Liberty Broadband (LBRDP) Financials

$21.68 -0.13 (-0.60%)

Closing price 03:59 PM Eastern

Extended Trading

$21.78 +0.09 (+0.44%)

As of 04:10 PM Eastern

Annual Income Statements for Liberty Broadband

This table shows Liberty Broadband's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-50	917	2,034	70	117	398	732	1,257	688	869	-2,676
Consolidated Net Income / (Loss)	31	917	2,034	70	117	398	732	1,257	688	869	-2,676
Net Income / (Loss) Continuing Operations	31	917	2,034	70	117	398	732	1,257	648	796	-2,331
Total Pre-Tax Income	-70	1,476	2,451	92	155	361	950	1,534	823	983	-3,254
Total Operating Income	59	-21	-25	-12	-29	-60	-98	-39	-39	-50	-36
Total Gross Profit	172	31	13	22	15	51	988	975	0.00	0.00	0.00
Total Revenue	172	31	13	22	15	51	988	975	0.00	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	32	52	39	34	44	111	1,086	1,014	39	50	36
Selling, General & Admin Expense	43	35	35	31	42	96	724	685	39	50	36
Total Other Income / (Expense), net	-129	1,497	2,476	104	184	421	1,048	1,573	862	1,033	-3,218
Interest Expense	7.42	15	20	23	25	28	117	133	155	145	110
Interest & Investment Income	-115	741	2,512	170	287	630	1,261	1,660	1,054	1,198	-3,011
Other Income / (Expense), net	-7.04	771	-16	-43	-78	-181	-96	46	-37	-20	-97
Income Tax Expense	-20	558	417	22	38	-37	218	277	175	187	-923
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	40	73	-345
Weighted Average Basic Shares Outstanding	102.40M	152.10M	181.70M	179.40M	181.90M	195.32M	167.87M	146.30M	142.93M	143.28M	143.50M
Weighted Average Diluted Shares Outstanding	102.40M	152.10M	181.70M	179.40M	181.90M	195.32M	167.87M	146.30M	142.93M	143.28M	143.50M
Weighted Average Basic & Diluted Shares Outstanding	102.40M	152.10M	181.70M	179.40M	181.90M	195.32M	167.87M	146.30M	142.93M	143.28M	143.50M

This table shows Liberty Broadband's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	162	205	241	195	142	291	268	383	-154	-3,173	203
Consolidated Net Income / (Loss)	162	205	241	195	142	291	268	383	-154	-3,173	203
Net Income / (Loss) Continuing Operations	162	205	241	195	120	291	234	383	255	-3,237	203
Total Pre-Tax Income	208	262	309	253	152	339	217	414	255	-4,187	207
Total Operating Income	21	13	28	21	-11	13	-13	41	-8.00	-112	-5.00
Total Gross Profit	240	250	245	246	0.00	263	0.00	261	0.00	-527	0.00
Total Revenue	240	250	245	246	0.00	263	0.00	261	0.00	-527	0.00
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	219	237	217	225	11	250	13	220	8.00	-415	5.00
Selling, General & Admin Expense	164	176	167	173	11	200	13	168	8.00	-310	5.00
Total Other Income / (Expense), net	187	249	281	232	163	326	230	373	263	-4,075	212
Interest Expense	54	55	51	52	33	45	30	40	28	2.00	24
Interest & Investment Income	245	317	356	280	202	360	281	421	313	-4,026	305
Other Income / (Expense), net	-4.00	-13	-24	4.00	-6.00	11	-21	-8.00	-22	-47	-69
Income Tax Expense	46	57	68	58	32	48	-17	31	0.00	-950	4.00
Net Income / (Loss) Discontinued Operations	-	-	-	-	22	-	34	-	-409	-	0.00
Weighted Average Basic Shares Outstanding	146.07M	142.93M	142.85M	142.85M	142.85M	143.28M	143.33M	143.49M	143.49M	143.50M	143.50M
Weighted Average Diluted Shares Outstanding	146.07M	142.93M	142.85M	142.85M	142.85M	143.28M	143.33M	143.49M	143.49M	143.50M	143.50M
Weighted Average Basic & Diluted Shares Outstanding	146.07M	142.93M	142.85M	142.85M	142.85M	143.28M	143.33M	143.49M	143.49M	143.50M	143.50M

This table details how cash moves in and out of Liberty Broadband's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	610	-449	-124	1.85	-33	1,383	-1,227	194	-224	53	-134
Net Cash From Operating Activities	35	-12	-30	-26	-37	-96	3.00	-56	-261	-174	-327
Net Cash From Continuing Operating Activities	35	-12	-30	-26	-37	-96	3.00	-56	-261	-174	-327
Net Income / (Loss) Continuing Operations	-50	917	2,034	70	117	398	732	1,257	648	796	-2,331
Consolidated Net Income / (Loss)	-50	917	2,034	70	117	398	732	1,257	688	869	-2,676
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	40	73	-345
Non-Cash Adjustments To Reconcile Net Income	150	-1,500	-2,487	-119	-195	-436	-1,133	-1,676	-979	-1,151	3,021
Changes in Operating Assets and Liabilities, net	-70	567	420	20	39	-73	137	101	70	181	-1,017
Net Cash From Investing Activities	-2.48	-4,991	-0.06	-0.04	-1.00	575	4,062	3,047	364	323	1,207
Net Cash From Continuing Investing Activities	-2.48	-4,991	-0.06	-0.04	-1.00	575	4,062	3,047	364	323	1,207
Purchase of Investments	-18	-155	-	-	-	-	0.00	0.00	-53	0.00	0.00
Divestitures	-	-	-	0.00	0.00	592	4,194	3,197	394	335	1,200
Other Investing Activities, net	-1.74	0.45	0.01	0.00	0.00	-15	2.00	31	23	-12	7.00
Net Cash From Financing Activities	577	4,553	-94	28	5.00	904	-5,292	-2,797	-314	-74	-940
Net Cash From Continuing Financing Activities	577	4,553	-94	28	5.00	904	-5,292	-2,797	-314	-74	-940
Repayment of Debt	-40	0.00	-601	-134	3.00	-1,324	-2,487	-240	-1,608	-1,119	-1,635
Repurchase of Common Equity	-	-	-	0.00	0.00	-597	-4,272	-2,882	-227	-89	0.00
Issuance of Debt	72	201	500	158	50	2,825	1,467	325	1,501	984	695
Other Financing Activities, net	545	-48	6.32	3.66	-48	-	0.00	0.00	20	150	0.00
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-13	-22	-74

