Liberty Latin America Reports Q4 and FY 2025 Results
DENVER, Colorado--( BUSINESS WIRE)--Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months ("Q4") and full year ("FY") ended December 31, 2025.
CEO Balan Nair commented, "The fourth quarter capped a strong year of commercial momentum across the Liberty Latin America group."
"The residential mobile business maintained its cadence of strong postpaid mobile subscriber additions leveraging recent investments, including in 5G, and underpinned by our focus on FMC."
"Revenue was notably supported toward year-end by underlying strength in our B2B and B2G business line, particularly in Liberty Networks and C&W Panama. In Liberty Networks, we are on track with our infrastructure projects, including the construction of a new subsea route on behalf of El Salvador and our own system expansion with Manta, adding low latency and high capacity routes to Latin America, the Caribbean and the USA, that will drive incremental cash flow for LLA. Additionally, we are quite excited about our recently announced strategic agreement with Amazon Web Services that will bring enhanced products to customers in the region."
"Continued cost reductions and customer base management helped drive strong margin expansion across the group. Segment highlights included steep margin recovery at Liberty Puerto Rico, robust performance at Liberty Caribbean, despite significant headwinds from Hurricane Melissa, and double-digit FY rebased Adjusted OIBDA growth at C&W Panama. A number of efficiency initiatives are in flight across LLA which will be supportive to our financial performance in 2026."
"Our team has worked tirelessly in our recovery efforts in Jamaica, rapidly restoring our mobile service after a category 5 hurricane: we are now back to 100% and beyond pre hurricane levels. We continue to innovate our network transformation in mobile and are in the process of rebuilding our fixed network in line with the recovery of homes and businesses."
"For LLA, we drove year-over-year growth in Adjusted FCF before partner distributions, including a record fourth quarter. A key component of our performance was management of our capital intensity, which ended the year at 14% of revenue. As we turn to 2026, LLA continues to be highly focused on organic growth, cash flow expansion, and unlocking value in our equity."
Business Highlights
Financial and Operating Highlights
Financial Highlights
Q4 2025
Q4 2024
YoY Increase / (Decline)
YoY Rebased Increase
FY 2025
FY 2024
YoY Increase / (Decline)
YoY Rebased Increase /(Decline)
(USD in millions)
Revenue
$
1,160
$
1,148
1
%
1
%
$
4,442
$
4,447
—
%
(1
%)
Operating income (loss)
$
126
$
119
6
%
$
108
$
(77
)
241
%
Adjusted OIBDA
$
451
$
418
8
%
8
%
$
1,706
$
1,565
9
%
9
%
Property & equipment additions
$
220
$
240
(8
%)
$
640
$
725
(12
%)
As a percentage of revenue
19
%
21
%
14
%
16
%
Adjusted FCF before distributions to noncontrolling interest owners
$
278
$
196
$
150
$
116
Distributions to noncontrolling interest owners
(44
)
(33
)
(73
)
(55
)
Adjusted FCF
$
234
$
163
$
76
$
61
Cash provided by operating activities
$
462
$
399
$
806
$
756
Cash used by investing activities
$
(175
)
$
(175
)
$
(592
)
$
(689
)
Cash used by financing activities
$
(97
)
$
(153
)
$
(44
)
$
(386
)
Amounts may not recalculate due to rounding.
Note: rebased growth rates, consolidated Adjusted OIBDA and Adjusted FCF are non-GAAP measures. Revenue and Adjusted OIBDA reflect immaterial adjustments made to previously reported 2024 numbers. Growth rates reflect these and are also rebased for the estimated impacts of FX, acquisitions and disposals. See Non-GAAP Reconciliations section.
Operating Highlights 1
Q4 2025
Q3 2025
Total customers
1,834,900
1,901,500
Organic customer losses
(66,600
)
(3,100
)
Fixed RGUs
3,836,600
3,978,800
Organic RGU losses 2
(142,200
)
(600
)
Organic internet additions (losses)
(61,400
)
600
Mobile subscribers
6,794,000
6,682,700
Organic mobile additions
111,300
39,100
Organic postpaid additions
62,400
101,700
Revenue Highlights
The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:
Three months ended
Increase/(decrease)
Year ended
Increase/(decrease)
December 31,
December 31,
2025
2024
%
Rebased %
2025
2024
%
Rebased %
in millions, except % amounts
Liberty Caribbean
$
356.0
$
370.8
(4
)
(4
)
$
1,455.0
$
1,462.8
(1
)
—
C&W Panama
230.1
208.8
10
10
783.5
763.2
3
3
Liberty Networks
129.3
110.0
18
14
471.0
447.5
5
5
Liberty Puerto Rico
301.3
314.1
(4
)
(4
)
1,199.2
1,250.4
(4
)
(6
)
Liberty Costa Rica
168.2
168.1
—
(2
)
632.2
613.1
3
1
Corporate
3.7
4.1
(10
)
(10
)
14.9
19.6
(24
)
(24
)
Eliminations
(29.1
)
(28.0
)
N.M.
N.M.
(113.6
)
(109.8
)
N.M.
N.M.
