ENGLEWOOD, Colo.--(BUSINESS WIRE)--February 11, 2026--
GCI Liberty, Inc. ("GCI Liberty") (Nasdaq: GLIBA, GLIBK) today reported fourth quarter and year end 2025 results.
Headlines include (1) :
-- For the twelve months ended December 31, 2025, GCI(2) revenue increased
3% to $1 billion, operating loss was $347 million and Adjusted OIBDA(3)
grew 12% to $403 million
-- GCI Consumer revenue decreased 2%
-- GCI Business revenue grew 7%
-- Operating loss was primarily driven by a non-cash impairment
taken during the third quarter
-- For the three months ended December 31, 2025, GCI revenue was flat at
$262 million, operating income was flat at $32 million and Adjusted OIBDA
grew 7% to $90 million
-- GCI Consumer revenue decreased 2%
-- GCI Business revenue grew 1%
-- GCI generated net cash provided by operating activities of $370 million
and free cash flow(3) of $146 million for the twelve months ended
December 31, 2025
-- Consumer cable modem subscribers(4) declined 3% to 151,200 and consumer
wireless lines(4) in service increased 2% to 199,000
-- GCI Liberty completed its approximate $300 million rights offering in
December 2025
"2025 was an exceptional year for GCI and reflects our ongoing dedication to delivering best-in-class connectivity services across Alaska," said GCI Liberty CEO, Ron Duncan. "We achieved record Adjusted OIBDA, driven by our position as Alaska's premier connectivity provider. Additionally, in December, we completed our previously announced rights offering which provides GCI Liberty with additional liquidity and strategic optionality."
Corporate Updates
GCI Liberty completed its rights offering on December 23, 2025. The rights offering was fully subscribed with 11,059,127 shares of Series C GCI Group Common Stock issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. The approximate $300 million in proceeds from the rights offering will be used for general corporate purposes, which may include working capital, capital expenditures and repayment or refinancing of outstanding indebtedness. GCI Liberty may also use a portion of the net proceeds from the rights offering for potential strategic acquisitions, investments or partnerships.
Discussion of Results
The following table provides the financial results of GCI Liberty for the fourth quarter and full year of 2024 and 2025.
4Q24 4Q25 % Change 2024 2025 % Change
-------- -------- ---------- --------- --------- ------------
(amounts in millions)
Consolidated Financial
Metrics
Revenue
Consumer $ 122 $ 119 (2) % $ 483 $ 474 (2) %
Business 141 143 1 % 533 572 7 %
---- ---- ---- ----- ----- --- -----
Total revenue $ 263 $ 262 (0) % $1,016 $1,046 3 %
==== ==== ==== ===== ===== === =====
Operating expenses
(exclusive of
depreciation and
amortization):
Consumer direct costs $ (41) $ (36) 12 % $ (152) $ (139) 9 %
Business direct costs (32) (31) 3 % (127) (114) 10 %
Technology expense (67) (72) (7) % (260) (270) (4) %
---- ---- ---- ----- ----- --- -----
Total operating
expenses
(exclusive of
depreciation and
amortization) $(140) $(139) 1 % $ (539) $ (523) 3 %
==== ==== ==== ===== ===== === =====
Selling, general and
administrative
expense (exclusive
of stock-based
compensation) $ (39) $ (33) 15 % $ (117) $ (120) (3) %
Stock-based
compensation $ (2) $ (4) (100) % $ (13) $ (13) -- %
Depreciation and
amortization $ (50) $ (54) (8) % $ (207) $ (212) (2) %
Operating income
(loss)(a) $ 32 $ 32 -- % $ 140 $ (347) NM %(c)
Operating income
margin (%)(a) 12.2% 12.2% -- bps 13.8% (33.2)% NM bps(c)
Adjusted OIBDA(b) $ 84 $ 90 7 % $ 360 $ 403 12 %
Adjusted OIBDA
margin(b) (%) 31.9% 34.4% 250 bps 35.4% 38.5% 310 bps
Capital expenditures,
net of grant
proceeds $ (50) $ (72) (44) % $ (193) $ (224) (16) %
a) During the year ended December 31, 2025, GCI Liberty incurred a $525
million non-cash impairment charge related to intangible assets and
goodwill.
b) See reconciling schedule 1.
c) Not meaningful.
