Revenue has contracted by 3.8% year-over-year to $256.0M, while gross margins have compressed to 28.1%, signaling a diminished ability to maintain historical pricing power.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Revenue | 1.04B | 1.05B | 940M | 904M | 894.73M | 739.76M | 23.82M | 933.81M | 978.53M | 910.2M | 811.65M | 679.38M | 651.25M | 100K | 575.44M | 520.31M | 477.48M |
| Revenue Growth % | - | - | 3.98% | 1.04% | 20.95% | 3006.03% | -97.45% | -4.57% | 7.51% | 12.14% | 19.47% | 4.32% | 651150% | -99.98% | 10.6% | 8.97% | - |
| Cost of Revenue | 688M | 735M | 279M | 272M | 285.33M | 227.19M | 11.54M | 302.58M | 322.34M | 551.53M | 280.46M | 227.4M | 0 | 0 | 203.06M | 179.06M | 156.41M |
| Gross Profit | 348M | 311M | 661M | 632M | 609.4M | 512.57M | 12.28M | 631.23M | 656.2M | 358.67M | 531.19M | 451.98M | 651.25M | 100K | 372.38M | 341.25M | 321.08M |
| Gross Margin % | 33.59% | 29.73% | 70.32% | 69.91% | 68.11% | 69.29% | 51.54% | 67.6% | 67.06% | 39.41% | 65.45% | 66.53% | 100% | 100% | 64.71% | 65.59% | 67.24% |
| Gross Profit Growth % | - | - | 4.59% | 3.71% | 18.89% | 4075.38% | -98.06% | -3.8% | 82.95% | -32.48% | 17.52% | -30.6% | 651150% | -99.97% | 9.12% | 6.28% | - |
| Operating Expenses | 720M | 133M | 521M | 520M | 824.86M | 781.81M | 80M | 205M | 328M | 183M | 956M | 4M | 3M | 36K | 210.31M | 192.49M | 171.65M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | -161M | 440M | 347M | 342M | 50.87M | -75.15M | -51.6M | 102.46M | 111.92M | 162.56M | 423.86M | 216.46M | 214.63M | 123.41M | 162.11M | 150.03M | 149.43M |
| EBITDA Margin % | -15.54% | 42.07% | 36.91% | 37.83% | 5.69% | -10.16% | -216.64% | 10.97% | 11.44% | 17.86% | 52.22% | 31.86% | 32.96% | 123411% | 28.17% | 28.84% | 31.29% |
| EBITDA Growth % | - | - | 1.46% | 572.29% | 167.69% | -45.65% | -150.36% | -8.45% | -31.15% | -61.65% | 95.81% | 0.86% | 73.91% | -23.87% | 8.05% | 0.41% | - |
| Depreciation & Amortization | 211M | 262M | 207M | 230M | 266.33M | 206.95M | 4M | 24M | 46M | 19M | 311M | 125.74M | 126.11M | 123.4M | 114.4M | 87.6M | 82.1M |
| D&A / Revenue % | 20.37% | 25.05% | 22.02% | 25.44% | 29.77% | 27.97% | 16.79% | 2.57% | 4.7% | 2.09% | 38.32% | 18.51% | 19.36% | 123400% | 19.88% | 16.84% | 17.19% |
| Operating Income (EBIT) | -372M | 178M | 140M | 112M | -215.46M | -282.1M | -55.6M | 78.46M | 65.92M | 143.56M | 112.86M | 90.72M | 88.51M | 11K | 47.71M | 62.43M | 67.33M |
| Operating Margin % | -35.91% | 17.02% | 14.89% | 12.39% | -24.08% | -38.13% | -233.43% | 8.4% | 6.74% | 15.77% | 13.91% | 13.35% | 13.59% | 11% | 8.29% | 12% | 14.1% |
| Operating Income Growth % | - | - | 25% | 151.98% | 23.62% | -407.4% | -170.86% | 19.03% | -54.08% | 27.2% | 24.41% | 2.49% | 804545.45% | -99.98% | -23.58% | -7.27% | - |
| Interest Expense | 4M | 45M | 49M | 51M | 153.8M | 119.3M | 83.34M | 78.63M | 78.79M | 72.5M | 69.72M | 68.26M | 0 | 0 | 48.3M | 36.13M | 34.41M |
| Interest Coverage | - | 3.96x | 2.86x | 2.20x | -1.40x | -2.36x | -0.67x | 1.00x | 0.84x | 1.98x | 1.62x | 1.33x | - | - | 0.99x | 1.73x | 1.96x |
| Interest / Revenue % | 0.39% | 4.3% | 5.21% | 5.64% | 17.19% | 16.13% | 349.92% | 8.42% | 8.05% | 7.96% | 8.59% | 10.05% | 0% | 0% | 8.39% | 6.94% | 7.21% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -10K | -1000K | -1000K | -1000K |
| Pretax Income | -409M | -386M | 97M | 65M | 674.46M | -1.06B | 591.03M | 1.07M | -27.71M | 69.27M | 42.68M | 13.09M | 18.44M | 1K | -792K | 25.46M | 34.25M |
| Pretax Margin % | -39.48% | -36.9% | 10.32% | 7.19% | 75.38% | -142.88% | 2481.57% | 0.11% | -2.83% | 7.61% | 5.26% | 1.93% | 2.83% | 1% | -0.14% | 4.89% | 7.17% |
| Income Tax | -83M | -77M | 27M | 24M | 165.91M | -183.31M | -41.43M | 5.21M | -1.85M | 10.03M | 10.96M | 7.49M | 9.49M | 0 | 1.08M | 11.96M | 15.8M |
| Effective Tax Rate % | 20.29% | 19.95% | 27.84% | 36.92% | 24.6% | 17.34% | -7.01% | 486.9% | 6.66% | 14.48% | 25.67% | 57.2% | 51.44% | 0% | -135.98% | 46.97% | 46.12% |
| Net Income | -326M | -309M | 70M | 41M | 2.19B | -873.3M | 724.59M | -3.67M | -26.02M | 7.56M | 9.41M | 5.84M | 8.96M | 1K | -1.87M | 13.5M | 18.52M |
| Net Margin % | -31.47% | -29.54% | 7.45% | 4.54% | 244.34% | -118.05% | 3042.31% | -0.39% | -2.66% | 0.83% | 1.16% | 0.86% | 1.38% | 1% | -0.32% | 2.6% | 3.88% |
| Net Income Growth % | - | - | 70.73% | -98.12% | 350.33% | -220.52% | 19859.64% | 85.91% | -444.38% | -19.66% | 61.09% | -34.8% | 895400% | 100.05% | -113.84% | -27.08% | - |
