v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 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 50% noncontrolling interests in the VMO2 JV, and prior to the VodafoneZiggo Acquisition, the VodafoneZiggo JV. We account for our 50% interests in the VMO2 JV, and prior to the VodafoneZiggo Acquisition, 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 Ziggo Group, 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 September 30, 2026Nine months ended September 30, 2026
Third-party and affiliateIntersegmentTotalThird-party and affiliateIntersegmentTotal
in millions
Ziggo Group (a)
$1,871.5 $35.0 $1,906.5 $5,613.2 $88.0 $5,701.2 
Wyre
34.6 159.2 193.8 102.9 487.6 590.5 
VM Ireland
118.6 — 118.6 368.0 — 368.0 
VMO2 JV (nonconsolidated)
3,262.7 — 3,262.7 9,705.4 — 9,705.4 
Total reportable segment revenue$5,287.4 $194.2 5,481.6 $15,789.5 $575.6 16,365.1 
Plus: all other category (b)356.4 1,116.7 
Less: nonconsolidated JV revenue (a)(3,645.6)(12,370.5)
Less: elimination of intercompany consolidated revenue (c)(271.8)(744.1)
Total consolidated revenue$1,920.6 $4,367.2 

Revenue
Three months ended September 30, 2025Nine months ended September 30, 2025
Third-party and affiliateIntersegmentTotalThird-party and affiliateIntersegmentTotal
in millions
Ziggo Group (a)
$1,929.7 $12.9 $1,942.6 $5,606.7 $39.5 $5,646.2 
Wyre
32.0 169.0 201.0 90.9 485.9 576.8 
VM Ireland
122.2 — 122.2 360.8 — 360.8 
VMO2 JV (nonconsolidated)
3,436.0 — 3,436.0 9,935.8 — 9,935.8 
Total reportable segment revenue$5,519.9 $181.9 5,701.8 $15,994.2 $525.4 16,519.6 
Plus: all other category (b)328.4 1,050.6 
Less: nonconsolidated JV revenue (a)(4,592.8)(13,267.9)
Less: elimination of intercompany consolidated revenue (c)(230.3)(654.9)
Total consolidated revenue$1,207.1 $3,647.4 
______________

(a)Includes 100% of the results of the VodafoneZiggo JV prior to the VodafoneZiggo Acquisition.

(b)Amounts include revenue from:
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2026202520262025
in millions
Services agreements with our nonconsolidated JV reportable segments (as further described in note 5)
$147.5 $151.8 $483.3 $430.1 
Third parties and affiliates130.4 128.2 462.3 491.0 
Consolidated reportable segments78.5 48.4 171.1 129.5 
Total$356.4 $328.4 $1,116.7 $1,050.6 

(c)Primarily reflects the elimination of (i) transactions between our Ziggo Group and Wyre reportable segments and (ii) the revenue recognized related to the Tech Framework.

The expense categories and amounts presented below for our reportable segments 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:
Ziggo Group (a)
$581.8 $572.3 $1,696.5 $1,720.6 
Wyre
$1.6 $1.7 $5.0 $5.0 
VM Ireland
$43.3 $30.6 $111.7 $97.2 
VMO2 JV (nonconsolidated)
$956.7 $1,052.0 $2,799.3 $3,064.8 
Operating expenses:
Ziggo Group (a)
$649.9 $649.9 $1,996.9 $1,904.6 
Wyre
$53.3 $38.6 $150.7 $112.4 
VM Ireland
$46.8 $49.8 $149.0 $143.2 
VMO2 JV (nonconsolidated)
$1,098.2 $1,133.7 $3,426.2 $3,375.0 
______________

(a)Includes 100% of the results of the VodafoneZiggo JV prior to the VodafoneZiggo Acquisition. The 2026 amounts reflect the reduction in operating expenses of $19.0 million related to the write-off of incremental costs to obtain contracts in connection with the acquisition accounting for the VodafoneZiggo Acquisition. For additional information regarding the VodafoneZiggo Acquisition, see note 4.
Adjusted EBITDA
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2026202520262025
in millions
Ziggo Group (a)
$674.8 $720.4 $2,007.8 $2,021.0 
Wyre
138.9 160.7 434.8 459.4 
VM Ireland
28.5 41.8 107.3 120.4 
VMO2 JV (nonconsolidated)
1,207.8 1,250.3 3,479.9 3,496.0 
Total reportable segment Adjusted EBITDA
$2,050.0 $2,173.2 $6,029.8 $6,096.8 
______________

(a)Includes 100% of the results of the VodafoneZiggo JV prior to the VodafoneZiggo Acquisition.

