Financial Performance - For the full year 2025, GCI revenue increased by 3% to $1 billion, with Adjusted OIBDA growing by 12% to $403 million[3]. - Revenue for the year ended December 31, 2025, was $1,046 million, an increase from $1,016 million in 2024[39]. - Operating loss for the year ended December 31, 2025, was $347 million, compared to an operating income of $140 million in 2024[39]. - The company reported a net loss of $309 million for the year ended December 31, 2025, compared to a net income of $70 million in 2024[39]. - GCI Liberty's Adjusted OIBDA for the year ended December 31, 2025, was $403 million, compared to $360 million in 2024[35]. - Net earnings for 2025 were a loss of $309 million, compared to a profit of $70 million in 2024[40]. Revenue Breakdown - GCI Consumer revenue decreased by 2% for both the full year and fourth quarter, primarily due to the exit from the video business and data subscriber losses[15]. - GCI Business revenue grew by 7% for the full year, driven by service upgrades, while fourth quarter growth was flat at 1%[20]. - Wireless revenue increased by 8% for the full year and 10% in the fourth quarter, driven by federal wireless subsidies[17]. Cash Flow and Capital Expenditures - GCI generated net cash provided by operating activities of $370 million and free cash flow of $146 million for the full year 2025[13]. - Cash provided by operating activities increased to $370 million in 2025 from $278 million in 2024, reflecting a growth of 33%[40]. - Free cash flow for the year ended December 31, 2025, was $146 million, up from $85 million in 2024[37]. - Capital expenditures for the full year 2025 totaled $224 million, primarily for improvements to wireless and data networks in rural Alaska[12]. - Capital expenditures for 2025 were $248 million, slightly up from $247 million in 2024[40]. Debt and Financial Position - Total debt as of December 31, 2025, was $985 million, with a leverage ratio of 2.3x for GCI and 1.6x for GCI Liberty[28]. - Borrowings of debt significantly increased to $691 million in 2025, compared to $155 million in 2024[40]. - The company had undrawn capacity of $377 million in its credit facility as of December 31, 2025[28]. Shareholder Actions and Stock - GCI completed a $300 million rights offering in December 2025, fully subscribed with 11,059,127 shares issued[4]. - GCI Liberty's preferred stock issued in Q3 2025 amounted to $10 million, with a 12% dividend rate[26]. - Dividends paid to former parent were $150 million in 2024, with no dividends paid in 2025[40]. Subscriber Metrics - Consumer cable modem subscribers declined by 3% year-over-year to 151,200, while consumer wireless lines in service increased by 2% to 199,000[16]. Impairments and Other Income - Operating loss for the full year 2025 was $347 million, impacted by a non-cash impairment charge of $525 million recognized in Q3 2025[10]. - Impairment of goodwill and intangible assets amounted to $525 million in 2025, with no such impairment reported in 2024[40]. - The company received $91 million in state indemnification from Liberty Broadband in 2025, with no such income in 2024[40]. - Proceeds from rights offering in 2025 were $299 million, with no proceeds reported in 2024[40].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 001-42742 (Commission File Number) GCI Liberty, Inc. (Exact name of registrant as specified in its charter) Nevada (Jurisdiction of Incorporation) 36-5128842 (I.R.S. Employer I ...

