v3.25.4
Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting, Measurement Disclosures [Abstract]  
Schedule of Revenue and Adjusted OIBDA by Segment
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 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 consolidated statements of operations.
Revenue
Year ended December 31,
 202520242023
 in millions
Liberty Caribbean$1,455.0 $1,462.8 $1,437.0 
C&W Panama783.5 763.2 742.6 
Liberty Networks471.0 447.5 453.3 
Liberty Puerto Rico1,199.2 1,250.4 1,417.7 
Liberty Costa Rica632.2 613.1 547.9 
Total operating segment revenue4,540.9 4,537.0 4,598.5 
Corporate14.9 19.6 23.5 
Intersegment eliminations(113.6)(109.8)(110.9)
Consolidated revenue$4,442.2 $4,446.8 $4,511.1 
Schedule of Reconciliation of Assets from Segment to Consolidated
Adjusted OIBDA
Year ended December 31,
 202520242023
in millions
Liberty Caribbean$672.9 $633.3 $596.9 
C&W Panama298.9 269.7 227.7 
Liberty Networks258.4 242.7 261.5 
Liberty Puerto Rico353.4 279.8 485.5 
Liberty Costa Rica235.5 229.5 203.1 
Total operating segment Adjusted OIBDA$1,819.1 $1,655.0 $1,774.7 
Schedule of Reconciliation of Total Adjusted OIBDA to Earnings (Loss) Before Income Taxes
The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes:
 Year ended December 31,
 202520242023
 in millions
Total reportable segment Adjusted OIBDA
$1,819.1 $1,655.0 $1,774.7 
Corporate (a)(112.8)(89.8)(73.1)
Share-based compensation and other Employee Incentive Plan-related expense (b)
(75.0)(84.0)(88.7)
Depreciation and amortization(904.9)(968.3)(1,008.3)
Impairment, restructuring and other operating items, net(618.2)(589.7)(86.9)
Operating income (loss)108.2 (76.8)517.7 
Interest expense(656.4)(627.7)(601.7)
Realized and unrealized gains (losses) on derivative instruments, net(20.0)82.1 (34.2)
Foreign currency transaction gains (losses), net(42.7)(18.3)70.3 
Losses on debt extinguishments, net(14.4)(5.5)(3.9)
Other expense, net(27.5)(13.7)(10.6)
Loss before income taxes$(652.8)$(659.9)$(62.4)
(a)Represents net of revenue and total significant other operating costs and expenses associated with Corporate, as disclosed below, 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.
Schedule of Cost of Goods and Services Sold
Our programming and other direct costs of services by major category, which are further discussed below, are as follows:
 Year ended December 31,
 202520242023
 in millions
Programming and copyright$224.6 $233.6 $237.2 
Interconnect262.6 278.3 302.5 
Equipment330.3 315.9 320.6 
Project-related and other158.4 161.6 160.1 
Total programming and other direct costs of services$975.9 $989.4 $1,020.4 
Schedule of Other Operating Cost and Expense
Our other operating costs and expenses by major category, which are further discussed below, are as follows:
 Year ended December 31,
 202520242023
 in millions
Personnel and contract labor$558.6 $579.2 $557.6 
Network-related215.9 237.2 259.0 
Service-related252.7 267.2 227.6 
Commercial179.6 189.6 181.1 
Facility, provision, franchise and other553.2 619.0 563.8 
Share-based compensation and other Employee Incentive Plan-related expense
75.0 84.0 88.7 
Total other operating costs and expenses (a)$1,835.0 $1,976.2 $1,877.8 
(a)Amounts represent total other operating costs and expenses as set forth in our 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.
Schedule of Capital Expenditures of 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 consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7.
 Year ended December 31,
 202520242023
 in millions
Liberty Caribbean$207.5 $226.9 $235.1 
C&W Panama104.1 104.8 117.0 
Liberty Networks75.5 49.3 47.6 
Liberty Puerto Rico143.3 220.9 219.0 
Liberty Costa Rica86.1 81.4 75.3 
Corporate23.6 42.0 36.9 
Total property and equipment additions640.1 725.3 730.9 
Assets acquired under capital-related vendor financing arrangements(123.9)(154.9)(143.8)
Assets acquired under capital leases(4.9)— — 
Changes in current liabilities related to capital expenditures and other(11.3)(30.0)(2.1)
Total capital expenditures, net$500.0 $540.4 $585.0 
Schedule of Revenue by Geographic Segments
The revenue from third-party customers for each of our geographic markets is set forth in the table below.