This table details how cash moves in and out of Liberty Broadband's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	7.00	66	-62	-35	95	55	336	-369	-119	18	929
Net Cash From Operating Activities	9.00	62	52	27	24	1.00	-41	91	-18	-478	-74
Net Cash From Continuing Operating Activities	9.00	62	52	27	24	1.00	-41	91	-265	-231	-74
Net Income / (Loss) Continuing Operations	162	205	241	195	142	291	234	383	194	-3,176	203
Consolidated Net Income / (Loss)	162	205	241	195	142	291	268	383	-154	-3,173	203
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	34	-	-	3.00	0.00
Non-Cash Adjustments To Reconcile Net Income	-227	-291	-322	-270	-188	-362	-262	-401	-299	3,982	-234
Changes in Operating Assets and Liabilities, net	19	87	83	50	15	22	-13	57	-55	-1,037	-43
Net Cash From Investing Activities	-48	279	18	-22	73	61	303	254	281	415	193
Net Cash From Continuing Investing Activities	-48	279	18	-22	73	61	303	254	396	300	193
Divestitures	-	352	81	35	110	109	300	300	300	300	190
Other Investing Activities, net	4.00	-	-2.00	5.00	23	16	3.00	8.00	-23	-	3.00
Net Cash From Financing Activities	46	-275	-132	-40	-2.00	-7.00	0.00	-714	-382	155	810
Net Cash From Continuing Financing Activities	46	-275	-132	-40	-2.00	-7.00	0.00	-714	-176	-51	810
Repayment of Debt	-3.00	-69	-63	-286	-850	-32	0.00	-1,454	515	-246	-45
Issuance of Debt	50	-	20	246	848	25	0.00	740	-691	195	855
Other Net Changes in Cash	-	-	-	-	-	-	74	-	-	-	0.00

This table presents Liberty Broadband's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,566	9,591	11,932	12,098	12,256	21,373	16,968	15,142	15,641	16,687	8,830
Total Current Assets	678	258	84	85	52	1,846	459	660	430	423	103
Cash & Equivalents	655	206	81	83	50	1,418	191	375	158	89	57
Restricted Cash	0.00	-	-	-	-	-	-	-	-	19	38
Other Current Assets	12	3.67	2.80	1.47	1.19	-	-	-	-	-	8.00
Plant, Property, & Equipment, net	1.25	0.00	0.00	0.00	0.00	1,099	1,031	1,011	1,053	0.00	0.00
Total Noncurrent Assets	2,886	9,333	11,848	12,014	12,204	18,428	15,478	13,471	14,158	16,264	8,727
Long-Term Investments	2,812	9,315	11,836	12,004	12,195	16,179	13,260	11,433	12,116	13,057	8,670
Other Noncurrent Operating Assets	0.27	1.49	12	9.49	2.15	151	296	180	236	135	57
Total Liabilities & Shareholders' Equity	3,566	9,591	11,932	12,098	12,256	21,373	16,968	15,142	15,641	16,687	8,830
Total Liabilities	418	1,118	1,445	1,500	1,588	7,858	6,829	6,641	6,618	6,879	3,132
Total Current Liabilities	15	412	11	8.20	12	612	582	1,675	178	200	987
Short-Term Debt	0.00	400	-	-	0.00	31	28	1,376	3.00	0.00	956
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	0.00	23
Other Current Liabilities	2.25	-	-	-	1.19	458	430	187	59	10	8.00
Total Noncurrent Liabilities	402	706	1,434	1,492	1,576	7,246	6,247	4,966	6,440	6,679	2,145
Long-Term Debt	400	199	497	523	573	4,785	3,733	2,425	3,733	2,687	790
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	505	933	966	1,000	1,978	1,998	2,040	2,216	2,028	1,155
Other Noncurrent Operating Liabilities	-	2.60	4.38	2.87	1.75	350	392	352	343	201	200
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,148	8,473	10,487	10,599	10,668	13,515	10,139	8,501	9,023	9,808	5,698
Total Preferred & Common Equity	3,148	8,473	10,487	10,599	10,668	13,503	10,127	8,483	9,003	9,793	5,698
Total Common Equity	3,148	8,473	10,487	10,599	10,668	13,503	10,127	8,483	9,003	9,793	5,698
Common Stock	3,539	7,948	7,910	7,940	7,892	10,322	6,215	3,319	3,108	3,008	1,647
Retained Earnings	-400	518	2,569	2,651	2,768	3,166	3,898	5,155	5,843	6,712	4,036
Accumulated Other Comprehensive Income / (Loss)	8.91	7.66	8.42	7.78	8.16	15	14	9.00	52	73	15

This table presents Liberty Broadband's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	15,119	15,129	15,409	15,768	15,740	15,959	16,303	16,995	16,593	13,193	9,850
Total Current Assets	492	454	393	430	350	309	417	797	364	85	1,075
Cash & Equivalents	203	169	81	88	108	73	168	226	180	73	51
Restricted Cash	-	-	-	-	-	-	-	-	-	-	973
Other Current Assets	-	-	-	-	-	-	-	-	-	-	51
Plant, Property, & Equipment, net	0.00	1,012	0.00	0.00	1,078	0.00	0.00	1,164	0.00	0.00	0.00
Total Noncurrent Assets	14,627	13,663	15,016	15,338	14,312	15,650	15,886	15,034	16,229	13,108	8,775
Long-Term Investments	11,547	11,609	11,916	12,229	12,281	12,535	12,760	13,060	13,080	13,051	8,712
Other Noncurrent Operating Assets	1,199	206	1,266	1,287	237	1,333	1,357	227	1,411	57	63
Total Liabilities & Shareholders' Equity	15,119	15,129	15,409	15,768	15,740	15,959	16,303	16,995	16,593	13,193	9,850
Total Liabilities	6,543	6,545	6,570	6,771	6,582	6,598	6,765	6,928	6,179	4,323	3,952
Total Current Liabilities	244	293	194	229	193	184	201	573	604	350	985
Short-Term Debt	3.00	5.00	5.00	5.00	3.00	3.00	3.00	370	396	102	965
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	128	0.00
Other Current Liabilities	108	181	73	92	67	50	56	77	77	98	20
Total Noncurrent Liabilities	6,264	6,252	6,376	6,542	6,389	6,414	6,564	6,355	5,575	3,973	2,967
Long-Term Debt	3,773	3,674	3,729	3,860	3,636	3,606	3,709	3,443	2,673	1,690	1,600
Noncurrent Deferred & Payable Income Tax Liabilities	2,007	2,074	2,146	2,184	2,255	2,311	2,342	2,367	2,373	2,083	1,167
Other Noncurrent Operating Liabilities	359	357	354	349	340	340	341	344	329	200	200
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,576	8,584	8,839	8,997	9,158	9,361	9,538	10,067	10,414	8,870	5,898
Total Preferred & Common Equity	8,560	8,566	8,819	8,977	9,138	9,343	9,520	10,052	10,396	8,870	5,898
Total Common Equity	8,560	8,566	8,819	8,977	9,138	9,343	9,520	10,052	10,396	8,870	5,898
Common Stock	3,565	3,283	3,287	3,294	3,019	3,024	3,029	3,012	3,009	1,639	1,643
Retained Earnings	4,977	5,224	5,476	5,638	6,084	6,279	6,421	6,980	7,363	7,209	4,239
Accumulated Other Comprehensive Income / (Loss)	18	59	56	45	35	40	70	60	24	22	16

