Cash conversion efficiency is inconsistent, evidenced by an operating cash flow to net income ratio that reached a low of -3.33 in 2025Q3, complicating the sustainability of capital allocation strategies like share repurchases.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 1.2B | 1.22B | 2.03B | 2.17B | 2.84B | 3.55B | 4.19B | 4.59B | 5.96B | 5.71B | 5.94B | 5.73B | 5.6B | 3.93B | 2.92B | 2.74B | 2.28B | 3.35B | 3.14B | 2.55B | 1.88B | 1.58B | 746.24M |
| Operating CF Margin % | - | 25.01% | 46.82% | 52.62% | 70.64% | 34.42% | 36.26% | 41.25% | 49.87% | 50.62% | 43.27% | 33.6% | 32.88% | 29.81% | 29.4% | 30.01% | 27.26% | 44.73% | 29.89% | 28.32% | 28.96% | 34.89% | 35.32% |
| Operating CF Growth % | -141.42% | -39.98% | -6.14% | -23.68% | -20.04% | -15.21% | -8.71% | -23.1% | 4.47% | -3.92% | 3.64% | 2.31% | 42.53% | 34.65% | 6.7% | 20% | -32% | 6.86% | 23.07% | 35.77% | 19.15% | 111.21% | - |
| Net Income | -5.46B | -7.1B | 1.59B | -4.05B | 1.47B | 13.43B | -1.63B | 11.52B | 725.3M | -2.78B | 1.71B | -1.15B | -695M | -963.9M | 322.8M | -671M | -876M | -15.1M | -788.9M | -422.6M | 706.2M | -80.1M | -31.76M |
| Depreciation & Amortization | 1.06B | 1.04B | 1.07B | 1.28B | 1.12B | 2.39B | 2.27B | 3.6B | 3.91B | 3.85B | 4.19B | 5.69B | 5.58B | 4.35B | 2.66B | 2.46B | 2.37B | 3.05B | 2.86B | 2.57B | 1.97B | 1.56B | 982.62M |
| Stock-Based Compensation | 136M | 169.4M | 168.3M | 204.8M | 163.2M | 308.1M | 348M | 305.8M | 206M | 162.2M | 268.1M | 315.8M | 257.2M | 300.7M | 110.1M | 131.3M | 122.8M | 129.8M | 153.5M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -113.3M | -121.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129.6M | 482M | -511.1M | 231.2M | 130.1M | -100.6M | -74.74M | 0 |
| Other Non-Cash Items | 5.34B | 7.21B | -1.2B | 4.14B | -117.1M | -13.28B | 2.25B | -11.72B | 481.8M | 4.01B | -582.7M | 431M | -403.9M | -626.6M | -64.6M | 1.17B | 1.63B | 1.17B | 869.7M | 712.1M | 132.7M | 33.98M | -323.05M |
| Working Capital Changes | 205.5M | 15.5M | 410.5M | 593.4M | 199.5M | 707.1M | 947.3M | 877M | 635.4M | 466.1M | 362.8M | 452.3M | 860.5M | 866.7M | 785M | -482.9M | -1.45B | -462.9M | -185.2M | -129M | 47.5M | 138.29M | 118.42M |
| Change in Receivables | 0 | 0 | 410.5M | 593.4M | 199.5M | 707.1M | 947.3M | 877M | 635.4M | 466.1M | 362.8M | 452.3M | 860.5M | 866.7M | 785M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -701.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.16B | -883.9M | 684.7M | -1.84B | 1.28B | -5.8B | -8.87B | 9.27B | 87.3M | -560.8M | -7.04B | -3.83B | -2.8B | -7.96B | -1.08B | -4.01B | -1.37B | -2.16B | -3.04B | -2.9B | -104.4M | -4.93B | -534.65M |
| Capital Expenditures | -154.3M | -1.34B | -908.5M | -1.84B | -891.3M | -5.8B | -8.87B | 9.27B | -1.45B | -1.25B | -7.04B | -3.83B | -2.68B | -7.96B | -1.87B | -4.01B | -1.79B | -2.24B | -2.38B | -2.03B | -1.51B | -4.93B | -508.35M |
| CapEx % of Revenue | 3.1% | 27.53% | 20.92% | 44.83% | 22.19% | 56.22% | 76.86% | 83.44% | 12.15% | 11.09% | 51.3% | 22.44% | 15.75% | 60.4% | 18.81% | 43.98% | 21.41% | 29.81% | 22.62% | 22.6% | 23.26% | 109.24% | 24.06% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.18B | 44M | 1.79B | -923.1M | 2.17B | -4.32B | -2.31B | 10.47B | 1.62B | 1.1B | -4.11B | -1.44B | -45.7M | -1.41B | 787.4M | -102.8M | -1.91B | 151M | 53.9M | 359.9M | 2.91B | -55.1M | 150.03M |
| Cash from Financing | -273.9M | -226.1M | -2.25B | -692.4M | -3.28B | -1.55B | 1.08B | -7.18B | -6.19B | -4.68B | 1.7B | -2.06B | -4.26B | 4.62B | -1.47B | -747.7M | -219.8M | 694.3M | -826.9M | 341.1M | -1.21B | 2.19B | 2.24B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -154.2M | -192.1M | -689.8M | -1.49B | -1.7B | -1.58B | -1.07B | -3.22B | -2.01B | -2.98B | -1.97B | -2.32B | -1.58B | -1.16B | 0 | -932.2M | -884.9M | -289.7M | -2.24B | -1.8B | -1.83B | 794.66M | 1.03B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -154.2M | -192.1M | -689.8M | -1.49B | -1.7B | -1.58B | -1.07B | -3.22B | -2.01B | -2.98B | -1.97B | -2.32B | -1.58B | -1.16B | -970.3M | -932.2M | -884.9M | -416.3M | -2.27B | -1.8B | -1.76B | -78.89M | -127.89M |
| Other Financing | 31.7M | 34.3M | -1.63B | -1.19B | -1.33B | -148.7M | -390.8M | -289.1M | -405.8M | -741.3M | -182.9M | -832.7M | -932.7M | 4.42B | -1.47B | -919.2M | 3.15B | -4.32B | -22.3M | -500M | -472.7M | -158.07M | 758.3M |
| Net Change in Cash | -154.3M | 265.1M | 399.4M | -309.5M | 815.1M | -3.8B | -3.46B | 6.68B | -184.5M | 595.4M | 379.8M | -450.9M | 1.16B | 2.71B | 2.04B | -1.99B | 577.9M | 1.9B | -661.5M | 155M | 678.3M | -1.33B | 2.52B |
