Overview

• US telecom provider's Q1 revenue fell 4% year-over-year to $256 mln

• Adjusted OIBDA dropped 18%, impacted by non-comparable items and higher operating expenses

• Company agreed to acquire Quintillion, an Alaska fiber provider, for $310 mln to boost network scale

Outlook

• GCI Liberty expects 2026 net capital expenditures of $290 mln, including $20 mln from 2025

• Company says Quintillion acquisition expected to be accretive to free cash flow

• GCI Liberty plans continued investment in network assets to enhance connectivity in Alaska

Result Drivers

• VIDEO BUSINESS EXIT - Consumer revenue declined mainly due to the company's full exit from the video business in 2025

• SUBSCRIBER LOSSES - Data revenue in the consumer segment fell as cable modem subscribers declined 3% year-over-year

• HIGHER OPERATING EXPENSES - Increased professional service fees and new public company costs contributed to higher expenses

Company press release: ID:nBw2QY0D2a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$256 mln
Q1 Adjusted OIBDA		$93 mln
Q1 Adjusted OIBDA Margin		36.30%
Q1 Operating Income		$30 mln
Q1 Operating Income Margin		11.70%

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• Wall Street's median 12-month price target for GCI Liberty Inc is $68.00, about 104.5% above its May 6 closing price of $33.25

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