 Year ended December 31,
 202520242023
 in millions
Puerto Rico$1,129.2 $1,187.8 $1,354.5 
Panama780.6 760.1 739.7 
Costa Rica631.2 612.2 547.1 
Jamaica409.0 415.2 405.7 
Networks & LatAm (a)377.6 357.0 364.6 
The Bahamas190.8 205.3 193.4 
Trinidad and Tobago149.3 154.9 156.5 
Barbados171.4 163.8 157.6 
Other (b)603.1 590.5 592.0 
Total $4,442.2 $4,446.8 $4,511.1 
(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.
The long-lived assets of our geographic markets are set forth below:
 December 31,
 2025
2024
 in millions
Puerto Rico$992.7 $1,078.1 
Networks & LatAm594.8 586.3 
Panama420.6 427.7 
Jamaica313.7 373.8 
The Bahamas238.2 270.8 
Costa Rica309.6 301.7 
Trinidad and Tobago175.4 196.7 
Barbados134.9 138.6 
Other (a)667.9 688.7 
Total
$3,847.8 $4,062.4 
(a)The amounts primarily include long-lived assets in 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.
Year ended December 31, 2025
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$64.5 $20.5 $— $101.8 $37.8 $— $— $224.6 
Interconnect61.4 63.5 54.6 78.9 23.0 — (18.8)262.6 
Equipment38.2 59.5 0.6 157.3 74.7 — — 330.3 
Other direct costs55.5 98.2 17.4 2.3 1.2 — (16.2)158.4 
Total significant programming and other direct costs of services219.6 241.7 72.6 340.3 136.7 — (35.0)975.9 
Personnel and contract labor191.6 71.8 51.1 145.4 33.5 63.4 1.8 558.6 
Network-related123.1 47.8 46.2 33.8 40.6 — (75.6)215.9 
Service-related69.7 21.1 13.3 87.5 25.5 39.9 (4.3)252.7 
Commercial32.7 34.3 2.2 48.1 62.3 — — 179.6 
Facility, provision, franchise and other145.4 67.9 27.2 190.7 98.1 24.4 (0.5)553.2 
Total significant other operating costs and expenses562.5 242.9 140.0 505.5 260.0 127.7 (78.6)1,760.0 
Total significant expenses$782.1 $484.6 $212.6 $845.8 $396.7 $127.7 $(113.6)$2,735.9 
Year ended December 31, 2024
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$64.2 $22.0 $— $109.8 $37.6 $— $— $233.6 
Interconnect65.4 69.4 49.0 83.7 28.4 — (17.6)278.3 
Equipment50.0 50.3 0.3 151.4 63.9 — — 315.9 
Other direct costs42.9 107.5 15.7 4.7 6.9 — (16.1)161.6 
Total significant programming and other direct costs of services222.5 249.2 65.0 349.6 136.8 — (33.7)989.4 
Personnel and contract labor201.3 78.8 46.4 164.1 32.0 56.6 — 579.2 
Network-related133.4 52.1 47.9 36.3 39.9 — (72.4)237.2 
Service-related70.6 19.3 9.8 119.7 25.3 25.0 (2.5)267.2 
Commercial42.1 30.1 1.4 54.6 61.4 — — 189.6 
Facility, provision, franchise and other159.6 64.0 34.3 246.3 88.2 27.8 (1.2)619.0 
Total significant other operating costs and expenses607.0 244.3 139.8 621.0 246.8 109.4 (76.1)1,892.2 
Total significant expenses$829.5 $493.5 $204.8 $970.6 $383.6 $109.4 $(109.8)$2,881.6 
Year ended December 31, 2023
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$71.5 $21.4 $— $112.4 $33.1 $— $(1.2)$237.2 
Interconnect75.2 72.2 49.3 93.3 33.1 — (20.6)302.5 
Equipment49.0 41.6 0.6 179.6 49.8 — — 320.6 
Other direct costs34.0 117.8 18.8 2.1 4.2 — (16.8)160.1 
Total significant programming and other direct costs of services229.7 253.0 68.7 387.4 120.2 — (38.6)1,020.4 
Personnel and contract labor202.5 81.7 45.0 154.9 32.2 41.4 (0.1)557.6 
Network-related135.9 53.9 45.7 52.5 39.1 — (68.1)259.0 