| EPS (Diluted) | -8.17 | -9.97 | 2.44 | 1.43 | 18.25 | -8.02 | 20.52 | -0.10 | -0.69 | 0.14 | 0.18 | 0.11 | 0.17 | 0.00 | -0.04 | 0.29 | 0.34 |
| EPS Growth % | - | - | 70.63% | -92.16% | 327.56% | -139.08% | 20620% | 85.51% | -592.86% | -22.22% | 63.64% | -35.29% | - | 100.05% | -113.79% | -14.71% | - |
| EPS (Basic) | - | -9.97 | 2.44 | 1.43 | 18.25 | -8.02 | 20.52 | -0.10 | -0.69 | 0.14 | 0.36 | 0.11 | 0.17 | 0.00 | -0.04 | 0.29 | 0.34 |
| Diluted Shares Outstanding | 39.9M | 31M | 28.7M | 28.7M | 106.2M | 108.84M | 35.32M | 36.69M | 37.75M | 52.68M | 45.5M | 52.68M | 52.68M | 51.81M | 46.73M | 46.73M | 54.47M |
Regulatory Subsidy Dependency
As indicated by the most recent quarterly data, GCI Liberty's revenue has contracted to $256.0M, representing a 3.8% year-over-year decline that highlights the challenges of maintaining growth in a geographically isolated market facing increasing pressure from alternative connectivity solutions like low-earth orbit satellite providers.
The revenue trajectory appears to be struggling as the company navigates a mature Alaskan market where subscriber gains are increasingly difficult to capture. Investors should monitor whether the recent decline reflects a permanent loss of market share or merely temporary volatility in government-contracted business segments.
Based on reported financial statements, the gross margin has compressed significantly to 28.1% in 2026Q1, a sharp departure from the historical levels exceeding 65% observed in 2020, suggesting that the cost of maintaining remote infrastructure is outpacing the company's ability to extract pricing power.
This margin contraction likely reflects the rising costs of backhaul and network maintenance in extreme environments, which may be exacerbated by inflationary pressures on logistics. The inability to sustain historical gross margins warrants further investigation into whether the current cost structure is fundamentally misaligned with the revenue profile.
According to the latest income statement filings, the operating margin has narrowed to 12.9%, reflecting a diminished ability to leverage fixed costs as SG&A expenses consume a larger portion of the gross profit pool compared to previous periods of operational stability.
The decline in operating income suggests that the company is struggling to achieve the necessary scale to offset its high fixed-cost base. Analysts should consider whether this trend indicates a permanent shift in the cost-to-serve model or if management can implement further efficiencies to protect operating profitability.
As evidenced by the extreme fluctuations in net income, ranging from a $387M loss in 2025Q3 to positive earnings in other periods, the reported bottom line is heavily distorted by non-operating items and equity method accounting, complicating the assessment of true underlying profitability.
The disconnect between operating income and net income suggests that investors should focus on normalized EBITDA rather than headline EPS to gauge the company's health. The presence of significant non-cash valuation adjustments appears to mask the core performance of the Alaskan telecommunications operations.
While the company relies on its terrestrial fiber network as a primary competitive advantage, the recent income statement data suggests that this moat may be insufficient to prevent margin erosion, as evidenced by the 28.1% gross margin reported in the most recent quarter.
Short-term observers may argue that the high barrier to entry in Alaska provides a false sense of security, as the cost of maintaining this infrastructure may eventually exceed the economic benefits. The risk of technological disruption from satellite-based competitors remains a critical factor that could further undermine the company's long-term pricing power.
Quick answers to the most common questions about buying GLIBA stock.
For fiscal year 2025, GCI Liberty, Inc. (GLIBA) reported total revenue of $1.05B. This represents a 119.1% increase compared to $477.5M in 2006.
GCI Liberty, Inc. (GLIBA) reported a net loss of $309.0M for the fiscal year ending 2025.
GCI Liberty, Inc. (GLIBA) reported an operating income of $178.0M, resulting in an operating profit margin of 17.0%. This margin reflects the operational efficiency of the business before interest and taxes.
GCI Liberty, Inc. (GLIBA) generated $311.0M in gross profit for the year, representing a gross profit margin of 29.7%. This demonstrates the company's core pricing power and production efficiency.