LBRDA is no longer listed. Its last trade on record was Aug 21, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Cash generation efficiency has deteriorated significantly, evidenced by an operating cash flow to net income ratio that reached -0.36 in 2026Q1, signaling a disconnect between accounting profits and actual liquidity.
Liberty Broadband Corporation (LBRDA) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -367M | -327M | 104M | 16M | -56M | 3M | -96M | -37M | -26.26M | -30.03M | -11.9M | 35.29M | 2.73M | 5.47M | 6.44M |
| Operating CF Growth % | -23718.22% | -414.42% | 550% | 128.57% | -1966.67% | 103.13% | -159.46% | -40.9% | 12.56% | -152.4% | -133.72% | 1193.59% | -50.17% | -14.96% | - |
| Operating CF / Revenue % | - | - | 10.24% | 1.63% | -5.74% | 0.3% | -189.33% | -246.67% | -117.99% | -229.38% | -38.9% | 38.7% | 3.95% | 7.08% | 7.75% |
| Net Income | -5.25B | -2.68B | 869M | 688M | 1.26B | 732M | 398M | 117M | 69.95M | 2.03B | 917.3M | -50.19M | -134.6M | -41.73M | 44.04M |
| Depreciation & Amortization | -105M | 0 | 207M | 230M | 262M | 267M | 15M | 2M | 2.78M | 3.77M | 4M | 6.09M | 9.04M | 4.38M | 5.84M |
| Deferred Taxes | -1.5B | -851M | 170M | 168M | 54M | -15M | -37M | 38M | 21.57M | 416.84M | 560.78M | -24.96M | -66.7M | -30.92M | 19.84M |
| Other Non-Cash Items | 6.68B | 3.36B | -1.21B | -998M | -1.71B | -1.17B | -445M | -205M | -124.73M | -2.49B | -1.51B | 143.5M | 198.05M | 70.44M | -58.32M |
| Working Capital Changes | -190M | -166M | 43M | -106M | 47M | 152M | -36M | 1M | -1.53M | 3.11M | 6.29M | -45.53M | -4.05M | 2.31M | -2.57M |
| Capital Expenditures | 281M | 0 | -247M | -222M | 3.05B | 4.06B | 575M | -1M | -41K | -70K | -4.99B | -2.48M | -209.99M | -2.62B | -22M |
| CapEx / Revenue % | - | - | 24.31% | 22.63% | 312.51% | 411.13% | 1133.99% | 6.67% | 0.18% | 0.53% | 16317.27% | 2.72% | 304.13% | 3392.92% | 26.47% |
| CapEx / D&A | -2.68x | - | 1.19x | 0.97x | 11.63x | 15.21x | 38.33x | 0.50x | 0.01x | 0.02x | 1246.14x | 0.41x | 23.22x | 599.01x | 3.77x |
| CapEx Coverage (OCF/CapEx) | -1.31x | - | 0.42x | 0.07x | -0.02x | 0.00x | -0.17x | -37.00x | -640.49x | -429.01x | -0.00x | 14.24x | 0.01x | 0.00x | 0.29x |
| Cash from Investing | 1.18B | 1.21B | 130M | 150M | 3.05B | 4.06B | 575M | -1M | -41K | -56K | -4.99B | -2.48M | -209.99M | -2.62B | -22M |
| Acquisitions | -600M | 1.2B | 335M | 394M | 3.2B | 4.19B | 577M | 0 | 0 | 0 | -5B | 0 | -223.94M | -2.57B | 0 |
| Purchase of Investments | 0 | 0 | 0 | -53M | 0 | 0 | -14.91M | 0 | 0 | 0 | -155.44M | -18.03M | -9M | -59.61M | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 164.46M | 18.02M | 0 | 0 | 0 |
| Other Investing | 1.66B | 7M | 42M | 31M | 31M | 2M | 14.91M | 0 | 0 | 14K | 453K | -1.74M | 24.36M | 1.02M | -20.11M |
| Cash from Financing | -965M | -940M | -181M | -390M | -2.8B | -5.29B | 904M | 5M | 28.15M | -94.38M | 4.55B | 577.46M | 242.82M | 2.62B | -5.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.4B | 697.31M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -89M | -227M | -2.88B | -4.27B | -597M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -192M | 12M | -30M | -48M | -9M | -11M | -23M | -45M | 3.15M | 5.62M | -46.65M | -147.84M | -129.18M | 2.62B | -5.3M |
| Net Change in Cash | -149M | -134M | 53M | -224M | 194M | -1.23B | 1.38B | -33M | 1.85M | -124.47M | -449.35M | 610.27M | 35.56M | -780K | -20.86M |
| Exchange Rate Effect | 4M | -74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.02B | 229M | 176M | 400M | 206M | 1.43B | 50M | 83M | 81.26M | 205.73M | 655.08M | 44.81M | 9.25M | 10.03M | 30.89M |
| Cash at End | 43M | 95M | 229M | 176M | 400M | 206M | 1.43B | 50M | 83.1M | 81.26M | 205.73M | 655.08M | 44.81M | 9.25M | 10.03M |
| Free Cash Flow | -86M | -327M | -143M | -206M | 2.99B | 4.07B | 479M | -38M | -26.3M | -30.1M | -5B | 32.81M | -207.26M | -2.62B | -15.56M |
