Liberty Latin America Q2 Results: Revenue Up 1% YoY, OIBDA Rises 5% to $436M
Liberty Latin America reported Q2 2026 revenue of $1,103 million (up 1% YoY) and Adjusted OIBDA of $436 million (up 5% YoY), with Adjusted OIBDA margin expanding to 39.5% from 38.2%. Operating income recovered sharply to $181 million from a loss of $(333) million in Q2 2025, driven by lower impairment charges. The company gained 45,000 postpaid and broadband net adds, distributed $500 million of preferred stock, declared a quarterly preferred dividend of $0.5625 per share, and announced a 10-year Amdocs IT partnership expected to deliver over $250 million in NPV. Share repurchases exceeded $60 million year-to-date, and the consolidated net leverage ratio stood at 4.6x as of June 30, 2026.
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Liberty Latin America Ltd. reported its financial and operating results for the three months and six months ended June 30, 2026, delivering revenue growth, a return to Adjusted OIBDA expansion, and a significant improvement in free cash flow generation. The company also announced a strategic partnership with Amdocs and completed a preferred stock distribution during the quarter.
Q2 2026 Financial Highlights
The following table summarizes key financial metrics for Q2 2026 and the first half of 2026 compared to prior-year periods (USD in millions):
| Metric: | Q2 2026 | Q2 2025 | YoY Change | YTD 2026 | YTD 2025 | YoY Change |
|---|---|---|---|---|---|---|
| Revenue: | $1,103 | $1,087 | +1% | $2,185 | $2,170 | +1% |
| Operating Income (Loss): | $181 | $(333) | +154% | $326 | $(205) | +259% |
| Adjusted OIBDA: | $436 | $415 | +5% | $841 | $822 | +2% |
| Adjusted OIBDA Margin: | 39.5% | 38.2% | — | 38.5% | 37.9% | — |
| Property & Equipment Additions: | $179 | $150 | +19% | $289 | $271 | +7% |
| Adjusted FCF: | $58 | $(41) | — | $(6) | $(174) | — |
| Cash from Operating Activities: | $217 | $141 | — | $259 | $166 | — |
Reported revenue for Q2 2026 was 1% higher compared to the prior-year period. On a rebased basis (adjusting for foreign exchange impacts), revenue was flat in Q2 and declined 1% in the first half. The improvement in operating income was primarily driven by declines in impairment, restructuring and other operating items — the company incurred impairment on spectrum assets during the 2025 periods — as well as increases in Adjusted OIBDA.
Segment Revenue Performance
The following table presents segment revenue for the three and six months ended June 30, 2026 and 2025 (in millions):
| Segment: | Q2 2026 | Q2 2025 | % Change | Rebased % | H1 2026 | H1 2025 | % Change | Rebased % |
|---|---|---|---|---|---|---|---|---|
| Liberty Caribbean: | $361.7 | $366.3 | (1)% | (2)% | $716.2 | $730.2 | (2)% | (2)% |
| C&W Panama: | $176.9 | $177.3 | —% | —% | $352.4 | $354.3 | (1)% | (1)% |
| Liberty Networks: | $130.4 | $114.6 | +14% | +10% | $251.6 | $225.0 | +12% | +9% |
| Liberty Puerto Rico: | $287.5 | $301.3 | (5)% | (5)% | $583.7 | $599.7 | (3)% | (3)% |
| Liberty Costa Rica: | $168.5 | $151.3 | +11% | —% | $326.6 | $309.5 | +6% | (2)% |
| Corporate: | $3.6 | $3.8 | (5)% | (5)% | $7.1 | $7.7 | (8)% | (8)% |
| Total: | $1,102.6 | $1,086.7 | +1% | —% | $2,185.4 | $2,170.2 | +1% | (1)% |
Liberty Caribbean revenue declined 1% reported and 2% rebased in Q2, with Hurricane Melissa negatively impacting revenue by $6 million on a net basis. Residential mobile subscription revenue grew 8%, driven by rising fixed-mobile convergence (FMC) penetration and strong postpaid subscriber additions. Residential fixed revenue declined 8% on a rebased basis due to continued headwinds from offline and lost subscribers from Hurricane Melissa.
C&W Panama revenue was flat in Q2. Total residential revenue grew 1%, supported by double-digit expansion in the postpaid subscriber base. B2B revenue was down 3% in Q2, driven by a decline in rates related to data services provided to government-related agencies.
Liberty Networks revenue increased 14% reported and 10% rebased, driven by the El Salvador subsea build project and lease capacity sales in the Wholesale business. Enterprise continued to register low single-digit growth in the quarter.
Liberty Puerto Rico revenue was down 5%, reflecting pressure on mobile from a lower prepaid subscriber base following the Boost migration and lower roaming revenue, as well as lower residential fixed pricing.
Liberty Costa Rica revenue was up 11% reported and flat on a rebased basis. Residential mobile revenue grew 6% rebased, while residential fixed revenue fell 11% rebased.
