Company Overview

Liberty Broadband Corporation is a communications company that owns and operates interests in a broad range of communications businesses. The company trades on NASDAQ under three ticker symbols: LBRDA (Class A common stock), LBRDK (Class C non-voting common stock), and LBRDP (preferred stock).

Core Business Structure

Liberty Broadband's principal asset is its ownership in Charter Communications, the second largest cable operator in the United States. The company operates through two main segments:

Charter Segment

Offers subscription-based internet, video, and mobile and voice services; residential and business services including Spectrum Internet, TV, mobile, and voice for small and medium-sized companies; Spectrum Business that delivers broadband products and services for businesses and government entities; Spectrum Enterprise providing fiber-based solutions; and Spectrum Reach delivering advertising and production.

GCI Holdings Segment

Provides data, wireless, video, voice, and managed services to residential, businesses, governmental entities, and educational and medical institutions under the GCI brand primarily in Alaska.

Investment in Charter Communications

As of December 31, 2024, Liberty Broadband's Charter investment had a fair value of $15.5 billion. The company maintains a 26% fully diluted equity interest in Charter and operates under a stockholder agreement requiring it to sell Charter shares to maintain this percentage interest.

Financial Performance

2024 Annual Results

In 2024, Liberty Broadband's revenue was $1.02 billion, an increase of 3.57% compared to the previous year's $981.00 million. Earnings were $869.00 million, representing an increase of 26.31%.

Recent Quarterly Performance

GCI revenue increased 9% in the first quarter of 2025, with consumer revenue increasing 3% driven primarily by growth in rural wireless, including subsidies that support high cost areas. Business revenue increased 13% driven by the continued strong upgrade cycle in schools and healthcare corporations in remote Alaska.

Market Cap and Valuation

As of August 25, 2025, Liberty Broadband has a market cap of $9.00 billion. The company also shows an enterprise value of $11.96 billion, with a trailing P/E ratio of 8.27.

Stock Structure and Dividends

Liberty Broadband offers multiple share classes: The Series A common stock (LBRDA) has one vote per share, the Series B common stock (LBRDB) has ten votes per share and the Series C common stock (LBRDK) is non-voting.

Liberty Broadband Corporation does not currently intend to pay cash dividends on any class of its common stock. However, holders of Liberty Broadband Corporation's Series A Cumulative Redeemable Preferred Stock are entitled to receive quarterly cash dividends.

Outstanding Shares

As of July 31, 2025, the number of outstanding shares of Liberty Broadband's common stock has been reported, with preferred shares outstanding as of June 30, 2025.

Major Corporate Development - Charter Acquisition

On November 12, 2024, Liberty Broadband entered into a definitive agreement to be acquired by Charter. The transaction was approved at Liberty Broadband's special meeting of shareholders on February 26, 2025 and is expected to close on June 30, 2027. Under the merger terms, holders of Liberty Broadband common stock will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock held.

GCI Spin-off Strategy

Liberty Broadband expects to spin off its GCI business in the summer of 2025. This Alaska-focused telecommunications subsidiary continues to expand its network infrastructure, with GCI's net capital expenditures for 2025 expected to be approximately $250 million related to additional investments in middle and last mile connectivity.

Share Repurchase Program

The total remaining repurchase authorization for Liberty Broadband as of January 31, 2025 is approximately $1.7 billion, though repurchases of Liberty Broadband's common stock are restricted by the merger agreement with Charter.

Liberty Broadband represents a strategic investment vehicle primarily focused on cable and broadband communications through its substantial Charter Communications holdings, combined with its Alaska telecommunications operations through GCI.