Liberty Global Ltd. (LBTYA)

Key figures

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

Revenue, last twelve months

$4.9B

Revenue growth

5.4%

Net income, last twelve months

-$3.0B

Earnings per share

-$9.04

Gross margin

67.2%

Operating margin

-1.8%

Net margin

-62.1%

Free cash flow

-$254.8M

Return on equity

-32.9%

Market value

$2.6B

Cash

$2.4B

Debt

$8.3B

Debt to equity

0.90

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 third quarter of 2026 (results not in these documents; release scheduled for November 3, 2026) results, filed 14 October 2026.

• EU clearance for tower sale. The EU Commission cleared the sale of VodafoneZiggo's passive tower assets to three named buyers: DigitalBridge, TD Greystone Infrastructure and L&G.
• Tower sale worth €669 million. Total consideration is €669 million. The company describes this as part of a targeted €1.2-1.4 billion of non-core asset disposals linked to the Ziggo Group listing.
• Proceeds to cut VodafoneZiggo debt. Tower sale proceeds are to be used to support de-leveraging at VodafoneZiggo.
• Listing planned for mid-2027. Ziggo Group is preparing an intended listing on Euronext Amsterdam in mid-2027, pursuant to a spin-off transaction.
• Ziggo Group size and scope. Ziggo Group brings together Liberty Global's interests in VodafoneZiggo and Telenet, with 13 million customers and €6.6 billion in revenue. Each business remains responsible for its own customers and people.
• Group-level shared technology and capital. The release says the group develops shared technology, innovation and capital that the businesses cannot achieve on their own, while each business keeps its own customers, people and culture.
• Best broadband net adds since 2019. The How We Win plan drove record commercial momentum in the third quarter of 2026, with the best broadband net adds performance since 2019. No number is given.
• Third-quarter revenue grew. The release states VodafoneZiggo had overall revenue growth in the third quarter of 2026, supported by its broadband value proposition. No revenue figure is given.
• Prior-quarter broadband net adds. In the second quarter, broadband net adds were 7,200, attributed to commercial initiatives. This is the comparison point for the third-quarter statement.
• 8Gbps launch in Netherlands. VodafoneZiggo launched internet speeds of up to 8Gbps in the Netherlands in the week of the release, after a DOCSIS 4 upgrade completed in 18 months.
• Upgrade avoided expensive digging. Mike Fries said the DOCSIS 4 use of new technology future-proofed the local network without the need for expensive digging.
• Prior plan named 4 and 8 Gbps. The second-quarter release said the HFC upgrade was on track, with upcoming 4 and 8 Gbps speeds in the plan.
• Year-end corporate cash target raised. The second-quarter release raised the year-end corporate cash target from about $1.5 billion to about $2.0 billion. This release does not restate the target.
• Year-to-date monetizations about $1.2 billion. As of the second-quarter release, year-to-date asset monetizations totaled about $1.2 billion.

Company events

The newest 8-K filings of 922 held.

Every filing

The newest filings with the SEC of 1,190 held.

Insider trades

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

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

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

Trades by members of the House

From each member's periodic transaction report.

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.

333 funds held it at 30 Jun 2026: 133 added and 95 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
• Adeia Inc. (ADEA): revenue $470.9M, market value $2.5B
• Liberty Capital Corp. (GLIBA): revenue $1.0B, market value $836.8M

What the company does

Liberty Global Ltd. is a Bermuda company that runs broadband, video and mobile businesses in Europe and invests in other companies. It manages three platforms: Liberty Telecom, Liberty Growth and Liberty Services. The company says Liberty Telecom provides approximately 80 million fixed and mobile connections at 31 December 2025, a figure that counts its joint ventures at 100%. Its shares trade on the Nasdaq Global Select Market under the symbols LBTYA, LBTYB and LBTYK.

How the business is organised

Liberty Telecom is the communications business. It serves residential and business customers through Telenet in Belgium, Virgin Media Ireland (VM Ireland) in Ireland and UPC in Slovakia, each 100.0% owned. It also holds 50.0% of Virgin Media O2 (the VMO2 JV) in the United Kingdom, shared with Telefonica, and 50.0% of VodafoneZiggo (the VodafoneZiggo JV) in the Netherlands, shared with Vodafone. Both joint ventures are accounted for under the equity method and are not consolidated.