Total
$
1,159.5
$
1,147.9
1
1
$
4,442.2
$
4,446.8
—
(1
)
N.M. – Not Meaningful.
Q4 2025 Revenue Growth – Segment Highlights
(All growth rates are year-over-year unless otherwise specified)
Operating Income (Loss)
Adjusted OIBDA Highlights
The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:
Three months ended
Increase (decrease)
Year ended
Increase (decrease)
December 31,
December 31,
2025
2024
%
Rebased %
2025
2024
%
Rebased %
in millions, except % amounts
Liberty Caribbean
$
153.3
$
168.0
(9
)
(8
)
$
672.9
$
633.3
6
7
C&W Panama
93.9
79.4
18
18
298.9
269.7
11
11
Liberty Networks
74.5
61.1
22
21
258.4
242.7
6
6
Liberty Puerto Rico
89.4
70.8
26
26
353.4
279.8
26
25
Liberty Costa Rica
66.2
67.0
(1
)
(3
)
235.5
229.5
3
—
Corporate
(26.0
)
(28.1
)
7
7
(112.8
)
(89.8
)
(26
)
(26
)
Total
$
451.3
$
418.2
8
8
$
1,706.3
$
1,565.2
9
9
Operating income (loss) margin
10.8
10.3
2.4
(1.7)
Adjusted OIBDA margin
38.9
36.4
38.4
35.2
Q4 2025 Adjusted OIBDA Growth – Segment Highlights
(All growth rates are year-over-year unless otherwise specified)
Property & Equipment Additions and Capital Expenditures
The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net.
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024
USD in millions
Customer Premises Equipment
$
39.9
$
39.9
$
159.8
$
159.4
New Build & Upgrade
41.2
58.3
96.8
160.4
Capacity
35.2
32.1
106.4
104.7
Baseline
93.0
92.5
244.0
246.6
Product & Enablers
11.0
17.3
33.1
54.2
Property & equipment additions
220.3
240.1
640.1
725.3
Assets acquired under capital-related vendor financing arrangements
(35.0
)
(37.4
)
(123.9
)
(154.9
)
Assets acquired under capital leases
(4.9
)
—
(4.9
)
—
Changes in current liabilities related to capital expenditures and other
(38.6
)
(39.0
)
(11.3
)
(30.0
)
Capital expenditures, net
$
141.8
$
163.7
$
500.0
$
540.4
Property & equipment additions as % of revenue
19.0
%
20.9
%
14.4
%
16.3
%
Property & Equipment Additions:
Liberty Caribbean
$
70.6
$
76.3
$
207.5
$
226.9
C&W Panama
39.4
29.9
104.1
104.8
Liberty Networks
25.4
13.1
75.5
49.3
Liberty Puerto Rico
49.2
85.1
143.3
220.9
Liberty Costa Rica
29.9
26.1
86.1
81.4
Corporate
5.8
9.6
23.6
42.0
Property & equipment additions
$
220.3
$
240.1
$
640.1
$
725.3
Property & Equipment Additions as a Percentage of Revenue by Reportable Segment:
Liberty Caribbean
19.8
%
20.6
%
14.3
%
15.5
%
C&W Panama
17.1
%
14.3
%
13.3
%
13.7
%
Liberty Networks
19.6
%
11.9
%
16.0
%
11.0
%
Liberty Puerto Rico
16.3
%
27.1
%
11.9
%
17.7
%
Liberty Costa Rica
17.8
%
15.5
%
13.6
%
13.3
%
New Build and Homes Upgraded by Reportable Segment 1:
Liberty Caribbean 2
(130,300
)
31,000
(88,600
)
118,800
C&W Panama
5,100
12,200
58,000
49,300
Liberty Puerto Rico
3,900
16,500
8,800
55,000
Liberty Costa Rica
1,700
33,700
62,500
171,200
Total
(119,600
)
93,400
40,700
394,300
Operating Income (Loss) less Property & Equipment Additions
Adjusted OIBDA less Property & Equipment Additions
The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period.
Three months ended
Increase/(decrease)
Year ended
Increase/(decrease)
December 31,
December 31,
2025
2024
%
2025
2024
%
in millions, except % amounts
Liberty Caribbean
$
82.7
$
91.7
(10
)
$
465.4
$
406.4
15
C&W Panama
54.5
49.5
10
194.8
164.9
18
Liberty Networks
49.1
48.0
2
182.9
193.4
(5
)
Liberty Puerto Rico
40.2
(14.3
)
N.M.
210.1
58.9
257
Liberty Costa Rica
36.3
40.9
(11
)
149.4
148.1
1
Liberty Latin America 1
231.0
178.1
30
1,066.2
839.9
27
N.M. – Not Meaningful.
Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents
The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at December 31, 2025:
Debt
Finance lease obligations
Debt and
finance lease obligations
Cash, cash equivalents and restricted cash related to debt
in millions
Liberty Latin America 1
$
2.0
$
—
$
2.0
$
127.1
C&W 2
4,905.7
—
4,905.7
507.5
Liberty Puerto Rico 3
2,927.1
8.7
2,935.8
98.5
Liberty Costa Rica
515.0
—
515.0
63.8
Total
$
8,349.8
$
8.7
$
8,358.5
$
796.9
Consolidated Leverage and Liquidity Information:
December 31,
2025
September 30,
2025
Consolidated debt and finance lease obligations to operating income (loss) ratio
13.3x
(28.7)x
Consolidated net debt and finance lease obligations to operating income (loss) ratio
12.1x
(26.6)x
Consolidated gross leverage ratio 4
4.7x
4.9x
Consolidated net leverage ratio 4
4.3x
4.6x
Weighted average debt tenor 5
4.5 years
4.7 years
Fully-swapped borrowing costs
6.8%
6.8%
Unused borrowing capacity (in millions) 6
$913.5
$912.8
Residential Fixed ARPU per Customer Relationship
The following table provides residential fixed ARPU per customer relationship for the indicated periods:
Three months ended
FX-Neutral 1
December 31, 2025
September 30, 2025
% Change
% Change
Reportable Segment:
Liberty Caribbean
$
48.40
$
51.43
(6
%)
(6
%)
C&W Panama 2
$
31.61
$
37.62
(16
%)
(16
%)
Liberty Puerto Rico
$
78.66
$
78.71
—
%
—
%
Liberty Costa Rica 3
$
36.17
$
36.67
(1
%)
(3
%)
Cable & Wireless Borrowing Group
$
43.95
$
47.94
(8
%)
(8
%)
Residential Mobile ARPU
The following table provides residential ARPU per mobile subscriber for the indicated periods:
Three months ended
FX-Neutral 1
December 31, 2025
September 30, 2025
% Change
% Change
Reportable Segment:
Liberty Caribbean
$
16.80
$
16.03
5
%
5
%
C&W Panama
$
12.97
$
12.24
6
%
6
%
Liberty Puerto Rico
$
36.65
$
35.67
3
%
3
%
Liberty Costa Rica 4
$
12.04
$
11.26
7
%
6
%
Cable & Wireless Borrowing Group
$
14.85
$
14.10
5
%
5
%
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance; efficiency initiatives; growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico operations; the impact of Hurricane Melissa on our business and operations; anticipated benefits from our partnership with AWS; the strength of our balance sheet and tenor of our debt; capital intensity expectations; our capital return policy; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
About Liberty Latin America
Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region.
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B).
For more information, please visit www.lla.com.
Additional Information | Cable & Wireless Borrowing Group
The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP.
Three months ended
December 31,
Change
Rebased change 1
2025
2024
in millions, except % amounts
Revenue
$
692.8
$
667.3
4
%
4
%
Operating income
$
93.4
$
112.6
(17
%)