Core Insights - The performance of the Southeastern Small-Cap Fund has been mixed, with the underlying developments of holdings being better than stock price returns, particularly in a challenging market environment [2][3] - The fund's portfolio has a lower percentage of big winners compared to the Russell 2000, with only 15% of its holdings up an average of 30% compared to over 35% of the index's holdings up 70%+ [3] - The fund has maintained a strong position in the mid-range performance category, outperforming the Russell 2000 in that segment [4] - The fund's exposure to decliners was limited, with only 10% of the portfolio in this category, resulting in lower average losses compared to the index [5] Performance Analysis - The fund's average performance in the -20% to +20% return bucket was better than the Russell 2000's 0% return, with key holdings like White Mountains, CNX, and Rayonier contributing positively [4] - The fund's cash position and stable investments like Kodak initially provided safety but later became performance headwinds [6] - The fund's leverage rules have been effective in avoiding pitfalls, and adjustments to the overweight rule have been made to enhance performance [7][8] Notable Contributors - Beclé, a tequila and whiskey manufacturer, was a significant contributor due to its undervaluation and strong market position [9] - GCI Liberty, a communications company in Alaska, benefited from its unique market position and insider support from John Malone [10] - Graham Holdings showed strong performance due to growth in its education and healthcare segments [11] - Mattel has positioned itself well with strong brand power and a robust balance sheet, leading to significant stock repurchases [12] - Oscar Health experienced above-market growth but was exited due to emerging industry risks [14] Notable Detractors - Boston Beer faced challenges due to declining volumes in its major brands, although management is actively addressing these issues [15] - Clearwater Paper struggled with a weak market for solid bleached sulfate paperboard, but management is focusing on share repurchases [16] - Park Hotels & Resorts was impacted by macroeconomic concerns affecting leisure travel, leading to a decision to exit the position [18] Portfolio Activity - The fund made seven new purchases during the year, including GCI Liberty and Beclé, while exiting eight positions, including Kodak and Oscar Health [20][19] Outlook - The fund anticipates continued engagement through research perspectives and podcasts, focusing on quality investments amid market volatility [21] - The fund's strategy emphasizes owning resilient, free cash flow-generating assets to navigate market fluctuations effectively [22]

Core Viewpoint - Liberty Broadband Corporation is inviting shareholders and analysts to participate in a quarterly Q&A session following the fourth quarter earnings conference call of GCI Liberty, Inc, scheduled for February 11 at 11:15 a.m. E.T [1] Group 1 - The conference call will cover the financial performance and outlook of Liberty Broadband and GCI Liberty, along with other forward-looking matters [1] - Interested participants can join the call by phone using specific numbers and a confirmation code, and are advised to call at least 10 minutes prior to the start [2] - A webcast of the conference call will be available on Liberty Broadband's investor relations site, with a replay accessible after the call [3] Group 2 - Liberty Broadband's principal asset is its interest in Charter Communications [3]

Group 1 - GCI Liberty, Inc. will host a conference call on February 11, 2025, at 11:15 a.m. E.T. to discuss its fourth-quarter results [1] - A press release detailing the financial performance and outlook will be issued before market trading on the same day [1] - The conference call will include a Q&A session for management to address questions regarding GCI Liberty and Liberty Broadband Corporation [1] Group 2 - GCI Liberty, Inc. is comprised of its wholly owned subsidiary GCI, which is Alaska's largest communications provider [4] - GCI serves over 200 communities in Alaska, offering data, voice, and managed services to both consumer and business customers [4] - The company has invested $4.7 billion in its Alaska network and facilities over the past 45 years to enhance connectivity and address the digital divide [4]

Core Viewpoint - GCI Liberty, Inc. has successfully completed its rights offering, raising approximately $300 million for various corporate purposes, including potential strategic acquisitions and debt management [1][2]. Group 1: Rights Offering Details - The rights offering was fully subscribed, resulting in the issuance of 11,059,127 shares of Series C GCI Group common stock [2]. - Approximately 95% of the shares were subscribed through validly exercised basic subscription privileges, with remaining shares allocated pro rata to oversubscribing rightsholders [2]. - The shares purchased in the rights offering were issued on December 23, 2025, with refunds for unfulfilled oversubscriptions expected to be distributed around the same date [3]. Group 2: Company Background - GCI Liberty, Inc. is the parent company of GCI, LLC, which is Alaska's largest communications provider, serving over 200 communities [5]. - The company has invested $4.7 billion in its network and facilities in Alaska over the past 45 years, focusing on expanding and strengthening its statewide network infrastructure [5][6].

