GCI Liberty, Inc._MARCH 31, 2026

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-42742

GCI Liberty, Inc.

(Exact name of registrant as specified in its charter)

Nevada

36-5128842

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)


12300 Liberty Blvd. Englewood, Colorado	80112
(Address of Principal Executive Offices)	(Zip Code)

(720) 875-5900

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading symbol	Name of each Exchange on which registered
Series A GCI Group common stock	GLIBA	The Nasdaq Stock Market LLC
Series C GCI Group common stock	GLIBK	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock as of April 30, 2026 was:


	Series A	Series B	Series C
GCI Liberty, Inc. GCI Group common stock	3,650,938	400,806	35,853,250

Table of Contents

TABLE OF CONTENTS


		Page

Part I	Financial Information

Item 1.	Financial Statements
	GCI LIBERTY, INC. Condensed Consolidated Balance Sheets (Unaudited)	I-3
	GCI LIBERTY, INC. Condensed Consolidated Statements of Operations (Unaudited)	I-4
	GCI LIBERTY, INC. Condensed Consolidated Statements of Cash Flows (Unaudited)	I-5
	GCI LIBERTY, INC. Condensed Consolidated Statements of Equity (Unaudited)	I-6
	GCI LIBERTY, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)	I-7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	I-16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	I-24
Item 4.	Controls and Procedures	I-25

Part II	Other Information

Item 1.	Legal Proceedings	II-1
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	II-1
Item 5.	Other Information	II-1
Item 6.	Exhibits	II-2


Signatures		II-3

I-2

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GCI LIBERTY, INC.

Condensed Consolidated Balance Sheets

(unaudited)


		March 31,			December 31,
		2026			2025

		amounts in millions, except share amounts
Assets
Current assets:
Cash and cash equivalents		$	435		416
Trade and other receivables, net of allowance for credit losses of $4 and $4, respectively			141		141
Prepaid and other current assets			62		58
Total current assets			638		615
Property and equipment, net			1,266		1,257
Intangible assets not subject to amortization (note 4)
Goodwill			638		638
Cable certificates			149		149
Other			25		25
			812		812
Intangible assets subject to amortization, net (note 4)			364		372
Deferred income tax assets			25		31
Other assets, net			146		147
Total assets			3,251		3,234

Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities			122		123
Deferred revenue			23		23
Current portion of debt (note 5)			4		4
Other current liabilities			44		46
Total current liabilities			193		196
Long-term debt, net (note 5)			977		979
Obligations under tower obligations			63		69
Long-term deferred revenue			128		130
Other liabilities			160		154
Total liabilities			1,521		1,528

Redeemable noncontrolling interest in equity of subsidiary			18		18

Equity
Series A GCI Group common stock, $.01 par value. Authorized 100,000,000 shares; issued and outstanding 3,650,938 at March 31, 2026 and December 31, 2025			—		—
Series B GCI Group common stock, $.01 par value. Authorized 3,750,000 shares; issued and outstanding 400,806 at March 31, 2026 and December 31, 2025			—		—
Series C GCI Group common stock, $.01 par value. Authorized 100,000,000 shares; issued and outstanding 35,853,250 and 35,751,850 at March 31, 2026 and December 31, 2025, respectively			—		—
Additional paid-in capital			2,366		2,360
Retained earnings (deficit)			(654)		(672)
Total equity			1,712		1,688
Commitments and contingencies (note 7)
Total liabilities and equity		$	3,251		3,234

See accompanying notes to condensed consolidated financial statements.

I-3

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GCI LIBERTY, INC.

Condensed Consolidated Statements of Operations

(unaudited)


	Three months ended
	March 31,
	2026		2025

	amounts in millions, except per share amounts
Revenue	$	256	266
Operating costs and expenses:
Operating expense (exclusive of depreciation and amortization)		132	125
Selling, general and administrative expense (including stock-based compensation)		39	30
Depreciation and amortization		52	53
Acquisition costs		3	—
		226	208
Operating income (loss)		30	58
Other income (expense):
Interest expense (including amortization of deferred loan fees)		(8)	(10)
Other, net		4	1
		(4)	(9)
Earnings (loss) before income taxes		26	49
Income tax benefit (expense)		(8)	(14)
Net earnings (loss)	$	18	35
Basic net earnings (loss) attributable to Series A, Series B and Series C GCI Group shareholders per common share (note 2)	$	0.45	1.13
Diluted net earnings (loss) attributable to Series A, Series B and Series C GCI Group shareholders per common share (note 2)	$	0.45	1.13

See accompanying notes to condensed consolidated financial statements.

I-4

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GCI LIBERTY, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Three months ended
	March 31,
	2026		2025

	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	18	35
Adjustments to reconcile net earnings (loss) to net cash from operating activities:
Depreciation and amortization		52	53
Stock-based compensation		8	2
Deferred income tax expense (benefit)		8	(5)
Other, net		(1)	(1)
Change in other assets and liabilities:
Decrease (increase) in accounts receivable		—	16
Amortization of right-of-use asset		12	12
Decrease (increase) in other assets		(8)	(2)
(Decrease) increase in operating lease liabilities		(12)	(12)
(Decrease) increase in taxes payable		—	19
(Decrease) increase in payables and other liabilities		1	2
Net cash provided by (used in) operating activities		78	119
Cash flows from investing activities:
Capital expenditures		(56)	(65)
Grant proceeds received for capital expenditures		1	16
Other investing activities, net		—	3
Net cash provided by (used in) investing activities		(55)	(46)
Cash flows from financing activities:
Borrowings of debt		—	451
Repayment of debt and tower obligations		(2)	(449)
Other financing activities, net		(2)	(1)
Net cash provided by (used in) financing activities		(4)	1
Net increase (decrease) in cash, cash equivalents and restricted cash		19	74
Cash, cash equivalents and restricted cash, beginning of period		429	75
Cash, cash equivalents and restricted cash, end of period	$	448	149

The following table reconciles cash and cash equivalents and restricted cash reported in the Company’s condensed consolidated balance sheets to the total amount presented in its condensed consolidated statements of cash flows:



	March 31,		December 31,
	2026		2025

	amounts in millions
Cash and cash equivalents	$	435	416
Restricted cash included in other current assets		6	8
Restricted cash included in other long-term assets		7	5
Total cash and cash equivalents and restricted cash at end of period	$	448	429

See accompanying notes to condensed consolidated financial statements.

I-5

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GCI LIBERTY, INC.

Condensed Consolidated Statements of Equity

(unaudited)