Liberty Global (LBTYA) financial statements
Liberty Global reported revenue of $4.9B in fiscal 2025, down 10.9% a year over 9 years.
Net income was -$7.1B and the operating margin -0.5%, against 11.4% in 2016.
Free cash flow was -$132M, and the company returned $192M in net buybacks.
The diluted share count fell 62% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Liberty Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.7B | $11.3B | $12.0B | $11.1B | $11.5B | $10.3B | $4.0B | $4.1B | $4.3B | $4.9B |
| Cost of revenue | $3.5B | $3.0B | $3.2B | $3.1B | $3.3B | $3.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| Gross profit | $10.2B | $8.3B | $8.7B | $8.0B | $8.2B | $7.3B | $3.0B | $2.8B | $2.9B | $3.2B |
| Selling, general and admin | $2.5B | $2.0B | $2.0B | $2.0B | $2.1B | $2.2B | $1.0B | $1.1B | $1.1B | $1.2B |
| Operating income | $1.6B | $792M | $839M | $660M | $2.0B | $1.3B | $110M | -$314M | -$60M | -$23M |
| Interest expense | $1.9B | $1.4B | $1.5B | $1.4B | $1.2B | $882M | $589M | $908M | $575M | $498M |
| Pre-tax income | $243M | -$2.1B | $162M | -$1.2B | -$1.8B | $14.0B | $1.2B | -$3.4B | $1.8B | -$7.2B |
| Income tax | -$1.4B | $239M | $1.6B | $234M | -$276M | $473M | $407M | $213M | -$31M | -$76M |
| Net income | $1.7B | -$2.8B | $725M | $11.5B | -$1.6B | $13.4B | $1.5B | -$4.1B | $1.6B | -$7.1B |
| EPS (diluted) | — | — | -$1.97 | $16.32 | -$2.70 | $23.59 | $2.96 | -$9.52 | $4.23 | -$20.86 |
| Diluted shares | 900M | 848M | 779M | 706M | 602M | 569M | 497M | 426M | 375M | 342M |
| Gross margin | 74.5% | 73.6% | 72.9% | 71.8% | 71.2% | 70.7% | 73.5% | 68.8% | 66.6% | 65.8% |
| Operating margin | 11.4% | 7.0% | 7.0% | 5.9% | 17.6% | 12.8% | 2.7% | -7.6% | -1.4% | -0.5% |
| Net margin | 12.4% | -24.6% | 6.1% | 103.6% | -14.1% | 130.2% | 36.7% | -98.4% | 36.6% | -146.3% |
Balance sheet
Fiscal years, from Liberty Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $1.7B | $1.5B | $8.1B | $2.9B | $3.2B | $4.3B | $3.4B | $2.2B | $2.2B |
| Receivables | $1.4B | $1.4B | $1.3B | $1.4B | $1.1B | $907M | $831M | $404M | $450M | $558M |
| Total current assets | $7.1B | $4.3B | $4.1B | $10.6B | $5.8B | $5.9B | $6.3B | $5.6B | $3.3B | $3.4B |
| Property, plant and equipment | $17.2B | $14.1B | $13.9B | $13.8B | $8.1B | $7.0B | $6.5B | $4.4B | $4.3B | $5.3B |
| Goodwill | $12.8B | $14.4B | $13.7B | $13.6B | $10.0B | $9.5B | $2.8B | $3.3B | $3.2B | $3.5B |
| Total assets | $68.7B | $57.6B | $53.2B | $49.0B | $59.1B | $46.9B | $42.9B | $42.1B | $25.4B | $22.6B |
| Total current liabilities | $9.7B | $10.0B | $10.3B | $8.7B | $4.5B | $4.1B | $3.9B | $4.3B | $3.1B | $3.2B |
| Long-term debt | $34.9B | $29.0B | $26.2B | $24.3B | $13.9B | $14.0B | $13.0B | $8.8B | $8.2B | $7.8B |
| Total liabilities | $54.0B | $51.2B | $49.0B | $35.8B | $45.8B | $21.3B | $20.3B | $23.1B | $12.9B | $12.7B |
| Shareholders' equity | $13.8B | $6.8B | $4.7B | $13.6B | $13.7B | $25.9B | $22.4B | $19.1B | $12.4B | $9.7B |
| Net debt | $36.4B | $31.0B | $28.3B | $20.0B | $13.6B | $13.9B | $12.0B | $7.9B | $7.3B | $6.5B |
Cash flow
Fiscal years, from Liberty Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.9B | $5.7B | $6.0B | $4.6B | $4.2B | $3.5B | $2.8B | $2.2B | $2.0B | $1.2B |
| Capital spending | $1.5B | $1.2B | $1.5B | $1.2B | $1.3B | $1.4B | $891M | $922M | $908M | $1.3B |
| Free cash flow | $4.4B | $4.5B | $4.5B | $3.4B | $2.9B | $2.1B | $1.9B | $1.2B | $1.1B | -$132M |
| Stock-based compensation | $268M | $162M | $206M | $306M | $348M | $308M | $163M | $205M | $168M | $169M |
| Share buybacks (net) | -$2.0B | -$3.0B | -$2.0B | -$3.2B | -$1.1B | -$1.6B | -$1.7B | -$1.5B | -$690M | -$192M |
| Net borrowing | $14.8B | $7.2B | $4.4B | -$1.8B | $4.3B | $850M | -$23M | $2.2B | $178M | $74M |
| Free cash flow margin | 32.1% | 39.5% | 37.7% | 30.7% | 25.1% | 20.8% | 48.5% | 30.2% | 25.9% | -2.7% |
Questions
What was Liberty Global's revenue in 2025?
$4.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Liberty Global generate?
-$132M in fiscal 2025 (operating cash flow minus capital spending).
From Liberty Global's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.