v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our chief executive officer, whom we have determined to be our Chief Operating Decision Maker (CODM), assesses the performance of our business and allocates resources on a segment basis. We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA (as defined below) or (ii) those equity method affiliates where revenue or our share of Adjusted EBITDA represents 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. Adjusted EBITDA is the primary measure used by our CODM to evaluate segment operating performance and make decisions about allocating resources to our operating segments. The CODM uses Adjusted EBITDA to evaluate income generated from our segment assets in deciding whether to reinvest profits into other areas of our business, such as for acquisitions or investments. Adjusted EBITDA is also used to monitor budget versus actual results, which is used in assessing the performance of segments in comparison with one another and in establishing management’s compensation. The significant accounting policies of our segments are the same as those described in note 3 to the consolidated financial statements included in our 2025 10-K. In addition, our CODM reviews non-financial measures such as customer growth, as appropriate, but does not review any measure of total assets.

As we use the term, “Adjusted EBITDA” is defined as net earnings (loss) before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (a) readily view operating trends, (b) perform
analytical comparisons and benchmarking between segments and (c) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) before income taxes is presented below.

As of June 30, 2026, our reportable segments are as follows:

Consolidated:
•Telenet
•Wyre
•VM Ireland

Nonconsolidated:
•VMO2 JV
•VodafoneZiggo JV

During the first quarter of 2026, we revised our segment presentation to separately present Wyre as a reportable segment. Prior to this change, Wyre was included within the Telenet reportable segment, as previously defined. This change reflects the manner in which our CODM now evaluates the financial performance of our operations in Belgium. Segment information for prior periods has been revised to reflect this change.

Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services. Wyre derives revenue primarily by providing access to its network on a wholesale basis.

Our “all other category” includes the following activities that do not meet the reportable segment quantitative thresholds:

•Certain of our investments in technology, media, sports and infrastructure companies, including our investment in Formula E, that we view as scalable businesses, which derive their revenue from providing various goods, services and content to customers;
•Our technology and services activities that generate revenue through (i) sales of CPE to our reportable segments and certain third parties and (ii) providing certain centralized network operations and technology solutions;
•Our operational and finance services platform (Liberty Blume) that generates revenue by providing services to various third parties and affiliates; and
•Costs associated with our other corporate activities, including human resources, marketing, legal, finance and other administrative functions.

Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our reportable segments capitalize the combined cost of the CPE hardware and a portion of the essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.

Performance Measures of our Reportable Segments

The amounts presented in the tables below represent 100% of each of our consolidated and nonconsolidated reportable segment’s revenue, expenses and Adjusted EBITDA, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% interests in both the VMO2 JV and the VodafoneZiggo JV under the equity method; accordingly, our share of their operating results is included in share of results of affiliates, net in our condensed consolidated statements of operations. Noncontrolling interests, primarily associated with Wyre and Formula E, are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.
Revenue
Three months ended June 30, 2026Six months ended June 30, 2026
 Third-party and affiliateIntersegmentTotalThird-party and affiliateIntersegmentTotal
 in millions
Telenet
$716.9 $36.2 $753.1 $1,459.5 $53.0 $1,512.5 
Wyre
34.5 163.3 197.8 68.3 328.4 396.7 
VM Ireland
122.4 — 122.4 249.4 — 249.4 
VMO2 JV (nonconsolidated)
3,220.3 — 3,220.3 6,442.7 — 6,442.7 
VodafoneZiggo JV (nonconsolidated)
1,133.7 — 1,133.7 2,282.2 — 2,282.2 
Total reportable segment revenue$5,227.8 $199.5 5,427.3 $10,502.1 $381.4 10,883.5 
Plus: all other category (a)343.5 760.3 
Less: nonconsolidated JV revenue(4,354.0)(8,724.9)
Less: elimination of intercompany consolidated revenue (b)(244.8)(472.3)
Total consolidated revenue$1,172.0 $2,446.6 