| Free Cash Flow | 606.6M | -123M | 1.12B | 320.9M | 1.95B | -2.25B | -4.69B | 13.86B | 4.51B | 4.46B | -1.1B | 1.9B | 2.92B | -4.03B | 1.05B | -1.27B | 489.1M | 1.12B | 763M | 515.3M | 370.1M | -3.36B | 237.89M |
| FCF Margin % | 12.18% | -2.52% | 25.9% | 7.8% | 48.45% | -21.8% | -40.61% | 124.69% | 37.72% | 39.53% | -8.03% | 11.15% | 17.13% | -30.59% | 10.59% | -13.97% | 5.85% | 14.91% | 7.27% | 5.72% | 5.71% | -74.35% | 11.26% |
| FCF Growth % | -72.4% | -110.94% | 250.39% | -83.51% | 186.61% | 52.06% | -133.83% | 207.31% | 1.17% | 504.35% | -157.93% | -34.8% | 172.36% | -483.65% | 182.53% | -360.48% | -56.25% | 46.53% | 48.07% | 39.23% | 111.02% | -1511.81% | - |
| FCF per Share | 1.73 | -0.34 | 3.10 | 0.75 | 3.92 | -3.95 | -7.79 | 19.64 | 5.79 | 5.26 | -1.23 | 2.20 | 3.25 | -6.45 | 1.75 | -4.29 | 1.72 | 3.73 | 2.09 | 1.20 | 0.75 | -7.19 | 0.65 |
| FCF Conversion (FCF/Net Income) | -0.11x | -0.17x | 1.28x | -0.53x | 1.93x | 0.26x | -2.57x | 0.40x | 8.22x | -2.05x | 3.48x | -4.97x | -7.93x | -4.25x | 9.04x | -3.54x | 5.87x | -8.14x | -3.98x | -6.03x | 2.66x | -19.68x | -34.71x |
| Interest Paid | -900K | 0 | 514.3M | 479.8M | 263.7M | 830.3M | 1.13B | 1.42B | 1.41B | 1.38B | 1.84B | 2.02B | 2.38B | 2.15B | 0 | 1.38B | 1.16B | 826.6M | 1.29B | 0 | 0 | 0 | 0 |
| Taxes Paid | -58.8M | 0 | 196.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54.9M | 273.5M | 215.8M | 141.3M | 0 | 0 | 0 | 0 |
High leverage and volatility
As reported in financial statements, Liberty Global's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -3.33 in 2025Q3, which suggests that reported earnings are frequently decoupled from the actual cash-generative capacity of the underlying telecommunications infrastructure assets.
The extreme variance between net income and operating cash flow indicates that non-cash items, such as derivative mark-to-market adjustments and impairments, are heavily distorting the bottom line. Investors should monitor this divergence, as it implies that the company's reported profitability may not be a reliable indicator of its ability to fund operations internally.
Based on the company's reported figures, free cash flow margins have swung from a negative 80.8% in 2024Q4 to a positive 101.0% in 2024Q2, highlighting a highly inconsistent cash trajectory that complicates long-term valuation and assessment of the firm's financial health.
This volatility appears to be driven by the timing of capital expenditures and the lumpy nature of cash distributions from non-consolidated joint ventures. The lack of a stable free cash flow trend suggests that the company remains reliant on external financing or asset divestitures to maintain its capital allocation strategy.
According to recent SEC filings, Liberty Global's capital expenditure as a percentage of revenue has frequently exceeded 30%, with a peak of 49.4% in 2024Q2, reflecting the heavy financial burden of maintaining and upgrading its hybrid fiber-coaxial and fiber-to-the-home network infrastructure.
The high capital intensity suggests that the company is in a perpetual cycle of reinvestment to defend its market share against fiber-to-the-premises competitors. This persistent spending requirement may continue to constrain free cash flow, regardless of the company's success in driving top-line growth.
As indicated by the company's cash flow statements, Liberty Global has consistently prioritized share repurchases, with quarterly outflows reaching as high as $361.6 million in 2023Q4, even during periods where free cash flow was negative or highly volatile.
This capital deployment strategy appears to prioritize shareholder returns over debt reduction, which may be viewed as risky given the company's strained balance sheet. Investors should investigate whether these buybacks are sustainable without further asset sales or increased leverage, especially as competitive pressures in the UK and Swiss markets intensify.
Quick answers to the most common questions about buying LBTYK stock.
Liberty Global plc (LBTYK) generated $1.22B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Liberty Global plc (LBTYK) reported negative free cash flow of $123.0M in 2025, indicating capital requirements exceeded cash from operations.
Liberty Global plc (LBTYK) spent $1.34B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Liberty Global plc (LBTYK) spent $192.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.