Adjusted OIBDA
$
321.6
$
307.8
4
%
5
%
Property & equipment additions
$
135.4
$
119.3
13
%
Operating income as a percentage of revenue
13.5
%
16.9
%
Adjusted OIBDA as a percentage of revenue
46.4
%
46.1
%
Proportionate Adjusted OIBDA
$
258.3
$
252.0
Year ended
December 31,
Change
Rebased change 1
2025
2024
in millions, except % amounts
Revenue
$
2,619.2
$
2,586.4
1
%
2
%
Operating income
$
508.2
$
385.4
32
%
Adjusted OIBDA
$
1,230.0
$
1,145.4
7
%
8
%
Property & equipment additions
$
387.1
$
381.0
2
%
Operating income as a percentage of revenue
19.4
%
14.9
%
Adjusted OIBDA as a percentage of revenue
47.0
%
44.3
%
Proportionate Adjusted OIBDA
$
1,015.1
$
949.2
1. Indicated growth rates are rebased for the estimated impacts of a disposal and FX.
The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents:
December 31,
September 30,
Facility Amount
2025
2025
in millions
Credit Facilities:
Revolving Credit Facility (Adjusted Term SOFR + 3.25%)
$
156.0
$
—
$
—
Revolving Credit Facility (Term SOFR + 3.25%)
$
460.0
—
—
Term Loan Facility B-6 due 2029 (Adjusted Term SOFR + 3.0%)
$
590.0
590.0
590.0
Term Loan Facility B-7 due 2032 (Term SOFR + 3.25%)
$
1,530.0
1,530.0
1,530.0
Total Senior Secured Credit Facilities
2,120.0
2,120.0
CWP Term Loan due 2028 (4.25%)
$
435.0
435.0
435.0
Regional and other debt
91.2
98.5
Total Credit Facilities
2,646.2
2,653.5
Notes:
7.125% Senior Secured Notes due 2032
$
1,000.0
1,000.0
1,000.0
9.0% Senior Notes due 2033
$
755.0
755.0
755.0
Total Notes
1,755.0
1,755.0
Vendor financing and Tower Transactions
504.5
499.2
Total debt
4,905.7
4,907.7
Less: discounts and deferred financing costs
(43.2
)
(45.5
)
Total carrying amount of debt
4,862.5
4,862.2
Less: cash and cash equivalents
(507.5
)
(369.5
)
Net carrying amount of debt
$
4,355.0
$
4,492.7
Liberty Puerto Rico (LPR) Borrowing Group
Liberty Puerto Rico Borrowing Group includes Liberty Communications PR Holding LP, which consolidates the respective restricted parent and it subsidiaries. The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP:
Three months ended
December 31,
Change
Rebased change
2025
2024
in millions, except % amounts
Revenue
$
301.3
$
314.1
(4
)%
(4
)%
Operating income (loss)
$
17.8
$
(16.8
)
206
%
Adjusted OIBDA
$
89.4
$
70.8
26
%
26
%
Property & equipment additions
$
49.2
$
85.1
(42
)%
Operating income (loss) as a percentage of revenue
5.9
%
(5.3
)%
Adjusted OIBDA as a percentage of revenue
29.7
%
22.5
%
Year ended
December 31,
Change
Rebased change
2025
2024
in millions, except % amounts
Revenue
$
1,199.2
$
1,250.4
(4
)%
(6
)%
Operating loss
$
(442.2
)
$
(551.3
)
20
%
Adjusted OIBDA
$
353.4
$
279.8
26
%
25
%
Property & equipment additions
$
143.3
$
220.9
(35
)%
Operating loss as a percentage of revenue
(36.9
)%
(44.1
)%
Adjusted OIBDA as a percentage of revenue
29.5
%
22.4
%
Note: Revenue and Adjusted OIBDA reflect immaterial adjustments made to previously reported 2024 numbers. Growth rates reflect these and are also rebased for the estimated impacts of an acquisition. See Non-GAAP Reconciliations section.
The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents:
December 31,
September 30,
Facility amount
2025
2025
in millions
Credit Facilities:
Revolving Credit Facility (Adjusted Term SOFR + 3.50%)
$
172.5
$
56.5
$
56.5
Term Loan Facility due 2028 (Adjusted Term SOFR + 3.75%)
$
620.0
620.0
620.0
Term Loan Facility due 2030 (9.75%) 1
$
258.0
208.0
208.0
Total Senior Secured Credit Facilities
884.5
884.5
Notes:
6.75% Senior Secured Notes due 2027
$
1,161.0
1,161.0
1,161.0
5.125% Senior Secured Notes due 2029
$
820.0
820.0
820.0
Total Notes
1,981.0
1,981.0
Vendor financing, Tower Transactions and other
61.6
74.8
Finance lease obligations
8.7
4.0
Total debt and finance lease obligations
2,935.8
2,944.3
Less: premiums, discounts and deferred financing costs, net
(23.8
)
(25.8
)
Total carrying amount of debt
2,912.0
2,918.5
Less: cash, cash equivalents and restricted cash related to debt 2
(98.5
)
(123.5
)
Net carrying amount of debt
$
2,813.5
$
2,795.0
Liberty Costa Rica Borrowing Group
The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP:
Three months ended
December 31,
Change
2025
2024
CRC in billions, except % amounts
Revenue
83.9
85.8
(2
%)
Operating income
18.2
19.8
(8
%)
Adjusted OIBDA
33.0
34.2
(4
%)
Property & equipment additions
14.9
13.3
12
%
Operating income as a percentage of revenue
21.7
%
23.1
%
Adjusted OIBDA as a percentage of revenue
39.3
%
39.9
%
Year ended
December 31,
Change
2025
2024
CRC in billions, except % amounts
Revenue
318.4
315.8
1
%
Operating income
60.7
64.3
(6
%)
Adjusted OIBDA
118.6
118.2
—
%
Property & equipment additions
43.3
42.0
3
%
Operating income as a percentage of revenue
19.1
%
20.4
%
Adjusted OIBDA as a percentage of revenue
37.2
%
37.4
%
The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's third-party debt and cash and cash equivalents:
December 31,
September 30,
2025
2025
Borrowing currency in millions
CRC equivalent outstanding
in billions
Revolving Credit Facility (Adjusted Term SOFR + 4.25%)
$
—
—
12.9
Term Loan A Facility due 2031 (10.875%) 1
$
50.0
24.9
25.2
Term Loan B Facility due 2031 (10.875%) 1
$
400.0
199.0
201.3
Term Loan A Facility due 2033 (Term SOFR + 3.50%)
$
65.0
32.3
16.4
Total debt
256.2
255.8
Less: deferred financing costs
(6.1
)
(5.9
)
Total carrying amount of debt
250.1
249.9
Less: cash and cash equivalents
(31.8
)
(11.8
)
Net carrying amount of debt
218.3
238.1
Exchange rate (CRC to $)
497.5
503.3
Subscriber Table
Consolidated Operating Data — December 31, 2025
Homes
Passed
Fixed-line Customer Relationships
Video RGUs
Internet
RGUs
Telephony
RGUs
Total
RGUs
Prepaid
Postpaid
Total Mobile
Subscribers
Liberty Caribbean:
Jamaica
635,500
284,000
100,600
274,200
261,400
636,200
1,017,500
161,100
1,178,600
The Bahamas
125,700
28,300
6,900
23,900
27,300
58,100
129,200
23,400
152,600
Trinidad and Tobago
341,700
132,400
87,900
118,100
86,000
292,000
—
—
—
Barbados
141,000
85,100
37,400
80,100
65,100
182,600
74,100
60,300
134,400
