Liberty Global Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Liberty Global Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,731	11,276	11,958	11,542	11,545	10,311	7,196	7,491	4,342	4,879
Cost of revenue	3,499	2,974	3,246	3,131	3,321	3,018	1,066	1,286	1,451	1,671
Gross profit	10,232	8,303	8,712	8,411	8,225	7,294	6,129	6,206	2,891	3,208
Selling, general and administrative	2,495	1,980	2,049	2,044	2,150	2,154	1,006	1,119	1,139	1,224
Operating income	1,570	792	839	660	2,031	1,320	110	-314	-60.1	-23.3
Interest expense	1,866	1,416	1,479	1,384	1,187	882	589	908	575	498
Other non-operating income	-1,327	-2,904	-677	-1,902	-3,832	12,681	1,069	-3,132	1,898	-7,149
Pre-tax income	243	-2,111	162	-1,242	-1,801	14,001	1,178	-3,446	1,838	-7,173
Income tax	-1,407	239	1,573	234	-276	473	407	213	-30.8	-75.8
Income from continuing operations	1,625	-2,421	-1,532	-1,593	-1,686	13,344	259	-3,837	1,811	-7,138
Net income to minority interests	62	57.5	125	117	161	183	513	178	57.9	41.4
Net income	1,705	-2,778	725	11,521	-1,628	13,427	1,473	-4,052	1,588	-7,138
EBITDA	5,688	4,583	4,697	4,206	4,258	3,674	1,204	903	942	1,016
EPS, basic			-1.97	16.32	-2.70	24.16	3.01	-9.52	4.33	-20.86
EPS, diluted			-1.97	16.32	-2.70	23.59	2.96	-9.52	4.23	-20.86
Shares, basic (weighted)	890	848	779	706	602	556	490	426	367	342
Shares, diluted (weighted)	900	848	779	706	602	569	497	426	375	342

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,077	1,672	1,481	8,142	1,327	911	1,724	1,410	1,816	2,081
Short-term investments				0	1,600	2,270	2,622	1,991	336	76.2
Receivables	1,375	1,405	1,342	1,405	1,078	907	831	404	450	558
Other current assets	526	351	568	1,026	817	684	736	404	412	757
Total current assets	7,052	4,332	4,141	10,573	5,802	5,941	6,297	5,642	3,300	3,396
Property, plant and equipment	17,249	14,149	13,879	13,843	8,054	6,982	6,505	4,354	4,326	5,270
Lease right-of-use assets				513	1,440	1,328	1,724	713	711	774
Goodwill	12,759	14,354	13,716	13,558	9,966	9,523	2,801	3,308	3,153	3,503
Intangible assets	2,423	1,609	1,031	572	2,880	2,343	2,342	674	1,290	1,349
Long-term investments	6,389	6,671	5,122	4,782	5,355	19,703	14,949	13,336	11,688	7,686
Other non-current assets	3,003	3,720	3,633	2,766	3,181	2,426	3,486	1,632	1,682	1,391
Total assets	68,684	57,597	53,154	49,046	59,093	46,917	42,895	42,088	25,440	22,596
Accounts payable	955	926	874	964	579	613	610	408	371	479
Deferred revenue	1,059	937	847	835	427	275	264	170	285	292
Short-term debt	2,624	3,668	3,615	3,877	1,086	850	800	429	899	764
Total current liabilities	9,723	9,966	10,306	8,652	4,511	4,085	3,921	4,333	3,134	3,159
Long-term debt	39,662	36,769	25,647	23,770	13,387	13,558	12,606	14,913	8,178	7,805
Lease liabilities				433	1,255	1,226	1,646	680	678	740
Other non-current liabilities	2,236	2,247	2,437	2,891	2,969	2,033	1,791	867	882	920
Total liabilities	53,952	51,204	49,005	35,848	45,794	21,319	20,322	23,081	12,895	12,650
Total debt	36,290	32,006	29,184	27,565	14,398	14,341	13,327	9,243	9,067	8,562
Paid-in capital	17,578	11,359	9,215	6,137	5,272	3,893	2,301	1,323	777	712
Retained earnings	-3,455	-6,218	-5,172	6,350	4,692	18,145	19,618	15,566	12,243	5,105
Treasury stock	-0.3	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Other comprehensive income	-372	1,656	632	1,113	3,693	3,892	513	2,170	-657	3,916
Shareholders' equity	13,761	6,805	4,681	13,606	13,663	25,935	22,436	19,063	12,366	9,736
Minority interests	971	-412	-533	-408	-364	-337	137	-55.2	178	210
Total equity	14,732	6,393	4,148	13,199	13,298	25,598	22,573	19,007	12,544	9,946
Total liabilities and equity	68,684	57,597	53,154	49,046	59,093	46,917	42,895	42,088	25,440	22,596