Adjusted OIBDA by Segment
The following table presents Adjusted OIBDA by segment for Q2 2026 and H1 2026 (in millions):
| Segment: | Q2 2026 | Q2 2025 | % Change | Rebased % | H1 2026 | H1 2025 | % Change | Rebased % |
|---|---|---|---|---|---|---|---|---|
| Liberty Caribbean: | $164.5 | $173.8 | (5)% | (6)% | $327.9 | $347.1 | (6)% | (6)% |
| C&W Panama: | $65.4 | $68.6 | (5)% | (5)% | $129.1 | $133.2 | (3)% | (3)% |
| Liberty Networks: | $66.7 | $60.8 | +10% | +9% | $121.9 | $118.7 | +3% | +2% |
| Liberty Puerto Rico: | $92.7 | $87.0 | +7% | +7% | $183.8 | $168.5 | +9% | +9% |
| Liberty Costa Rica: | $63.8 | $54.0 | +18% | +7% | $120.3 | $112.9 | +7% | (1)% |
| Corporate: | $(17.1) | $(29.2) | +41% | +41% | $(41.9) | $(58.8) | +29% | +29% |
| Total: | $436.0 | $415.0 | +5% | +3% | $841.1 | $821.6 | +2% | +1% |
Strong Adjusted OIBDA expansion at Liberty Costa Rica (+18% reported), Liberty Puerto Rico (+7%), and Liberty Networks (+10%) was partially offset by declines at Liberty Caribbean and C&W Panama, both impacted by Hurricane Melissa headwinds ($6 million net impact at the Adjusted OIBDA level in Q2) and higher costs, respectively. Liberty Costa Rica's improvement reflected cost-saving initiatives, principally reductions in commercial costs including call center expenses and sales commissions.
Operating Highlights
The following table presents key subscriber metrics comparing Q2 2026 to Q1 2026:
| Metric: | Q2 2026 | Q1 2026 |
|---|---|---|
| Total Customers: | 1,839,200 | 1,831,600 |
| Organic Customer Additions (Losses): | 7,600 | (3,300) |
| Fixed RGUs: | 3,883,500 | 3,848,500 |
| Organic RGU Additions: | 35,000 | 11,900 |
| Organic Internet Additions: | 12,100 | 1,800 |
| Mobile Subscribers: | 6,759,800 | 6,809,100 |
| Organic Mobile Additions (Losses): | (49,300) | 15,100 |
| Organic Postpaid Additions: | 33,100 | 50,200 |
C&W Panama recorded the highest subscriber additions in the group across both broadband and postpaid. Liberty Puerto Rico recorded its third consecutive quarter of postpaid additions. Liberty Caribbean showed continued recovery in online fixed RGUs in Jamaica, though prepaid mobile losses weighed on total mobile subscriber counts.
Business Highlights
- Liberty Caribbean: Hurricane impacts lessening though still affecting year-over-year growth; strong performance in postpaid mobile driven by FMC; continued recovery in fixed RGUs in Jamaica.
- C&W Panama: Highest subscriber additions in the group across broadband and postpaid; accelerating broadband additions on higher gross adds and lower churn; healthy prepaid additions despite prepaid-to-postpaid migration.
- Liberty Networks: Revenue and Adjusted OIBDA supported by large subsea build project; geopolitics driving increased carrier and enterprise interest in Venezuela.
- Liberty Puerto Rico: Third consecutive quarter of postpaid additions; traction on SIM-only product; diminishing fixed broadband losses following network-quality focus.
- Liberty Costa Rica: Holding firm on volumes in competitive fixed market; cost savings starting to flow, driving up Adjusted OIBDA.
Strategic Developments and Capital Allocation
Liberty Latin America announced a 10-year strategic agreement with Amdocs to bring greater scale, specialized expertise, and expanded technology and AI capabilities to its IT operations. The transaction is expected to deliver in excess of $250 million in NPV to the company, supporting efforts to improve the cost base, drive Adjusted OIBDA margin expansion, and improve capital efficiency.
During Q2 2026, the company distributed $500 million of preferred stock and declared its first quarterly cash dividend on its 9.0% Series A Cumulative Redeemable Preferred Stock of $0.5625 per share, payable September 15, 2026 to stockholders of record as of September 1, 2026.
Share repurchases have been accelerated into Q3 2026. Through 2026 to date, the buyback program has exceeded $60 million, with the company indicating it will remain opportunistic on further purchases.
Debt and Liquidity
The following table summarizes consolidated debt and liquidity as of June 30, 2026 and March 31, 2026 (in millions):
| Metric: | June 30, 2026 | March 31, 2026 |
|---|---|---|
| Total Debt: | $8,527.5 | — |
| Finance Lease Obligations: | $6.9 | — |
| Total Debt & Finance Leases: | $8,534.4 | — |
| Cash, Cash Equivalents & Restricted Cash: | $746.9 | — |
| Consolidated Gross Leverage Ratio: | 5.1x | 4.9x |
| Consolidated Net Leverage Ratio: | 4.6x | 4.5x |
| Weighted Average Debt Tenor: | 4.0 years | 4.2 years |
| Fully-Swapped Borrowing Costs: | 6.9% | 6.7% |
| Unused Borrowing Capacity: | $864.3 | $790.3 |
The consolidated debt-to-operating income ratio improved to 13.1x as of June 30, 2026, from 15.6x as of March 31, 2026, reflecting the improvement in annualized operating income.
About Liberty Latin America
Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty, and Más Móvil. The company offers digital video, broadband internet, telephony, and mobile services to residential and business customers, and operates a subsea and terrestrial fiber optic cable network connecting over 30 markets in the region. Liberty Latin America's shares trade on NASDAQ under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under "LILAB" (Class B). Its preferred shares trade on NASDAQ under "LILAP".
How will the 10-year Amdocs partnership specifically accelerate Liberty Latin America's AI integration timelines and impact long-term IT cost structures?
What is the projected timeline for Liberty Caribbean to fully recover Adjusted OIBDA margins following the $6 million net impact from Hurricane Melissa?
Will the accelerated share repurchase program in Q3 2026 signal a shift in capital allocation priorities away from network expansion or debt reduction?
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