Other
393,300
212,100
65,900
195,400
99,800
361,100
303,600
160,100
463,700
Total Liberty Caribbean
1,637,200
741,900
298,700
691,700
539,600
1,530,000
1,524,400
404,900
1,929,300
C&W Panama
995,100
281,000
178,400
274,900
254,100
707,400
1,533,600
457,500
1,991,100
Total C&W
2,632,300
1,022,900
477,100
966,600
793,700
2,237,400
3,058,000
862,400
3,920,400
Liberty Puerto Rico
1,200,100
515,500
212,500
492,200
283,100
987,800
159,500
519,800
679,300
Liberty Costa Rica 1
860,200
296,500
211,400
287,700
112,300
611,400
1,014,200
1,180,100
2,194,300
Total
4,692,600
1,834,900
901,000
1,746,500
1,189,100
3,836,600
4,231,700
2,562,300
6,794,000
Quarterly Subscriber Variance
Fixed and Mobile Subscriber Variance Table — December 31, 2025 vs September 30, 2025
Homes
Passed
Fixed-line Customer Relationships
Video RGUs
Internet
RGUs
Telephony
RGUs
Total
RGUs
Prepaid
Postpaid
Total Mobile Subscribers
Liberty Caribbean
Jamaica 1
(132,500
)
(61,100
)
(16,200
)
(61,200
)
(69,200
)
(146,600
)
36,800
5,600
42,400
The Bahamas
—
(1,700
)
(500
)
(1,800
)
(1,700
)
(4,000
)
1,800
(600
)
1,200
Trinidad and Tobago
—
(2,700
)
(2,500
)
(2,000
)
(100
)
(4,600
)
—
—
—
Barbados
400
(100
)
(200
)
100
(500
)
(600
)
400
1,300
1,700
Other
1,800
(400
)
(600
)
600
(700
)
(700
)
4,300
5,600
9,900
Total Liberty Caribbean
(130,300
)
(66,000
)
(20,000
)
(64,300
)
(72,200
)
(156,500
)
43,300
11,900
55,200
C&W Panama
5,000
3,700
2,800
4,100
1,100
8,000
19,900
12,200
32,100
Total C&W
(125,300
)
(62,300
)
(17,200
)
(60,200
)
(71,100
)
(148,500
)
63,200
24,100
87,300
Liberty Puerto Rico
3,900
(7,200
)
(3,100
)
(5,300
)
1,100
(7,300
)
(16,000
)
5,700
(10,300
)
Liberty Costa Rica
1,400
2,900
5,500
4,100
4,000
13,600
1,700
32,600
34,300
Total Organic Change
(120,000
)
(66,600
)
(14,800
)
(61,400
)
(66,000
)
(142,200
)
48,900
62,400
111,300
Glossary
Adjusted OIBDA – Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and Other Operating Items. Other Operating Items includes (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.
ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized.
Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) to annualized operating income from the most recent two consecutive fiscal quarters.
Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) less cash, cash equivalents and restricted cash related to debt to annualized operating income from the most recent two consecutive fiscal quarters.
Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit (“EBU”) adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships.
Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs.
Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results.
Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network.
Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt outstanding, including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt less cash, cash equivalents and restricted cash related to debt. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements.
Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.
Property and Equipment Addition Categories
Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group.
Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
SOHO – Small office/home office customers.
Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers.
Tower Transactions – Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years.
U.S. GAAP – Generally accepted accounting principles in the United States.
Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network, primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU.
Additional General Notes
Most of our operations provide telephony, broadband internet, mobile data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers.” To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates.
While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews.
Non-GAAP Reconciliations
We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, (iv) consolidated leverage ratios, and (v) Adjusted OIBDA less property and equipment additions on a consolidated basis. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures, as well as information on how and why management of the Company believes such information is useful to an investor.
During the fourth quarter of 2025, we identified certain immaterial errors in our previously reported 2024 consolidated financial statements, primarily related to revenue and bad debt expense. This impacted FY 2024 revenue at Liberty Puerto Rico by $10 million and Adjusted OIBDA by $29 million, and Q4 2024 revenue by $2 million and Adjusted OIBDA by $9 million. 2024 numbers have been restated accordingly.
Adjusted OIBDA
On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.
Adjusted OIBDA Less Property and Equipment Additions
We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for, U.S. GAAP Measure of income included in our condensed consolidated statement of operations.
A reconciliation of our operating income or loss to total Adjusted OIBDA, and Adjusted OIBDA less property and equipment additions is presented in the following table:
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024
in millions
Operating income (loss)
$
125.6
$
118.6
$
108.2
$
(76.8
)
Share-based compensation and other Employee Incentive Plan-related expense 1
12.7
25.1
75.0
84.0
Depreciation and amortization
245.0
238.4
904.9
968.3
Impairment, restructuring and other operating items, net
68.0
36.1
618.2
589.7
Adjusted OIBDA
$
451.3
$
418.2
$
1,706.3
$
1,565.2
Less: Property and equipment additions
220.3
240.1
640.1
725.3
Adjusted OIBDA less property and equipment additions
$
231.0
$
178.1
$
1,066.2
$
839.9
Operating income (loss) margin 2
10.8
%
10.3
%
2.4
%
(1.7
)%
Adjusted OIBDA margin 3
38.9
%
36.4
%
38.4
%
35.2
%
Adjusted Free Cash Flow Definition and Reconciliation
We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, and (iii) proceeds received in connection with handset receivables securitization, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows.
