity

—

Shares Out

—

Op. Cash Flow

$1.21B

Business

Liberty Global Ltd. is a converged broadband, mobile, video and communications company that manages three platforms: Liberty Telecom, Liberty Growth and Liberty Services. It provides internet and intelligent WiFi, video and VoD, fixed and mobile telephony, customer premises equipment (Connect Box and set‑top boxes), business connectivity and cloud services, and content and sports rights through its entertainment platforms (Horizon 5). Its key operating segments include Liberty Telecom (national FMC operators and joint ventures such as Telenet, VMO2 and VodafoneZiggo), Liberty Growth (venture and strategic investments) and Liberty Services (technology and finance platforms). Liberty Global serves markets across Europe — notably Belgium, the U.K., the Netherlands, Ireland and Slovakia — through fiber‑rich HFC/FTTx networks, mobile networks, MVNO and wholesale distribution channels and digital apps.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue (notes 4, 6, 7 and 19)	4,879	4,342	4,116	4,018	10,311
Programming and other direct costs of services (note 12)	1,671	1,451	1,286	1,066	3,018
Other operating (notes 12 and 15)	879	761	766	680	1,485
Selling, general and administrative (SG&A) (notes 12 and 15)	1,224	1,139	1,119	1,006	2,154
Depreciation and amortization (note 10)	1,039	1,002	1,216	1,094	2,354
Impairment, restructuring and other operating items, net (notes 10 and 12)	90	50	43	62	−19
Operating costs and expenses	4,902	4,402	4,430	3,908	8,991
Operating loss	−23	−60	−314	110	1,320
Interest expense	−498	−575	−505	−301	—
Realized and unrealized gains (losses) on derivative instruments, net (note 8)	−567	315	78	854	623
Foreign currency transaction gains (losses), net	−3,121	1,757	−720	1,299	1,325
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 7 and 9)	148	−28	−557	−317	821
Losses on debt extinguishment, net (note 11)	−20	0	−1	3	−91
Share of results of affiliates, net (note 7)	−3,187	−206	−2,018	−1,268	−175
Gain on sale of All3Media	0	243	0	0	—
Gain associated with the Formula E Acquisition (note 5)	0	191	0	0	—
Gain associated with the Telenet Wyre Transaction (note 5)	0	0	378	0	0
Other income, net	96	202	213	101	45
Non-operating income (expense)	−7,149	1,898	−3,132	1,069	12,681
Earnings (loss) from continuing operations before income taxes	−7,173	1,838	−3,446	1,178	14,001
Income tax benefit (expense) (note 13)	76	31	−213	−407	−473
Earnings (loss) from continuing operations	−7,097	1,869	−3,659	772	13,528
Loss from discontinued operations, net of taxes (note 6)	0	−223	−215	1,215	83
Net earnings (loss)	−7,097	1,646	−3,874	1,986	13,610
Net earnings attributable to noncontrolling interests	−41	−58	−178	−513	−183
Net earnings (loss) attributable to Liberty Global shareholders	−7,138	1,588	−4,052	1,473	13,427
Continuing operations, basic (in dollars per share)	−20.86	4.94	−9.02	0.53	24.01
Discontinued operations, basic (in dollars per share)	0	−0.61	−0.5	2.48	0.15
Basic earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share)	−20.86	4.33	−9.52	3.01	24.16
Continuing operations, diluted (in dollars per share)	−20.86	4.82	−9.02	0.52	23.45
Discontinued operations, diluted (in dollars per share)	0	−0.59	−0.5	2.44	0.14
Diluted earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share)	−20.86	4.23	−9.52	2.96	23.59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,081	1,816	1,410	1,724	911
Trade receivables, net (note 3)	558	450	404	831	907
Short-term investments (measured at fair value on a recurring basis) (note 7)	76	336	1,991	2,622	2,270
Derivative instruments (note 8)	135	287	236	383	244
Other current assets (notes 4, 6 and 7)	546	412	404	736	684
Total current assets	3,396	3,300	5,642	6,297	5,941
Investments and related notes receivable (including $1,631.5 million and $2,907.7 million, respectively, measured at fair value on a recurring basis) (note 7)	7,686	11,688	13,336	14,949	19,703
Property and equipment, net (notes 10 and 12)	5,270	4,326	4,354	6,505	6,982
Goodwill (note 10)	3,503	3,153	3,308	2,801	9,523
Intangible assets subject to amortization, net (note 10)	1,349	1,290	674	2,342	2,343
Other assets, net (notes 4, 8, 12 and 13)	1,391	1,682	1,632	3,486	2,426
Total assets	22,596	25,440	42,088	42,895	46,917
Accounts payable	479	371	408	610	613
Deferred revenue (note 4)	292	285	170	264	275
Current portion of debt and finance lease obligations (notes 11 and 12)	764	899	429	800	850
Accrued capital expenditures	158	227	150	244	258
Accrued income taxes	218	273	264	236	237
Other accrued and current liabilities (notes 6, 8 and 12)	1,248	1,080	956	1,470	1,429
Total current liabilities	3,159	3,134	4,333	3,921	4,085
Long-term debt and finance lease obligations (notes 11 and 12)	7,831	8,203	8,840	12,964	13,975
Long-term operating lease liabilities (note 12)	740	678	680	1,646	1,226
Other long-term liabilities (notes 4, 8 and 13)	920	882	867	1,791	2,033
Total liabilities	12,650	12,895	23,081	20,322	21,319
Commitments and contingencies (notes 8, 11, 12, 13, 16 and 18)	—	—	—	—	—
Additional paid-in capital	712	777	1,323	2,301	3,893
Accumulated earnings	5,105	12,243	15,566	19,618	18,145
Accumulated other comprehensive earnings (loss), net of taxes	3,916	−657	2,170	513	3,892
Treasury shares, at cost	−100,000	−100,000	−100,000	−100,000	−100,000
Total Liberty Global shareholders	9,736	12,366	19,063	22,436	25,935
Noncontrolling interests	210	178	−55	137	−337
Total equity	9,946	12,544	19,007	22,573	25,598
Total liabilities and equity	22,596	25,440	42,088	42,895	46,917

