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GCI Liberty, Inc. Class A (GLIBA)
NASDAQ:GLIBA
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GCI Liberty, Inc. Class A
(NASDAQ:GLIBA)
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Rating:58Neutral
Price Target:
$39.00
▲(0.70% Upside)
Action:ReiteratedDate:02/14/26
The score is driven mainly by solid cash flow strength and improved balance sheet flexibility, partially offset by the 2025 net loss and a negative P/E. Technicals are modestly supportive, while earnings-call guidance highlights a near-term CapEx peak and subscriber headwinds that temper the otherwise strong operational momentum.
Positive Factors
Cash generation
Material improvement in operating cash flow and substantially higher free cash flow provide durable internal funding for network investment, debt service and working capital. Strong cash conversion despite a net loss gives the company resilience to execute multi‑year buildouts and absorb timing variability.
Balance sheet flexibility
A $300M rights offering combined with significant undrawn credit materially improves liquidity and lowers near‑term refinancing risk. That durable funding buffer supports the Alaska build‑out, allows BEAD matching if awarded, and preserves strategic optionality without relying on volatile public markets.
Network investment roadmap
Clear, multi‑year technology upgrades (fiber middle mile, DOCSIS4.0, HFC speed increases and core upgrades) are durable competitive assets. They enable higher ARPU services, product differentiation, improved reliability and improve long‑term retention and monetization across consumer and business segments in Alaska.
Negative Factors
2025 net loss
A large, recent net loss and negative return on equity weaken earnings consistency and capital resilience. If losses persist, shareholder equity and the ability to fund dividends, repurchases or discretionary investments could be impaired, limiting long‑term returns despite solid cash/EBITDA.
Data subscriber decline
Ongoing broadband subscriber attrition from wireless substitution, video exit and third‑party outages reduces scale and ARPU potential. Structural declines in data customers pressure consumer revenue and margin sustainability, making long‑term growth dependent on successful bundling and win‑back strategies.
CapEx peak & funding timing
A near‑term capex peak materially depresses free cash flow while BEAD funding timing and amounts remain uncertain. Combined with ~$1.0B principal debt and net leverage ~2.3x, this raises execution and liquidity risk during the intensive build‑out phase and could constrain flexibility if awards/timing slip.
GCI Liberty, Inc. Class A (GLIBA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.54B
Dividend YieldN/A
Average Volume (3M)44.76K
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees84
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.52
Shares Outstanding3,650,938
10 Day Avg. Volume29,006
30 Day Avg. Volume44,756
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.68
Price to Sales (P/S)1.09
P/FCF Ratio9.37
Enterprise Value/Market Cap1.25
Enterprise Value/Revenue1.85
Enterprise Value/Gross Profit4.64
Enterprise Value/Ebitda-15.00
Forecast
1Y Price Target
$68.00Price Target Upside75.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.25
Revenue Forecast (FY)$1.08B
GCI Liberty, Inc. Class A Business Overview & Revenue Model
Company DescriptionOperates communications businesses, primarily via GCI Holdings—Alaska’s largest provider of data, wireless, video, voice, and managed services—and holds interests in Charter Communications and Liberty Broadband
How the Company Makes MoneyGCI Liberty generates revenue through several key streams, primarily from its subscription-based services in broadband, video, and wireless communications. The company's broadband segment earns money from residential and commercial internet service subscriptions. In addition, its video programming services provide revenue through cable and satellite television subscriptions. The wireless segment contributes by offering mobile communication services. Significant partnerships with content providers and technology companies enhance its offerings and customer experience, driving customer acquisition and retention. Moreover, GCI Liberty benefits from advertising revenues associated with its media services, further diversifying its income sources.
GCI Liberty, Inc. Class A Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call conveyed strong financial and operational momentum — record revenue and adjusted OIBDA, materially higher free cash flow, a completed $300M rights offering, meaningful wireless and business segment growth, and clear network upgrade plans — which outweigh several operational and timing challenges such as data subscriber losses, fiber-related service disruptions, elevated 2026 CapEx, and some funding timing uncertainty for BEAD awards. Management expects 2026 to be a stable year with near-term CapEx peak followed by a return to historical capital intensity and improved cash generation.Q4-2025 Updates
Positive Updates
Record Revenue and Adjusted OIBDA
Reported record annual revenue of $1.0 billion, a 3% increase year-over-year, and record adjusted OIBDA of $403 million, up 12% year-over-year. Fourth quarter adjusted OIBDA was $90 million, a 7% increase versus prior year quarter.
