Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

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 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 March 31,
		2026		2025
		in millions
Liberty Caribbean		$	354.5	$	363.9
C&W Panama		175.5		177.0
Liberty Networks		121.2		110.4
Liberty Puerto Rico		296.2		298.4
Liberty Costa Rica		158.1		158.2
Total reportable segment revenue		1,105.5		1,107.9
Corporate		3.5		3.9
Intersegment eliminations		(26.2)		(28.3)
Consolidated revenue		$	1,082.8	$	1,083.5


		Adjusted OIBDA
	Three months ended March 31,
		2026		2025
		in millions
Liberty Caribbean		$	163.4	$	173.3
C&W Panama		63.7		64.6
Liberty Networks		55.2		57.9
Liberty Puerto Rico		91.1		81.5
Liberty Costa Rica		56.5		58.9
Total reportable segment Adjusted OIBDA		$	429.9	$	436.2

Schedule of Reconciliation of Total Adjusted OIBDA to Earnings Before Income Taxes

The following table provides a reconciliation of total Adjusted OIBDA to operating income and to earnings (loss) before income taxes:


	Three months ended March 31,
		2026		2025
		in millions
Total reportable segment Adjusted OIBDA		$	429.9	$	436.2
Corporate (a)		(24.8)		(29.6)
Share-based compensation and other Employee Incentive Plan-related expense (b)		(31.6)		(34.0)
Depreciation and amortization		(217.1)		(228.8)
Impairment, restructuring and other operating items, net		(11.2)		(15.7)
Operating income		145.2		128.1
Interest expense		(164.2)		(158.3)
Realized and unrealized losses on derivative instruments, net		(7.4)		(62.9)
Foreign currency transaction gains (losses), net		45.9		(4.2)
Losses on debt extinguishments, net		(2.3)		(14.4)
Other expense, net		(6.7)		(5.9)
Earnings (loss) before income taxes		$	10.5	$	(117.6)

(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:


	Three months ended March 31,
		2026		2025
		in millions
Programming and copyright		$	51.3	$	57.6
Interconnect		63.7		66.7
Equipment		82.9		80.6
Project-related and other		37.6		27.7
Total programming and other direct costs of services		$	235.5	$	232.6

Schedule of Other Operating Cost and Expense

Our other operating costs and expenses by major category, which are further discussed below, are as follows:


	Three months ended March 31,
		2026		2025
		in millions
Personnel and contract labor-related		$	146.1	$	147.2
Network-related		55.9		54.3
Service-related		60.9		60.4
Commercial		43.2		45.6
Facility, provision, franchise and other		136.1		136.8
Share-based compensation and other Employee Incentive Plan-related expense		31.6		34.0
Total other operating costs and expenses (a)		$	473.8	$	478.3

(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.

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 condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 6.


	Three months ended March 31,
	2026		2025
	in millions
Liberty Caribbean	$	37.5	$	37.5
C&W Panama	15.4		14.7
Liberty Networks	15.2		18.4
Liberty Puerto Rico	19.4		28.6
Liberty Costa Rica	17.0		15.2
Corporate	6.2		5.9
Total property and equipment additions	110.7		120.3
Assets acquired under capital-related vendor financing arrangements	(41.3)		(37.6)
Changes in current liabilities related to capital expenditures and other	29.9		14.0
Total capital expenditures, net	$	99.3	$	96.7

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.


	Three months ended March 31,
		2026		2025
		in millions
Puerto Rico		$	279.2	$	283.5
Panama		175.3		176.2
Costa Rica		158.0		157.9
Jamaica		103.2		105.3
Networks & LatAm (a)		98.6		87.1
The Bahamas		39.7		48.6
Trinidad and Tobago		36.4		37.4
Barbados		42.2		40.9
Other (b)		150.2		146.6
Total		$	1,082.8	$	1,083.5

(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.