This table displays calculated financial ratios and metrics derived from Liberty Broadband's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	149.11%	-82.22%	-57.20%	70.00%	-32.60%	240.00%	1,837.25%	-1.32%	0.62%	3.57%	0.00%
EBITDA Growth	147.88%	1,199.84%	-105.06%	-35.91%	-102.52%	-115.24%	132.30%	268.49%	0.37%	5.56%	-90.00%
EBIT Growth	139.87%	1,344.56%	-105.59%	-30.31%	-95.88%	-125.23%	19.50%	103.61%	471.43%	95.00%	-90.00%
NOPAT Growth	237.19%	-131.87%	-60.74%	56.74%	-139.31%	-202.19%	-14.15%	57.68%	276.98%	30.64%	37.76%
Net Income Growth	122.76%	2,894.69%	121.70%	-96.56%	67.26%	240.17%	83.92%	71.72%	-45.27%	26.31%	-407.94%
EPS Growth	67.76%	1,324.49%	85.00%	-96.58%	68.42%	239.06%	81.11%	102.54%	-41.21%	29.91%	0.00%
Operating Cash Flow Growth	1,193.59%	-133.72%	-152.40%	12.56%	-40.90%	-159.46%	103.13%	-1,966.67%	128.57%	550.00%	-87.93%
Free Cash Flow Firm Growth	-239.92%	783.61%	-25.82%	-94.14%	-35.15%	-12,192.42%	111.26%	-134.64%	192.70%	229.48%	-130.41%
Invested Capital Growth	239.92%	-796.38%	-87.12%	-3.57%	-3.89%	182.41%	-34.95%	7.81%	-2.07%	-26.76%	36.83%
Revenue Q/Q Growth	192.92%	-80.67%	2.15%	0.57%	3.49%	311.12%	26.39%	0.10%	0.00%	1.30%	-100.00%
EBITDA Q/Q Growth	227.22%	-2.03%	30.47%	-182.68%	-25.74%	-9.28%	37,535.90%	8.47%	8.00%	4.78%	-244.57%
EBIT Q/Q Growth	198.00%	-2.03%	28.68%	-153.18%	-25.32%	-15.62%	8.99%	146.67%	185.71%	44.44%	-244.57%
NOPAT Q/Q Growth	438.84%	-1,059.61%	-10.78%	14.05%	-12.14%	-113.82%	23.78%	-50.00%	171.91%	3.09%	-120.69%
Net Income Q/Q Growth	144.66%	-0.74%	11,003.83%	-96.69%	192.13%	76.82%	20.07%	-14.26%	4.08%	10.98%	-439.59%
EPS Q/Q Growth	34.67%	3.27%	4,926.09%	-96.71%	204.76%	76.42%	19.09%	-9.13%	2.86%	11.76%	0.00%
Operating Cash Flow Q/Q Growth	10.74%	44.32%	1.41%	-16.64%	1.10%	-106.10%	-96.09%	70.98%	138.10%	-36.97%	-187.20%
Free Cash Flow Firm Q/Q Growth	0.00%	10.11%	6,237.69%	-94.71%	315.94%	-4,980.59%	112.56%	60.82%	-41.30%	-24.37%	-126.81%
Invested Capital Q/Q Growth	91.57%	-6.16%	-88.37%	-0.33%	-2.93%	179.16%	-3.33%	-19.89%	-9.55%	3.74%	46.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%
EBITDA Margin	33.72%	2,465.01%	-291.39%	-232.96%	-700.00%	-443.14%	7.39%	27.59%	27.52%	28.05%	0.00%
Operating Margin	34.28%	-69.18%	-194.61%	-53.98%	-193.33%	-117.65%	-9.92%	-4.00%	7.44%	9.06%	0.00%
EBIT Margin	30.18%	2,451.91%	-320.19%	-245.44%	-713.33%	-472.55%	-19.64%	0.72%	4.08%	7.68%	0.00%
Profit (Net Income) Margin	17.81%	2,999.09%	15,533.66%	314.31%	780.00%	780.39%	74.09%	128.92%	70.13%	85.53%	0.00%
Tax Burden Percent	-43.72%	62.16%	82.99%	76.14%	75.48%	110.25%	77.05%	81.94%	77.48%	80.31%	82.24%
Interest Burden Percent	-134.94%	196.77%	-5,846.04%	-168.19%	-144.86%	-149.79%	-489.69%	21,914.29%	2,220.00%	1,387.18%	2,446.62%
Effective Tax Rate	0.00%	37.84%	17.01%	23.86%	24.52%	-10.25%	22.95%	18.06%	22.52%	19.69%	0.00%
Return on Invested Capital (ROIC)	404.20%	0.00%	0.00%	0.00%	0.00%	0.00%	-11.06%	-5.72%	9.85%	15.02%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	404.58%	0.00%	0.00%	0.00%	0.00%	0.00%	-18.31%	-20.43%	2.14%	6.11%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-403.11%	0.00%	0.00%	0.00%	0.00%	0.00%	17.25%	19.20%	-2.00%	-5.79%	0.00%
Return on Equity (ROE)	1.09%	15.79%	21.45%	0.66%	1.10%	3.29%	6.19%	13.49%	7.85%	9.23%	-34.52%
Cash Return on Invested Capital (CROIC)	-113.81%	0.00%	0.00%	0.00%	0.00%	-229.34%	31.28%	-13.23%	11.94%	45.91%	0.00%
Operating Return on Assets (OROA)	1.58%	11.40%	-0.39%	-0.45%	-0.88%	-1.43%	-1.01%	0.04%	0.26%	0.48%	0.00%
Return on Assets (ROA)	0.93%	13.94%	18.90%	0.58%	0.96%	2.37%	3.82%	7.83%	4.47%	5.38%	0.00%
Return on Common Equity (ROCE)	1.09%	15.79%	21.45%	0.66%	1.10%	3.29%	6.18%	13.47%	7.84%	9.21%	-34.48%
Return on Equity Simple (ROE_SIMPLE)	0.97%	10.83%	19.39%	0.66%	1.10%	2.95%	7.23%	14.82%	7.64%	8.87%	0.00%
Net Operating Profit after Tax (NOPAT)	41	-13	-21	-9.15	-22	-66	-76	-32	57	74	-25
NOPAT Margin	23.99%	-43.00%	-161.50%	-41.10%	-145.94%	-129.71%	-7.64%	-3.28%	5.77%	7.27%	0.00%
Net Nonoperating Expense Percent (NNEP)	-0.38%	15.45%	20.15%	0.69%	1.20%	3.81%	7.25%	14.71%	7.71%	8.91%	-27.99%
Return On Investment Capital (ROIC_SIMPLE)	1.16%	-0.15%	-0.19%	-0.08%	-0.19%	-0.36%	-0.54%	-0.26%	0.44%	0.54%	-0.34%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	24.88%	113.46%	265.81%	141.49%	280.00%	188.24%	73.28%	70.26%	69.11%	70.57%	0.00%
R&D to Revenue	9.90%	33.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.74%	169.18%	294.61%	153.98%	293.33%	217.65%	109.92%	104.00%	92.56%	90.94%	0.00%
Earnings before Interest and Taxes (EBIT)	52	750	-42	-55	-107	-241	-194	7.00	40	78	-133
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	58	754	-38	-52	-105	-226	73	269	270	285	-133
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.69	1.55	1.47	1.23	2.12	2.08	2.81	1.33	1.31	1.08	1.22
Price to Tangible Book Value (P/TBV)	1.70	1.56	1.47	1.23	2.12	2.45	3.46	1.70	1.64	1.32	1.22
Price to Revenue (P/Rev)	30.99	430.42	1,181.33	585.14	1,507.60	551.52	28.76	11.54	12.01	10.45	0.00
Price to Earnings (P/E)	0.00	14.35	7.61	186.17	193.28	70.67	38.81	8.95	17.12	12.22	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.60%
Earnings Yield	0.00%	6.97%	13.15%	0.54%	0.52%	1.42%	2.58%	11.18%	5.84%	8.18%	0.00%
Enterprise Value to Invested Capital (EV/IC)	31.50	0.00	0.00	0.00	0.00	18.68	34.99	5.77	5.89	2.99	0.00
Enterprise Value to Revenue (EV/Rev)	13.11	137.10	309.08	65.53	729.50	302.97	19.05	3.43	3.41	1.23	0.00
Enterprise Value to EBITDA (EV/EBITDA)	38.86	5.56	0.00	0.00	0.00	0.00	257.85	12.43	12.38	4.37	0.00
Enterprise Value to EBIT (EV/EBIT)	43.42	5.59	0.00	0.00	0.00	0.00	0.00	477.68	83.59	15.96	0.00
Enterprise Value to NOPAT (EV/NOPAT)	54.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	59.12	16.85	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	63.88	0.00	0.00	0.00	0.00	0.00	6,274.26	0.00	208.99	11.97	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	7.53	9.80	60.30	697.66	0.00	88.17	0.00	48.77	5.51	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.07	0.05	0.05	0.05	0.36	0.38	0.46	0.42	0.39	0.31
Long-Term Debt to Equity	0.13	0.02	0.05	0.05	0.05	0.36	0.38	0.30	0.42	0.39	0.14
Financial Leverage	-1.00	-1.04	-1.08	-1.09	-1.09	-1.01	-0.94	-0.94	-0.93	-0.95	-1.22