| FCF Growth % | -114.8% | -128.67% | 30.58% | -106.89% | -26.42% | 748.64% | 1360.53% | -44.48% | 12.62% | 99.4% | -15347.48% | 115.83% | 92.09% | -16733.06% | - |
| FCF Margin % | - | - | -14.07% | -21% | 306.77% | 411.44% | 944.66% | -253.33% | -118.17% | -229.92% | -16356.17% | 35.98% | -300.18% | -3385.85% | -18.73% |
| FCF / Net Income % | 1.64% | 12.22% | -16.46% | -29.94% | 237.95% | 555.33% | 120.47% | -32.42% | -37.6% | -1.48% | -545.37% | -65.38% | 153.97% | 6277.3% | -35.21% |
Quick answers to the most common questions about buying LBRDA stock.
Liberty Broadband Corporation (LBRDA) generated $-327.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Liberty Broadband Corporation (LBRDA) reported negative free cash flow of $327.0M in 2025, indicating capital requirements exceeded cash from operations.
Liberty Broadband Corporation (LBRDA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Equity method accounting complexity
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Cash
As reported in recent financial statements, LBRDA's operating cash flow to net income ratio has frequently dipped into negative territory, reaching -0.36 in 2026Q1, which highlights a significant divergence between accounting profits and the actual cash generated by the underlying business operations.
The consistent failure of net income to translate into operating cash flow suggests that reported earnings are heavily influenced by non-cash equity accounting adjustments from the Charter stake. Investors should monitor this gap, as it indicates that the company's reported profitability may not reflect the actual liquidity available for debt service or capital reinvestment.
Free Cash Flow Volatility Trends
Based on the provided quarterly data, LBRDA's free cash flow trajectory has become increasingly erratic, shifting from a positive $345 million in 2025Q2 to a negative $231 million by 2025Q4, signaling a deterioration in the firm's ability to self-fund its capital-intensive infrastructure requirements.
This volatility appears to be driven by the lumpy nature of capital expenditures and the lack of consistent cash generation from the consolidated GCI segment. The inability to maintain positive free cash flow suggests that the company may be increasingly reliant on external financing or asset monetization to sustain its current operational footprint.
Capital Intensity Obscures Operational Health
According to recent SEC filings, LBRDA's capital expenditure as a percentage of revenue has fluctuated wildly, reaching as high as 111.6% in 2023Q4, which underscores the extreme capital intensity required to maintain the firm's subsea and terrestrial fiber network infrastructure in the Alaskan market.
The high and variable nature of these expenditures suggests that the company is forced to prioritize network maintenance and upgrades regardless of the current cash flow environment. This capital intensity may limit the firm's flexibility to pivot during periods of revenue contraction or increased competitive pressure from fixed-wireless alternatives.
Working Capital Drag on Liquidity
As indicated by the quarterly cash flow statements, working capital changes have frequently acted as a significant drain on cash, with a $114 million outflow recorded in 2025Q4, suggesting inefficiencies in managing receivables or inventory within the consolidated GCI Holdings segment.
These recurring working capital outflows imply that the company is struggling to optimize its cash conversion cycle, potentially due to the unique logistical challenges of operating in the Alaskan telecommunications market. Investors should investigate whether these outflows are structural or indicative of deteriorating collection efficiency among the firm's subscriber base.