Strong Free Cash Flow and Improved Liquidity
Generated $146 million in free cash flow for the full year, up over 70% from 2024. Consolidated cash, cash equivalents, and restricted cash totaled $429 million at year-end (inclusive of rights offering proceeds).
Rights Offering and Balance Sheet Flexibility
Completed a fully subscribed rights offering generating approximately $300 million in net proceeds, providing flexibility for general corporate purposes and potential strategic transactions. Undrawn credit capacity of $377 million (net of letters of credit).
Wireless Subscriber Growth and Convergence Progress
Consumer wireless lines grew ~2% year-over-year, ending the year with 199,000 consumer lines and 207,500 total wireless lines including 8,500 business lines. Postpaid additions strong (6,700 postpaid additions during the year), peak postpaid lines reached ~165,400, and ~62% of postpaid lines are now sold as part of a bundle (up from 57% at end of 2024). Approximately 40% of broadband customers have one or more wireless lines.
Business Segment Momentum
Business revenue grew 7% for the year (1% in the fourth quarter) driven by a strong upgrade cycle, with business gross margin increasing to 80.1% for the full year (78.3% in Q4).
Network Investment and Technology Roadmap
Announced significant network upgrades: offering 2.5 Gbps where fiber middle mile exists, Anchorage core upgrades to a 1.8 GHz plant, planned DOCSIS 4.0-capable HFC rollouts aiming for 5 Gbps and beyond to improve speeds and reliability.
Progress on Alaska Build-Out and Rural Expansion
Completed the iHUC one build bringing fiber infrastructure and 2.5 Gbps service to Delta area; on track to complete Alaska plan build-out requirements this year. Provisionally awarded approximately $120 million in BEAD funding (subject to NTIA approval) which would offset capital costs in unserved locations.
Operational Resilience in Adverse Events
Successfully restored service after Typhoon Helong to two affected villages in under four months; repaired another fiber break (Dutch Harbor) in under two weeks. Management highlighted team responsiveness and limited ongoing impact from these events.
Negative Updates
Data Subscriber Decline
Data subscribers fell 3% year-over-year, exiting the year at 151,200 (a net loss of 4,500 data subscribers during the year and 1,200 in Q4). Declines attributed to wireless substitution, limited competition from Starlink, and prior third-party fiber outages; win-back of impacted customers has been slow.
Consumer Revenue Impact from Video Exit and Data Losses
Consumer revenue declined 2% for the full year (and was flat/pressure in the quarter) primarily due to the shutdown of the video business and data subscriber losses, partially offset by wireless growth.
Service Disruptions and Repair Costs
Experienced multiple fiber breaks (December incidents including Dutch Harbor and Deereng), with expected repair costs in the low single-digit millions and one repair (Deereng) delayed until summer due to ice-out; prior third-party fiber break temporarily impacted costs and revenues.
Elevated Capital Expenditure in 2026
Expect 2026 CapEx of approximately $290 million (including $20 million carried over), representing a peak year which will depress free cash flow year-over-year despite long-term guidance to return capex to historical 15%-20% of revenue after build-out completion.
Leverage and Debt Levels
Total principal debt approximately $1.0 billion with net leverage of 2.3x as defined in credit agreement (consolidated net leverage 1.6x when incorporating parent cash and other items). Higher leverage may constrain flexibility until build-out and CapEx normalize.
Uncertainty Around BEAD Funding Timing
Provisionally awarded ~ $120 million in BEAD funds is subject to NTIA approval and state negotiations; timing and final award amounts remain uncertain, creating capital timing risk for rural expansion plans.
Erosion in Prepaid and Subsidized Segments
Management noted slow erosion in prepaid and government-subsidized lifeline segments, partially offsetting postpaid growth and pressuring consumer subscriber metrics.
