Liberty Capital Corp. (GLIBA)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.0B

Net income, last twelve months

-$337.0M

Operating margin

-38.3%

Net margin

-32.5%

Free cash flow

$49.0M

Return on equity

-19.4%

Market value

$836.8M

Cash

$497.0M

Debt

$1.2B

Debt to equity

0.70

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Revenue flat, operating income and OIBDA down. Revenue was flat at $261 million. Operating income fell 43% to $29 million and Adjusted OIBDA fell 11% to $96 million, with the Adjusted OIBDA margin at 36.8%.
• Six-month profit declined on costs. Six-month revenue fell 2% to $517 million. Six-month operating income fell 46% to $59 million and Adjusted OIBDA fell 14% to $189 million.
• Higher operating expenses drove second-quarter decline. Management attributed the second-quarter decrease in operating income of $22 million and in Adjusted OIBDA of $12 million to higher operating expenses. Total operating expenses rose 7% to $137 million.
• Consumer revenue fell on video exit. Consumer revenue fell 2% to $117 million, driven mainly by the 2025 exit from video, partly offset by wireless growth. Consumer data revenue was flat at $60 million.
• Business revenue rose on data upgrades. Business revenue rose 1% to $144 million. Business data revenue grew 2% to $127 million, driven by service upgrades with existing healthcare and education customers.
• Prior-year healthcare appeal lifted base. Six-month business revenue fell 1%. The prior-year period included about $4 million from a successful appeal of healthcare customer rates.
• Broadband subscribers down excluding acquisition. Broadband subscribers reached 155,400, up 1%, including about 5,400 from the acquired provider. Excluding that acquisition, subscribers would have declined by 1,200 year to date.
• Consumer wireless lines grew. Consumer wireless lines rose 1% to 202,100, with 3,100 lines added year to date. Consumer wireless revenue rose 2% to $52 million.
• Business wireless lines fell 7%. Business wireless lines in service fell 7% to 8,000 from 8,600. Business wireless revenue was flat at $10 million.
• Business direct costs rose 35%. Business direct costs rose 35% to $35 million in the quarter. The increase was driven mainly by higher distribution costs, including use of restored Quintillion network capacity.
• Business gross margin compressed. Business gross margin was 75.7% in the second quarter, down 600 bps. The six-month business gross margin was 76.5%, down 540 bps.
• Consumer gross margin improved on video exit. Consumer gross margin was 71.8% in the second quarter, up 120 bps. Consumer direct costs fell 6% on lower video programming costs after the video exit.
• Quintillion acquisition costs reduced profit. Acquisition costs related to Quintillion were $4 million in the second quarter and $7 million year to date. Both amounts reduced operating income.
• Capital spending rose to $125 million. Year-to-date net capital expenditures were $125 million, spent primarily on rural wireless and statewide data network improvements in Alaska.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 30 held.

Every filing

The newest filings with the SEC of 57 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

163 funds held it at 30 Jun 2026: 72 added and 31 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Warner Bros. Discovery, Inc. (WBD): revenue $36.1B, market value $77.7B
• Comcast Corp. (CMCSA): revenue $123.0B, market value $76.9B
• Roku, Inc. (ROKU): revenue $5.2B, market value $23.0B
• Charter Communications, Inc. (CHTR): revenue $54.4B, market value $12.8B
• Liberty Global Ltd. (LBTYA): revenue $4.9B, market value $2.6B
• Adeia Inc. (ADEA): revenue $470.9M, market value $2.5B

What the company does

GCI Liberty, Inc. owns 100% of the equity interests in GCI, LLC, GCI Holdings, LLC and their subsidiaries, which the filing calls the GCI Business. Its operating subsidiary, GCI Holdings, provides data, wireless, voice and managed services under the GCI brand. Its customers are residential households, businesses, governmental entities, and educational and medical institutions, primarily in Alaska. GCI Holdings was founded in 1979 as a competitive long distance provider. GCI Liberty and its consolidated subsidiaries had approximately 1,880 full and part-time employees at 31 December 2025.

How the company came to be

GCI Liberty was formed in Nevada in December 2024 to hold the GCI Business, which Liberty Broadband previously owned. On 14 July 2025, Liberty Broadband transferred the business to GCI Liberty in an internal reorganization. The transfer included 10,000 shares of non-voting preferred stock, which Liberty Broadband then sold to third parties. The preferred stock carries a 12% dividend rate and a mandatory redemption date of 14 July 2032. GCI Liberty then reclassified its common stock into Series A (GLIBA), Series B (GLIBB) and Series C (GLIBK) GCI Group common stock. Liberty Broadband distributed these shares to its own holders. A rights offering for GLIBK shares followed, and 11,059,127 shares were issued in it.

Liberty Media provides public company support under a Services Agreement. The services cover legal, tax, accounting, treasury, information technology, cybersecurity, internal auditing and investor relations. At 31 December 2025, 74 Liberty Media corporate employees provided management services to GCI Liberty.

What it sells

After receiving regulatory approval, GCI Holdings fully exited the video business and discontinued service for all video customers as of 31 December 2025. It also sells managed services to businesses and governments, including voice, WiFi, firewall, and detection and response. Its customer service staff suggest additional or enhanced services during calls and store visits.

Its network

GCI Holdings serves urban and rural Alaska with a mix of fiber, microwave and satellite technologies. It has extended fiber to the Aleutian Chain and the Bethel area. Its facilities include redundant and geographically diverse digital undersea fiber optic cable systems that link its Alaska networks to other carriers' networks in the lower 48 contiguous states. It owns and operates a statewide wireless network, which primarily provides 5G data service and 4G Long Term Evolution voice and data service. It holds FCC licenses for wireless spectrum, for satellite and microwave transmission facilities, and for submarine cable landings. It owns two utility patents issued in 2017 on device diagnostics and network connectivity.

How it earns its money

GCI Holdings earns revenue from monthly customer fees for data, wireless, voice and managed services. It also earns revenue from universal service subsidies from the FCC and other federal and state agencies. In 2025 it received 6% of the USF program. That support went toward services for approximately 180 rural health care providers, 235 schools and 139,000 rural wireless residents. It is an Eligible Telecommunications Carrier for wireline service in its incumbent local exchange carrier areas. It also holds that status for wireless service in many rural areas of Alaska. Without that status it would not qualify for USF support in those areas. The Alaska Connect Fund Order, adopted in 2024, maintains wireline providers' existing funding and performance requirements through 2028. The filing says support levels from 2029 have not been set. GCI Holdings also pursues federal grants to build broadband in unserved and underserved rural communities.

Competition and regulation

The filing describes GCI Holdings as operating in an intensely competitive industry. Residential internet faces competition from fiber-to-the-home, fixed wireless, low earth orbit or geostationary satellite, and digital subscriber line services. Mobile service competes with national operators including AT&T and Verizon, as well as regional operators and mobile virtual network operators. Voice competes with wireless and wireline providers, text messaging, video conferencing and over-the-top phone providers. The same competition applies to its business services.

The company's networks and services are regulated by the FCC, the Regulatory Commission of Alaska, the FTC, and state and local governments.

Its people

GCI Holdings has operated in Alaska for more than 40 years, and most of its employees live in the communities it serves. Approximately 70% of its employees work from home. It offers technical certification training, people skills and management training, and tuition reimbursement for employees pursuing degrees. GCI Liberty is not party to any union contracts with its employees.

*From GCI Liberty's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2057463/000110465926013442/tmb-20251231x10k.htm)*

From the company's 10-K.