0001570585-26-000014 | 10-K | XBRL Viewer

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Segment Reporting (Schedule of Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Property and equipment additions	$ 1,362.8	$ 1,061.9	$ 1,014.4
Assets acquired under capital-related vendor financing arrangements	(85.5)	(76.8)	(96.3)
Assets acquired under finance leases	(1.1)	(7.4)	(20.9)
Changes in current liabilities related to capital expenditures	66.9	(69.2)	24.7
Total capital expenditures, net	1,343.1	908.5	921.9
VMO2 JV And VodafoneZiggo JV
Segment Reporting Information [Line Items]
Property and equipment additions	3,609.5	3,590.2	3,468.7
Operating Segments \| Reportable Segment
Segment Reporting Information [Line Items]
Property and equipment additions	4,931.6	4,640.2	4,392.0
Operating Segments \| Telenet
Segment Reporting Information [Line Items]
Property and equipment additions	1,105.8	876.6	746.6
Operating Segments \| VM Ireland
Segment Reporting Information [Line Items]
Property and equipment additions	216.3	173.4	176.7
Operating Segments \| VMO2 JV
Segment Reporting Information [Line Items]
Property and equipment additions	2,622.0	2,661.3	2,478.9
Operating Segments \| VodafoneZiggo JV
Segment Reporting Information [Line Items]
Property and equipment additions	987.5	928.9	989.8
Central and Other
Segment Reporting Information [Line Items]
Property and equipment additions	81.9	49.7	129.1
Intersegment Eliminations
Segment Reporting Information [Line Items]
Property and equipment additions	$ (41.2)	$ (37.8)	$ (38.0)

Segment Reporting (Schedule of Intersegment Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Programming and other direct costs of services	$ 1,670.5	$ 1,450.7	$ 1,285.5
Operating expenses	4,901.8	4,402.0	4,429.6
VMO2 JV
Segment Reporting Information [Line Items]
Programming and other direct costs of services	4,155.1	4,710.7	4,645.4
Operating expenses	4,517.3	4,435.6	4,397.4
VodafoneZiggo JV
Segment Reporting Information [Line Items]
Programming and other direct costs of services	983.8	912.2	903.9
Operating expenses	1,557.0	1,504.4	1,574.1
Telenet
Segment Reporting Information [Line Items]
Programming and other direct costs of services	772.9	764.5	789.1
Operating expenses	1,131.2	1,027.7	984.9
VM Ireland
Segment Reporting Information [Line Items]
Programming and other direct costs of services	127.2	127.7	139.0
Operating expenses	$ 187.3	$ 185.4	$ 185.7

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

Investments (Schedule of Recorded Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 4,878.5	$ 4,341.9	$ 4,115.8
VMO2 JV
Schedule of Equity Method Investments [Line Items]
Revenue	13,335.2	13,649.7	13,574.1
VMO2 JV \| Related party
Schedule of Equity Method Investments [Line Items]
Revenue	386.6	402.5	190.1
VMO2 JV \| Fixed fee \| Related party
Schedule of Equity Method Investments [Line Items]
Revenue	225.6	202.4	117.7
VMO2 JV \| Variable charges \| Related party
Schedule of Equity Method Investments [Line Items]
Revenue	$ 161.0	$ 200.1	$ 72.4

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting, Measurement Disclosures [Abstract]

Segment Reporting

Our chief executive officer, whom we have determined to be our Chief Operating Decision Maker (CODM), views our business as three strategic platforms, “Liberty Telecom” (our converged broadband, video and mobile communications businesses), “Liberty Growth” (our global investment arm comprised of various technology, media, sports, infrastructure and other growth assets) and “Liberty Services” (our innovative technology, operational and financial services platforms offered by our centralized functions), each as further discussed below. Performance of our business is assessed and resources are allocated by our CODM on a segment basis. We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA (as defined below) or (ii) those equity method affiliates where revenue or our share of Adjusted EBITDA represents 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. Adjusted EBITDA is the primary measure used by our CODM to evaluate segment operating performance and make decisions about allocating resources to our operating segments. The CODM uses Adjusted EBITDA to evaluate income generated from our segment assets in deciding whether to reinvest profits into other areas of our business, such as for acquisitions or investments. Adjusted EBITDA is also used to monitor budget versus actual results, which is used in assessing the performance of segments in comparison with one another and in establishing management’s compensation. The significant accounting policies of our segments are the same as those described in note 3. In addition, our CODM reviews non-financial measures such as customer growth, as appropriate, but does not review any measure of total assets.

As we use the term, “Adjusted EBITDA” is defined as earnings (loss) from continuing operations before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (a) readily view operating trends, (b) perform analytical comparisons and benchmarking between segments and (c) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes is presented below.

As of December 31, 2025, our reportable segments are as follows:

Consolidated:

•Telenet

•VM Ireland

Nonconsolidated:

•VMO2 JV

•VodafoneZiggo JV

Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV are included in our “Liberty Telecom” strategic platform and derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services.

During the fourth quarter of 2024, our previously defined “Central and Other” reportable segment was reorganized into various other operating segments, which are not separately or in the aggregate identified as reportable segments. Prior periods have been revised in accordance with this reorganization.

The “Liberty Growth” strategic platform, included in the “all other category,” comprises certain investments in technology, media, sports and infrastructure companies that we view as scalable businesses, which derive their revenue from providing various goods, services and content to customers (Liberty Growth).

The “Liberty Services” strategic platform, included in the “all other category,” primarily includes our technology and services operating segments that generate revenue through (i) sales of CPE to our reportable segments and certain third parties and (ii) providing certain centralized back office functions, including network operations and technology solutions (Liberty Services).

We also have certain corporate activities that are included in the “all other category,” which include (i) revenue associated with certain finance and administrative services provided to various third parties and affiliates pursuant to service agreements and (ii) costs associated with certain centralized functions including billing systems, marketing, facilities, finance and other administrative functions.

Liberty Growth, Liberty Services and our corporate activities are all included in the “all other category” as they do not meet the reportable segment quantitative thresholds.

We present only the reportable segments of our continuing operations in the tables below.

Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our reportable segments capitalize the combined cost of the CPE hardware and a portion of the essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.

During the second quarter of 2023, we determined to market and sell certain of our internally-developed software to third parties. As a result of these strategic and operational changes, from May 2023, proceeds from the licensing and related sale of products from this internally-developed software (including proceeds generated from our arrangements with the VMO2 JV and the VodafoneZiggo JV) were applied against the net book value of our existing internally-developed capitalized software. As of December 31, 2023, the net book value of our existing internally-developed software was reduced to zero, after which time we began recognizing revenue for such licensing and related sale of products. Further, from May 2023, we expense the costs of development of such software due to the fact that it is able to be externally marketed to third parties. During the year ended December 31, 2023, revenue was reduced by $127.7 million, including $69.3 million from the VMO2 JV and $41.0 million from the VodafoneZiggo JV, as a result of this change and the associated accounting treatment.

Performance Measures of our Reportable Segments

The amounts presented in the tables below represent 100% of each of our consolidated and nonconsolidated reportable segment’s revenue, expenses and Adjusted EBITDA, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% interests in both the VMO2 JV and the VodafoneZiggo JV under the equity method; accordingly, our share of their operating results is included in share of results of affiliates, net in our consolidated statements of operations. The noncontrolling interests at Telenet and Formula E are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.


	Revenue
	Third-party and affiliate		Intersegment		Total
	in millions

Year ended December 31, 2025:
Telenet	$	3,207.7	$	0.2	$	3,207.9
VM Ireland	494.8		—		494.8
VMO2 JV (nonconsolidated)	13,335.2		—		13,335.2
VodafoneZiggo JV (nonconsolidated)	4,518.5		—		4,518.5
Total reportable segment revenue	$	21,556.2	$	0.2	21,556.4
Plus: all other category (a)					1,341.3
Less: nonconsolidated JV revenue					(17,853.7)
Less: elimination of intercompany consolidated revenue (b)					(165.5)
Total consolidated revenue					$	4,878.5

Year ended December 31, 2024:
Telenet	$	3,084.2	$	0.2	$	3,084.4
VM Ireland	487.9		3.5		491.4
VMO2 JV (nonconsolidated)	13,649.7		—		13,649.7
VodafoneZiggo JV (nonconsolidated)	4,450.5		—		4,450.5
Total reportable segment revenue	$	21,672.3	$	3.7	21,676.0
Plus: all other category (a)					1,013.6
Less: nonconsolidated JV revenue					(18,100.2)
Less: elimination of intercompany consolidated revenue (b)					(247.5)
Total consolidated revenue					$	4,341.9

Year ended December 31, 2023:
Telenet	$	3,089.2	$	—	$	3,089.2
VM Ireland	502.3		3.8		506.1
VMO2 JV (nonconsolidated)	13,574.1		—		13,574.1
VodafoneZiggo JV (nonconsolidated)	4,450.5		—		4,450.5
Total reportable segment revenue	$	21,616.1	$	3.8	21,619.9
Plus: all other category (a)					776.2
Less: nonconsolidated JV revenue					(18,024.6)
Less: elimination of intercompany consolidated revenue (b)					(255.7)
Total consolidated revenue					$	4,115.8

_____________

(a)Amounts include revenue from:


	Year ended December 31,
	2025		2024		2023
	in millions

Services agreements with our nonconsolidated JV reportable segments (as further described in note 7)	$	591.1	$	594.9	$	382.0
Third parties and affiliates	584.9		174.9		142.3
Consolidated reportable segments	165.3		243.8		251.9
Total	$	1,341.3	$	1,013.6	$	776.2

(b)Primarily reflects the elimination of (i) the revenue recognized related to the Tech Framework and (ii) for 2024 and 2023, transactions between our continuing and discontinued operations.

The expense categories and amounts presented below align with the segment-level information that is regularly provided to the CODM. These amounts include intersegment expenses and are exclusive of share-based compensation expense.


	Year ended December 31,
	2025				2024				2023
	Programming and other direct costs of services		Operating expenses		Programming and other direct costs of services		Operating expenses		Programming and other direct costs of services		Operating expenses
	in millions

Consolidated reportable segments:
Telenet	$	772.9	$	1,131.2	$	764.5	$	1,027.7	$	789.1	$	984.9
VM Ireland	$	127.2	$	187.3	$	127.7	$	185.4	$	139.0	$	185.7

Nonconsolidated reportable segments:
VMO2 JV	$	4,155.1	$	4,517.3	$	4,710.7	$	4,435.6	$	4,645.4	$	4,397.4
VodafoneZiggo JV	$	983.8	$	1,557.0	$	912.2	$	1,504.4	$	903.9	$	1,574.1


	Adjusted EBITDA
	Year ended December 31,
	2025		2024		2023
	in millions

Telenet	$	1,303.8	$	1,292.2	$	1,315.2
VM Ireland	180.3		178.3		181.4
VMO2 JV (nonconsolidated)	4,662.8		4,503.4		4,531.3
VodafoneZiggo JV (nonconsolidated)	1,977.7		2,033.9		1,972.5
Total reportable segment Adjusted EBITDA	$	8,124.6	$	8,007.8	$	8,000.4

The following table provides a reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes:


	Year ended December 31,
	2025		2024		2023
	in millions

Total reportable segment Adjusted EBITDA	$	8,124.6	$	8,007.8	$	8,000.4
Plus: all other category (a)	(167.9)		(188.7)		(215.1)
Less: nonconsolidated JV Adjusted EBITDA	(6,640.5)		(6,537.3)		(6,503.8)
Less: intercompany consolidated eliminations (b)	(41.2)		(122.0)		(131.1)
Share-based compensation expense	(169.4)		(168.3)		(204.8)
Depreciation and amortization	(1,038.9)		(1,002.0)		(1,216.4)
Impairment, restructuring and other operating items, net	(90.0)		(49.6)		(43.0)
Operating loss	(23.3)		(60.1)		(313.8)
Interest expense	(497.5)		(574.7)		(505.0)
Realized and unrealized gains (losses) on derivative instruments, net	(567.4)		315.2		78.3
Foreign currency transaction gains (losses), net	(3,121.1)		1,756.5		(719.7)
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net	147.8		(28.4)		(556.6)
Losses on debt extinguishment, net	(20.1)		—		(1.4)
Share of results of affiliates, net	(3,186.9)		(205.6)		(2,018.4)
Gain on sale of All3Media	—		242.9		—
Gain associated with the Formula E Acquisition	—		190.7		—
Gain associated with the Telenet Wyre Transaction	—		—		377.8
Other income, net	96.0		201.8		212.8
Earnings (loss) from continuing operations before income taxes	$	(7,172.5)	$	1,838.3	$	(3,446.0)

_____________

(a)Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software.

(b)Amounts relate to (i) the Adjusted EBITDA impact related to the Tech Framework and (ii) for 2024 and 2023, transactions between our continuing and discontinued operations.

Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12, respectively.


	Year ended December 31,
	2025		2024		2023
	in millions

Telenet	$	1,105.8	$	876.6	$	746.6
VM Ireland	216.3		173.4		176.7
VMO2 JV (nonconsolidated)	2,622.0		2,661.3		2,478.9
VodafoneZiggo JV (nonconsolidated)	987.5		928.9		989.8
Total reportable segment property and equipment additions	4,931.6		4,640.2		4,392.0
Plus: all other category (a)	81.9		49.7		129.1
Less: nonconsolidated JV property and equipment additions	(3,609.5)		(3,590.2)		(3,468.7)
Less: elimination of intercompany consolidated property and equipment additions (b)	(41.2)		(37.8)		(38.0)
Total consolidated property and equipment additions	1,362.8		1,061.9		1,014.4
Assets acquired under capital-related vendor financing arrangements	(85.5)		(76.8)		(96.3)
Assets acquired under finance leases	(1.1)		(7.4)		(20.9)
Changes in current liabilities related to capital expenditures	66.9		(69.2)		24.7
Total capital expenditures, net	$	1,343.1	$	908.5	$	921.9

_______________

(a)Includes (i) property and equipment additions representing centrally-owned assets that benefit other operating segments, including development costs related to our internally-developed software prior to our decision to externally market such software during the second quarter of 2023, and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to other operating segments.

(b)Represents eliminations primarily related to the charges under the Tech Framework to each respective consolidated reportable segment related to the portion of the charges attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.

Revenue by Major Category

Our revenue by major category is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions
Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet	$	949.6	$	890.6	$	872.0
Video	600.4		598.2		616.2
Fixed-line telephony	185.9		196.0		217.0
Total subscription revenue	1,735.9		1,684.8		1,705.2
Non-subscription revenue	27.6		21.6		21.3
Total residential fixed revenue	1,763.5		1,706.4		1,726.5
Residential mobile revenue (c):
Subscription revenue (b)	500.3		487.1		487.1
Non-subscription revenue	169.1		169.3		187.8
Total residential mobile revenue	669.4		656.4		674.9
Total residential revenue	2,432.9		2,362.8		2,401.4
B2B revenue (d):
Subscription revenue	447.0		431.5		417.8
Non-subscription revenue	452.1		411.3		440.8
Total B2B revenue	899.1		842.8		858.6
Other revenue (e)	1,546.5		1,136.3		855.8
Total	$	4,878.5	$	4,341.9	$	4,115.8

_______________

(a) Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.

(b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices.

(d) B2B subscription revenue represents revenue from (i) services provided to small or home office (SOHO) subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.

(e) Other revenue includes, among other items, (i) revenue earned from the U.K. JV Services, the Sunrise Services and the NL JV Services, (ii) broadcasting revenue at Telenet and VM Ireland, (iii) revenue at Formula E and (iv) revenue earned from the sales of CPE to the VMO2 JV and the VodafoneZiggo JV.

Geographic Segments

The revenue of our geographic segments is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Belgium	$	3,018.2	$	2,921.1	$	2,948.2
Ireland	494.8		491.4		506.1
Slovakia	53.5		51.1		51.8
Other, including elimination of intercompany consolidated revenue (a)	1,312.0		878.3		609.7
Total	$	4,878.5	$	4,341.9	$	4,115.8

VMO2 JV (U.K.)	$	13,335.2	$	13,649.7	$	13,574.1
VodafoneZiggo JV (Netherlands)	$	4,518.5	$	4,450.5	$	4,450.5

_______________

(a) Revenue from our other geographic segments primarily relates to (i) the activities within our Liberty Services strategic platform and our corporate activities, as described above, most of which are located in the Netherlands and the U.K., and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg.

The long-lived assets, which we define as property and equipment, net, and ROU assets, of our geographic segments are set forth below:


	December 31,
	2025		2024
	in millions

Belgium	$	4,907.2	$	4,022.3
Ireland	887.7		696.2
Slovakia (a)	—		51.2
Other (b)	327.1		322.6
Consolidated intercompany eliminations	(78.1)		(55.8)
Total	$	6,043.9	$	5,036.5

VMO2 JV (U.K.)	$	13,107.7	$	12,061.1
VodafoneZiggo JV (Netherlands)	$	5,803.5	$	5,156.0

_______________

(a) As of December 31, 2025, the long-lived assets associated with UPC Slovakia are classified as held for sale and included in other current assets, net, on our consolidated balance sheet. For additional information regarding the pending sale of UPC Slovakia, see note 6.

(b) Primarily relates to (i) certain long-lived assets associated with our corporate activities located in the Netherlands, the U.K. and the U.S. and (ii) certain other operations at Telenet, primarily in Luxembourg.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Accounting Changes and Recent Accounting Pronouncements	12 Months Ended
Accounting Changes and Recent Accounting Pronouncements	Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements Accounting Changes ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. We adopted ASU 2023-09 on January 1, 2025 on a retrospective basis and the information presented in note 13 reflects the enhanced disclosures. ASU 2023-07 In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures regarding significant segment expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 also requires a public entity to disclose, on an annual and interim basis for each reportable segment, an amount for other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and is required to be applied on a retrospective basis. We adopted ASU 2023-07 on January 1, 2024, and the information presented in note 19 reflects the enhanced disclosures. ASU 2023-05 In August 2023, the FASB issued ASU No. 2023-05, Business Combinations — Joint Venture Formations: Recognition and Initial Measurement (ASU 2023-05), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB. ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation. We adopted ASU 2023-05 on January 1, 2025. Recent Accounting Pronouncements ASU 2025-06 In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (ASU 2025-06), which revises the guidance for capitalizing costs related to internal-use software. The amendments replace the prior stage-based model with a principles-based approach, removing all references to project stages and instead focusing on the two remaining criteria for capitalization, being (i) management has authorized and committed to the funding for the software project and (ii) it is probable a project will be completed and used as intended. Until both of these criteria are met, all software development costs should be expensed as incurred. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the amendments prospectively, retrospectively or using a modified retrospective approach. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements, but we do not expect the impact to be significant. ASU 2025-05 In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which provides a practical expedient for all entities to assume current conditions as of the balance sheet date will remain through the reasonable and supportable forecast period for eligible assets. Entities will continue to be required to adjust the historical data used in the estimation of credit losses to reflect current conditions. If elected, the practical expedient should be applied consistently to all eligible accounts receivable and contract assets. Additionally, entities that have elected the practical expedient must disclose their decision to do so. ASU 2025-05 is effective for annual and interim periods beginning after December 15, 2025 and should be applied prospectively. We are currently evaluating the impact of ASU 2025-05 on our consolidated financial statements. ASU 2025-03 In May 2025, the FASB issued ASU No. 2025-03, Business Combinations and Consolidation: Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (ASU 2025-03), which clarifies the requirements for identifying the accounting acquirer when a variable interest entity (VIE) that qualifies as a business is acquired primarily through an exchange of equity interests. This amendment does not change the existing guidance for acquisitions of VIEs that are not considered businesses. ASU 2025-03 is effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. ASU 2025-03 should be applied prospectively to all business combinations with acquisition dates occurring on or after the date of initial application. We are currently evaluating the impact of ASU 2025-03 on our consolidated financial statements, but we do not expect the impact to be significant. ASU 2024-03 In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE) (ASU 2024-03), which requires disclosure of certain categories of expenses such as the purchase of inventory, employee compensation, depreciation and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 should be applied prospectively, however, retrospective application is permitted. We are currently evaluating the impact of ASU 2024-03 on our disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Commitments and Contingencies (Narrative) (Details) € in Billions	1 Months Ended		12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 26, 2007 association
Loss Contingencies [Line Items]
Programming costs			$ 562,100,000	$ 555,800,000	$ 566,200,000
Aggregate expense for matching contributions under various defined contribution plans			$ 18,700,000	$ 16,600,000	$ 17,400,000
Percentage of amounts recovered			50.00%
Percentage of amounts recovered			50.00%
Percentage of legal and other third party, fees			50.00%
Deutsche Telekom Litigation
Loss Contingencies [Line Items]
Reduction of annual lease fees			83.333%
Interkabel Acquisition
Loss Contingencies [Line Items]
Number of associations of municipalities \| association						4
Damages sought	$ 1,600,000,000	€ 1.4
Loss contingency accrual			$ 0

Dispositions (Summary of Recorded Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 4,878.5	$ 4,341.9	$ 4,115.8
Disposed of by Sale \| Sunrise Entities
Schedule of Equity Method Investments [Line Items]
Revenue	206.0	24.4
Fixed fee \| Disposed of by Sale \| Sunrise Entities
Schedule of Equity Method Investments [Line Items]
Revenue	132.3	18.1
Variable charges \| Disposed of by Sale \| Sunrise Entities
Schedule of Equity Method Investments [Line Items]
Revenue	$ 73.7	$ 6.3

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35961
Entity Registrant Name	Liberty Global Ltd.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1750381
Entity Address, Address Line One	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 11
Entity Address, Country	BM
Country Region	1
City Area Code	303
Local Phone Number	220.6600
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3.0
Documents Incorporated by Reference	Portions of the definitive proxy statement for the Registrant’s 2026 Annual General Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K.
Entity Central Index Key	0001570585
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A common shares
Trading Symbol	LBTYA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		174,608,257
Class B
Entity Information [Line Items]
Title of 12(b) Security	Class B common shares
Trading Symbol	LBTYB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		12,968,658
Class C
Entity Information [Line Items]
Title of 12(b) Security	Class C common shares
Trading Symbol	LBTYK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		147,451,800

Debt (Schedule of Vendor Financing Obligations Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Roll Forward]
Balance at January 1	$ 9,145.0
Capital-related vendor financing additions		$ 86.8
Principal payments on operating-related vendor financing	(369.4)	(363.7)	$ (376.2)
Principal payments on capital-related vendor financing	(79.6)	(114.0)	(119.3)
Balance at December 31	8,584.8	9,145.0
Vendor financing
Debt Instrument [Roll Forward]
Balance at January 1	355.9	399.1
Operating-related vendor financing additions	312.4	372.3
Capital-related vendor financing additions	99.6
Principal payments on operating-related vendor financing	(369.4)	(363.7)
Principal payments on capital-related vendor financing	(79.6)	(114.0)
Foreign currency and other	47.0	(24.6)
Balance at December 31	$ 365.9	$ 355.9	$ 399.1

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt and Lease Obligation [Abstract]

Schedule of Debt

The U.S. dollar equivalents of the components of our debt are as follows:


	December 31, 2025						Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		U.S. $ equivalent		December 31,
							2025		2024
			in millions

Telenet Credit Facility (c)	5.13	%	€	535.0	$	627.9	$	4,748.0	$	4,364.8
Telenet Senior Secured Notes	4.72	%	—		—		1,633.7		1,558.8

VM Ireland Credit Facility (d)	5.44	%	€	100.0	117.4		1,056.2		931.4
Vendor financing (e)	4.12	%	—		—		365.9		355.9
Vodafone Collar Loan (f)	—	%	—		—		—		1,301.9
Other (g)	4.68	%	—		—		781.0		632.2
Total debt before deferred financing costs, discounts and premiums (h)	5.01	%			$	745.3	$	8,584.8	$	9,145.0

The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations:


	December 31,
	2025		2024
	in millions

Total debt before deferred financing costs, discounts and premiums	$	8,584.8	$	9,145.0
Deferred financing costs, discounts and premiums, net	(23.0)		(78.1)
Total carrying amount of debt	8,561.8		9,066.9
Finance lease obligations (note 12)	33.1		34.1
Total debt and finance lease obligations	8,594.9		9,101.0
Current portion of debt and finance lease obligations	(764.0)		(898.5)
Long-term debt and finance lease obligations	$	7,830.9	$	8,202.5

_______________

(a)Represents the weighted average interest rate in effect at December 31, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not

include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.79% at December 31, 2025. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 8.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. The following table provides our borrowing availability and amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities, (i) at December 31, 2025 and (ii) upon completion of the relevant December 31, 2025 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2025, or the full impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility.


	Availability
	December 31, 2025				Upon completion of the relevant December 31, 2025 compliance reporting requirements
	Borrowing currency		U.S. $ equivalent		Borrowing currency		U.S. $ equivalent
	in millions

Available to borrow:
Telenet Credit Facility	€	535.0	$	627.9	€	625.0	$	733.5
VM Ireland Credit Facility	€	100.0	$	117.4	€	100.0	$	117.4

Available to loan or distribute:
Telenet Credit Facility	€	535.0	$	627.9	€	625.0	$	733.5
VM Ireland Credit Facility	€	100.0	$	117.4	€	100.0	$	117.4

(c)At December 31, 2025, unused borrowing capacity under the Telenet Credit Facility amounted to €535.0 million ($627.9 million), comprising (i) €490.0 million ($575.1 million) under Telenet Revolving Facility I (as defined below), (ii) €25.0 million ($29.3 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($23.5 million) under the Telenet Revolving Facility. With the exception of €90.0 million ($105.6 million) outstanding under Telenet Revolving Facility I, all components of the Telenet Credit Facility were undrawn at December 31, 2025. In June 2025, the underlying credit agreement was amended to (a) combine Telenet Revolving Facility A and Telenet Revolving Facility B into a single revolving facility (Telenet Revolving Facility I) with a final maturity date of May 31, 2029 and (b) increase total commitments under Telenet Revolving Facility I by €30.0 million ($35.2 million). In August 2025, commitments under Telenet Revolving Facility I were decreased by €20.0 million in conjunction with the execution of the Wyre Capex Facility (as defined and described under Financing Transactions below). In December 2025, €90.0 million was drawn under Telenet Revolving Facility I, reducing available capacity from €580.0 million ($680.7 million) to €490.0 million. These borrowings were repaid in January 2026, restoring total available capacity under Telenet Revolving Facility I to €580.0 million.

(d)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($117.4 million) under the VM Ireland Revolving Facility, which was undrawn at December 31, 2025. In March 2025, commitments under the VM Ireland Revolving Facility were increased by €11.1 million ($13.0 million). The VM Ireland Revolving Facility now provides for maximum borrowing capacity of €100.0 million.

(e)Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g., extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable as debt on our consolidated

balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During 2025 and 2024, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows from financing activities related to these operating expenses were $312.4 million and $372.3 million, respectively. Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our consolidated statements of cash flows.

(f)As further described in note 7, the Vodafone Collar Loan was fully settled in 2025, resulting in a loss on debt extinguishment of $12.1 million related to the write-off of unamortized deferred financing costs and discounts.

(g)At December 31, 2025 and 2024, amounts include (i) $228.4 million and $195.8 million, respectively, of debt collateralized by certain trade receivables of Telenet and (ii) $423.4 million and $390.5 million, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses. Telenet will make annual payments for the license fees over the terms of the respective licenses. In addition, the amount at December 31, 2025 includes £14.7 million ($19.8 million) of debt drawn on a £175.9 million ($236.6 million) capital expenditure term loan facility at Egg Power AssetCo Limited, a subsidiary of Liberty Global (the Egg Power Capex Facility). The Egg Power Capex Facility matures on December 31, 2032 and bears interest at a rate of SONIA + 1.7%, subject to a SONIA floor of 0.0%. Accordingly, unused borrowing capacity at December 31, 2025 excludes the availability under the Egg Power Capex Facility.

(h)As of December 31, 2025 and 2024, our debt had an estimated fair value of $8.6 billion and $9.0 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 9.

Schedule of Maturities of Debt and Capital Lease Obligations

Maturities of our debt as of December 31, 2025 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on December 31, 2025 exchange rates.


	Telenet		VM Ireland		Other (a)		Total
	in millions

Year ending December 31:
2026 (b)	$	733.0	$	—	$	23.4	$	756.4
2027	24.7		—		57.1		81.8
2028	4,445.6		—		—		4,445.6
2029	1,327.8		1,056.2		—		2,384.0
2030	25.9		—		—		25.9
Thereafter	891.1		—		—		891.1
Total debt maturities	7,448.1		1,056.2		80.5		8,584.8
Deferred financing costs, discounts and premiums, net	(13.7)		(3.7)		(5.6)		(23.0)
Total debt	$	7,434.4	$	1,052.5	$	74.9	$	8,561.8
Current portion	$	733.0	$	—	$	23.4	$	756.4
Long-term portion	$	6,701.4	$	1,052.5	$	51.5	$	7,805.4

_______________

(a)Includes $58.7 million of debt collateralized by certain trade receivables of Formula E.

(b)Amounts include vendor financing obligations of $365.9 million at Telenet.

