Revenue growth has stabilized at 1.5% YoY in 2026Q2, while operating margin improved to 16.4% from 8.4% in 2024Q1, yet net margin remains negative at -2.2%.
Liberty Latin America Ltd. (LILA) annual income statement — 13-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 4.46B | 4.44B | 4.46B | 4.51B | 4.81B | 4.81B | 3.76B | 3.87B | 3.71B | 3.59B | 2.72B | 1.22B | 1.2B | 1.29B |
| Revenue Growth % | 1.08% | -0.33% | -1.2% | -6.19% | -0.06% | 27.8% | -2.65% | 4.35% | 3.22% | 31.8% | 123.76% | 1.05% | -6.53% | - |
| Cost of Revenue | 1.44B | 1.44B | 1.49B | 1.51B | 1.73B | 1.74B | 1.27B | 1.29B | 889.8M | 876.2M | 677.2M | 535.3M | 324.3M | 611.1M |
| Gross Profit | 3.01B | 3B | 2.96B | 3B | 3.08B | 3.08B | 2.5B | 2.57B | 2.82B | 2.71B | 2.05B | 682M | 880.3M | 677.7M |
| Gross Margin % | 67.62% | 67.48% | 66.48% | 66.59% | 63.97% | 63.94% | 66.29% | 66.59% | 75.99% | 75.59% | 75.14% | 56.03% | 73.08% | 52.58% |
| Gross Profit Growth % | - | 1.17% | -1.36% | -2.33% | -0.01% | 23.27% | -3.08% | -8.56% | 3.76% | 32.6% | 200.09% | -22.53% | 29.9% | - |
| Operating Expenses | 2.28B | 2.28B | 3.01B | 2.49B | 2.99B | 3.01B | 2.4B | 2.25B | 2.26B | 2.15B | 1.57B | 949.4M | 631.8M | 1.18B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 1.63B | 1.62B | 920M | 1.53B | 997.2M | 1.03B | 1.01B | 1.22B | 806.2M | 645.3M | 906.4M | 464.5M | 445.1M | 365.3M |
| EBITDA Margin % | 36.62% | 36.57% | 20.64% | 33.83% | 20.74% | 21.38% | 26.88% | 31.44% | 21.76% | 17.97% | 33.28% | 38.16% | 36.95% | 28.34% |
| EBITDA Growth % | 244.92% | 76.57% | -39.71% | 53.03% | -3.04% | 1.64% | -16.76% | 50.79% | 24.93% | -28.81% | 95.13% | 4.36% | 21.85% | - |
| Depreciation & Amortization | 901.8M | 904.9M | 968.3M | 1.01B | 910.7M | 964.7M | 918.7M | 889.9M | 829.8M | 793.7M | 587.3M | 216.4M | 216.7M | 342.4M |
| D&A / Revenue % | 20.23% | 20.37% | 21.73% | 22.35% | 18.94% | 20.05% | 24.4% | 23.01% | 22.39% | 22.11% | 21.56% | 17.78% | 17.99% | 26.57% |
| Operating Income (EBIT) | 730.7M | 719.5M | -48.3M | 517.7M | 86.5M | 63.8M | 93.2M | 325.8M | -23.6M | -148.4M | 319.1M | 248.1M | 228.4M | 22.9M |
| Operating Margin % | 16.39% | 16.2% | -1.08% | 11.48% | 1.8% | 1.33% | 2.48% | 8.43% | -0.64% | -4.13% | 11.72% | 20.38% | 18.96% | 1.78% |
| Operating Income Growth % | - | 1589.65% | -109.33% | 498.5% | 35.58% | -31.55% | -71.39% | 1480.51% | 84.1% | -146.51% | 28.62% | 8.63% | 897.38% | - |
| Interest Expense | 2M | 656.4M | 627.7M | 601.7M | 556.7M | 527.4M | 533.4M | 499.2M | 443.7M | 381.8M | 314.4M | 157.9M | 140.4M | 81.5M |
| Interest Coverage | - | 0.01x | -0.01x | 0.90x | 0.78x | 0.40x | -0.56x | 0.38x | -0.32x | -0.71x | 0.69x | 1.58x | 1.17x | 0.18x |
| Interest / Revenue % | 0.04% | 14.78% | 14.08% | 13.34% | 11.58% | 10.96% | 14.17% | 12.91% | 11.97% | 10.64% | 11.54% | 12.97% | 11.66% | 6.32% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 70.1M | -652.8M | -631.4M | -62.4M | -123M | -318M | -831.7M | -308.6M | -584.7M | -651.2M | -98.1M | 92.3M | 24.1M | -66.6M |
| Pretax Margin % | 1.57% | -14.7% | -14.17% | -1.38% | -2.56% | -6.61% | -22.09% | -7.98% | -15.78% | -18.14% | -3.6% | 7.58% | 2% | -5.17% |
| Income Tax | 109.4M | -98.5M | -4.1M | 24.4M | 84.8M | 172.6M | -27.8M | -100.2M | 51.1M | 147.5M | 129.1M | 40.6M | 14.4M | -13.6M |
| Effective Tax Rate % | 156.06% | 15.09% | 0.65% | -39.1% | -68.94% | -54.28% | 3.34% | 32.47% | -8.74% | -22.65% | -131.6% | 43.99% | 59.75% | 20.42% |
| Net Income | -98.2M | -611.2M | -657M | -73.6M | -170.7M | -440.6M | -682.2M | -106.1M | -345.2M | -778.1M | -255.5M | 43.9M | 12M | -39.1M |
| Net Margin % | -2.2% | -13.76% | -14.74% | -1.63% | -3.55% | -9.16% | -18.12% | -2.74% | -9.32% | -21.67% | -9.38% | 3.61% | 1% | -3.03% |
| Net Income Growth % | 91.63% | 6.97% | -792.66% | 56.88% | 61.26% | 35.41% | -542.98% | 69.26% | 55.64% | -204.54% | -682% | 265.83% | 130.69% | - |
| EPS (Diluted) | -0.53 | -3.06 | -3.34 | -0.35 | -0.77 | -1.89 | -4.14 | -1.00 | -1.96 | -4.29 | -1.93 | 0.82 | 0.26 | -0.84 |
| EPS Growth % | 91.67% | 8.38% | -854.29% | 54.55% | 59.26% | 54.35% | -314% | 48.98% | 54.31% | -122.28% | -335.37% | 215.38% | 130.95% | - |
| EPS (Basic) | - | -3.06 | -3.34 | -0.35 | -0.77 | -1.89 | -4.14 | -1.00 | -1.99 | -4.29 | -1.40 | 0.82 | 0.26 | -0.84 |
| Diluted Shares Outstanding | 185M | 199.9M | 197M | 210M | 222.6M | 232.6M | 195.54M | 181.51M | 176M | 181.43M | 183.08M | 46.37M | 46.3M | 46.3M |
Quick answers to the most common questions about buying LILA stock.