Liberty Growth is described as a venture capital arm with investments in approximately 70 companies and funds across technology, media, sports and infrastructure. Named holdings include Formula E, Televisa Univision, EdgeConneX, AtlasEdge and ITV. Liberty acquired control of Formula E in October 2024, and its ownership interest is now 65.6%.

Liberty Services provides technology, operational and financial services to Liberty Global companies and to third parties. The filing says it currently earns most of its revenue from affiliates and related parties.

What it sells

The main products are broadband internet, video, mobile and fixed-line telephony, sold alone or in double, triple or quad play bundles. Broadband runs mainly over a hybrid fiber coaxial network, with fiber-to-the-home and fixed wireless access added alongside it. Gigabit or faster speeds are offered across the whole footprint.

In the home, customers use the Connect Box gateway, which about 11 million customers had during 2025. They manage services through the ONE Connect platform and the Connect App. Video runs on Horizon 5, a cloud-based platform sold as Telenet TV-Box, Virgin TV 360 and MediaBox Next (Mini). It combines linear television, Replay TV, video-on-demand and apps from services such as Netflix, Disney+ and Amazon Prime Video.

Telenet, the VMO2 JV and the VodafoneZiggo JV run their own mobile networks. VM Ireland is a mobile virtual network operator on the network of Three. Most mobile subscribers are on postpaid plans, and prepaid plans are also offered. Business customers range from small or home office subscribers to large enterprises and other operators, and buy voice, data, wireless, video and cloud services.

Where it operates

The footprint covers six countries, five of them in the European Union. At 31 December 2025 the reportable segments, counting the joint ventures at 100%, passed 29,117,600 homes. They served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers.

- Telenet: 4,246,200 homes passed, 1,734,400 broadband subscribers and 2,820,500 mobile subscribers. - VM Ireland: 1,014,300 homes passed, 354,100 broadband subscribers and 145,900 mobile subscribers. - VMO2 JV: 16,226,100 homes passed and 36,309,300 mobile subscribers. -

In Belgium, Telenet and Fluvius own the Wyre network company, with 66.8% and 33.2%. Telenet and Orange Belgium are Wyre's wholesale customers. In the United Kingdom, Liberty holds approximately 25% of the nexfibre JV, which has built a fiber network of over 2.5 million premises. The agreement to sell the Slovak business to O2 Slovakia s.r.o. was signed on 18 December 2025 and needs regulatory approval.

Content and suppliers

Almost all programming is licensed from third-party rights holders. Fees are generally paid monthly, per channel or per subscriber. Ziggo Sport holds the UEFA Champions League, Europa League and Europa Conference League rights through the 2027/2028 season. Infosys builds and operates the Horizon platform, while Liberty keeps the intellectual property and strategy. Set-top boxes, modems, routers and mobile handsets come from a range of suppliers.

Competition and regulation

Competition covers fixed and mobile broadband, video, telephony and mobile services. Rivals include Proximus, Orange Belgium and Digi in Belgium, Eir, SIRO and Sky in Ireland, BT, Sky and TalkTalk in the United Kingdom, and KPN and Odido in the Netherlands. Overbuilding of its networks with fiber is one factor the filing names. Streaming services such as Netflix and Disney+ also compete for viewing, and are carried on Liberty's own set-top boxes. Lower-priced mobile brands include BASE, giffgaff and Hollandsnieuwe.

Operations are regulated country by country. Regulators named include Ofcom in the United Kingdom, the BIPT and the Belgian Competition Authority in Belgium, and the ACM in the Netherlands.

Its people

At 31 December 2025 the consolidated subsidiaries had 6,636 full-time equivalent employees. Of these, 3,577 were in Belgium, 1,543 in the United Kingdom, 916 in Ireland, 276 in the Netherlands, 223 in Slovakia and 81 in the United States. The VMO2 JV employed 16,841 people and the VodafoneZiggo JV 5,664. Many European employees are represented by workers councils, and the company reports no significant interruptions from labor disputes in recent years.

*From Liberty Global's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1570585/000157058526000014/lbtya-20251231.htm)*

From the company's 10-K.