--- title: "Liberty Global -C | 10-Q: FY2026 Q1 Revenue: USD 1.275 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/284955118.md" datetime: "2026-05-02T04:06:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284955118.md) - [en](https://longbridge.com/en/news/284955118.md) - [zh-HK](https://longbridge.com/zh-HK/news/284955118.md) --- # Liberty Global -C | 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 Revenue - **Total Consolidated Revenue**: Liberty Global Ltd. reported total consolidated revenue of $1,274.6 million for the three months ended March 31, 2026, an increase of $103.4 million (8.8%) compared to $1,171.2 million in the corresponding period of 2025. On an organic basis, consolidated revenue increased by $29.1 million (2.9%), partially offset by a - $57.7 million decrease due to dispositions. - **Residential Fixed Revenue**: Total residential fixed revenue was $448.7 million in Q1 2026, up from $411.9 million in Q1 2025. Organically, this segment saw a decrease of - $8.5 million (-2.1%). - Residential fixed subscription revenue decreased organically by - $10.7 million (-2.6%). - Broadband internet subscription revenue increased organically by $4.9 million (2.2%). - Video subscription revenue decreased organically by - $11.6 million (-8.0%). - Fixed-line telephony subscription revenue decreased organically by - $4.0 million (-9.0%). - Residential fixed non-subscription revenue increased organically by $2.2 million (43.1%). - **Residential Mobile Revenue**: Total residential mobile revenue was $171.5 million in Q1 2026, up from $151.9 million in Q1 2025. Organically, this segment increased by $2.2 million (1.4%), primarily due to a $2.4 million (6.6%) organic increase in residential mobile non-subscription revenue from higher handset sales at Telenet. - **B2B Revenue**: Total B2B revenue was $232.8 million in Q1 2026, up from $207.0 million in Q1 2025. Organically, this segment increased by $2.7 million (1.3%). - **Other Revenue**: Other revenue increased organically by $32.7 million (8.2%), primarily driven by higher revenue at Formula E, increased sales of customer premises equipment (CPE) to the VMO2 JV, and a rise in revenue from U.K. JV Services. #### Revenue by Reportable Segment - **Telenet**: Revenue was $759.4 million in Q1 2026, an increase of $16.2 million (2.2%) from $743.2 million in Q1 2025. Organically, Telenet’s revenue decreased by - $2.5 million (-0.4%). - **Wyre**: Revenue was $198.9 million in Q1 2026, an increase of $18.1 million (10.0%) from $180.8 million in Q1 2025. Organically, Wyre’s revenue decreased by - $1.9 million (-1.0%). - **VM Ireland**: Revenue was $127.0 million in Q1 2026, an increase of $11.2 million (9.7%) from $115.8 million in Q1 2025. Organically, VM Ireland’s revenue decreased by - $1.6 million (-1.4%). - **VMO2 JV (nonconsolidated)**: Revenue was $3,222.4 million in Q1 2026, an increase of $96.1 million (3.1%) from $3,126.3 million in Q1 2025. - **VodafoneZiggo JV (nonconsolidated)**: Revenue was $1,148.5 million in Q1 2026, an increase of $96.5 million (9.2%) from $1,052.0 million in Q1 2025. #### Operating Costs and Expenses - **Programming and Other Direct Costs of Services**: Consolidated costs increased by $23.2 million (5.8%) to $426.6 million in Q1 2026, from $403.4 million in Q1 2025. Organically, these costs increased by $26.0 million (7.3%), driven by increases related to Formula E race events, CPE sales to VMO2 JV and VodafoneZiggo JV, and mobile handset costs, partially offset by a - $16.6 million (-10.5%) decrease in programming and copyright costs at Telenet. - **Other Operating Expenses**: Consolidated other operating expenses increased by $27.5 million (16.0%) to $200.0 million in Q1 2026, from $172.5 million in Q1 2025. Organically, these costs increased by $21.5 million (12.7%), primarily due to higher network operating costs at Wyre and VM Ireland, and increased costs related to the Tech Framework. - **Selling, General and Administrative (SG&A) Expenses**: Consolidated SG&A expenses increased by $10.0 million (3.7%) to $264.7 million in Q1 2026, from $254.7 million in Q1 2025. Organically, these costs increased by $7.9 million (3.1%), primarily due to