v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Measurement Disclosures [Abstract]  
Segment Reporting Segment Reporting
Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.
As of June 30, 2026, our operating segments, which are also our reportable segments, are as follows:
•Liberty Caribbean;
•C&W Panama;
•Liberty Networks;
•Liberty Puerto Rico; and
•Liberty Costa Rica.
Performance Measures of our Reportable Segments
We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, or at current market prices.
Adjusted OIBDA is the primary measure used by our CODM, who is our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA 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 (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of Total reportable segment Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.
The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.
Revenue
Three months ended June 30,Six months ended June 30,
2026202520262025
in millions
Liberty Caribbean$361.7 $366.3 $716.2 $730.2 
C&W Panama176.9 177.3 352.4 354.3 
Liberty Networks130.4 114.6 251.6 225.0 
Liberty Puerto Rico287.5 301.3 583.7 599.7 
Liberty Costa Rica168.5 151.3 326.6 309.5 
Total reportable segment revenue1,125.0 1,110.8 2,230.5 2,218.7 
Corporate3.6 3.8 7.1 7.7 
Intersegment eliminations(26.0)(27.9)(52.2)(56.2)
Consolidated revenue$1,102.6 $1,086.7 $2,185.4 $2,170.2 
Adjusted OIBDA
Three months ended June 30,Six months ended June 30,
2026202520262025
in millions
Liberty Caribbean$164.5 $173.8 $327.9 $347.1 
C&W Panama65.4 68.6 129.1 133.2 
Liberty Networks66.7 60.8 121.9 118.7 
Liberty Puerto Rico92.7 87.0 183.8 168.5 
Liberty Costa Rica63.8 54.0 120.3 112.9 
Total reportable segment Adjusted OIBDA
$453.1 $444.2 $883.0 $880.4 
The following table provides a reconciliation of total Adjusted OIBDA to operating income and to earnings (loss) before income taxes:
Three months ended June 30,Six months ended June 30,
2026202520262025
in millions
Total reportable segment Adjusted OIBDA
$453.1 $444.2 $883.0 $880.4 
Corporate (a)(17.1)(29.2)(41.9)(58.8)
Share-based compensation and other Employee Incentive Plan-related expense (b)
(12.8)(13.3)(44.4)(47.3)
Depreciation and amortization(226.1)(217.5)(443.2)(446.3)
Impairment, restructuring and other operating items, net(15.9)(517.2)(27.1)(532.9)
Operating income (loss)181.2 (333.0)326.4 (204.9)
Interest expense(167.9)(165.4)(332.1)(323.7)
Realized and unrealized gains (losses) on derivative instruments, net12.7 (24.7)5.3 (87.6)
Foreign currency transaction gains (losses), net9.1 (33.0)55.0 (37.2)
Losses on debt extinguishments, net— — (2.3)(14.4)
Other expense, net(11.1)(14.7)(17.8)(20.6)
Earnings (loss) before income taxes$24.0 $(570.8)$34.5 $(688.4)
(a)Represents net of revenue and total significant other operating costs and expenses associated with Corporate, as disclosed below, which is not considered an operating segment of Liberty Latin America.
(b)Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.
Our programming and other direct costs of services by major category, which are further discussed below, are as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
in millions
Programming and copyright$57.2 $57.5 $108.5 $115.1 
Interconnect61.5 66.2 125.2 132.9 
Equipment76.7 83.0 159.6 163.6 
Project-related and other33.6 25.7 71.2 53.4 
Total programming and other direct costs of services$229.0 $232.4 $464.5 $465.0 
Our other operating costs and expenses by major category, which are further discussed below, are as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
in millions
Personnel and contract labor-related$141.0 $140.2 $287.1 $287.4 
Network-related55.6 55.2 111.5 109.5 
Service-related63.4 60.9 124.3 121.3 
Commercial41.6 44.7 84.8 90.3 
Facility, provision, franchise and other136.0 138.3 272.1 275.1 
Share-based compensation and other Employee Incentive Plan-related expense
12.8 13.3 44.4 47.3 
Total other operating costs and expenses (a)$450.4 $452.6 $924.2 $930.9 
(a)Amounts represent total other operating costs and expenses as set forth in our condensed consolidated statements of operations. These amounts differ from significant operating costs and expenses reviewed by our CODM, which represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.
