Revenue trajectory remains highly erratic, characterized by a 187.2% growth spike in 2025Q4 followed by a 173.5% contraction in 2024Q4, while gross margins have held steady at approximately 66%.
| 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 |
|---|
| Sales/Revenue | 4.98B | 4.88B | 4.34B | 4.12B | 4.02B | 10.31B | 11.55B | 11.12B | 11.96B | 11.28B | 13.73B | 17.06B | 17.04B | 13.19B | 9.93B | 9.12B | 8.36B | 7.5B | 10.5B | 9B | 6.48B | 4.52B | 2.11B |
| Revenue Growth % | 164.08% | 12.36% | 5.49% | 2.45% | -61.04% | -10.69% | 3.86% | -7.04% | 6.04% | -17.88% | -19.53% | 0.11% | 29.25% | 32.79% | 8.91% | 9.02% | 11.56% | -28.58% | 16.6% | 38.86% | 43.53% | 113.81% | - |
| Cost of Goods Sold | 1.69B | 1.67B | 1.45B | 1.29B | 1.07B | 3.02B | 3.32B | 3.13B | 3.25B | 2.97B | 3.5B | 3.77B | 3.72B | 4.83B | 3.35B | 3.38B | 3.35B | 2.88B | 4.06B | 3.72B | 2.77B | 1.93B | 876.2M |
| COGS % of Revenue | - | 34.24% | 33.41% | 31.23% | 26.54% | 29.27% | 28.76% | 28.17% | 27.15% | 26.37% | 25.49% | 22.07% | 21.82% | 36.59% | 33.73% | 37.06% | 40.02% | 38.36% | 38.69% | 41.29% | 42.75% | 42.71% | 41.47% |
| Gross Profit | 3.29B | 3.21B | 2.89B | 2.83B | 2.95B | 7.29B | 8.22B | 7.99B | 8.71B | 8.3B | 10.23B | 13.3B | 13.32B | 8.36B | 6.58B | 6.13B | 5.67B | 4.62B | 6.44B | 5.29B | 3.71B | 2.59B | 1.24B |
| Gross Margin % | 66% | 65.76% | 66.59% | 68.77% | 73.46% | 70.73% | 71.24% | 71.83% | 72.85% | 73.63% | 74.51% | 77.93% | 78.18% | 63.41% | 66.27% | 67.24% | 67.79% | 61.64% | 61.31% | 58.71% | 57.25% | 57.29% | 58.53% |
| Gross Profit Growth % | - | 10.96% | 2.15% | -4.1% | -59.54% | -11.32% | 3% | -8.34% | 4.93% | -18.85% | -23.05% | -0.21% | 59.36% | 27.06% | 7.33% | 8.14% | 22.68% | -28.2% | 21.76% | 42.4% | 43.43% | 109.29% | - |
| Operating Expenses | 3.22B | 3.14B | 2.9B | 3.1B | 2.78B | 5.97B | 6.19B | 7.33B | 7.87B | 7.51B | 8.66B | 11.2B | 11.33B | 6.37B | 4.6B | 3.92B | 3.62B | 3.64B | 5.09B | 4.62B | 3.36B | 2.34B | 1.51B |
| OpEx % of Revenue | - | 64.39% | 66.83% | 75.35% | 69.17% | 57.93% | 53.65% | 65.9% | 65.84% | 66.6% | 63.08% | 65.61% | 66.45% | 48.33% | 46.3% | 42.95% | 43.32% | 48.54% | 48.5% | 51.31% | 51.82% | 51.76% | 71.58% |
| Selling, General & Admin | 1.25B | 1.24B | 1.16B | 1.77B | 1.01B | 2.15B | 2.15B | 2.04B | 2.05B | 1.98B | 2.49B | 2.93B | 2.94B | 2.37B | 1.86B | 1.71B | 1.58B | 1.42B | 2.09B | 1.91B | 1.45B | 1.06B | 651.5M |
| SG&A % of Revenue | - | 25.34% | 26.63% | 43.07% | 25.04% | 20.89% | 18.62% | 18.39% | 17.14% | 17.56% | 18.17% | 17.16% | 17.25% | 18.01% | 18.73% | 18.73% | 18.93% | 18.92% | 19.91% | 21.23% | 22.3% | 23.45% | 30.84% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 72.3M | 66.7M | -10.5M | -270.8M | 172.2M | 1.32B | 2.03B | 659.9M | 839.1M | 792.4M | 1.57B | 2.1B | 2B | 1.99B | 1.98B | 1.82B | 1.39B | 982.4M | 1.35B | 666.8M | 352.3M | 250.1M | -275.8M |
| Operating Margin % | 1.45% | 1.37% | -0.24% | -6.58% | 4.29% | 12.8% | 17.59% | 5.94% | 7.02% | 7.03% | 11.43% | 12.31% | 11.73% | 15.08% | 19.97% | 19.99% | 16.66% | 13.1% | 12.82% | 7.41% | 5.43% | 5.54% | -13.05% |