Schedule of Vendor Financing Obligations

A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:


	2025		2024
	in millions

Balance at January 1	$	355.9	$	399.1
Operating-related vendor financing additions	312.4		372.3
Capital-related vendor financing additions	99.6		86.8
Principal payments on operating-related vendor financing	(369.4)		(363.7)
Principal payments on capital-related vendor financing	(79.6)		(114.0)
Foreign currency and other	47.0		(24.6)
Balance at December 31	$	365.9	$	355.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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+ Details

Dispositions (Narrative) (Details) - Disposed of by Sale € in Millions, $ in Millions	Dec. 18, 2025 USD ($)	Dec. 18, 2025 EUR (€)	Nov. 08, 2024	Dec. 31, 2025 USD ($)	Oct. 02, 2024
O2 Slovakia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire or proceeds from disposal of subsidiaries or other business units	$ 110.0	€ 95
Term of transitional services	42 months	42 months
Transitional period for continued brand use	3 years	3 years
Sunrise Entities \| Class A
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of parents shares converted into new shares					0.2
Sunrise Entities \| Class B
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of parents shares converted into new shares					0.5
Sunrise Spinoff \| Technology Master Services Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Service term			5 years
Service renewal term			2 years
Sunrise Spinoff \| Transition Services Agreements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Service term			5 years
Sunrise Spinoff \| Other Service Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Service term			5 years
UPC Slovakia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Held-for-sale assets				$ 122.5
Held-for-sale liabilities				$ 18.2

Segment Reporting (Schedule of Performance Measures- Footnotes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	$ 4,878.5	$ 4,341.9	$ 4,115.8
Central and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	1,341.3	1,013.6	776.2
Central and Other \| Related party
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	584.9	174.9	142.3
Central and Other \| JV Reportable Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	591.1	594.9	382.0
Central and Other \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	$ 165.3	$ 243.8	$ 251.9

- Definition

+ References

+ Details

Long-lived Assets (Schedule of Expected Future Amortization Expense for Finite Lived Intangible Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
2026	$ 68.4
2027	62.0
2028	58.3
2029	57.7
2030	56.9
Thereafter	1,046.1
Total	$ 1,349.4	$ 1,290.4

Investments (Fair Value Realized and Unrealized Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	$ 147.8	$ (28.4)	$ (556.6)
Vodafone
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	207.7	57.4	(362.4)
Televisa Univision
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	(55.3)	(52.1)	(9.9)
ITV
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	36.8	46.9	(40.5)
Lionsgate
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	16.1	(16.2)	32.9
Plume
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	(8.9)	(95.4)	(77.8)
Aviatrix
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	(5.8)	(24.5)	(22.7)
EdgeConneX
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	4.6	147.6	122.3
SMAs
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	(2.0)	33.7	(26.4)
Lacework
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	0.0	(75.8)	(148.6)
Pax8
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	0.0	(27.9)	1.3
Other, net
Net Investment Income [Line Items]
Realized and unrealized gains (losses)	$ (45.4)	$ (22.1)	$ (24.8)

Long-lived Assets (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of PP&E

The details of our property and equipment and the related accumulated depreciation are set forth below:


	Estimated useful life at December 31, 2025	December 31,
		2025		2024
		in millions

Distribution systems	3 to 30 years	$	7,189.1	$	5,702.7

Support equipment, buildings and land	3 to 33 years	2,941.2		2,518.0
CPE	4 to 7 years	1,070.2		843.1
Total property and equipment, gross		11,200.5		9,063.8
Accumulated depreciation		(5,930.2)		(4,737.8)
Total property and equipment, net		$	5,270.3	$	4,326.0

Schedule of Changes in Carrying Amount of Goodwill

Changes in the carrying amount of our goodwill during 2025 are set forth below:


	January 1, 2025		Acquisitions, dispositions and related adjustments (a)		Reclassification to assets held for sale (b)		Foreign currency translation adjustments and other		December 31, 2025
	in millions

Telenet	$	2,656.4	$	(39.1)	$	—	$	356.2	$	2,973.5
VM Ireland	250.8		—		—		33.6		284.4

Other	245.4		30.6		(66.4)		35.3		244.9
Total	$	3,152.6	$	(8.5)	$	(66.4)	$	425.1	$	3,502.8

_______________

(a)Includes the impairment of certain media assets at Telenet.

(b)Represents goodwill of UPC Slovakia. For additional information regarding the held-for-sale presentation of UPC Slovakia, see note 6.

Changes in the carrying amount of our goodwill during 2024 are set forth below:


	January 1, 2024		Acquisitions and related adjustments		Foreign currency translation adjustments and other		December 31, 2024
	in millions

Telenet (a)	$	2,976.9	$	(135.0)	$	(185.5)	$	2,656.4

VM Ireland	268.1		—		(17.3)		250.8

Other (b)	63.3		198.7		(16.6)		245.4
Total	$	3,308.3	$	63.7	$	(219.4)	$	3,152.6

_______________

(a)In connection with the final purchase price allocation for the Telenet Wyre Transaction, we recorded a net reduction to goodwill of €126.8 million ($138.4 million at the applicable rate) in June 2024, with corresponding increases to certain network-related and other intangible assets. As a result, the final goodwill balance associated with the Telenet Wyre Transaction is €389.4 million ($425.2 million at the applicable rate).

(b)In connection with the Formula E Acquisition, we recorded a net increase of $198.7 million to goodwill.

Schedule of Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization are set forth below:


	Estimated useful life at December 31, 2024	December 31, 2025						December 31, 2024
		Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
		in millions

Licenses (a)	18 to 24 years	$	1,582.8	$	(438.0)	$	1,144.8	$	1,393.9	$	(332.7)	$	1,061.2
Customer relationships	5 to 14 years	269.0		(186.0)		83.0		255.4		(161.0)		94.4
Other	2 to 15 years	278.9		(157.3)		121.6		265.5		(130.7)		134.8
Total		$	2,130.7	$	(781.3)	$	1,349.4	$	1,914.8	$	(624.4)	$	1,290.4

_______________

(a)Primarily includes amounts related to (i) certain mobile spectrum licenses and (ii) a licensing agreement with the FIA, as described in note 5.

Schedule of Amortization Expense Related to Intangible Assets with Finite Lives

Based on our amortizable intangible asset balance at December 31, 2025, we expect that amortization expense will be as follows for the next five years and thereafter (in millions):


2026	$	68.4
2027	62.0
2028	58.3
2029	57.7
2030	56.9
Thereafter	1,046.1
Total	$	1,349.4

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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-Topic 350
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (c)
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Accumulated Other Comprehensive Earnings (Loss) (Statements of Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), pre-tax amount		$ (2,550.3)	$ 1,642.1
Other comprehensive income (loss), tax benefit (expense)		0.7	14.0
Other comprehensive earnings (loss)	$ 4,572.6	(2,549.6)	1,656.1
Other comprehensive earnings attributable to noncontrolling interests, pre-tax amount			0.9
Other comprehensive earnings attributable to noncontrolling interests, tax benefit (expense)			(0.1)
Other comprehensive earnings attributable to noncontrolling interests, net			0.8
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, pre-tax	4,582.4		1,643.0
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, tax	(9.8)		13.9
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, net	4,572.6		1,656.9
Continuing Operations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), pre-tax amount		(2,618.4)	1,163.8
Other comprehensive income (loss), tax benefit (expense)		3.1	(2.0)
Other comprehensive earnings (loss)		(2,615.3)	1,161.8
Discontinued Operations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), pre-tax amount		68.1	478.3
Other comprehensive income (loss), tax benefit (expense)		(2.4)	16.0
Other comprehensive earnings (loss)		65.7	494.3
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), pre-tax amount	4,580.0	(2,567.3)	1,212.0
Other comprehensive income (loss), tax benefit (expense)	(8.2)	4.1	(1.9)
Other comprehensive earnings (loss)	4,571.8	(2,563.2)	1,210.1
Pension-related adjustments and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), pre-tax amount	2.4	(51.1)	(48.2)
Other comprehensive income (loss), tax benefit (expense)	(1.6)	(1.0)	(0.1)
Other comprehensive earnings (loss)	$ 0.8	$ (52.1)	$ (48.3)

Equity (Schedule of Share Repurchases Programs) (Details) - Class A - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total cost	$ 192.1	$ 678.5	$ 1,505.9
Class A
Class of Stock [Line Items]
Shares repurchase (in shares)	0	0	1,444,000
Average price paid per share (in dollars per shares)	$ 0	$ 0	$ 18.24
Class C
Class of Stock [Line Items]
Shares repurchase (in shares)	17,436,291	38,260,604	78,452,085
Average price paid per share (in dollars per shares)	$ 11.02	$ 17.73	$ 18.86

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Segment Reporting (Schedule of Reconciliation of Operating Cash Flow to Earnings from Continuing Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Share-based compensation expense	$ (169.4)	$ (168.3)	$ (204.8)
Depreciation and amortization	(1,038.9)	(1,002.0)	(1,216.4)
Impairment, restructuring and other operating items, net	(90.0)	(49.6)	(43.0)
Operating loss	(23.3)	(60.1)	(313.8)
Interest expense	(497.5)	(574.7)	(505.0)
Realized and unrealized gains (losses) on derivative instruments, net	(567.4)	315.2	78.3
Foreign currency transaction gains (losses), net	(3,121.1)	1,756.5	(719.7)
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net	147.8	(28.4)	(556.6)
Losses on debt extinguishment, net	(20.1)	0.0	(1.4)
Share of results of affiliates, net	(3,186.9)	(205.6)	(2,018.4)
Gain on sale of All3Media	0.0	242.9	0.0
Gain associated with the Formula E Acquisition	0.0	190.7	0.0
Gain associated with the Telenet Wyre Transaction	0.0	0.0	377.8
Other income, net	96.0	201.8	212.8
Earnings (loss) from continuing operations before income taxes	(7,172.5)	1,838.3	(3,446.0)
VMO2 JV And VodafoneZiggo JV
Segment Reporting Information [Line Items]
Adjusted EBITDA	6,640.5	6,537.3	6,503.8
VMO2 JV
Segment Reporting Information [Line Items]
Share of results of affiliates, net	(2,921.4)	(29.0)	(1,723.1)
VodafoneZiggo JV
Segment Reporting Information [Line Items]
Share of results of affiliates, net	(99.0)	(69.3)	(196.7)
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	8,124.6	8,007.8	8,000.4
Operating Segments \| Telenet
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,303.8	1,292.2	1,315.2
Operating Segments \| VM Ireland
Segment Reporting Information [Line Items]
Adjusted EBITDA	180.3	178.3	181.4
Operating Segments \| VMO2 JV
Segment Reporting Information [Line Items]
Adjusted EBITDA	4,662.8	4,503.4	4,531.3
Operating Segments \| VodafoneZiggo JV
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,977.7	2,033.9	1,972.5
Central and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	167.9	188.7	215.1
Intersegment Eliminations
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 41.2	$ 122.0	$ 131.1

Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets:
Current	$ 135.0	$ 287.0
Long-term	113.8	556.9
Total	248.8	843.9
Liability:
Current	136.3	147.9
Long-term	123.4	38.5
Total	$ 259.7	$ 186.4
Derivative asset, noncurrent, statement of financial position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Derivative liability, noncurrent, statement of financial position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Cross-currency and interest rate derivative contracts
Assets:
Current	$ 127.1	$ 253.8
Long-term	113.8	369.4
Total	240.9	623.2
Liability:
Current	126.2	144.6
Long-term	122.0	38.5
Total	248.2	183.1
Gain (loss) on change in credit risk valuation included in realized and unrealized gains (losses) on derivative instruments, net	3.0	(7.7)	$ 8.4
Equity-related derivative instruments
Assets:
Current	0.0	26.1
Long-term	0.0	187.3
Total	0.0	213.4
Foreign currency forward and option contracts
Assets:
Current	0.1	6.5
Long-term	0.0	0.0
Total	0.1	6.5
Liability:
Current	1.9	3.3
Long-term	0.9	0.0
Total	2.8	3.3
Other
Assets:
Current	7.8	0.6
Long-term	0.0	0.2
Total	7.8	0.8
Liability:
Current	8.2	0.0
Long-term	0.5	0.0
Total	$ 8.7	$ 0.0

Defined Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Defined Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Fair value of plan assets	$ 333.4	$ 274.9	$ 256.9
Projected benefit obligation	304.4	255.2	242.4
Net asset	29.0	19.7	14.5
Net periodic pension cost	23.3	21.0	19.6
Service cost	23.7	$ 21.5	$ 19.8
Contributions by employer	22.3
Contributions expected in next fiscal year	$ 19.8

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References

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+ Details

Revenue Recognition and Related Costs	12 Months Ended
Revenue Recognition and Related Costs	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Revenue Recognition and Related Costs	Revenue Recognition and Related Costs Contract Balances If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $11.4 million and $9.4 million as of December 31, 2025 and 2024, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $305.9 million and $289.5 million as of December 31, 2025 and 2024, respectively. The increase in deferred revenue during 2025 is primarily due to the net effect of (a) the recognition of $290.8 million of revenue that was included in our deferred revenue balance at December 31, 2024 and (b) the impact of additions during the period. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our consolidated balance sheets. Unsatisfied Performance Obligations A significant portion of our revenue is derived from subscription service contracts with an initial duration of less than 12 months. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of future revenue to be recognized from our existing customers. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts. The average remaining contractual term for B2B non-subscription services is approximately three years. At December 31, 2025, the aggregate transaction price allocated to remaining performance obligations related to our B2B and other fixed-fee service agreements with terms greater than one year was approximately $2.1 billion and is expected to be recognized over the respective remaining contractual terms.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Derivative Instruments (Interest Rate Caps and Collars) (Details) $ in Billions	Dec. 31, 2025 USD ($)
Interest Rate Cap
Derivative [Line Items]
Notional amount	$ 1.1
Interest Rate Collar
Derivative [Line Items]
Notional amount	$ 1.3

Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments

The details of our investments are set forth below:


	December 31,
	2025		2024		Ownership (a)
Accounting Method	in millions				%

Equity (b):
Long-term:
VMO2 JV	$	3,756.7	$	6,501.4	50.0
VodafoneZiggo JV (c)	1,738.6		1,738.4		50.0
AE Group Sàrl (AtlasEdge JV) (d)	388.4		339.5		48.8
Nexfibre Networks Limited (nexfibre JV) (e)	88.3		93.4		24.9
Other	82.6		107.6
Total — equity	6,054.6		8,780.3
Fair value:
Short-term:
Separately-managed accounts (SMAs) (f)	76.2		335.6
Long-term:
EdgeConneX, Inc. (EdgeConneX) (g)	528.3		414.5		4.1
Televisa Univision, Inc. (Televisa Univision)	299.5		314.8		6.4
ITV plc (ITV) (h)	208.4		351.4		5.0
CANAL+ Polska S.A. (CANAL+ Polska)	81.8		72.5		17.0
Lionsgate (i)	64.2		53.4		2.4
Plume Design, Inc. (Plume) (j)	64.1		73.0		10.3
Aviatrix Systems, Inc. (Aviatrix)	25.2		31.0		4.3
Vodafone - subject to re-use rights (k)	—		1,141.5
SMAs (f)	—		97.5
Other (i)	360.0		358.1
Total — fair value	1,707.7		3,243.3
Total investments (l)	$	7,762.3	$	12,023.6
Short-term investments	$	76.2	$	335.6
Long-term investments	$	7,686.1	$	11,688.0

_______________

(a)Represents our economic ownership based on total shares owned as a percentage of total shares outstanding as of the most recent balance sheet date or the most recent publicly-available information.

(b)Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At December 31, 2025 and 2024, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,029.2 million and $901.2 million, respectively, related to amounts associated with the VodafoneZiggo JV Receivables, as defined below.

(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global, comprising (i) a €700.0 million note receivable ($821.5 million and $724.4 million equivalent at December 31,

2025 and 2024, respectively) (the VodafoneZiggo JV Receivable I) and (ii) a €207.9 million note receivable ($244.0 million and $215.1 million equivalent at December 31, 2025 and 2024, respectively) (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at a rate of 5.55% and have a final maturity date of December 31, 2030. During 2025, interest accrued on the VodafoneZiggo JV Receivables was €49.2 million ($57.7 million), all of which has been cash settled.

(d)Liberty Global owns a 50% noncontrolling voting interest in the AtlasEdge JV.

(e)Liberty Global owns a 25% noncontrolling voting interest in the nexfibre JV.

(f)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were sold as of the first quarter of 2025. Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. At December 31, 2024, interest accrued on our debt securities, which is included in other current assets on our consolidated balance sheet, was $7.2 million.

(g)Our investment in EdgeConneX is held through two distinct limited partnerships (LPs), Herndon Topco and McNair Topco. The ownership percentages in EdgeConneX are 4.2% and 3.4% for Herndon TopCo and McNair TopCo, respectively. The combined investment in EdgeConneX through these LPs results in a weighted ownership percentage of 4.1%. This calculation considers the individual ownership percentages and the respective investment amounts in each LP.

(h)On October 24, 2025, we disposed of approximately one-half of our interest in ITV, reducing our economic ownership interest in ITV to 5.0%. We received aggregate cash proceeds of approximately £135.4 million ($180.8 million at the applicable rate) from the sale.

(i)On May 7, 2025, Lions Gate Entertainment Corp. (NYSE: LGF.A and LGF.B) completed the full separation (the Lionsgate Separation) of its studio and network business into two independent, publicly traded companies, Lionsgate Studios Corp. (Lionsgate) and Starz Entertainment Corp. (Starz). All previous Lions Gate Entertainment Corp. shares have been exchanged for shares in the new companies, Lionsgate (NASDAQ: LION) and Starz (NASDAQ: STRZ). For periods following the Lionsgate Separation, our investment in Starz is reflected in ‘Other’ fair value investments in the above table.

(j)Our investment in Plume includes warrants with a fair value of $21.1 million and $24.5 million at December 31, 2025 and 2024, respectively.

(k)In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar) with respect to the Vodafone shares held by our company. The aggregate purchase price paid to acquire our investment in Vodafone was partially financed through borrowings under a secured borrowing agreement (the Vodafone Collar Loan) collateralized by the Vodafone shares. Under the terms of the Vodafone Collar, the counterparty had the right to re-use pledged Vodafone shares prior to the full settlement described below. During the second quarter of 2025, we executed a series of transactions that resulted in (i) the disposition of 90 million of our Vodafone shares and the associated unwind and settlement of the corresponding amounts of the Vodafone Collar and the Vodafone Collar Loan, respectively, and (ii) the restructure of the remainder of the Vodafone Collar, which effectively reduced the net fair value of our economic interest in our investment in Vodafone to nil ($89.3 million at December 31, 2024). This series of transactions resulted in net cash received of €70.9 million ($81.7 million at the applicable rate). During the third quarter of 2025, we entered into an amendment agreement, which resulted in a non-cash transaction whereby our remaining Vodafone shares were delivered in full settlement of the Vodafone Collar and Vodafone Collar Loan. For additional information regarding the Vodafone Collar and the Vodafone Collar Loan, see notes 8 and 11, respectively.

(l)The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including amounts associated with SMAs.

Equity Method Investments

The following table sets forth the details of our share of results of affiliates, net:


	Year ended December 31,
	2025		2024		2023
	in millions

VMO2 JV (a)	$	(2,921.4)	$	(29.0)	$	(1,723.1)
VodafoneZiggo JV (b)	(99.0)		(69.3)		(196.7)
nexfibre JV	(76.3)		(2.2)		(34.7)
AtlasEdge JV	(73.0)		(40.9)		(31.1)
Formula E (c)	—		(29.1)		(19.4)
All3Media Ltd. (All3Media) (d)	—		(15.5)		4.0
Other	(17.2)		(19.6)		(17.4)
Total	$	(3,186.9)	$	(205.6)	$	(2,018.4)

_______________

(a)Represents (i) our share of the results of operations of the VMO2 JV and (ii) for 2024 and 2023, 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility. In addition, the 2025 and 2023 amounts include charges of $2.5 billion and $1.5 billion, respectively, representing our share of the VMO2 JV’s goodwill impairments, as described below.

(b)Represents (i) our share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables.

(c)Includes our share of results of Formula E prior to the Formula E Acquisition Date.

(d)We completed the sale of our investment in All3Media during the second quarter of 2024.

VMO2 JV

Liberty Global and Telefónica (each a “U.K. JV Shareholder”) each hold 50% of the issued share capital of the VMO2 JV. The U.K. JV Shareholders intend for the VMO2 JV to be funded solely from its net cash flows from operations and third-party financing. We account for our 50% interest in the VMO2 JV as an equity method investment and consider the VMO2 JV to be a related party.

In connection with the formation of the VMO2 JV, the U.K. JV Shareholders entered into an agreement (the U.K. JV Shareholders Agreement) that contains customary provisions for the governance of a 50:50 joint venture and provides Liberty Global and Telefónica with joint control over decision making with respect to the VMO2 JV.

The U.K. JV Shareholders Agreement also provides (i) for a dividend distribution policy that requires the VMO2 JV to distribute all unrestricted cash to the U.K. JV Shareholders on a pro rata basis (subject to the VMO2 JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VMO2 JV will be managed with a leverage ratio between 4.0 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements), with the VMO2 JV undertaking periodic recapitalizations and/or refinancings accordingly. During 2025, 2024 and 2023, we received dividend distributions from the VMO2 JV aggregating $254.8 million, $535.7 million and $1,242.8 million, respectively, of which $9.0 million, $206.4 million and $815.2 million, respectively, were accounted for as a return of capital and

$245.8 million, $329.3 million and $427.6 million, respectively, were accounted for as a return on capital for purposes of our consolidated statements of cash flows.

Each U.K. JV Shareholder has the right to initiate an initial public offering (IPO) of the VMO2 JV after the third anniversary of the closing, with the opportunity for the other U.K. JV Shareholder to sell shares in the IPO on a pro rata basis. Subject to certain exceptions, the U.K. JV Shareholders Agreement prohibits transfers of interests in the VMO2 JV to third parties until the fifth anniversary of the closing. After the fifth anniversary, each U.K. JV Shareholder will be able to initiate a sale of all of its interest in the VMO2 JV to a third party and, under certain circumstances, initiate a sale of the entire VMO2 JV; subject, in each case, to a right of first offer in favor of the other U.K. JV Shareholder.

Pursuant to an agreement (the U.K. JV Framework Agreement), Liberty Global provides certain services to the VMO2 JV on a transitional or ongoing basis (collectively, the U.K. JV Services). Pursuant to the terms of the U.K. JV Framework Agreement, the ongoing services will be provided through 2030 depending on the type of service, while transitional services will be provided for a period of no less than 12 months, after which both parties shall be entitled to terminate based on specified notice periods. The U.K. JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by or will otherwise benefit the VMO2 JV. Liberty Global charges both fixed and variable fees to the VMO2 JV for the U.K. JV Services it provides during the term of the U.K. JV Framework Agreement. At December 31, 2025 and 2024, $79.3 million and $37.5 million, respectively, was due from the VMO2 JV related to the aforementioned transactions. The amounts due from the VMO2 JV, which are periodically cash settled, are included in other current assets on our consolidated balance sheets.

The following table summarizes the revenue recorded from the VMO2 JV:


	Year ended December 31,
	2025		2024		2023
	in millions

Fixed fee	$	225.6	$	202.4	$	117.7
Variable charges (a)	161.0		200.1		72.4
Total revenue	$	386.6	$	402.5	$	190.1

_______________

(a)Amounts primarily include the sales of CPE at a mark-up.

Annually, beginning in July 2022, the VMO2 JV has entered into long-term performance incentive plans (the VMO2 LTIPs) for certain of its employees, dependent on the achievement of specific performance metrics over a three-year period beginning January 1st of the year of the grant. The applicable payout earned is settled in Liberty Global Class A and/or Liberty Global Class C common shares and Telefónica ordinary shares, with the settlement split equally between the U.K. JV Shareholders. Subject to forfeitures, 66.7% of each participant’s payout is earned as of January 1st of the last performance year with the remainder earned on December 31st. The VMO2 LTIPs are liability classified as the final payout is a fixed monetary amount settled in a variable number of shares. At December 31, 2025, the estimated fair value of Liberty Global’s share of the payout under the VMO2 LTIPs was $80.9 million. As the VMO2 JV reimburses the U.K. JV Shareholders in cash for the value of each shareholder’s payout under the VMO2 LTIPs, a receivable from the VMO2 JV equal to the fair value of our share of the VMO2 LTIPs liability is recorded on our consolidated balance sheet.

During the fourth quarters of 2025 and 2023, the VMO2 JV recorded GAAP goodwill impairments of £3.8 billion ($5.0 billion at the applicable rate) and £2.3 billion ($2.9 billion at the applicable rate), respectively. The impairments recorded primarily related to (i) a decline in projected cash flows resulting from the effects of the broader macroeconomic environment in the U.K., (ii) increases in the weighted average cost of capital (discount rate) under a market participant view from the time goodwill was initially recorded by the VMO2 JV and (iii) fair value estimates using comparable public company market valuations. Significant judgment was involved in the assessment, including (a) market participant estimates of the discount rate and (b) current earnings multiples of comparable public companies. Our share of the VMO2 JV’s goodwill impairment charge is reported in share of results of affiliates, net, in our consolidated statements of operations.

The summarized results of operations of the VMO2 JV are set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Revenue	$	13,335.2	$	13,649.7	$	13,574.1
Earnings (loss) before income taxes	$	(6,078.7)	$	33.1	$	(3,728.8)
Net earnings (loss)	$	(5,766.5)	$	1.7	$	(3,438.6)

The summarized financial position of the VMO2 JV is set forth below:


	December 31,
	2025		2024
	in millions

Current assets	$	4,518.2	$	5,404.0
Long-term assets	39,536.6		41,247.5
Total assets	$	44,054.8	$	46,651.5

Current liabilities	$	9,907.4	$	9,983.1
Long-term liabilities	26,161.2		23,610.0
Owners’ equity	7,986.2		13,058.4
Total liabilities and owners’ equity	$	44,054.8	$	46,651.5

VodafoneZiggo JV

Liberty Global and Vodafone (each a “NL JV Shareholder”) each hold 50% of the issued share capital of the VodafoneZiggo JV. The NL JV Shareholders intend for the VodafoneZiggo JV to be funded primarily from its net cash flows from operations and third-party financing. We account for our 50% interest in the VodafoneZiggo JV as an equity method investment and consider the VodafoneZiggo JV to be a related party.

In connection with the formation of the VodafoneZiggo JV, the NL JV Shareholders entered into an agreement (the NL Shareholders Agreement) that contains customary provisions for the governance of a 50:50 joint venture and provides Liberty Global and Vodafone with joint control over decision making with respect to the VodafoneZiggo JV.

The NL Shareholders Agreement also provides (i) for a dividend distribution policy that requires the VodafoneZiggo JV to distribute all unrestricted cash to the NL JV Shareholders every two months (subject to the VodafoneZiggo JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VodafoneZiggo JV will be managed with a leverage ratio of between 4.5 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements), with the VodafoneZiggo JV undertaking periodic recapitalizations and/or refinancings accordingly. During 2025, 2024 and 2023, we received dividend distributions from the VodafoneZiggo JV of $72.3 million, $65.0 million and $110.2 million, respectively, which were accounted for as returns on capital for purposes of our consolidated statements of cash flows.

Each NL JV Shareholder has the right to initiate an IPO of the VodafoneZiggo JV, with the opportunity for the other NL JV Shareholder to sell shares in the IPO on a pro rata basis. As of January 1, 2021, each NL JV Shareholder has the right to initiate a sale of all of its interest in the VodafoneZiggo JV to a third party and, under certain circumstances, initiate a sale of the entire VodafoneZiggo JV, subject, in each case, to a right of first offer in favor of the other NL JV Shareholder.

Pursuant to an agreement (the NL JV Framework Agreement), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the NL JV Services). The NL JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the

VodafoneZiggo JV. Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the NL JV Services provided during the term of the NL JV Framework Agreement. During 2025, 2024 and 2023, we recorded revenue from the VodafoneZiggo JV of $204.5 million, $192.4 million and $191.9 million, respectively, primarily related to (a) the NL JV Services and (b) the sales of CPE to the VodafoneZiggo JV at a mark-up. At December 31, 2025 and 2024, $42.7 million and $18.5 million, respectively, was due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due from the VodafoneZiggo JV, which are periodically cash settled, are included in other current assets on our consolidated balance sheets.

The VodafoneZiggo JV is experiencing significant competition in both its fixed-line and mobile operations. If the adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration of the results of operations or cash flows of the VodafoneZiggo JV, we could conclude in future periods that our investment in the VodafoneZiggo JV is impaired or management of the VodafoneZiggo JV could conclude that an impairment of the VodafoneZiggo JV goodwill and, to a lesser extent, long-lived assets, is required. Any such impairment of the VodafoneZiggo JV’s goodwill or our investment in the VodafoneZiggo JV would be reflected as a component of share of results of affiliates, net, in our condensed consolidated statement of operations. Our share of any such impairment charges could be significant.

The summarized results of operations of the VodafoneZiggo JV are set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Revenue	$	4,518.5	$	4,450.5	$	4,450.5
Loss before income taxes	$	(451.8)	$	(386.3)	$	(614.6)
Net loss	$	(323.4)	$	(257.1)	$	(510.0)

The summarized financial position of the VodafoneZiggo JV is set forth below:


	December 31,
	2025		2024
	in millions

Current assets	$	886.4	$	1,551.7
Long-term assets	17,965.1		17,074.3
Total assets	$	18,851.5	$	18,626.0

Current liabilities	$	2,768.9	$	2,566.4
Long-term liabilities	14,663.8		14,385.1
Owners’ equity	1,418.8		1,674.5
Total liabilities and owners’ equity	$	18,851.5	$	18,626.0

Fair Value Investments

The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net:


	Year ended December 31,
	2025		2024		2023
	in millions

Vodafone	$	207.7	$	57.4	$	(362.4)
Televisa Univision	(55.3)		(52.1)		(9.9)
ITV	36.8		46.9		(40.5)
Lionsgate (a)	16.1		(16.2)		32.9
Plume	(8.9)		(95.4)		(77.8)
Aviatrix	(5.8)		(24.5)		(22.7)
EdgeConneX	4.6		147.6		122.3
SMAs	(2.0)		33.7		(26.4)
Lacework (b)	—		(75.8)		(148.6)
Pax8 (c)	—		(27.9)		1.3
Other, net	(45.4)		(22.1)		(24.8)
Total	$	147.8	$	(28.4)	$	(556.6)

_______________

(a)Amounts represent the change in fair value of our investment in Lionsgate, both before and after the Lionsgate Separation. Following the Lionsgate Separation, changes in fair value related to our investment in Starz are included in ‘Other, net’ in the above table.

(b)We completed the sale of our investment in Lacework during the third quarter of 2024.

(c)We completed the sale of our investment in Pax8 during the fourth quarter of 2024.

Debt Securities

The following table sets forth a summary of our debt securities recorded within SMAs at December 31, 2025 and 2024:


	December 31, 2025						December 31, 2024
	Amortized cost basis		Accumulated unrealized gains (losses)		Fair value		Amortized cost basis		Accumulated unrealized gains		Fair value
	in millions

Commercial paper	$	—	$	—	$	—	$	72.0	$	(0.1)	$	71.9
Government bonds	—		—		—		129.4		0.4		129.8
Certificates of deposit	—		—		—		70.5		—		70.5
Corporate debt securities	—		—		—		66.4		0.2		66.6
Structured note (a)	(a)		(a)		76.2		(a)		(a)		88.0
Other debt securities	—		—		—		6.3		—		6.3
Total debt securities	$	—	$	—	$	76.2	$	344.6	$	0.5	$	433.1

_______________

(a)Amounts represent an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value and has a scheduled maturity date of October 1, 2026. The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. The proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:


	December 31, 2025		December 31, 2024

Subsidiary:
Telenet	35.40	%	32.10	%

Affiliate:
VodafoneZiggo JV	39.80	%	33.90	%
VMO2 JV	24.80	%	—	%

Other (1)	—	%	34.00	%
Total	100.00	%	100.00	%

_______________

(1)Other represents cash proceeds from redemptions that remain invested in the leveraged structured note.