Leverage Ratio	1.16	1.13	1.14	1.14	1.15	1.39	1.62	1.72	1.76	1.72	1.65
Compound Leverage Factor	-1.57	2.23	-66.36	-1.92	-1.66	-2.08	-7.94	377.50	39.00	23.81	40.26
Debt to Total Capital	11.27%	6.60%	4.53%	4.70%	5.10%	26.64%	27.52%	31.38%	29.74%	28.07%	23.46%
Short-Term Debt to Total Capital	0.00%	4.41%	0.00%	0.00%	0.00%	0.17%	0.20%	11.11%	0.02%	0.02%	12.84%
Long-Term Debt to Total Capital	11.27%	2.19%	4.53%	4.70%	5.10%	26.48%	27.32%	20.27%	29.72%	28.05%	10.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.09%	0.15%	0.16%	0.11%	0.00%
Common Equity to Total Capital	88.73%	93.40%	95.47%	95.30%	94.90%	73.29%	72.39%	68.48%	70.11%	71.82%	76.54%
Debt to EBITDA	6.89	0.79	-13.04	-10.09	-5.46	-21.72	52.74	14.45	14.14	13.43	-13.13
Net Debt to EBITDA	-53.04	-11.90	299.34	223.05	111.16	56.14	-131.52	-29.45	-31.31	-32.95	52.83
Long-Term Debt to EBITDA	6.89	0.26	-13.04	-10.09	-5.46	-21.58	52.36	9.33	14.13	13.42	-5.94
Debt to NOPAT	9.69	-45.50	-23.52	-57.17	-26.17	-74.21	-50.99	-121.63	67.52	51.81	-69.29
Net Debt to NOPAT	-74.55	682.07	540.10	1,264.28	533.18	191.81	127.15	247.86	-149.49	-127.11	278.85
Long-Term Debt to NOPAT	9.69	-15.09	-23.52	-57.17	-26.17	-73.74	-50.61	-78.57	67.47	51.77	-31.35
Altman Z-Score	7.82	7.38	6.72	5.51	8.83	2.39	2.83	1.48	1.68	1.58	1.80
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.10%	0.16%	0.22%	0.19%	0.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	44.11	0.63	7.97	10.32	4.29	3.02	0.79	0.39	2.42	2.12	0.10
Quick Ratio	43.35	0.62	7.70	10.14	4.20	2.89	0.68	0.34	1.89	1.79	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-81	557	413	24	16	-1,897	213	-74	69	226	-800
Operating Cash Flow to CapEx	4,827.50%	-4,456.18%	-42,901.43%	-64,048.78%	-3,700.00%	-4,800.00%	2.24%	-30.94%	7.21%	42.11%	0.00%
Free Cash Flow to Firm to Interest Expense	-10.97	37.23	21.11	1.04	0.63	-67.74	1.82	-0.56	0.33	1.16	-7.27
Operating Cash Flow to Interest Expense	4.75	-0.80	-1.53	-1.13	-1.48	-3.43	0.03	-0.42	0.08	0.54	-2.97
Operating Cash Flow Less CapEx to Interest Expense	4.65	-0.81	-1.54	-1.13	-1.52	-3.50	-1.12	-1.78	-1.00	-0.74	-2.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.00	0.00	0.00	0.00	0.00	0.05	0.06	0.06	0.06	0.00
Accounts Receivable Turnover	111.72	0.00	0.00	0.00	0.00	0.29	3.56	4.79	5.18	5.45	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	71.10	0.00	0.00	0.00	0.00	0.00	0.93	0.95	0.95	0.92	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	3.27	0.00	0.00	0.00	0.00	1,253.22	102.52	76.18	70.51	67.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	3.27	0.00	0.00	0.00	0.00	1,253.22	102.52	76.18	70.51	67.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	72	-498	-933	-966	-1,004	827	538	580	568	416	-1,329
Invested Capital Turnover	16.85	-0.14	-0.02	-0.02	-0.02	-0.58	1.45	1.74	1.71	2.07	0.00
Increase / (Decrease) in Invested Capital	123	-570	-434	-33	-38	1,831	-289	42	-12	-152	775
Enterprise Value (EV)	2,254	4,193	4,047	1,458	10,943	15,451	18,823	3,344	3,344	1,245	-99
Market Capitalization	5,331	13,165	15,466	13,023	22,614	28,127	28,412	11,247	11,779	10,622	6,928
Book Value per Share	$30.50	$46.64	$57.67	$58.44	$58.76	$75.65	$57.35	$57.21	$61.64	$68.56	$39.71
Tangible Book Value per Share	$30.32	$46.55	$57.67	$58.44	$58.72	$64.43	$46.47	$44.68	$49.27	$56.26	$39.71
Total Capital	3,548	9,072	10,984	11,122	11,241	18,424	13,989	12,388	12,842	13,636	7,444
Total Debt	400	599	497	523	573	4,909	3,850	3,887	3,819	3,828	1,746
Total Long-Term Debt	400	199	497	523	573	4,878	3,822	2,511	3,816	3,825	790
Net Debt	-3,077	-8,971	-11,420	-11,565	-11,671	-12,688	-9,601	-7,921	-8,455	-9,392	-7,027
Capital Expenditures (CapEx)	0.73	0.27	0.07	0.04	1.00	2.00	134	181	222	247	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.25	-8.44	-7.75	-6.72	-9.73	-153	-286	-14	97	63	-31
Debt-free Net Working Capital (DFNWC)	663	246	74	76	40	1,265	-95	361	255	226	72
Net Working Capital (NWC)	663	-154	74	76	40	1,234	-123	-1,015	252	223	-884
Net Nonoperating Expense (NNE)	11	-930	-2,055	-79	-139	-464	-808	-1,289	-631	-795	2,651
Net Nonoperating Obligations (NNO)	-3,077	-8,971	-11,420	-11,565	-11,671	-12,688	-9,601	-7,921	-8,455	-9,392	-7,027
Total Depreciation and Amortization (D&A)	6.09	4.01	3.77	2.78	2.00	15	267	262	230	207	0.00
Debt-free, Cash-free Net Working Capital to Revenue	-0.73%	-27.61%	-59.21%	-30.21%	-64.87%	-300.00%	-28.95%	-1.44%	9.89%	6.20%	0.00%
Debt-free Net Working Capital to Revenue	385.37%	805.28%	561.45%	343.18%	266.63%	2,480.39%	-9.62%	37.03%	25.99%	22.24%	0.00%
Net Working Capital to Revenue	385.37%	-502.51%	561.45%	343.18%	266.63%	2,419.61%	-12.45%	-104.10%	25.69%	21.95%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.49)	$6.03	$11.19	$0.39	$0.65	$2.18	$3.97	$8.01	$4.71	$6.08	$0.00
Adjusted Weighted Average Basic Shares Outstanding	103.32M	181.80M	181.34M	181.36M	181.90M	195.32M	167.87M	146.30M	142.93M	143.28M	143.50M
Adjusted Diluted Earnings per Share	($0.49)	$6.00	$11.10	$0.38	$0.64	$2.17	$3.93	$7.96	$4.68	$6.08	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	103.32M	181.80M	181.34M	181.36M	181.90M	195.32M	167.87M	146.30M	142.93M	143.28M	143.50M
Adjusted Basic & Diluted Earnings per Share	($0.49)	$6.03	$0.00	$0.39	$0.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	103.32M	181.80M	181.34M	181.36M	181.90M	195.32M	167.87M	146.30M	142.93M	143.28M	143.50M
Normalized Net Operating Profit after Tax (NOPAT)	13	-13	-21	-9.15	-22	-42	-2.31	23	57	74	-25
Normalized NOPAT Margin	7.80%	-43.00%	-161.50%	-41.10%	-145.94%	-82.35%	-0.23%	2.35%	5.77%	7.27%	0.00%
Pre Tax Income Margin	-40.73%	4,824.66%	18,718.30%	412.82%	1,033.33%	707.84%	96.15%	157.33%	90.52%	106.50%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.99	50.14	-2.14	-2.34	-4.28	-8.61	-1.66	0.05	0.19	0.40	-1.21
NOPAT to Interest Expense	5.56	-0.88	-1.08	-0.39	-0.88	-2.36	-0.65	-0.24	0.27	0.38	-0.23
EBIT Less CapEx to Interest Expense	6.89	50.13	-2.15	-2.35	-4.32	-8.68	-2.80	-1.31	-0.88	-0.87	-1.21
NOPAT Less CapEx to Interest Expense	5.46	-0.90	-1.08	-0.39	-0.92	-2.43	-1.79	-1.60	-0.80	-0.89	-0.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	150.00%	583.61%	229.28%	32.99%	10.24%	0.00%

