Revenue visibility remains severely compromised, with reported growth plummeting to -100% in 2026Q1 as structural accounting changes mask the underlying performance of the GCI Holdings segment.
| 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 |
|---|
| Sales/Revenue | 261M | 0 | 1.02B | 981M | 975M | 988M | 50.71M | 15M | 22.26M | 13.09M | 30.59M | 91.18M | 69.05M | 77.36M | 83.1M |
| Revenue Growth % | -74.83% | -100% | 3.57% | 0.62% | -1.32% | 1848.49% | 238.04% | -32.6% | 70% | -57.2% | -66.46% | 32.06% | -10.75% | -6.9% | - |
| Cost of Goods Sold | 58M | 0 | 257M | 245M | 253M | 282M | 35.67M | 9M | 7.99M | 10.73M | 2.8M | 6.1M | 7.5M | 23.44M | 20.36M |
| COGS % of Revenue | - | - | 25.3% | 24.97% | 25.95% | 28.54% | 70.35% | 60% | 35.92% | 82% | 9.15% | 6.69% | 10.86% | 30.3% | 24.5% |
| Gross Profit | 203M | 0 | 759M | 736M | 722M | 706M | 15.04M | 6M | 14.26M | 2.36M | 27.79M | 85.09M | 61.55M | 53.92M | 62.74M |
| Gross Margin % | 77.78% | - | 74.7% | 75.03% | 74.05% | 71.46% | 29.65% | 40% | 64.08% | 18% | 90.85% | 93.31% | 89.14% | 69.7% | 75.5% |
| Gross Profit Growth % | - | -100% | 3.13% | 1.94% | 2.27% | 4595.4% | 150.6% | -57.93% | 505.09% | -91.52% | -67.34% | 38.25% | 14.14% | -14.06% | - |
| Operating Expenses | 180M | 36M | 667M | 663M | 761M | 804M | 74.69M | 35M | 26.28M | 27.84M | 48.95M | 26.13M | 104.52M | 54.01M | 2.6M |
| OpEx % of Revenue | - | - | 65.65% | 67.58% | 78.05% | 81.38% | 147.3% | 233.33% | 118.06% | 212.61% | 160.03% | 28.66% | 151.38% | 69.81% | 3.13% |
| Selling, General & Admin | 128M | 212M | 460M | 433M | 432M | 442M | 74.69M | 33M | 23.5M | 24.07M | 34.7M | 42.79M | 46.82M | 33.44M | 33.22M |
| SG&A % of Revenue | - | - | 45.28% | 44.14% | 44.31% | 44.74% | 147.3% | 220% | 105.58% | 183.81% | 113.46% | 46.93% | 67.81% | 43.23% | 39.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.96M | 8.15M | 10.24M | 17.03M | 18.48M | 15.56M | 15.8M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 26.76% | 62.27% | 33.48% | 18.68% | 26.76% | 20.11% | 19.01% |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 23M | -36M | 92M | 73M | -39M | -98M | -59.66M | -29M | -12.01M | -25.48M | -21.16M | 58.95M | -42.97M | -88K | 7.88M |
| Operating Margin % | 8.81% | - | 9.06% | 7.44% | -4% | -9.92% | -117.65% | -193.33% | -53.98% | -194.61% | -69.18% | 64.66% | -62.24% | -0.11% | 9.48% |
| Operating Income Growth % | - | -139.13% | 26.03% | 287.18% | 60.2% | -64.28% | -105.71% | -141.39% | 52.85% | -20.41% | -135.89% | 237.19% | -48734.09% | -101.12% | - |
| EBITDA | -3.7B | -3.14B | 299M | 303M | 223M | 169M | -44.43M | -27M | -9.23M | -21.71M | -17.16M | 65.04M | -33.93M | 4.29M | 13.72M |
| EBITDA Margin % | -1419.16% | - | 29.43% | 30.89% | 22.87% | 17.11% | -87.62% | -180% | -41.49% | -165.81% | -56.09% | 71.33% | -49.14% | 5.55% | 16.51% |
| EBITDA Growth % | -1268.45% | -1151.51% | -1.32% | 35.87% | 31.95% | 480.39% | -64.55% | -192.37% | 57.46% | -26.54% | -126.37% | 291.69% | -890.2% | -68.7% | - |
| D&A (Non-Cash Add-back) | 52M | 0 | 207M | 230M | 262M | 267M | 15.23M | 2M | 2.78M | 3.77M | 4M | 6.09M | 9.04M | 4.38M | 5.84M |
| EBIT | -3.76B | -3.14B | 92M | 73M | 28M | -3M | 389.32M | -29M | -12.01M | -25.48M | -21.16M | 19.17M | -12.79M | 536K | 7.88M |
| Net Interest Income | -116M | -110M | -194M | -206M | -133M | -117M | -28M | -25M | -23.3M | -19.57M | -14.96M | -7.42M | -1.14M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -3.22B | -3.25B | 1.08B | 888M | 1.53B | 950M | 361.17M | 155M | 91.88M | 2.45B | 1.48B | -70.06M | -202.29M | -64.43M | 70.76M |
| Pretax Margin % | -1234.87% | - | 106.5% | 90.52% | 157.33% | 96.15% | 712.27% | 1033.33% | 412.82% | 18718.3% | 4824.66% | -76.83% | -292.98% | -83.28% | 85.15% |
| Income Tax | -888M | -923M | 213M | 200M | 277M | 218M | -36.44M | 37.94M | 21.92M | 416.93M | 558.37M | -19.87M | -67.69M | -22.7M | 26.86M |
| Effective Tax Rate % | 27.55% | 28.37% | 19.69% | 22.52% | 18.06% | 22.95% | -10.09% | 24.48% | 23.86% | 17.01% | 37.84% | 28.36% | 33.46% | 35.23% | 37.95% |
| Net Income | -2.74B | -2.68B | 869M | 688M | 1.26B | 732M | 397.62M | 117.22M | 69.95M | 2.03B | 917.3M | -50.19M | -134.6M | -41.73M | 44.2M |
| Net Margin % | -1050.19% | - | 85.53% | 70.13% | 128.92% | 74.09% | 784.17% | 781.44% | 314.31% | 15533.66% | 2999.09% | -55.04% | -194.95% | -53.94% | 53.19% |