higher personnel and administrative costs at Telenet and the all other category, partially offset by lower marketing costs at Telenet. - **Depreciation and Amortization**: Increased to $264.8 million in Q1 2026 from $232.2 million in Q1 2025. - **Impairment, Restructuring and Other Operating Items, Net**: Increased to $40.8 million in Q1 2026 from - $1.7 million in Q1 2025. #### Adjusted EBITDA - **Total Consolidated Adjusted EBITDA**: Increased by $41.9 million (12.9%) to $366.5 million in Q1 2026, from $324.6 million in Q1 2025. Organically, it increased by $3.1 million (1.4%). - **Telenet**: Adjusted EBITDA increased by $28.1 million (18.0%) to $183.9 million in Q1 2026, from $155.8 million in Q1 2025. Organically, it increased by $13.4 million (8.8%). - **Wyre**: Adjusted EBITDA increased by $8.5 million (5.8%) to $154.3 million in Q1 2026, from $145.8 million in Q1 2025. Organically, it decreased by - $6.7 million (-4.6%). - **VM Ireland**: Adjusted EBITDA increased by $1.2 million (3.2%) to $38.4 million in Q1 2026, from $37.2 million in Q1 2025. Organically, it decreased by - $2.6 million (-7.1%). - **VMO2 JV (nonconsolidated)**: Adjusted EBITDA increased by $18.4 million (1.7%) to $1,091.8 million in Q1 2026, from $1,073.4 million in Q1 2025. - **VodafoneZiggo JV (nonconsolidated)**: Adjusted EBITDA increased by $18.9 million (4.1%) to $482.0 million in Q1 2026, from $463.1 million in Q1 2025. #### Adjusted EBITDA Margin - **Telenet**: 24.2% in Q1 2026, up from 21.0% in Q1 2025. - **Wyre**: 77.6% in Q1 2026, down from 80.6% in Q1 2025. - **VM Ireland**: 30.2% in Q1 2026, down from 32.1% in Q1 2025. - **VMO2 JV**: 33.9% in Q1 2026, down from 34.3% in Q1 2025. - **VodafoneZiggo JV**: 42.0% in Q1 2026, down from 44.0% in Q1 2025. #### Net Earnings (Loss) - **Net Earnings (Loss) attributable to Liberty Global shareholders**: Liberty Global Ltd. reported net earnings of $337.8 million in Q1 2026, a significant improvement from a net loss of - $1,337.3 million in Q1 2025. #### Cash Flow - **Net Cash Provided by Operating Activities**: $107.6 million in Q1 2026, compared to $129.2 million in Q1 2025. - **Net Cash Used by Investing Activities**: - $223.0 million in Q1 2026, compared to net cash provided of $52.5 million in Q1 2025. - **Capital Expenditures, Net**: - $397.6 million in Q1 2026, compared to - $243.3 million in Q1 2025. - **Net Cash Used by Financing Activities**: - $114.0 million in Q1 2026, compared to - $66.2 million in Q1 2025. #### Debt and Lease Obligations - **Total Debt Before Deferred Financing Costs, Discounts and Premiums**: $8,422.3 million as of March 31, 2026, down from $8,584.8 million as of December 31, 2025. - **Weighted Average Interest Rate on Aggregate Variable- and Fixed-Rate Indebtedness**: 3.78% at March 31, 2026. - **Total Lease Liabilities**: $847.7 million as of March 31, 2026, down from $861.6 million as of December 31, 2025. #### Investments - **Total Investments**: $7,505.7 million as of March 31, 2026, down from $7,762.3 million as of December 31, 2025. - **Realized and Unrealized Gains on Fair Value Investments**: Net gains of $57.8 million in Q1 2026, compared to $55.8 million in Q1 2025. #### Future Outlook and Strategy Liberty Global Ltd. entered into an agreement to acquire Vodafone’s 50% interest in the VodafoneZiggo JV, with the transaction expected to close in the second half of 2026, pending regulatory approvals. The company completed the sale of its operations in Slovakia (UPC Slovakia) on April 30, 2026. Additionally, Liberty Global Ltd. disposed of approximately 16% of its interest in EdgeConneX and approximately half of its interest in ITV during Q1 2026. ### Related Stocks - [LBTYK.US](https://longbridge.com/en/quote/LBTYK.US.md) ## Related News & Research - [Examining options for FX hedging](https://longbridge.com/en/news/286789264.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [Stellantis N.V. (STLA) Shareholders Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit](https://longbridge.com/en/news/286607688.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [22:13 ETGLOB Investors Have Opportunity to Lead Globant S.A. 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