Revenue: As of FY2026 Q1, the actual value is USD 256 M.

EPS: As of FY2026 Q1, the actual value is USD 0.45.

EBIT: As of FY2026 Q1, the actual value is USD 34 M.

Segment Revenue

• Total Revenue: GCI Liberty’s total revenue for the first quarter of 2026 was $256 million, marking a 4% decrease from $266 million in the first quarter of 2025 .
• Consumer Revenue: Decreased by 5% to $115 million in Q1 2026 from $121 million in Q1 2025, primarily due to fully exiting the video business in 2025 .
  • Consumer Data Revenue: $59 million in Q1 2026, a 3% decrease from $61 million in Q1 2025, driven by subscriber losses .
  • Consumer Wireless Revenue: Increased by 4% to $52 million in Q1 2026 from $50 million in Q1 2025, driven by an increase in wireless lines in service .
  • Other Consumer Revenue: $4 million in Q1 2026, a 60% decrease from $10 million in Q1 2025 .
• Business Revenue: Decreased by 3% to $141 million in Q1 2026 from $145 million in Q1 2025, primarily due to a decline in data revenue .
  • Business Data Revenue: $124 million in Q1 2026, a 3% decrease from $128 million in Q1 2025 .
  • Business Wireless Revenue: Remained at $10 million in Q1 2026, unchanged from Q1 2025 .
  • Other Business Revenue: Remained at $7 million in Q1 2026, unchanged from Q1 2025 .

Operational Costs

• Total Operating Expenses (exclusive of depreciation and amortization): Increased by 6% to $132 million in Q1 2026 from $125 million in Q1 2025 .
  • Consumer Direct Costs: Decreased by 11% to $32 million in Q1 2026 from $36 million in Q1 2025, due to lower video programming costs .
  • Business Direct Costs: Increased by 23% to $32 million in Q1 2026 from $26 million in Q1 2025, primarily due to higher distribution costs related to restored service on the Quintillion network .
  • Technology Expense: Increased by 8% to $68 million in Q1 2026 from $63 million in Q1 2025 .
• Selling, General and Administrative Expense (exclusive of stock-based compensation): Increased by 11% to $31 million in Q1 2026 from $28 million in Q1 2025, mainly due to $3 million in new public company costs .
• Stock-based Compensation: Increased by 300% to $8 million in Q1 2026 from $2 million in Q1 2025, attributed to delayed grants and changes in grant timing .
• Depreciation and Amortization: Decreased by 2% to $52 million in Q1 2026 from $53 million in Q1 2025 .
• Acquisition Costs: Totaled $3 million in Q1 2026, compared to $0 million in Q1 2025 .

Profitability Metrics

• Operating Income: Decreased by 48% to $30 million in Q1 2026 from $58 million in Q1 2025 .
• Operating Income Margin: 11.7% in Q1 2026, a decrease of 1,010 basis points from 21.8% in Q1 2025 .
• Adjusted OIBDA: Decreased by 18% to $93 million in Q1 2026 from $113 million in Q1 2025, including $13 million of items not comparable to the prior year .
• Adjusted OIBDA Margin: 36.3% in Q1 2026, a decrease of 620 basis points from 42.5% in Q1 2025 .
• Net Earnings: $18 million in Q1 2026, compared to $35 million in Q1 2025 .

Cash Flow

• Net Cash Provided by Operating Activities: $78 million for the three months ended March 31, 2026, compared to $119 million for the same period in 2025 .
• Net Cash Provided by Operating Activities (Trailing Twelve Months): $329 million for the period ended March 31, 2026, an increase from $310 million for the period ended March 31, 2025 .
• Free Cash Flow (Trailing Twelve Months): $99 million for the period ended March 31, 2026, a decrease from $114 million for the period ended March 31, 2025 .

Capital Expenditures

• Capital Expenditures, Net of Grant Proceeds: Increased by 12% to $55 million in Q1 2026 from $49 million in Q1 2025 .
• Year-to-date Capital Expenditures, Net of Grant Proceeds: Totaled $55 million for Q1 2026, primarily directed towards wireless and data networks in rural Alaska .

Debt and Cash Position

• Cash, Cash Equivalents and Restricted Cash: $448 million as of March 31, 2026, an increase of $19 million from $429 million as of December 31, 2025 .
• Total Debt: $1,035 million as of March 31, 2026, compared to $1,043 million as of December 31, 2025 .
• Total Debt (GAAP): $981 million as of March 31, 2026, compared to $983 million as of December 31, 2025 .
• GCI Leverage: 2.3x as of March 31, 2026, unchanged from December 31, 2025 .
• GCI Liberty Leverage: 1.6x as of March 31, 2026, unchanged from December 31, 2025 .
• Undrawn Capacity on GCI’s Credit Facility: $377 million (net of letters of credit) as of March 31, 2026 .

Other Operational Metrics

• LLA Share Purchase: In April 2026, GCI LIBERTY, INC. purchased approximately 61,000 shares of Liberty Latin America Ltd. (LLA) Class A common stock and 12.3 million shares of LLA Class C common stock for approximately $107 million in cash . These shares represent an approximate 6% equity ownership in Liberty Latin America Ltd. .
• Consumer Cable Modem Subscribers: 150,500 as of Q1 2026, a 3% decrease year-over-year, with a loss of 700 subscribers during Q1 2026 .
• Consumer Wireless Lines in Service: 200,000 as of Q1 2026, a 2% increase year-over-year, with 1,000 lines added during Q1 2026 .
• Business Wireless Lines in Service: 7,700 as of Q1 2026, an 11% decrease year-over-year .

Unique Metrics

• Acquisition of Quintillion: GCI entered into a definitive agreement to acquire Quintillion for $310 million in cash, up to $50 million for capital expenditures, and potential earn-out payments . This transaction is expected to be accretive to free cash flow and provide cost efficiencies .
• GCI Infrastructure Investment: GCI has invested $4.7 billion in its Alaska network and facilities over the past 47 years .
• Company Name Change: GCI Liberty will change its name to Liberty Capital Corporation, with no changes to stock tickers .

Outlook / Guidance

GCI LIBERTY, INC. is in discussions with Dr. John C. Malone for a potential acquisition of his equity interests in Liberty Latin America Ltd. (LLA) in exchange for newly issued GCI LIBERTY, INC. Series C common stock . GCI’s net capital expenditures for 2026 are projected to be $290 million, including $20 million carried over from 2025, with a significant portion allocated to hybrid fiber-coaxial network improvements . The acquisition of Quintillion is expected to close following regulatory approval, anticipated to be accretive to free cash flow and enhance connectivity for Alaskans .