A European telecom holding company that delivers bundled broadband, TV, and mobile services through well-known brands like Telenet in Belgium, Virgin Media in Ireland, and the Virgin Media O2 and VodafoneZiggo joint ventures in the UK and Netherlands. It was created in 2005 when John Malone—the legendary "Cable Cowboy" who built the largest US cable operator—merged his Liberty Media International with UnitedGlobalCom. Malone is also the single largest individual landowner in the United States.
Q2 2026 revenue fell 7.7% to $1.17B as organic revenue declined 6.0%
fell 6.0% this quarter, the steepest underlying decline in the recent record. Consolidated dropped 7.7% to $1,172.0M and fell 3.1% to $324.9M as residential fixed subscriptions and other revenue weakened, while held at 66.5% and was $23.8M. The core business is contracting beneath acquisition-driven reporting, and network continues to absorb cash.
Key takeaways
Consolidated decreased 7.7% to $1,172.0M in Q2, with down 6.0% from lower residential fixed subscription and other revenue.
Consolidated decreased 3.1% to $324.9M, with organic Adjusted EBITDA down 4.2% as declines outpaced programming and personnel cost cuts.
's fell 1.0%, hit by a $12.8M of previously recognized and lower , partly offset by a renegotiated TSS agreement with .
Section summaries
Management's Discussion and Analysis
Consolidated revenue fell 7.7% YoY in Q2 FY2026, driven by organic declines and dispositions, while Adjusted EBITDA decreased 3.1%.
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Total consolidated decreased 7.7% to $1,172.0 million in Q2, with organic revenue declining 6.0% due to lower residential fixed subscription and other revenue.
Programming and other direct costs fell 19.3% organically on lower content costs at and reduced race-event costs.
The company sold its EdgeConneX investment in Q2, adding $415.7M to net cash from investing activities for the six-month period.
rose to $338.5M for the six months ended June 30, 2026, driven by lower tax and interest payments.
What changed
Q2 2026 reversed the 2.9% Q1 2026 growth and deepened past the -1.2% FY2025 trend, settling at -6.0% as and FX benefits lapped out.
Adjusted was not disclosed for Q2 but Q1 2026 was -$319.3M; six-month of $338.5M compares to $149.2M in Q2 2025 alone, up for the period on lower tax and interest payments.
was $7.7B at Q2 2026, down 10.0% QoQ and 6.3% , consistent with the post- spin-off $7.8B year-end 2025 level under the 4-6x target.
and results remain without update since the $5.0B VMO2 disclosed in FY2025.
Q2 2026 of $1,172.0M is down 7.7% and below the $1,274.6M Q1 2026, ending the acquisition-masked growth pattern of 2025.
What to watch
Q3 2026 to see if the -6.0% Q2 decline deepens or reverses as prior acquisition benefits fully lap out
Q3 2026 adjusted against the -$319.3M Q1 2026 level as network continues
Next to Adjusted OIBDA disclosure under the 4-6x target with at $7.7B
and next period after no update since the $5.0B VMO2
's organic fell 1.0% in Q2, impacted by a $12.8 million of previously recognized revenue and lower , partially offset by higher other revenue from a renegotiated TSS agreement with .
Consolidated decreased 3.1% to $324.9 million in Q2, with organic Adjusted EBITDA down 4.2%, as cost reductions in programming and personnel were offset by declines.
Programming and other direct costs decreased 19.3% organically in Q2, primarily due to lower content costs at and reduced costs for race events.
Net cash provided by operating activities increased to $338.5 million for the six months ended June 30, 2026, driven by lower tax and interest payments.
The company completed the sale of its investment in EdgeConneX during Q2, contributing to a $415.7 million increase in net cash from investing activities for the six-month period.
Quantitative and Qualitative Disclosures About Market Risk
Liberty Global faces FX, interest-rate, and inflation risks, managed via active cash-currency alignment and interest-rate derivatives.
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At June 30, 2026, 48.9% of consolidated cash was in USD, 41.7% in EUR, and 9.3% in GBP, reflecting active currency management to match liquidity needs.
A hypothetical 50 increase in variable-rate debt rates would raise annual and cash outflows by $33.5 million, before derivative effects.
The company uses interest-rate swaps, caps, floors, and collars to hedge variable-rate exposure, with $6.7 billion in variable-rate debt outstanding at a 5.3% weighted average rate.
A 10% strengthening of the EUR vs. USD would decrease the fair value of cross-currency and interest-rate derivatives by approximately €297 million ($339 million).
Projected net derivative cash receipts total $182.2 million through 2031 and beyond, driven primarily by interest-related net receipts of $220.8 million.
From time to time, our subsidiaries and affiliates have become involved in litigation relating to claims arising out of their operations in the normal course of business. For additional information, see note 14 to our condensed consolidated financial statements in Part I of this…
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From time to time, our subsidiaries and affiliates have become involved in litigation relating to claims arising out of their operations in the normal course of business. For additional information, see note 14 to our condensed consolidated financial statements in Part I of this Quarterly Report on Form 10-Q.