During 2025, 2024 and 2023, we received proceeds from the sale of debt securities of $0.7 billion, $4.4 billion and $6.9 billion, respectively. The sale of debt securities during 2025, 2024 and 2023 resulted in realized net gain (losses) of $0.5 million, ($7.5 million) and ($56.3 million), respectively.

Our investment portfolio is subject to various macroeconomic pressures and has experienced significant volatility, which affects both our non-public and publicly-traded investments. Changes in the fair values of these investments, including changes with respect to interest rates within our local jurisdictions, are likely to continue and could be significant.

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Liberty Global Ltd. (Liberty Global) is a Bermuda exempted company limited by shares. In this Annual Report on Form 10-K, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its nonconsolidated joint ventures. We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe and are an active investor across the technology, media, sports and infrastructure sectors. We also provide innovative technology, operational and financial services. As a result of a series of mergers that were completed on June 7, 2013, Liberty Global plc became the publicly-held parent company of the successors by merger of Liberty Global, Inc. (the predecessor to Liberty Global plc) and Virgin Media Inc. (Virgin Media). On November 23, 2023, Liberty Global plc completed a statutory scheme of arrangement, pursuant to which a new Bermudan company, Liberty Global Ltd., became the sole shareholder of Liberty Global plc and the parent entity of the entire group of Liberty Global companies (the Redomiciliation). The Redomiciliation resulted in the Liberty Global group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. Our continuing operations comprise businesses that provide residential and business-to-business (B2B) communications services in (i) Belgium and Luxembourg through certain wholly-owned subsidiaries that we collectively refer to as “Telenet” and (ii) Ireland through another wholly-owned subsidiary (VM Ireland). In addition, we own 50% noncontrolling interests in (a) a 50:50 joint venture (the VMO2 JV) with Telefónica SA (Telefónica), which provides residential and B2B communications services in the United Kingdom (U.K.), and (b) a 50:50 joint venture (the VodafoneZiggo JV) with Vodafone Group plc (Vodafone), which provides residential and B2B communications services in the Netherlands. Effective December 18, 2025, in connection with the pending sale of UPC Slovakia (as defined in note 6), we began accounting for UPC Slovakia as held for sale. Accordingly, the held-for-sale assets and liabilities of UPC Slovakia are included in other current assets and other accrued and current liabilities, respectively, on our December 31, 2025 consolidated balance sheet. Consistent with the applicable guidance, we have not reflected similar reclassifications in our consolidated statements of operations or cash flows. For additional information, see note 6. Prior to the completion of the Spin-off on November 8, 2024 (as defined and described in note 6), we also provided residential and B2B communications services in Switzerland through operations referred to as “Sunrise.” Sunrise, together with certain other Liberty Global subsidiaries connected to our Swiss business, are collectively referred to as the “Sunrise Entities” and are reflected as discontinued operations for all applicable periods. On October 2, 2024, we completed the Formula E Acquisition (as defined and described in note 5), pursuant to which we acquired a controlling interest in Formula E Holdings Ltd. (Formula E) and began consolidating 100% of Formula E’s results from that date. In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 14), pursuant to which we increased our ownership interest in Telenet to 100%. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). Unless otherwise indicated, the amounts presented in these notes relate only to our continuing operations, and ownership percentages and convenience translations into United States (U.S.) dollars are calculated as of December 31, 2025.

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

Capitalization

At December 31, 2025, our authorized share capital consisted of an aggregate nominal amount of $20.0 million, comprised of any of the following: (i) common shares (Class A, B or C), each with a nominal value of $0.01 per share, (ii) preference shares, with a nominal value to be determined by the board of directors, the issuance of one or more classes or series of which may be authorized by the board of directors, and (iii) any other shares of one or more classes as may be determined by the board of directors or by the shareholders of Liberty Global.

Under Liberty Global’s Articles of Association, effective July 1, 2015, holders of Liberty Global Class A common shares are entitled to one vote for each such share held, and holders of Liberty Global Class B common shares are entitled to 10 votes for each such share held, on all matters submitted to a vote of Liberty Global shareholders at any general meeting (annual or special). Holders of Liberty Global Class C common shares are not entitled to any voting powers except as required by law.

At the option of the holder, each Liberty Global Class B common share is convertible into one Liberty Global Class A common share. One Liberty Global Class A common share is reserved for issuance for each Liberty Global Class B common share that is issued (12,968,658 shares issued as of December 31, 2025). Additionally, as of December 31, 2025, we have reserved the following common shares for the issuance of outstanding share-based incentive awards:


	Class A	Class C

Options	1,161,775	5,543,216
SARs	31,776,675	70,725,865
RSUs	3,102,307	4,114,284
PSUs and PSARs	9,675,533	16,073,103

Subject to any preferential rights of any outstanding class of our preference shares, the holders of our common shares are entitled to dividends as may be declared from time to time by our board of directors from funds available therefor. Except with respect to share distributions, whenever a dividend is paid in cash to the holder of one class of our common shares, we will also pay to the holders of the other classes of our common shares an equal per share dividend. There are currently no contractual restrictions on our ability to pay dividends in cash or shares.

In the event of our liquidation, dissolution or winding up, after payment or provision for payment of our debts and liabilities and subject to the prior payment in full of any preferential amounts to which our preference shareholders, if any, may be entitled, the holders of our common shares will be entitled to receive their proportionate interests, expressed in liquidation units, in any assets available for distribution to our common shares.

Share Repurchase Programs

Our board of directors may, from time to time, approve various share repurchase programs for our Liberty Global common shares, pursuant to which we may acquire our Class A common shares, Class C common shares or any combination of Class A and Class C common shares. Our repurchase programs may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares pursuant to these programs depends on a variety of factors, including market conditions and applicable law, and these programs may be implemented in conjunction with brokers for the company and other financial institutions with whom the company has relationships within certain preset parameters, and purchases may continue during closed periods in accordance with applicable restrictions. Our share repurchase programs may be suspended or discontinued at any time. Our board of directors previously approved a share repurchase program authorizing the repurchase of up to 10% of our outstanding shares as of December 31, 2024, which authorized repurchases during 2025. As of the date of this Annual Report on Form 10-K, no new share repurchase program has been approved for 2026, and therefore, at this time, we are not authorized to repurchase any shares during 2026.

The following table provides details of our share repurchases during 2025, 2024 and 2023:


	Class A common shares			Class C common shares
	Shares repurchased	Average price paid per share (a)		Shares repurchased	Average price paid per share (a)		Total cost (a)
							in millions

2025	—	$	—	17,436,291	$	11.02	$	192.1
2024	—	$	—	38,260,604	$	17.73	$	678.5
2023	1,444,000	$	18.24	78,452,085	$	18.86	$	1,505.9

_______________

(a)Includes direct acquisition costs, where applicable.

Telenet Takeover Bid

On June 8, 2023, following approval by the Belgian Financial Services and Markets Authority, Liberty Global Belgium Holding B.V. (LGBH), an indirect wholly-owned subsidiary of Liberty Global, launched a voluntary and conditional public takeover bid for all of the shares of Telenet that we did not already own or that were not held by Telenet (the Telenet Takeover Bid). Following the conclusion of a simplified squeeze-out procedure, Telenet shares were delisted from Euronext Brussels at the close of trade on October 13, 2023. The shares of Telenet that were acquired as a result of the simplified squeeze-out procedure were settled on October 19, 2023 and, from that date, Telenet is owned 100% by LGBH.

The Telenet Takeover Bid was funded through (i) available borrowings and (ii) the existing liquidity of Liberty Global. As of December 31, 2024, the consideration associated with the Telenet Takeover Bid, including certain fees and expenses, totaled €904.2 million ($993.7 million at the applicable transaction dates).

Subsidiary Distributions

From time to time, Telenet and certain other of our subsidiaries make cash distributions to their respective shareholders. Our share of these distributions is eliminated in consolidation and the noncontrolling interest owners’ share of these distributions is reflected as a charge against noncontrolling interests in our consolidated statements of equity. In this regard, Telenet, prior to the Telenet Takeover Bid, paid aggregate dividends of €108.6 million to its shareholders during 2023, of which our share was €66.3 million ($73.2 million at the applicable rate).

Restricted Net Assets

The ability of certain of our subsidiaries to distribute or loan all or a portion of their net assets to our company is limited by the terms of applicable debt facilities. At December 31, 2025, the net assets of our subsidiaries subject to such limitations was not material.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt (Component of Debt-Footnotes) (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Aug. 31, 2025 EUR (€)	Jun. 30, 2025 USD ($)	Jun. 30, 2025 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2026 EUR (€)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 GBP (£)	Dec. 30, 2025 USD ($)	Dec. 30, 2025 EUR (€)	Mar. 31, 2025 USD ($)	Mar. 31, 2025 EUR (€)
Debt Instrument [Line Items]
Weighted average interest rate				5.01%				5.01%	5.01%
Unused borrowing capacity				$ 745.3
Losses on debt extinguishment, net				20.1	$ 0.0	$ 1.4
Deferred liabilities				423.4	390.5
Outstanding debt				8,561.8	9,066.9
Long-term Debt
Debt Instrument [Line Items]
Estimated fair value				$ 8,600.0	9,000.0
Trade Accounts Receivable
Debt Instrument [Line Items]
Secured debt					195.8
Aggregate Variable and Fixed Rate Indebtedness
Debt Instrument [Line Items]
Weighted average interest rate				3.79%				3.79%	3.79%
Telenet Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate				5.13%				5.13%	5.13%
Telenet Credit Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Unused borrowing capacity				$ 627.9				€ 535.0
Available to loan or distribute				627.9				535.0
Telenet Credit Facility \| Sunrise Holding Revolving Facility \| Upon completion of the relevant compliance reporting requirements
Debt Instrument [Line Items]
Unused borrowing capacity				733.5				625.0
Available to loan or distribute				$ 733.5				€ 625.0
VM Ireland Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate				5.44%				5.44%	5.44%
Unused borrowing capacity				$ 117.4				€ 100.0				$ 13.0	€ 11.1
VM Ireland Credit Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Unused borrowing capacity				117.4				100.0
Available to loan or distribute				117.4				100.0
VM Ireland Credit Facility \| Sunrise Holding Revolving Facility \| Upon completion of the relevant compliance reporting requirements
Debt Instrument [Line Items]
Unused borrowing capacity				117.4				100.0
Available to loan or distribute				117.4				100.0
Telenet Revolving Credit Facility B
Debt Instrument [Line Items]
Unused borrowing capacity				575.1
Telenet Overdraft Facility
Debt Instrument [Line Items]
Unused borrowing capacity				29.3				25.0
Telenet Revolving Facility
Debt Instrument [Line Items]
Unused borrowing capacity				23.5				20.0
Telenet Revolving Facility I
Debt Instrument [Line Items]
Unused borrowing capacity								490.0		$ 680.7	€ 580.0
Maximum borrowing capacity, period increase (decrease)	€ (20.0)	$ 35.2	€ 30.0
Outstanding debt				$ 105.6				€ 90.0
Telenet Revolving Facility I \| Subsequent event
Debt Instrument [Line Items]
Maximum borrowing capacity \| €							€ 580.0
Vendor financing
Debt Instrument [Line Items]
Weighted average interest rate				4.12%				4.12%	4.12%
Operating-related vendor financing additions				$ 312.4	$ 372.3
Vodafone Collar Loan
Debt Instrument [Line Items]
Weighted average interest rate				0.00%				0.00%	0.00%
Losses on debt extinguishment, net				$ 12.1
Secured debt				$ 228.4
Egg Power Capex Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.70%
Egg Power Capex Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.00%
Egg Power Capex Facility \| Long-term Debt
Debt Instrument [Line Items]
Outstanding debt				$ 19.8					£ 14.7
Egg Power Capex Facility \| Capital Expenditure Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 236.6					£ 175.9

Share-based Compensation (Schedule of Award Activity, Former Employees, RSUs and PSUs) (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
RSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at end of period	1 year 1 month 6 days
RSUs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at end of period	1 year
PSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at end of period	1 year 8 months 12 days
PSUs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at end of period	1 year 8 months 12 days
Former Employees \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares) \| shares	2,706,841
Weighted average exercise or base price, outstanding (in dollar per share) \| $ / shares	$ 15.60
Outstanding at end of period	3 years 6 months
Former Employees \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares) \| shares	5,309,254
Weighted average exercise or base price, outstanding (in dollar per share) \| $ / shares	$ 15.61
Outstanding at end of period	3 years 6 months
Former Employees \| RSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares) \| shares	49,586
Weighted average exercise or base price, outstanding (in dollar per share) \| $ / shares	$ 9.89
Outstanding at end of period	4 months 24 days
Former Employees \| RSUs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares) \| shares	95,312
Weighted average exercise or base price, outstanding (in dollar per share) \| $ / shares	$ 10.38
Outstanding at end of period	4 months 24 days
Former Employees \| PSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares) \| shares	1,080
Weighted average exercise or base price, outstanding (in dollar per share) \| $ / shares	$ 12.34
Outstanding at end of period	2 years 1 month 6 days
Former Employees \| PSUs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares) \| shares	1,080
Weighted average exercise or base price, outstanding (in dollar per share) \| $ / shares	$ 12.34
Outstanding at end of period	2 years 1 month 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions	Dec. 31, 2025 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2026	$ 1,031.5
2027	731.2
2028	670.8
2029	201.1
2030	112.4
Thereafter	21.4
Total	2,768.4
Purchase commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
2026	663.7
2027	555.2
2028	518.7
2029	103.6
2030	22.3
Thereafter	18.6
Total	1,882.1
Network and connectivity commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
2026	70.9
2027	34.4
2028	42.7
2029	62.9
2030	70.5
Thereafter	0.1
Total	281.5
Programming commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
2026	119.4
2027	72.3
2028	40.5
2029	30.3
2030	17.1
Thereafter	0.0
Total	279.6
Other commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
2026	177.5
2027	69.3
2028	68.9
2029	4.3
2030	2.5
Thereafter	2.7
Total	$ 325.2

Share-based Compensation (Schedule of Stock Award Activity, SARs & PSARs) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
SARs \| Class A
Number of awards
Outstanding at beginning of period (in shares) \| shares	34,684,640
Forfeited (in shares) \| shares	(2,158,325)
Exercised (in shares) \| shares	(749,640)
Outstanding at ending of period (in shares) \| shares	31,776,675
Number of awards, exercisable (in shares) \| shares	26,955,382
Weighted average base price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 14.15
Forfeited (in dollars per shares) \| $ / shares	21.15
Exercised (in dollars per shares) \| $ / shares	9.77
Outstanding at end of period (in dollars per share) \| $ / shares	13.78
Exercisable at end of period (in dollars per share) \| $ / shares	$ 14.47
Weighted average remaining contractual term
Outstanding at end of period	4 years 7 months 6 days
Exercisable at end of period	4 years
Aggregate intrinsic value
Outstanding at end of period \| $	$ 16.2
Exercisable at end of period \| $	$ 10.3
SARs \| Class C
Number of awards
Outstanding at beginning of period (in shares) \| shares	75,630,289
Forfeited (in shares) \| shares	(4,036,375)
Exercised (in shares) \| shares	(868,049)
Outstanding at ending of period (in shares) \| shares	70,725,865
Number of awards, exercisable (in shares) \| shares	62,474,003
Weighted average base price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 14.40
Forfeited (in dollars per shares) \| $ / shares	21.43
Exercised (in dollars per shares) \| $ / shares	9.93
Outstanding at end of period (in dollars per share) \| $ / shares	14.05
Exercisable at end of period (in dollars per share) \| $ / shares	$ 14.51
Weighted average remaining contractual term
Outstanding at end of period	4 years 7 months 6 days
Exercisable at end of period	4 years 2 months 12 days
Aggregate intrinsic value
Outstanding at end of period \| $	$ 20.8
Exercisable at end of period \| $	$ 16.5
PSARs \| Class A
Number of awards
Outstanding at beginning of period (in shares) \| shares	4,969,045
Forfeited (in shares) \| shares	(117,260)
Outstanding at ending of period (in shares) \| shares	4,851,785
Number of awards, exercisable (in shares) \| shares	4,851,785
Weighted average base price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 15.00
Forfeited (in dollars per shares) \| $ / shares	15.00
Outstanding at end of period (in dollars per share) \| $ / shares	15.00
Exercisable at end of period (in dollars per share) \| $ / shares	$ 15.00
Weighted average remaining contractual term
Outstanding at end of period	3 years
Exercisable at end of period	3 years
Aggregate intrinsic value
Outstanding at end of period \| $	$ 0.0
Exercisable at end of period \| $	$ 0.0
PSARs \| Class C
Number of awards
Outstanding at beginning of period (in shares) \| shares	9,674,673
Forfeited (in shares) \| shares	(231,033)
Outstanding at ending of period (in shares) \| shares	9,443,640
Number of awards, exercisable (in shares) \| shares	9,443,640
Weighted average base price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 14.70
Forfeited (in dollars per shares) \| $ / shares	14.70
Outstanding at end of period (in dollars per share) \| $ / shares	14.70
Exercisable at end of period (in dollars per share) \| $ / shares	$ 14.70
Weighted average remaining contractual term
Outstanding at end of period	3 years
Exercisable at end of period	3 years
Aggregate intrinsic value
Outstanding at end of period \| $	$ 0.0
Exercisable at end of period \| $	$ 0.0

Acquisitions (Narrative) (Details) € in Millions, $ in Millions					12 Months Ended
	Oct. 02, 2024 USD ($)	Oct. 02, 2024 EUR (€)	Jul. 19, 2022 USD ($)	Jul. 19, 2022 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 02, 2024 EUR (€)	Oct. 01, 2024
Business Combination [Line Items]
Gain associated transaction					$ 0.0	$ 190.7	$ 0.0
Annual payment period			6 years	6 years
Gain associated transaction					$ 0.0	0.0	377.8
Formula E
Business Combination [Line Items]
Percentage of ownership interest	65.60%							65.60%
NetCo \| Telenet
Business Combination [Line Items]
Percentage of ownership interest			66.80%	66.80%
NetCo \| Fluvius
Business Combination [Line Items]
Percentage of ownership interest			33.20%	33.20%
Formula E Acquisition
Business Combination [Line Items]
Consideration transferred	$ 165.7	€ 150.0
Deferred tax liabilities	$ 88.9							€ 80.5
Percentage of voting interests acquired	100.00%							100.00%
Gain associated transaction						190.7
Revenue						17.9
Net loss						$ 20.0
Telenet Wyre Transaction
Business Combination [Line Items]
Gain associated transaction							$ 377.8
Telenet Wyre Transaction \| Telenet
Business Combination [Line Items]
Consideration transferred			$ 2,021.2	€ 1,851.2
Annual payment amount			$ 23.5	€ 20.0
Warner Bros. Discovery, Inc.
Business Combination [Line Items]
Deferred tax liabilities	$ 55.6							€ 50.0
Formula E
Business Combination [Line Items]
Ownership percentage									38.20%

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Instrument Assets and Liabilities

The following table provides details of the fair values of our derivative instrument assets and liabilities:


	December 31, 2025						December 31, 2024
	Current		Long-term		Total		Current		Long-term		Total
	in millions

Assets (a):
Cross-currency and interest rate derivative contracts (b)	$	127.1	$	113.8	$	240.9	$	253.8	$	369.4	$	623.2
Equity-related derivative instruments (c)	—		—		—		26.1		187.3		213.4
Foreign currency forward and option contracts	0.1		—		0.1		6.5		—		6.5
Other	7.8		—		7.8		0.6		0.2		0.8
Total	$	135.0	$	113.8	$	248.8	$	287.0	$	556.9	$	843.9

Liabilities (a):
Cross-currency and interest rate derivative contracts (b)	$	126.2	$	122.0	$	248.2	$	144.6	$	38.5	$	183.1

Foreign currency forward and option contracts	1.9		0.9		2.8		3.3		—		3.3
Other	8.2		0.5		8.7		—		—		—
Total	$	136.3	$	123.4	$	259.7	$	147.9	$	38.5	$	186.4

_______________

(a)Our long-term derivative assets and current and long-term derivative liabilities are included in other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, on our consolidated balance sheets.

(b)We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 11). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $3.0 million, ($7.7 million) and $8.4 million during 2025, 2024 and 2023, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 9.

(c)Our equity-related derivative instruments at December 31, 2024 include the Vodafone Collar. As further described in note 7, the Vodafone Collar was fully settled in 2025.

Schedule of Realized and Unrealized Losses on Derivative Instruments

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:


	Year ended December 31,
	2025		2024		2023
	in millions

Cross-currency and interest rate derivative contracts	$	(348.7)	$	323.7	$	(186.2)

Equity-related derivative instruments	(207.6)		(38.6)		258.5




Foreign currency forward and option contracts	(11.1)		30.0		6.1
Other	—		0.1		(0.1)
Total	$	(567.4)	$	315.2	$	78.3

Schedule of Cash Received (Paid) Related to Derivative Instruments Statement of Cash Flows Location

The following table sets forth the classification of the net cash inflows of our derivative instruments:


	Year ended December 31,
	2025		2024		2023
	in millions

Operating activities	$	131.7	$	221.0	$	202.7
Investing activities	(1.8)		6.3		2.1
Financing activities	83.0		5.7		2.6
Total	$	212.9	$	233.0	$	207.4

Schedule of Derivative Instruments

The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at December 31, 2025:


	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years

Telenet	$	3,295.0	€	2,924.3	2.3

The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at December 31, 2025:

Pays fixed rate

Receives fixed rate

Notional
amount

Weighted average remaining life

Notional
amount

Weighted average remaining life

in millions

in years

in millions

in years

Telenet

4,236.7

(a)

3.3

—

______________

(a)Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 2025. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.

The following table sets forth certain information regarding our swaptions at December 31, 2025:


	Notional amount		Underlying swap currency	Weighted average option expiration period (a)	Weighted average strike rate (b)
	in millions			in years

Telenet:
Buy position	$	1,643.0	€	0.2	3.0%
Sell position	$	1,643.0	€	0.2	1.4%

_______________

(a)Represents the weighted average period until the date on which we have the option to enter into the interest rate swap contracts.

(b)Represents the weighted average interest rate that we would pay if either we or our counterparties exercised our respective options to enter into the interest rate swap contracts.

The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at December 31, 2025:


	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years

Telenet	$	3,597.7	—

VM Ireland	$	1,056.2	—

The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows:


	Decrease to borrowing costs at December 31, 2025 (a)

VM Ireland	(1.60)	%
Telenet	(1.48)	%
Total decrease to borrowing costs	(1.50)	%

_______________

(a)Represents the effect of derivative instruments in effect at December 31, 2025 and does not include forward-starting derivative instruments or swaptions.

Investments (Narrative) (Details) $ in Millions, £ in Billions	1 Months Ended	3 Months Ended				12 Months Ended
	Jul. 31, 2022	Dec. 31, 2025 USD ($)	Dec. 31, 2025 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 01, 2021
Schedule of Investments [Line Items]
Dividend distributions received from the VMO2 JV						$ 9.0	$ 206.4	$ 815.2
Other assets, current		$ 545.6				545.6	411.6
Estimated fair value of final payout		38.4				38.4
Revenue (notes 4, 6, 7 and 19)						4,878.5	4,341.9	4,115.8
Proceeds from sale of debt securities						700.0	4,400.0	6,900.0
Realized gains (losses)						0.5	7.5	56.3
Intersegment Eliminations
Schedule of Investments [Line Items]
Revenue (notes 4, 6, 7 and 19)						0.2	3.7	3.8
2022 VMO2 Long-term Incentive Plan
Schedule of Investments [Line Items]
Long term incentive plan, performance period	3 years
Vesting percentage	66.70%
Estimated fair value of final payout		$ 80.9				80.9
VMO2 JV
Schedule of Investments [Line Items]
Co-venturer ownership percentage									50.00%
Proceeds from equity method investment						$ 254.8	535.7	1,242.8
Transitional services period						12 months
Ownership percentage		50.00%				50.00%
Revenue (notes 4, 6, 7 and 19)						$ 13,335.2	13,649.7	13,574.1
VMO2 JV \| Liberty Global
Schedule of Investments [Line Items]
Co-venturer ownership percentage									50.00%
VMO2 JV \| Telefónica
Schedule of Investments [Line Items]
Co-venturer ownership percentage									50.00%
VMO2 JV \| Related party
Schedule of Investments [Line Items]
Other assets, current		$ 79.3				79.3	37.5
Revenue (notes 4, 6, 7 and 19)						$ 386.6	402.5	190.1
VMO2 JV \| Minimum
Schedule of Investments [Line Items]
Leverage ratio									4.0
VMO2 JV \| Maximum
Schedule of Investments [Line Items]
Leverage ratio									5.0
VMO2 JV
Schedule of Investments [Line Items]
Co-venturer ownership percentage		50.00%				50.00%
Dividends distributions received						$ 245.8	329.3	427.6
Goodwill Impairment Loss Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		goodwill impairments	goodwill impairments	goodwill impairments	goodwill impairments
Goodwill, impairment loss		$ 5,000.0	£ 3.8	$ 2,900.0	£ 2.3
VodafoneZiggo JV
Schedule of Investments [Line Items]
Co-venturer ownership percentage		50.00%				50.00%
Dividends distributions received						$ 72.3	65.0	110.2
Ownership percentage		50.00%				50.00%
Term to distribute all unrestricted cash						2 months
Revenue (notes 4, 6, 7 and 19)						$ 4,518.5	4,450.5	4,450.5
VodafoneZiggo JV \| Intersegment Eliminations
Schedule of Investments [Line Items]
Revenue (notes 4, 6, 7 and 19)						204.5	192.4	$ 191.9
VodafoneZiggo JV \| Related party
Schedule of Investments [Line Items]
Other assets, current		$ 42.7				$ 42.7	$ 18.5
VodafoneZiggo JV \| Minimum
Schedule of Investments [Line Items]
Leverage ratio		4.5				4.5
VodafoneZiggo JV \| Maximum
Schedule of Investments [Line Items]
Leverage ratio		5.0				5.0

Subsequent Event (Details) - Subsequent event - VodafoneZiggo JV € in Billions, $ in Billions	Feb. 18, 2026 USD ($)	Feb. 18, 2026 EUR (€)
Subsequent Event [Line Items]
Percentage of voting interests acquired (as a percent)	50.00%	50.00%
Purchase consideration	$ 1.2	€ 1.0
Liberty Global Holding B.V.
Subsequent Event [Line Items]
Percentage of voting interests acquired (as a percent)	10.00%	10.00%

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue (notes 4, 6, 7 and 19)	$ 4,878.5	$ 4,341.9	$ 4,115.8
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services (note 12)	1,670.5	1,450.7	1,285.5
Other operating (notes 12 and 15)	878.8	761.1	765.5
Selling, general and administrative (SG&A) (notes 12 and 15)	1,223.6	1,138.6	1,119.2
Depreciation and amortization (note 10)	1,038.9	1,002.0	1,216.4
Impairment, restructuring and other operating items, net (notes 10 and 12)	90.0	49.6	43.0
Operating costs and expenses	4,901.8	4,402.0	4,429.6
Operating loss	(23.3)	(60.1)	(313.8)
Non-operating income (expense):
Interest expense	(497.5)	(574.7)	(505.0)
Realized and unrealized gains (losses) on derivative instruments, net (note 8)	(567.4)	315.2	78.3
Foreign currency transaction gains (losses), net	(3,121.1)	1,756.5	(719.7)
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 7 and 9)	147.8	(28.4)	(556.6)
Losses on debt extinguishment, net (note 11)	(20.1)	0.0	(1.4)
Share of results of affiliates, net (note 7)	(3,186.9)	(205.6)	(2,018.4)
Gain on sale of All3Media	0.0	242.9	0.0
Gain associated with the Formula E Acquisition (note 5)	0.0	190.7	0.0
Gain associated with the Telenet Wyre Transaction (note 5)	0.0	0.0	377.8
Other income, net	96.0	201.8	212.8
Non-operating income (expense)	(7,149.2)	1,898.4	(3,132.2)
Earnings (loss) from continuing operations before income taxes	(7,172.5)	1,838.3	(3,446.0)
Income tax benefit (expense) (note 13)	75.8	30.8	(213.1)
Earnings (loss) from continuing operations	(7,096.7)	1,869.1	(3,659.1)
Loss from discontinued operations, net of taxes (note 6)	0.0	(223.2)	(214.7)
Net earnings (loss)	(7,096.7)	1,645.9	(3,873.8)
Net earnings attributable to noncontrolling interests	(41.4)	(57.9)	(177.9)
Net earnings (loss) attributable to Liberty Global shareholders	$ (7,138.1)	$ 1,588.0	$ (4,051.7)
Basic earnings (loss) attributable to Liberty Global shareholders per share (note 3):
Continuing operations, basic (in dollars per share)	$ (20.86)	$ 4.94	$ (9.02)
Discontinued operations, basic (in dollars per share)	0	(0.61)	(0.50)
Basic earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share)	(20.86)	4.33	(9.52)
Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 3):
Continuing operations, diluted (in dollars per share)	(20.86)	4.82	(9.02)
Discontinued operations, diluted (in dollars per share)	0	(0.59)	(0.50)
Diluted earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share)	$ (20.86)	$ 4.23	$ (9.52)

Income Taxes (Schedule of Benefit (Expense) of Income Tax) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Current	$ 0.0	$ 0.0	$ (0.1)
Deferred	0.0	8.0	0.5
Total	0.0	8.0	0.4
Current	(45.9)	(22.3)	(167.3)
Deferred	121.7	53.1	(45.8)
Total income tax benefit (expense)	75.8	30.8	(213.1)
Foreign tax authority
Income Taxes [Line Items]
Current	(45.9)	(22.3)	(167.2)
Deferred	121.7	45.1	(46.3)
Total income tax benefit (expense)	75.8	22.8	(213.5)
Luxembourg
Income Taxes [Line Items]
Current	0.1	(0.8)	0.0
Deferred	84.2	2.9	44.3
Total	84.3	2.1	44.3
Belgium
Income Taxes [Line Items]
Current	(102.0)	(92.8)	(100.9)
Deferred	31.3	25.5	(64.9)
Total	(70.7)	(67.3)	(165.8)
U.K.
Income Taxes [Line Items]
Current	(0.3)
Deferred	31.0
Total	30.7
U.S.
Income Taxes [Line Items]
Current	40.9	72.3	(68.0)
Deferred	(11.2)	5.8	(28.4)
Total	29.7	78.1	(96.4)
Netherlands
Income Taxes [Line Items]
Current	16.1	(2.0)	(1.9)
Deferred	1.6	7.1	0.2
Total	17.7	5.1	(1.7)
Ireland
Income Taxes [Line Items]
Current	0.0	1.4	3.6
Deferred	(17.7)	3.6	2.5
Total	(17.7)	5.0	$ 6.1
Other
Income Taxes [Line Items]
Current	(0.7)	(0.4)
Deferred	2.5	0.2
Total	$ 1.8	$ (0.2)