Property and Equipment Additions of our Reportable Segments
The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 6.
Six months ended June 30,
20262025
in millions
Liberty Caribbean$90.3 $85.5 
C&W Panama43.7 35.3 
Liberty Networks35.5 38.5 
Liberty Puerto Rico64.4 66.1 
Liberty Costa Rica40.4 32.5 
Corporate14.9 12.6 
Total property and equipment additions289.2 270.5 
Assets acquired under capital-related vendor financing arrangements
(92.8)(55.4)
Changes in current liabilities related to capital expenditures and other23.7 20.9 
Total capital expenditures, net$220.1 $236.0 
Geographic Markets
The revenue from third-party customers for each of our geographic markets is set forth in the table below.
Three months ended June 30,Six months ended June 30,
2026202520262025
in millions
Puerto Rico$270.6 $282.2 $549.8 $565.7 
Panama176.8 176.6 352.1 352.8 
Costa Rica168.4 151.0 326.4 308.9 
Jamaica101.6 104.7 204.8 210.0 
Networks & LatAm (a)107.8 91.5 206.4 178.6 
The Bahamas46.1 49.1 85.8 97.7 
Trinidad and Tobago34.8 37.6 71.2 75.0 
Barbados42.3 41.9 84.5 82.8 
Other (b)154.2 152.1 304.4 298.7 
Total $1,102.6 $1,086.7 $2,185.4 $2,170.2 
(a)The amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ subsea and terrestrial fiber optic cable networks.
(b)The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.
Revenue by Major Category
Our revenue by major category for our reportable segments is set forth in the tables below. Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments. Our major revenue categories include the following:
•residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively;
•residential fixed non-subscription revenue, which primarily includes equipment, interconnect and advertising revenue; and
•B2B revenue, which comprises (i) enterprise revenue that primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and other telecommunication operators; and (ii) wholesale revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.
Three months ended June 30, 2026
Reportable Segments
Liberty CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$114.4 $30.2 $— $113.8 $33.9 $— $— $292.3 
Non-subscription revenue 4.7 1.4 — 5.6 7.2 — — 18.9 
Total residential fixed revenue119.1 31.6 — 119.4 41.1 — — 311.2 
Residential mobile revenue:
Service revenue96.6 72.0 — 72.4 84.5 — — 325.5 
Interconnect, inbound roaming, equipment sales and other (b)17.4 16.1 — 45.9 26.1 2.8 0.2 108.5 
Total residential mobile revenue114.0 88.1 — 118.3 110.6 2.8 0.2 434.0 
Total residential revenue233.1 119.7 — 237.7 151.7 2.8 0.2 745.2 
B2B revenue (c)128.6 57.2 130.4 43.2 16.8 0.8 (26.2)350.8 
Other revenue— — — 6.6 — — — 6.6 
Total$361.7 $176.9 $130.4 $287.5 $168.5 $3.6 $(26.0)$1,102.6 
(a)Included in this amount is $23 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $60 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $8 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Three months ended June 30, 2025
Reportable Segments
Liberty CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$123.7 $29.9 $— $118.9 $31.9 $— $— $304.4 
Non-subscription revenue4.6 1.3 — 5.9 9.8 — — 21.6 
Total residential fixed revenue128.3 31.2 — 124.8 41.7 — — 326.0 
Residential mobile revenue:
Service revenue89.4 71.0 — 78.2 72.1 — — 310.7 
Interconnect, inbound roaming, equipment sales and other (b)19.8 16.1 — 49.5 21.6 3.2 — 110.2 
Total residential mobile revenue109.2 87.1 — 127.7 93.7 3.2 — 420.9 
