Detailed financial statements for Liberty Global plc (LBTYK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Liberty Global plc delivers a comprehensive suite of telecommunication services, including high-speed internet, television, landline telephony, and mobile communication, catering to both individual consumers and corporate clients. Its advanced broadband offerings encompass intelligent Wi-Fi functionalities, robust security solutions, smart home integration, online storage, and personalized web spaces.
Analysis Summary
Liberty Global plc reported revenue of $4.88B in the most recent fiscal year, growing at a 5-year CAGR of -15.8%.
Trailing-twelve-month margins: gross margin 61.8%, operating margin 0.8%, net margin -62.0%.
At $7.99 (closing price, November 2, 2026), LBTYK has negative trailing earnings (P/E not meaningful) and an ROE of -29.39%. Market capitalisation stands at $2.7B.
Balance sheet quality for LBTYK: debt-to-equity ratio of 0.98, current ratio of 1.28 over the last 12 months, net debt of $8.01B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $13.73B | $11.28B | $11.96B | $11.12B | $11.55B | $10.31B | $4.02B | $4.12B | $4.34B | $4.88B |
| Cost of Revenue | $3.50B | $2.97B | $3.25B | $3.13B | $3.32B | $3.02B | $1.07B | $1.29B | $1.45B | $1.67B |
| Gross Profit | $10.23B | $8.30B | $8.71B | $7.99B | $8.22B | $7.29B | $2.95B | $2.83B | $2.89B | $3.21B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.49B | $1.98B | $2.05B | $2.04B | $2.15B | $2.15B | $1.01B | $1.77B | $1.16B | $1.24B |
| Operating Expenses | $8.66B | $7.51B | $7.87B | $7.33B | $6.19B | $5.97B | $2.78B | $3.10B | $2.90B | $3.14B |
| Operating Income | $1.57B | $792.4M | $839.1M | $659.9M | $2.03B | $1.32B | $172.2M | -$270.8M | -$10.5M | $66.7M |
| EBITDA | $6.23B | $3.10B | $5.50B | $3.79B | $1.61B | $17.24B | $2.57B | -$1.72B | $3.42B | -$5.64B |
| Interest Expense | $1.87B | $1.42B | $1.48B | $1.38B | $1.19B | $882.1M | $589.3M | $907.9M | $574.7M | $497.5M |
| Pre-tax Income | $243.3M | -$2.11B | $161.8M | -$1.24B | -$1.80B | $14.00B | $1.18B | -$3.45B | $1.84B | -$7.17B |
| Income Tax | -$1.41B | $238.9M | $1.57B | $234.0M | -$275.9M | $473.3M | $406.7M | $213.1M | -$30.8M | -$75.8M |
| Net Income | $1.71B | -$2.78B | $725.3M | $11.52B | -$1.63B | $13.43B | $1.47B | -$4.05B | $1.59B | -$7.14B |
| EPS | $1.59 | -$2.84 | $0.93 | $16.32 | -$2.80 | $24.01 | $0.53 | -$9.01 | $4.33 | -$19.66 |
| EPS (Diluted) | $1.57 | -$2.84 | $0.93 | $16.32 | -$2.80 | $23.45 | $0.52 | -$9.02 | $4.23 | -$19.66 |
| Shares Outstanding (Diluted) | 900.0 M | 847.9 M | 778.7 M | 705.8 M | 602.1 M | 569.1 M | 497.0 M | 425.7 M | 363.2 M | 363.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.21B | $1.23B | $1.27B | $1.17B |
| Gross Profit | $814.2M | $822.2M | $848.0M | $534.1M |
| Operating Income | $14.0M | -$41.4M | $64.6M | $3.0M |
| EBITDA | $268.9M | -$2.48B | $912.1M | -$219.1M |
| Net Income | -$90.7M | -$2.92B | $337.8M | -$357.3M |
| EPS | -$0.25 | -$8.03 | $1.01 | -$1.07 |