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	169	168	205	163	308
Amortization of deferred financing costs and non-cash interest	50	65	60	25	32
Deferred income tax expense (benefit)	−122	−53	46	260	318
Gain associated with the Formula E Acquisition	0	−191	0	0	—
Gain associated with the Telenet Wyre Transaction	0	0	−378	0	—
Receivables and other operating assets	217	411	592	200	707
Payables and accruals	−201	−303	−681	−128	−872
Net cash provided by operating activities of continuing operations	1,211	1,331	1,199	1,900	3,364
Net cash provided by operating activities of discontinued operations	0	702	967	938	185
Net cash provided by operating activities	1,211	2,033	2,166	2,838	3,549
Capital expenditures, net	−1,343	−909	−922	−891	−1,408
Cash received from the sale of investments	1,014	4,528	6,989	9,213	6,171
Cash paid for investments	−599	−2,877	−8,131	−9,397	−7,262
Dividend distributions received from the VMO2 JV	9	206	815	478	0
Cash received in connection with the sale of All3Media	0	412	0	0	—
Cash paid in connection with the Formula E Acquisition, net of cash acquired	0	−199	0	0	−71
Other investing activities, net	44	−16	−31	−23	−97
Net cash provided (used) by investing activities of continuing operations	−875	1,146	−1,280	1,713	−5,746
Net cash used by investing activities of discontinued operations	0	−461	−565	−432	−51
Net cash provided (used) by investing activities	−875	685	−1,845	1,281	−5,797
Borrowings of debt	765	204	3,167	5	2,571
Operating-related vendor financing additions	312	372	346	369	1,782
Debt (excluding vendor financing)	−691	−26	−1,005	−27	−1,721
Principal payments on operating-related vendor financing	−369	−364	−376	−408	−1,408
Principal payments on capital-related vendor financing	−80	−114	−119	−121	−964
Principal payments on finance leases	−5	−6	−21	−59	−76
Repurchases of Liberty Global common shares	−192	−690	−1,495	−1,703	−1,580
Net cash received related to derivative instruments	83	6	3	−50	144
Cash and cash equivalents and restricted cash contributed to Sunrise in connection with the Spin-off	0	−128	0	0	−138
Dividend distributions by subsidiaries to noncontrolling interest owners	0	−400,000	−47	−61	—
Acquisition of shares in connection with the Telenet Takeover Bid	0	0	−986	0	0
Other financing activities, net	−49	−61	−62	−89	−121
Net cash used by financing activities of continuing operations	−226	−806	−595	−2,095	−1,513
Net cash used by financing activities of discontinued operations	0	−1,444	−97	−1,181	−33
Net cash used by financing activities	−226	−2,250	−692	−3,276	−1,546
Continuing operations	155	−64	58	−26	−7
Discontinued operations	0	−4	4	−2	0
Total	155	−68	62	−28	−7
Continuing operations	265	1,607	−618	1,491	−3,901
Discontinued operations	0	−1,207	309	−676	101
Total	265	399	−310	815	−3,800
Continuing operations	470	514	480	264	830
Discontinued operations	0	378	405	284	2
Total	470	892	885	547	832
Continuing operations	200	195	499	155	156
Discontinued operations	0	1	−5	17	34
Total	200	197	494	172	190

Filings

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