Total residential revenue237.5 118.3 — 252.5 135.4 3.2 — 746.9 
B2B revenue (c)128.8 59.0 114.6 43.1 15.9 0.6 (27.9)334.1 
Other revenue— — — 5.7 — — — 5.7 
Total$366.3 $177.3 $114.6 $301.3 $151.3 $3.8 $(27.9)$1,086.7 
(a)Included in this amount is $23 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $56 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Six months ended June 30, 2026
Reportable Segments
Liberty CaribbeanC&W Panama
Liberty Networks (a)
Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$228.7 $60.8 $— $228.4 $66.1 $— $— $584.0 
Non-subscription revenue9.3 2.3 — 11.8 11.6 — — 35.0 
Total residential fixed revenue238.0 63.1 — 240.2 77.7 — — 619.0 
Residential mobile revenue:
Service revenue188.8 144.1 — 143.7 163.8 — — 640.4 
Interconnect, inbound roaming, equipment sales and other (b)34.9 31.1 — 100.4 51.7 5.8 0.2 224.1 
Total residential mobile revenue223.7 175.2 — 244.1 215.5 5.8 0.2 864.5 
Total residential revenue461.7 238.3 — 484.3 293.2 5.8 0.2 1,483.5 
B2B revenue (c)254.5 114.1 251.6 87.1 33.4 1.3 (52.4)689.6 
Other revenue— — — 12.3 — — — 12.3 
Total$716.2 $352.4 $251.6 $583.7 $326.6 $7.1 $(52.2)$2,185.4 
(a)Included in this amount is $45 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $124 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $17 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Six months ended June 30, 2025
Reportable Segments
Liberty CaribbeanC&W Panama
Liberty Networks (a)
Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$247.2 $59.8 $— $236.9 $65.2 $— $— $609.1 
Non-subscription revenue10.0 2.6 — 11.7 19.1 — — 43.4 
Total residential fixed revenue257.2 62.4 — 248.6 84.3 — — 652.5 
Residential mobile revenue:
Service revenue178.4 142.2 — 157.2 143.8 — — 621.6 
Interconnect, inbound roaming, equipment sales and other (b)41.1 31.3 — 94.8 47.7 6.7 — 221.6 
Total residential mobile revenue219.5 173.5 — 252.0 191.5 6.7 — 843.2 
Total residential revenue476.7 235.9 — 500.6 275.8 6.7 — 1,495.7 
B2B revenue (c)253.5 118.4 225.0 86.8 33.7 1.0 (56.2)662.2 
Other revenue— — — 12.3 — — — 12.3 
Total$730.2 $354.3 $225.0 $599.7 $309.5 $7.7 $(56.2)$2,170.2 
(a)Included in this amount is $46 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $116 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $13 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Significant Expenses
Our significant expenses by major category for our reportable segments and our corporate operations are set forth in the tables below. We consider these expenses significant because they are regularly provided to and reviewed by our CODM. Intercompany eliminations in the tables below reflect costs and expenses between our reportable segments, the majority of which relate to costs associated with services provided by our Liberty Networks segment to our other reportable segments. Our significant expense categories include the following:
•Programming and other direct costs of services, which include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations;
•Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;
•Network-related expenses, which primarily include costs related to network access, system power, core network and CPE repair, maintenance and test costs;
•Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;
•Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers; and
•Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related costs, travel and entertainment and other operating-related costs.
