--- title: "Liberty Global - B | 10-Q: FY2026 Q1 Revenue: USD 1.275 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/284955072.md" datetime: "2026-05-02T04:05:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284955072.md) - [en](https://longbridge.com/en/news/284955072.md) - [zh-HK](https://longbridge.com/zh-HK/news/284955072.md) --- # Liberty Global - B | 10-Q: FY2026 Q1 Revenue: USD 1.275 B Revenue: As of FY2026 Q1, the actual value is USD 1.275 B. EPS: As of FY2026 Q1, the actual value is USD 0.96. EBIT: As of FY2026 Q1, the actual value is USD 137.5 M. ### Consolidated Financial Performance #### Net Earnings (Loss) Net earnings were $358.2 million for the three months ended March 31, 2026, compared to a net loss of - $1,323.3 million for the corresponding period in 2025. #### Operating Income Operating income was $23.8 million for the three months ended March 31, 2026, a decrease from $60.7 million for the corresponding period in 2025. #### Depreciation and Amortization Depreciation and amortization increased to $264.8 million for the three months ended March 31, 2026, from $232.2 million for the corresponding period in 2025. #### Impairment, Restructuring and Other Operating Items, Net Impairment, restructuring and other operating items, net, were $40.8 million for the three months ended March 31, 2026, compared to - $1.7 million for the corresponding period in 2025. #### Consolidated Revenue Total consolidated revenue for the three months ended March 31, 2026, increased by $103.4 million (8.8%) to $1,274.6 million, from $1,171.2 million in the prior-year period. This includes a decrease of $57.7 million due to dispositions. On an organic basis, consolidated revenue increased by $29.1 million (2.9%). **Residential revenue** increased $56.4 million to $620.2 million, from $563.8 million in the prior-year period. Organically, residential revenue decreased - $6.3 million (-1.1%), primarily due to a decrease in residential fixed subscription revenue caused by a change in the average number of customers (- $8.9 million) and ARPU (- $1.8 million), partially offset by an increase in residential fixed non-subscription revenue ($2.2 million) and residential mobile non-subscription revenue ($2.4 million). **Broadband internet subscription revenue** was $248.4 million in 2026, up from $218.4 million in 2025. Organically, it increased $4.9 million (2.2%). **Video subscription revenue** was $147.3 million in 2026, up from $144.1 million in 2025. Organically, it decreased - $11.6 million (-8.0%). **Fixed-line telephony subscription revenue** was $44.9 million in 2026, up from $44.3 million in 2025. Organically, it decreased - $4.0 million (-9.0%). **B2B revenue** increased $25.8 million (12.5%) to $232.8 million. Organically, B2B revenue increased $2.7 million (1.3%), primarily driven by a $4.0 million increase in non-subscription revenue. **Other revenue** increased $21.2 million (5.3%) to $421.6 million. Organically, other revenue increased $32.7 million (8.2%), driven by higher revenue at Formula E, increased CPE sales to the VMO2 JV, and higher revenue from U.K. JV Services. #### Consolidated Operating Costs and Expenses - **Programming and other direct costs of services** increased $23.2 million (5.8%) to $426.6 million. Organically, these costs increased $26.0 million (7.3%). - **Other operating expenses** increased $28.8 million (15.1%) to $220.0 million. Organically, these expenses increased $10.1 million (5.5%). - **Selling, general and administrative (SG&A) expenses** increased $13.2 million (4.6%) to $298.6 million. Organically, SG&A expenses increased $1.4 million (0.5%). ### Segmented Adjusted EBITDA #### Telenet Adjusted EBITDA increased $28.1 million (18.0%) to $183.9 million for the three months ended March 31, 2026, from $155.8 million in the prior-year period. Organically, Adjusted EBITDA increased $13.4 million (8.8%). Adjusted EBITDA margin was 24.2% in 2026, up from 21.0% in 2025. #### Wyre Adjusted EBITDA increased $8.5 million (5.8%) to $154.3 million for the three months ended March 31, 2026, from $145.8 million in the prior-year period. Organically, Adjusted EBITDA decreased - $6.7 million (-4.6%). Adjusted EBITDA margin was 77.6% in 2026, down from 80.6% in 2025. #### VM Ireland Adjusted EBITDA increased $1.2 million (3.2%) to $38.4 million for the three months ended March 31, 2026, from $37.2 million in the prior-year period. Organically, Adjusted EBITDA decreased - $2.6 million (-7.1%). Adjusted EBITDA margin was 30.2% in 2026, down from 32.1% in 2025. #### VMO2 JV (Nonconsolidated) Adjusted EBITDA increased $18.4 million (1.7%) to $1,091.8 million for the three months ended March 31, 2026, from $1,073.4 million in the prior-year period. Adjusted EBITDA margin was 33.9% in 