Accumulated Other Comprehensive Earnings (Loss) (Balance Sheets and Statements of Equity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 12,544.3	$ 19,007.4	$ 22,573.4
Other comprehensive earnings (loss)	4,572.6	(2,549.6)	1,656.1
Ending balance	9,945.8	12,544.3	19,007.4
Total accumulated other comprehensive earnings (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(656.6)	2,170.7	514.6
Other comprehensive earnings (loss)	4,572.6	(2,549.6)	1,656.1
Impact of the Spin-off		(277.7)
Ending balance	3,916.0	(656.6)	2,170.7
Accumulated other comprehensive earnings (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(657.0)	2,170.3	513.4
Other comprehensive earnings (loss)	4,572.6	(2,549.6)	1,656.9
Impact of the Spin-off		(277.7)
Ending balance	3,915.6	(657.0)	2,170.3
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(445.7)	2,399.2	620.8
Other comprehensive earnings (loss)	4,571.8	(2,507.9)	1,778.4
Impact of the Spin-off		(337.0)
Ending balance	4,126.1	(445.7)	2,399.2
Pension-related adjustments and other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(211.3)	(228.9)	(107.4)
Other comprehensive earnings (loss)	0.8	(41.7)	(121.5)
Impact of the Spin-off		59.3
Ending balance	(210.5)	(211.3)	(228.9)
Noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0.4	0.4	1.2
Other comprehensive earnings (loss)	0.0	0.0	(0.8)
Impact of the Spin-off		0.0
Ending balance	$ 0.4	$ 0.4	$ 0.4

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Equity (Schedule of Outstanding Share-Based Compensation Awards) (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class A common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	1,161,775	1,159,996
Class C common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	5,543,216	5,203,985
SARs \| Class A common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares)	31,776,675	34,684,640
SARs \| Class C common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares)	70,725,865	75,630,289
RSUs \| Class A common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	3,102,307
RSUs \| Class C common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	4,114,284
PSUs and PSARs \| Class A common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	9,675,533
PSUs and PSARs \| Class C common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	16,073,103

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Oct. 07, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Increase in valuation allowances		$ 154.4
Change in valuation allowance due to net tax benefit		5.6
Cumulative temporary differences		1,400.0
Unrecognized tax benefits - favorable impact on effective income tax rate if ultimately recognized, net of valuation allowances		88.9	$ 266.6	$ 347.0
Income tax penalties and interest expense	$ 110.0	45.1	$ 7.9	59.6
Accrued interest and penalties on tax related items		$ 113.5
Liability for settlement with taxing authority				$ 315.0
Income Tax Contingency \| Tax Year 2018
Income Tax Contingency [Line Items]
Damages sought	$ 284.0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows:


			Fair value measurements at December 31, 2025 using:
Description	December 31, 2025		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	240.9	$	—	$	240.9	$	—

Foreign currency forward and option contracts	0.1		—		0.1		—
Other	7.8		—		7.8		—
Total derivative instruments	248.8		—		248.8		—
Investments:
SMAs	76.2		—		76.2		—
Other investments	1,631.5		278.1		0.1		1,353.3
Total investments	1,707.7		278.1		76.3		1,353.3
Total assets	$	1,956.5	$	278.1	$	325.1	$	1,353.3

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	248.2	$	—	$	248.2	$	—

Foreign currency forward and option contracts	2.8		—		2.8		—
Other	8.7		—		8.7		—
Total liabilities	$	259.7	$	—	$	259.7	$	—


			Fair value measurements at December 31, 2024 using:
Description	December 31, 2024		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	623.2	$	—	$	623.2	$	—
Equity-related derivative instruments	213.4		—		—		213.4
Foreign currency forward and option contracts	6.5		—		6.5		—
Other	0.8		—		0.8		—
Total derivative instruments	843.9		—		630.5		213.4
Investments:
SMAs	433.1		127.0		306.1		—
Other investments	2,810.2		1,546.3		0.1		1,263.8
Total investments	3,243.3		1,673.3		306.2		1,263.8
Total assets	$	4,087.2	$	1,673.3	$	936.7	$	1,477.2

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	183.1	$	—	$	183.1	$	—

Foreign currency forward and option contracts	3.3		—		3.3		—



Total liabilities	$	186.4	$	—	$	186.4	$	—

Schedule of Reconciliation of the Beginning and Ending Balances of Assets and Liabilities Measured at Fair Value Using Significant Unobservable, or Level 3, Inputs

A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows:


	Investments		Equity-related derivative instruments		Total
	in millions

Balance of net assets at January 1, 2025	$	1,263.8	$	213.4	$	1,477.2
Losses included in loss from continuing operations (a):
Realized and unrealized losses on derivative instruments, net	—		(49.2)		(49.2)
Realized and unrealized losses due to changes in fair values of certain investments, net	(111.0)		—		(111.0)


Additions	70.5		—		70.5


Transfers out of Level 3	—		(173.8)		(173.8)
Foreign currency translation adjustments and other, net	130.0		9.6		139.6
Balance of net assets at December 31, 2025 (b)	$	1,353.3	$	—	$	1,353.3

_______________

(a)Amounts primarily relate to assets and liabilities that we continue to carry on our consolidated balance sheets as of December 31, 2025.

(b)As of December 31, 2025, $354.4 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.

Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finance lease expense:
Depreciation and amortization	$ 7.2	$ 4.2	$ 30.2
Interest expense	3.2	1.4	0.5
Total finance lease expense	10.4	5.6	30.7
Operating lease expense	119.8	108.6	87.2
Short-term lease expense	0.4	0.4	0.6
Variable lease expense	1.5	1.4	1.4
Total lease expense	132.1	116.0	119.9
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	97.8	87.4	92.9
Operating cash outflows from finance leases (interest component)	3.2	1.4	0.5
Financing cash outflows from finance leases (principal component)	5.4	5.6	21.0
Total cash outflows from operating and finance leases	$ 106.4	$ 94.4	$ 114.4

Fair Value Measurements (Narrative) (Details)	12 Months Ended
Fair Value Measurements (Narrative) (Details)	Dec. 31, 2024
Telenet Wyre Transaction \| Measurement Input, Weighted Average Cost Of Capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Intangible asset, measurement input	0.100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Share-based Compensation (Schedule of Award Activity, Shares Held By Former Employees) (Details) - Former Employees $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares) \| shares	2,706,841
Weighted average exercise or base price, outstanding (in dollar per share) \| $ / shares	$ 15.60
Weighted average remaining contractual term, outstanding	3 years 6 months
Aggregate intrinsic value, outstanding \| $	$ 0.4
Number of awards, exercisable (in shares) \| shares	2,556,946
Weighted average exercise or base price, exercisable (in dollar per share) \| $ / shares	$ 15.89
Weighted average remaining contractual term, exercisable	3 years 3 months 18 days
Aggregate intrinsic value, exercisable \| $	$ 0.3
Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares) \| shares	5,309,254
Weighted average exercise or base price, outstanding (in dollar per share) \| $ / shares	$ 15.61
Weighted average remaining contractual term, outstanding	3 years 6 months
Aggregate intrinsic value, outstanding \| $	$ 0.4
Number of awards, exercisable (in shares) \| shares	5,012,390
Weighted average exercise or base price, exercisable (in dollar per share) \| $ / shares	$ 15.87
Weighted average remaining contractual term, exercisable	3 years 3 months 18 days
Aggregate intrinsic value, exercisable \| $	$ 0.4

Accumulated Other Comprehensive Earnings (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Earnings

The changes in the components of accumulated other comprehensive earnings (loss), net of taxes, are summarized as follows:


	Liberty Global shareholders								Total accumulated other comprehensive earnings (loss)
	Foreign currency translation adjustments		Pension-related adjustments and other		Accumulated other comprehensive earnings (loss)		Noncontrolling interests
	in millions

Balance at January 1, 2023	$	620.8	$	(107.4)	$	513.4	$	1.2	$	514.6
Other comprehensive earnings	1,778.4		(121.5)		1,656.9		(0.8)		1,656.1
Balance at December 31, 2023	2,399.2		(228.9)		2,170.3		0.4		2,170.7
Other comprehensive loss	(2,507.9)		(41.7)		(2,549.6)		—		(2,549.6)
Impact of the Spin-off	(337.0)		59.3		(277.7)		—		(277.7)
Balance at December 31, 2024	(445.7)		(211.3)		(657.0)		0.4		(656.6)
Other comprehensive earnings	4,571.8		0.8		4,572.6		—		4,572.6
Balance at December 31, 2025	$	4,126.1	$	(210.5)	$	3,915.6	$	0.4	$	3,916.0

The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net of amounts reclassified to our consolidated statements of operations:


	Pre-tax amount		Tax benefit (expense)		Net-of-tax amount
	in millions

Year ended December 31, 2025:
Foreign currency translation adjustments	$	4,580.0	$	(8.2)	$	4,571.8
Pension-related adjustments and other	2.4		(1.6)		0.8




Other comprehensive earnings attributable to Liberty Global shareholders	$	4,582.4	$	(9.8)	$	4,572.6

Year ended December 31, 2024:
Foreign currency translation adjustments	$	(2,567.3)	$	4.1	$	(2,563.2)
Pension-related adjustments and other	(51.1)		(1.0)		(52.1)
Other comprehensive loss from continuing operations	(2,618.4)		3.1		(2,615.3)
Other comprehensive earnings from discontinued operations	68.1		(2.4)		65.7
Other comprehensive loss attributable to Liberty Global shareholders	$	(2,550.3)	$	0.7	$	(2,549.6)



Year ended December 31, 2023:
Foreign currency translation adjustments	$	1,212.0	$	(1.9)	$	1,210.1
Pension-related adjustments and other	(48.2)		(0.1)		(48.3)
Other comprehensive earnings from continuing operations	1,163.8		(2.0)		1,161.8
Other comprehensive earnings from discontinued operations	478.3		16.0		494.3
Other comprehensive earnings	1,642.1		14.0		1,656.1
Other comprehensive loss attributable to noncontrolling interests (a)	0.9		(0.1)		0.8
Other comprehensive earnings attributable to Liberty Global shareholders	$	1,643.0	$	13.9	$	1,656.9

_______________

(a)Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments.

Segment Reporting (Schedule of Performance Measures) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated revenue	$ 4,878.5	$ 4,341.9	$ 4,115.8
VMO2 JV And VodafoneZiggo JV
Segment Reporting Information [Line Items]
Total consolidated revenue	(17,853.7)	(18,100.2)	(18,024.6)
VMO2 JV
Segment Reporting Information [Line Items]
Total consolidated revenue	13,335.2	13,649.7	13,574.1
VodafoneZiggo JV
Segment Reporting Information [Line Items]
Total consolidated revenue	4,518.5	4,450.5	4,450.5
Telenet
Segment Reporting Information [Line Items]
Total consolidated revenue	3,207.9	3,084.4	3,089.2
VM Ireland
Segment Reporting Information [Line Items]
Total consolidated revenue	494.8	491.4	506.1
Operating Segments
Segment Reporting Information [Line Items]
Total consolidated revenue	21,556.2	21,672.3	21,616.1
Operating Segments \| VMO2 JV
Segment Reporting Information [Line Items]
Total consolidated revenue	13,335.2	13,649.7	13,574.1
Operating Segments \| VodafoneZiggo JV
Segment Reporting Information [Line Items]
Total consolidated revenue	4,518.5	4,450.5	4,450.5
Operating Segments \| Telenet
Segment Reporting Information [Line Items]
Total consolidated revenue	3,207.7	3,084.2	3,089.2
Operating Segments \| VM Ireland
Segment Reporting Information [Line Items]
Total consolidated revenue	494.8	487.9	502.3
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total consolidated revenue	0.2	3.7	3.8
Intersegment Eliminations \| VodafoneZiggo JV
Segment Reporting Information [Line Items]
Total consolidated revenue	204.5	192.4	191.9
Intersegment Eliminations \| Telenet
Segment Reporting Information [Line Items]
Total consolidated revenue	0.2	0.2	0.0
Intersegment Eliminations \| VM Ireland
Segment Reporting Information [Line Items]
Total consolidated revenue	0.0	3.5	3.8
Reportable Legal Entities
Segment Reporting Information [Line Items]
Total consolidated revenue	21,556.4	21,676.0	21,619.9
Central and Other
Segment Reporting Information [Line Items]
Total consolidated revenue	1,341.3	1,013.6	776.2
Central and Other \| All other category
Segment Reporting Information [Line Items]
Total consolidated revenue	1,341.3	1,013.6	776.2
Segments
Segment Reporting Information [Line Items]
Total consolidated revenue	$ (165.5)	$ (247.5)	$ (255.7)

Share-based Compensation (Schedule of Stock-Based Compensation) (Details) € in Millions, $ in Millions			1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 07, 2023 USD ($)	Oct. 13, 2023	Apr. 30, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						$ 169.4	$ 168.3	$ 204.8
Total compensation expense not yet recognized						$ 152.8
Percent of annual inventive compensation						100.00%
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share based compensation expense								25.9
Other operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						$ 12.6	17.8	11.3
SG&A expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						156.8	150.5	193.5
Liberty Global Plc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						165.4	162.2	171.5
Non-performance based incentive awards \| Liberty Global Plc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						83.5	113.9	137.7
Performance-based incentive awards \| Liberty Global Plc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						46.9	18.6	6.9
Other \| Liberty Global Plc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						35.0	29.7	26.9
Telenet share-based incentive awards \| Telenet
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						0.0	0.0	27.7
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						$ 4.0	$ 6.1	$ 5.6
Telenet Replacement Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 50.0
Award conversion ratio		0.5
Accelerated cost	8.5
Total compensation expense not yet recognized	$ 41.5
Liberty Global 2014 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			7 years			10 years
ESOP 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense				$ 8.2	€ 7.6
ESOP 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense				$ 8.2	€ 7.6

Derivative Instruments (Interest Rate Swap Contracts, Options and Basis Swaps) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Interest Rate Swap \| Telenet \| Long
Derivative [Line Items]
Notional amount	$ 1,643.0
Weighted average remaining life	2 months 12 days
Weighted average strike rate	3.00%
Interest Rate Swap \| Telenet \| Short
Derivative [Line Items]
Notional amount	$ 1,643.0
Weighted average remaining life	2 months 12 days
Weighted average strike rate	1.40%
Notional amount due from counterparty \| Interest Rate Swap \| Telenet
Derivative [Line Items]
Notional amount	$ 4,236.7
Weighted average remaining life	3 years 3 months 18 days
Notional amount due from counterparty \| Basis Swaps \| Telenet
Derivative [Line Items]
Notional amount	$ 3,597.7
Notional amount due from counterparty \| Basis Swaps \| VM Ireland
Derivative [Line Items]
Notional amount	1,056.2
Notional amount due to counterparty \| Interest Rate Swap \| Telenet
Derivative [Line Items]
Notional amount	$ 0.0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (7,096.7)	$ 1,645.9	$ (3,873.8)
Loss from discontinued operations	0.0	(223.2)	(214.7)
Earnings (loss) from continuing operations	(7,096.7)	1,869.1	(3,659.1)
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by operating activities of continuing operations:
Share-based compensation expense	169.4	168.3	204.8
Depreciation and amortization	1,038.9	1,002.0	1,216.4
Impairment, restructuring and other operating items, net	90.0	49.6	43.0
Amortization of deferred financing costs and non-cash interest	49.9	64.8	60.0
Realized and unrealized losses (gains) on derivative instruments, net	567.4	(315.2)	(78.3)
Foreign currency transaction losses (gains), net	3,121.1	(1,756.5)	719.7
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net	(147.8)	28.4	556.6
Losses on debt extinguishment, net	20.1	0.0	1.4
Share of results of affiliates, net	3,186.9	205.6	2,018.4
Deferred income tax expense (benefit)	(121.7)	(53.1)	45.8
Gain on sale of All3Media	0.0	(242.9)	0.0
Gain associated with the Formula E Acquisition	0.0	(190.7)	0.0
Gain associated with the Telenet Wyre Transaction	0.0	0.0	(377.8)
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Receivables and other operating assets	216.6	410.5	592.0
Payables and accruals	(201.1)	(303.0)	(681.4)
Net cash provided by operating activities of continuing operations	1,211.1	1,331.2	1,199.3
Net cash provided by operating activities of discontinued operations	0.0	701.7	966.6
Net cash provided by operating activities	1,211.1	2,032.9	2,165.9
Cash flows from investing activities:
Capital expenditures, net	(1,343.1)	(908.5)	(921.9)
Cash received from the sale of investments	1,014.3	4,527.5	6,988.6
Cash paid for investments	(599.1)	(2,876.6)	(8,130.9)
Dividend distributions received from the VMO2 JV	9.0	206.4	815.2
Cash received in connection with the sale of All3Media	0.0	411.7	0.0
Cash paid in connection with the Formula E Acquisition, net of cash acquired	0.0	(199.1)	0.0
Other investing activities, net	44.0	(15.9)	(31.2)
Net cash provided (used) by investing activities of continuing operations	(874.9)	1,145.5	(1,280.2)
Net cash used by investing activities of discontinued operations	0.0	(460.8)	(564.8)
Net cash provided (used) by investing activities	(874.9)	684.7	(1,845.0)
Cash flows from financing activities:
Borrowings of debt	764.7	203.7	3,167.0
Operating-related vendor financing additions	312.4	372.3	346.2
Repayments and repurchases of debt and finance lease obligations:
Debt (excluding vendor financing)	(691.0)	(25.5)	(1,005.4)
Principal payments on operating-related vendor financing	(369.4)	(363.7)	(376.2)
Principal payments on capital-related vendor financing	(79.6)	(114.0)	(119.3)
Principal payments on finance leases	(5.4)	(5.6)	(21.0)
Repurchases of Liberty Global common shares	(192.1)	(689.8)	(1,494.7)
Net cash received related to derivative instruments	83.0	5.7	2.6
Cash and cash equivalents and restricted cash contributed to Sunrise in connection with the Spin-off	0.0	(128.4)	0.0
Dividend distributions by subsidiaries to noncontrolling interest owners	0.0	(0.4)	(46.9)
Acquisition of shares in connection with the Telenet Takeover Bid	0.0	0.0	(985.7)
Other financing activities, net	(48.7)	(60.5)	(61.8)
Net cash used by financing activities of continuing operations	(226.1)	(806.2)	(595.2)
Net cash used by financing activities of discontinued operations	0.0	(1,443.9)	(97.2)
Net cash used by financing activities	(226.1)	(2,250.1)	(692.4)
Effect of exchange rate changes on cash and cash equivalents and restricted cash:
Continuing operations	154.7	(64.0)	57.9
Discontinued operations	0.0	(4.1)	4.1
Total	154.7	(68.1)	62.0
Net increase (decrease) in cash and cash equivalents and restricted cash:
Continuing operations	264.8	1,606.5	(618.2)
Discontinued operations	0.0	(1,207.1)	308.7
Total	264.8	399.4	(309.5)
Cash and cash equivalents and restricted cash:
Beginning of year	1,822.3	1,422.9	1,732.4
Net increase (decrease)	264.8	399.4	(309.5)
End of year	2,087.1	1,822.3	1,422.9
Cash paid for interest:
Continuing operations	469.8	514.3	479.8
Discontinued operations	0.0	378.1	405.4
Total	469.8	892.4	885.2
Net cash paid for taxes:
Continuing operations	199.8	195.2	499.0
Discontinued operations	0.0	1.3	(4.7)
Total	199.8	196.5	494.3
VMO2 JV
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Dividends distributions received	245.8	329.3	427.6
VodafoneZiggo JV
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by operating activities of continuing operations:
Share of results of affiliates, net	99.0	69.3	196.7
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Dividends distributions received	$ 72.3	$ 65.0	$ 110.2

Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Contract assets	$ 11.4	$ 9.4
Deferred revenue	305.9	$ 289.5
Revenue recognized	290.8
Remaining performance obligation, greater than one year	$ 2,100.0
Residential Service \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period	12 months
Mobile Services \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period	1 year
Mobile Services \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period	3 years
B2B Services \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period	1 year
B2B Services \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period	5 years
B2B Services \| Weighted Average
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period	3 years

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts — Trade receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 20.5	$ 21.6	$ 19.1
Additions to costs and expenses	16.1	6.6	8.2
Disposition	(0.2)	0.0	0.0
Deductions or write-offs	(8.4)	(6.3)	(6.2)
Foreign currency translation adjustments	3.3	(1.4)	0.5
Balance at end of period	31.3	20.5	21.6
Allowance for doubtful accounts — Loans to affiliates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	20.3	29.5	30.2
Adjustments to costs and expenses	(4.3)	(7.8)	(1.7)
Foreign currency translation adjustments	2.6	(1.4)	1.0
Balance at end of period	$ 18.6	$ 20.3	$ 29.5

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

We use the fair value method to account for (i) certain of our investments and (ii) our derivative instruments. The reported fair values of these investments and derivative instruments as of December 31, 2025 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities.

GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. During the second quarter of 2025, the Vodafone Collar transferred from Level 3 to Level 2 and, as further described in note 7, was fully settled during the third quarter of 2025.

All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (forecasted volatilities and credit spreads) are obtained from pricing services. These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates. In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts. Although we compare these assessments to our internal valuations and investigate unexpected differences, we do not otherwise rely on counterparty quotes to determine the fair values of our derivative instruments. The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations.

For our investments in publicly-traded companies, the recurring fair value measurements are based on the quoted closing price of the respective shares at each reporting date. Accordingly, the valuations of these investments fall under Level 1 of the fair value hierarchy. Our other investments that we account for at fair value are privately-held companies, and therefore, quoted market prices are unavailable. For such investments, we generally apply a measurement alternative to record these investments at cost less impairment, adjusted for observable price changes in orderly transactions. For those privately-held investments for which we do not apply the measurement alternative, we apply a combination of an income approach (discounted cash flow model based on forecasts) and a market approach (transactions with new third-party investors or market multiples of similar businesses). With the exception of certain inputs for our weighted average cost of capital calculations that are derived from pricing services, the inputs used to value these investments are based on unobservable inputs derived from our assumptions. Therefore, the valuation of our privately-held investments falls under Level 3 of the fair value hierarchy. Any reasonably foreseeable changes in assumed levels of unobservable inputs for the valuations of our Level 3 investments would not be expected to have a material impact on our financial position or results of operations.

The recurring fair value measurements of our equity-related derivative instruments are based on standard option pricing models, which require the input of observable and unobservable variables such as exchange-traded equity prices, risk-free interest rates, dividend forecasts and forecasted volatilities of the underlying equity securities. The valuations of our equity-related derivative instruments are based on a combination of Level 1 inputs (exchange-traded equity prices), Level 2 inputs (interest rate futures and swap rates) and Level 3 inputs (forecasted volatilities). As changes in volatilities could have a significant impact on the overall valuations over the terms of the derivative instruments, we have determined that these valuations fall under Level 3 of the fair value hierarchy. For the December 31, 2024 valuation of the Vodafone Collar, we used estimated volatilities based predominantly on market observations.

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 8. The recurring fair value measurements of these instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these instruments. This observable data mostly includes currency rates, interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We classify deal-contingent hedges under Level 3 of the fair value hierarchy, as we adjust the valuations to reflect an internal judgment of the probability of the completion of the deal, which is unobservable. We use a Monte Carlo based approach to incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. The inputs used for our credit risk valuations, including our and our counterparties’ credit spreads, represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect these parameters to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swap contracts are quantified and further explained in note 8.

Fair value measurements are also used for nonrecurring valuations performed in connection with acquisition accounting and impairment assessments. These nonrecurring valuations include the valuation of reporting units, customer relationships and other intangible assets (including franchise and licensing rights), property and equipment and the implied value of goodwill. The valuation of reporting units is based on an income-based approach (discounted cash flows) using assumptions in our long-range business plans or a market-based approach (current multiples of comparable public companies and guideline transactions) and, in some cases, a combination of an income-based approach and a market-based approach. With the exception of certain inputs for our weighted average cost of capital and discount rate calculations that are derived from pricing services, the inputs used in our discounted cash flow analyses, such as forecasts of future cash flows, including inputs with respect to revenue growth and Adjusted EBITDA margin (as defined in note 19), and terminal growth rates, are based on our assumptions. The

valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology requires us to estimate the specific cash flows expected from the customer relationship, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationship, contributory asset charges and other factors. Tangible assets are typically valued using a replacement or reproduction cost approach, considering factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. The implied value of goodwill is determined by allocating the fair value of a reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination, with the residual amount allocated to goodwill. Most of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During 2025, we did not perform any significant nonrecurring fair value measurements. During 2024, we performed a nonrecurring valuation associated with the Formula E Acquisition, including franchise-related intangible assets, using a weighted average cost of capital of 10.0%.

A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows:


			Fair value measurements at December 31, 2025 using:
Description	December 31, 2025		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	240.9	$	—	$	240.9	$	—

Foreign currency forward and option contracts	0.1		—		0.1		—
Other	7.8		—		7.8		—
Total derivative instruments	248.8		—		248.8		—
Investments:
SMAs	76.2		—		76.2		—
Other investments	1,631.5		278.1		0.1		1,353.3
Total investments	1,707.7		278.1		76.3		1,353.3
Total assets	$	1,956.5	$	278.1	$	325.1	$	1,353.3

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	248.2	$	—	$	248.2	$	—

Foreign currency forward and option contracts	2.8		—		2.8		—
Other	8.7		—		8.7		—
Total liabilities	$	259.7	$	—	$	259.7	$	—


			Fair value measurements at December 31, 2024 using:
Description	December 31, 2024		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	623.2	$	—	$	623.2	$	—
Equity-related derivative instruments	213.4		—		—		213.4
Foreign currency forward and option contracts	6.5		—		6.5		—
Other	0.8		—		0.8		—
Total derivative instruments	843.9		—		630.5		213.4
Investments:
SMAs	433.1		127.0		306.1		—
Other investments	2,810.2		1,546.3		0.1		1,263.8
Total investments	3,243.3		1,673.3		306.2		1,263.8
Total assets	$	4,087.2	$	1,673.3	$	936.7	$	1,477.2

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	183.1	$	—	$	183.1	$	—

Foreign currency forward and option contracts	3.3		—		3.3		—



Total liabilities	$	186.4	$	—	$	186.4	$	—

A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows:


	Investments		Equity-related derivative instruments		Total
	in millions

Balance of net assets at January 1, 2025	$	1,263.8	$	213.4	$	1,477.2
Losses included in loss from continuing operations (a):
Realized and unrealized losses on derivative instruments, net	—		(49.2)		(49.2)
Realized and unrealized losses due to changes in fair values of certain investments, net	(111.0)		—		(111.0)


Additions	70.5		—		70.5


Transfers out of Level 3	—		(173.8)		(173.8)
Foreign currency translation adjustments and other, net	130.0		9.6		139.6
Balance of net assets at December 31, 2025 (b)	$	1,353.3	$	—	$	1,353.3

_______________

(a)Amounts primarily relate to assets and liabilities that we continue to carry on our consolidated balance sheets as of December 31, 2025.

(b)As of December 31, 2025, $354.4 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments and receivables at fair value	$ 1,631.5	$ 2,907.7
Class A
Common stock, nominal value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	174,502,063	173,046,371
Common stock, outstanding (in shares)	174,502,063	173,046,371
Class B
Common stock, nominal value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	12,968,658	12,968,658
Common stock, outstanding (in shares)	12,968,658	12,968,658
Class C
Common stock, nominal value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	147,333,037	162,710,787
Common stock, outstanding (in shares)	147,333,037	162,710,787

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Weighted Average Shares Outstanding

The details of our net earnings (loss) from continuing operations attributable to Liberty Global shareholders are set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions, except share amounts

Earnings (loss) from continuing operations	$	(7,096.7)	$	1,869.1	$	(3,659.1)
Net earnings from continuing operations attributable to noncontrolling interests	(41.4)		(57.9)		(177.9)
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders	$	(7,138.1)	$	1,811.2	$	(3,837.0)

Weighted average common shares outstanding (basic EPS computation)	342,267,353		366,731,510		425,679,037
Incremental shares (a)	—		8,450,711		—
Weighted average common shares outstanding (diluted EPS computation)	342,267,353		375,182,221		425,679,037

Excluded potentially dilutive employee share-based incentive awards (b)	153,989,208		99,742,431		96,492,625

_______________

(a)We use the treasury stock method to calculate the incremental shares attributable to the assumed exercise or release of the outstanding share-based incentive awards upon vesting. Certain of our share incentive plans include performance and/or other features that result in the associated shares being contingently issuable. For purposes of applying the treasury stock method, the dilutive effect of these awards is calculated based on the number of the shares that would be issuable as if the end of the reporting period was the end of the contingency period.

(b)Amounts represent potentially dilutive shares that have been excluded from the computation of diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders because their effect would have been anti-dilutive under the treasury stock method. Additional shares may be issuable in future periods based on the actual performance of certain PSUs, because such awards had not yet met the applicable performance criteria during the reporting period.

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Formula E Acquisition

On October 2, 2024 (the Formula E Acquisition Date), we gained control of Formula E through the acquisition of the Formula E shares held by Warner Bros. Discovery, Inc. (Warner Bros. Discovery) and certain other minority shareholders, which increased our ownership interest in Formula E from 38.2% to 65.6% (the Formula E Acquisition). The purchase price for these additional shares totaled €150.0 million ($165.7 million at the transaction date). We also acquired Warner Bros. Discovery’s €50.0 million ($55.6 million at the transaction date) shareholder loan to Formula E upon closing of the transaction. Liberty Global began consolidating 100% of Formula E’s results from the Formula E Acquisition Date.

We have accounted for the Formula E Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Formula E based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill.

The following table summarizes the fair value of consideration transferred as part of the Formula E Acquisition (in millions):


Purchase consideration (a)	$	221.3
Fair value of pre-existing investment in Formula E (b)	$	316.6
Fair value of the noncontrolling interest in Formula E (c)	$	209.0

_______________

(a)Represents the total purchase consideration in connection with the Formula E Acquisition, which includes the shareholder loan acquired from Warner Bros. Discovery, as described above.

