We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Liberty Global Reports Loss in Q4 Despite Y/Y Revenue Growth
Read MoreHide Full Article
Key Takeaways
Liberty Global posted a $2.92B Q4 loss even as revenues rose 9.6% year over year.
LBTYA saw mixed EBITDA trends, with Telenet down and VM Ireland up in Q4.
Liberty Global's JVs reported subscriber losses and guided to revenue and EBITDA declines in 2026.
Liberty Global (LBTYA - Free Report) reported a loss from continuing operations of $2.92 billion in the fourth quarter of 2025 compared with earnings of $2.33 billion in the year-ago quarter.
Revenues increased 9.6% year over year to $1.23 billion. On a rebased basis, revenues decreased 0.5% year over year.
Consolidated Liberty Telecom (comprising Telenet and Virgin Media Ireland) revenues increased 7.3% year over year to $976.3 million. Liberty Growth revenues grew to $36.6 million compared with $35.1 million in the year-ago quarter. Liberty Services & Corporate revenues increased 19.3% year over year and 9.4% on a rebased basis to $266.6 million.
Q4 Details of LBTYA
Telenet revenues of $842.3 million increased 7.8% year over year on a reported basis and declined 1.3% on a rebased basis. Virgin Media Ireland (VM Ireland) revenues increased 4.2% on a reported basis and declined 4.5% on a rebased basis to $134 million.
Liberty Global Ltd Price, Consensus and EPS Surprise
Adjusted EBITDA increased 12.4% year over year to $278.6 million in the fourth quarter. On a rebased basis, adjusted EBITDA declined 0.9%. Consolidated Liberty Telecom adjusted EBITDA rose 0.9% year over year to $365.3 million.
Telenet's adjusted EBITDA declined 1.8% year over year to $305.4 million and was down 9.9% on a rebased basis. VM Ireland's adjusted EBITDA increased 17% year over year to $59.9 million and grew 7.3% on a rebased basis.
LBTYA Subscriber Details
Telenet lost 4,600 fixed-line customers and added 12,400 broadband customers and 2,900 postpaid mobile subscribers in the reported quarter.
Telenet’s fixed average revenue per user (ARPU) in the fourth quarter of 2025 was €63.32, down modestly by 0.7% year over year.
VM Ireland lost 4,200 fixed-line customers and 3,400 broadband customers in the reported quarter. VM Ireland gained 1,500 postpaid mobile subscribers during the fourth quarter.
VM Ireland Fixed ARPU was €60.62, declining 1.1% year over year.
Liberty Global’s JV Details
VMO2 joint venture (JV) revenues were $3.40 billion, down 2.3% on a reported basis and 5.9% on a rebased basis. VMO2 JV lost 18,500 fixed-line customers and 16,700 broadband customers in the reported quarter. VMO2 JV lost 164,800 postpaid mobile subscribers. VMO2 JV adjusted EBITDA was $1.17 billion, up 3.6% year over year on a reported basis and down 0.2% on a rebased basis.
VodafoneZiggo JV revenues were $1.19 billion, up 6.5% on a reported basis and down 2.3% on a rebased basis. VodafoneZiggo lost 16,800 fixed-line customers and 11,900 broadband customers in the reported quarter. VodafoneZiggo added 9,900 postpaid mobile subscribers. VodafoneZiggo JV adjusted EBITDA was $495.7 million, up 5.8% year over year on a reported basis and down 3.4% on a rebased basis.
Balance Sheet & Cash Flow
At the end of the fourth quarter of 2025, Liberty Global had $2.90 billion in cash, investments under SMAs and unused borrowing capacity, down from $2.61 billion at the end of the third quarter of 2025.
At the end of the fourth quarter of 2025, the total principal amount of debt and finance leases was $8.6 billion, up from $8.5 billion at the end of the third quarter of 2025. Average debt tenor is 3.1 years, with approximately 38% not due until 2029 or thereafter.
Cash provided by operating activities was $630.9 million, down 5.4% year over year and up 109% from $301.8 million in the third quarter of 2025.
LBTYA’s 2026 Guidance
For 2026, Liberty Global expects a further improvement in Liberty Services & Corporate performance, guiding to approximately $50 million negative Adjusted EBITDA.
VMO2 guides to a 3-5% decline in total service revenues and a 3-5% decline in Adjusted EBITDA, adjusted for the Daisy transaction, reflecting heightened promotional intensity and continued competitive pressure in the U.K. market.
VodafoneZiggo expects a stable to low-single-digit revenue decline and a mid- to high-single-digit decline in Adjusted EBITDA.
Telenet guides for stable revenue growth and low-single-digit growth in Adjusted EBITDAaL, supported by price indexation benefits and improving commercial momentum, alongside a significant step-down in capex.
LBTYA’s Zacks Rank & Stocks to Consider
Currently, Liberty Global carries a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
Liberty Global Reports Loss in Q4 Despite Y/Y Revenue Growth
Key Takeaways
Liberty Global (LBTYA - Free Report) reported a loss from continuing operations of $2.92 billion in the fourth quarter of 2025 compared with earnings of $2.33 billion in the year-ago quarter.