The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period:
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024
in millions
Net cash provided by operating activities
$
461.9
$
398.6
$
805.9
$
756.3
Cash payments for direct acquisition and disposition costs
4.9
2.9
13.7
7.9
Expenses financed by an intermediary 1
47.3
54.2
201.1
198.8
Capital expenditures, net
(141.8
)
(163.7
)
(500.0
)
(540.4
)
Principal payments on amounts financed by vendors and intermediaries
(88.7
)
(88.6
)
(346.0
)
(324.6
)
Principal payments on finance leases
(0.4
)
(0.2
)
(1.1
)
(0.9
)
Proceeds from (repayments of) handset receivables securitization, net
(5.2
)
(7.4
)
(23.9
)
19.2
Adjusted FCF before distributions to noncontrolling interest owners
278.0
195.8
149.7
116.3
Distributions to noncontrolling interest owners
(44.2
)
(32.6
)
(73.3
)
(55.1
)
Adjusted FCF
$
233.8
$
163.2
$
76.4
$
61.2
Rebase Information
Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows:
In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period.
We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if this transaction had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates.
The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate.
In the tables set forth below:
The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations.
Three months ended December 31, 2024
Liberty Caribbean
C&W Panama
Liberty Networks
Liberty Puerto Rico
Liberty Costa Rica
Corporate
Intersegment eliminations
Total
In millions
Revenue – Reported
$
370.8
$
208.8
$
110.0
$
314.1
$
168.1
$
4.1
$
(28.0
)
$
1,147.9
Rebase adjustment:
Disposition
—
(0.5
)
—
—
—
—
—
(0.5
)
Foreign currency
(1.8
)
—
3.1
—
3.9
—
0.2
5.4
Revenue – Rebased
$
369.0
$
208.3
$
113.1
$
314.1
$
172.0
$
4.1
$
(27.8
)
$
1,152.8
Reported percentage change
(4
)%
10
%
18
%
(4
)%
—
%
(10
)%
N.M.
1
%
Rebased percentage change
(4
)%
10
%
14
%
(4
)%
(2
)%
(10
)%
N.M
1
%
N.M. – Not Meaningful.
Year ended December 31, 2024
Liberty Caribbean
C&W Panama
Liberty Networks
Liberty Puerto Rico
Liberty Costa Rica
Corporate
Intersegment eliminations
Total
In millions
Revenue – Reported
$
1,462.8
$
763.2
$
447.5
$
1,250.4
$
613.1
$
19.6
$
(109.8
)
$
4,446.8
Rebase adjustment:
Acquisition
—
—
—
25.2
—
—
—
25.2
Disposition
—
(2.9
)
—
—
—
—
—
(2.9
)
Foreign currency
(7.0
)
—
0.9
—
13.9
—
0.1
7.9
Revenue – Rebased
$
1,455.8
$
760.3
$
448.4
$
1,275.6
$
627.0
$
19.6
$
(109.7
)
$
4,477.0
Reported percentage change
(1
)%
3
%
5
%
(4
)%
3
%
(24
)%
N.M.
—
%
Rebased percentage change
—
%
3
%
5
%
(6
)%
1
%
(24
)%
N.M.
(1
%
N.M. – Not Meaningful.
The following tables set forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations.
Three months ended December 31, 2024
Liberty Caribbean
C&W Panama
Liberty Networks
Liberty Puerto Rico
Liberty Costa Rica
Corporate
Total
In millions
Adjusted OIBDA – Reported
$
168.0
$
79.4
$
61.1
$
70.8
$
67.0
$
(28.1
)
$
418.2
Rebase adjustment:
Disposition
—
(0.1
)
—
—
—
—
(0.1
)
Foreign currency
(0.9
)
—
0.7
—
1.6
—
1.4
Adjusted OIBDA – Rebased
$
167.1
$
79.3
$
61.8
$
70.8
$
68.6
$
(28.1
)
$
419.5
Reported percentage change
(9
)%
18
%
22
%
26
%
(1
)%
7
%
8
%
Rebased percentage change
(8
)%
18
%
21
%
26
%
(3
)%
7
%
8
%
Year ended December 31, 2024
Liberty Caribbean
C&W Panama
Liberty Networks
Liberty Puerto Rico
Liberty Costa Rica
Corporate
Total
In millions
Adjusted OIBDA – Reported
$
633.3
$
269.7
$
242.7
$
279.8
$
229.5
$
(89.8
)
$
1,565.2
Rebase adjustment:
Acquisition
—
—
—
2.9
—
—
2.9
Disposition
—
(1.0
)
—
—
—
—
(1.0
)
Foreign currency
(3.4
)
—
0.3
—
5.2
—
2.1
Adjusted OIBDA – Rebased
$
629.9
$
268.7
$
243.0
$
282.7
$
234.7
$
(89.8
)
$
1,569.2
Reported percentage change
6
%
11
%
6
%
26
%
3
%
(26
)%
9
%
Rebased percentage change
7
%
11
%
6
%
25
%
—
%
(26
)%
9
%
The following tables set forth the reconciliation from reported revenue by product for our Liberty Caribbean segment to rebased revenue by product and related change calculations.