(b)Represents the fair value of our pre-existing investment in Formula E immediately prior to the Formula E Acquisition, including our €80.5 million ($88.9 million at the Formula E Acquisition Date) shareholder loan to Formula E.

(c)Represents the fair value of the noncontrolling interest in Formula E as of the Formula E Acquisition Date.

A summary of the identifiable assets acquired and liabilities assumed at the Formula E Acquisition Date is presented in the following table and reflects our final purchase price allocation (in millions):


Current assets (a)	$	98.8
Property and equipment, net	32.1
Intangible assets subject to amortization, net (b)	663.9
Other assets, net	13.3

Other accrued and current liabilities	(167.5)
Deferred tax liabilities	(110.9)
Other long-term liabilities	(12.0)
Total identifiable net assets	$	517.7

Goodwill (c)	$	229.2

_______________

(a)In connection with the Formula E Acquisition, we acquired $22.2 million of cash and cash equivalents, including restricted cash.

(b)Amount primarily includes an intangible asset related to a licensing agreement with the Federation Internationale l’Automobile (FIA) that provides Formula E with the exclusive rights to operate an electric motor racing championship. The weighted average remaining useful life of Formula E’s intangible assets is approximately 22 years.

(c)The goodwill recognized in connection with the Formula E Acquisition primarily represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, value associated with future sponsors, continued innovation and non-contractual relationships.

In connection with the Formula E Acquisition, we also recognized a gain of $190.7 million during 2024, representing the difference between the fair value and carrying amount of our previously held minority equity interest in Formula E. No income taxes were required to be provided on this gain.

Telenet Wyre Transaction

On July 1, 2023, pursuant to an agreement dated July 19, 2022, Telenet and Fluvius System Operator CV (Fluvius) created an independent infrastructure company (Wyre) within their combined geographic footprint in Belgium (the Telenet Wyre Transaction). The companies each contributed certain cable infrastructure assets with Telenet and Fluvius owning 66.8% and 33.2% of Wyre, respectively. In exchange for its 66.8% ownership of Wyre, Telenet contributed net assets with a fair value of €1,851.2 million ($2,021.2 million at the transaction date), together with annual payments to Fluvius of €20.0 million ($23.5 million) over the next six years following the date of the transaction. Telenet and Liberty Global began consolidating Wyre’s results upon the closing of the transaction. The final purchase price allocation was completed on June 30, 2024, which resulted in adjustments to certain of the preliminary amounts recorded. For more information regarding the final purchase price allocation, see note 10.

With the closing of the Telenet Wyre Transaction, Telenet early terminated and effectively settled certain pre-existing contractual relationships with Fluvius, principally related to Telenet’s leased network, and began consolidating certain infrastructure cable assets contributed by Fluvius to Wyre, as described above. Primarily due to Telenet’s aforementioned pre-existing network leasing relationship with Fluvius, the Telenet Wyre Transaction did not have a significant impact on our operating income during 2023.

In connection with the Telenet Wyre Transaction, we recognized a net gain of $377.8 million during 2023, which represents the difference between the fair value and carrying amount of a pre-existing network leasing relationship between Telenet and Fluvius. No income taxes were required to be provided on this gain.

Pro Forma Information

The following unaudited pro forma consolidated operating results for 2024 and 2023 give effect to the Formula E Acquisition as if it had been completed as of January 1, 2023. No effect has been given to the Telenet Wyre Transaction since it would not have had a significant impact on our results of operations during 2023. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Formula E Acquisition had occurred on such date, and are based on certain assumptions that we believe are reasonable.


	Year ended December 31,
	2024		2023
	(unaudited)

Revenue (in millions)	$	4,589.4	$	4,384.3
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders (in millions)	$	1,799.3	$	(3,861.6)

Basic earnings (loss) from continuing operations attributable to Liberty Global shareholders per share	$	4.91	$	(9.07)
Diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share	$	4.80	$	(9.07)

Our consolidated statement of operations for 2024 includes revenue of $17.9 million and net loss of $20.0 million attributable to Formula E, excluding the share of results of affiliates, net, related to our previously held minority equity interest in Formula E.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Derivative Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

In general, we enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt, (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity, and (iii) decreases in the market prices of certain publicly-traded securities that we own. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure, primarily with respect to the U.S. dollar ($), the euro (€) and the British pound sterling (£). Generally, we only apply hedge accounting to our derivative instruments in limited circumstances. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our consolidated statements of operations.

The following table provides details of the fair values of our derivative instrument assets and liabilities:


	December 31, 2025						December 31, 2024
	Current		Long-term		Total		Current		Long-term		Total
	in millions

Assets (a):
Cross-currency and interest rate derivative contracts (b)	$	127.1	$	113.8	$	240.9	$	253.8	$	369.4	$	623.2
Equity-related derivative instruments (c)	—		—		—		26.1		187.3		213.4
Foreign currency forward and option contracts	0.1		—		0.1		6.5		—		6.5
Other	7.8		—		7.8		0.6		0.2		0.8
Total	$	135.0	$	113.8	$	248.8	$	287.0	$	556.9	$	843.9

Liabilities (a):
Cross-currency and interest rate derivative contracts (b)	$	126.2	$	122.0	$	248.2	$	144.6	$	38.5	$	183.1

Foreign currency forward and option contracts	1.9		0.9		2.8		3.3		—		3.3
Other	8.2		0.5		8.7		—		—		—
Total	$	136.3	$	123.4	$	259.7	$	147.9	$	38.5	$	186.4

_______________

(c)Our equity-related derivative instruments at December 31, 2024 include the Vodafone Collar. As further described in note 7, the Vodafone Collar was fully settled in 2025.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:


	Year ended December 31,
	2025		2024		2023
	in millions

Cross-currency and interest rate derivative contracts	$	(348.7)	$	323.7	$	(186.2)

Equity-related derivative instruments	(207.6)		(38.6)		258.5




Foreign currency forward and option contracts	(11.1)		30.0		6.1
Other	—		0.1		(0.1)
Total	$	(567.4)	$	315.2	$	78.3

The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. The following table sets forth the classification of the net cash inflows of our derivative instruments:


	Year ended December 31,
	2025		2024		2023
	in millions

Operating activities	$	131.7	$	221.0	$	202.7
Investing activities	(1.8)		6.3		2.1
Financing activities	83.0		5.7		2.6
Total	$	212.9	$	233.0	$	207.4

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions, however notwithstanding, given the size of our derivative portfolio, the default of certain counterparties could have a significant impact on our consolidated statements of operations. Collateral is generally not posted by either party under our derivative instruments. At December 31, 2025, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $92.9 million.

Each of our subsidiary borrowing groups have entered into derivative instruments under master agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.

Under our derivative contracts, it is generally only the non-defaulting party that has a contractual option to exercise early termination rights upon the default of the other counterparty and to set off other liabilities against sums due upon such termination. However, in an insolvency of a derivative counterparty, under the laws of certain jurisdictions, the defaulting counterparty or its insolvency representatives may be able to compel the termination of one or more derivative contracts and trigger early termination payment liabilities payable by us, reflecting any mark-to-market value of the contracts for the counterparty. Alternatively, or in addition, the insolvency laws of certain jurisdictions may require the mandatory set off of amounts due under such derivative contracts against present and future liabilities owed to us under other contracts between us and the relevant counterparty. Accordingly, it is possible that we may be subject to obligations to make payments, or may have present or future liabilities owed to us partially or fully discharged by set off as a result of such obligations, in the event of the insolvency of a derivative counterparty, even though it is the counterparty that is in default and not us. To the extent that we are

required to make such payments, our ability to do so will depend on our liquidity and capital resources at the time. In an insolvency of a defaulting counterparty, we will be an unsecured creditor in respect of any amount owed to us by the defaulting counterparty, except to the extent of the value of any collateral we have obtained from that counterparty.

In addition, where a counterparty is in financial difficulty, under the laws of certain jurisdictions, the relevant regulators may be able to (i) compel the termination of one or more derivative instruments, determine the settlement amount and/or compel, without any payment, the partial or full discharge of liabilities arising from such early termination that are payable by the relevant counterparty, or (ii) transfer the derivative instruments to an alternative counterparty.

Details of our Derivative Instruments

Cross-currency Swap Contracts

We generally match the denomination of our subsidiaries’ borrowings with the functional currency of the supporting operations or, when it is more cost effective, we provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At December 31, 2025, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at December 31, 2025:


	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years

Telenet	$	3,295.0	€	2,924.3	2.3

Interest Rate Swap Contracts

Pays fixed rate

Receives fixed rate

Notional
amount

Weighted average remaining life

Notional
amount

Weighted average remaining life

in millions

in years

in millions

in years

Telenet

4,236.7

(a)

3.3

—

______________

Interest Rate Swap Options

We have entered into various interest rate swap options (swaptions), which give either us or the bank the right, but not the obligation, to enter into certain interest rate swap contracts at set dates in the future, with each such contract having a life of no more than five years. At the transaction date, where we have bought the swaption, the strike rate of the contract was above the corresponding market rate. Where the bank has bought the swaption, the strike rate was below the corresponding market rate.

The following table sets forth certain information regarding our swaptions at December 31, 2025:


	Notional amount		Underlying swap currency	Weighted average option expiration period (a)	Weighted average strike rate (b)
	in millions			in years

Telenet:
Buy position	$	1,643.0	€	0.2	3.0%
Sell position	$	1,643.0	€	0.2	1.4%

_______________

(a)Represents the weighted average period until the date on which we have the option to enter into the interest rate swap contracts.

(b)Represents the weighted average interest rate that we would pay if either we or our counterparties exercised our respective options to enter into the interest rate swap contracts.

Basis Swaps

Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at December 31, 2025:


	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years

Telenet	$	3,597.7	—

VM Ireland	$	1,056.2	—

Interest Rate Caps, Floors and Collars

From time to time, we enter into interest rate cap, floor and collar agreements. Purchased interest rate caps and collars lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates. Purchased interest rate floors protect us from interest rates falling below a certain level, generally to match a floating rate floor on a debt instrument. At December 31, 2025, we had no interest rate collar agreements, and the total U.S. dollar equivalents of the notional amounts of our purchased interest rate caps and floors were $1.1 billion and $1.3 billion, respectively.

Impact of Derivative Instruments on Borrowing Costs

The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows:


	Decrease to borrowing costs at December 31, 2025 (a)

VM Ireland	(1.60)	%
Telenet	(1.48)	%
Total decrease to borrowing costs	(1.50)	%

_______________

(a)Represents the effect of derivative instruments in effect at December 31, 2025 and does not include forward-starting derivative instruments or swaptions.

Foreign Currency Forwards and Options

Certain of our subsidiaries enter into foreign currency forward and option contracts with respect to non-functional currency exposure. As of December 31, 2025, the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $155.4 million.

Equity-related Derivative Instruments

Vodafone Collar and Vodafone Collar Loan. On February 11, 2023, as part of the Vodafone Collar Transaction, we entered into the Vodafone Collar with respect to all 1,335 million of our Vodafone ordinary shares. The Vodafone Collar was comprised of (i) purchase put options that we could exercise and (ii) written call options exercisable by the counterparty. The Vodafone Collar was designed to hedge the value of our investment in Vodafone shares, protecting against market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price. For additional information regarding our former investment in Vodafone, see note 7.

The Vodafone Collar Transaction also provided us with the ability to effectively finance the purchase of the Vodafone shares. In this regard, on February 11, 2023, we borrowed €1,143.6 million ($1,219.8 million at the transaction date) under the Vodafone Collar Loan. The Vodafone Collar Loan had a face value of €1,258.0 million ($1,341.8 million at the transaction date) and was issued at a discount of €114.4 million ($122.0 million at the transaction date), with a zero coupon rate and an average implied yield of 295 basis points (2.95%). The Vodafone Collar Loan, which had original settlement dates from July 2025 to December 2026, was fully settled during 2025, as further described in note 7. The Vodafone Collar Loan contained no financial covenants and included customary representations and warranties, events of default and certain adjustment and termination events.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

LIBERTY GLOBAL LTD.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS


	Allowance for doubtful accounts — Trade receivables
	Balance at beginning of period		Additions to costs and expenses	Disposition	Deductions or write-offs	Foreign currency translation adjustments	Balance at end of period
	in millions

Year ended December 31:
2023	$	19.1	8.2	—	(6.2)	0.5	$	21.6
2024	$	21.6	6.6	—	(6.3)	(1.4)	$	20.5
2025	$	20.5	16.1	(0.2)	(8.4)	3.3	$	31.3


	Allowance for doubtful accounts — Loans to affiliates
	Balance at beginning of period		Adjustments to costs and expenses	Foreign currency translation adjustments	Balance at end of period
	in millions

Year ended December 31:
2023	$	30.2	(1.7)	1.0	$	29.5
2024	$	29.5	(7.8)	(1.4)	$	20.3
2025	$	20.3	(4.3)	2.6	$	18.6

Fair Value Measurements (Assets and Liabilities Reconciliation) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of net assets at January 1, 2025	$ 1,477.2
Losses included in loss from continuing operations
Realized and unrealized losses on derivative instruments, net	(49.2)
Realized and unrealized losses due to changes in fair values of certain investments, net	(111.0)
Additions	70.5
Transfers out of Level 3	(173.8)
Foreign currency translation adjustments and other, net	139.6
Balance of net assets at December 31, 2025	$ 1,353.3
Fair value, net derivative asset (liability), recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Realized and unrealized gains (losses) on derivative instruments, net (note 8)
Fair value recurring basis unobservable input reconciliation net derivative asset liability gain loss statement of income extensible list not disclosed flag	true
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of net assets at January 1, 2025	$ 1,263.8
Losses included in loss from continuing operations
Realized and unrealized losses on derivative instruments, net	0.0
Realized and unrealized losses due to changes in fair values of certain investments, net	(111.0)
Additions	70.5
Transfers out of Level 3	0.0
Foreign currency translation adjustments and other, net	130.0
Balance of net assets at December 31, 2025	1,353.3
Equity-related derivative instruments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of net assets at January 1, 2025	213.4
Losses included in loss from continuing operations
Realized and unrealized losses on derivative instruments, net	(49.2)
Realized and unrealized losses due to changes in fair values of certain investments, net	0.0
Additions	0.0
Transfers out of Level 3	(173.8)
Foreign currency translation adjustments and other, net	9.6
Balance of net assets at December 31, 2025	0.0
Instruments accounted for under measurement alternative
Losses included in loss from continuing operations
Balance of net assets at December 31, 2025	$ 354.4

Defined Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Defined Benefit Plans

Certain of our subsidiaries maintain various funded and unfunded defined benefit plans for their employees. The table below provides summary information on our defined benefit plans:


	December 31,
	2025		2024		2023
	in millions

Fair value of plan assets (a)	$	333.4	$	274.9	$	256.9
Projected benefit obligation	$	304.4	$	255.2	$	242.4
Net asset	$	29.0	$	19.7	$	14.5

_______________

(a)At December 31, 2025, the fair value of all plan assets was based on Level 1 of the fair value hierarchy (as further described in note 9). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets.

Our net periodic pension cost was $23.3 million, $21.0 million and $19.6 million during 2025, 2024 and 2023, respectively, including $23.7 million, $21.5 million and $19.8 million, respectively, representing the service cost component.

During 2025, our subsidiaries’ contributions to their respective defined benefit plans aggregated $22.3 million. Based on December 31, 2025 exchange rates and information available as of that date, we expect this amount to be $19.8 million in 2026.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Segment Reporting (Schedule of Revenue by Major Category) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Principal Transaction Revenue [Line Items]
Revenue	$ 4,878.5	$ 4,341.9	$ 4,115.8
Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	1,763.5	1,706.4	1,726.5
Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	1,735.9	1,684.8	1,705.2
Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	949.6	890.6	872.0
Video
Principal Transaction Revenue [Line Items]
Revenue	600.4	598.2	616.2
Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	185.9	196.0	217.0
Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	27.6	21.6	21.3
Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	2,432.9	2,362.8	2,401.4
Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	669.4	656.4	674.9
Subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	500.3	487.1	487.1
Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	169.1	169.3	187.8
Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	899.1	842.8	858.6
Subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	447.0	431.5	417.8
Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	452.1	411.3	440.8
Other revenue
Principal Transaction Revenue [Line Items]
Revenue	$ 1,546.5	$ 1,136.3	$ 855.8

Debt (General Information) (Details) $ in Millions	1 Months Ended			12 Months Ended
Debt (General Information) (Details) $ in Millions	Aug. 31, 2025 EUR (€) extension	Feb. 28, 2025 USD ($)	Feb. 28, 2025 EUR (€)	Dec. 31, 2025 USD ($) subsidiary group	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Number of subsidiaries with the most outstanding debt \| subsidiary				1
Number of borrowing groups \| group				2
Losses on debt extinguishment, net \| $				$ 20.1	$ 0.0	$ 1.4
Telenet Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit		$ 1,044.5	€ 890,000,000
Losses on debt extinguishment, net \| $		8.0
Senior and Senior Secured Notes
Debt Instrument [Line Items]
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed				101.00%
Redemption term				12 years
Redemption price, percentage of principal amount limitation				10.00%
Redemption price				103.00%
SPE Notes
Debt Instrument [Line Items]
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed				100.00%
Telenet Facility AU \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount \| €			€ 500,000,000
Repayments of lines of credit \| $		$ 586.8
Debt issued, percent of par			99.75%
Stated interest percentage			3.00%
Telenet Facility AU \| Secured Debt \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Stated interest percentage			0.00%
Telenet Facility AU \| Telenet Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Repayments of lines of credit \| €			€ 500,000,000
Wyre Capex Facility \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount \| €	€ 500,000,000
Basis spread on variable rate	2.75%
Maturity term	5 years
Number of extension period \| extension	2
Extension period	1 year
Wyre Capex Facility \| Secured Debt \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Aggregate allowance for doubtful accounts	$ 31.3	$ 20.5
Asset retirement obligation	$ 29.3	$ 21.6

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:


	December 31,
	2025		2024
	in millions

ROU assets:
Operating leases (a)	$	773.6	$	710.5
Finance leases (b)	37.1		38.2
Total ROU assets	$	810.7	$	748.7

Lease liabilities:
Operating leases (c)	$	828.5	$	753.1
Finance leases (d)	33.1		34.1
Total lease liabilities	$	861.6	$	787.2

_______________

(a)Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheets. At December 31, 2025, the weighted average remaining lease term for operating leases was 10.6 years and the weighted average discount rate was 5.4%. During 2025, 2024 and 2023, we recorded non-cash additions to our operating lease ROU assets of $57.7 million, $101.3 million and $50.4 million, respectively.

(b)Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets. At December 31, 2025, the weighted average remaining lease term for finance leases was 8.2 years and the weighted average discount rate was 8.7%. During 2025, 2024 and 2023, we recorded non-cash additions to our finance lease ROU assets of $1.1 million, $7.4 million and $20.9 million, respectively.

(c)The current portions of our operating lease liabilities are included in other accrued and current liabilities on our consolidated balance sheets.

(d)The current and long-term portions of our finance lease liabilities are included in current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our consolidated balance sheets.

Schedule of Lease Expense and Cash Outflows from Operating and Finance Leases

A summary of our aggregate lease expense is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Finance lease expense:
Depreciation and amortization	$	7.2	$	4.2	$	30.2
Interest expense (a)	3.2		1.4		0.5
Total finance lease expense	10.4		5.6		30.7
Operating lease expense (b)	119.8		108.6		87.2
Short-term lease expense (b)	0.4		0.4		0.6
Variable lease expense (c)	1.5		1.4		1.4
Total lease expense	$	132.1	$	116.0	$	119.9

_______________

(a)The amount for the 2023 period includes the reversal of previously recognized interest expense as a result of certain settlements of lease liabilities.

(b)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items, net, in our consolidated statements of operations.

(c)Variable lease expense represents payments made to a lessor during the lease term that vary due to changes in circumstances that occur after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations.

A summary of our cash outflows from operating and finance leases is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	97.8	$	87.4	$	92.9
Operating cash outflows from finance leases (interest component)	3.2		1.4		0.5
Financing cash outflows from finance leases (principal component)	5.4		5.6		21.0
Total cash outflows from operating and finance leases	$	106.4	$	94.4	$	114.4

Schedule of Maturities of Operating Lease Liabilities

Maturities of our operating and finance lease liabilities as of December 31, 2025 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2025 exchange rates.


	Operating leases (a)		Finance leases
	in millions

Year ending December 31:
2026	$	120.8	$	10.3
2027	107.8		8.8
2028	100.8		4.5
2029	95.1		3.1
2030	92.0		1.8
Thereafter	592.1		13.9
Total payments	1,108.6		42.4
Less: present value discount	(280.1)		(9.3)
Present value of lease payments	$	828.5	$	33.1
Current portion	$	88.8	$	7.6
Long-term portion	$	739.7	$	25.5

______________

(a)Operating lease payments exclude $124.3 million of estimated future payments for lease commitments not yet commenced at Telenet, the majority of which are not anticipated to be due until after 2028. These payments relate to the lease back of build-to-suit sites on certain passive infrastructure and tower assets sold to DigitalBridge Investments LLC in 2022. Telenet will act as an agent over the construction of future towers on the build-to-suit sites.

Schedule of Maturities of Finance Lease Liabilities

Maturities of our operating and finance lease liabilities as of December 31, 2025 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2025 exchange rates.


	Operating leases (a)		Finance leases
	in millions

Year ending December 31:
2026	$	120.8	$	10.3
2027	107.8		8.8
2028	100.8		4.5
2029	95.1		3.1
2030	92.0		1.8
Thereafter	592.1		13.9
Total payments	1,108.6		42.4
Less: present value discount	(280.1)		(9.3)
Present value of lease payments	$	828.5	$	33.1
Current portion	$	88.8	$	7.6
Long-term portion	$	739.7	$	25.5

______________

Dispositions (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Equity Method Investments

The following table summarizes the revenue associated with the Sunrise Services:


	Year ended December 31,
	2025		2024
	in millions

Fixed fee	$	132.3	$	18.1
Variable charges (a)	73.7		6.3
Total revenue	$	206.0	$	24.4

_______________

(a)Amounts primarily include the sale of customer premises equipment (CPE) at a mark-up.

The following table sets forth the details of our share of results of affiliates, net:


	Year ended December 31,
	2025		2024		2023
	in millions

VMO2 JV (a)	$	(2,921.4)	$	(29.0)	$	(1,723.1)
VodafoneZiggo JV (b)	(99.0)		(69.3)		(196.7)
nexfibre JV	(76.3)		(2.2)		(34.7)
AtlasEdge JV	(73.0)		(40.9)		(31.1)
Formula E (c)	—		(29.1)		(19.4)
All3Media Ltd. (All3Media) (d)	—		(15.5)		4.0
Other	(17.2)		(19.6)		(17.4)
Total	$	(3,186.9)	$	(205.6)	$	(2,018.4)

_______________

(b)Represents (i) our share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables.

(c)Includes our share of results of Formula E prior to the Formula E Acquisition Date.

(d)We completed the sale of our investment in All3Media during the second quarter of 2024.

The following table summarizes the revenue recorded from the VMO2 JV:


	Year ended December 31,
	2025		2024		2023
	in millions

Fixed fee	$	225.6	$	202.4	$	117.7
Variable charges (a)	161.0		200.1		72.4
Total revenue	$	386.6	$	402.5	$	190.1

_______________

(a)Amounts primarily include the sales of CPE at a mark-up.

The summarized results of operations of the VMO2 JV are set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Revenue	$	13,335.2	$	13,649.7	$	13,574.1
Earnings (loss) before income taxes	$	(6,078.7)	$	33.1	$	(3,728.8)
Net earnings (loss)	$	(5,766.5)	$	1.7	$	(3,438.6)

The summarized financial position of the VMO2 JV is set forth below:


	December 31,
	2025		2024
	in millions

Current assets	$	4,518.2	$	5,404.0
Long-term assets	39,536.6		41,247.5
Total assets	$	44,054.8	$	46,651.5

Current liabilities	$	9,907.4	$	9,983.1
Long-term liabilities	26,161.2		23,610.0
Owners’ equity	7,986.2		13,058.4
Total liabilities and owners’ equity	$	44,054.8	$	46,651.5

The summarized results of operations of the VodafoneZiggo JV are set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Revenue	$	4,518.5	$	4,450.5	$	4,450.5
Loss before income taxes	$	(451.8)	$	(386.3)	$	(614.6)
Net loss	$	(323.4)	$	(257.1)	$	(510.0)

The summarized financial position of the VodafoneZiggo JV is set forth below:


	December 31,
	2025		2024
	in millions

Current assets	$	886.4	$	1,551.7
Long-term assets	17,965.1		17,074.3
Total assets	$	18,851.5	$	18,626.0

Current liabilities	$	2,768.9	$	2,566.4
Long-term liabilities	14,663.8		14,385.1
Owners’ equity	1,418.8		1,674.5
Total liabilities and owners’ equity	$	18,851.5	$	18,626.0

Schedule of Classes of Assets and Liabilities Held for Sale

The operating results of the Sunrise Entities for these periods are summarized in the following table. These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statements of operations.


	Year ended December 31,
	2024 (a)		2023
	in millions

Revenue	$	2,902.8	$	3,375.6
Operating income	$	154.0	$	69.3
Loss before income taxes	$	(200.1)	$	(278.2)
Income tax benefit (expense)	(23.1)		63.5
Net loss attributable to Liberty Global shareholders	$	(223.2)	$	(214.7)

_______________

(a)Includes the operating results of the Sunrise Entities from January 1, 2024 to November 8, 2024, the date of the Spin-off.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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+ Details

Income Taxes (Schedule of Reconciliation of Federal to Effective Taxes) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Statutory income tax rate differential		$ 1,075.9	$ (459.6)	$ 809.8
Change in valuation allowances		(2.2)	(8.4)	(35.6)
Foreign currency exchange results			445.6	(198.8)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates			75.4	(413.3)
Other non-deductible and non-taxable items			(19.9)	(31.1)
Other			(0.5)	(2.4)
International rate differences		(6.7)	(9.1)	(48.2)
Worldwide changes in prior year unrecognized tax benefits		50.0	83.5	(49.5)
Total income tax benefit (expense)		$ 75.8	$ 30.8	$ (213.1)
Percent
Computed “expected” tax benefit (expense)		15.00%	25.00%	23.50%
Change in valuation allowances		0.00%	0.50%	(1.00%)
Foreign currency exchange results			(24.20%)	(5.80%)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates			(4.10%)	(12.00%)
Other non-deductible and non-taxable items			1.10%	(0.90%)
Other			(0.10%)	(0.10%)
International rate differences		(0.10%)	0.50%	(1.40%)
Worldwide changes in prior year unrecognized tax benefits		0.70%	(4.60%)	(1.40%)
Total income tax benefit (expense)		1.10%	(1.70%)	(6.20%)
VMO2 JV
Percent
Ownership percentage		50.00%
UNITED KINGDOM
Amount
Statutory income tax rate differential		$ (684.2)
Foreign currency exchange results		(889.2)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates		(748.8)
Other		$ (41.9)
Percent
Computed “expected” tax benefit (expense)	25.00%	9.50%		19.00%
Foreign currency exchange results		(12.40%)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates		(10.40%)
Other		(0.60%)
International rate differences			(25.00%)	(23.50%)
Netherlands
Amount
Change in valuation allowances		$ (2.9)	$ 35.6	$ (85.9)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates		(55.5)	(49.1)	(95.2)
Other		27.5	4.6	20.1
Non-deductible intercompany service expenses		$ (5.7)	$ (56.0)	$ (69.1)
Percent
Change in valuation allowances		0.00%	(1.90%)	(2.50%)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates		(0.80%)	2.70%	(2.80%)
Other		0.40%	(0.30%)	0.60%
Non-deductible intercompany service expenses		(0.10%)	3.00%	(2.00%)
Belgium
Amount
Change in valuation allowances		$ (26.3)	$ (24.1)	$ (127.3)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates		(0.8)	(0.7)	130.1
Other non-deductible and non-taxable items		(37.3)	(25.8)	(12.3)
Other		$ 1.2	$ 12.8	$ (2.7)
Percent
Change in valuation allowances		(0.40%)	1.30%	(3.70%)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates		0.00%	0.10%	3.80%
Other non-deductible and non-taxable items		(0.50%)	1.40%	(0.40%)
Other		0.00%	(0.70%)	(0.10%)
Luxembourg
Amount
Change in valuation allowances		$ 86.0	$ (0.4)	$ 0.1
Other		$ (11.2)	$ (11.2)	$ (1.8)
Percent
Change in valuation allowances		1.20%	0.00%	0.00%
Other		(0.20%)	0.60%	0.00%
BERMUDA
Amount
International rate differences			$ 39.2	$ (0.2)
Percent
International rate differences		(15.00%)	(2.10%)	0.00%
Other foreign jurisdictions
Amount
Other		$ (20.5)	$ (1.1)	$ 0.2
Percent
Other		(0.20%)	0.10%	0.00%

Basis of Presentation (Details)	Dec. 31, 2025	Oct. 02, 2024	Oct. 31, 2023	Oct. 19, 2023
Telenet \| Subsidiaries \| Liberty Global Belgium Holding B.V.
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired			100.00%	100.00%
Formula E Acquisition
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired		100.00%
VodafoneZiggo JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Co-venturer ownership percentage	50.00%
VMO2 JV
Schedule of Equity Method Investments [Line Items]
Co-venturer ownership percentage	50.00%
Telefónica
Schedule of Equity Method Investments [Line Items]
Co-venturer ownership percentage	50.00%
Vodafone Group Inc.
Schedule of Equity Method Investments [Line Items]
Co-venturer ownership percentage	50.00%

Accumulated Other Comprehensive Earnings (Loss)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Accumulated Other Comprehensive Earnings (Loss)

Accumulated other comprehensive earnings (loss) included on our consolidated balance sheets and statements of equity reflect the aggregate impact of foreign currency translation adjustments and pension-related adjustments and other. The changes in the components of accumulated other comprehensive earnings (loss), net of taxes, are summarized as follows:


	Liberty Global shareholders								Total accumulated other comprehensive earnings (loss)
	Foreign currency translation adjustments		Pension-related adjustments and other		Accumulated other comprehensive earnings (loss)		Noncontrolling interests
	in millions

Balance at January 1, 2023	$	620.8	$	(107.4)	$	513.4	$	1.2	$	514.6
Other comprehensive earnings	1,778.4		(121.5)		1,656.9		(0.8)		1,656.1
Balance at December 31, 2023	2,399.2		(228.9)		2,170.3		0.4		2,170.7
Other comprehensive loss	(2,507.9)		(41.7)		(2,549.6)		—		(2,549.6)
Impact of the Spin-off	(337.0)		59.3		(277.7)		—		(277.7)
Balance at December 31, 2024	(445.7)		(211.3)		(657.0)		0.4		(656.6)
Other comprehensive earnings	4,571.8		0.8		4,572.6		—		4,572.6
Balance at December 31, 2025	$	4,126.1	$	(210.5)	$	3,915.6	$	0.4	$	3,916.0

The components of other comprehensive earnings (loss), net of taxes, are reflected in our consolidated statements of comprehensive earnings (loss). The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net of amounts reclassified to our consolidated statements of operations:


	Pre-tax amount		Tax benefit (expense)		Net-of-tax amount
	in millions

Year ended December 31, 2025:
Foreign currency translation adjustments	$	4,580.0	$	(8.2)	$	4,571.8
Pension-related adjustments and other	2.4		(1.6)		0.8




Other comprehensive earnings attributable to Liberty Global shareholders	$	4,582.4	$	(9.8)	$	4,572.6

Year ended December 31, 2024:
Foreign currency translation adjustments	$	(2,567.3)	$	4.1	$	(2,563.2)
Pension-related adjustments and other	(51.1)		(1.0)		(52.1)
Other comprehensive loss from continuing operations	(2,618.4)		3.1		(2,615.3)
Other comprehensive earnings from discontinued operations	68.1		(2.4)		65.7
Other comprehensive loss attributable to Liberty Global shareholders	$	(2,550.3)	$	0.7	$	(2,549.6)



Year ended December 31, 2023:
Foreign currency translation adjustments	$	1,212.0	$	(1.9)	$	1,210.1
Pension-related adjustments and other	(48.2)		(0.1)		(48.3)
Other comprehensive earnings from continuing operations	1,163.8		(2.0)		1,161.8
Other comprehensive earnings from discontinued operations	478.3		16.0		494.3
Other comprehensive earnings	1,642.1		14.0		1,656.1
Other comprehensive loss attributable to noncontrolling interests (a)	0.9		(0.1)		0.8
Other comprehensive earnings attributable to Liberty Global shareholders	$	1,643.0	$	13.9	$	1,656.9

_______________

(a)Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments.