The following table provides a reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) before income taxes:
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in millions
Total reportable segment Adjusted EBITDA
$2,050.0 $2,173.2 $6,029.8 $6,096.8 
Plus: all other category(50.7)(54.2)(94.7)(92.4)
Less: nonconsolidated JV Adjusted EBITDA (a)
(1,377.3)(1,772.5)(4,601.5)(4,978.0)
Less: intercompany consolidated eliminations (b)(19.4)(10.0)(39.6)(30.0)
Share-based compensation expense(57.7)(46.6)(138.7)(129.4)
Depreciation and amortization(528.8)(275.9)(1,056.1)(758.9)
Impairment, restructuring and other operating items, net(34.2)(22.0)(90.5)(25.8)
Operating income (loss)
(18.1)(8.0)8.7 82.3 
Interest expense
(274.2)(123.3)(503.8)(380.3)
Realized and unrealized gains (losses) on derivative instruments, net
325.8 (46.4)476.2 (617.1)
Foreign currency transaction gains (losses), net
(59.6)10.0 248.0 (3,160.9)
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net
(24.9)64.4 188.3 175.5 
Share of results of affiliates, net(191.2)(43.3)(502.8)(455.9)
Gain associated with the VodafoneZiggo Acquisition
121.6 — 121.6 — 
Other income, net
16.0 16.3 57.8 59.9 
Earnings (loss) before income taxes
$(104.6)$(130.3)$94.0 $(4,296.5)
_____________

(a)Includes 100% of the results of the VodafoneZiggo JV prior to the VodafoneZiggo Acquisition.
(b)Amounts relate to the Adjusted EBITDA impact related to (i) the Tech Framework and (ii) transactions between our Ziggo Group 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.
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20262025
in millions
Ziggo Group (a)
$1,100.7 $1,093.7 
Wyre
589.4 345.4 
VM Ireland
126.0 160.5 
VMO2 JV (nonconsolidated)
1,862.0 1,914.8 
Total reportable segment property and equipment additions3,678.1 3,514.4 
Plus: all other category (b)129.9 42.3 
Less: nonconsolidated JV property and equipment additions (a)(2,463.8)(2,588.3)
Less: elimination of intercompany consolidated property and equipment additions (c)(27.2)(30.0)
Total consolidated property and equipment additions1,317.0 938.4 
Assets acquired under capital-related vendor financing arrangements(144.4)(72.7)
Assets acquired under finance leases(1.0)— 
Changes in current liabilities related to capital expenditures(5.2)39.8 
Total capital expenditures, net$1,166.4 $905.5 
_______________

(a)Includes 100% of the results of the VodafoneZiggo JV prior to the VodafoneZiggo Acquisition.

(b)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.

(c)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 our Ziggo Group and Wyre reportable segments.
Schedule of Revenue by Major Category
Our revenue by major category is set forth below:
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2026202520262025
in millions
Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet$390.7 $247.2 $887.6 $703.9 
Video326.9 153.8 606.0 451.6 
Fixed-line telephony55.3 47.8 135.4 139.3 
Total subscription revenue772.9 448.8 1,629.0 1,294.8 
Non-subscription revenue12.3 8.3 28.4 18.0 
Total residential fixed revenue785.2 457.1 1,657.4 1,312.8 
Residential mobile revenue (c):
Subscription revenue (b)272.4 131.0 531.5 371.7 
Non-subscription revenue86.5 36.3 164.1 110.1 
Total residential mobile revenue358.9 167.3 695.6 481.8 
Total residential revenue1,144.1 624.4 2,353.0 1,794.6 
B2B revenue (d):
Subscription revenue224.3 116.7 451.7 333.0 
Non-subscription revenue216.7 116.6 454.1 333.2 
Total B2B revenue441.0 233.3 905.8 666.2 
Other revenue (e)335.5 349.4 1,108.4 1,186.6 
Total$1,920.6 $1,207.1 $4,367.2 $3,647.4 
_______________

(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 offered 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, VodafoneZiggo and Sunrise and (iv) broadcasting revenue at Ziggo Group and VM Ireland.