Liberty Capital Declares First Quarterly Dividend and Buyback

The Tip Desk · November 11, 2026 · 3 min read

Adjusted OIBDA rose 10% to $101 million in the third quarter as revenue reached $267 million.

Liberty Capital Corporation (GLIBA), the Englewood, Colorado holding company whose principal operating asset is GCI Holdings, reported third-quarter 2026 revenue of $267 million, up 4% from a year earlier, and Adjusted OIBDA of $101 million, up 10%. Operating income was $36 million.

That mix reversed the second quarter, when revenue was flat at $261 million and Adjusted OIBDA declined 11% to $96 million. Adjusted OIBDA margin expanded 200 basis points to 37.8% from a year earlier. The company said the $9 million increase in Adjusted OIBDA was driven by higher revenue.

Consumer revenue rose 3% to $118 million, which the company attributed to wireless. Wireless revenue increased 4% to $54 million, with consumer wireless lines in service up 1% to 202,000. Consumer data revenue rose 2% to $60 million from a small broadband provider acquired in the second quarter, partially offset by an organic decrease in data subscribers; broadband subscribers were 154,500. Consumer gross margin was 72.0%.

Business revenue increased 5% to $149 million, which the company said was driven by data. Business data revenue rose 6% to $132 million from service upgrades with existing healthcare and education customers. Business wireless revenue declined 10% to $9 million, and business wireless lines in service fell 4% to 7,900. Business gross margin was 78.5%.

Capital expenditures, net of grant proceeds, were $77 million in the quarter, up 48% from a year earlier. Year to date, GCI has spent $202 million, net of grant proceeds, on capital expenditures related primarily to improvements to the rural wireless and state-wide data networks in Alaska. GCI’s net capital expenditures for the full year 2026 are expected to be $290 million, including $20 million carried over from 2025 due to normal course timing shifts. A significant portion of the increased capital expenditures in 2026 is related to hybrid fiber-coaxial network improvements in urban Alaska.

On a trailing twelve-month basis through September 30, 2026, net cash provided by operating activities totaled $311 million and free cash flow was $37 million, down from $59 million through June 30. Cash, cash equivalents and restricted cash decreased $93 million to $417 million in the third quarter, primarily due to incremental debt reduction. Total debt fell $100 million to $1,163 million, and GCI leverage as defined in its credit agreement was 2.7x.

Subsequent to quarter end, GCI amended its credit agreement on October 28, 2026, adding a $270 million incremental senior secured Term A-3 loan facility maturing October 28, 2031, which followed a $30 million increase to its revolving credit facility to $480 million on October 16. Proceeds from the Term A-3 loan, together with revolver borrowings, were used to retire all outstanding principal of GCI’s 4.750% Senior Notes due 2028 at 100% of principal plus accrued and unpaid interest, extending GCI’s earliest maturity to 2030. Pro-forma for those financings and the retirement, GCI’s leverage is effectively unchanged. GCI expects to close the Quintillion acquisition shortly.

The board declared a first-ever quarterly dividend of $0.375 per share of GCI Group common stock, payable December 15, 2026 to holders of record on November 30. In the prior quarter the company had only stated an intent to initiate a recurring quarterly dividend of about $60 million annualized. The board also authorized an inaugural $100 million share repurchase program for GCI Group common stock. Chief executive Ron Duncan said the capital-allocation initiatives reflect confidence in the business’s cash-generating power while preserving balance-sheet capacity for future growth investments.