| Net Income Growth % | -405.92% | -407.94% | 26.31% | -45.27% | 71.72% | 84.1% | 239.22% | 67.56% | -96.56% | 121.7% | 1927.77% | 62.72% | -222.58% | -194.42% | - |
| Net Income (Continuing) | -2.33B | -2.33B | 869M | 688M | 1.26B | 732M | 397.61M | 117.22M | 69.95M | 2.03B | 917.3M | -50.19M | -134.6M | -41.73M | 43.9M |
| Discontinued Operations | 0 | -345M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 133K |
| Minority Interest | 0 | 0 | 15M | 20M | 18M | 12M | 12M | 0 | 0 | 8.45M | 10.23M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -19.03 | -18.71 | 6.08 | 4.68 | 7.96 | 3.93 | 2.17 | 0.64 | 0.38 | 11.10 | 6.00 | -0.49 | -1.52 | -0.47 | 0.49 |
| EPS Growth % | -405.6% | -407.73% | 29.91% | -41.21% | 102.54% | 81.11% | 239.06% | 68.42% | -96.58% | 85% | 1324.49% | 67.76% | -223.4% | -195.92% | - |
| EPS (Basic) | - | -18.71 | 6.08 | 4.71 | 8.01 | 3.97 | 2.18 | 0.65 | 0.39 | 11.19 | 6.03 | -0.49 | -1.53 | -0.47 | 0.49 |
| Diluted Shares Outstanding | 144M | 143M | 143M | 147M | 158M | 186.23M | 183.25M | 182.78M | 182.78M | 183.15M | 152.85M | 103M | 88.77M | 89.53M | 89.53M |
| Basic Shares Outstanding | 143M | 143M | 143M | 146.07M | 157M | 184.54M | 182.04M | 181.53M | 181.53M | 181.77M | 152.1M | 102.5M | 88.14M | 88.34M | 88.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Equity method accounting complexity
As indicated by recent financial filings, LBRDA's reported revenue growth plummeted to -100% in early 2026, reflecting a structural shift in accounting consolidation that masks the underlying performance of the core GCI Holdings segment and the significant equity-accounted interest in Charter Communications' broader connectivity operations.
The abrupt cessation of consolidated revenue reporting suggests that investors must look beyond the headline income statement to assess the true economic trajectory of the business. This lack of transparency complicates the evaluation of organic growth, as the primary value driver remains the non-consolidated equity stake rather than the operating revenue of the Alaskan subsidiary.
Based on reported figures, LBRDA's net income has exhibited extreme volatility, swinging from a $383 million profit in 2025Q2 to a $3.2 billion loss by 2025Q4, a trend that appears driven by non-operating equity accounting adjustments rather than core operational performance or cash generation.
The massive fluctuations in net income suggest that the bottom line is heavily influenced by the mark-to-market impact of the Charter investment. Investors should monitor these non-cash items closely, as they provide little insight into the actual cash-generating capacity of the underlying telecommunications infrastructure.
According to historical income statements, LBRDA maintained SG&A expenses near $110 million per quarter prior to recent reporting changes, highlighting the inelastic nature of the firm's overhead despite the inherent volatility in its consolidated revenue streams and the capital-intensive requirements of its network.
The persistence of these costs suggests that management faces limited flexibility in scaling expenses during periods of revenue pressure. This fixed-cost structure warrants further investigation into how the company intends to maintain margins if the broadband-only transition continues to erode the traditional video-bundle revenue base.
As noted in market commentary, the persistent gap between LBRDA's market capitalization and its underlying asset value suggests that the market remains skeptical of the current corporate structure, potentially viewing the equity-method accounting as a barrier to realizing the true value of the Charter stake.
Short-term investors may focus on the risk that the holding company discount remains a permanent feature rather than a temporary mispricing. Without a clear, tax-efficient path to a merger or spin-off, the income statement's reliance on equity accounting may continue to obscure the company's true value for the foreseeable future.
Quick answers to the most common questions about buying LBRDA stock.
For fiscal year 2025, Liberty Broadband Corporation (LBRDA) reported total revenue of $0.0M. This represents a 100.0% decline compared to $83.1M in 2012.
Liberty Broadband Corporation (LBRDA) reported a net loss of $2.68B for the fiscal year ending 2025.