| Operating Income Growth % | - | 735.24% | 96.12% | -257.26% | -86.96% | -34.99% | 207.76% | -21.36% | 5.89% | -49.53% | -25.27% | 5.07% | 0.53% | 0.31% | 8.79% | 30.81% | 41.86% | -26.99% | 101.8% | 89.27% | 40.86% | 190.68% | - |
| EBITDA | 1.14B | 1.11B | 991.5M | 945.6M | 1.27B | 3.67B | 4.26B | 4.21B | 4.7B | 4.58B | 5.69B | 7.71B | 7.28B | 5.92B | 4.64B | 4.25B | 3.65B | 3.06B | 4.24B | 3.16B | 2.24B | 1.63B | 548.2M |
| EBITDA Margin % | 22.96% | 22.66% | 22.84% | 22.97% | 31.51% | 35.63% | 36.88% | 37.84% | 39.28% | 40.64% | 41.42% | 45.19% | 42.73% | 44.92% | 46.77% | 46.58% | 43.58% | 40.88% | 40.34% | 35.1% | 34.5% | 36.04% | 25.95% |
| EBITDA Growth % | 83.04% | 11.51% | 4.85% | -25.3% | -65.55% | -13.72% | 1.23% | -10.45% | 2.49% | -19.42% | -26.23% | 5.87% | 22.96% | 27.53% | 9.36% | 16.52% | 18.94% | -27.63% | 34.02% | 41.26% | 37.42% | 196.95% | - |
| D&A (Non-Cash Add-back) | 1.07B | 1.04B | 1B | 1.22B | 1.09B | 2.35B | 2.23B | 3.55B | 3.86B | 3.79B | 4.12B | 5.61B | 5.28B | 3.93B | 2.66B | 2.42B | 2.25B | 2.08B | 2.89B | 2.49B | 1.88B | 1.38B | 824M |
| EBIT | -4.76B | -6.67B | 2.41B | -2.94B | 1.48B | 14.88B | -614.2M | 142.3M | 1.64B | -695M | 2.11B | 1.51B | 1.33B | 1.77B | 1.16B | 893.3M | 133M | 8.5M | 962.1M | 1.03B | 503.2M | 246.3M | -249.5M |
| Net Interest Income | -391.6M | -399.4M | -375.4M | -695.2M | -512.7M | -868.2M | -1.13B | -1.38B | -1.48B | -1.42B | -1.87B | -2.28B | -2.51B | -2.1B | -1.63B | -1.38B | -1.25B | -809.1M | -1.06B | -866.8M | -588M | 0 | 0 |
| Interest Income | 92.1M | 98.1M | 199.3M | 212.7M | 76.6M | 13.9M | 57.1M | 0 | 0 | 0 | 0 | 0 | 31.7M | 131.9M | 42.3M | 73.2M | 38.9M | 1.64B | 91.8M | 115.3M | 85.4M | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -5.25B | -7.17B | 1.84B | -3.45B | 1.18B | 14B | -1.8B | -1.24B | 161.8M | -2.11B | 243.3M | -776.9M | -1.08B | -459.9M | -508.9M | -560.4M | -1.15B | -849M | -185.2M | 49.7M | -170.2M | 86.1M | -136.4M |
| Pretax Margin % | -105.29% | -147.02% | 42.34% | -83.73% | 29.33% | 135.78% | -15.6% | -11.17% | 1.35% | -18.72% | 1.77% | -4.55% | -6.34% | -3.49% | -5.12% | -6.15% | -13.76% | -11.32% | -1.76% | 0.55% | -2.63% | 1.91% | -6.46% |
| Income Tax | 169.6M | -75.8M | -30.8M | 213.1M | 406.7M | 473.3M | -275.9M | 234M | 1.57B | 238.9M | -1.41B | 324.3M | -89.4M | 369.1M | 75M | 241.1M | -196.9M | -787M | 433.3M | 233.1M | -7.9M | 28.7M | -13.9M |
| Effective Tax Rate % | -3.23% | 1.06% | -1.68% | -6.18% | 34.51% | 3.38% | 15.32% | -18.84% | 972.37% | -11.32% | -578.3% | -41.74% | 8.28% | -80.26% | -14.74% | -43.02% | 17.11% | 92.7% | -233.96% | 469.01% | 4.64% | 33.33% | 10.19% |
| Net Income | -5.46B | -7.14B | 1.59B | -4.05B | 1.47B | 13.43B | -1.63B | 11.52B | 725.3M | -2.78B | 1.71B | -1.15B | -707M | -924.8M | 322.8M | -772.7M | 388.2M | -412.1M | -788.9M | -422.6M | 706.2M | -80.1M | -21.5M |
| Net Margin % | -109.66% | -146.32% | 36.57% | -98.44% | 36.67% | 130.21% | -14.1% | 103.65% | 6.07% | -24.64% | 12.42% | -6.75% | -4.15% | -7.01% | 3.25% | -8.47% | 4.64% | -5.5% | -7.51% | -4.69% | 10.89% | -1.77% | -1.02% |