Unless otherwise noted, the following discussion compares financial information for the three and twelve months ended December 31, 2024 and December 31, 2025.
GCI revenue grew 3% for the full year. Business revenue grew 7%, as growth in data revenue from service upgrades offset lower wireless roaming revenue. Consumer revenue decreased 2%, driven primarily by the exit from the video business during 2025 and data subscriber losses, partially offset by growth in wireless.
GCI revenue was flat during the fourth quarter of 2025. Consumer revenue declined 2%, driven primarily by declines in video and data subscriber losses, partially offset by growth in wireless. Business revenue grew 1%, as growth in data revenue was partially offset by a decrease in wireless roaming revenue. GCI completed its exit from the video business in the third quarter of 2025.
For the full year ended 2025, operating income decreased to a loss of $347 million and Adjusted OIBDA increased 12% to $403 million. The increase in Adjusted OIBDA was driven by higher revenue and lower operating expenses, partially offset by higher selling, general and administrative expenses. Reduced operating expenses were primarily due to lower distributions costs. Increased selling, general and administrative expenses were primarily driven by higher corporate and personnel costs. Operating loss was impacted by an impairment charge of $525 million recognized during the third quarter of 2025 related to intangible assets and goodwill.
During the fourth quarter of 2025, operating income was flat and Adjusted OIBDA increased 7% to $90 million. The increase in Adjusted OIBDA was primarily driven by a decrease in selling, general and administrative expenses resulting from reduced corporate and personnel expenses.
For the full year, GCI spent $224 million, net of grant proceeds, on capital expenditures related primarily to improvements to the wireless and data networks in rural Alaska. A significant portion of the capital expenditures in 2025 were related to fulfilling the build-out requirements of the Federal Communications Commission's Alaska Plan, which is expected to be completed by the end of 2026, as well as continued network expansion in GCI's most important markets in rural Alaska.
On a trailing twelve-month basis through the fourth quarter of 2025, net cash provided by operating activities totaled $370 million and free cash flow over the same period was $146 million.
GCI Consumer
(amounts in millions,
except operating
metrics) 4Q24 4Q25 % Change 2024 2025 % Change
----- ----- ---------- ------- ------- ----------
GCI Consumer
Financial Metrics
Revenue
Data $ 61 $ 59 (3)% $ 247 $ 239 (3)%
Wireless 50 55 10% 192 208 8%
Other 11 5 (55)% 44 27 (39)%
----- ----- ----- ------- ------- -----
Total revenue $ 122 $ 119 (2)% $ 483 $ 474 (2)%
===== ===== ===== ======= ======= =====
Consumer direct costs (41) (36) 12% (152) (139) 9%
Consumer gross margin 81 83 2% 331 335 1%
Consumer gross margin
(%) 66.4% 69.7% 330 bps 68.5% 70.7% 220 bps
Operating Metrics
Data:
Cable modem
subscribers(a) 155,700 151,200 (3)%
Wireless:
Lines in service(b) 195,500 199,000 2%
_________________________
a) A cable modem subscriber is defined by the purchase of cable modem
service regardless of the level of service purchased. If one entity
purchases multiple cable modem service access points, each access point
is counted as a subscriber. Small-to-Medium Business customers,
promotional cable modem access points and customers that have been
inactive for 60 days or less are included.
b) A wireless line in service is defined as a wireless device with a
monthly fee for services. Small-to-Medium Business customers,
promotional lines, postpaid lines that have been inactive for 60 days or
less and paying prepaid lines are included.
GCI Consumer revenue decreased 2% in both the full year and fourth quarter. The decrease was driven primarily by a decline in video and data revenue, offset by growth in wireless revenue. GCI exited the video business in the third quarter of 2025.
(MORE TO FOLLOW) Dow Jones Newswires
February 11, 2026 08:30 ET (13:30 GMT)