Revenue
Three months ended June 30, 2025Six months ended June 30, 2025
 Third-party and affiliateIntersegmentTotalThird-party and affiliateIntersegmentTotal
 in millions
Telenet
$770.2 $14.9 $785.1 $1,501.7 $26.6 $1,528.3 
Wyre
30.7 164.3 195.0 58.9 316.9 375.8 
VM Ireland
122.8 — 122.8 238.6 — 238.6 
VMO2 JV (nonconsolidated)
3,373.5 — 3,373.5 6,499.8 — 6,499.8 
VodafoneZiggo JV (nonconsolidated)
1,123.3 — 1,123.3 2,175.3 — 2,175.3 
Total reportable segment revenue$5,420.5 $179.2 5,599.7 $10,474.3 $343.5 10,817.8 
Plus: all other category (a)387.5 722.2 
Less: nonconsolidated JV revenue(4,496.8)(8,675.1)
Less: elimination of intercompany consolidated revenue (b)(221.3)(424.6)
Total consolidated revenue$1,269.1 $2,440.3 
______________

(a)Amounts include revenue from:
Three months ended
June 30,		Six months ended
June 30,
 2026202520262025
 in millions
Third parties and affiliates$108.0 $201.7 $331.9 $362.8 
Services agreements with our nonconsolidated JV reportable segments (as further described in note 5)
188.6 143.7 335.8 278.3 
Consolidated reportable segments46.9 42.1 92.6 81.1 
Total$343.5 $387.5 $760.3 $722.2 
(b)Primarily reflects the elimination of (i) transactions between our Telenet and Wyre reportable segments and (ii) the revenue recognized related to the Tech Framework.

The expense categories and amounts presented below align with the segment-level information that is regularly provided to the CODM. These amounts include intersegment expenses and are exclusive of share-based compensation expense.
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
 in millions
Programming and other direct costs of services:
Consolidated reportable segments:
Telenet
$309.5 $349.8 $629.6 $702.5 
Wyre
$1.7 $1.7 $3.4 $3.3 
VM Ireland
$31.2 $32.5 $68.4 $66.6 
Nonconsolidated reportable segments:
VMO2 JV
$901.6 $1,021.3 $1,842.6 $2,012.8 
VodafoneZiggo JV
$240.9 $226.4 $485.1 $445.7 
Operating expenses:
Consolidated reportable segments:
Telenet
$246.6 $250.2 $502.0 $484.9 
Wyre
$54.5 $40.4 $97.4 $73.8 
VM Ireland
$50.8 $48.9 $102.2 $93.4 
Nonconsolidated reportable segments:
VMO2 JV
$1,138.4 $1,179.9 $2,328.0 $2,241.3 
VodafoneZiggo JV
$422.7 $400.2 $845.0 $769.8 

Adjusted EBITDA
 Three months ended
June 30,		Six months ended
June 30,
 2026202520262025
 in millions
Telenet
$197.0 $185.1 $380.9 $340.9 
Wyre
141.6 152.9 295.9 298.7 
VM Ireland
40.4 41.4 78.8 78.6 
VMO2 JV (nonconsolidated)
1,180.3 1,172.3 2,272.1 2,245.7 
VodafoneZiggo JV (nonconsolidated)
470.1 496.7 952.1 959.8 
Total reportable segment Adjusted EBITDA
$2,029.4 $2,048.4 $3,979.8 $3,923.7 
The following table provides a reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) before income taxes:
 Three months ended
June 30,		Six months ended
June 30,
 2026202520262025
 in millions
Total reportable segment Adjusted EBITDA
$2,029.4 $2,048.4 $3,979.8 $3,923.7 
Plus: all other category(43.7)(34.1)(44.0)(38.3)
Less: nonconsolidated JV Adjusted EBITDA
(1,650.4)(1,669.0)(3,224.2)(3,205.5)
Less: intercompany consolidated eliminations (a)(10.4)(10.0)(20.2)(20.0)
Share-based compensation expense(43.9)(49.4)(81.0)(82.8)
Depreciation and amortization(262.5)(250.8)(527.3)(483.0)
Impairment, restructuring and other operating items, net(15.5)(5.5)(56.3)(3.8)
Operating income3.0 29.6 26.8 90.3 
Interest expense(115.9)(129.5)(229.6)(257.0)
Realized and unrealized gains (losses) on derivative instruments, net
18.2 (406.0)150.4 (570.7)
Foreign currency transaction gains (losses), net(122.6)(2,089.9)307.6 (3,170.9)
Realized and unrealized gains due to changes in fair values of certain investments, net155.4 55.3 213.2 111.1 
Share of results of affiliates, net(289.9)(264.6)(311.6)(412.6)
Other income, net16.8 32.2 41.8 43.6 
Earnings (loss) before income taxes$(335.0)$(2,772.9)$198.6 $(4,166.2)
_____________