| Net Income Growth % | -2006.83% | -549.5% | 139.19% | -375.03% | -89.03% | 924.74% | -114.13% | 1488.5% | 126.11% | -262.91% | 247.97% | -63.01% | 23.55% | -386.49% | 141.78% | -299.05% | 194.2% | 47.76% | -86.68% | -159.84% | 981.65% | -272.56% | - |
| Net Income (Continuing) | -5.42B | -7.1B | 1.87B | -3.66B | 771.7M | 13.53B | -1.53B | -1.48B | -1.41B | -2.35B | 1.65B | -1.1B | -990.6M | -829M | -583.9M | -801.5M | -953.7M | -62M | -618.5M | -422.6M | -334M | -59.6M | 7M |
| Discontinued Operations | 0 | 0 | -223.2M | -214.7M | 1.21B | 82.6M | 58.4M | 13.11B | 2.26B | -370.6M | 117M | 51.7M | 333.5M | -23.7M | 971.2M | 130.5M | 1.52B | 76.1M | 16.7M | 0 | 1.04B | -20.5M | -28.5M |
| Minority Interest | 230.5M | 210.1M | 178.4M | -55.2M | 137M | -336.9M | -364.2M | -407.6M | -533.1M | -412M | 970.7M | -478.1M | -598.5M | -484.3M | -124.9M | 126M | 413.1M | 3.38B | 3.1B | 2.45B | 1.91B | 1.8B | 1.2B |
| EPS (Diluted) | -15.56 | -19.66 | 4.23 | -9.02 | 0.52 | 23.45 | -2.80 | -2.26 | -1.97 | -2.84 | 1.57 | -1.33 | -1.29 | -1.40 | -1.21 | -2.60 | 1.37 | 19.22 | -0.04 | -0.99 | 1.43 | -0.17 | -0.09 |
| EPS Growth % | -1875.64% | -564.78% | 146.9% | -1834.62% | -97.78% | 937.5% | -23.89% | -14.72% | 30.63% | -280.89% | 218.05% | -3.1% | 7.86% | -15.7% | 53.46% | -289.78% | -92.87% | 46191.13% | 95.79% | -169.23% | 941.18% | -95.85% | - |
| EPS (Basic) | - | -19.66 | 4.33 | -9.01 | 0.53 | 24.01 | -2.80 | -2.26 | -1.97 | -2.84 | 1.59 | -1.33 | -1.29 | -1.40 | -1.21 | -2.60 | 1.37 | 19.22 | -0.04 | -0.99 | 1.43 | -0.17 | -0.09 |
| Diluted Shares Outstanding | 351.13M | 363.16M | 363.16M | 425.68M | 496.99M | 569.11M | 602.08M | 705.79M | 778.68M | 847.89M | 899.97M | 864.72M | 898.54M | 625.62M | 601.35M | 296.65M | 284.22M | 299.89M | 364.37M | 427.66M | 492.8M | 467.09M | 365.75M |
| Basic Shares Outstanding | 335M | 363.16M | 363.16M | 425.68M | 489.56M | 555.7M | 602.08M | 705.79M | 778.68M | 847.89M | 889.79M | 864.72M | 898.54M | 625.62M | 601.35M | 296.65M | 284.22M | 297.38M | 364.37M | 427.66M | 492.8M | 467.09M | 365.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High leverage and volatility
As reported in recent financial filings, Liberty Global's revenue trajectory exhibits significant quarterly fluctuations, including a notable 187.2% growth spike in 2025Q4 followed by a 173.5% contraction in 2024Q4, suggesting that headline figures are heavily influenced by accounting adjustments and non-consolidated joint venture reporting structures.
The erratic revenue growth profile complicates the assessment of organic demand for broadband and mobile services. Investors should monitor whether these swings represent genuine operational shifts or merely the impact of equity-method accounting and asset divestitures.
