Liberty Broadband Corporation — Cyborg Score 7/10

Solid
Telecom Services / Cable Communications

Strategic Profile

GCI Holdings provides data, wireless, video, voice, and managed services primarily in Alaska. Strategic priorities include investing in network infrastructure, completing build-out commitments under the Alaska plan, driving value through convergence, and bridging the digital divide through rural expansion.

Cyborg Score Rationale

The company reported record revenue of over $1 billion and adjusted EBITDA of more than $400 million for 2025. Free cash flow jumped to $146 million for the year, an increase of more than 70% compared with 2024. However, the company experienced a 3% decline in data subscribers year-over-year.

Top Insights

  • Successfully completed a rights offering generating approximately $300 million in net proceeds, providing flexibility for strategic acquisitions and investments.
  • Advancing DOCSIS 4.0-capable upgrades with 2.5 Gbps offerings, and upgrading Anchorage network infrastructure to scale speeds to 5 Gbps and beyond.
  • Provisionally awarded approximately $120 million in BEAD fund to support expansion in unserved locations.
  • Facing subscriber losses and outage-related challenges, including temporary operational impacts.

Named Competitors

  • Xfinity — Largest US cable operator providing broadband, video and voice
  • Spectrum — Second largest US cable operator with broadband and video services
  • AT&T Internet — Telecom provider offering broadband, video and wireless services
  • Fios — Fiber-optic broadband and video services

Recent Developments

  • (February 2026) Record 2025 revenue of $1.0 billion with adjusted EBITDA of $403 million; successfully completed $300 million rights offering
  • (February 2026) Provisionally awarded $120 million in BEAD grants for rural broadband expansion in Alaska
  • (February 2026) Data subscriber losses of 4,500 offset by 2% growth in wireless subscribers to 207,500 lines

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