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GCI Liberty, Inc. Class C (GLIBK)
NASDAQ:GLIBK
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GCI Liberty, Inc. Class C
(NASDAQ:GLIBK)
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Rating:63Neutral
Price Target:
$40.00
▲(1.65% Upside)
Action:ReiteratedDate:02/14/26
The score is driven primarily by solid cash generation, improving leverage, and generally constructive technical momentum. Offsetting these are the 2025 net loss/negative ROE and valuation constraints from a negative P/E, plus earnings-call guidance pointing to near-term free-cash-flow pressure from elevated 2026 capital spending and ongoing subscriber/funding risks.
Positive Factors
Strengthening cash generation
GCI Liberty's materially stronger operating cash flow and FCF in 2025 provide durable internal funding for network investments and debt servicing. Improved cash conversion supports capital-intensive rollouts while limiting reliance on external financing across the next several years.
Improved balance sheet flexibility
A successful $300M rights offering plus material undrawn credit capacity and reduced leverage enhance financial flexibility. This stronger liquidity buffer supports capital plans, potential M&A, and resilience to funding timing risk without destabilizing operations.
Scalable network upgrades and product roadmap
Targeted investments in DOCSIS‑4.0, multi‑gig broadband and 5G rural wireless strengthen competitive positioning and revenue mix. Upgrading last‑mile and middle‑mile infrastructure supports higher ARPU services, bundle penetration and long‑term customer retention in core markets.
Negative Factors
Near‑term CapEx peak pressures FCF
A concentrated CapEx peak in 2026 will materially reduce free cash flow despite solid operating cash generation. Sustained high investment intensity creates timing risk for cash returns and limits distributable cash or opportunistic M&A until spending normalizes.
Declining data subscribers and competition
Ongoing data subscriber erosion, driven by wireless substitution and competitors like Starlink, signals structural pressure on broadband penetration and ARPU. Persistent churn or slower win‑back in affected communities could compress long‑run consumer revenue and limit scale economics.
Uncertainty around BEAD funding timing
Reliance on provisional BEAD grants to offset rural expansion costs creates execution and financing risk. Delays or changes in NTIA awards would raise capital requirements for unserved build‑outs, potentially increasing net CapEx or deferring growth projects.
GCI Liberty, Inc. Class C (GLIBK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.56B
Dividend YieldN/A
Average Volume (3M)459.13K
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
EmployeesN/A
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.40
Shares Outstanding35,756,905
10 Day Avg. Volume655,404
30 Day Avg. Volume459,133
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/Revenue1.86
Enterprise Value/Gross Profit4.67
Enterprise Value/Ebitda-15.11
Forecast
1Y Price Target
$68.00Price Target Upside72.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
GCI Liberty, Inc. Class C Business Overview & Revenue Model
Company DescriptionHolds GCI, LLC — a major Alaska-based provider of data, mobile, voice, and managed services across 200+ communities; also holds interests in Charter Communications and Liberty Broadband
How the Company Makes MoneyGCI Liberty generates revenue primarily through its telecommunications and media services. Key revenue streams include subscription fees from broadband and wireless services, advertising revenues from video programming, and partnerships with content providers. The company also benefits from strategic partnerships with other telecommunications companies and media distributors, expanding its reach and enhancing service offerings. Additionally, GCI Liberty's investments in infrastructure allow it to maintain a competitive edge and capture a larger share of the growing demand for high-speed internet and digital content.
GCI Liberty, Inc. Class C 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 communicated an overall positive operational and financial result for FY2025 highlighted by record revenue and adjusted OIBDA, materially stronger free cash flow, a successful rights offering and clear network investment plans to drive future growth. These positives are tempered by a decline in data subscribers, a modest fall in consumer revenue due to the video exit and third-party network disruptions, plus a near-term CapEx peak and some funding timing uncertainty (BEAD). Overall, management portrays confidence in the company’s trajectory while acknowledging short-term execution and funding risks.Q4-2025 Updates
Positive Updates
Record Revenue and Adjusted OIBDA
Total revenue exceeded $1.0 billion for FY2025, a 3% increase year-over-year; record adjusted OIBDA of $403 million, up 12% for the year. Fourth-quarter revenue was $262 million (flat YoY) and adjusted OIBDA was $90 million, up 7% YoY.