Based on the provided income statement data, Liberty Global maintains a relatively consistent gross margin profile, averaging approximately 66% over the last ten quarters, which indicates that the core infrastructure business retains significant pricing power despite the competitive pressures inherent in the European telecommunications landscape.
This structural gross margin suggests that the company's HFC and fiber assets provide a defensible moat against incremental subscriber costs. However, the disparity between these gross margins and the company's net losses implies that high depreciation and interest expenses continue to erode profitability at the bottom line.
According to the company's reported figures, operating income remains highly inconsistent, frequently dipping into negative territory despite healthy gross profits, which suggests that administrative overhead and integration costs are preventing the company from achieving meaningful operating leverage in its current configuration.
The inability to consistently scale operating income alongside gross profit indicates that the company's cost structure is burdened by significant fixed expenses. This lack of operational efficiency warrants further investigation into whether future cost-rationalization programs can successfully improve the company's operating margin.
As indicated by the extreme swings in net income, ranging from a $3.5 billion loss in 2023Q4 to a $2.2 billion profit in 2024Q4, the quality of reported earnings appears low due to the heavy influence of non-operating items and derivative mark-to-market adjustments.
The frequent, large-scale fluctuations in net income suggest that investors should prioritize adjusted EBITDA and cash flow metrics over GAAP net income. The recurring presence of significant non-cash items makes it difficult to ascertain the true underlying profitability of the firm's core operations.
Based on an analysis of the income statement, short-sellers may focus on the company's persistent net losses and the potential for margin compression as intense fiber-to-the-premises competition from AltNets and incumbent operators forces increased spending on network upgrades and promotional pricing to defend market share.
The combination of high capital intensity and a complex, levered balance sheet creates a scenario where any sustained decline in ARPU could lead to significant financial distress. Investors should monitor whether the company's infrastructure-heavy model can remain competitive without further eroding its already strained bottom-line performance.
Quick answers to the most common questions about buying LBTYK stock.
For fiscal year 2025, Liberty Global plc (LBTYK) reported total revenue of $4.88B. This represents a 130.9% increase compared to $2.11B in 2004.
Liberty Global plc (LBTYK) reported a net loss of $7.14B for the fiscal year ending 2025.
Liberty Global plc (LBTYK) reported an operating income of $66.7M, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Liberty Global plc (LBTYK) generated $3.21B in gross profit for the year, representing a gross profit margin of 65.8%. This demonstrates the company's core pricing power and production efficiency.