Company Guidance
Management guided to a “stable” 2026 with a peak year of capital spending of approximately $290 million (including $20 million carried from 2025) versus $224 million of 2025 CapEx (net of grants), after which CapEx is expected to trend back toward historical levels of 15–20% of revenue; they expect to complete the Alaska plan build‑out in 2026, offer 2.5 Gbps where fiber middle mile exists and ramp DOCSIS 4.0/HFC to reach 5+ Gbps, and noted repair costs from recent fiber breaks in the low single‑digit millions and a provisional BEAD award of ~$120 million (subject to NTIA). Financial metrics highlighted: FY2025 revenue just over $1.0 billion (+3% YoY), adjusted OIBDA $403 million (+12%, record), FY free cash flow $146 million (up >70% YoY), Q4 revenue $262 million (flat) and Q4 adjusted OIBDA $90 million (+7%). Liquidity and capital structure metrics include consolidated cash of ~$429 million (inclusive of ~ $300 million net rights offering proceeds), total principal debt of ~ $1.0 billion, net leverage per the credit agreement 2.3x (consolidated net leverage 1.6x), and $377 million of undrawn credit capacity. Operational metrics called out: consumer wireless lines ended year at 199,000 (total wireless 207,500 including 8,500 business lines), consumer wireless +2% YoY, peak postpaid 165,400, postpaid lines sold in bundles 62% (vs. 57% at end‑2024), ~40% of broadband customers have one or more wireless lines, and data subscribers 151,200 (‑3% YoY; ‑4,500 YTD, ‑1,200 in Q4).GCI Liberty, Inc. Class A Financial Statement Overview
Summary
Cash generation is strong (operating cash flow and free cash flow meaningfully improved) and leverage metrics improved, but the sharp swing to a sizable net loss in 2025 materially weakens profitability consistency and return metrics despite solid operating margins.Income Statement
Revenue accelerated sharply in 2025 (up ~33% vs. 2024), and operating profitability held up with an improving operating margin and a strong cash-style earnings profile (EBITDA margin ~42%). However, the business swung to a large net loss in 2025 (net margin ~-30%) after posting positive profits in 2023–2024, which materially weakens earnings quality and consistency despite solid top-line momentum.46
Neutral
Balance Sheet
Leverage is moderate for the sector, with debt-to-equity improving to ~0.68 in 2025 from ~0.81 in 2024, alongside higher equity. The key weakness is shareholder returns turning negative in 2025 due to the net loss (return on equity ~-18%), which raises questions about how durable the capital base is if losses persist.58
Neutral
Cash Flow
Cash generation is a relative strength: operating cash flow rose to ~$370M in 2025 from ~$278M in 2024, and free cash flow expanded meaningfully to ~$122M from ~$31M. Cash flow also covered reported earnings well in 2025 (cash flow was positive despite a net loss), but free cash flow growth was slightly negative year-over-year in 2025, suggesting some volatility in conversion.72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2019 | Dec 2018 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.05B | 940.00M | 904.00M | 894.73M | 739.76M |
| Gross Profit | 311.00M | 661.00M | 632.00M | 609.40M | 512.57M |
| EBITDA | 440.00M | 353.00M | 346.00M | 212.18M | -730.37M |
| Net Income | -309.00M | 70.00M | 41.00M | 2.19B | -873.30M |
Balance Sheet | |||||
| Total Assets | 3.41B | 3.38B | 3.33B | 11.93B | 8.66B |
| Cash, Cash Equivalents and Short-Term Investments | 424.00M | 74.00M | 79.00M | 569.52M | 491.26M |
| Total Debt | 1.15B | 1.14B | 1.10B | 3.27B | 2.89B |
| Total Liabilities | 1.71B | 1.95B | 1.83B | 5.72B | 4.35B |
| Stockholders Equity | 1.69B | 1.41B | 1.48B | 6.20B | 4.30B |
Cash Flow | |||||
| Free Cash Flow | 122.00M | 31.00M | 54.00M | -87.45M | -51.46M |
| Operating Cash Flow | 370.00M | 278.00M | 276.00M | 61.03M | 82.89M |
| Investing Cash Flow | -218.00M | -193.00M | -214.00M | -130.68M | -180.23M |
| Financing Cash Flow | 202.00M | -107.00M | -76.00M | -6.94M | -1.72B |
GCI Liberty, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $1.54B | -3.70 | ― | ― | ― | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $1.54B | -3.70 | ― | ― | ― | ― | |
52 Neutral | $863.81M | -16.17 | -4.41% | 0.97% | 11.59% | -106.83% | |
47 Neutral | $654.63M | -1.79 | -22.07% | 10.11% | -4.94% | -335.70% |
* Communication Services Sector Average
