GCI Liberty
GCI Liberty's revenue rose 3.0% to $1.0 billion in fiscal 2025. Its operating margin was −33.2%, down from 13.8% a year earlier. Free cash flow was $122 million, up 293.6%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What GCI Liberty does
GCI Liberty owns GCI, a communications company that serves Alaska under the GCI brand. GCI provides data, wireless, voice and managed services to homes, businesses, government agencies, schools and medical institutions. It runs a statewide wireless network and a fiber, microwave and satellite network, and it links Alaska to the lower 48 states through undersea fiber optic cables. At the end of 2025 it stopped offering video service altogether.
Data services, such as internet access, are the largest part of its revenue, followed by wireless services. GCI also takes part in federal programs that subsidize phone and internet service in high-cost areas, which helped it extend its network into rural parts of the state, and it seeks government grants for rural expansion.
GCI Liberty was formed in December 2024 and became a separate public company in July 2025, when Liberty Broadband distributed its shares to Liberty Broadband's shareholders. In a rights offering that ended in December 2025, it raised approximately $300 million for general corporate purposes, which may include working capital, capital expenditures and repaying or refinancing debt.
Its biggest risks, as it describes them
- GCI's operations are concentrated in Alaska, so local economic conditions matter a great deal.
- It faces competition, including from satellite providers and from rivals that receive federal grants to build networks.
- A court ruling against the Universal Service Fund statutes could disrupt the subsidies it receives.
- It is a holding company and may be unable to get enough cash from its subsidiaries to meet its obligations.
- It faces extensive government regulation, and changes to the rules could hurt the business.
Income statement
GCI Liberty lost money in fiscal 2025: a net loss of $309 million.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY24 | FY25 |
|---|---|---|
| Cash and short-term investments | 74 | 416 |
| Debt incl. finance leases | 1,070 | 983 |
| Net debt (negative means net cash) | 996 | 567 |
| Net debt to EBITDA | 2.9x | — |
| Debt to equity | 0.8x | 0.6x |
| Interest coverage | 2.9x | −7.7x |
| Current ratio | 1.7x | 3.1x |
| Quick ratio | 1.7x | 3.1x |
Cash flow
Projections
Project GCI Liberty's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of GCI Liberty reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY25 |
|---|---|
| Piotroski F-score | — |
| Rule of 40 | 14.6% |
| Altman Z'' | 0.61 |
| Accruals ratio | −20.5% |
The nine F-score tests
| Test | FY25 |
|---|---|
| Net income is positive | Fail |
| Cash from operations is positive | Pass |
| Return on assets rose | — |
| Cash from operations exceeds net income | Pass |
| Debt fell relative to assets | — |
| Current ratio rose | Pass |
| Share count didn't rise | — |
| Gross margin rose | — |
| Revenue rose relative to assets | — |
| F-score | — |
Compare
Put GCI Liberty side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| GCI Liberty | FY25 | 3.0% | −33.2% | 11.7% | −11.8% | — | — | |
| Liberty Latin America | FY25 | −0.1% | 2.4% | 6.9% | 1.0% | 7.4x | 6 | Compare |
| Liberty Global | FY25 | 12.4% | −0.5% | −2.7% | −0.1% | 6.3x | 5 | Compare |
| Versant Media Group | FY25 | −5.3% | 19.0% | 27.7% | 8.7% | 0.4x | — | Compare |
| Charter Communications | FY25 | −0.6% | 23.6% | 8.1% | 8.7% | 4.4x | 6 | Compare |
2 years of figures
| Fiscal year | FY24 | FY25 |
|---|---|---|
| Income statement | ||
| Revenue | 1,016 | 1,046 |
| Revenue growth | — | 3.0% |
| Gross profit | — | — |
| Research and development | — | — |
| Operating income | 140 | −347 |
| Net income | 70 | −309 |
| Diluted EPS (US$) | 2.26 | −9.97 |
| Diluted shares (millions) | — | 31 |
| Cash flow | ||
| Cash from operations | 278 | 370 |
| Capital expenditure | 247 | 248 |
| Free cash flow | 31 | 122 |
| Dividends paid | 150 | 0 |
| Share buybacks | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock-based compensation | 13 | 13 |
| Balance sheet at fiscal year end | ||
| Cash and short-term investments | 74 | 416 |
| Debt incl. finance leases | 1,070 | 983 |
| Total assets | 3,382 | 3,234 |
| Total liabilities | 1,953 | 1,528 |
| Shareholders' equity | 1,414 | 1,688 |
| Margins and ratios | ||
| Gross margin | — | — |
| Operating margin | 13.8% | −33.2% |
| Net margin | 6.9% | −29.5% |
| Free cash flow margin | 3.0% | 11.7% |
| Rule of 40 (growth + FCF margin) | — | 14.6% |
| Return on capital | — | −11.8% |
| Return on equity | — | −19.9% |
| Return on assets | — | −9.3% |
| Net debt to EBITDA | 2.9x | — |