Long-lived Assets (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 11,200.5	$ 9,063.8
Accumulated depreciation	(5,930.2)	(4,737.8)
Total property and equipment, net	5,270.3	4,326.0
Distribution systems
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	7,189.1	5,702.7
Support equipment, buildings and land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,941.2	2,518.0
CPE
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,070.2	$ 843.1
Minimum \| Distribution systems
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Support equipment, buildings and land
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum \| CPE
Property, Plant and Equipment [Line Items]
Estimated useful life	4 years
Maximum \| Distribution systems
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Maximum \| Support equipment, buildings and land
Property, Plant and Equipment [Line Items]
Estimated useful life	33 years
Maximum \| CPE
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unrecorded Purchase Obligation

The following table sets forth the U.S. dollar equivalents of such commitments as of December 31, 2025. The commitments included in this table do not reflect any liabilities that are included on our December 31, 2025 consolidated balance sheet.


	Payments due during:
	2026		2027		2028		2029		2030		Thereafter		Total
	in millions

Purchase commitments	$	663.7	$	555.2	$	518.7	$	103.6	$	22.3	$	18.6	$	1,882.1
Network and connectivity commitments	70.9		34.4		42.7		62.9		70.5		0.1		281.5
Programming commitments	119.4		72.3		40.5		30.3		17.1		—		279.6
Other commitments	177.5		69.3		68.9		4.3		2.5		2.7		325.2
Total	$	1,031.5	$	731.2	$	670.8	$	201.1	$	112.4	$	21.4	$	2,768.4

Fair Value Measurements (Assets and Liabilities at Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	$ 248.8	$ 843.9
SMAs	76.2	433.1
Other investments	1,631.5	2,810.2
Total investments	1,707.7	3,243.3
Total assets	1,956.5	4,087.2
Derivative instruments:	259.7	186.4
Total liabilities	259.7	186.4
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	0.0
SMAs	0.0	127.0
Other investments	278.1	1,546.3
Total investments	278.1	1,673.3
Total assets	278.1	1,673.3
Total liabilities	0.0	0.0
Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	248.8	630.5
SMAs	76.2	306.1
Other investments	0.1	0.1
Total investments	76.3	306.2
Total assets	325.1	936.7
Total liabilities	259.7	186.4
Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	213.4
SMAs	0.0	0.0
Other investments	1,353.3	1,263.8
Total investments	1,353.3	1,263.8
Total assets	1,353.3	1,477.2
Total liabilities	0.0	0.0
Cross-currency and interest rate derivative contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	240.9	623.2
Derivative instruments:	248.2	183.1
Cross-currency and interest rate derivative contracts \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Cross-currency and interest rate derivative contracts \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	240.9	623.2
Derivative instruments:	248.2	183.1
Cross-currency and interest rate derivative contracts \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Equity-related derivative instruments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	213.4
Equity-related derivative instruments \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments		0.0
Equity-related derivative instruments \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments		0.0
Equity-related derivative instruments \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments		213.4
Foreign currency forward and option contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.1	6.5
Derivative instruments:	2.8	3.3
Foreign currency forward and option contracts \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Foreign currency forward and option contracts \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.1	6.5
Derivative instruments:	2.8	3.3
Foreign currency forward and option contracts \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	7.8	0.8
Derivative instruments:	8.7	0.0
Other \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	0.0
Derivative instruments:	0.0
Other \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	7.8	0.8
Derivative instruments:	8.7
Other \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instruments	0.0	$ 0.0
Derivative instruments:	$ 0.0

Share-based Compensation (Schedule of Estimated Fair Value of the Final Payouts) (Details) $ in Millions	Dec. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of final payout	$ 38.4
2023 Liberty Growth Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of final payout	10.8
2023 Tech Liberty Growth Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of final payout	0.5
2024 Liberty Growth Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of final payout	13.2
2024 Tech Liberty Growth Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of final payout	0.6
2025 Liberty Growth Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of final payout	12.3
2025 Tech Liberty Growth Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of final payout	$ 1.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Schedule of Cash Taxes Paid, Net of Refunds) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Domestic	$ 0.0	$ 0.2	$ 0.1
Foreign:	199.8	196.3	494.2
Total	199.8	196.5	494.3
Discontinued operations	0.0	1.3	(4.7)
Belgium
Income Tax Examination [Line Items]
Foreign:	83.9	93.1	88.4
U.S.
Income Tax Examination [Line Items]
Foreign:	113.4	87.9	394.8
Netherlands
Income Tax Examination [Line Items]
Foreign:		11.2
Other foreign jurisdictions
Income Tax Examination [Line Items]
Foreign:	$ 2.5	$ 4.1	$ 11.0

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On February 18, 2026, we entered into a Sale and Purchase Agreement with Vodafone to acquire its 50% interest in the VodafoneZiggo JV for consideration of (i) €1.0 billion ($1.2 billion) in cash and (ii) a 10% equity interest in a new Benelux holding company, which will hold Liberty Global’s interests in VodafoneZiggo and Telenet (excluding the assets associated with the Wyre infrastructure business). This transaction is expected to close in the second half of 2026, subject to regulatory approvals.

Investments (Equity Method Investments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (3,186.9)	$ (205.6)	$ (2,018.4)
Revenue	4,878.5	4,341.9	4,115.8
Loss before income taxes	(7,172.5)	1,838.3	(3,446.0)
Net loss	(7,096.7)	1,645.9	(3,873.8)
Current assets	3,396.4	3,300.3
Assets	22,595.9	25,439.7
Current liabilities	3,159.1	3,133.9
Owners’ equity	9,945.8	12,544.3	19,007.4	$ 22,573.4
Total liabilities and equity	22,595.9	25,439.7
VMO2 JV
Schedule of Equity Method Investments [Line Items]
Revenue	13,335.2	13,649.7	13,574.1
Loss before income taxes	(6,078.7)	33.1	(3,728.8)
Net loss	(5,766.5)	1.7	(3,438.6)
Current assets	4,518.2	5,404.0
Long-term assets	39,536.6	41,247.5
Assets	44,054.8	46,651.5
Current liabilities	9,907.4	9,983.1
Long-term liabilities	26,161.2	23,610.0
Owners’ equity	7,986.2	13,058.4
Total liabilities and equity	44,054.8	46,651.5
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Loss before income taxes	(451.8)	(386.3)	(614.6)
Net loss	(323.4)	(257.1)	(510.0)
Current assets	886.4	1,551.7
Long-term assets	17,965.1	17,074.3
Assets	18,851.5	18,626.0
Current liabilities	2,768.9	2,566.4
Long-term liabilities	14,663.8	14,385.1
Owners’ equity	1,418.8	1,674.5
Total liabilities and equity	18,851.5	18,626.0
VMO2 JV
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (2,921.4)	(29.0)	(1,723.1)
Percent of share based compensation expense	100.00%
Other than temporary impairment losses, investments	$ 2,500.0		1,500.0
Revenue	13,335.2	13,649.7	13,574.1
VodafoneZiggo JV
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (99.0)	(69.3)	(196.7)
Percent of interest income earned on loan included in investment	100.00%
Revenue	$ 4,518.5	4,450.5	4,450.5
nexfibre JV
Schedule of Equity Method Investments [Line Items]
Equity method investment	(76.3)	(2.2)	(34.7)
AtlasEdge JV
Schedule of Equity Method Investments [Line Items]
Equity method investment	(73.0)	(40.9)	(31.1)
Formula E
Schedule of Equity Method Investments [Line Items]
Equity method investment	0.0	(29.1)	(19.4)
All3Media
Schedule of Equity Method Investments [Line Items]
Equity method investment	0.0	(15.5)	4.0
Other
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (17.2)	$ (19.6)	$ (17.4)

Debt (Schedules of Components of Debt) (Details) € in Millions, $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)	Mar. 31, 2025 USD ($)	Mar. 31, 2025 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Weighted average interest rate	5.01%	5.01%
Unused borrowing capacity	$ 745.3
Total debt before deferred financing costs, discounts and premiums	8,584.8				$ 9,145.0
Deferred financing costs, discounts and premiums, net	(23.0)				(78.1)
Total carrying amount of debt	8,561.8				9,066.9
Finance lease obligations (note 12)	33.1				34.1
Total debt and finance lease obligations	8,594.9				9,101.0
Current portion of debt and finance lease obligations	(764.0)				(898.5)
Long-term debt and finance lease obligations	$ 7,830.9				8,202.5
Telenet Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	5.13%	5.13%
Total debt before deferred financing costs, discounts and premiums	$ 4,748.0				4,364.8
Telenet Credit Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Unused borrowing capacity	627.9	€ 535.0
Telenet Credit Facility \| Sunrise Holding Revolving Facility \| Upon completion of the relevant compliance reporting requirements
Debt Instrument [Line Items]
Unused borrowing capacity	$ 733.5	€ 625.0
Telenet Senior Secured Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.72%	4.72%
Total debt before deferred financing costs, discounts and premiums	$ 1,633.7				1,558.8
VM Ireland Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	5.44%	5.44%
Unused borrowing capacity	$ 117.4	€ 100.0	$ 13.0	€ 11.1
Total debt before deferred financing costs, discounts and premiums	1,056.2				931.4
VM Ireland Credit Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Unused borrowing capacity	117.4	100.0
VM Ireland Credit Facility \| Sunrise Holding Revolving Facility \| Upon completion of the relevant compliance reporting requirements
Debt Instrument [Line Items]
Unused borrowing capacity	$ 117.4	€ 100.0
Vendor financing
Debt Instrument [Line Items]
Weighted average interest rate	4.12%	4.12%
Total debt before deferred financing costs, discounts and premiums	$ 365.9				355.9	$ 399.1
Vodafone Collar Loan
Debt Instrument [Line Items]
Weighted average interest rate	0.00%	0.00%
Total debt before deferred financing costs, discounts and premiums	$ 0.0				1,301.9
Other
Debt Instrument [Line Items]
Weighted average interest rate	4.68%	4.68%
Total debt before deferred financing costs, discounts and premiums	$ 781.0				$ 632.2

Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,130.7	$ 1,914.8
Accumulated amortization	(781.3)	(624.4)
Total	1,349.4	1,290.4
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,582.8	1,393.9
Accumulated amortization	(438.0)	(332.7)
Total	1,144.8	1,061.2
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	269.0	255.4
Accumulated amortization	(186.0)	(161.0)
Total	83.0	94.4
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	278.9	265.5
Accumulated amortization	(157.3)	(130.7)
Total	$ 121.6	$ 134.8
Minimum \| Licenses
Finite-Lived Intangible Assets [Line Items]
Estimated useful life at December 31, 2024	18 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life at December 31, 2024	5 years
Minimum \| Other
Finite-Lived Intangible Assets [Line Items]
Estimated useful life at December 31, 2024	2 years
Maximum \| Licenses
Finite-Lived Intangible Assets [Line Items]
Estimated useful life at December 31, 2024	24 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life at December 31, 2024	14 years
Maximum \| Other
Finite-Lived Intangible Assets [Line Items]
Estimated useful life at December 31, 2024	15 years

Debt (Schedule of Maturities of Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2026	$ 756.4
2027	81.8
2028	4,445.6
2029	2,384.0
2030	25.9
Thereafter	891.1
Total debt maturities	8,584.8
Deferred financing costs, discounts and premiums, net	(23.0)
Total debt	8,561.8
Current portion	756.4
Long-term portion	7,805.4
Principal amount	8,584.8	$ 9,145.0
Vendor financing
Debt Instrument [Line Items]
Principal amount	365.9	355.9	$ 399.1
Trade Accounts Receivable
Debt Instrument [Line Items]
Secured debt		$ 195.8
Formula E \| Trade Accounts Receivable
Debt Instrument [Line Items]
Secured debt	58.7
Telenet
Debt Instrument [Line Items]
2026	733.0
2027	24.7
2028	4,445.6
2029	1,327.8
2030	25.9
Thereafter	891.1
Total debt maturities	7,448.1
Deferred financing costs, discounts and premiums, net	(13.7)
Total debt	7,434.4
Current portion	733.0
Long-term portion	6,701.4
VM Ireland
Debt Instrument [Line Items]
2026	0.0
2027	0.0
2028	0.0
2029	1,056.2
2030	0.0
Thereafter	0.0
Total debt maturities	1,056.2
Deferred financing costs, discounts and premiums, net	(3.7)
Total debt	1,052.5
Current portion	0.0
Long-term portion	1,052.5
Other
Debt Instrument [Line Items]
2026	23.4
2027	57.1
2028	0.0
2029	0.0
2030	0.0
Thereafter	0.0
Total debt maturities	80.5
Deferred financing costs, discounts and premiums, net	(5.6)
Total debt	74.9
Current portion	23.4
Long-term portion	$ 51.5

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Liberty Global and its subsidiaries are subject to risks from cyber-attacks that have the potential to cause significant interruptions to the operation of their businesses. The frequency of these attempted intrusions has increased in recent years and the sources, motivations and techniques of attack continue to evolve and change rapidly. We have developed a cybersecurity program that is designed to scan for, monitor and identify risks to our confidential or non-public information, protect such information, detect threats and events and maintain an appropriate response and recovery capability to help ensure resilience against cyber-attacks and other information security incidents. We have adopted a variety of measures to monitor and address cyber-related risks and continue to implement and explore additional cybersecurity measures. Our strategy for managing cyber-related risks is risk-based and, where appropriate, integrated within our comprehensive enterprise risk management processes. Our Chief Security Officer (CSO), who reports directly to our Chief Technology Officer (CTO), leads a dedicated cybersecurity team and is responsible for the design, implementation and execution of our cyber-risk management strategy. Our CSO and cybersecurity team actively monitor our systems, regularly review our policies, compliance, regulations and best practices, perform penetration testing, conduct incident response exercises and internal ethical phishing campaigns and provide periodic training and communication across our organization to strengthen security focused behavior and foster a culture of digital safety. Our cybersecurity team also routinely participates in industry-wide programs to further information sharing, intelligence gathering and unity of effort in responding to potential or actual attacks. We also periodically review our business continuity plan to develop an effective recovery strategy that seeks to decrease incident response times, limit financial impacts and maintain customer confidence during any business interruption. Our cybersecurity team also administers a third-party risk governance program that identifies potential risks introduced through third-party relationships, such as vendors, software and hardware manufacturers or professional service providers. We seek to obtain certain contractual security guarantees and assurances with these third-party relationships to help ensure the security and safety of our information. The cybersecurity team works closely with a broad range of departments, including legal, regulatory, corporate communications, audit services, information technology and operational technology functions critical to our operations, as well as engaging external vendors to help ensure our cybersecurity program operates effectively.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our strategy for managing cyber-related risks is risk-based and, where appropriate, integrated within our comprehensive enterprise risk management processes. Our Chief Security Officer (CSO), who reports directly to our Chief Technology Officer (CTO), leads a dedicated cybersecurity team and is responsible for the design, implementation and execution of our cyber-risk management strategy.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee is responsible for oversight of our cybersecurity measures, incident response management and risks related to cybersecurity and technology as well as the steps taken by management to mitigate such risks. Our CSO provides periodic updates to the Audit Committee on the state of our cybersecurity posture, new threats or threat actors that we are monitoring or developing defenses against and any potential areas of improvement. Our CEO, CTO, CSO and General Counsel will also provide ad hoc updates to the Audit Committee and full board of directors, as appropriate, in the case of a material cybersecurity incident, providing them a full briefing of the type and scope of the incident as well as our current and planned mitigation efforts. The Audit Committee has several members with significant direct and indirect cybersecurity experience, including Anthony Werner, the former CTO of Comcast Cable and the company, Paul Gould and Miranda Curtis CMG. Cybersecurity and the effectiveness of our cybersecurity strategy are regular topics of discussion at meetings of our Audit Committee and board of directors. In 2025, there were no cybersecurity threats, including as a result of any previous cybersecurity incidents, that materially affected or are reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is responsible for oversight of our cybersecurity measures, incident response management and risks related to cybersecurity and technology as well as the steps taken by management to mitigate such risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CSO provides periodic updates to the Audit Committee on the state of our cybersecurity posture, new threats or threat actors that we are monitoring or developing defenses against and any potential areas of improvement.
Cybersecurity Risk Role of Management [Text Block]	Our Audit Committee is responsible for oversight of our cybersecurity measures, incident response management and risks related to cybersecurity and technology as well as the steps taken by management to mitigate such risks. Our CSO provides periodic updates to the Audit Committee on the state of our cybersecurity posture, new threats or threat actors that we are monitoring or developing defenses against and any potential areas of improvement. Our CEO, CTO, CSO and General Counsel will also provide ad hoc updates to the Audit Committee and full board of directors, as appropriate, in the case of a material cybersecurity incident, providing them a full briefing of the type and scope of the incident as well as our current and planned mitigation efforts. The Audit Committee has several members with significant direct and indirect cybersecurity experience, including Anthony Werner, the former CTO of Comcast Cable and the company, Paul Gould and Miranda Curtis CMG. Cybersecurity and the effectiveness of our cybersecurity strategy are regular topics of discussion at meetings of our Audit Committee and board of directors. In 2025, there were no cybersecurity threats, including as a result of any previous cybersecurity incidents, that materially affected or are reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee is responsible for oversight of our cybersecurity measures, incident response management and risks related to cybersecurity and technology as well as the steps taken by management to mitigate such risks. Our CSO provides periodic updates to the Audit Committee on the state of our cybersecurity posture, new threats or threat actors that we are monitoring or developing defenses against and any potential areas of improvement. Our CEO, CTO, CSO and General Counsel will also provide ad hoc updates to the Audit Committee and full board of directors, as appropriate, in the case of a material cybersecurity incident, providing them a full briefing of the type and scope of the incident as well as our current and planned mitigation efforts. The Audit Committee has several members with significant direct and indirect cybersecurity experience, including Anthony Werner, the former CTO of Comcast Cable and the company, Paul Gould and Miranda Curtis CMG. Cybersecurity and the effectiveness of our cybersecurity strategy are regular topics of discussion at meetings of our Audit Committee and board of directors. In 2025, there were no cybersecurity threats, including as a result of any previous cybersecurity incidents, that materially affected or are reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CSO has significant experience leading cybersecurity efforts at large enterprises, having held top information security positions at a number of international large- and mega-cap companies during her career. She also holds a master of science in security risk management and is qualified as a certified information security manager with the Information Systems Audit and Control Association. Our CSO has been with the company or its subsidiaries for over five years.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Audit Committee is responsible for oversight of our cybersecurity measures, incident response management and risks related to cybersecurity and technology as well as the steps taken by management to mitigate such risks. Our CSO provides periodic updates to the Audit Committee on the state of our cybersecurity posture, new threats or threat actors that we are monitoring or developing defenses against and any potential areas of improvement. Our CEO, CTO, CSO and General Counsel will also provide ad hoc updates to the Audit Committee and full board of directors, as appropriate, in the case of a material cybersecurity incident, providing them a full briefing of the type and scope of the incident as well as our current and planned mitigation efforts. The Audit Committee has several members with significant direct and indirect cybersecurity experience, including Anthony Werner, the former CTO of Comcast Cable and the company, Paul Gould and Miranda Curtis CMG. Cybersecurity and the effectiveness of our cybersecurity strategy are regular topics of discussion at meetings of our Audit Committee and board of directors. In 2025, there were no cybersecurity threats, including as a result of any previous cybersecurity incidents, that materially affected or are reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

In the normal course of business, we enter into agreements that commit our company to make cash payments in future periods with respect to purchases of equipment and services, network and connectivity commitments, programming contracts and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of December 31, 2025. The commitments included in this table do not reflect any liabilities that are included on our December 31, 2025 consolidated balance sheet.


	Payments due during:
	2026		2027		2028		2029		2030		Thereafter		Total
	in millions

Purchase commitments	$	663.7	$	555.2	$	518.7	$	103.6	$	22.3	$	18.6	$	1,882.1
Network and connectivity commitments	70.9		34.4		42.7		62.9		70.5		0.1		281.5
Programming commitments	119.4		72.3		40.5		30.3		17.1		—		279.6
Other commitments	177.5		69.3		68.9		4.3		2.5		2.7		325.2
Total	$	1,031.5	$	731.2	$	670.8	$	201.1	$	112.4	$	21.4	$	2,768.4

Purchase commitments include unconditional and legally binding obligations related to certain service-related commitments, including software development, information technology, and maintenance and call center services.

Network and connectivity commitments include certain equipment and service-related commitments.

Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. Programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $562.1 million, $555.8 million and $566.2 million during 2025, 2024 and 2023, respectively.

Other commitments include (i) race management commitments associated with Formula E and (ii) our share of the funding commitment associated with the nexfibre JV.

In addition to the commitments set forth in the table above, we have significant commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments, see note 8. For information regarding our defined benefit plans, see note 16.

We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable.

Furthermore, in connection with a future sale of our interest in, or an IPO of, Formula E, we have agreed to pay a third party a portion of our economic gain. We estimate that this contingent obligation is not currently significant.

We have established various defined contribution benefit plans for our and our subsidiaries’ employees. Our aggregate expense for matching contributions under the various defined contribution employee benefit plans was $18.7 million, $16.6 million and $17.4 million during 2025, 2024 and 2023, respectively.

Guarantees and Other Credit Enhancements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.

Legal and Regulatory Proceedings and Other Contingencies

Interkabel Acquisition. On November 26, 2007, Telenet and four associations of municipalities in Belgium, which we refer to as the pure intercommunales or the “PICs,” announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs, including all existing subscribers, to Telenet. Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement), which closed effective October 1, 2008. Beginning in December 2007, Proximus NV/SA (Proximus), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008, the President of the Court of First Instance of Antwerp ruled in favor of Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008. Proximus brought an appeal judgment before the Belgian Supreme Court, which confirmed the appeal judgment in September 2010. On April 6, 2009, the Court of First Instance of Antwerp ruled in favor of the PICs and Telenet in the civil procedure on the merits, dismissing Proximus’ request for the rescission of the agreement-in-principle and the 2008 PICs Agreement. On June 12, 2009, Proximus appealed this judgment to the Court of Appeal of Antwerp. In this appeal, Proximus also sought compensation for damages. While these proceedings were suspended indefinitely, other proceedings were initiated, which resulted in a ruling by the Belgian Council of State in May 2014 annulling (i) the decision of the PICs not to organize a public market consultation and (ii) the decision from the PICs’ board of directors to approve the 2008 PICs Agreement. In December 2015, Proximus resumed the civil proceedings pending with the Court of Appeal of Antwerp seeking to have the 2008 PICs Agreement annulled and claiming damages of €1.4 billion ($1.6 billion). On December 18, 2017, the Court of Appeal of Antwerp rejected Proximus’ claim in its entirety. On June 28, 2019, Proximus brought this appeal judgment before the Belgian Supreme Court. On January 22, 2021, the Belgian Supreme Court partially annulled the judgment of the Court of Appeal of Antwerp. The case was referred to the Court of Appeal of Brussels and is currently pending with this Court which will need to make a new decision on the matter within the boundaries of the annulment by the Belgian Supreme Court.

No assurance can be given as to the outcome of these or other proceedings. However, an unfavorable outcome of existing or future proceedings could potentially lead to the annulment of the 2008 PICs Agreement. We do not expect the ultimate resolution of this matter to have a material impact on our results of operations, cash flows or financial position. No amounts have been accrued by us with respect to this matter as the likelihood of loss is not considered to be probable.

Telekom Deutschland Litigation. On December 28, 2012, Unitymedia filed a lawsuit against Telekom Deutschland GmbH (Telekom Deutschland) in which Unitymedia asserted that it pays excessive prices for the co-use of Telekom Deutschland’s cable ducts in Unitymedia’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Telekom Deutschland in March 2011. Based in part on these approved rates, Unitymedia sought a reduction of the annual lease fees by approximately five-sixths. In addition, Unitymedia sought the return of similarly calculated overpayments from 2009 through the ultimate settlement date, plus accrued interest. In October 2016, the first instance court dismissed this action, and in March 2018, the court of appeal dismissed Unitymedia’s appeal of the first instance court’s decision. Unitymedia has since successfully appealed the case to the Federal Court of Justice, and proceedings continue before the German courts. The resolution of this matter may take several years and no assurance can be given that Unitymedia’s claims will be successful. In connection with our sale of our former operations in Germany, Romania, Hungary and the Czech Republic to Vodafone (the Vodafone Disposal Group) in 2019, we will only share in 50% of any amounts recovered, plus 50% of the net present value of certain cost savings in future periods that are attributable to the favorable resolution of this matter, less 50% of associated legal or other third-party fees paid post-completion of the sale of the Vodafone Disposal Group. Any amount we may recover related

to this matter will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached.

Other Contingency Matters. In connection with the dispositions of certain of our operations, we provided tax indemnities to the counterparties for certain tax liabilities that could arise from the period we owned the respective operations, the amounts of which could be significant, subject to certain thresholds. No amounts have been accrued by our company related to unasserted claims for indemnification, as the likelihood of any loss is not considered to be probable. Further, Liberty Global may be entitled to certain amounts that our disposed operations may recover from taxing authorities. Any such amounts will not be reflected in our consolidated financial statements until such time as the final disposition of such matters has been reached.

Other Regulatory Matters. Broadband internet, video distribution, fixed-line telephony, mobile and content businesses are regulated in each of the countries in which we or our affiliates operate. The scope of regulation varies from country to country, although in some significant respects regulation in European markets is harmonized under the regulatory structure of the E.U., and largely similar rules apply in the U.K. Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. Regulation may also restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties.

In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving VAT and wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming, copyright and channel carriage fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Liberty Global is a Bermuda exempted company limited by shares and is not considered to be a tax resident in any other jurisdiction or country. Our non-Bermuda subsidiaries are subject to tax in their respective jurisdictions. Our subsidiaries file income tax returns in the U.S., the U.K. and a number of other European jurisdictions. The income taxes of Liberty Global and our subsidiaries are presented on a separate return basis for each tax-paying entity or group.

The components of our earnings (loss) from continuing operations before income taxes are as follows:


	Year ended December 31,
	2025		2024		2023
	in millions

Domestic (a)	$	(14.5)	$	1,936.6	$	(2,899.5)
Foreign:
U.K.	(6,842.3)		(a)		(a)
Netherlands	(277.0)		(190.9)		(833.7)
Luxembourg	(62.9)		(54.0)		(195.6)
Belgium	57.1		131.3		653.9
Ireland	(22.9)		(0.4)		(16.6)
U.S.	(1.9)		(16.6)		(4.7)
Bermuda	(a)		156.8		(0.9)
Intercompany activity with discontinued operations	—		(117.6)		(139.6)
Other	(8.1)		(6.9)		(9.3)
Total foreign	(7,158.0)		(98.3)		(546.5)
Earnings (loss) from continuing operations before income taxes	$	(7,172.5)	$	1,838.3	$	(3,446.0)

_______________

(a) For 2025, our domestic jurisdiction is Bermuda and for 2024 and 2023, our domestic jurisdiction is the U.K.

Our income tax benefit (expense) consists of:


	Current		Deferred		Total
	in millions

Year ended December 31, 2025:
Domestic (a)	$	—	$	—	$	—
Foreign:
Luxembourg	0.1		84.2		84.3
Belgium	(102.0)		31.3		(70.7)
U.K.	(0.3)		31.0		30.7
U.S. (b)	40.9		(11.2)		29.7
Netherlands	16.1		1.6		17.7
Ireland	—		(17.7)		(17.7)
Other	(0.7)		2.5		1.8
Total foreign	(45.9)		121.7		75.8
Total income tax benefit	$	(45.9)	$	121.7	$	75.8

Year ended December 31, 2024:
Domestic (a)	$	—	$	8.0	$	8.0
Foreign:
U.S. (b)	72.3		5.8		78.1
Belgium	(92.8)		25.5		(67.3)
Netherlands	(2.0)		7.1		5.1
Ireland	1.4		3.6		5.0
Luxembourg	(0.8)		2.9		2.1
Other	(0.4)		0.2		(0.2)
Total foreign	(22.3)		45.1		22.8
Total income tax benefit	$	(22.3)	$	53.1	$	30.8

Year ended December 31, 2023:
Domestic (a)	$	(0.1)	$	0.5	$	0.4
Foreign:
Belgium	(100.9)		(64.9)		(165.8)
U.S. (b)	(68.0)		(28.4)		(96.4)
Luxembourg	—		44.3		44.3
Ireland	3.6		2.5		6.1
Netherlands	(1.9)		0.2		(1.7)

Total foreign	(167.2)		(46.3)		(213.5)
Total income tax expense	$	(167.3)	$	(45.8)	$	(213.1)

_______________

(a) For 2025, our domestic jurisdiction is Bermuda and for 2024 and 2023, our domestic jurisdiction is the U.K.

