Liberty Global Q1 2026: net income swings positive on $2.0B non-operating gain as capex surges 63%

Filed May 1, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 2, 2025 · ~2 min read

Key Changes

• high

  Net income swung to $337.8M (from -$1.3B loss prior year) on $1.7B net below-the-line improvement — non-operating/other +$2.0B, income tax -$245.4M, noncontrolling interest -$6.4M — while operating income fell 60.8% to $23.8M. The net-income gain did not come from operations.

  MD&A: Earnings Quality verify on EDGAR →
• high

  Capital expenditures jumped 63% to $397.6M (from $243.3M), driven by network upgrades and new build projects, pushing adjusted free cash flow to -$319.3M (from -$141.2M). Operating cash flow fell $21.6M despite higher EBITDA.

  MD&A: Cash Flow verify on EDGAR →
• high

  Target leverage range raised from 4-5x to 4-6x consolidated Adjusted EBITDA; total debt fell $0.9B to $8.5B. Vodafone Collar Loan references removed, suggesting the position was liquidated or restructured.

  MD&A: Liquidity & Leverage verify on EDGAR →