Core Points - GCI Liberty, Inc. announced the terms for a rights offering to distribute subscription rights to holders of its Series A, B, and C common stock to acquire Series C GCI Group common stock [1][2] - The rights distribution date is set for November 25, 2025, with a record date of November 24, 2025 [1][3] - Each holder will receive 0.3838 of a Series C GCI Group Right for each share held, with fractional rights rounded up [1][2] - The subscription price for each whole Series C GCI Group Right is $27.20, representing a 20% discount to the average trading price for the ten days ending November 21, 2025 [2] - The ex-dividend date is expected to be November 26, 2025, coinciding with the commencement of the rights offering [3] Company Overview - GCI Liberty, Inc. operates through its wholly owned subsidiary GCI, LLC, which is Alaska's largest communications provider [8][9] - GCI has invested $4.7 billion in its network and facilities over the past 45 years, aiming to enhance connectivity and close the digital divide in Alaska [9]

Core Points - GCI Liberty will participate in a Q&A session during the Liberty Media annual Investor Meeting on November 20, 2025, hosted by John Malone and Derek Chang [1][2] - GCI Liberty is a subsidiary of GCI, LLC, which is Alaska's largest communications provider, serving over 200 communities [3] - GCI has invested $4.7 billion in its network and facilities in Alaska over the past 45 years to enhance connectivity and address the digital divide [3] Company Information - GCI Liberty, Inc. trades on Nasdaq under the symbols GLIBA and GLIBK [4][8] - The company is involved in telecommunications, providing data, voice, and managed services [5] - GCI Liberty has announced a $300 million rights offering for Series C GCI Group common stock, with subscription rights distributed to holders of Series A, B, and C common stock [7]

Table of Contents As filed with the Securities and Exchange Commission on November 5, 2025 Registration No. 333- GCI Liberty, Inc. (Exact name of registrant as specified in its charter) Nevada (State or other jurisdiction of incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 4841 (Primary Standard Industrial Classification Code Number) 36-5128842 (I.R.S. Employer Identification No.) FORM S-1 REGISTRATION STATEMENT UNDER 12300 Liberty Blvd. Englewood, Color ...

Financial Performance - GCI Liberty reported a 2% decline in total revenue to $257 million for Q3 2025, with consumer revenue down 4% and business revenue flat year-over-year [3]. - The company incurred an operating loss of $488 million, primarily due to a $525 million non-cash impairment charge related to intangible assets and goodwill [6]. - Adjusted OIBDA decreased 8% to $92 million, with an Adjusted OIBDA margin of 35.8%, down 240 basis points from the previous year [7]. - GCI Liberty reported a revenue of $257 million for Q3 2025, a decrease from $262 million in Q3 2024 [36]. - The operating loss for Q3 2025 was $(488) million, compared to an operating income of $41 million in Q3 2024 [36]. - Adjusted OIBDA for Q3 2025 was $92 million, down from $100 million in Q3 2024 [34]. - The net loss for Q3 2025 was $(387) million, contrasting with a net income of $21 million in Q3 2024 [36]. Cash Flow and Liquidity - GCI generated net cash provided by operating activities of $357 million and free cash flow of $155 million over the trailing twelve months ended September 30, 2025 [12]. - Free cash flow for the twelve months ended September 30, 2025, was $155 million, with net cash provided by operating activities at $357 million [34]. - GCI's cash, cash equivalents, and restricted cash increased by $20 million in Q3 2025, primarily due to cash from operations [25]. - Cash and cash equivalents rose to $124 million as of September 30, 2025, compared to $74 million at the end of 2024 [35]. Debt and Assets - GCI's total debt remained flat at $1,045 million as of September 30, 2025, with a leverage ratio of 2.3x [26]. - Total current assets increased to $405 million as of September 30, 2025, from $319 million at the end of 2024 [35]. - Total liabilities decreased to $1,621 million as of September 30, 2025, from $1,953 million at the end of 2024 [35]. - GCI Liberty's total assets decreased to $3,011 million as of September 30, 2025, from $3,382 million at the end of 2024 [35]. Subscriber Metrics - Consumer cable modem subscribers declined 3% to 153,100, while consumer wireless lines in service increased 2% to 207,500 [3]. - GCI's wireless revenue increased by 11% to $52 million, driven by an increase in federal wireless subsidies [17]. Capital Expenditures and Future Plans - Capital expenditures for the full year 2025 are projected to be between $225 million and $250 million, primarily for improvements to wireless and data networks in rural Alaska [11]. - GCI Liberty announced a $300 million rights offering to all stockholders, expected to commence before year-end [3].