Liberty Global Plc (LBTYK) Cash Flow Statement
Where LBTYK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.21B −40.4% vs 2024
- Capital expenditures
- $1.34B 27.5% of revenue
- Free cash flow
- −$132.0M −2.7% margin
- Returned to shareholders
- $437.9M
- Change in cash
- $264.8M cash at year-end $2.09B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LBTYK operating cash flow, capex and free cash flow
LBTYK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.94B2016 | $1.21B2025 | −16.2%/yr | |
| Capital expenditures | $1.54B2016 | $1.34B2025 | −1.5%/yr | |
| Free cash flow | $4.40B2016 | −$132.0M2025 | — | |
| Free cash flow margin | 32.1%2016 | −2.7%2025 | −34.8 pts | |
| Operating cash flow / net income | 3.482016 | 1.282024 | −2.20 | |
| Stock-based compensation | $268.1M2016 | $169.4M2025 | −5.0%/yr | |
| Dividends paid | $427.6M2023 | $245.8M2025 | −24.2%/yr | |
| Share buybacks (net) | $1.97B2016 | $192.1M2025 | −22.8%/yr | |
| Capex / revenue | 11.2%2016 | 27.5%2025 | +16.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LBTYK cash flow by activity
LBTYK net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LBTYK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$7.10B | $1.59B | −$4.05B | $1.47B | $13.43B | −$1.63B | $11.52B | $725.3M | −$2.78B | $1.71B |
| Depreciation & amortization | $1.04B | $1.00B | $1.22B | $1.09B | $2.35B | $2.23B | $3.65B | $3.86B | $3.79B | $4.12B |
| Stock-based compensation | $169.4M | $168.3M | $204.8M | $163.2M | $308.1M | $348.0M | $305.8M | $206.0M | $162.2M | $268.1M |
| Change in working capital | $15.5M | $410.5M | $593.4M | $199.5M | $707.1M | $947.3M | $877.0M | $635.4M | $466.1M | $362.8M |
| Other non-cash items | $7.08B | −$1.14B | $4.20B | −$91.7M | −$13.25B | $2.29B | −$11.77B | $538.2M | $4.07B | −$513.0M |
| Cash from operating activities | $1.21B | $2.03B | $2.17B | $2.84B | $3.55B | $4.19B | $4.59B | $5.96B | $5.71B | $5.94B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.34B | −$908.5M | −$921.9M | −$891.3M | −$1.41B | −$1.29B | −$1.17B | −$1.45B | −$1.25B | −$1.54B |
| Investments (net) | $415.2M | $684.7M | −$1.84B | $257.4M | −$1.21B | −$2.33B | $9.27B | −$52.6M | $2.32B | $6.4M |
| Acquisitions & other investing | $53.0M | $908.5M | $921.9M | $1.91B | −$3.17B | −$5.25B | $1.17B | $1.59B | −$1.63B | −$5.51B |
| Cash from investing activities | −$874.9M | $684.7M | −$1.84B | $1.28B | −$5.80B | −$8.87B | $9.27B | $87.3M | −$560.8M | −$7.04B |
| Financing activities | ||||||||||
| Dividends paid | −$245.8M | −$329.3M | −$427.6M | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | −$192.1M | −$689.8M | −$1.49B | −$1.70B | −$1.58B | −$1.07B | −$3.22B | −$2.01B | −$2.98B | −$1.97B |
| Net borrowing (repayment) | −$68.3M | $67.2M | $1.99B | −$1.00B | $970.0M | $2.65B | −$3.68B | −$3.77B | −$435.9M | $1.14B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $280.1M | −$1.30B | −$761.4M | −$567.9M | −$935.5M | −$499.0M | −$275.3M | −$405.8M | −$1.27B | $2.53B |
| Cash from financing activities | −$226.1M | −$2.25B | −$692.4M | −$3.28B | −$1.55B | $1.08B | −$7.18B | −$6.19B | −$4.68B | $1.70B |
| Summary | ||||||||||
| Net change in cash | $264.8M | $399.4M | −$309.5M | $815.1M | −$3.80B | −$3.46B | $6.68B | −$184.5M | $595.4M | $379.8M |
| Cash at end of period | $2.09B | $1.82B | $1.42B | $1.73B | $917.3M | $4.72B | $8.18B | $1.50B | $1.68B | $1.09B |
| Free cash flow | −$132.0M | $1.12B | $1.24B | $1.95B | $2.14B | $2.89B | $3.42B | $4.51B | $4.46B | $4.40B |
| Free cash flow margin | −2.7% | 25.9% | 30.2% | 48.5% | 20.8% | 25.1% | 30.7% | 37.7% | 39.5% | 32.1% |
| Capex / revenue | 27.5% | 20.9% | 22.4% | 22.2% | 13.7% | 11.2% | 10.5% | 12.2% | 11.1% | 11.2% |
| Operating cash flow / net income | — | 1.28 | — | 1.93 | 0.26 | — | 0.40 | 8.22 | — | 3.48 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$357.8M | $337.8M | $358.2M | −$83.4M | −$2.77B | −$1.32B | $2.24B | −$1.43B | $268.1M | $510.0M | −$3.49B | $659.2M |
| Depreciation & amortization | $262.5M | $264.8M | $264.8M | $275.9M | $250.8M | $232.2M | $10.8M | $245.0M | $282.7M | $222.7M | $633.4M | $584.0M |