Three months ended December 31, 2024
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
129.0
$
112.5
$
241.5
$
129.3
$
370.8
Rebase adjustment:
Foreign currency
(0.5
)
(0.8
)
(1.3
)
(0.5
)
(1.8
)
Revenue by product – Rebased
$
128.5
$
111.7
$
240.2
$
128.8
$
369.0
Reported percentage change
(10
)%
4
%
(3
)%
(6
)%
(4
)%
Rebased percentage change
(9
)%
5
%
(3
)%
(6
)%
(4
)%
Year ended December 31, 2024
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
514.2
$
431.8
$
946.0
$
516.8
$
1,462.8
Rebase adjustment:
Foreign currency
(2.4
)
(2.5
)
(4.9
)
(2.1
)
(7.0
)
Revenue by product – Rebased
$
511.8
$
429.3
$
941.1
$
514.7
$
1,455.8
Reported percentage change
(2
)%
4
%
1
%
(3
)%
(1
)%
Rebased percentage change
(1
)%
4
%
1
%
(2
)%
—
%
The following tables set forth the reconciliation from reported revenue by product for our C&W Panama segment to rebased revenue by product and related change calculations.
Three months ended December 31, 2024
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
32.0
$
90.0
$
122.0
$
86.8
$
208.8
Rebase adjustment:
Disposition
(0.5
)
—
(0.5
)
—
(0.5
)
Revenue by product – Rebased
$
31.5
$
90.0
$
121.5
$
86.8
$
208.3
Reported percentage change
(13
)%
5
%
—
%
24
%
10
%
Rebased percentage change
(12
)%
5
%
1
%
24
%
10
%
Year ended December 31, 2024
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
127.3
$
333.2
$
460.5
$
302.7
$
763.2
Rebase adjustment:
Disposal
(2.9
)
—
(2.9
)
—
(2.9
)
Revenue by product – Rebased
$
124.4
$
333.2
$
457.6
$
302.7
$
760.3
Reported percentage change
(4
)%
7
%
4
%
1
%
3
%
Rebased percentage change
(2
)%
7
%
5
%
1
%
3
%
The following tables set forth the reconciliation from reported revenue by product for our Liberty Puerto Rico segment to rebased revenue by product and related change calculations.
Three months ended December 31, 2024
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Other revenue
Total revenue
In millions
Revenue by product – Reported
$
123.7
$
134.4
$
258.1
$
44.0
$
12.0
$
314.1
Revenue by product – Rebased
$
123.7
$
134.4
$
258.1
$
44.0
$
12.0
$
314.1
Reported percentage change
(1
)%
(3
)%
(2
)%
(4
)%
(41
)%
(4
)%
Rebased percentage change
(1
)%
(3
)%
(2
)%
(4
)%
(41
)%
(4
)%
Year ended December 31, 2024
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Other revenue
Total revenue
In millions
Revenue by product – Reported
$
497.8
$
512.3
$
1,010.1
$
206.7
$
33.6
$
1,250.4
Rebase adjustment:
Acquisition
—
25.2
25.2
—
—
25.2
Revenue by product – Rebased
$
497.8
$
537.5
$
1,035.3
$
206.7
$
33.6
$
1,275.6
Reported percentage change
(1
)%
(2
)%
(1
)%
(16
)%
(20
)%
(4
)%
Rebased percentage change
(1
)%
(6
)%
(4
)%
(16
)%
(20
)%
(6
)%
The following tables set forth the reconciliation from reported revenue by product for our Liberty Costa Rica segment to rebased revenue by product and related change calculations.
