Liberty Latin America

LILAK · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

LILAK · Last close · November 6, 2026

$8.95

Liberty Latin America's revenue fell 0.1% to $4.4 billion in fiscal 2025. Its operating margin was 2.4%, up from −1.7% a year earlier. Free cash flow was $306 million, up 41.7%. The diluted share count rose 0.6%.

Liberty Latin America Ltd. Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0001712184-26-000023 Updated November 8, 2026

Revenue

$4.4B

0.1%

Operating margin

2.4%

4.2 pts

Net income

−$611M

Free cash flow

$306M

41.7%

Return on capital

1.0%

1.6 pts

Market cap

$1.7B

Nov 6 close

P/E

—

Loss: no P/E

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.

Charts show fiscal years, from the 10-K filings.

What Liberty Latin America does

Liberty Latin America is a Bermuda company that provides fixed, mobile and subsea telecommunications services to homes and businesses in Latin America and the Caribbean. Its main parts are C&W, Liberty Communications in Puerto Rico, and Liberty Costa Rica.

It reports five segments. Liberty Caribbean and C&W Panama serve residential and business customers in over 20 countries across the region. Liberty Puerto Rico serves Puerto Rico and the U.S. Virgin Islands, and Liberty Costa Rica serves Costa Rica. Liberty Networks sells enterprise services and wholesale capacity over subsea and land fiber cable networks that connect over 30 markets.

The company has grown by building and upgrading networks and by buying businesses. In 2024 it acquired the prepaid business and spectrum of EchoStar in Puerto Rico and the U.S. Virgin Islands, for aggregate cash of $256 million paid in four annual installments. It also sold about 1,300 mobile tower sites to Phoenix Tower International, and it plans to build further sites with them.

Its biggest risks, as it describes them

Strong competition from other service providers in its markets.
Technology changes could reduce demand for its services.
Its large spending on networks and equipment may not earn a positive return.
It depends on third parties for TV programming and for equipment, software and services.
Natural catastrophes could cause damage not fully covered by its protection.

From Liberty Latin America's annual report on Form 10-K, filed February 18, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Liberty Latin America lost money in fiscal 2025: a net loss of $611 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	957	781	989	654	784
Debt incl. finance leases	7,566	7,881	8,180	8,080	8,279
Net debt (negative means net cash)	6,609	7,100	7,191	7,426	7,495
Net debt to EBITDA	6.4x	7.1x	4.7x	8.3x	7.4x
Debt to equity	3.4x	4.1x	4.6x	7.4x	—
Interest coverage	0.1x	0.2x	0.9x	−0.1x	0.2x
Current ratio	1.4x	1.2x	1.1x	1.0x	1.1x
Quick ratio	1.4x	1.2x	1.1x	1.0x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Liberty Latin America'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.

Open Liberty Latin America's projections

Insider trades

No officer, director or 10% owner of Liberty Latin America reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

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	FY23	FY24	FY25
Piotroski F-score	6 of 9	4 of 9	6 of 9
Rule of 40	0.7%	3.4%	6.8%
Altman Z''	−0.10	−0.79	−0.83
Accruals ratio	−7.1%	−11.0%	−11.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	4 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Liberty Latin America 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
Liberty Latin America	FY25	−0.1%	2.4%	6.9%	1.0%	7.4x	6
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
GCI Liberty	FY25	3.0%	−33.2%	11.7%	−11.8%	—	—	Compare
Charter Communications	FY25	−0.6%	23.6%	8.1%	8.7%	4.4x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,724	3,590	3,706	3,867	3,782	4,811	4,809	4,511	4,447	4,442
Revenue growth	—	31.8%	3.2%	4.3%	−2.2%	27.2%	−0.1%	−6.2%	−1.4%	−0.1%
Gross profit	—	2,714	2,828	2,989	2,922	3,597	3,598	3,491	3,457	3,466
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	315	−163	−24	326	87	64	86	518	−77	108
Net income	−432	−778	−345	−106	−687	−441	−171	−74	−689	−611
Diluted EPS (US$)	−3.44	−4.53	−1.96	−0.58	−3.51	−1.89	−0.77	−0.35	−3.47	−3.06
Diluted shares (millions)	126	172	176	184	196	233	223	210	198	200
Cash flow
Cash from operations	468	573	817	918	640	1,016	869	897	756	806
Capital expenditure	568	777	771	722	631	856	816	585	540	500
Free cash flow	−100	−204	45	197	9	160	52	312	216	306
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	10	63	170	118	83	0
Acquisitions	17	1	226	161	1,886	521	231	0	95	0
Stock-based compensation	15	14	40	58	98	118	94	89	73	54
Balance sheet at fiscal year end
Cash and short-term investments	553	530	631	1,184	894	957	781	989	654	784
Debt incl. finance leases	6,026	6,354	6,682	8,370	8,357	7,566	7,881	8,180	8,080	8,279
Total assets	14,144	13,617	13,447	14,938	15,076	15,366	13,575	13,595	12,784	12,226
Total liabilities	8,484	8,926	9,323	10,958	11,736	12,468	11,018	11,285	11,190	11,162
Shareholders' equity	4,180	3,330	3,113	3,110	2,611	2,220	1,919	1,764	1,089	556
Margins and ratios
Gross margin	—	75.6%	76.3%	77.3%	77.2%	74.8%	74.8%	77.4%	77.8%	78.0%
Operating margin	11.6%	−4.5%	−0.6%	8.4%	2.3%	1.3%	1.8%	11.5%	−1.7%	2.4%
Net margin	−15.9%	−21.7%	−9.3%	−2.7%	−18.2%	−9.2%	−3.5%	−1.6%	−15.5%	−13.8%
Free cash flow margin	−3.7%	−5.7%	1.2%	5.1%	0.2%	3.3%	1.1%	6.9%	4.9%	6.9%
Rule of 40 (growth + FCF margin)	—	26.1%	4.5%	9.4%	−1.9%	30.5%	1.0%	0.7%	3.4%	6.8%
Return on capital	—	−1.2%	−0.2%	2.4%	0.6%	0.5%	0.7%	4.3%	−0.7%	1.0%
Return on equity	—	−20.7%	−10.7%	−3.4%	−24.0%	−18.2%	−8.2%	−4.0%	−48.3%	−74.3%
Return on assets	—	−5.6%	−2.5%	−0.8%	−4.6%	−2.9%	−1.2%	−0.5%	−5.2%	−4.9%
Net debt to EBITDA	6.1x	9.2x	7.5x	5.9x	7.4x	6.4x	7.1x	4.7x	8.3x	7.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Liberty Latin America's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Liberty Latin America.