| EPS (Diluted) | -$0.25 | -$8.03 | $0.96 | -$1.07 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.08B | $1.67B | $1.48B | $8.14B | $1.33B | $910.6M | $1.73B | $1.41B | $1.82B | $2.08B |
| Short-term Investments | $405.5M | $477.0M | $372.7M | $270.8M | $1.60B | $2.27B | $2.62B | $1.99B | $335.6M | $76.2M |
| Receivables | $3.72B | $1.44B | $1.37B | $1.42B | $1.11B | $969.8M | $902.6M | $447.1M | $505.8M | $638.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $5.56B | $4.33B | $4.14B | $10.57B | $5.80B | $5.94B | $6.30B | $5.64B | $3.30B | $3.40B |
| Property, Plant & Equipment | $17.25B | $14.15B | $13.88B | $14.36B | $9.07B | $8.31B | $8.23B | $5.07B | $5.04B | $5.27B |
| Goodwill | $17.06B | $14.35B | $13.72B | $14.05B | $9.97B | $9.52B | $9.32B | $3.31B | $3.15B | $3.50B |
| Intangible Assets | $2.42B | $1.61B | $1.03B | $572.1M | $2.88B | $2.34B | $2.34B | $673.6M | $1.29B | $1.35B |
| Total Assets | $68.68B | $57.60B | $53.15B | $49.05B | $59.09B | $46.92B | $42.90B | $42.09B | $25.44B | $22.60B |
| Accounts Payable | $954.5M | $926.0M | $874.3M | $963.9M | $579.1M | $613.4M | $610.1M | $407.5M | $371.2M | $478.7M |
| Short-term Debt | $2.86B | $3.88B | $3.86B | $4.27B | $1.27B | $989.0M | $944.9M | $591.9M | $974.1M | $852.8M |
| Total Current Liabilities | $8.40B | $9.97B | $10.31B | $8.65B | $4.51B | $4.08B | $3.92B | $4.33B | $3.13B | $3.16B |
| Long-term Debt | $35.89B | $30.53B | $26.69B | $24.88B | $13.38B | $13.56B | $12.61B | $8.86B | $8.18B | $8.57B |
| Total Liabilities | $53.95B | $51.20B | $49.01B | $35.85B | $45.79B | $21.32B | $20.32B | $23.08B | $12.90B | $12.65B |
| Retained Earnings | -$3.45B | -$6.22B | -$5.17B | $6.35B | $4.69B | $18.14B | $19.62B | $15.57B | $12.24B | $5.10B |
| Total Equity | $13.76B | $6.80B | $4.68B | $13.61B | $13.66B | $25.93B | $22.44B | $19.06B | $12.37B | $9.74B |
| Total Debt | $38.75B | $34.41B | $31.17B | $30.31B | $16.38B | $16.19B | $15.55B | $10.23B | $9.85B | $10.16B |
| Net Debt | $37.27B | $32.26B | $29.32B | $21.90B | $13.46B | $13.01B | $11.21B | $6.83B | $7.70B | $8.01B |
| Working Capital | -$2.83B | -$5.63B | -$6.16B | $1.92B | $1.29B | $1.86B | $2.38B | $1.31B | $166.4M | $237.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.67B | $2.08B | $1.83B | $2.42B |
| Total Assets | $25.39B | $22.60B | $21.88B | $21.53B |
| Total Liabilities | $12.43B | $12.65B | $12.14B | $12.07B |
| Total Equity | $12.74B | $9.74B | $9.50B | $9.22B |
| Total Debt | $9.23B | $10.16B | $9.25B | $9.07B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $1.71B | -$2.78B | $725.3M | $11.52B | -$1.63B | $13.43B | $1.47B | -$4.05B | $1.59B | -$7.10B |
| Depreciation & Amortization | $4.12B | $3.79B | $3.86B | $3.65B | $2.23B | $2.35B | $1.09B | $1.22B | $1.00B | $1.04B |
| Stock-based Compensation | $268.1M | $162.2M | $206.0M | $305.8M | $348.0M | $308.1M | $163.2M | $204.8M | $168.3M | $169.4M |
| Change in Working Capital | $362.8M | $466.1M | $635.4M | $877.0M | $947.3M | $707.1M | $199.5M | $593.4M | $410.5M | $15.5M |
| Operating Cash Flow | $5.94B | $5.71B | $5.96B | $4.59B | $4.19B | $3.55B | $2.84B | $2.17B | $2.03B | $1.21B |