This table displays calculated financial ratios and metrics derived from Liberty Broadband's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	143,497,730.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	143,497,730.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.41
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.23%	0.00%	-0.41%	0.41%	9.17%	5.20%	8.57%	6.10%	0.00%	-7.33%	0.00%
EBITDA Growth	260.00%	48.78%	-11.48%	1.32%	11.11%	21.31%	40.74%	10.39%	-76.47%	-93.90%	-117.65%
EBIT Growth	136.96%	100.00%	33.33%	25.00%	47.06%	0.00%	475.00%	32.00%	-76.47%	-93.90%	-117.65%
NOPAT Growth	262.69%	140.17%	81.98%	-8.96%	43.90%	9.71%	99.89%	134.34%	7.88%	0.14%	65.02%
Net Income Growth	-48.57%	15.17%	249.28%	-22.62%	-12.35%	41.95%	11.20%	96.41%	-208.45%	-1,190.38%	-24.25%
EPS Growth	-46.34%	10.24%	259.57%	-20.47%	-10.00%	45.71%	10.65%	97.06%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	111.54%	1,450.00%	26.83%	128.13%	166.67%	-98.39%	50.00%	237.04%	90.95%	-785.19%	-80.49%
Free Cash Flow Firm Growth	163.30%	132.94%	274.30%	321.62%	122.98%	635.89%	-228.70%	-19.41%	1,207.74%	-132.91%	1,117.32%
Invested Capital Growth	-13.26%	-2.07%	-14.21%	-32.88%	-36.15%	-26.76%	35.99%	-33.86%	-713.97%	36.83%	-291.43%
Revenue Q/Q Growth	-2.04%	4.17%	-2.00%	0.41%	6.50%	0.38%	1.14%	-1.88%	-100.00%	0.00%	100.00%
EBITDA Q/Q Growth	-5.26%	-15.28%	-11.48%	42.59%	3.90%	-7.50%	2.70%	11.84%	-135.29%	-430.00%	53.46%
EBIT Q/Q Growth	-15.00%	-100.00%	0.00%	525.00%	0.00%	-4.00%	-4.17%	43.48%	-190.91%	-430.00%	53.46%
NOPAT Q/Q Growth	-8.01%	-37.81%	114.69%	-25.88%	45.41%	-52.59%	291.17%	-13.11%	-121.09%	-880.00%	93.75%
Net Income Q/Q Growth	-35.71%	26.54%	17.56%	-19.09%	-27.18%	104.93%	-7.90%	42.91%	-140.21%	-1,960.39%	106.40%
EPS Q/Q Growth	-35.67%	27.27%	20.71%	-19.53%	-27.21%	106.06%	-8.33%	43.32%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	109.38%	588.89%	-16.13%	-48.08%	-11.11%	-95.83%	7,700.00%	16.67%	-119.78%	-2,555.56%	84.52%
Free Cash Flow Firm Q/Q Growth	206.78%	-80.27%	363.83%	126.75%	7.44%	-34.88%	-181.12%	242.00%	1,419.18%	-129.89%	326.52%
Invested Capital Q/Q Growth	-4.85%	-9.55%	-13.91%	-9.41%	-9.48%	3.74%	59.86%	-55.94%	-940.27%	46.02%	4.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	0.00%	0.00%
EBITDA Margin	30.00%	24.40%	22.04%	31.30%	30.53%	28.14%	28.57%	32.57%	0.00%	0.00%	0.00%
Operating Margin	8.75%	5.20%	11.43%	8.54%	11.45%	4.94%	16.17%	15.71%	0.00%	0.00%	0.00%
EBIT Margin	7.08%	0.00%	1.63%	10.16%	9.54%	9.13%	8.65%	12.64%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	67.50%	82.00%	98.37%	79.27%	54.20%	110.65%	100.75%	146.74%	0.00%	0.00%	0.00%
Tax Burden Percent	77.88%	78.24%	77.99%	77.08%	78.45%	85.84%	101.52%	92.51%	-60.39%	75.78%	98.07%
Interest Burden Percent	1,223.53%	0.00%	7,725.00%	1,012.00%	724.00%	1,412.50%	1,147.83%	1,254.55%	-850.00%	2,633.33%	-279.73%
Effective Tax Rate	22.12%	21.76%	22.01%	22.92%	21.55%	14.16%	-1.52%	7.49%	0.00%	0.00%	1.93%
Return on Invested Capital (ROIC)	9.89%	6.95%	16.50%	11.70%	17.51%	8.76%	29.49%	41.54%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	8.09%	4.57%	13.87%	9.61%	16.16%	5.63%	27.01%	37.92%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-7.47%	-4.27%	-13.04%	-9.03%	-15.26%	-5.33%	-25.39%	-36.51%	0.00%	0.00%	0.00%
Return on Equity (ROE)	2.42%	2.68%	3.46%	2.67%	2.25%	3.43%	4.10%	5.04%	8.56%	-34.52%	-34.34%
Cash Return on Invested Capital (CROIC)	17.28%	11.94%	27.79%	51.06%	58.05%	45.91%	-14.48%	71.99%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.45%	0.00%	0.10%	0.64%	0.60%	0.57%	0.55%	0.82%	0.00%	0.00%	0.00%
Return on Assets (ROA)	4.29%	5.23%	6.25%	4.96%	3.39%	6.95%	6.38%	9.48%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	2.41%	2.67%	3.45%	2.67%	2.25%	3.42%	4.10%	5.03%	8.55%	-34.48%	-34.31%
Return on Equity Simple (ROE_SIMPLE)	7.36%	0.00%	9.41%	8.59%	8.22%	0.00%	8.91%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	16	10	22	16	24	11	44	38	-8.00	-78	-4.90
NOPAT Margin	6.81%	4.07%	8.91%	6.58%	8.98%	4.24%	16.41%	14.53%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	1.80%	2.38%	2.63%	2.09%	1.35%	3.14%	2.48%	3.62%	-1.43%	-32.68%	2.51%
Return On Investment Capital (ROIC_SIMPLE)	0.13%	0.08%	0.17%	0.12%	0.18%	0.08%	0.31%	0.28%	-0.08%	-1.05%	-0.06%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	68.33%	70.40%	68.16%	70.33%	67.56%	76.05%	63.91%	64.37%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	91.25%	94.80%	88.57%	91.46%	88.55%	95.06%	83.83%	84.29%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	17	0.00	4.00	25	25	24	23	33	-30	-159	-74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	72	61	54	77	80	74	76	85	-30	-159	-74
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.48	1.31	0.91	0.83	1.15	1.08	1.21	1.26	1.02	1.22	1.22
Price to Tangible Book Value (P/TBV)	1.86	1.64	1.14	1.03	1.42	1.32	1.47	1.52	1.02	1.22	1.22
Price to Revenue (P/Rev)	13.55	12.01	8.51	7.95	10.94	10.45	11.74	12.49	8.64	0.00	0.00
Price to Earnings (P/E)	20.11	17.12	9.70	9.71	14.01	12.22	13.59	12.12	11.53	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.60%	12.60%	12.11%
Earnings Yield	4.97%	5.84%	10.31%	10.30%	7.14%	8.18%	7.36%	8.25%	8.67%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	7.87	5.89	0.00	0.00	4.62	2.99	4.20	10.36	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	5.04	3.41	0.00	0.00	1.85	1.23	2.69	2.88	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	19.77	12.38	0.00	0.00	6.82	4.37	9.09	9.63	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	353.09	83.59	0.00	0.00	34.34	15.96	28.78	28.90	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	237.65	59.12	0.00	0.00	25.87	16.85	30.20	26.41	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	208.99	0.00	0.00	11.24	11.97	21.48	15.64	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	42.32	48.77	0.00	0.00	6.21	5.51	0.00	11.46	0.00	0.00	0.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.42	0.41	0.39	0.40	0.39	0.39	0.30	0.20	0.31	0.43
Long-Term Debt to Equity	0.44	0.42	0.41	0.39	0.40	0.39	0.35	0.26	0.19	0.14	0.27
Financial Leverage	-0.92	-0.93	-0.94	-0.94	-0.94	-0.95	-0.94	-0.96	-1.11	-1.22	-1.04
