v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of 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:
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 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.
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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
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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:
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 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.
Schedule of 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
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 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.
Schedule of Revenue by Major Category
Our revenue by major category is set forth below:
 Three months ended
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 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.