v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025, 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, 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 September 30,Nine months ended September 30,
2025202420252024
 in millions
Liberty Caribbean$368.8 $359.5 $1,099.0 $1,092.0 
C&W Panama199.1 188.0 553.4 554.4 
Liberty Networks116.7 109.9 341.7 337.5 
Liberty Puerto Rico298.2 308.2 897.9 944.0 
Liberty Costa Rica154.5 145.5 464.0 445.0 
Total reportable segment revenue1,137.3 1,111.1 3,356.0 3,372.9 
Corporate3.5 4.5 11.2 15.5 
Intersegment eliminations(28.3)(26.4)(84.5)(81.8)
Consolidated revenue$1,112.5 $1,089.2 $3,282.7 $3,306.6 
Adjusted OIBDA
 Three months ended September 30,Nine months ended September 30,
2025202420252024
 in millions
Liberty Caribbean$172.5 $157.7 $519.6 $465.3 
C&W Panama71.8 68.7 205.0 190.3 
Liberty Networks65.2 59.3 183.9 181.6 
Liberty Puerto Rico95.5 88.2 264.0 228.4 
Liberty Costa Rica56.4 50.8 169.3 162.5 
Total reportable segment Adjusted OIBDA
$461.4 $424.7 $1,341.8 $1,228.1 
The following table provides a reconciliation of total reportable segment Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Total reportable segment Adjusted OIBDA
$461.4 $424.7 $1,341.8 $1,228.1 
Corporate Adjusted OIBDA (a)
(28.0)(21.6)(86.8)(61.7)
Share-based compensation and other Employee Incentive Plan-related expense (b)
(15.0)(15.9)(62.3)(58.9)
Depreciation and amortization(213.6)(245.4)(659.9)(729.9)
Impairment, restructuring and other operating items, net(17.3)(521.4)(550.2)(553.6)
Operating income (loss)187.5 (379.6)(17.4)(176.0)
Interest expense(164.3)(159.2)(488.0)(471.3)
Realized and unrealized gains (losses) on derivative instruments, net(9.6)(31.3)(97.2)39.0 
Foreign currency transaction losses, net(8.8)(7.6)(46.0)(30.7)
Losses on debt extinguishments, net— — (14.4)(0.3)
Other income (expense), net7.0 2.9 (13.6)(3.7)
Earnings (loss) before income taxes$11.8 $(574.8)$(676.6)$(643.0)
(a)Represents the Adjusted OIBDA of our corporate operations, 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 September 30,Nine months ended September 30,
 2025202420252024
 in millions
Programming and copyright$54.4 $58.5 $169.5 $179.0 
Interconnect66.6 69.0 199.5 206.8 
Equipment79.5 73.2 243.1 224.7 
Project-related and other47.1 31.2 100.5 106.9 
Total programming and other direct costs of services$247.6 $231.9 $712.6 $717.4 
Our other operating costs and expenses by major category, which are further discussed below, are as follows:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Personnel and contract labor$135.6 $141.5 $423.0 $441.5 
Network-related51.9 59.2 161.4 186.8 
Service-related62.4 63.3 183.7 200.4 
Commercial45.2 46.1 135.5 146.0 
Facility, provision, franchise and other136.4 144.1 411.5 448.1 
Share-based compensation and other Employee Incentive Plan-related expense
15.0 15.9 62.3 58.9 
Total other operating costs and expenses (a)$446.5 $470.1 $1,377.4 $1,481.7 
(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 7.
 Nine months ended September 30,
 20252024
 in millions
Liberty Caribbean$136.9 $150.6 
C&W Panama64.7 74.9 
Liberty Networks50.1 36.2 
Liberty Puerto Rico94.1 135.8 
Liberty Costa Rica56.2 55.3 
Corporate17.8 32.4 
Total property and equipment additions419.8 485.2 
Assets acquired under capital-related vendor financing arrangements
(88.9)(117.5)
Changes in current liabilities related to capital expenditures and other27.3 9.0 
Total capital expenditures, net$358.2 $376.7 
Revenue by Geographic Market
The revenue from third-party customers for each of our geographic markets is set forth in the table below.