Three months ended June 30, 2026
Reportable Segments
Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
in millions
Programming and copyright$18.0 $4.4 $— $24.2 $10.7 $— $(0.1)$57.2 
Interconnect14.7 15.2 13.6 16.5 4.9 — (3.4)61.5 
Equipment10.5 15.1 0.1 32.3 18.8 — (0.1)76.7 
Project-related and other13.5 13.7 8.3 1.0 0.1 — (3.0)33.6 
Total programming and other direct costs of services56.7 48.4 22.0 74.0 34.5 — (6.6)229.0 
Personnel and contract labor-related49.3 16.7 15.0 36.9 9.5 13.1 0.5 141.0 
Network-related30.8 12.5 12.7 7.0 11.4 — (18.8)55.6 
Service-related18.9 6.8 6.3 19.8 8.9 3.1 (0.4)63.4 
Commercial8.0 8.9 0.8 10.4 13.4 — 0.1 41.6 
Facility, provision, franchise and other33.5 18.2 6.9 46.7 27.0 4.5 (0.8)136.0 
Total significant other operating costs and expenses140.5 63.1 41.7 120.8 70.2 20.7 (19.4)437.6 
Total significant expenses$197.2 $111.5 $63.7 $194.8 $104.7 $20.7 $(26.0)$666.6 
Three months ended June 30, 2025
Reportable Segments
Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
in millions
Programming and copyright$16.2 $5.1 $— $26.6 $9.5 $— $0.1 $57.5 
Interconnect15.6 16.0 13.6 20.2 5.6 — (4.8)66.2 
Equipment9.3 16.7 0.2 39.8 17.0 — — 83.0 
Project-related and other13.0 11.3 4.8 0.5 — — (3.9)25.7 
Total programming and other direct costs of services54.1 49.1 18.6 87.1 32.1 — (8.6)232.4 
Personnel and contract labor-related48.7 17.4 13.3 36.2 8.7 15.1 0.8 140.2 
Network-related30.2 12.2 11.7 10.0 10.2 — (19.1)55.2 
Service-related15.3 4.8 2.6 20.9 6.6 11.9 (1.2)60.9 
Commercial8.6 8.2 0.3 11.7 15.8 — 0.1 44.7 
Facility, provision, franchise and other35.6 17.0 7.3 48.4 23.9 6.0 0.1 138.3 
Total significant other operating costs and expenses138.4 59.6 35.2 127.2 65.2 33.0 (19.3)439.3 
Total significant expenses$192.5 $108.7 $53.8 $214.3 $97.3 $33.0 $(27.9)$671.7 
Six months ended June 30, 2026
Reportable Segments
Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
in millions
Programming and copyright$29.8 $9.7 $— $48.6 $20.5 $— $(0.1)$108.5 
Interconnect29.4 30.6 26.5 34.5 10.9 — (6.7)125.2 
Equipment20.2 29.2 0.2 74.1 35.9 — — 159.6 
Project-related and other25.8 27.3 21.8 1.8 0.1 — (5.6)71.2 
Total programming and other direct costs of services105.2 96.8 48.5 159.0 67.4 — (12.4)464.5 
Personnel and contract labor-related100.1 36.3 29.6 71.4 18.9 29.8 1.0 287.1 
Network-related63.3 24.9 24.4 15.0 22.4 — (38.5)111.5 
Service-related36.0 12.0 10.7 41.7 16.9 8.6 (1.6)124.3 
Commercial14.5 18.1 1.2 21.8 29.1 — 0.1 84.8 
Facility, provision, franchise and other69.2 35.2 15.3 91.0 51.6 10.6 (0.8)272.1 
Total significant other operating costs and expenses283.1 126.5 81.2 240.9 138.9 49.0 (39.8)879.8 
Total significant expenses$388.3 $223.3 $129.7 $399.9 $206.3 $49.0 $(52.2)$1,344.3 
Six months ended June 30, 2025
Reportable Segments
Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
in millions
Programming and copyright$32.1 $10.4 $— $54.0 $18.6 $— $— $115.1 
Interconnect30.0 32.9 26.7 41.0 11.9 — (9.6)132.9 
Equipment19.6 30.8 0.3 76.7 36.2 — — 163.6 
Project-related and other23.9 25.8 9.2 1.3 1.2 — (8.0)53.4 
Total programming and other direct costs of services105.6 99.9 36.2 173.0 67.9 — (17.6)465.0 
Personnel and contract labor-related97.1 35.8 25.8 75.6 17.1 35.2 0.8 287.4 
Network-related60.2 24.6 24.4 17.1 20.4 — (37.2)109.5 
Service-related33.0 9.4 5.3 44.0 12.7 19.2 (2.3)121.3 
Commercial17.0 17.1 1.2 23.4 31.5 — 0.1 90.3 
Facility, provision, franchise and other70.2 34.3 13.4 98.1 47.0 12.1 — 275.1 
Total significant other operating costs and expenses277.5 121.2 70.1 258.2 128.7 66.5 (38.6)883.6 
Total significant expenses$383.1 $221.1 $106.3 $431.2 $196.6 $66.5 $(56.2)$1,348.6