Liberty Capital Revenue Slips as Broadband Base Shrinks
Total revenue fell 4% to $256 million in the first quarter as the company expanded its investment strategy.
Liberty Capital Corporation (GLIBA), the Alaska-based telecommunications provider, reported a decline in top-line revenue and margins for the first quarter.
The results followed a strategic pivot by the company, which changed its name from GCI Liberty, Inc. to Liberty Capital Corporation on May 21, 2026. The rebranding reflects a strategy to expand investments beyond its core Alaska operations.
Total revenue fell 4% year-over-year to $256 million, compared with $266 million in the first quarter of 2025. Consumer revenue declined 5% and business revenue fell 3% during the period. Adjusted OIBDA declined 18% to $93 million, while the adjusted OIBDA margin compressed 620 basis points to 36.3%. The operating income margin fell 1,010 basis points to 11.7% from 21.8% a year earlier.
Broadband performance lagged as consumer cable modem subscribers fell 3% year-over-year to 150,500, including a loss of 700 subscribers during the quarter. Consumer gross margin expanded 200 basis points to 72.2%, though business gross margin compressed 480 basis points to 77.3%.
Wireless results were mixed. Total wireless lines in service rose 2% year-over-year to 207,700, driven by consumer wireless lines which grew 2% to 200,000. Conversely, business wireless lines in service fell 11% to 7,700 from 8,700 in the prior-year period.
The company expanded its asset base in April 2026 by entering a definitive agreement to acquire Quintillion for an enterprise value of $310 million in cash, with up to $50 million in potential earn-outs and capital expenditure reimbursements.
Other investment activity included the April 2026 acquisition of a 6% equity interest in Liberty Latin America for $107 million. The company agreed in May 2026 to sell those shares back to Chairman John Malone at a cost of $8.63 a share after a larger strategic transaction failed to materialize.
Liberty Capital projects full-year 2026 net capital expenditures at $290 million. The increase is attributed to improvements in its hybrid fiber-coaxial network.