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,767	-2,721	850	11,638	-1,467	13,610	1,986	-3,874	1,646	-7,097
Depreciation and amortization	4,118	3,791	3,858	3,546	2,227	2,354	1,094	1,216	1,002	1,039
Stock-based compensation	268	162	206	306	348	308	163	205	168	169
Deferred income tax	-1,428	46.6	438	64.5	-263	318	260	45.8	-53.1	-122
Change in payables	-915	-652	459	-795	-831	-872	-128	-681	-303	-201
Cash from operations	5,941	5,708	5,963	4,585	4,186	3,549	2,838	2,166	2,033	1,211
Capital expenditures	-1,540	-1,250	-1,453	-1,168	-1,293	-1,408	-891	-922	-909	-1,343
Acquisitions	-1,393	-414	-82.5	-23.1	-5,268	-70.8	0	0	-199	0
Sales and maturities of investments	147	25.5	36.2	0	6,032	6,171	9,213	6,989	4,528	1,014
Cash from investing	-7,043	-561	87.3	9,275	-8,874	-5,797	1,281	-1,845	685	-875
Debt issued	14,803	7,215	4,397	4,446	13,206	2,571	4.7	3,167	204	765
Debt repaid				-6,292	-8,857	-1,721	-27.4	-1,005	-25.5	-691
Share buybacks	-1,968	-2,976	-2,010	-3,219	-1,072	-1,580	-1,703	-1,495	-690	-192
Cash from financing	1,699	-4,680	-6,190	-7,177	1,084	-1,546	-3,276	-692	-2,250	-226
Exchange rate effect	-38.4	114	-43.2	0.4	141	-6.6	-26	57.9	-64	155
Net change in cash	558	583	-185	6,683	-3,464	-3,800	815	-310	399	265
Free cash flow	4,401	4,458	4,510	3,417	2,893	2,141	1,947	1,244	1,124	-132
Interest paid	2,608	2,286	1,842	1,784	1,128	832	547	885	892	470
Income taxes paid	441	413	364	494	248	190	172	494	197	200

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.41 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.2%	Gross profit / revenue.
Operating margin	-1.8%	Operating income / revenue.
EBITDA margin	20.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-57.5%	Pre-tax income / revenue.
Net margin	-62.1%	Net income / revenue.
FCF margin	-5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.0%	Cash from operations / revenue.
Return on equity (ROE)	-32.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-14.1%	Net income / average total assets.
Return on invested capital (ROIC)	-0.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	25.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	31.2%	Capital expenditures / revenue.
D&A / revenue	22.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-12.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-15.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-19.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-17.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-24.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-549.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-593.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-40.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-24.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-22.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-111.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-21.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-24.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-19.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-17.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-11.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-10.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.28x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.88x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.90x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.6%	Total debt / total assets.
Liabilities / assets	56.1%	Total liabilities / total assets.
Net debt	$5.90B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.92x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.18x	Operating income / interest expense.
Working capital	$756.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	21.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.54B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	0.90x	Revenue / average property, plant and equipment.
Receivables turnover	9.37x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
Days payables	101 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	120.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$8.93	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.37	Revenue / diluted weighted shares.
FCF per share	-$0.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.74	Cash from operations / diluted weighted shares.
Book value per share	$27.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.36	Tangible book value / shares outstanding.
Cash per share	$7.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.23B	Share price x shares outstanding.
Enterprise value	$10.14B	Market cap + total debt - cash - short-term investments.
P/S	0.87x	Market cap / revenue.
P/B	0.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.93x	Market cap / tangible book value, when positive.
P/OCF	3.33x	Market cap / cash from operations, when positive.
EV/Sales	2.08x	Enterprise value / revenue.
EV/EBITDA	10.2x	Enterprise value / EBITDA, when both are positive.
FCF yield	-6.0%	Free cash flow / market cap.
Earnings yield	-71.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was Liberty Global Ltd.'s revenue in fiscal 2025?

Liberty Global Ltd. reported revenue of $4.88B for fiscal 2025, 12.4% higher than the year before.

Was Liberty Global Ltd. profitable in fiscal 2025?

No. It reported a net loss of $7.14B.

How much free cash flow did Liberty Global Ltd. generate in fiscal 2025?

Cash from operations of $1.21B minus capital expenditures of $1.34B left free cash flow of -$132.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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