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LBRDA

Liberty Broadband Corporation

LBRDA

Liberty Broadband Corporation • NASDAQ
$46.31 ▲ 0.54% (+0.25)
Market Cap $6.64 B
52w High $95.95
52w Low $44.51
Dividend Yield 0%
P/E 5.56
Volume 39.31K
Outstanding Shares 143.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $8M ▼ $-154M ▼ 0% ▼ $-1.08 ▼ $283M ▲
Q2-2025 $261M ▼ $162M ▼ $383M ▲ 146.743% ▲ $2.68 ▲ $93M ▼
Q1-2025 $266M ▲ $165M ▼ $268M ▼ 100.752% ▼ $1.87 ▼ $96M ▲
Q4-2024 $263M ▲ $181M ▲ $291M ▲ 110.646% ▲ $2.03 ▲ $63M ▼
Q3-2024 $262M $168M $142M 54.198% $0.99 $85M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $73M ▼ $13.193B ▼ $4.123B ▼ $9.07B ▼
Q2-2025 $180M ▼ $16.593B ▼ $6.179B ▼ $10.396B ▲
Q1-2025 $226M ▲ $16.995B ▲ $6.928B ▲ $10.052B ▲
Q4-2024 $163M ▼ $16.687B ▲ $6.879B ▲ $9.793B ▲
Q3-2024 $168M $16.303B $6.765B $9.52B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-154M ▼ $-18M ▼ $281M ▲ $-382M ▲ $-119M ▲ $101M ▲
Q2-2025 $383M ▲ $91M ▲ $254M ▼ $-714M ▼ $-369M ▼ $37M ▲
Q1-2025 $268M ▼ $78M ▲ $257M ▲ $1M ▲ $336M ▲ $13M ▲
Q4-2024 $291M ▲ $1M ▼ $61M ▼ $-7M ▼ $55M ▼ $-63M ▼
Q3-2024 $142M $24M $73M $-2M $95M $-36M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
GCI Holdings
GCI Holdings
 $260.00M ▲$510.00M ▲$270.00M ▼$260.00M ▼
Charter
Charter
 $13.79Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been slowly trending upward over the past few years, which is a positive sign for the core business. Profitability, however, has been a bit uneven. Operating profit swung from very strong levels a few years ago to more modest levels recently, suggesting that one‑time items, accounting effects, or changes in Charter’s results have a big influence. Despite that volatility, net income has stayed firmly positive and has generally improved versus earlier years, and earnings per share have moved higher over time. Overall, the business looks profitable, but the quality and consistency of those profits deserve closer attention since they aren’t on a straight, predictable path.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable asset base anchored by investments in Charter and GCI, with total assets easing down from earlier highs and then stabilizing. Debt has gradually edged lower from earlier years, which is constructive, but remains meaningful. Shareholder equity has dipped from peak levels but has been rebuilding in the last couple of years, reflecting retained earnings and changes in the value of investments. Cash on hand is relatively thin compared with the size of the company, so liquidity is not abundant and the company likely depends on dividends, distributions, or financing rather than a large cash buffer. Overall, the financial position looks solid but not cash‑rich, with steady but not aggressive de‑leveraging.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been weak and somewhat inconsistent, hovering around break‑even and even negative in some years. At the same time, the company has been consistently spending on capital investments, which keeps free cash flow in negative territory. This suggests Liberty Broadband is still in an investment phase, channeling cash into network and related assets through its holdings instead of maximizing near‑term cash surplus. The trade‑off is that, while these investments may strengthen long‑term value, they leave less internally generated cash to reduce debt, repurchase shares, or build a cash cushion, and they increase reliance on external funding sources or subsidiary cash distributions.

Competitive Edge

Competitive Edge Liberty Broadband’s strength comes from its large, strategic stakes in two powerful regional operators: Charter Communications in the continental U.S. and GCI in Alaska. Charter runs one of the largest broadband networks in the country, benefiting from huge scale, dense urban and suburban coverage, and high switching costs for customers. Its move to faster, symmetrical broadband and bundled offerings (internet, Wi‑Fi, and mobile) deepens customer relationships and raises barriers to entry. GCI, meanwhile, holds a dominant position in Alaska, where harsh geography and high build‑out costs make it very difficult for new competitors to replicate its network. Together, these holdings give Liberty Broadband exposure to markets with structural advantages: scale in the lower 48 states and near‑monopoly characteristics in Alaska. The main competitive risks are ongoing pressure from fiber‑to‑the‑home providers, fixed wireless broadband, and potential regulatory changes that could influence pricing or returns on network investments.

Innovation and R&D

Innovation and R&D Innovation at Liberty Broadband is expressed mainly through the capital programs and technology roadmaps of Charter and GCI rather than classic in‑house R&D. Charter’s push into DOCSIS 4.0 is a major step, allowing it to offer fiber‑like speeds using its existing cable infrastructure, which can be cheaper and faster to upgrade than building entirely new fiber networks. Its large rural expansion program also acts as an innovation platform, extending high‑speed connectivity to previously unserved areas, often supported by public funding. GCI is innovating in a different way: by combining fiber, microwave links, and satellites to serve remote Alaskan communities, and by rolling out 5G to places that historically had limited connectivity. These efforts are capital intensive but help maintain a technological edge and reinforce local monopolies or oligopolies. For Liberty Broadband, the key innovation levers are capital allocation, backing these rollouts, and positioning its holdings to benefit from future demand for high‑capacity, low‑latency networks.

Summary

Liberty Broadband is essentially a focused broadband holding company: most of its value and risk come from its stakes in Charter and GCI rather than from a diversified set of businesses. Financially, it shows gradually rising revenue and solid profitability, but with earnings that can swing from year to year as investment income and one‑off factors move around. The balance sheet carries meaningful but manageable debt, limited cash, and a substantial equity base tied to the value of its holdings. Cash flows are tight because ongoing network investments absorb more cash than the core operations generate, underscoring its role as a long‑term infrastructure investor rather than a near‑term cash machine. Competitively, its assets benefit from strong moats: Charter’s scale and infrastructure upgrades in the lower 48 and GCI’s entrenched position in Alaska. The strategic question going forward is how effectively Liberty Broadband can convert those technology upgrades and rural build‑outs into durable, steady cash flows, while balancing debt levels, limited liquidity, and exposure to evolving broadband and wireless competition.

NEWS

October 13, 2025 · 8:00 AM UTC

Liberty Broadband Corporation to Conduct Quarterly Q&A Conference Call

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