Abstract

Liberty Global PLC will release quarterly results on February 18, 2026 Pre-Market, with consensus pointing to a year-over-year revenue decline and a narrower adjusted per-share loss while investors gauge capital deployment, UK fiber expansion plans, and a new AI collaboration.

Market Forecast

Markets currently expect Liberty Global PLC to post revenue of 1.20 billion US dollars for the current quarter, a 18.67% year-over-year decline, alongside an adjusted EPS estimate of -0.46, reflecting a 59.10% year-over-year change. Forecast details for gross profit margin and net profit margin were not provided, and management’s current-quarter margin outlook has not been disclosed in the figures available.

The company’s revenue mix last quarter was led by subscription services, supported by enterprise (B2B) and residential mobile, and near-term performance will be influenced by execution on connectivity, pricing, and product bundling. Among operating lines, B2B appears poised for relatively better momentum given product breadth and enterprise demand, with last quarter’s B2B revenue of 233.30 million US dollars; year-over-year segment growth data was not disclosed.

Last Quarter Review

In the previous quarter, Liberty Global PLC reported revenue of 1.21 billion US dollars, down 37.62% year over year, a GAAP net loss attributable to shareholders of 90.70 million US dollars, a net profit margin of -7.51%, and adjusted EPS of -0.27 with a 93.17% year-over-year change; gross profit margin for the period was not available in the data provided. One notable financial highlight was adjusted EPS exceeding the prior estimate by approximately 0.09 per share, driven by better-than-anticipated operating line performance versus expectations.

In terms of business mix, subscription services contributed 448.80 million US dollars, B2B contributed 233.30 million US dollars, residential mobile delivered 167.30 million US dollars, and other lines contributed 349.40 million US dollars; the quarter’s total revenue declined 37.62% year over year, and segment-level YoY changes were not disclosed.

Current Quarter Outlook

Main business momentum: Subscription connectivity and bundled services

Subscription-based connectivity remains the core revenue driver for Liberty Global PLC, with last quarter’s subscription revenue of 448.80 million US dollars anchoring the mix. The current quarter’s topline expectation of 1.20 billion US dollars implies a slower run rate versus the prior year, but the expected year-over-year change in adjusted EPS to -0.46 suggests improved per-subscriber economics, cost actions, or mix tailwinds that mitigate the headline decline in revenue. Management’s levers in this construct typically center on pricing discipline, controlling promotional intensity, and maintaining customer tenure through bundles that combine fixed, mobile, and content. Where tiering and value-added services can be aligned to customer usage, ARPU stability tends to improve, even in a context of muted new gross additions.

Operationally, retention and churn control are focal, and cross-selling across fixed broadband, pay TV, and mobile lines can sustain a stabilized subscriber base despite macro headwinds. While gross margin disclosure was not available in the dataset, cost-to-serve can be contained through network automation, proactive care, and digital self-service—areas likely to see incremental support from the newly announced AI collaboration. These factors matter for adjusted EPS resilience, especially given that revenue is forecast to fall by 18.67% year over year this quarter. The balance between promotional spend, device subsidies, and service pricing will determine how much adjusted EPS can improve relative to the depth of the revenue decline indicated by consensus.

The overall mix’s “other” bucket of 349.40 million US dollars last quarter also plays a role, as it can include one-off or non-core items that skew comparability. For investors, consistent subscription revenues with disciplined pricing are the clearest pathway to cushioning the negative revenue print, and any commentary or metrics showing better unit churn, improved reconnection activity, and bundled penetration would be pertinent signals for the trajectory into subsequent quarters.

Largest growth potential: Enterprise (B2B) connectivity and planned UK fiber expansion

B2B generated 233.30 million US dollars last quarter and stands out as a candidate for relative outperformance as product breadth—from connectivity to managed services—addresses the ongoing shift of enterprise workloads and communications to higher reliability, lower latency, and more secure connectivity. The recently announced partnership with Google Cloud—framed as a five-year engagement to upgrade digital operations—has potential to bolster B2B propositions through AI-enabled customer interaction, more responsive service assurance, and differentiated enterprise offerings powered by generative AI. In practice, faster provisioning, predictive maintenance, and AI-guided support can shorten time-to-value for enterprise customers and reduce operational friction, supporting margin.

A second structural pillar for prospective growth is the reported plan for Virgin Media O2’s fiber joint venture, Nexfibre, to lead the acquisition of UK broadband network Netomnia together with partners. The transaction, cited at approximately 2.73 billion US dollars, would expand the combined fiber footprint to around 8 million homes and provide Virgin Media O2 access to roughly 20 million premises overall. While the JV accounting means contributions are not consolidated into Liberty Global PLC’s revenue, the network reach and wholesale potential can drive incremental monetization opportunities through capacity sales, backhaul, and premium tiers that support long-term cash generation and asset value. The scale effect from a larger footprint can also yield operating leverage in build, maintenance, and customer acquisition costs in the UK, creating optionality for product launches and speed upgrades.

