Liquidity remains a primary concern as cash reserves plummeted from $988.6 million in 2023Q4 to $13.7 million by 2025Q4, forcing a reliance on external capital to fund operations.
| 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 |
|---|
| Cash from Operations | 823.5M | 805.9M | 756.3M | 897M | 868.8M | 1.02B | 640.1M | 918.2M | 816.8M | 573.9M | 468.2M | 306.5M | 289M | 292.2M |
| Operating CF Growth % | 78.22% | 6.56% | -15.69% | 3.25% | -14.51% | 58.76% | -30.29% | 12.41% | 42.32% | 22.58% | 52.76% | 6.06% | -1.1% | - |
| Operating CF / Revenue % | 18.54% | 18.14% | 16.97% | 19.88% | 18.07% | 21.12% | 17% | 23.74% | 22.04% | 15.99% | 17.19% | 25.18% | 23.99% | 22.67% |
| Net Income | -497.5M | -554.3M | -659.7M | -86.8M | -207.8M | -490.1M | -808.9M | -182.4M | -635.8M | -798.7M | -227.2M | 51.7M | 9.7M | -53M |
| Depreciation & Amortization | 893.2M | 904.9M | 968.3M | 1.01B | 910.7M | 964.7M | 914.6M | 871M | 829.8M | 793.7M | 587.3M | 216.4M | 216.7M | 342.4M |
| Deferred Taxes | -237.5M | -238.8M | -129.3M | -87.4M | -8.4M | 104M | -65.1M | -32.7M | -32.9M | -135.1M | -55M | -18.6M | 28.2M | -49.3M |
| Other Non-Cash Items | 562.6M | 676.8M | 511M | 52.3M | 254.1M | 490.3M | 710.1M | 368.5M | 749.1M | 822.6M | 268.9M | 20.8M | 89.4M | 95.9M |
| Working Capital Changes | -1.9M | -37.1M | -7M | -78.1M | -173.3M | -170.8M | -208.1M | -163.7M | -133.2M | -122.8M | -121.2M | 33.8M | -66.6M | -50.2M |
| Capital Expenditures | -502.6M | -500M | -540.4M | -585M | -1.12B | -1.27B | -2.45B | -589.1M | -776.4M | -639.3M | -490.4M | -490.6M | -223.1M | -262.1M |
| CapEx / Revenue % | 11.32% | 11.26% | 12.13% | 12.97% | 23.35% | 26.37% | 65.1% | 15.23% | 20.95% | 17.81% | 18% | 40.3% | 18.52% | 20.34% |
| CapEx / D&A | 0.56x | 0.55x | 0.56x | 0.58x | 1.23x | 1.32x | 2.68x | 0.68x | 0.94x | 0.81x | 0.84x | 2.27x | 1.03x | 0.77x |
| CapEx Coverage (OCF/CapEx) | 1.64x | 1.61x | 1.40x | 1.53x | 0.77x | 0.80x | 0.26x | 1.56x | 1.05x | 0.90x | 0.95x | 0.62x | 1.30x | 1.11x |
| Cash from Investing | -605.6M | -665.6M | -688.5M | -615.8M | -1.12B | -1.27B | -2.45B | -635.3M | -980.5M | -640.1M | -441.1M | -490.6M | -232.2M | -263.9M |
| Acquisitions | 0 | -73.3M | -95.4M | 0 | -419.6M | -499.8M | -1.89B | -83.7M | -226.4M | -1.3M | 16.3M | -273.5M | -1M | -3M |
| Purchase of Investments | 0 | -80M | -47.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -700K | -1M | -1M | -3M |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 490.4M | 227.2M | 223.1M | 262.1M |
| Other Investing | -103M | -12.3M | -5.4M | -30.8M | -42.9M | -32.5M | 1.1M | 37.5M | 22.3M | 500K | -456.7M | -216.1M | -230.2M | -257.9M |
| Cash from Financing | -86.1M | 29.7M | -386.4M | -62.4M | -29.2M | 426.6M | 271.1M | 1.54B | 256.1M | 41.8M | 247.3M | 363.7M | -118M | 101.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -54.9M | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 347M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -14.3M | 0 | -82.9M | -118.3M | -170.4M | -63M | -9.5M | 0 | -20.9M | -53M | -20M | 0 | 0 | 0 |
| Other Financing | -108.4M | 14.8M | -46.1M | -81M | 80.3M | -127.3M | 54M | -151.2M | -54M | -22.5M | -34M | 99.7M | -37.4M | 68.8M |
| Net Change in Cash | 106M | 129.6M | -329.5M | 210.9M | -285.3M | 161.7M | -1.54B | 1.81B | 73.8M | -22.7M | 278.1M | 167.4M | -67.9M | 128.3M |
| Exchange Rate Effect | -25.8M | -40.4M | -10.9M | -7.9M | -2.3M | -12.5M | -4.9M | -7.7M | -18.6M | 1.7M | 3.7M | -12.2M | -6.7M | -1.2M |
| Cash at Beginning | 783.9M | 654.3M | 999.8M | 788.9M | 1.07B | 912.5M | 2.46B | 642M | 568.2M | 552.6M | 274.5M | 107.1M | 175M | 46.7M |
| Cash at End | 681.4M | 783.9M | 670.3M | 999.8M | 788.9M | 1.07B | 912.5M | 2.46B | 642M | 529.9M | 552.6M | 274.5M | 107.1M | 175M |
