Liberty Global plc (LBTYK) Earnings
Liberty Global plc is expected to report next earnings on July 24, 2026 (in NaN days), with a consensus EPS estimate of $-0.48. LBTYK has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -1004.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $-0.35 | $0.96 | +372.0% | $1.3B | -0.8% |
| Feb 18, 2026 | $-0.31 | $-8.60 | -2670.6% | $1.2B | +0.1% |
| Oct 30, 2025 | $-0.43 | $-0.27 | +37.1% | $1.2B | -1.1% |
| Aug 1, 2025 | $-0.44 | $-8.09 | -1758.2% | $1.3B | +4.1% |
| May 2, 2025 | $-0.83 | $-3.84 | -362.7% | $1.2B | +6.5% |
| Feb 18, 2025 | $-0.86 | $6.33 | +836.0% | $-1.4B | -188.2% |
| Jul 25, 2024 | $-0.95 | $0.71 | +174.7% | $1.9B | -2.7% |
| May 1, 2024 | $-0.32 | $1.32 | +508.8% | $1.9B | +3.8% |
| Feb 15, 2024 | $-0.10 | $-8.23 | -7781.6% | $1.9B | +2.7% |
| Oct 31, 2023 | $-0.05 | $1.57 | +3305.4% | $1.9B | -2.5% |
| Jul 24, 2023 | $-0.08 | $-1.13 | -1330.9% | $1.8B | +0.1% |
| Mar 24, 2023 | $-0.04 | $-5.06 | -11473.7% | $7.2B | +303.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Delivered strong operational performance with the fourth consecutive quarter of steady broadband improvement across the three major markets, and fixed and mobile ARPUs remained largely stable. • Will confirm all 2026 guidance today. • Made progress on value unlock initiatives, such as the acquisition of Vodafone's 50% stake in the Dutch joint venture being on track to close in the summer. • The Netomnia transaction in the U.K. is in the regulatory process. • Focused on capital allocation, having reduced net corporate costs by 75% over the past 2 years. • The Liberty Growth portfolio is valued at $3.4 billion, focused on rotating capital into high-growth sectors. • Formula E launched the next-generation race car, GEN4.
Guidance
• Reaffirmed all guidance metrics for VMO2, VodafoneZiggo, Telenet, and corporate costs. • Anticipates that Wyre will draw on its stand-alone facility after BCA approval and will fully repay the short-term funding provided by Liberty Global consolidated cash by Telenet. • Aims to end 2026 with around $1.5 billion of corporate cash despite expected outflows related to the incremental Vodafone stake and the Netomnia acquisition.
Segment performance
VodafoneZiggo: Q1 revenue declined by 1.8% due to a lower customer base and ongoing repricing impact. Adjusted EBITDA decreased by 6.4% because of higher marketing costs and some incremental investments in network resilience and service reliability. Telenet: Revenue was broadly stable in Q1, and adjusted EBITDA grew by 8.9% as a result of lower content costs following the exit from football broadcasting rights. Wyre: Revenue dropped by 1% due to the implementation of a new pricing model, while adjusted EBITDA decreased by 4.6% due to an investment in build capability as it started to accelerate its fiber build-out. Virgin Media O2: Total service revenue declined by 3% on a guidance basis due to competitive pressure in the consumer fixed market and lower B2B revenue. Adjusted EBITDA decreased by 3.4% because of lower total service revenues and a noncash provision for legal matters. Virgin Media Ireland: Revenues declined by 1.4% in Q1 due to intense competition in the consumer fixed and mobile markets and a decline in advertising revenues at VMTV. Adjusted EBITDA decreased by 7.1% due to top-line pressures and a one-off benefit in the previous year.
Analyst Q&A
Q: Regarding Virgin Media O2 wholesale service revenue growth, did you know about the change in accounting treatment when issuing the guidance? And expand on the O2 satellite news.
A: Wholesale revenue was within the budget, and the O2 Satellite launch has high demand with the iPhone becoming available soon.
Q: About U.K. competitive dynamics, talk through how the recent price rises have landed and postpaid mobile losses.
A: The price rise has landed well with no significant spike in churn, and expects recovery in mobile service revenue.
Q: If the Proximus collaboration approval is delayed for 6-9 months, what happens?
A: Cautiously optimistic that the transaction will be completed within 6-8 weeks.
Q: On the Ziggo Group leverage and Dutch broadband performance, etc.
A: There is a clear path to achieving a 4.5x leverage by 2028, and Dutch broadband improvement is driven by pricing adjustments, churn management, marketing investment, and network upgrade.
Q: On the benign regulatory environment and telecom in defense, etc.
A: The sovereignty debate is positive for telecoms, and not involved in specific defense investments.
Q: On the improving regulatory climate and Ziggo synergies.
A: The EU merger guidelines are positive, and synergies include financial, operating cost, procurement, and CapEx.
Q: On DOCSIS 4.0 and the InfraCo-ServCo split.
A: Trials for 4-8 gig are in the late part of 2026, and the InfraCo-ServCo split makes the ServCo more agile.