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]. - GCI's operating loss for 2025 was $347 million, primarily due to a non-cash impairment charge of $525 million recognized in Q3 2025[10]. - In Q4 2025, GCI's revenue was flat at $262 million, while Adjusted OIBDA increased by 7% to $90 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 2025 was $347 million, compared to an operating income of $140 million in 2024[39]. - Net loss for 2025 was $309 million, resulting in a basic net loss per share of $9.97[39]. - GCI Liberty's Adjusted OIBDA for 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]. Cash Flow and Investments - GCI generated net cash provided by operating activities of $370 million and free cash flow of $146 million for the full year 2025[13]. - Free cash flow for the year ended December 31, 2025, was $146 million, up from $85 million in 2024[37]. - Cash provided by operating activities increased to $370 million in 2025 from $278 million in 2024, reflecting a growth of 33%[40]. - The company reported a net cash increase of $354 million in 2025, compared to a decrease of $22 million in 2024[40]. - Cash, cash equivalents, and restricted cash at the end of the period rose to $429 million, up from $75 million in the previous year[40]. - The net cash used in investing activities was $218 million in 2025, compared to $193 million in 2024[40]. Consumer and Business Segments - Consumer revenue decreased by 2% for both the full year and Q4, driven by the exit from the video business and data subscriber losses[15]. - GCI Business revenue grew by 7% for the full year and 1% in Q4, with data revenue from service upgrades offsetting lower wireless roaming revenue[20]. - Consumer cable modem subscribers declined by 3% to 151,200, while consumer wireless lines in service increased by 2% to 199,000[16]. - GCI Consumer gross margin increased to 70.7% for the year, a 220 bps increase from the previous year[19]. Capital Expenditures and Debt - Capital expenditures for 2025 totaled $224 million, primarily for improvements to wireless and data networks in rural Alaska[12]. - Capital expenditures remained stable at $248 million in 2025, slightly up from $247 million in 2024[40]. - 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 surged to $691 million in 2025, a significant increase from $155 million in 2024[40]. Corporate Actions - GCI completed a $300 million rights offering in December 2025, which will be used for general corporate purposes and potential strategic acquisitions[4]. - The company issued $10 million of non-voting preferred stock with a 12% dividend rate in Q3 2025[26]. - Dividends paid to former parent were eliminated in 2025, as opposed to $150 million paid in 2024[40]. - GCI Liberty's total assets decreased to $3,234 million as of December 31, 2025, from $3,382 million in 2024[38]. - GCI Liberty's current assets increased to $615 million as of December 31, 2025, from $319 million in 2024[38]. - The company received $91 million in state indemnification from Liberty Broadband, which was not reported in the previous year[40]. Impairments - Impairment of goodwill and intangible assets amounted to $525 million in 2025, with no such impairment reported in 2024[40].
GCI Liberty Inc-C(GLIBK) - 2025 Q4 - Annual Results