Leverage Ratio	1.76	1.76	1.74	1.72	1.73	1.72	1.70	1.65	1.60	1.65	1.68
Compound Leverage Factor	21.51	0.00	134.41	17.44	12.53	24.25	19.54	20.65	-13.62	43.33	-4.70
Debt to Total Capital	30.50%	29.74%	28.89%	28.27%	28.44%	28.07%	27.84%	23.16%	16.81%	23.46%	30.31%
Short-Term Debt to Total Capital	0.04%	0.02%	0.02%	0.02%	0.02%	0.02%	2.65%	2.92%	0.96%	12.84%	11.40%
Long-Term Debt to Total Capital	30.46%	29.72%	28.86%	28.25%	28.42%	28.05%	25.19%	20.24%	15.85%	10.61%	18.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.15%	0.16%	0.16%	0.14%	0.14%	0.11%	0.11%	0.13%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.35%	70.11%	70.96%	71.59%	71.42%	71.82%	72.05%	76.71%	83.19%	76.54%	69.69%
Debt to EBITDA	15.79	14.14	14.14	13.98	13.94	13.43	12.65	9.97	19.48	-13.13	-14.83
Net Debt to EBITDA	-33.48	-31.31	-32.96	-33.78	-33.59	-32.95	-30.63	-32.13	-123.17	52.83	41.45
Long-Term Debt to EBITDA	15.77	14.13	14.13	13.97	13.93	13.42	11.45	8.71	18.37	-5.94	-9.25
Debt to NOPAT	189.80	67.52	56.23	57.14	52.89	51.81	42.01	27.32	14.71	-69.29	-130.87
Net Debt to NOPAT	-402.34	-149.49	-131.04	-138.09	-127.47	-127.11	-101.70	-88.07	-93.03	278.85	365.87
Long-Term Debt to NOPAT	189.56	67.47	56.19	57.09	52.85	51.77	38.01	23.87	13.87	-31.35	-81.63
Altman Z-Score	1.76	1.67	1.38	1.34	1.61	1.57	1.71	1.95	2.07	1.79	1.68
Noncontrolling Interest Sharing Ratio	0.20%	0.22%	0.21%	0.21%	0.21%	0.19%	0.18%	0.18%	0.10%	0.10%	0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.88	2.42	1.81	1.68	2.07	2.12	1.39	0.60	0.24	0.10	1.09
Quick Ratio	1.35	1.89	1.52	1.35	1.76	1.79	0.70	0.52	0.21	0.06	0.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	112	22	103	233	251	163	-132	188	2,855	-853	1,933
Operating Cash Flow to CapEx	17.31%	84.93%	85.25%	43.55%	40.00%	1.56%	120.00%	168.52%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	2.08	0.40	2.02	4.48	5.45	3.63	-3.31	4.70	101.96	-426.70	80.55
Operating Cash Flow to Interest Expense	0.17	1.13	1.02	0.52	0.52	0.02	1.95	2.28	-0.64	-239.00	-3.08
Operating Cash Flow Less CapEx to Interest Expense	-0.80	-0.20	-0.18	-0.67	-0.78	-1.40	0.33	0.93	-0.64	-239.00	-3.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.07	0.00	0.00
Accounts Receivable Turnover	4.56	5.18	5.16	5.47	4.94	5.45	5.76	6.81	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.95	0.94	0.00	0.00	0.92	0.93	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	79.99	70.51	70.77	66.79	73.87	67.00	63.36	53.61	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	79.99	70.51	70.77	66.79	73.87	67.00	63.36	53.61	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	628	568	489	443	401	416	665	293	-2,462	-1,329	-1,273
Invested Capital Turnover	1.45	1.71	1.85	1.78	1.95	2.07	1.80	2.86	-1.02	0.00	0.00
Increase / (Decrease) in Invested Capital	-96	-12	-81	-217	-227	-152	176	-150	-2,863	775	-1,938
Enterprise Value (EV)	4,943	3,344	-306	-1,101	1,855	1,245	2,792	3,035	-2,245	-99	35
Market Capitalization	13,292	11,779	8,343	7,799	10,974	10,622	12,179	13,138	9,087	6,928	7,206
Book Value per Share	$61.40	$61.64	$63.97	$65.41	$66.64	$68.56	$70.16	$72.53	$61.82	$39.71	$41.10
Tangible Book Value per Share	$48.94	$49.27	$51.41	$52.93	$54.26	$56.26	$57.96	$60.41	$61.82	$39.71	$41.10
Total Capital	12,945	12,842	12,878	13,051	13,329	13,636	13,951	13,553	10,662	7,444	8,463
Total Debt	3,948	3,819	3,720	3,690	3,791	3,828	3,884	3,139	1,792	1,746	2,565
Total Long-Term Debt	3,943	3,816	3,717	3,687	3,788	3,825	3,514	2,743	1,690	790	1,600
Net Debt	-8,369	-8,455	-8,669	-8,918	-9,137	-9,392	-9,402	-10,121	-11,332	-7,027	-7,171
Capital Expenditures (CapEx)	52	73	61	62	60	64	65	54	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	118	97	52	55	51	63	368	-24	-236	-31	31
Debt-free Net Working Capital (DFNWC)	206	255	160	128	219	226	594	156	-163	72	1,055
Net Working Capital (NWC)	201	252	157	125	216	223	224	-240	-265	-884	90
Net Nonoperating Expense (NNE)	-146	-195	-219	-179	-118	-280	-224	-345	146	3,095	-208
Net Nonoperating Obligations (NNO)	-8,369	-8,455	-8,669	-8,918	-9,137	-9,392	-9,402	-10,121	-11,332	-7,027	-7,171
Total Depreciation and Amortization (D&A)	55	61	50	52	55	50	53	52	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	12.03%	9.89%	5.31%	5.61%	5.08%	6.20%	35.49%	-2.28%	-22.43%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	21.00%	25.99%	16.33%	13.05%	21.83%	22.24%	57.28%	14.83%	-15.49%	0.00%	0.00%
Net Working Capital to Revenue	20.49%	25.69%	16.02%	12.74%	21.54%	21.95%	21.60%	-22.81%	-25.19%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.11	$1.40	$1.69	$1.36	$0.99	$2.04	$1.87	$2.68	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	146.07M	142.93M	142.85M	142.85M	142.85M	143.28M	143.33M	143.49M	143.49M	143.50M	143.50M
Adjusted Diluted Earnings per Share	$1.10	$1.40	$1.69	$1.36	$0.99	$2.04	$1.87	$2.68	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	146.07M	142.93M	142.85M	142.85M	142.85M	143.28M	143.33M	143.49M	143.49M	143.50M	143.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	146.07M	142.93M	142.85M	142.85M	142.85M	143.28M	143.33M	143.49M	143.49M	143.50M	143.50M
Normalized Net Operating Profit after Tax (NOPAT)	16	10	22	16	24	11	30	38	-5.60	-78	-4.90
Normalized NOPAT Margin	6.81%	4.07%	8.91%	6.58%	8.98%	4.24%	11.32%	14.53%	0.00%	0.00%	0.00%
Pre Tax Income Margin	86.67%	104.80%	126.12%	102.85%	69.08%	128.90%	99.25%	158.62%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.31	0.00	0.08	0.48	0.54	0.53	0.58	0.83	-1.07	-79.50	-3.08
NOPAT to Interest Expense	0.30	0.18	0.43	0.31	0.51	0.25	1.09	0.95	-0.29	-39.20	-0.20
EBIT Less CapEx to Interest Expense	-0.65	-1.33	-1.12	-0.71	-0.76	-0.89	-1.05	-0.53	-1.07	-79.50	-3.08
NOPAT Less CapEx to Interest Expense	-0.66	-1.14	-0.77	-0.88	-0.79	-1.17	-0.53	-0.40	-0.29	-39.20	-0.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	42.51%	32.99%	32.09%	34.37%	35.25%	10.24%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are notable trends for Liberty Broadband Corp (LBRDA) based on the provided quarterly statements covering the last four years. The focus is on what may matter most to retail investors when assessing trend, profitability, liquidity, and leverage.