GLIBA
GCI Liberty, Inc. Class A
38.90
8.39
27.50%
SHEN
Shenandoah Telecommunications Co
15.62
4.36
38.75%
CABO
Cable ONE
115.41
-138.52
-54.55%
GLIBK
GCI Liberty, Inc. Class C
38.98
10.30
35.91%
GCI Liberty, Inc. Class A Corporate Events
Business Operations and StrategyFinancial Disclosures
GCI Liberty Schedules Fourth-Quarter 2025 Earnings Release
Neutral
Jan 14, 2026
On January 13, 2026, GCI Liberty, Inc. announced it would release its fourth-quarter 2025 results before market open on Wednesday, February 11, 2026, followed by a conference call at 11:15 a.m. Eastern Time that will include prepared remarks and a brief Q&A session covering GCI Liberty and Liberty Broadband Corporation. The webcast and telephone call, to be archived on the company’s investor relations website, are intended to provide investors and other stakeholders with an updated view of the companies’ recent financial performance and outlook, underscoring management’s ongoing engagement with the market and transparency around their operating and strategic direction.
The most recent analyst rating on (GLIBA) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on GCI Liberty, Inc. Class A stock, see the GLIBA Stock Forecast page.
Business Operations and StrategyPrivate Placements and Financing
GCI Liberty Completes $300 Million Rights Offering Successfully
Positive
Dec 23, 2025
On December 23, 2025, GCI Liberty, Inc. announced it had completed a fully subscribed rights offering that expired on December 17, 2025, raising approximately $300 million through the issuance of 11,059,127 shares of Series C GCI Group common stock. The proceeds are earmarked for general corporate purposes, including working capital, capital expenditures and potential debt repayment or refinancing, and may also support strategic acquisitions, investments or partnerships, underscoring the company’s efforts to bolster its balance sheet and maintain financial flexibility while continuing to invest in its communications infrastructure and growth opportunities.
The most recent analyst rating on (GLIBA) stock is a Hold with a $31.00 price target. To see the full list of analyst forecasts on GCI Liberty, Inc. Class A stock, see the GLIBA Stock Forecast page.
Business Operations and StrategyPrivate Placements and Financing
GCI Liberty Announces Subscription Rights Offering Terms
Neutral
Nov 25, 2025
On November 24, 2025, GCI Liberty, Inc. announced the terms for its previously declared distribution of subscription rights to holders of its Series A, B, and C GCI Group common stock. This rights offering allows holders to acquire Series C GCI Group common stock at a discounted price, with trading expected to begin on November 26, 2025. The initiative is part of GCI Liberty’s strategic efforts to enhance shareholder value, though the completion of the rights distribution is subject to certain conditions, and the company reserves the right to terminate the offering at any time.
The most recent analyst rating on (GLIBA) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on GCI Liberty, Inc. Class A stock, see the GLIBA Stock Forecast page.
Financial DisclosuresShareholder Meetings
GCI Liberty Chairman’s CNBC Interview Announcement
Neutral
Nov 19, 2025
GCI Liberty, Inc. has announced that an interview with its Chairman, John C. Malone, will be broadcast on CNBC on November 20, 2025. This interview coincides with Liberty Media Corporation’s annual Investor Meeting and may include insights into the company’s financial performance and future outlook.
The most recent analyst rating on (GLIBA) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on GCI Liberty, Inc. Class A stock, see the GLIBA Stock Forecast page.
Shareholder Meetings
GCI Liberty Announces Webcast Q&A Session Invitation
Neutral
Nov 14, 2025
On November 13, 2025, GCI Liberty, Inc. announced that its shareholders are invited to participate in a webcast Q&A session following the Liberty Media Corporation’s annual Investor Meeting on November 20, 2025. The session, hosted by John Malone and Derek Chang, will provide an opportunity for comments regarding GCI Liberty, potentially impacting its operations and stakeholder engagement.
The most recent analyst rating on (GLIBA) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on GCI Liberty, Inc. Class A stock, see the GLIBA Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.