Revenues increased 9.6% year over year to $1.23 billion. On a rebased basis, revenues decreased 0.5% year over year.
Consolidated Liberty Telecom (comprising Telenet and Virgin Media Ireland) revenues increased 7.3% year over year to $976.3 million. Liberty Growth revenues grew to $36.6 million compared with $35.1 million in the year-ago quarter. Liberty Services & Corporate revenues increased 19.3% year over year and 9.4% on a rebased basis to $266.6 million.
Q4 Details of LBTYA
Telenet revenues of $842.3 million increased 7.8% year over year on a reported basis and declined 1.3% on a rebased basis. Virgin Media Ireland (VM Ireland) revenues increased 4.2% on a reported basis and declined 4.5% on a rebased basis to $134 million.
Liberty Global Ltd Price, Consensus and EPS Surprise
Liberty Global Ltd price-consensus-eps-surprise-chart | Liberty Global Ltd Quote
Adjusted EBITDA increased 12.4% year over year to $278.6 million in the fourth quarter. On a rebased basis, adjusted EBITDA declined 0.9%. Consolidated Liberty Telecom adjusted EBITDA rose 0.9% year over year to $365.3 million.
Telenet's adjusted EBITDA declined 1.8% year over year to $305.4 million and was down 9.9% on a rebased basis. VM Ireland's adjusted EBITDA increased 17% year over year to $59.9 million and grew 7.3% on a rebased basis.
LBTYA Subscriber Details
Telenet lost 4,600 fixed-line customers and added 12,400 broadband customers and 2,900 postpaid mobile subscribers in the reported quarter.
Telenet’s fixed average revenue per user (ARPU) in the fourth quarter of 2025 was €63.32, down modestly by 0.7% year over year.
VM Ireland lost 4,200 fixed-line customers and 3,400 broadband customers in the reported quarter. VM Ireland gained 1,500 postpaid mobile subscribers during the fourth quarter.
VM Ireland Fixed ARPU was €60.62, declining 1.1% year over year.
Liberty Global’s JV Details
VMO2 joint venture (JV) revenues were $3.40 billion, down 2.3% on a reported basis and 5.9% on a rebased basis. VMO2 JV lost 18,500 fixed-line customers and 16,700 broadband customers in the reported quarter. VMO2 JV lost 164,800 postpaid mobile subscribers. VMO2 JV adjusted EBITDA was $1.17 billion, up 3.6% year over year on a reported basis and down 0.2% on a rebased basis.
VodafoneZiggo JV revenues were $1.19 billion, up 6.5% on a reported basis and down 2.3% on a rebased basis. VodafoneZiggo lost 16,800 fixed-line customers and 11,900 broadband customers in the reported quarter. VodafoneZiggo added 9,900 postpaid mobile subscribers. VodafoneZiggo JV adjusted EBITDA was $495.7 million, up 5.8% year over year on a reported basis and down 3.4% on a rebased basis.
Balance Sheet & Cash Flow
At the end of the fourth quarter of 2025, Liberty Global had $2.90 billion in cash, investments under SMAs and unused borrowing capacity, down from $2.61 billion at the end of the third quarter of 2025.
At the end of the fourth quarter of 2025, the total principal amount of debt and finance leases was $8.6 billion, up from $8.5 billion at the end of the third quarter of 2025. Average debt tenor is 3.1 years, with approximately 38% not due until 2029 or thereafter.
Cash provided by operating activities was $630.9 million, down 5.4% year over year and up 109% from $301.8 million in the third quarter of 2025.
LBTYA’s 2026 Guidance
For 2026, Liberty Global expects a further improvement in Liberty Services & Corporate performance, guiding to approximately $50 million negative Adjusted EBITDA.
VMO2 guides to a 3-5% decline in total service revenues and a 3-5% decline in Adjusted EBITDA, adjusted for the Daisy transaction, reflecting heightened promotional intensity and continued competitive pressure in the U.K. market.
VodafoneZiggo expects a stable to low-single-digit revenue decline and a mid- to high-single-digit decline in Adjusted EBITDA.
Telenet guides for stable revenue growth and low-single-digit growth in Adjusted EBITDAaL, supported by price indexation benefits and improving commercial momentum, alongside a significant step-down in capex.
LBTYA’s Zacks Rank & Stocks to Consider
Currently, Liberty Global carries a Zacks Rank #3 (Hold).
The AES Corporation (AES - Free Report) , Algonquin Power & Utilities (AQN - Free Report) and Pinnacle West Capital (PNW - Free Report) are some better-ranked stocks that investors can consider in the broader Zacks Utilities sector. Currently, each stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The AES Corp shares have gained 52.7% over the past year. AES is set to report its fourth-quarter 2025 results on Feb. 26.
Algonquin Power & Utilities shares have appreciated 34% over the past year. AQN is scheduled to report its fourth-quarter 2025 results on March 6.
Pinnacle West Capital shares have returned 7.5% over the past year. PNW is set to report its fourth-quarter 2025 results on Feb. 25.