Strong balance sheet with substantial equity: Total equity sits around $8.9B to $10.7B across 2025–Q1 2025, indicating a solid capital base to absorb shocks and fund potential strategy moves.
Meaningful liquidity from divestitures: Divestitures contributed sizable cash inflows in multiple quarters (e.g., about $300M in Q4 2025 and again in Q3 2025), helping liquidity during periods of operating volatility.
Financing activity provides liquidity in several quarters: Net cash from financing activities was positive in several periods (notably Q2 2025 and Q4 2025), supporting liquidity when operating cash flow swings negative.
Early-2025 earnings momentum: Earnings per share showed momentum earlier in 2025 (e.g., Basic EPS around $1.87 in Q1 2025 and $2.68 in Q2 2025), suggesting improved quarterly profitability before later reversals.
Steady historical revenue level: Operating revenue and total revenue have generally hovered in the mid-$200M range per quarter in recent years, providing a relatively stable top-line baseline around the $245–$270M band in many quarters.
Large asset base dominated by long-term investments: Long-Term Investments total roughly $12.7B–$13.0B in mid-2025, underscoring scale but also implying concentration risk and sensitivity to fair value movements (neutral for now, depends on market moves).

Debt levels remain substantial but historically manageable relative to equity: Total liabilities have run in the mid-$4B to $6B range while equity sits around $9B–$10B in 2025, implying a debt-to-equity mix in the 0.6–0.7 range in mid-2025 (neutral assessment depends on ongoing financing needs and asset valuations).
Top-line stability contrasted with quarterly profitability swings: While revenue has been steady, net income has shown volatility and has not consistently translated into quarterly profitability across all 2025 quarters (neutral: earnings quality varies by quarter).