(a)Amounts relate to the Adjusted EBITDA impact related to (i) the Tech Framework and (ii) transactions between our Telenet and Wyre reportable segments in association with the Transition Services and Support (TSS) agreement.
Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 8 and 10, respectively.
 Six months ended
June 30,
 20262025
 in millions
Telenet
$226.5 $268.5 
Wyre
409.5 247.5 
VM Ireland
84.4 98.3 
VMO2 JV (nonconsolidated)
1,183.3 1,267.1 
VodafoneZiggo JV (nonconsolidated)
506.2 435.1 
Total reportable segment property and equipment additions2,409.9 2,316.5 
Plus: all other category (a)92.4 16.5 
Less: nonconsolidated JV property and equipment additions(1,689.5)(1,702.2)
Less: elimination of intercompany consolidated property and equipment additions (b)(20.2)(20.0)
Total consolidated property and equipment additions792.6 610.8 
Assets acquired under capital-related vendor financing arrangements(36.1)(32.1)
Assets acquired under finance leases(1.3)— 
Changes in current liabilities related to capital expenditures(9.7)(16.1)
Total capital expenditures, net$745.5 $562.6 
_______________

(a)Includes (i) property and equipment additions representing centrally-owned assets that benefit other operating segments and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to other operating segments.

(b)Represents eliminations primarily related to (i) the charges under the Tech Framework to each respective consolidated reportable segment related to the portion of the charges attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup and (ii) a portion of the charges in relation to the TSS agreement between Telenet and Wyre reportable segments.
Revenue by Major Category

Our revenue by major category is set forth below:
 Three months ended
June 30,		Six months ended
June 30,
 2026202520262025
 in millions
Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet$248.5 $238.3 $496.9 $456.7 
Video131.8 153.7 279.1 297.8 
Fixed-line telephony35.2 47.2 80.1 91.5 
Total subscription revenue415.5 439.2 856.1 846.0 
Non-subscription revenue8.0 4.6 16.1 9.7 
Total residential fixed revenue423.5 443.8 872.2 855.7 
Residential mobile revenue (c):
Subscription revenue (b)130.6 125.0 259.1 240.7 
Non-subscription revenue34.6 37.6 77.6 73.8 
Total residential mobile revenue165.2 162.6 336.7 314.5 
Total residential revenue588.7 606.4 1,208.9 1,170.2 
B2B revenue (d):
Subscription revenue113.5 112.5 227.4 216.3 
Non-subscription revenue118.5 113.4 237.4 216.6 
Total B2B revenue232.0 225.9 464.8 432.9 
Other revenue (e)351.3 436.8 772.9 837.2 
Total$1,172.0 $1,269.1 $2,446.6 $2,440.3 
_______________

(a)Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.

(b)Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c)Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices.

(d)B2B subscription revenue represents revenue from (i) services provided to small or home office (SOHO) subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large
enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.

(e)Other revenue includes, among other items, (i) revenue earned from the U.K. JV Services, the Sunrise Services and the NL JV Services, (ii) revenue at Formula E, (iii) revenue earned from the sales of CPE to the VMO2 JV, the VodafoneZiggo JV and Sunrise and (iv) broadcasting revenue at Telenet and VM Ireland.