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Puerto Rico $280.8 $292.7 $846.5 $897.8 
Panama198.4 187.2 551.2 552.2 
Costa Rica154.4 145.6 463.3 444.2 
Jamaica107.8 103.1 317.8 308.4 
Networks & LatAm (a)93.8 87.5 272.4 270.1 
The Bahamas47.0 47.9 144.7 154.8 
Trinidad and Tobago37.4 39.0 112.4 117.1 
Barbados41.7 41.4 124.5 121.8 
Other (b)151.2 144.8 449.9 440.2 
Total $1,112.5 $1,089.2 $3,282.7 $3,306.6 
(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 September 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$124.8 $31.0 $— $117.3 $31.9 $— $— $305.0 
Non-subscription revenue 5.9 1.2 — 5.9 9.9 — — 22.9 
Total residential fixed revenue130.7 32.2 — 123.2 41.8 — — 327.9 
Residential mobile revenue:
Service revenue90.0 71.7 — 74.5 72.5 — — 308.7 
Interconnect, inbound roaming, equipment sales and other (b)20.9 16.5 — 47.5 24.7 3.1 — 112.7 
Total residential mobile revenue110.9 88.2 — 122.0 97.2 3.1 — 421.4 
Total residential revenue241.6 120.4 — 245.2 139.0 3.1 — 749.3 
B2B revenue (c)127.2 78.7 116.7 45.5 15.5 0.4 (28.3)355.7 
Other revenue— — — 7.5 — — — 7.5 
Total$368.8 $199.1 $116.7 $298.2 $154.5 $3.5 $(28.3)$1,112.5 
(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 $59 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Three months ended September 30, 2024
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$119.1 $31.2 $— $117.0 $33.5 $— $— $300.8 
Non-subscription revenue5.8 1.2 — 5.9 7.6 — — 20.5 
Total residential fixed revenue124.9 32.4 — 122.9 41.1 — — 321.3 
Residential mobile revenue:
Service revenue91.1 70.5 — 82.7 68.0 — — 312.3 
Interconnect, inbound roaming, equipment sales and other (b)18.1 16.0 — 42.3 19.8 4.3 — 100.5 
Total residential mobile revenue109.2 86.5 — 125.0 87.8 4.3 — 412.8 
Total residential revenue234.1 118.9 — 247.9 128.9 4.3 — 734.1 
B2B revenue (c)125.4 69.1 109.9 54.1 16.6 0.2 (26.4)348.9 
Other revenue— — — 6.2 — — — 6.2 
Total$359.5 $188.0 $109.9 $308.2 $145.5 $4.5 $(26.4)$1,089.2 
(a)Included in this amount is $22 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $47 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Nine months ended September 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$372.0 $90.8 $— $354.2 $97.1 $— $— $914.1 
Non-subscription revenue15.9 3.8 — 17.6 29.0 — — 66.3 
Total residential fixed revenue387.9 94.6 — 371.8 126.1 — — 980.4 
Residential mobile revenue:
Service revenue268.4 213.9 — 231.7 216.3 — — 930.3 
Interconnect, inbound roaming, equipment sales and other (b)62.0 47.8 — 142.3 72.4 9.8 — 334.3 
Total residential mobile revenue330.4 261.7 — 374.0 288.7 9.8 — 1,264.6 
Total residential revenue718.3 356.3 — 745.8 414.8 9.8 — 2,245.0 
B2B revenue (c)380.7 197.1 341.7 132.3 49.2 1.4 (84.5)1,017.9 
Other revenue— — — 19.8 — — — 19.8 
Total$1,099.0 $553.4 $341.7 $897.9 $464.0 $11.2 $(84.5)$3,282.7 
(a)Included in this amount is $69 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $176 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $19 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Nine months ended September 30, 2024
Reportable Segments
 Liberty CaribbeanC&W Panama
Liberty Networks (a)
Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$364.7 $91.7 $— $357.2 $103.6 $— $— $917.2 
Non-subscription revenue20.5 3.6 — 16.9 25.2 — (1.5)64.7 
Total residential fixed revenue385.2 95.3 — 374.1 128.8 — (1.5)981.9 
Residential mobile revenue:
Service revenue262.9 200.2 — 254.9 204.3 — — 922.3 
Interconnect, inbound roaming, equipment sales and other (b)56.4 43.0 — 130.7 62.5 14.9 — 307.5 
Total residential mobile revenue319.3 243.2 — 385.6 266.8 14.9 — 1,229.8 
Total residential revenue704.5 338.5 — 759.7 395.6 14.9 (1.5)2,211.7 
B2B revenue (c)387.5 215.9 337.5 162.7 49.4 0.6 (80.3)1,073.3 
Other revenue— — — 21.6 — — — 21.6 
Total$1,092.0 $554.4 $337.5 $944.0 $445.0 $15.5 $(81.8)$3,306.6 
(a)Included in this amount is $67 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $146 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $18 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, travel and entertainment and other operating-related costs.
