It has been about a month since the last earnings report for Liberty Global Ltd (LBTYA Quick QuoteLBTYA - Free Report) . Shares have lost about 2.8% in that time frame, outperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Liberty Global Ltd due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Liberty Global Ltd before we dive into how investors and analysts have reacted as of late.

Liberty Global Reports Loss in Q4 Despite Y/Y Revenue Growth

Liberty Global 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.

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.

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

VGM Scores

At this time, Liberty Global Ltd has a subpar Growth Score of D, a grade with the same score on the momentum front. However, the stock has a score of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Liberty Global Ltd has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Liberty Global Ltd belongs to the Zacks Diversified Communication Services industry. Another stock from the same industry, BCE (BCE Quick QuoteBCE - Free Report) , has gained 0.6% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

BCE reported revenues of $4.59 billion in the last reported quarter, representing a year-over-year change of +0.1%. EPS of $0.49 for the same period compares with $0.56 a year ago.

For the current quarter, BCE is expected to post earnings of $0.44 per share, indicating a change of -8.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +1.2% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for BCE. Also, the stock has a VGM Score of D.