In the near term, investors will parse any commentary on regulatory approvals, timing, closing conditions, and integration plans for Netomnia, together with detail on capex cadence and funding structure at the JV level. For Liberty Global PLC, the strategic import is the capacity to influence the UK market’s network quality and product availability through a scaled fiber platform, enhancing the attractiveness of bundles and retention. If managed with prudent capital discipline, this path can be earnings-accretive over time through equity-accounted results, asset revaluations, or potential monetization events, while still supporting the parent’s capital return framework.

Key stock price drivers this quarter: AI partnership depth, capital deployment, and UK network strategy

The newly announced five-year partnership with Google Cloud to advance Liberty Global PLC’s digital operations is a core narrative point for the quarter because it frames the next phase of the company’s operational transformation. The companies indicated that customer services, devices, and TV experiences would be built using Gemini models, and that they may explore running Google Cloud services within Liberty Global PLC’s data centers. For the quarter at hand, investors will look for color on implementation milestones, expected cost-to-serve benefits, and any timetable for realizing revenue uplift from AI-enhanced product features. Where AI can reshape customer care, reduce truck rolls, or improve upsell conversion, even incremental gains can support margins and adjusted EPS when revenue is under pressure.

Capital allocation will also be a decisive factor for the share price reaction. With last quarter’s GAAP net loss standing at 90.70 million US dollars and a net margin of -7.51%, clarity on cash generation, leverage management, and any share repurchase actions can offset concerns about the near-term revenue decline of 18.67% expected this quarter. Investors often weigh the pace of buybacks against the outlook for equity-accounted investments, the fiber build in the UK, and portfolio optimization. A balanced message—demonstrating that investments like the UK transaction are pursued alongside disciplined returns to shareholders—would likely be well received if it is paired with credible targets for cost savings and operational efficiency from the AI initiative.

Finally, the UK fiber strategy will be closely watched. The reported plan for Nexfibre to acquire Netomnia indicates a push to accelerate scale and reach, with the combined network covering around 8 million homes and offering wider access to Virgin Media O2. For Liberty Global PLC’s equity story, success hinges on timely execution, integration effectiveness, and how swiftly the expanded footprint translates into higher utilization and pricing power in retail bundles and enterprise services. Even though the JV’s results are not consolidated line-by-line, improved JV performance can strengthen Liberty Global PLC’s earnings profile and strategic flexibility, including potential refinancing benefits or structured monetization that support shareholder returns.

Analyst Opinions

The prevailing institutional stance in the monitored window is Neutral. During the period from January 1, 2026 to February 11, 2026, one notable rating action came from Barclays on January 16, 2026, where the firm maintained a Hold rating on Liberty Global PLC with a price target of 13.00 US dollars. No new Buy or Sell initiations were recorded in the same period, leaving the balance of views tilted toward a wait-and-see posture rather than an outright bullish or bearish skew.

The Neutral view aligns with a setup where near-term fundamentals present cross-currents: revenue is projected to decline by 18.67% year over year this quarter to 1.20 billion US dollars, yet adjusted EPS is forecast to improve by 59.10% year over year to -0.46, implying cost discipline and mix benefits. From an institutional perspective, several moving parts warrant confirmation before a more directional view can be established. These include clarity on the pace and financial impact of the AI partnership with Google Cloud; incremental details on the proposed UK Netomnia transaction via Nexfibre, including closing milestones and integration roadmap; and evidence of stable or improving subscriber behavior across fixed and mobile bundles that would underpin the durability of subscription revenues.

Barclays’ hold stance and 13.00 US dollars target implicitly emphasize execution risk and the need for visibility around capital deployment. Investors are likely to seek signals on whether Liberty Global PLC can simultaneously advance UK fiber scale through the joint venture, maintain or enhance cash returns at the parent level, and convert AI-enabled operational improvements into tangible margin gains. The bank’s view is consistent with a scenario where the upside case is credible—particularly if the fiber expansion accelerates revenue opportunities and if AI initiatives produce measurable operating expense benefits—but where the near-term revenue decline and the absence of disclosed gross margin guidance justify patience.

In synthesizing the Neutral consensus, the central emphasis for this print and guidance cycle is operational proof points. If management demonstrates traction on AI-driven service enhancements with quantified cost savings, shows progress on the UK fiber transaction, and offers a cohesive capital allocation message that balances investment and returns, the groundwork for an upgrade cycle could form in subsequent quarters. Conversely, if revenue softness broadens beyond the anticipated 18.67% decline without offset from costs, or if the UK deal’s timeline and integration path turn uncertain, the Neutral camp may remain the majority view. For now, the market appears positioned to reward credible updates on execution while withstanding headline revenue pressure, provided adjusted EPS performance tracks the expected year-over-year improvement.