For fiscal year 2025, Liberty Latin America Ltd. (LILA) reported total revenue of $4.44B. This represents a 244.7% increase compared to $1.29B in 2013.
Liberty Latin America Ltd. (LILA) reported a net loss of $611.2M for the fiscal year ending 2025.
Liberty Latin America Ltd. (LILA) reported an operating income of $719.5M, resulting in an operating profit margin of 16.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Liberty Latin America Ltd. (LILA) generated $3.00B in gross profit for the year, representing a gross profit margin of 67.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative net margin
Metrics are mathematically derived from official filings.
Stabilizing Revenue Amidst FX Headwinds
Revenue growth has hovered near zero, with 2026Q2 showing 1.5% YoY growth, according to recent financial statements, suggesting a stabilization after contractions in 2024 and early 2025.
The slight uptick in 2026Q2 revenue, following a -0.1% in 2026Q1, may indicate that broadband and postpaid mobile momentum is offsetting declines in legacy services. However, with revenue growth still below inflation in many markets, the trajectory appears fragile and dependent on continued subscriber gains rather than pricing power. Investors should monitor whether this stabilization can be sustained without further FX depreciation.
Operating Margin Recovery but Below Peers
Operating margin improved to 16.4% in 2026Q2 from 8.4% in 2024Q1, as reported in quarterly filings, yet remains below Millicom's 28.2%, indicating ongoing cost pressures.
The recovery from the negative margins in 2025Q2 and 2024Q3 suggests that one-time impairments and integration costs are abating. However, the margin is still below the peer average, implying that LILA's cost structure is less efficient, possibly due to higher network opex and integration expenses. The gap may narrow if the company successfully migrates customers to FTTH, but this requires sustained capex.
High Fixed Costs Weigh on Bottom Line
With gross margin at 67.5% but net margin at -2.2% in 2026Q2, as per financial statements, heavy D&A and interest expenses are absorbing revenue, indicating a high fixed-cost structure.
The negative net margin, despite positive operating income, underscores the significant drag from depreciation and interest. D&A has remained above $200 million quarterly, reflecting the capital-intensive nature of the business. Interest coverage of 1.14 in 2026Q2 suggests that operating income barely covers interest expenses, leaving little room for debt service or reinvestment. This may indicate that the company is not yet generating sufficient cash flow to support its leverage.
Adjusted Metrics Mask Underlying Losses
Reported net losses persist, with 2026Q2 net income at -$24 million, according to SEC filings, suggesting that adjusted OIBDA figures may overstate underlying profitability.
The frequent use of 'Adjusted OIBDA' likely excludes integration and restructuring costs that appear recurring given the M&A-heavy strategy. The negative net income in most quarters, despite positive operating income, indicates that non-operating charges and interest are significant. Investors should focus on free cash flow generation rather than GAAP earnings, as the latter is distorted by non-cash items and one-time costs.
Capex Cycle Yet to Drive EPS
Despite ongoing fiber and network investments, EPS remains negative, with 2026Q2 EPS at -$0.13, as reported in financial statements, indicating that capex is not yet translating into earnings.
The company continues to invest heavily in FTTH and network upgrades, but the earnings impact is delayed due to depreciation and financing costs. The negative EPS suggests that the incremental revenue from these investments is not yet covering the associated costs. If the capex cycle is successful, EPS could inflect positively once the assets are fully utilized and integration costs subside, but this remains uncertain.
What Could Invalidate the Base Case
The reported Debt/Equity of 8.67% appears inconsistent with historical leverage, according to financial statements, and may indicate a recent recapitalization or accounting change that could alter risk assessment.
If the low debt/equity is accurate, it would suggest a significant de-leveraging, but this contradicts the high interest burden and negative net margin. Alternatively, it may reflect a reclassification of debt or a change in accounting treatment, which warrants investigation. Additionally, the persistent negative net margin and ROE of -45.5% suggest that the company is destroying shareholder value, and the market may be right to apply a conglomerate discount. The subsea assets may be undervalued, but monetization is not guaranteed and could be offset by operational challenges in Puerto Rico and Chile.