Three months ended December 31, 2024
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
43.5
$
98.1
$
141.6
$
26.5
$
168.1
Rebase adjustment:
Foreign currency
1.1
2.2
3.3
0.6
3.9
Revenue by product – Rebased
$
44.6
$
100.3
$
144.9
$
27.1
$
172.0
Reported percentage change
(3
)%
8
%
5
%
(26
)%
—
%
Rebased percentage change
(4
)%
6
%
2
%
(28
)%
(2
)%
Year ended December 31, 2024
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
172.3
$
364.9
$
537.2
$
75.9
$
613.1
Rebase adjustment:
Foreign currency
4.0
8.3
12.3
1.6
13.9
Revenue by product – Rebased
$
176.3
$
373.2
$
549.5
$
77.5
$
627.0
Reported percentage change
(2
)%
8
%
5
%
(9
)%
3
%
Rebased percentage change
(4
)%
6
%
3
%
(11
)%
1
%
Non-GAAP Reconciliation for Consolidated Leverage Ratios
We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage ratios as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of December 31, 2025 and September 30, 2025 are set forth below:
December 31,
2025
September 30,
2025
in millions, except leverage ratios
Total debt and finance lease obligations
$
8,279.2
$
8,280.0
Discounts, premiums and deferred financing costs, net
79.3
83.0
Adjusted total debt and finance lease obligations
8,358.5
8,363.0
Less:
Cash and cash equivalents
783.9
596.7
Restricted cash related to debt 1
13.0
13.0
Net debt and finance lease obligations
$
7,561.6
$
7,753.3
Operating income (loss) 2:
Operating loss for the three months ended June 30, 2025
N/A
$
(333.0
)
Operating income for the three months ended September 30, 2025
$
187.5
187.5
Operating income for the three months ended December 31, 2025
125.6
N/A
Operating income (loss) – last two quarters
$
313.1
$
(145.5
)
Annualized operating income (loss) – last two quarters annualized
$
626.2
$
(291.0
)
Adjusted OIBDA 3:
Adjusted OIBDA for the three months ended June 30, 2025
N/A
$
415.0
Adjusted OIBDA for the three months ended September 30, 2025
$
433.4
433.4
Adjusted OIBDA for the three months ended December 31, 2025
451.3
N/A
Adjusted OIBDA – last two quarters
$
884.7
$
848.4
Annualized Adjusted OIBDA – last two quarters annualized
$
1,769.4
$
1,696.8
Consolidated debt and finance lease obligations to operating income (loss) ratio
13.3 x
(28.7) x
Consolidated net debt and finance lease obligations to operating income (loss) ratio
12.1 x
(26.6) x
Consolidated leverage ratio
4.7 x
4.9 x
Consolidated net leverage ratio
4.3 x
4.6 x
N/A – Not Applicable.
Three months ended
September 30,
2025
June 30,
2025
in millions
Operating income (loss)
$
187.5
$
(333.0
)
Share-based compensation and other Employee Incentive Plan-related expense
15.0
13.3
Depreciation and amortization
213.6
217.5
Impairment, restructuring and other operating items, net
17.3
517.2
Adjusted OIBDA
$
433.4
$
415.0
Non-GAAP Reconciliations for Our Borrowing Groups
The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W, Liberty Puerto Rico and Liberty Costa Rica borrowing groups in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; (iii) Proportionate Adjusted OIBDA, (iv) rebased revenue and (v) rebased Adjusted OIBDA.
Adjusted OIBDA for our borrowing groups is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income.
A reconciliation of C&W's operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table:
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024
in millions
Operating income
$
93.4
$
112.6
$
508.2
$
385.4
Share-based compensation and other Employee Incentive Plan-related expense
4.4
9.7
21.7
29.8
Depreciation and amortization
147.7
141.4
524.8
587.3
Related-party fees and allocations
16.0
25.5
89.3
95.1
Impairment, restructuring and other operating items, net
60.1
18.6
86.0
47.8
Adjusted OIBDA
321.6
307.8
1,230.0
1,145.4
Less: Noncontrolling interests' share of Adjusted OIBDA
63.3
55.8
214.9
196.2
Proportionate Adjusted OIBDA
$
258.3
$
252.0
$
1,015.1
$
949.2
A reconciliation of Liberty Puerto Rico's operating income (loss) to Adjusted OIBDA is presented in the following table:
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024
in millions
Operating income (loss)
$
17.8
$
(16.8
)
$
(442.2
)
$
(551.3
)
Share-based compensation and other Employee Incentive Plan-related expense
1.0
1.4
5.7
6.8
Depreciation and amortization
59.0
60.4
233.8
246.4
Related-party fees and allocations
7.2
9.8
48.4
44.8
Impairment, restructuring and other operating items, net
4.4
16.0
507.7
533.1
Adjusted OIBDA
$
89.4
$
70.8
$
353.4
$
279.8
A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table:
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024
CRC in billions
Operating income
18.2
19.8
60.7
64.3
Share-based compensation and other Employee Incentive Plan-related expense
0.2
0.1
1.0
0.7
Depreciation and amortization
14.2
13.5
54.9
51.2
Related-party fees and allocations
0.3
0.4
1.3
1.4
Impairment, restructuring and other operating items, net
0.1
0.4
0.7
0.6
Adjusted OIBDA
33.0
34.2
118.6
118.2
The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations:
Three months ended December 31, 2024
Year ended December 31, 2024
in millions
Revenue – Reported
$
667.3
$
2,586.4
Rebase adjustment:
Disposal
(0.5
)
(2.9
)
Foreign currency
1.5
(6.0
)
Revenue – Rebased
$
668.3
$
2,577.5
Reported percentage change
4
%
1
%
Rebased percentage change
4
%
2
%
The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations:
Three months ended
December 31, 2024
Year ended
December 31, 2024
in millions
Adjusted OIBDA – Reported
$
307.8
$
1,145.4
Rebase adjustment:
Disposal
(0.1
)
(1.0
)
Foreign currency
(0.3
)
(3.4
)
Adjusted OIBDA – Rebased
$
307.4
$
1,141.0
Reported percentage change
4
7
%
Rebased percentage change
5
8
%