Liberty Global earnings and buyback update

Liberty Global (LBTY.A) reported second quarter 2026 results that showed a smaller net loss alongside slightly lower sales, coinciding with an update on its long running multi year share repurchase program.

For the second quarter ended June 30, 2026, the company reported sales of US$1,172 million compared with US$1,269.1 million in the same period a year earlier. Net loss for the quarter was US$365.1 million compared with US$2,792.9 million a year ago, with basic loss per share from continuing operations at US$1.07 versus US$8.09 previously.

Over the first six months of 2026, Liberty Global reported sales of US$2,446.6 million compared with US$2,440.3 million a year earlier. Net loss for the period was US$27.3 million compared with US$4,130.2 million a year ago, and basic loss per share from continuing operations was US$0.08 versus US$11.91 in the prior year period.

Alongside earnings, the company confirmed that from April 1 to June 30, 2026, it did not repurchase any shares under its existing buyback. Even so, Liberty Global reported that it has now completed the repurchase of 232,647,638 shares for a total of US$4,753.41 million, representing 52.82% of the buyback initially announced on July 29, 2021.

For investors tracking Liberty Global stock, these figures highlight a period where losses have been lower than the prior year while sales have been broadly similar on a six month basis and the long running buyback program has largely been executed.

At a share price of US$9.83, Liberty Global has seen the 30 day share price return fall 13.62% and the year to date share price return fall 9.82%, while the 1 year total shareholder return is down 2.29% and the 3 year total shareholder return is up 2.76%. This suggests that short term momentum has weakened compared with a relatively flat longer term picture.

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Liberty Global’s share price has dropped while various fair value estimates sit higher. The real question now is where that fair value line actually lies within the current spread between price and valuations.

Most Popular Narrative: 36% Undervalued

Liberty Global’s most followed valuation narrative puts fair value at $15.23 per share versus the last close at $9.83. It builds that gap around revenue, margins, and future earnings assumptions rather than short term price moves.

The group is capitalizing on the shift toward bundled telecom solutions (integrated internet, TV, and mobile) and fixed-mobile convergence (FMC), leveraging cross-selling, improved loyalty programs, and AI-driven retention tools. This should strengthen ARPU, reduce churn, and help stabilize or grow top-line revenue across multiple markets.

Want to see why this narrative still reaches a fair value above $15 despite forecast losses and declining revenue? The core hinges on margin repair, modest top line assumptions, and a future earnings multiple below the wider US telecom peer group, all filtered through a 10.07% discount rate and gradual share count reduction.

Result: Fair Value of $15.23 (UNDERVALUED)

However, Liberty Global still faces pressure from competitive broadband pricing and higher leverage at some operating units, which could weigh on margins and limit financial flexibility.

Next Steps

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.