2026, down from 34.3% in 2025. #### VodafoneZiggo JV (Nonconsolidated) Adjusted EBITDA increased $18.9 million (4.1%) to $482.0 million for the three months ended March 31, 2026, from $463.1 million in the prior-year period. Adjusted EBITDA margin was 42.0% in 2026, down from 44.0% in 2025. #### Total Consolidated Adjusted EBITDA Total consolidated Adjusted EBITDA increased $41.9 million (12.9%) to $366.5 million. Organically, total consolidated Adjusted EBITDA increased $3.1 million (1.4%). ### Cash Flow #### Net Cash Provided by Operating Activities Net cash provided by operating activities was $107.6 million for the three months ended March 31, 2026, down from $129.2 million for the corresponding period in 2025. #### Net Cash Used by Investing Activities Net cash used by investing activities was - $223.0 million for the three months ended March 31, 2026, compared to net cash provided of $52.5 million for the corresponding period in 2025. #### Net Cash Used by Financing Activities Net cash used by financing activities was - $114.0 million for the three months ended March 31, 2026, compared to - $66.2 million for the corresponding period in 2025. #### Capital Expenditures, Net Capital expenditures, net, increased to $397.6 million for the three months ended March 31, 2026, from $243.3 million for the corresponding period in 2025. ### Unique Metrics & Strategic Developments #### Investments - **VodafoneZiggo JV Receivables:** As of March 31, 2026, amounts include a €700.0 million note receivable (- $807.8 million equivalent) and a €207.9 million note receivable (- $239.9 million equivalent) from a VodafoneZiggo JV subsidiary. These notes bear 5.55% interest and mature on December 31, 2030, with $14.7 million in interest accrued and cash settled during Q1 2026. - **EdgeConneX, Inc.:** During Q1 2026, Liberty Global disposed of approximately 16% of its interest in EdgeConneX, receiving $73.6 million in cash proceeds. - **ITV plc:** On March 17, 2026, Liberty Global disposed of approximately half of its interest in ITV, receiving approximately £76.1 million (- $101.8 million) in cash proceeds. - **Separately-managed accounts (SMAs):** During Q1 2026, $36.6 million of a leveraged structured note was redeemed, with the remaining balance of $46.3 million redeemed subsequent to March 31, 2026. #### Derivative Instruments - Cross-currency and interest rate derivative contracts had assets of $257.5 million and liabilities of $126.6 million as of March 31, 2026. - Foreign currency forward and option contracts had assets of $0.8 million and liabilities of $1.3 million as of March 31, 2026. - The impact of derivative instruments decreased borrowing costs by -1.50% overall as of March 31, 2026. #### Debt Total debt before deferred financing costs, discounts, and premiums was $8,422.3 million as of March 31, 2026. The weighted average interest rate on aggregate variable- and fixed-rate indebtedness was 3.78% at March 31, 2026, including the effects of derivative instruments. #### Vendor Financing Obligations Operating-related vendor financing additions were $68.4 million for the three months ended March 31, 2026, with principal payments of - $88.0 million. #### Share-based Compensation Total share-based compensation expense was $37.1 million for the three months ended March 31, 2026, compared to $33.4 million for the corresponding period in 2025. #### UPC Slovakia Disposition On April 30, 2026, \[Liberty Global Ltd.\] completed the sale of UPC Slovakia, receiving net cash proceeds of €94.8 million (- $111.2 million at the transaction date). ### Future Outlook and Strategy \[Liberty Global Ltd.\] entered an agreement on February 18, 2026, to acquire Vodafone’s 50% interest in the VodafoneZiggo JV for €1.0 billion in cash and a 10% equity interest in a new Benelux holding company, with the transaction expected to close in the second half of 2026, subject to regulatory approvals. The VodafoneZiggo JV faces significant competition, and adverse factors could lead to future impairment charges for its goodwill or \[Liberty Global Ltd.\]’s investment. The company does not anticipate a material impact on its consolidated financial statements from the One Big Beautiful Bill Act (OBBBA) in future periods. ### Related Stocks - [LBTYB.US](https://longbridge.com/en/quote/LBTYB.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [TDK publishes 2026 annual report for fiscal year ended March 31, 2026](https://longbridge.com/en/news/287131408.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Royce Small-Cap Trust (NYSE: RVT) as of Apr 30, 2026 | RVT Stock News](https://longbridge.com/en/news/287103750.md) - [GDEV announces results for the first quarter of 2026 | GDEV Stock News](https://longbridge.com/en/news/286909689.md)