Net income deteriorated sharply in late 2025: Net income attributable to common shareholders was about -$3.173B in Q4 2025 and similarly negative in Q3 2025, signaling substantial quarterly losses and a high dispersion in reported profits.
Operating cash flow remains weak in recent quarters: Net cash from continuing operating activities was negative in Q3 2025 (-$265M) and again negative in Q4 2025 (-$231M), indicating weaker cash generation from core operations.
Quarterly revenue reported negatively in Q4 2025: Total Revenue for Q4 2025 is shown as negative (-$527M) in the standardized data, which is a concern and warrants closer review of the quarter’s drivers and accounting treatments.

05/05/26 07:18 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Liberty Broadband's Financials

When does Liberty Broadband's fiscal year end?

According to the most recent income statement we have on file, Liberty Broadband's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Liberty Broadband's net income changed over the last 10 years?

Liberty Broadband's net income appears to be on a downward trend, with a most recent value of -$2.68 billion in 2025, falling from $30.63 million in 2015. The previous period was $869 million in 2024.

What is Liberty Broadband's operating income?

Liberty Broadband's total operating income in 2025 was -$36 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $36 million

How has Liberty Broadband's revenue changed over the last 10 years?

Over the last 10 years, Liberty Broadband's total revenue changed from $172 million in 2015 to $0.00 in 2025, a change of -100.0%.

How much debt does Liberty Broadband have?

Liberty Broadband's total liabilities were at $3.13 billion at the end of 2025, a 54.5% decrease from 2024, and a 650.1% increase since 2015.

How much cash does Liberty Broadband have?

In the past 10 years, Liberty Broadband's cash and equivalents has ranged from $49.72 million in 2019 to $1.42 billion in 2020, and is currently $57 million as of their latest financial filing in 2025.

How has Liberty Broadband's book value per share changed over the last 10 years?

Over the last 10 years, Liberty Broadband's book value per share changed from 30.50 in 2015 to 39.71 in 2025, a change of 30.2%.

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Financial statements for NASDAQ:LBRDP last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Liberty Broadband (LBRDP) Financials

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Liberty Broadband (LBRDP) Financials

Annual Income Statements for Liberty Broadband

Quarterly Income Statements for Liberty Broadband

Annual Cash Flow Statements for Liberty Broadband

Quarterly Cash Flow Statements for Liberty Broadband

Annual Balance Sheets for Liberty Broadband

Quarterly Balance Sheets for Liberty Broadband

Annual Metrics And Ratios for Liberty Broadband

Quarterly Metrics And Ratios for Liberty Broadband

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Liberty Broadband's Financials

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