Service-related76.5 17.2 6.1 79.5 25.1 23.2 — 227.6 
Commercial46.1 25.5 1.7 51.2 56.5 — 0.1 181.1 
Facility, provision, franchise and other149.4 83.6 24.6 206.7 71.7 32.4 (4.6)563.8 
Total significant other operating costs and expenses610.4 261.9 123.1 544.8 224.6 97.0 (72.7)1,789.1 
Total significant expenses$840.1 $514.9 $191.8 $932.2 $344.8 $97.0 $(111.3)$2,809.5 
Schedule of Revenue by Major Category
Year ended December 31, 2025
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$484.4 $117.3 $— $469.7 $128.3 $— $— $1,199.7 
Non-subscription revenue 20.2 5.1 — 24.0 40.2 — — 89.5 
Total residential fixed revenue504.6 122.4 — 493.7 168.5 — — 1,289.2 
Residential mobile revenue:
Service revenue364.3 290.7 — 306.4 295.0 — — 1,256.4 
Interconnect, inbound roaming, equipment sales and other (b)83.6 65.5 — 197.8 99.8 12.8 — 459.5 
Total residential mobile revenue447.9 356.2 — 504.2 394.8 12.8 — 1,715.9 
Total residential revenue952.5 478.6 — 997.9 563.3 12.8 — 3,005.1 
B2B revenue (c)
502.5 304.9 471.0 174.4 68.9 2.1 (113.6)1,410.2 
Other revenue— — — 26.9 — — — 26.9 
Total$1,455.0 $783.5 $471.0 $1,199.2 $632.2 $14.9 $(113.6)$4,442.2 
(a)Included in this amount is $94 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $248 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Year ended December 31, 2024
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$486.2 $122.3 $— $474.5 $137.1 $— $— $1,220.1 
Non-subscription revenue 28.0 5.0 — 23.3 35.2 — — 91.5 
Total residential fixed revenue514.2 127.3 — 497.8 172.3 — — 1,311.6 
Residential mobile revenue:
Service revenue352.3 272.2 — 323.3 276.0 — — 1,223.8 
Interconnect, inbound roaming, equipment sales and other (b)79.5 61.0 — 189.0 88.9 18.6 — 437.0 
Total residential mobile revenue431.8 333.2 — 512.3 364.9 18.6 — 1,660.8 
Total residential revenue946.0 460.5 — 1,010.1 537.2 18.6 — 2,972.4 
B2B revenue (c)
516.8 302.7 447.5 206.7 75.9 1.0 (109.8)1,440.8 
Other revenue— — — 33.6 — — — 33.6 
Total$1,462.8 $763.2 $447.5 $1,250.4 $613.1 $19.6 $(109.8)$4,446.8 
(a)Included in this amount is $91 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $216 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $24 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Year ended December 31, 2023
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$487.5 $116.5 $— $478.7 $144.3 $— $— $1,227.0 
Non-subscription revenue 29.0 5.5 — 25.5 14.3 — (2.1)72.2 
Total residential fixed revenue516.5 122.0 — 504.2 158.6 — (2.1)1,299.2 
Residential mobile revenue:
Service revenue330.3 260.6 — 398.7 242.1 — — 1,231.7 
Interconnect, inbound roaming, equipment sales and other (b)78.8 52.0 — 250.0 80.2 22.3 — 483.3 
Total residential mobile revenue409.1 312.6 — 648.7 322.3 22.3 — 1,715.0 
Total residential revenue925.6 434.6 — 1,152.9 480.9 22.3 (2.1)3,014.2 
B2B revenue (c)
511.4 308.0 453.3 224.3 67.0 1.2 (108.8)1,456.4 
Other revenue— — — 40.5 — — — 40.5 
Total$1,437.0 $742.6 $453.3 $1,417.7 $547.9 $23.5 $(110.9)$4,511.1 
(a)Included in this amount is $89 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $259 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.