(b) Includes federal and state income taxes. Our U.S. state income taxes were not material during any of the years presented.

Income tax benefit (expense) attributable to our earnings (loss) from continuing operations before income taxes differs from the amounts computed using the applicable income tax rates as a result of the following factors:


	Year ended December 31,
	2025			2024			2023
	Amount		%	Amount		%	Amount		%
	in millions, except percentages

Computed “expected” tax benefit (expense) (a)	$	1,075.9	15.0	$	(459.6)	25.0	$	809.8	23.5

Domestic federal:
Change in valuation allowances	(2.2)		—	(8.4)		0.5	(35.6)		(1.0)
Non-deductible and non-taxable items:
Foreign currency exchange results	(a)			445.6		(24.2)	(198.8)		(5.8)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates (b)	(a)			75.4		(4.1)	(413.3)		(12.0)
Other non-deductible and non-taxable items	(a)			(19.9)		1.1	(31.1)		(0.9)
Other	(a)			(0.5)		(0.1)	(2.4)		(0.1)
Foreign tax effects:
U.K.:
Non-deductible or non-taxable foreign currency exchange results	(889.2)		(12.4)	(a)			(a)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates (b)	(748.8)		(10.4)	(a)			(a)
Statutory income tax rate differential	684.2		9.5	(a)			(a)
Other	(41.9)		(0.6)	(a)			(a)
Netherlands:
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates	(55.5)		(0.8)	(49.1)		2.7	(95.2)		(2.8)
Non-deductible intercompany service expenses	(5.7)		(0.1)	(56.0)		3.0	(69.1)		(2.0)
Change in valuation allowances	(2.9)		—	35.6		(1.9)	(85.9)		(2.5)
Other	27.5		0.4	4.6		(0.3)	20.1		0.6
Belgium:
Change in valuation allowances	(26.3)		(0.4)	(24.1)		1.3	(127.3)		(3.7)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates (c)	(0.8)		—	(0.7)		0.1	130.1		3.8
Other non-deductible or non-taxable items	(37.3)		(0.5)	(25.8)		1.4	(12.3)		(0.4)
Other	1.2		—	12.8		(0.7)	(2.7)		(0.1)
Luxembourg:
Change in valuation allowances	86.0		1.2	(0.4)		—	0.1		—
Other	(11.2)		(0.2)	(11.2)		0.6	(1.8)		—
Bermuda:
International rate differences	(a)			39.2		(2.1)	(0.2)		—
U.S.	(6.7)		(0.1)	(9.1)		0.5	(48.2)		(1.4)
Other foreign jurisdictions	(20.5)		(0.2)	(1.1)		0.1	0.2		—
Worldwide changes in prior year unrecognized tax benefits	50.0		0.7	83.5		(4.6)	(49.5)		(1.4)
Total income tax benefit (expense)	$	75.8	1.1	$	30.8	(1.7)	$	(213.1)	(6.2)

_______________

(a)For 2025, our domestic jurisdiction is Bermuda and the statutory or “expected” rate is the Bermuda rate of 15.0%. For 2024 and 2023, our domestic jurisdiction is the U.K. and the statutory or “expected” rates are the U.K. rates of 25.0% and 23.5%, respectively. On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 (the CIT Act) which provides for the taxation of the Bermuda constituent entities of certain large multinational groups beginning on or after January 1, 2025. Prior to 2025, we used the U.K. statutory rate to compute our “expected” income tax benefit or expense, as management considered this rate to be more meaningful given that Bermuda did not impose an income tax in those periods. The U.K. statutory rate for 2023 represents the blended rate in effect for the year ended December 31, 2023 based on the 19.0% statutory rate that was in effect for the first quarter of 2023 and the 25.0% statutory rate in effect from April 1, 2023.

(b)The 2025 and 2023 amounts include non-deductible losses from the VMO2 JV, which include our share of the VMO2 JV’s goodwill impairments. For additional information, see note 7.

(c)The 2023 amount includes the non-taxable gain associated with the Telenet Wyre Transaction.

The components of our net deferred tax liabilities are as follows:


	December 31,
	2025		2024
	in millions

Deferred tax assets (a)	$	137.1	$	93.1
Deferred tax liabilities (a)	(370.6)		(405.0)
Net deferred tax liabilities	$	(233.5)	$	(311.9)

_______________

(a)Our deferred tax assets and deferred tax liabilities are included within other assets, net, and other long-term liabilities, respectively, on our consolidated balance sheets.

The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities are presented below:


	December 31,
	2025		2024
	in millions

Deferred tax assets:
Net operating loss and other carryforwards	$	1,722.8	$	1,398.2
Debt and interest	246.5		251.5
Lease liabilities	200.3		175.6
Investments	174.6		336.0
Share-based compensation	88.8		74.9
Property and equipment, net	71.3		125.2

Other future deductible amounts	76.5		68.5
Deferred tax assets	2,580.8		2,429.9
Valuation allowance	(2,088.5)		(1,934.1)
Deferred tax assets, net of valuation allowance	492.3		495.8
Deferred tax liabilities:
Property and equipment, net	(219.9)		(213.6)
Intangible assets	(211.4)		(211.2)
ROU assets	(187.4)		(163.2)
Debt and interest	(57.6)		(21.4)
Derivative instruments	(3.7)		(161.2)
Other future taxable amounts	(45.8)		(37.1)
Deferred tax liabilities	(725.8)		(807.7)
Net deferred tax liabilities	$	(233.5)	$	(311.9)

Our deferred income tax valuation allowance increased $154.4 million in 2025. This increase reflects the net effect of (i) foreign currency translation adjustments, (ii) business acquisitions, (iii) a decrease in deferred tax assets, (iv) a net tax benefit of $5.6 million and (v) other individually insignificant items.

The significant components of our tax loss carryforwards and related tax assets at December 31, 2025 are as follows:


	Tax loss carryforward		Related tax asset		Expiration date
Country	in millions

Netherlands	$	3,034.1	$	782.8	Indefinite
U.K.	1,779.2		444.8		Indefinite
Belgium	1,329.4		332.4		Indefinite
Ireland	469.2		58.7		Indefinite
Luxembourg	312.9		81.7		Various
Other	92.8		22.4		Various
Total	$	7,017.6	$	1,722.8

Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction, however, certain tax jurisdictions limit the ability to offset taxable income of a separate company or different tax group with the tax losses associated with another separate company or group. Further, certain tax jurisdictions restrict the

type of taxable income that the above losses are able to offset. The majority of the tax losses shown in the above table are not expected to be realized, including certain losses that are limited in use due to change in control or same business tests.

We have taxable outside basis differences on certain investments in non-U.S. subsidiaries. No additional income taxes have been provided for any undistributed foreign earnings, or any additional outside basis difference inherent in these entities, as these amounts continue to be reinvested in foreign operations. At December 31, 2025, we have not provided deferred tax liabilities on an estimated $1.4 billion of cumulative temporary differences on the outside bases of our non-U.S. subsidiaries and corporate joint ventures.

A summary of cash taxes paid, net of refunds, by major jurisdiction is presented below:


	Year ended December 31,
	2025		2024		2023
	in millions

Domestic (a)	$	—	$	0.2	$	0.1
Foreign:
U.S.	113.4		87.9		394.8
Belgium	83.9		93.1		88.4
Netherlands	(b)		11.2		(b)
Other (c)	2.5		4.1		11.0
Total foreign	199.8		196.3		494.2
Total	$	199.8	$	196.5	$	494.3

_______________

(a)For the year ended December 31, 2025, “domestic” represents Bermuda. For the years ended December 31, 2024 and 2023, “domestic” represents the U.K.

(b)The net amount of cash taxes paid during the year does not meet the 5% disaggregation threshold.

(c)The 2024 and 2023 amounts include $1.3 million and ($4.7 million), respectively, attributable to discontinued operations.

On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was enacted in the U.S., introducing various changes to federal tax law. We have evaluated the provisions of the OBBBA and determined that they did not have a material impact on our consolidated financial statements through December 31, 2025, nor do we currently anticipate that the OBBBA will have a material impact on our consolidated financial statements in the future.

In December 2021, the Organization for Economic Co-Operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) released Model Global Anti-Base Erosion (GLoBE) rules under Pillar Two. These rules provide for the taxation of certain large multinational corporations at a minimum rate of 15.0%, calculated on a jurisdictional basis. Numerous countries in which we operate, including the U.K. and certain European Union (E.U.) member states, enacted legislation to implement many aspects of the Pillar Two rules beginning on January 1, 2024. The Pillar Two rules did not have an impact on our consolidated financial statements for the year ended December 31, 2025, and we do not currently anticipate that they will have a material impact on our consolidated financial statements in the future.

We and our subsidiaries file consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the taxing authorities are statutorily prohibited from adjusting the company’s tax computations.

In general, tax returns filed by our company or our subsidiaries for years prior to 2019 are no longer subject to examination by tax authorities. Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including Belgium, Luxembourg, Slovakia and the U.S. While we do not expect adjustments from the foregoing examinations to have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues.

The changes in our unrecognized tax benefits for the indicated periods are summarized below:


	2025		2024		2023
	in millions

Balance at January 1	$	302.0	$	444.4	$	435.2
Settlements with tax authorities	(168.3)		(3.9)		(4.0)
Foreign currency translation	9.5		(3.9)		1.5
Reductions for tax positions of prior years	(2.5)		(6.4)		(5.9)
Additions for tax positions of prior years	1.0		19.2		8.5
Lapse of statute of limitations	—		(173.5)		—
Additions based on tax positions related to the current year	—		26.1		2.2
Effects of business acquisitions	—		—		6.9

Balance at December 31	$	141.7	$	302.0	$	444.4

No assurance can be given that any of these tax benefits will be recognized or realized.

As of December 31, 2025, 2024 and 2023, there were $88.9 million, $266.6 million and $347.0 million, respectively, of unrecognized tax benefits that would have a favorable impact on our effective income tax rate if ultimately recognized, after considering amounts that we would expect to be offset by valuation allowances and other factors.

During 2025, 2024 and 2023, the income tax benefit (expense) of our continuing operations included $45.1 million, ($7.9 million) and ($59.6 million), respectively, representing the net accrual of interest and penalties during the period. At December 31, 2025, accrued interest and penalties associated with our uncertain tax benefits totaled $113.5 million.

On October 7, 2022, the U.S. Department of Justice filed a suit against Liberty Global, Inc. (LGI), a wholly-owned U.S. subsidiary of Liberty Global, in the U.S. District Court of Colorado (the District Court) for unpaid federal income taxes and penalties for the 2018 tax year of approximately $284 million. This action by the U.S. Department of Justice is related to the November 2020 complaint filed by LGI in the District Court seeking a refund of approximately $110 million of taxes, penalties and interest associated with the application of certain temporary treasury regulations issued in June 2019. In October 2023, the District Court entered judgment against LGI with respect to the refund claim and we appealed this decision to the U.S. Court of Appeals for the Tenth Circuit (the Court of Appeals) in December 2023. No amounts have been accrued by LGI with respect to this matter. We continue to vigorously defend this matter and actively pursue our claim for refund.

In January 2021, we petitioned the U.S. Tax Court to address unresolved matters related to our 2010 tax year for which we had already recorded a liability for an unrecognized tax benefit. In November 2023, the U.S. Tax Court issued an unfavorable decision, which we subsequently appealed to the Court of Appeals. In December 2023, we made a $315 million payment for the disputed tax and estimated associated interest. While this payment reduced the liability for unrecognized tax benefits on our consolidated balance sheet, the position remained in our inventory of unrecognized tax benefits as the matter was not yet settled. In August 2025, the Court of Appeals upheld the U.S. Tax Court’s decision and we will not appeal further. As a result, we have now removed the position from our inventory of unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss and other carryforwards	$ 1,722.8	$ 1,398.2
Debt and interest	246.5	251.5
Lease liabilities	200.3	175.6
Investments	174.6	336.0
Share-based compensation	88.8	74.9
Property and equipment, net	71.3	125.2
Other future deductible amounts	76.5	68.5
Deferred tax assets	2,580.8	2,429.9
Valuation allowance	(2,088.5)	(1,934.1)
Deferred tax assets, net of valuation allowance	492.3	495.8
Deferred tax liabilities:
Property and equipment, net	(219.9)	(213.6)
Intangible assets	(211.4)	(211.2)
ROU assets	(187.4)	(163.2)
Debt and interest	(57.6)	(21.4)
Derivative instruments	(3.7)	(161.2)
Other future taxable amounts	(45.8)	(37.1)
Deferred tax liabilities	(725.8)	(807.7)
Net deferred tax liabilities	$ (233.5)	$ (311.9)

Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 948.5	$ 926.2	$ 1,165.0
Value added tax, vendor financing arrangement	14.1	10.0	13.5
Amortization of intangible assets	90.4	75.8	51.4
Vendor financing
Property, Plant and Equipment [Line Items]
Capital-related vendor financing additions	$ 85.5	$ 76.8	$ 96.3

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating leases (a)
2026	$ 120.8
2027	107.8
2028	100.8
2029	95.1
2030	92.0
Thereafter	592.1
Total payments	1,108.6
Less: present value discount	(280.1)
Present value of lease payments	828.5	$ 753.1
Current portion	88.8
Long-term portion	739.7	677.5
Finance leases
2026	10.3
2027	8.8
2028	4.5
2029	3.1
2030	1.8
Thereafter	13.9
Total payments	42.4
Less: present value discount	(9.3)
Present value of lease payments	33.1	$ 34.1
Current portion	7.6
Long-term portion	25.5
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	2,768.4
Telenet
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	$ 124.3

Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) € in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance			$ 3,152.6	$ 3,308.3
Acquisitions, dispositions and related adjustments			(8.5)	63.7
Reclassification to assets held for sale			(66.4)
Foreign currency translation adjustments and other			425.1	(219.4)
Goodwill ending balance			3,502.8	3,152.6
Telenet
Goodwill [Roll Forward]
Goodwill beginning balance			2,656.4	2,976.9
Acquisitions, dispositions and related adjustments			(39.1)	(135.0)
Reclassification to assets held for sale			0.0
Foreign currency translation adjustments and other			356.2	(185.5)
Goodwill ending balance			2,973.5	2,656.4
VM Ireland
Goodwill [Roll Forward]
Goodwill beginning balance			250.8	268.1
Acquisitions, dispositions and related adjustments			0.0	0.0
Reclassification to assets held for sale			0.0
Foreign currency translation adjustments and other			33.6	(17.3)
Goodwill ending balance			284.4	250.8
Other
Goodwill [Roll Forward]
Goodwill beginning balance			245.4	63.3
Acquisitions, dispositions and related adjustments			30.6	198.7
Reclassification to assets held for sale			(66.4)
Foreign currency translation adjustments and other			35.3	(16.6)
Goodwill ending balance			$ 244.9	$ 245.4
Telenet Wyre Transaction
Goodwill [Roll Forward]
Acquisitions, dispositions and related adjustments	$ (138.4)	€ (126.8)
Goodwill ending balance	$ 425.2	€ 389.4

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Liberty Global (a)(b):
Non-performance based incentive awards (c)	$	83.5	$	113.9	$	137.7
Performance based incentive awards	46.9		18.6		6.9
Other (d)	35.0		29.7		26.9
Total Liberty Global	165.4		162.2		171.5
Telenet share-based incentive awards (e)	—		—		27.7
Other	4.0		6.1		5.6
Total	$	169.4	$	168.3	$	204.8
Included in:
Other operating expenses	$	12.6	$	17.8	$	11.3
SG&A expenses	156.8		150.5		193.5
Total	$	169.4	$	168.3	$	204.8

_______________

(a)In November 2024, in connection with the Sunrise Distribution and the Spin-off, the compensation committee of our board of directors approved modifications to our outstanding share-based incentive awards (the Award Modifications) in accordance with the underlying share-based incentive plans. As we determined that there was no incremental value associated with the Award Modifications, we did not recognize any incremental share-based compensation expense associated with these modifications.

(b)In accordance with the terms of the Telenet Takeover Bid, we issued Liberty Global share-based incentive awards (Telenet Replacement Awards) to employees and former directors of Telenet in exchange for corresponding Telenet awards. In connection with the Telenet Takeover Bid, the Telenet Replacement Awards were remeasured as of October 13, 2023 in a 1:2 ratio between Liberty Global Class A and Liberty Global Class C common shares. No incremental share-based compensation expense was recognized from the remeasurement and modification of the Telenet awards. The Telenet Replacement Awards were re-granted on November 7, 2023, resulting in total share-based compensation expense of $50.0 million, of which $8.5 million was recognized on this date due to the immediate vesting of select Telenet Replacement Awards. The remaining expense of $41.5 million is amortized over the remaining service periods of the unvested Telenet Replacement Awards, subject to forfeitures and the satisfaction of performance conditions as further described below. For further information regarding the Telenet Takeover Bid, see note 14.

(c)In April 2023, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding SARs and director options granted in 2016 through 2018 from a seven-year term to a ten-year term (prior to 2019, awards granted under the 2014 Incentive Plans, as defined and described below, expired seven years after the grant date). Accordingly, the Black-Scholes fair values of the respective outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $25.9 million during 2023.

(d)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled in Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash. In addition, amounts include compensation expense related to the Liberty Growth Incentive Plans as defined and described below.

(e)Represents the share-based compensation expense associated with Telenet’s share-based incentive awards prior to the Telenet Takeover Bid. In addition, €7.6 million ($8.2 million at the applicable rate) was expensed during the fourth quarter of 2023 related to the reimbursement of certain employee income taxes associated with the ESOP 2019 and the ESOP 2020, each as defined and described below.

As of December 31, 2025, $152.8 million of total unrecognized compensation cost related to our Liberty Global share-based incentive awards is expected to be recognized by our company over a weighted-average period of approximately 1.8 years.

The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global common shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted):


	Year ended December 31,
	2025		2024		2023

Assumptions used to estimate fair value of options and SARs granted:
Risk-free interest rate	3.69 - 3.71%		3.39 - 4.11%		3.12 - 4.10%
Expected life	6.2 years		3.7 - 6.2 years		3.7 - 6.2 years
Expected volatility	30.5 - 31.3%		28.9 - 31.4%		29.0 - 33.1%
Expected dividend yield	none		none		none
Weighted average grant-date fair value per share of awards granted:
Options	$	4.29	$	6.57	$	7.18
SARs	(a)		$	5.06	$	5.85

RSUs - prior to the Sunrise Distribution	(b)		$	17.39	$	18.59

RSUs - subsequent to the Sunrise Distribution	$	11.75	$	12.95	(b)
PSUs	$	12.34	$	25.16	$	16.60
Total intrinsic value of awards exercised (in millions):
Options	(c)		(c)		(c)
SARs	$	3.0	$	23.0	$	4.6
PSARs	(c)		(c)		(c)
Cash received from exercise of options (in millions)	$	—	$	—	$	1.2
Income tax benefit (expense) related to share-based compensation of our continuing operations (in millions)	$	(1.8)	$	(1.0)	$	9.1

_______________

(a)There were no grants of SARs made during the indicated period.

(b)Not applicable.

(c)There were no exercises of this award type during the indicated period.

Share Incentive Plans — Liberty Global Common Shares

2023 Incentive Plan

As of December 31, 2025, we are authorized to grant incentive awards under the “Liberty Global 2023 Incentive Plan,” which was approved by our shareholders on June 14, 2023. Generally, we may grant options, SARs, RSUs, performance awards or cash awards or any combination of the foregoing under this incentive plan (collectively, “awards”). The maximum number of Liberty Global shares with respect to which awards may be issued under the Liberty Global 2023 Incentive Plan is 72,448,191 (as adjusted for the Spin-off), which represents the number of common shares available for grant under the previous “Liberty Global 2014 Incentive Plan” and the “Liberty Global 2014 Nonemployee Director Incentive Plan” (collectively, the 2014 Incentive Plans) immediately prior to the 2023 Annual General Meeting of Shareholders of Liberty Global plc, plus any common shares subject to outstanding awards under the 2014 Incentive Plans that become available for issuance under the Liberty Global 2023 Incentive Plan pursuant to its terms. The maximum number of common shares reserved for issuance under the Liberty Global 2023 Incentive Plan is also subject to anti-dilution and other adjustment provisions of the Liberty Global 2023 Incentive Plan. Outstanding awards granted under the 2014 Incentive Plans will continue to be governed by the terms of that plan until exercised, expired, paid or otherwise terminated. No further awards will be granted under the 2014 Incentive Plans. As of December 31, 2025, the Liberty Global 2023 Incentive Plan had 62,996,261 common shares available for grant.

Awards (other than performance based awards) under the Liberty Global 2023 Incentive Plan and the Liberty Global 2014 Incentive Plan generally (i) vest annually over a three-year period and (ii) expire 10 years after the grant date. Awards (other than RSUs) issued under the Liberty Global 2014 Nonemployee Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire ten years after the grant date. RSUs vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of common shares.

In connection with the Telenet Takeover Bid, the compensation committee of our board of directors approved the issuance of Telenet Replacement Awards as part of the Liberty Global 2023 Incentive Plan in exchange for corresponding Telenet awards. Prior to the Telenet Takeover Bid, Telenet had several outstanding equity award plans including the 2019 Employee Stock Option Plan (ESOP 2019), the 2020 Employee Stock Option Plan (ESOP 2020), the 2021 Performance Share Plan (PSP 2021), the 2021 CEO Performance Share Plan (CEO PSP 2021) and the 2022 Restricted Share Plan (RSP 2022). Liberty Global proposed to rollover any Telenet equity awards into equivalent awards in Liberty Global shares, excluding the ESOP 2019 and ESOP 2020 which were out-of-the-money at the time of the Telenet Takeover Bid. Additionally, due to regulatory constraints associated with the Telenet Takeover Bid, Telenet was unable to issue equity awards from the 2020 Performance Share Plan (PSP 2020), the 2022 Performance Share Plan (PSP 2022), the 2023 Performance Share Plan (PSP 2023), the 2022 CEO Performance Share Plan (CEO PSP 2022), the 2023 Restricted Share Plan (RSP 2023), the 2023 CEO Performance Share Plan (CEO PSP 2023) and the 2023 Dividend Share Plan (Dividend Plan 2023). Liberty Global has also granted equivalent awards under these Telenet plans. The Telenet Replacement Awards were issued as either RSUs or PSUs, depending on the presence of a performance factor. Generally, (i) awards issued under the CEO PSP 2021, CEO PSP 2022 and CEO PSP 2023 are subject to certain performance metrics and vest at the end of a three-year period, (ii) awards issued under the Dividend Plan 2023 vest immediately, (iii) awards issued under the RSP 2022 and RSP 2023 vest 40% after year one and 60% after year two and are subject to a two-year holding restriction, (iv) awards issued under the PSP 2020 are subject to certain performance metrics, vest immediately and are subject to a two-year holding restriction, (v) awards issued under the PSP 2021 and PSP 2023 are subject to certain performance metrics and vest at the end of a three-year period and (vi) awards issued under the PSP 2022 were issued as RSUs, vest 40% after year one and 60% after year two and are subject to a two-year holding restriction.

Liberty Growth Incentive Plans

Annually, beginning in April 2021, the compensation committee of our board of directors has approved grants under the “Liberty Growth Incentive Plans” (formerly “Ventures Incentive Plans”). The Liberty Growth Incentive Plans are provided to executive officers and other key employees based on the performance of the Liberty Growth Portfolio (the “Portfolio”), or a specific portion of the Portfolio in the instance of the “Tech Liberty Growth Incentive Plan” (formerly “Tech Ventures Incentive Plan”). A fair value assessment is performed for the Portfolio as of December 31st by an independent third-party valuation specialist and the Portfolio performance is measured by assessing the fair value of the Portfolio over a three-year period beginning on December 31st of the year preceding each annual grant. Payout will be denominated in cash and will be assessed at the end of each three-year period using eligible participants’ initial contributions, which are between 10% and 50%

of their annual target equity value (10% and 100% for the 2021 Liberty Growth Incentive Plan) and the contributed amount is in lieu of their normal annual equity grant. The compensation committee has the discretion to settle the final payout amount in (i) cash or (ii) Liberty Global Class A and Class C common shares based on the change in the Portfolio’s value. Subject to forfeitures, 100% of each participant’s payout will vest on or around March of the year subsequent to the conclusion of the three-year performance period. In order to receive the payout, participants are required to remain employed through the final vesting date. Awards under the Liberty Growth Incentive Plans are liability classified due to the fact that the final payout under these plans will be denominated in cash and may be settled in a variable number of shares. The estimated fair value of the final payouts under our Liberty Growth Incentive Plans as of December 31, 2025 are shown below:

Performance period

Vesting date

Estimated fair value of final payout

in millions

2023 Liberty Growth Incentive Plan

12/31/2022 - 12/31/2025

March 15, 2026

10.8

2023 Tech Liberty Growth Incentive Plan

12/31/2022 - 12/31/2025

March 15, 2026

0.5

2024 Liberty Growth Incentive Plan

12/31/2023 - 12/31/2026

March 15, 2027

13.2

2024 Tech Liberty Growth Incentive Plan

12/31/2023 - 12/31/2026

March 15, 2027

0.6

2025 Liberty Growth Incentive Plan

12/31/2024 - 12/31/2027

March 15, 2028

12.3

2025 Tech Liberty Growth Incentive Plan

12/31/2024 - 12/31/2027

March 15, 2028

1.0

Total

38.4

The 2022 Liberty Growth Incentive Plan vested on March 15, 2025. Participants earned 87.6% of their targeted payout which was settled in 371,261 shares of Liberty Global Class A and 371,261 Class C common shares.

The 2021 Liberty Growth Incentive Plan vested on March 15, 2024. Participants earned 108.5% of their targeted payout which was settled in 442,221 shares of Liberty Global Class A and 442,221 Class C common shares.

Performance Awards

The following is a summary of the material terms and conditions with respect to our performance based awards for certain executive officers and key employees.

2025 PSUs

In March 2025, the compensation committee of our board of directors approved the grant of PSUs to executive officers and certain employees (the 2025 PSUs). The performance metric for the 2025 PSUs is the appreciation of Liberty Global’s average share price during the performance period commencing March 21, 2025 and ending December 31, 2027. The payout is determined based on the achievement of certain share price levels, as adjusted by the committee for (i) corporate transactions, including acquisitions, dispositions, spin-offs and mergers, and (ii) force majeure type events such as natural disasters, acts of war or terrorism or other unanticipated events impacting the business that are outside of our control. Share price appreciation of 0% to 80% will generally result in award recipients earning 0% to 200% of their target 2025 PSUs. In addition, 50% of the 2025 PSUs award payout may be “banked” if Liberty Global’s average share price exceeds specific target levels ranging from 30% to 50% during the performance period, subject to a cap of 75% of the target 2025 PSUs. The earned 2025 PSUs will fully vest on February 15, 2028.

2024 PSUs

In May 2024, the compensation committee of our board of directors approved the grant of PSUs to executive officers and other key employees (the 2024 PSUs). The performance metric for the 2024 PSUs is based on Liberty Global’s relative total shareholder return (rTSR) during the performance period commencing May 10, 2024 and ending December 31, 2026, calculated based on a comparison of Liberty Global’s total shareholder return (TSR) compared to the TSR of a comparator group of companies, which comprises all companies continuously listed in the NASDAQ Telecommunications Index or the Stoxx Europe 600 Telecom Index during the performance period. The market condition related to Liberty Global’s rTSR performance relative to the comparator group of companies is incorporated into the measurement of the grant date fair value of the award. The 2024 PSUs include over- and under-performance payout opportunities should the rTSR exceed or fail to meet the target, as applicable. Achieving an rTSR between the 25th percentile to at or above the 75th percentile will generally result in award recipients earning 25% to 200% of their target 2024 PSUs, subject to forfeitures. The 2024 PSUs have a maximum payout of 100% should the TSR be negative. In February 2026, the compensation committee of our board of directors determined that 50% of the 2024 PSUs were earned as Liberty Global’s rTSR was equal to or greater than the median TSR for the comparator group of companies as of December 31, 2025. This resulted in 731,307 Liberty Global Class A and 1,044,574 Liberty Global Class C PSUs being “banked” out of 1,462,613 Liberty Global Class A and 2,089,147 Liberty Global Class C outstanding PSUs. The value of these banked 2024 PSUs is $8.0 million and $11.2 million for Liberty Global Class A and Liberty Global Class C PSUs, respectively, at a weighted average grant price of $10.89 and $10.75, respectively. The earned 2024 PSUs will fully vest on or around February 15, 2027.

Share-based Award Activity — Liberty Global Common Shares

The following tables summarize the share-based award activity during 2025 with respect to awards issued by Liberty Global. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, with respect to share-based awards held by Liberty Global employees, the number of shares to be issued upon vesting or exercise is reduced by the amount of the employee’s required income tax withholding.