Strong Free Cash Flow and Liquidity
Generated $146 million in free cash flow for FY2025, up over 70% vs. 2024. Consolidated cash, cash equivalents and restricted cash totaled $429 million (inclusive of rights offering proceeds). Credit facility has $377 million of undrawn capacity (net of letters of credit).
Successful Rights Offering and Balance Sheet Flexibility
Rights offering was fully subscribed, generating approximately $300 million in net proceeds to support corporate flexibility, potential strategic M&A and investments. Total principal debt is ~ $1.0 billion with net leverage of 2.3x (1.6x consolidated net leverage including parent cash and non-voting preferred).
Wireless Growth and Convergence Momentum
Consumer wireless lines grew 2% YoY to 199,000; total wireless lines ended at 207,500 (including 8,500 business lines). Peak postpaid lines reached ~165,400 driven by promotional activity; ~62% of postpaid lines are sold as part of bundles (up from 57% in 2024); ~40% of broadband customers have one or more wireless lines.
Business Segment Strength
Business revenue increased 7% for the year (and 1% in Q4), driven by a strong upgrade cycle. Business gross margin expanded to 80.1% for the year (78.3% in Q4).
Network Upgrades and Expansion
Significant network initiatives underway: offering 2.5 Gbps where fiber middle mile exists, core upgrades in Anchorage (1.8 GHz plant, smaller nodes), scaling DOCSIS 4.0-capable HFC to enable multi-gig speeds (targeting 5 Gbps and beyond), and on-track completion of Alaska plan build-out commitments.
Operational Resilience and Local Restoration
Rapid restoration after major outages: Typhoon Helong service restored to two affected villages in under four months; Dutch Harbor fiber break repaired in under two weeks. Company expects only modest repair costs (low single-digit millions) and highlights strong field execution.
Negative Updates
Data Subscriber Decline
Data subscribers declined 3% YoY to 151,200, a net loss of 4,500 data subscribers during the year and 1,200 in Q4. Declines attributed to wireless substitution, competition (e.g., Starlink), and customer attrition following a third-party fiber outage; customer winback in impacted areas has been slow.
Consumer Revenue Pressure from Video Exit
Consumer revenue declined 2% for the full year (Q4 down as well), primarily driven by the shutdown of the video business and data subscriber losses. While video exit reduced programming costs, it contributed to lower consumer revenue.
Service Disruptions and Ongoing Repairs
Two fiber breaks occurred (one in Dutch Harbor, one in Deereng). Dutch Harbor was repaired quickly, but Deereng restoration is delayed until summer due to ice—repair costs are expected in the low single-digit millions and the outage caused a small revenue overhang in January.
Near-Term CapEx Peak Will Pressure Free Cash Flow
CapEx (net of grant proceeds) was $224 million in 2025 and is expected to rise to approximately $290 million in 2026 (including $20 million carryover). Management notes 2026 is a peak CapEx year and this increase will produce proportionately lower free cash flow year-over-year despite long-term normalization to historical 15–20% of revenue.
Uncertainty Around BEAD/NTIA Funding Timing
GCI Liberty was provisionally awarded approximately $120 million in BEAD funds, but final awards remain subject to NTIA approval and timing is uncertain. Any delay or change in funding timing could affect capital cost offsets for expansion into unserved locations.