Three months ended September 30, 2025
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$15.8 $5.1 $— $23.7 $9.8 $— $— $54.4 
Interconnect14.9 15.5 13.8 21.4 5.4 — (4.4)66.6 
Equipment8.2 14.2 0.3 37.9 18.9 — — 79.5 
Project-related and other15.4 30.3 5.0 0.6 — — (4.2)47.1 
Total programming and other direct costs of services54.3 65.1 19.1 83.6 34.1 — (8.6)247.6 
Personnel and contract labor47.6 18.3 12.5 34.0 8.4 14.4 0.4 135.6 
Network-related30.1 11.1 10.8 9.3 9.8 — (19.2)51.9 
Service-related17.8 5.5 3.2 19.6 6.1 10.7 (0.5)62.4 
Commercial8.1 9.2 0.4 11.9 15.7 — (0.1)45.2 
Facility, provision, franchise and other38.4 18.1 5.5 44.3 24.0 6.4 (0.3)136.4 
Total significant other operating costs and expenses142.0 62.2 32.4 119.1 64.0 31.5 (19.7)431.5 
Total significant expenses$196.3 $127.3 $51.5 $202.7 $98.1 $31.5 $(28.3)$679.1 
Three months ended September 30, 2024
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$16.2 $5.4 $— $26.9 $9.4 $— $0.6 $58.5 
Interconnect17.3 16.5 12.4 20.7 6.6 — (4.5)69.0 
Equipment11.3 14.9 — 31.8 15.2 — — 73.2 
Project-related and other10.1 21.4 2.8 0.9 0.7 — (4.7)31.2 
Total programming and other direct costs of services54.9 58.2 15.2 80.3 31.9 — (8.6)231.9 
Personnel and contract labor50.5 19.7 11.4 39.3 8.3 13.1 (0.8)141.5 
Network-related32.8 13.5 12.3 7.6 9.6 — (16.6)59.2 
Service-related16.9 5.1 2.1 27.5 6.2 6.5 (1.0)63.3 
Commercial10.1 6.9 0.2 12.8 16.1 — — 46.1 
Facility, provision, franchise and other36.6 15.9 9.4 52.5 22.6 6.5 0.6 144.1 
Total significant other operating costs and expenses146.9 61.1 35.4 139.7 62.8 26.1 (17.8)454.2 
Total significant expenses$201.8 $119.3 $50.6 $220.0 $94.7 $26.1 $(26.4)$686.1 
Nine months ended September 30, 2025
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$47.9 $15.5 $— $77.7 $28.4 $— $— $169.5 
Interconnect44.9 48.4 40.5 62.4 17.3 — (14.0)199.5 
Equipment27.8 45.0 0.6 114.6 55.1 — — 243.1 
Project-related and other39.3 56.1 14.2 1.9 1.2 — (12.2)100.5 
Total programming and other direct costs of services159.9 165.0 55.3 256.6 102.0 — (26.2)712.6 
Personnel and contract labor144.7 54.1 38.3 109.6 25.5 49.6 1.2 423.0 
Network-related90.3 35.7 35.2 26.4 30.2 — (56.4)161.4 
Service-related50.8 14.9 8.5 63.6 18.8 29.9 (2.8)183.7 
Commercial25.1 26.3 1.6 35.3 47.2 — — 135.5 
Facility, provision, franchise and other108.6 52.4 18.9 142.4 71.0 18.5 (0.3)411.5 
Total significant other operating costs and expenses419.5 183.4 102.5 377.3 192.7 98.0 (58.3)1,315.1 
Total significant expenses$579.4 $348.4 $157.8 $633.9 $294.7 $98.0 $(84.5)$2,027.7 
Nine months ended September 30, 2024
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$51.1 $16.8 $— $83.1 $28.0 $— $— $179.0 
Interconnect50.8 51.6 36.6 59.3 22.0 — (13.5)206.8 
Equipment36.6 36.0 0.2 106.6 45.3 — — 224.7 
Project-related and other30.6 71.3 12.2 3.5 1.2 — (11.9)106.9 
Total programming and other direct costs of services169.1 175.7 49.0 252.5 96.5 — (25.4)717.4 
Personnel and contract labor153.2 60.6 36.1 128.1 24.1 39.4 — 441.5 
Network-related101.8 39.9 35.7 32.2 30.4 — (53.2)186.8 
Service-related49.8 14.5 6.4 96.8 19.1 16.8 (3.0)200.4 
Commercial32.6 23.5 1.3 41.5 47.1 — — 146.0 
Facility, provision, franchise and other120.2 49.9 27.4 164.5 65.3 21.0 (0.2)448.1 
Total significant other operating costs and expenses457.6 188.4 106.9 463.1 186.0 77.2 (56.4)1,422.8 
Total significant expenses$626.7 $364.1 $155.9 $715.6 $282.5 $77.2 $(81.8)$2,140.2