	Three months ended March 31, 2026
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Programming and copyright	$	11.8	$	5.3	$	—	$	24.4	$	9.8	$	—	$	—	$	51.3
Interconnect	14.7		15.4		12.9		18.0		6.0		—		(3.3)		63.7
Equipment	9.7		14.1		0.1		41.8		17.1		—		0.1		82.9
Project-related and other	12.3		13.6		13.5		0.8		—		—		(2.6)		37.6
Total programming and other direct costs of services	48.5		48.4		26.5		85.0		32.9		—		(5.8)		235.5
Personnel and contract labor-related	50.8		19.6		14.6		34.5		9.4		16.7		0.5		146.1
Network-related	32.5		12.4		11.7		8.0		11.0		—		(19.7)		55.9
Service-related	17.1		5.2		4.4		21.9		8.0		5.5		(1.2)		60.9
Commercial	6.5		9.2		0.4		11.4		15.7		—		—		43.2
Facility, provision, franchise and other	35.7		17.0		8.4		44.3		24.6		6.1		—		136.1
Total significant other operating costs and expenses	142.6		63.4		39.5		120.1		68.7		28.3		(20.4)		442.2
Total significant expenses	$	191.1	$	111.8	$	66.0	$	205.1	$	101.6	$	28.3	$	(26.2)	$	677.7


	Three months ended March 31, 2025
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Programming and copyright	$	15.9	$	5.3	$	—	$	27.4	$	9.1	$	—	$	(0.1)	$	57.6
Interconnect	14.4		16.9		13.1		20.8		6.3		—		(4.8)		66.7
Equipment	10.3		14.1		0.1		36.9		19.2		—		—		80.6
Project-related and other	10.9		14.5		4.4		0.8		1.2		—		(4.1)		27.7
Total programming and other direct costs of services	51.5		50.8		17.6		85.9		35.8		—		(9.0)		232.6
Personnel and contract labor-related	48.4		18.4		12.5		39.4		8.4		20.1		—		147.2
Network-related	30.0		12.4		12.7		7.1		10.2		—		(18.1)		54.3
Service-related	17.7		4.6		2.7		23.1		6.1		7.3		(1.1)		60.4
Commercial	8.4		8.9		0.9		11.7		15.7		—		—		45.6
Facility, provision, franchise and other	34.6		17.3		6.1		49.7		23.1		6.1		(0.1)		136.8
Total significant other operating costs and expenses	139.1		61.6		34.9		131.0		63.5		33.5		(19.3)		444.3
Total significant expenses	$	190.6	$	112.4	$	52.5	$	216.9	$	99.3	$	33.5	$	(28.3)	$	676.9

Schedule of Revenue by Major Category


	Three months ended March 31, 2026
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks (a)		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	114.3	$	30.6	$	—	$	114.6	$	32.2	$	—	$	—	$	291.7
Non-subscription revenue	4.6		0.9		—		6.2		4.4		—		—		16.1
Total residential fixed revenue	118.9		31.5		—		120.8		36.6		—		—		307.8
Residential mobile revenue:
Service revenue	92.2		72.1		—		71.3		79.3		—		—		314.9
Interconnect, inbound roaming, equipment sales and other (b)	17.5		15.0		—		54.5		25.6		3.0		—		115.6
Total residential mobile revenue	109.7		87.1		—		125.8		104.9		3.0		—		430.5
Total residential revenue	228.6		118.6		—		246.6		141.5		3.0		—		738.3



B2B revenue (c)	125.9		56.9		121.2		43.9		16.6		0.5		(26.2)		338.8
Other revenue	—		—		—		5.7		—		—		—		5.7
Total	$	354.5	$	175.5	$	121.2	$	296.2	$	158.1	$	3.5	$	(26.2)	$	1,082.8

(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 $64 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $9 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.


	Three months ended March 31, 2025
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks (a)		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	123.5	$	29.9	$	—	$	118.0	$	33.3	$	—	$	—	$	304.7
Non-subscription revenue	5.4		1.3		—		5.8		9.3		—		—		21.8
Total residential fixed revenue	128.9		31.2		—		123.8		42.6		—		—		326.5
Residential mobile revenue:
Service revenue	89.0		71.2		—		79.0		71.7		—		—		310.9
Interconnect, inbound roaming, equipment sales and other (b)	21.3		15.2		—		45.3		26.1		3.5		—		111.4
Total residential mobile revenue	110.3		86.4		—		124.3		97.8		3.5		—		422.3
Total residential revenue	239.2		117.6		—		248.1		140.4		3.5		—		748.8



B2B revenue (c)	124.7		59.4		110.4		43.7		17.8		0.4		(28.3)		328.1
Other revenue	—		—		—		6.6		—		—		—		6.6
Total	$	363.9	$	177.0	$	110.4	$	298.4	$	158.2	$	3.9	$	(28.3)	$	1,083.5

(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 $60 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.