| Stock-based compensation | $43.9M | $37.1M | $37.1M | $46.6M | $49.4M | $33.4M | $33.0M | $52.9M | $43.4M | $39.0M | $30.4M | $54.8M |
| Change in working capital | $40.7M | −$9.2M | −$9.2M | $19.7M | −$76.5M | −$67.2M | −$20.3M | −$3.2M | $37.3M | −$69.2M | −$23.2M | −$39.3M |
| Other non-cash items | $241.6M | −$522.9M | −$543.3M | $43.0M | $2.70B | $1.25B | −$1.48B | $1.59B | −$85.4M | −$456.8M | $3.69B | −$931.6M |
| Cash from operating activities | $230.9M | $107.6M | $107.6M | $301.8M | $149.2M | $129.2M | $791.6M | $449.5M | $546.1M | $245.7M | $839.2M | $327.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$347.9M | −$397.6M | −$397.6M | −$342.9M | −$319.3M | −$243.3M | −$170.3M | −$347.1M | −$185.0M | −$206.1M | −$94.3M | −$327.8M |
| Investments (net) | $634.8M | $172.4M | $132.3M | −$360.9M | −$299.4M | $52.5M | $349.8M | $24.2M | $522.4M | −$211.7M | −$878.6M | $519.9M |
| Acquisitions & other investing | $104.9M | $2.2M | $42.3M | $342.9M | $319.3M | $243.3M | $170.3M | $347.1M | $185.0M | $206.1M | $94.3M | $327.8M |
| Cash from investing activities | $391.8M | −$223.0M | −$223.0M | −$360.9M | −$299.4M | $52.5M | $349.8M | $24.2M | $522.4M | −$211.7M | −$878.6M | $519.9M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | −$245.8M | — | — | — | −$329.3M | — | — | — | −$427.6M | — |
| Share repurchases & issuance (net) | $0 | $0 | −$33.9M | −$56.2M | −$64.1M | −$37.9M | −$172.1M | −$171.2M | −$170.2M | −$176.3M | −$361.6M | −$524.8M |
| Net borrowing (repayment) | −$35.1M | −$105.2M | $91.9M | −$5.9M | −$132.2M | −$22.1M | $162.3M | −$20.7M | — | — | — | $793.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $13.0M | −$8.8M | $73.8M | −$20.3M | $71.5M | −$6.2M | −$1.26B | $15.0M | −$19.1M | −$107.7M | $439.9M | −$906.8M |
| Cash from financing activities | −$22.1M | −$114.0M | −$114.0M | −$82.4M | −$124.8M | −$66.2M | −$1.60B | −$176.9M | −$189.3M | −$284.0M | −$349.3M | −$638.1M |
| Summary | ||||||||||||
| Net change in cash | $590.4M | −$253.1M | −$253.2M | −$142.4M | −$166.1M | $166.3M | −$542.0M | $345.2M | $871.8M | −$275.6M | −$325.6M | $176.7M |
| Cash at end of period | $2.42B | $1.83B | $1.83B | $1.68B | $1.82B | $1.99B | $1.82B | $2.36B | $2.02B | $1.15B | $1.42B | $1.75B |
| Free cash flow | −$117.0M | −$290.0M | −$290.0M | −$41.1M | −$170.1M | −$114.1M | $621.3M | $102.4M | $361.1M | $39.6M | $933.5M | −$699,999 |
| Free cash flow margin | −10.0% | −22.8% | −22.8% | −3.4% | −13.4% | −9.7% | — | 9.6% | 34.1% | 3.6% | 48.6% | −0.0% |
| Capex / revenue | 29.7% | 31.2% | 31.2% | 28.4% | 25.2% | 20.8% | — | 32.5% | 17.5% | 18.9% | 4.9% | 17.7% |
| Operating cash flow / net income | — | 0.32 | 0.30 | — | — | — | 0.35 | — | 2.04 | 0.48 | — | 0.50 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LBTYK cash generation
In fiscal 2025 (ended December 31, 2025), Liberty Global generated $1.2 billion of cash from operations (down 40.4%) and spent $1.3 billion on capital expenditures, leaving free cash flow of -$132.0 million, −2.7% of revenue. It returned $437.9 million to shareholders through dividends ($245.8 million) and net share buybacks ($192.1 million). Cash and equivalents rose by $264.8 million over the year.
Related: LBTYK income statement, LBTYK balance sheet. See the LBTYK stock overview for the latest quote and news.
LBTYK cash flow FAQ
What is Liberty Global's free cash flow?
Liberty Global's free cash flow was -$132.0 million in fiscal 2025: $1.2 billion of operating cash flow minus $1.3 billion of capital expenditures It was $1.1 billion a year earlier..
How much cash does Liberty Global generate from operations?
Liberty Global generated $1.2 billion of cash from operating activities in fiscal 2025.
How much does Liberty Global spend on capital expenditures?
Liberty Global spent $1.3 billion on capital expenditures in fiscal 2025, 27.5% of revenue, compared with $908.5 million the year before.
How much stock does Liberty Global buy back?
Liberty Global spent $192.1 million on net share repurchases in fiscal 2025.
How much does Liberty Global pay in dividends?
Liberty Global paid $245.8 million in dividends in fiscal 2025.