| Free Cash Flow | 320.9M | 305.9M | 215.9M | 312M | -253.8M | -252.4M | -1.81B | 329.1M | 40.4M | -65.4M | -22.2M | -184.1M | 65.9M | 30.1M |
| FCF Growth % | 180.21% | 41.69% | -30.8% | 222.93% | -0.55% | 86.06% | -650.2% | 714.6% | 161.77% | -194.59% | 87.94% | -379.36% | 118.94% | - |
| FCF Margin % | 7.23% | 6.89% | 4.84% | 6.92% | -5.28% | -5.25% | -48.1% | 8.51% | 1.09% | -1.82% | -0.82% | -15.12% | 5.47% | 2.34% |
| FCF / Net Income % | -64.5% | -50.05% | -32.86% | -423.91% | 148.68% | 57.29% | 265.42% | -310.18% | -11.7% | 8.41% | 8.69% | -419.36% | 549.17% | -76.98% |
High refinancing and integration risk
According to the latest quarterly data, Liberty Latin America’s capital expenditure remains highly volatile, with the CapEx-to-OCF ratio fluctuating from a low of 2.4% in 2026Q1 to a peak of 136.6% in 2024Q3, illustrating the company's struggle to self-fund its extensive infrastructure expansion and maintenance requirements.
The erratic nature of these capital outlays suggests that the company is frequently forced to prioritize emergency network repairs or integration-related upgrades over planned, long-term fiber-to-the-home deployments. Investors should monitor whether this inconsistent investment pattern indicates a lack of disciplined capital allocation or merely the reactive nature of managing a fragmented, multi-national asset base.
As reported in financial statements, the company’s free cash flow is frequently negative, with a deficit reaching $86.4 million in 2024Q1, forcing a reliance on external capital markets to cover both operational shortfalls and the substantial interest payments that consistently exceed $125 million per quarter.
The persistent need for external financing in a high-interest environment appears to place significant pressure on the company's liquidity profile. Given the recurring negative free cash flow, the ability to secure debt on reasonable terms remains a critical, yet uncertain, pillar of the company's ongoing operational viability.
Based on reported figures, there is a stark disconnect between the company's persistent GAAP net losses, which reached $423.3 million in 2025Q2, and its ability to generate positive operating cash flow, which peaked at $461.9 million in 2025Q4, suggesting significant non-cash charges weigh on reported earnings.
This discrepancy implies that while the underlying business generates cash, the heavy burden of depreciation and amortization from past acquisitions masks the true cash-generative capacity of the assets. Analysts should investigate whether these non-cash charges are truly reflective of asset wear or if they are symptomatic of an aggressive M&A strategy that has yet to yield expected cash returns.
Analysis of the provided financial data suggests that the company's cash flow statement may hide the true cost of its integration efforts, as evidenced by the fact that interest payments alone consume a massive portion of operating cash flow, often exceeding 100% of OCF in weaker quarters.
The high interest burden, combined with the lack of dividend payments, indicates that the company is currently in a defensive posture, prioritizing debt service over shareholder returns. This structure warrants further investigation into whether the company has sufficient headroom to manage potential future shocks without further diluting equity or incurring more expensive debt.
Quick answers to the most common questions about buying LILA stock.
Liberty Latin America Ltd. (LILA) generated $805.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Liberty Latin America Ltd. (LILA) generated $305.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Liberty Latin America Ltd. (LILA) spent $500.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.