| Capital Expenditure | -$1.54B | -$1.25B | -$1.45B | -$1.17B | -$1.29B | -$1.41B | -$891.3M | -$921.9M | -$908.5M | -$1.34B |
| Acquisitions | -$1.39B | -$413.9M | -$82.5M | -$23.1M | -$5.27B | -$70.8M | 0 | 0 | -$199.1M | 0 |
| Stock Repurchased | -$1.97B | -$2.98B | -$2.01B | -$3.22B | -$1.07B | -$1.58B | -$1.70B | -$1.49B | -$689.8M | -$192.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $4.40B | $4.46B | $4.51B | $3.42B | $2.89B | $2.14B | $1.95B | $1.24B | $1.12B | -$132.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $301.8M | $630.9M | $107.6M | $230.9M |
| Capital Expenditure | -$342.9M | -$437.6M | -$397.6M | -$347.9M |
| Free Cash Flow | -$41.1M | $193.3M | -$290.0M | -$117.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $46.6M | $40.0M | $37.1M | $43.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -17.9% | +6.0% | -7.0% | +3.9% | -10.7% | -61.0% | +2.4% | +5.5% | +12.4% |
| Net Income Growth (YoY) | | -262.9% | +126.1% | +1,488.5% | -114.1% | +924.7% | -89.0% | -375.0% | +139.2% | -549.5% |
| EPS Growth (YoY) | | -278.6% | +132.7% | +1,654.8% | -117.2% | +957.5% | -97.8% | -1,800.0% | +148.1% | -554.0% |
| Shares Change (YoY) | | -5.8% | -8.2% | -9.4% | -14.7% | -5.5% | -12.7% | -14.3% | -14.7% | +0.0% |
| FCF Growth (YoY) | | +1.3% | +1.2% | -24.2% | -15.3% | -26.0% | -9.1% | -36.1% | -9.6% | -111.7% |
| Gross Margin | 74.5% | 73.6% | 72.9% | 71.8% | 71.2% | 70.7% | 73.5% | 68.8% | 66.6% | 65.8% |
| Operating Margin | 11.4% | 7.0% | 7.0% | 5.9% | 17.6% | 12.8% | 4.3% | -6.6% | -0.2% | 1.4% |
| EBITDA Margin | 45.4% | 27.5% | 46.0% | 34.1% | 14.0% | 167.2% | 64.0% | -41.9% | 78.7% | -115.5% |
| Net Margin | 12.4% | -24.6% | 6.1% | 103.6% | -14.1% | 130.2% | 36.7% | -98.4% | 36.6% | -146.3% |
| FCF Margin | 32.1% | 39.5% | 37.7% | 30.7% | 25.1% | 20.8% | 48.5% | 30.2% | 25.9% | -2.7% |
| Effective Tax Rate | -578.3% | -11.3% | 972.4% | -18.8% | 15.3% | 3.4% | 34.5% | -6.2% | -1.7% | 1.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $4.89 | $5.26 | $5.79 | $4.84 | $4.80 | $3.76 | $3.92 | $2.92 | $3.10 | -$0.36 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 889.8 M | 847.9 M | 778.7 M | 705.8 M | 602.1 M | 555.7 M | 489.6 M | 425.7 M | 363.2 M | 363.2 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -29.39% |
| Return on Invested Capital | 0.21% |
| Return on Assets | -14.06% |
| Gross Margin | 61.79% |
| Operating Margin | 0.82% |
| Net Margin | -61.98% |
Financial Health
| Debt / Equity | 0.98 |
| Current Ratio | 1.28 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.74 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 9.78 | -6.24 | 11.62 | 0.70 | -4.42 | 0.61 | 19.19 | -1.08 | 3.03 | -0.56 |
| P/B | 1.01 | 2.21 | 1.80 | 0.59 | 0.55 | 0.32 | 0.22 | 0.22 | 0.39 | 0.41 |
| P/S | 1.01 | 1.33 | 0.70 | 0.72 | 0.65 | 0.79 | 1.24 | 1.01 | 1.10 | 0.82 |
| Gross Margin | 74.5% | 73.6% | 72.9% | 71.8% | 71.2% | 70.7% | 73.5% | 68.8% | 66.6% | 65.8% |
| Operating Margin | 11.4% | 7.0% | 7.0% | 5.9% | 17.6% | 12.8% | 4.3% | -6.6% | -0.2% | 1.4% |
| Net Margin | 12.4% | -24.6% | 6.1% | 103.6% | -14.1% | 130.2% | 36.7% | -98.4% | 36.6% | -146.3% |