Company Guidance
The company guided to a “stable” 2026 operating year with 2026 capital expenditures expected to peak at approximately $290 million (including about $20 million carried over from 2025) before stepping down over time toward its historical long‑run range of 15–20% of revenue; as a result, free cash flow is expected to be proportionately lower year‑over‑year due to higher CapEx and normal working‑capital swings. Management reiterated plans to complete the Alaska‑plan build‑out in 2026 (and extend the plan via the Alaska Connect fund to 2034), continue 5G and rural wireless deployment, scale HFC/DOCSIS‑4.0 broadband (rolling out 2.5 Gbps where fiber middle mile exists and targeting 5 Gbps+), and noted repair costs from recent fiber breaks will be in the low single‑digit millions. For context they reported 2025 results of roughly $1.0 billion of revenue (up ~3%), record adjusted OIBDA of $403 million (up ~12%), Q4 revenue of $262 million and Q4 adjusted OIBDA of $90 million (up ~7%), 2025 CapEx net of grants of $224 million, free cash flow of $146 million (up >70% YoY), consolidated cash of $429 million (including ~ $300 million net proceeds from a fully subscribed rights offering), total debt of ~ $1.0 billion, net leverage of 2.3x (1.6x consolidated), $377 million of undrawn credit capacity, a provisional BEAD award of ~ $120 million (subject to NTIA), and operating metrics including ~199,000 consumer wireless lines (207,500 total wireless), a postpaid peak of ~165,400 lines, +3,500 consumer wireless additions (including ~6,700 postpaid), and 151,200 data subscribers (down ~3%, -4,500 Y/Y).GCI Liberty, Inc. Class C Financial Statement Overview
Summary
Strong operating and cash-flow profile (higher operating cash flow and free cash flow, improving leverage), but a sharp swing to a sizable net loss in 2025 and negative ROE meaningfully reduce confidence in bottom-line stability despite solid underlying operations.Income Statement
Revenue accelerated sharply in 2025 (up ~33% vs. 2024), and operating profitability remained solid with EBIT margin improving (about 17% in 2025 vs. ~16% in 2024) and EBITDA margin expanding (about 42% vs. ~38%). However, net results deteriorated materially: the company swung from a positive net profit in 2024 (~7% margin) to a sizable net loss in 2025 (~-30% margin). This volatility at the bottom line meaningfully offsets the strong top-line growth and stable operating performance.54
Neutral
Balance Sheet
Leverage looks manageable with debt-to-equity improving in 2025 (~0.68) versus 2024 (~0.81), supported by higher equity. Total assets were broadly stable across the period. The key weakness is shareholder returns turning negative in 2025 (negative return on equity), reflecting the net loss despite an otherwise reasonable capital structure.62
Positive
Cash Flow
Cash generation strengthened in 2025 with operating cash flow rising to ~$370M from ~$278M in 2024, and free cash flow increasing to ~$122M from ~$31M. Operating cash flow more comfortably covered key obligations (coverage improved to ~1.89 from ~1.45). The main drawback is that free cash flow growth was slightly negative versus the prior year (per provided growth metric), and the disconnect between strong cash flow and reported net loss suggests earnings quality/noise in profitability that investors will want to monitor.70
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 C Risk Analysis
GCI Liberty, Inc. Class C disclosed 62 risk factors in its most recent earnings report. GCI Liberty, Inc. Class C reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
GCI Liberty, Inc. Class C Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $1.56B | -3.87 | ― | ― | ― | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $1.56B | -3.89 | ― | ― | ― | ― | |
52 Neutral | $766.48M | -19.38 | -4.41% | 0.97% | 11.59% | -106.83% | |
47 Neutral | $573.68M | -1.58 | -22.07% | 10.11% | -4.94% | -335.70% |
* Communication Services Sector Average
GLIBK
GCI Liberty, Inc. Class C
39.23
10.55
36.79%
SHEN
Shenandoah Telecommunications Co
13.86
2.96
27.13%
CABO
Cable ONE
101.14
-141.11
-58.25%
GLIBA
GCI Liberty, Inc. Class A
39.37
8.86
29.04%
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.