Options — Class A common shares	Number of awards	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	1,159,996	$	15.23
Granted	166,034	9.78
Forfeited	(164,255)	21.73







Outstanding at December 31, 2025	1,161,775	$	13.54	5.1	$	0.6
Exercisable at December 31, 2025	828,706	$	15.03	3.6	$	0.2


Options — Class C common shares	Number of awards	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	5,203,985	$	13.62
Granted	664,635	11.62
Forfeited	(325,404)	20.90







Outstanding at December 31, 2025	5,543,216	$	12.95	5.5	$	2.4
Exercisable at December 31, 2025	4,128,315	$	13.62	4.4	$	1.7


SARs — Class A common shares	Number of awards	Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	34,684,640	$	14.15

Forfeited	(2,158,325)	21.15
Exercised	(749,640)	9.77






Outstanding at December 31, 2025	31,776,675	$	13.78	4.6	$	16.2
Exercisable at December 31, 2025	26,955,382	$	14.47	4.0	$	10.3


SARs — Class C common shares	Number of awards	Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	75,630,289	$	14.40

Forfeited	(4,036,375)	21.43
Exercised	(868,049)	9.93






Outstanding at December 31, 2025	70,725,865	$	14.05	4.6	$	20.8
Exercisable at December 31, 2025	62,474,003	$	14.51	4.2	$	16.5


PSARs — Class A common shares	Number of awards	Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	4,969,045	$	15.00

Forfeited	(117,260)	15.00







Outstanding at December 31, 2025	4,851,785	$	15.00	3.0	$	—
Exercisable at December 31, 2025	4,851,785	$	15.00	3.0	$	—


PSARs — Class C common shares	Number of awards	Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	9,674,673	$	14.70

Forfeited	(231,033)	14.70







Outstanding at December 31, 2025	9,443,640	$	14.70	3.0	$	—
Exercisable at December 31, 2025	9,443,640	$	14.70	3.0	$	—


RSUs — Class A common shares	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years

Outstanding at January 1, 2025	2,553,035	$	9.36
Granted	3,215,649	11.58
Forfeited	(336,273)	10.64
Exercised	(2,330,104)	10.54







Outstanding at December 31, 2025	3,102,307	$	10.64	1.1


RSUs — Class C common shares	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years

Outstanding at January 1, 2025	4,229,272	$	10.02
Granted	3,480,155	12.07
Forfeited	(361,871)	11.06
Exercised	(3,233,272)	10.90







Outstanding at December 31, 2025	4,114,284	$	10.97	1.0


PSUs — Class A common shares	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years

Outstanding at January 1, 2025	1,963,824	$	13.08
Granted	3,179,733	12.34
Forfeited	(208,836)	12.24
Released from restrictions	(110,973)	9.11





Outstanding at December 31, 2025	4,823,748	$	12.72	1.7


PSUs — Class C common shares	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years

Outstanding at January 1, 2025	2,965,058	$	13.48
Granted	4,105,505	12.34
Forfeited	(238,285)	12.20
Released from restrictions	(202,815)	9.94





Outstanding at December 31, 2025	6,629,463	$	12.93	1.7

Share-based Award Activity — Liberty Global Common Shares held by former Liberty Global employees

The following tables summarize the share-based awards held by former employees of Liberty Global subsequent to certain spin-off or disposal transactions, or as otherwise permitted under applicable Liberty Global equity plan documents. Any future exercises of SARs or PSARs, or vesting of RSUs and PSUs, will increase the number of our outstanding common shares.


	Number of awards	Weighted average exercise or base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions
SARs and PSARs:
Class A:
Outstanding	2,706,841	$	15.60	3.5	$	0.4
Exercisable	2,556,946	$	15.89	3.3	$	0.3
Class C:
Outstanding	5,309,254	$	15.61	3.5	$	0.4
Exercisable	5,012,390	$	15.87	3.3	$	0.4


	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years
Outstanding RSUs and PSUs:
Class A:
RSUs	49,586	$	9.89	0.4
PSUs	1,080	$	12.34	2.1
Class C:
RSUs	95,312	$	10.38	0.4
PSUs	1,080	$	12.34	2.1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (7,096.7)	$ 1,645.9	$ (3,873.8)
Other comprehensive earnings (loss), net of taxes (note 17):
Foreign currency translation adjustments	4,571.8	(2,563.2)	1,210.1
Reclassification adjustment included in net earnings (loss)	(0.2)	0.2	(0.1)
Pension-related adjustments and other	1.0	(52.3)	(48.2)
Other comprehensive earnings (loss) from continuing operations	4,572.6	(2,615.3)	1,161.8
Other comprehensive earnings from discontinued operations	0.0	65.7	494.3
Other comprehensive earnings (loss)	4,572.6	(2,549.6)	1,656.1
Comprehensive loss	(2,524.1)	(903.7)	(2,217.7)
Comprehensive earnings attributable to noncontrolling interests	(41.4)	(57.9)	(177.1)
Comprehensive loss attributable to Liberty Global shareholders	$ (2,565.5)	$ (961.6)	$ (2,394.8)

Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Total	$ (567.4)	$ 315.2	$ 78.3
Cross-currency and interest rate derivative contracts
Derivative [Line Items]
Total	(348.7)	323.7	(186.2)
Equity-related derivative instruments
Derivative [Line Items]
Total	(207.6)	(38.6)	258.5
Foreign currency forward and option contracts
Derivative [Line Items]
Total	(11.1)	30.0	6.1
Other
Derivative [Line Items]
Total	$ 0.0	$ 0.1	$ (0.1)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 2,081.4	$ 1,816.3
Trade receivables, net (note 3)	558.2	449.8
Short-term investments (measured at fair value on a recurring basis) (note 7)	76.2	335.6
Derivative instruments (note 8)	135.0	287.0
Other current assets (notes 4, 6 and 7)	545.6	411.6
Total current assets	3,396.4	3,300.3
Investments and related notes receivable (including $1,631.5 million and $2,907.7 million, respectively, measured at fair value on a recurring basis) (note 7)	7,686.1	11,688.0
Property and equipment, net (notes 10 and 12)	5,270.3	4,326.0
Goodwill (note 10)	3,502.8	3,152.6
Intangible assets subject to amortization, net (note 10)	1,349.4	1,290.4
Other assets, net (notes 4, 8, 12 and 13)	1,390.9	1,682.4
Total assets	22,595.9	25,439.7
Current liabilities:
Accounts payable	478.7	371.2
Deferred revenue (note 4)	291.9	285.3
Current portion of debt and finance lease obligations (notes 11 and 12)	764.0	898.5
Accrued capital expenditures	158.0	226.5
Accrued income taxes	218.2	272.5
Other accrued and current liabilities (notes 6, 8 and 12)	1,248.3	1,079.9
Total current liabilities	3,159.1	3,133.9
Long-term debt and finance lease obligations (notes 11 and 12)	7,830.9	8,202.5
Long-term operating lease liabilities (note 12)	739.7	677.5
Other long-term liabilities (notes 4, 8 and 13)	920.4	881.5
Total liabilities	12,650.1	12,895.4
Commitments and contingencies (notes 8, 11, 12, 13, 16 and 18)
Liberty Global shareholders:
Additional paid-in capital	712.4	777.0
Accumulated earnings	5,104.5	12,242.6
Accumulated other comprehensive earnings (loss), net of taxes	3,915.6	(657.0)
Treasury shares, at cost	(0.1)	(0.1)
Total Liberty Global shareholders	9,735.7	12,365.9
Noncontrolling interests	210.1	178.4
Total equity	9,945.8	12,544.3
Total liabilities and equity	22,595.9	25,439.7
Class A
Liberty Global shareholders:
Common stock	1.7	1.7
Class B
Liberty Global shareholders:
Common stock	0.1	0.1
Class C
Liberty Global shareholders:
Common stock	$ 1.5	$ 1.6

Long-lived Assets

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Long-lived Assets

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:


	Estimated useful life at December 31, 2025	December 31,
		2025		2024
		in millions

Distribution systems	3 to 30 years	$	7,189.1	$	5,702.7

Support equipment, buildings and land	3 to 33 years	2,941.2		2,518.0
CPE	4 to 7 years	1,070.2		843.1
Total property and equipment, gross		11,200.5		9,063.8
Accumulated depreciation		(5,930.2)		(4,737.8)
Total property and equipment, net		$	5,270.3	$	4,326.0

Depreciation expense related to our property and equipment was $948.5 million, $926.2 million and $1,165.0 million during 2025, 2024 and 2023, respectively.

During 2025, 2024 and 2023, we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $85.5 million, $76.8 million and $96.3 million, respectively, which exclude related VAT of $14.1 million, $10.0 million and $13.5 million, respectively, that were also financed under these arrangements.

Goodwill

Changes in the carrying amount of our goodwill during 2025 are set forth below:


	January 1, 2025		Acquisitions, dispositions and related adjustments (a)		Reclassification to assets held for sale (b)		Foreign currency translation adjustments and other		December 31, 2025
	in millions

Telenet	$	2,656.4	$	(39.1)	$	—	$	356.2	$	2,973.5
VM Ireland	250.8		—		—		33.6		284.4

Other	245.4		30.6		(66.4)		35.3		244.9
Total	$	3,152.6	$	(8.5)	$	(66.4)	$	425.1	$	3,502.8

_______________

(a)Includes the impairment of certain media assets at Telenet.

(b)Represents goodwill of UPC Slovakia. For additional information regarding the held-for-sale presentation of UPC Slovakia, see note 6.

If, among other factors the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant.

Changes in the carrying amount of our goodwill during 2024 are set forth below:


	January 1, 2024		Acquisitions and related adjustments		Foreign currency translation adjustments and other		December 31, 2024
	in millions

Telenet (a)	$	2,976.9	$	(135.0)	$	(185.5)	$	2,656.4

VM Ireland	268.1		—		(17.3)		250.8

Other (b)	63.3		198.7		(16.6)		245.4
Total	$	3,308.3	$	63.7	$	(219.4)	$	3,152.6

_______________

(b)In connection with the Formula E Acquisition, we recorded a net increase of $198.7 million to goodwill.

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization are set forth below:


	Estimated useful life at December 31, 2024	December 31, 2025						December 31, 2024
		Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
		in millions

Licenses (a)	18 to 24 years	$	1,582.8	$	(438.0)	$	1,144.8	$	1,393.9	$	(332.7)	$	1,061.2
Customer relationships	5 to 14 years	269.0		(186.0)		83.0		255.4		(161.0)		94.4
Other	2 to 15 years	278.9		(157.3)		121.6		265.5		(130.7)		134.8
Total		$	2,130.7	$	(781.3)	$	1,349.4	$	1,914.8	$	(624.4)	$	1,290.4

_______________

(a)Primarily includes amounts related to (i) certain mobile spectrum licenses and (ii) a licensing agreement with the FIA, as described in note 5.

Amortization expense related to intangible assets with finite useful lives was $90.4 million, $75.8 million and $51.4 million during 2025, 2024 and 2023, respectively. Based on our amortizable intangible asset balance at December 31, 2025, we expect that amortization expense will be as follows for the next five years and thereafter (in millions):


2026	$	68.4
2027	62.0
2028	58.3
2029	57.7
2030	56.9
Thereafter	1,046.1
Total	$	1,349.4

Share-based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions			1 Months Ended					12 Months Ended
	Mar. 15, 2025 shares	Mar. 15, 2024 shares	Feb. 18, 2026 USD ($) $ / shares shares	Mar. 31, 2025	May 31, 2024	Apr. 30, 2023	Apr. 30, 2021	Dec. 31, 2025 USD ($) installment shares	Dec. 31, 2024 shares	Nov. 07, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense not yet recognized \| $								$ 152.8
Weighted average period remaining for expense recognition								1 year 9 months 18 days
Liberty Global 2023 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share authorized (in shares)								72,448,191
Number of shares available for grant								62,996,261
Vesting period								3 years
Expiration period								10 years
Liberty Global 2014 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								3 years
Expiration period						7 years		10 years
Liberty Global 2014 Nonemployee Director Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period								10 years
Number of equal or semi-equal installments \| installment								3
CEO Performance Share Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								3 years
CEO Performance Share Plan 2022 (CEO PSP 2022)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								3 years
CEO Performance Share Plan 2023 (CEO PSP 2023)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								3 years
Restricted Share Plan 2022 (RSP 2022)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Holding restriction period								2 years
Restricted Share Plan 2022 (RSP 2022) \| After year one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage								40.00%
Restricted Share Plan 2022 (RSP 2022) \| After year two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage								60.00%
Restricted Share Plan 2023 (RSP 2023)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Holding restriction period								2 years
Restricted Share Plan 2023 (RSP 2023) \| After year one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage								40.00%
Restricted Share Plan 2023 (RSP 2023) \| After year two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage								60.00%
Performance Share Plan 2020 (PSP 2020)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Holding restriction period								2 years
Performance Share Plan 2021 (PSP 2021)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								3 years
Performance Share Plan 2023 (PSP 2023)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								3 years
2022 Liberty Growth Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							100.00%
Assessed period							3 years
Earned target payout rate	87.60%
2022 Liberty Growth Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible participants’ initial contribution percent							10.00%
2022 Liberty Growth Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible participants’ initial contribution percent							50.00%
2022 Liberty Growth Incentive Plan \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)	371,261
2022 Liberty Growth Incentive Plan \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)	371,261
2021 Liberty Growth Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earned target payout rate		108.50%
2021 Liberty Growth Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible participants’ initial contribution percent							10.00%
2021 Liberty Growth Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible participants’ initial contribution percent							100.00%
2021 Liberty Growth Incentive Plan \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)		442,221
2021 Liberty Growth Incentive Plan \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)		442,221
Telenet Replacement Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense not yet recognized \| $										$ 41.5
RSUs \| Performance Share Plan 2022 (PSP 2022)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Holding restriction period								2 years
RSUs \| Performance Share Plan 2022 (PSP 2022) \| After year one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage								40.00%
RSUs \| Performance Share Plan 2022 (PSP 2022) \| After year two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage								60.00%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of awards that may be banked				50.00%
Share-based compensation arrangement by share-based payment award, cap, percent				75.00%
Maximum payout, percent					100.00%
PSUs \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of PSUs earned			50.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price appreciation percent				0.00%
Award recipients earning percent				0.00%
Percentage of stock price trigger				30.00%
Share-based compensation arrangement by share-based payment award, award expected performance					25.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price appreciation percent				80.00%
Award recipients earning percent				200.00%
Percentage of stock price trigger				50.00%
Share-based compensation arrangement by share-based payment award, award expected performance					200.00%
PSUs \| Class A \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Banked out (in shares)			731,307
Number of awards, outstanding (in shares)			1,462,613
Banked out \| $			$ 8.0
Banked out (in dollar per share) \| $ / shares			$ 10.89
PSUs \| Class C \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Banked out (in shares)			1,044,574
Number of awards, outstanding (in shares)			2,089,147
Banked out \| $			$ 11.2
Banked out (in dollar per share) \| $ / shares			$ 10.75
SARs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period						7 years
SARs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period						10 years
SARs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares)								31,776,675	34,684,640
SARs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, outstanding (in shares)								70,725,865	75,630,289

Segment Reporting (Narrative) (Details) $ in Millions	12 Months Ended
Segment Reporting (Narrative) (Details) $ in Millions	Dec. 31, 2025 USD ($) platform	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of strategic platforms \| platform	3
Number Of Reportable Segments Not Disclosed Flag	true
Reduction in revenue	$ (4,878.5)	$ (4,341.9)	$ (4,115.8)
VMO2 JV
Segment Reporting Information [Line Items]
Reduction in revenue	$ (13,335.2)	(13,649.7)	(13,574.1)
Ownership percentage	50.00%
VodafoneZiggo JV
Segment Reporting Information [Line Items]
Reduction in revenue	$ (4,518.5)	(4,450.5)	(4,450.5)
Performance measures percentage of segment revenue and operating cash flow presented	100.00%
Ownership percentage	50.00%
Central and Other
Segment Reporting Information [Line Items]
Reduction in revenue	$ (1,341.3)	$ (1,013.6)	(776.2)
Central and Other \| Internally Developed Software Treatment
Segment Reporting Information [Line Items]
Reduction in revenue			127.7
Central and Other \| Internally Developed Software Treatment \| VMO2 JV
Segment Reporting Information [Line Items]
Reduction in revenue			69.3
Central and Other \| Internally Developed Software Treatment \| VodafoneZiggo JV
Segment Reporting Information [Line Items]
Reduction in revenue			$ 41.0

Leases (Leases Balances) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Leases Balances) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ROU assets:
Operating leases	$ 773.6	$ 710.5
Finance leases	37.1	38.2
Total ROU assets	$ 810.7	$ 748.7
Operating lease, right-of-use asset, statement of financial position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance lease, right-of-use asset, statement of financial position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Lease liabilities:
Operating leases	$ 828.5	$ 753.1
Finance leases	33.1	34.1
Total lease liabilities	$ 861.6	$ 787.2
Operating lease, liability, statement of financial position [Extensible Enumeration]	Long-term portion, Other Accrued Liabilities, Current	Long-term portion, Other Accrued Liabilities, Current
Finance lease, liability, statement of financial position [Extensible Enumeration]	Current portion of debt and finance lease obligations (notes 11 and 12), Long-term debt and finance lease obligations	Current portion of debt and finance lease obligations (notes 11 and 12), Long-term debt and finance lease obligations
Weighted average remaining lease term for operating leases	10 years 7 months 6 days
Weighted average discount rate for operating leases	5.40%
Addition to ROU assets associated with operating leases	$ 57.7	$ 101.3	$ 50.4
Weighted average remaining lease term for finance leases	8 years 2 months 12 days
Weighted average discount rate for finance leases	8.70%
ROU assets associated with finance leases	$ 1.1	$ 7.4	$ 20.9

Equity (Narrative) (Details) $ / shares in Units, € in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) class $ / shares shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Oct. 31, 2023	Oct. 19, 2023	Jul. 01, 2015 vote
Class of Stock [Line Items]
Share capital authorized, aggregate nominal amount \| $	$ 20,000,000.0
Minimum number of classes or series of stock which may be authorized \| class	1
Share repurchase program, minimum repurchase requirement, percentage	10.00%	10.00%	10.00%
Dividends				$ 73,200,000	€ 66.3
Telenet
Class of Stock [Line Items]
Dividends \| €					€ 108.6
Telenet \| Subsidiaries \| Liberty Global Belgium Holding B.V.
Class of Stock [Line Items]
Percentage of voting interests acquired						100.00%	100.00%
Consideration transferred		$ 993,700,000	€ 904.2
Class A
Class of Stock [Line Items]
Common stock, nominal value (in dollars per share)	$ 0.01	$ 0.01
Number of votes allowed per class of stock (in votes) \| vote								1
Number of ordinary shares convertible to certain class of ordinary shares (in shares) \| shares	1
Class B
Class of Stock [Line Items]
Common stock, nominal value (in dollars per share)	$ 0.01	0.01
Number of votes allowed per class of stock (in votes) \| vote								10
Common reserved for issuance (in shares) \| shares	12,968,658
Class C
Class of Stock [Line Items]
Common stock, nominal value (in dollars per share)	$ 0.01	$ 0.01

Dispositions

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Pending Sale of UPC Slovakia

On December 18, 2025, we entered into an agreement to sell our operations in Slovakia (UPC Slovakia) to O2 Slovakia s.r.o., an affiliate of e& PPF Telecom Group B.V., for a total transaction value of approximately €95 million ($110 million at the applicable rate), subject to customary debt and working capital adjustments at completion. Closing of the transaction is subject to regulatory approval, which is expected in the first half of 2026. In our segment presentation, UPC Slovakia is included in our “all other category.”

In addition, we have agreed to provide certain transitional services for a period of up to 42 months from the closing of the transaction. These services principally comprise network and information technology-related functions. The annual charges will depend on the actual level of services required by the purchaser. Liberty Global will also allow the use of the UPC brand for a transitional period of up to three years as part of the transaction.

Effective with the signing of the agreement, we began accounting for UPC Slovakia as held for sale. Accordingly, we no longer depreciate or amortize the long-lived assets of UPC Slovakia. We have not presented UPC Slovakia as a discontinued operation as this transaction does not represent a strategic shift that will have a major effect on our financial results or operations. As of December 31, 2025, the held-for-sale assets and liabilities of UPC Slovakia totaled $122.5 million and $18.2 million, respectively, and are included in other current assets and other accrued and current liabilities, respectively, on our consolidated balance sheet.

Spin-off

On November 8, 2024, we completed the Spin-off, following a series of transactions that resulted in the transfer of the Sunrise Entities to an independent, separate publicly-traded Swiss company, Sunrise Communications AG (the Spin-off). No gain or loss was recognized in connection with the Spin-off.

The Spin-off was accomplished through the distribution of Sunrise common shares, in the form of Sunrise American depository shares (ADSs), to Liberty Global shareholders (the Sunrise Distribution). Liberty Global shareholders received one Sunrise Class A ADS for every five Liberty Global Class A or Class C common shares and two Sunrise Class B ADSs for each Liberty Global Class B common share.

In connection with the Spin-off, we agreed to provide certain services to Sunrise on a transitional or ongoing basis (collectively, the Sunrise Services) through agreements that will expire between 2027 and 2029. The following summarizes these agreements:

•A master separation agreement (the Master Separation Agreement), which provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Spin-off, certain conditions to the Spin-off and provisions governing the relationship between Liberty Global and Sunrise with respect to, and resulting from, the Spin-off;

•A tax separation agreement (the Tax Separation Agreement), which governs the parties’ respective rights, responsibilities and obligations with respect to taxes and tax benefits, the filing of tax returns, the handling of audits or other tax proceedings and assistance and cooperation and other tax matters, in each case, for taxable periods ending on or before or that otherwise include the date of the Spin-off;

•A technology master services agreement (the Technology Master Services Agreement), pursuant to which, for up to five years following the Spin-off, with the option to renew for a two-year period, Liberty Global will continue to provide Sunrise various technology-related platforms, products and services, including entertainment platforms and support services, connectivity platforms and support services, Global Tier-1 international internet and enterprise backbone network, IP transit and peering services, information technology applications and related services, mobile virtual network operator (MVNO) services, B2B-related services, technical architecture advisory services and security services;

•Transitional services agreements (the Transitional Services Agreements), pursuant to which Liberty Global will provide Sunrise various administrative services to ensure an orderly transition following the Spin-off. The terms of the services are for up to five years following the Spin-off, depending on the individual service elements. These services include, among others, internal audit, compliance, internal controls, external reporting, accounting, treasury, emerging business, corporate affairs and regulatory, human resources, legal, content and brand access services; and

•Other services agreements (the Other Services Agreements), pursuant to which certain subsidiaries of Liberty Global and Sunrise will continue to provide certain operational or advisory services to each other under agreements entered into prior to the Spin-off. These service agreements remain in place for a period of up to five years following the Spin-off and include structured finance, shared services, procurement, interconnect, roaming brokering, hyper scale consultancy and call center support.

The following table summarizes the revenue associated with the Sunrise Services:


	Year ended December 31,
	2025		2024
	in millions

Fixed fee	$	132.3	$	18.1
Variable charges (a)	73.7		6.3
Total revenue	$	206.0	$	24.4

_______________

(a)Amounts primarily include the sale of customer premises equipment (CPE) at a mark-up.

Presentation of Discontinued Operations

The operations of the Sunrise Entities are presented as discontinued operations in our consolidated financial statements for 2024 and 2023. The operating results of the Sunrise Entities for these periods are summarized in the following table. These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statements of operations.


	Year ended December 31,
	2024 (a)		2023
	in millions

Revenue	$	2,902.8	$	3,375.6
Operating income	$	154.0	$	69.3
Loss before income taxes	$	(200.1)	$	(278.2)
Income tax benefit (expense)	(23.1)		63.5
Net loss attributable to Liberty Global shareholders	$	(223.2)	$	(214.7)

_______________

(a)Includes the operating results of the Sunrise Entities from January 1, 2024 to November 8, 2024, the date of the Spin-off.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Denver, Colorado
Auditor Firm ID	185

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative asset	$ 248.8	$ 843.9
Counterparty Credit Risk
Derivative [Line Items]
Derivative asset	$ 92.9
Interest Rate Swap \| Telenet
Derivative [Line Items]
Derivative, term of contract	5 years

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
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-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

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-Topic 210
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483444/210-20-55-21

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-Topic 210
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+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Performance Measures of our Reportable Segments


	Revenue
	Third-party and affiliate		Intersegment		Total
	in millions

Year ended December 31, 2025:
Telenet	$	3,207.7	$	0.2	$	3,207.9
VM Ireland	494.8		—		494.8
VMO2 JV (nonconsolidated)	13,335.2		—		13,335.2
VodafoneZiggo JV (nonconsolidated)	4,518.5		—		4,518.5
Total reportable segment revenue	$	21,556.2	$	0.2	21,556.4
Plus: all other category (a)					1,341.3
Less: nonconsolidated JV revenue					(17,853.7)
Less: elimination of intercompany consolidated revenue (b)					(165.5)
Total consolidated revenue					$	4,878.5

Year ended December 31, 2024:
Telenet	$	3,084.2	$	0.2	$	3,084.4
VM Ireland	487.9		3.5		491.4
VMO2 JV (nonconsolidated)	13,649.7		—		13,649.7
VodafoneZiggo JV (nonconsolidated)	4,450.5		—		4,450.5
Total reportable segment revenue	$	21,672.3	$	3.7	21,676.0
Plus: all other category (a)					1,013.6
Less: nonconsolidated JV revenue					(18,100.2)
Less: elimination of intercompany consolidated revenue (b)					(247.5)
Total consolidated revenue					$	4,341.9

Year ended December 31, 2023:
Telenet	$	3,089.2	$	—	$	3,089.2
VM Ireland	502.3		3.8		506.1
VMO2 JV (nonconsolidated)	13,574.1		—		13,574.1
VodafoneZiggo JV (nonconsolidated)	4,450.5		—		4,450.5
Total reportable segment revenue	$	21,616.1	$	3.8	21,619.9
Plus: all other category (a)					776.2
Less: nonconsolidated JV revenue					(18,024.6)
Less: elimination of intercompany consolidated revenue (b)					(255.7)
Total consolidated revenue					$	4,115.8

_____________

(a)Amounts include revenue from:


	Year ended December 31,
	2025		2024		2023
	in millions

Services agreements with our nonconsolidated JV reportable segments (as further described in note 7)	$	591.1	$	594.9	$	382.0
Third parties and affiliates	584.9		174.9		142.3
Consolidated reportable segments	165.3		243.8		251.9
Total	$	1,341.3	$	1,013.6	$	776.2

(b)Primarily reflects the elimination of (i) the revenue recognized related to the Tech Framework and (ii) for 2024 and 2023, transactions between our continuing and discontinued operations.


	Year ended December 31,
	2025				2024				2023
	Programming and other direct costs of services		Operating expenses		Programming and other direct costs of services		Operating expenses		Programming and other direct costs of services		Operating expenses
	in millions

Consolidated reportable segments:
Telenet	$	772.9	$	1,131.2	$	764.5	$	1,027.7	$	789.1	$	984.9
VM Ireland	$	127.2	$	187.3	$	127.7	$	185.4	$	139.0	$	185.7

Nonconsolidated reportable segments:
VMO2 JV	$	4,155.1	$	4,517.3	$	4,710.7	$	4,435.6	$	4,645.4	$	4,397.4
VodafoneZiggo JV	$	983.8	$	1,557.0	$	912.2	$	1,504.4	$	903.9	$	1,574.1


	Adjusted EBITDA
	Year ended December 31,
	2025		2024		2023
	in millions

Telenet	$	1,303.8	$	1,292.2	$	1,315.2
VM Ireland	180.3		178.3		181.4
VMO2 JV (nonconsolidated)	4,662.8		4,503.4		4,531.3
VodafoneZiggo JV (nonconsolidated)	1,977.7		2,033.9		1,972.5
Total reportable segment Adjusted EBITDA	$	8,124.6	$	8,007.8	$	8,000.4

The following table provides a reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes:


	Year ended December 31,
	2025		2024		2023
	in millions

Total reportable segment Adjusted EBITDA	$	8,124.6	$	8,007.8	$	8,000.4
Plus: all other category (a)	(167.9)		(188.7)		(215.1)
Less: nonconsolidated JV Adjusted EBITDA	(6,640.5)		(6,537.3)		(6,503.8)
Less: intercompany consolidated eliminations (b)	(41.2)		(122.0)		(131.1)
Share-based compensation expense	(169.4)		(168.3)		(204.8)
Depreciation and amortization	(1,038.9)		(1,002.0)		(1,216.4)
Impairment, restructuring and other operating items, net	(90.0)		(49.6)		(43.0)
Operating loss	(23.3)		(60.1)		(313.8)
Interest expense	(497.5)		(574.7)		(505.0)
Realized and unrealized gains (losses) on derivative instruments, net	(567.4)		315.2		78.3
Foreign currency transaction gains (losses), net	(3,121.1)		1,756.5		(719.7)
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net	147.8		(28.4)		(556.6)
Losses on debt extinguishment, net	(20.1)		—		(1.4)
Share of results of affiliates, net	(3,186.9)		(205.6)		(2,018.4)
Gain on sale of All3Media	—		242.9		—
Gain associated with the Formula E Acquisition	—		190.7		—
Gain associated with the Telenet Wyre Transaction	—		—		377.8
Other income, net	96.0		201.8		212.8
Earnings (loss) from continuing operations before income taxes	$	(7,172.5)	$	1,838.3	$	(3,446.0)

_____________

(a)Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software.

(b)Amounts relate to (i) the Adjusted EBITDA impact related to the Tech Framework and (ii) for 2024 and 2023, transactions between our continuing and discontinued operations.


	Year ended December 31,
	2025		2024		2023
	in millions

Telenet	$	1,105.8	$	876.6	$	746.6
VM Ireland	216.3		173.4		176.7
VMO2 JV (nonconsolidated)	2,622.0		2,661.3		2,478.9
VodafoneZiggo JV (nonconsolidated)	987.5		928.9		989.8
Total reportable segment property and equipment additions	4,931.6		4,640.2		4,392.0
Plus: all other category (a)	81.9		49.7		129.1
Less: nonconsolidated JV property and equipment additions	(3,609.5)		(3,590.2)		(3,468.7)
Less: elimination of intercompany consolidated property and equipment additions (b)	(41.2)		(37.8)		(38.0)
Total consolidated property and equipment additions	1,362.8		1,061.9		1,014.4
Assets acquired under capital-related vendor financing arrangements	(85.5)		(76.8)		(96.3)
Assets acquired under finance leases	(1.1)		(7.4)		(20.9)
Changes in current liabilities related to capital expenditures	66.9		(69.2)		24.7
Total capital expenditures, net	$	1,343.1	$	908.5	$	921.9

_______________

Schedule of Revenue by Major Category

Our revenue by major category is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions
Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet	$	949.6	$	890.6	$	872.0
Video	600.4		598.2		616.2
Fixed-line telephony	185.9		196.0		217.0
Total subscription revenue	1,735.9		1,684.8		1,705.2
Non-subscription revenue	27.6		21.6		21.3
Total residential fixed revenue	1,763.5		1,706.4		1,726.5
Residential mobile revenue (c):
Subscription revenue (b)	500.3		487.1		487.1
Non-subscription revenue	169.1		169.3		187.8
Total residential mobile revenue	669.4		656.4		674.9
Total residential revenue	2,432.9		2,362.8		2,401.4
B2B revenue (d):
Subscription revenue	447.0		431.5		417.8
Non-subscription revenue	452.1		411.3		440.8
Total B2B revenue	899.1		842.8		858.6
Other revenue (e)	1,546.5		1,136.3		855.8
Total	$	4,878.5	$	4,341.9	$	4,115.8

_______________

Schedule of Revenue by Geographic Segments

The revenue of our geographic segments is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Belgium	$	3,018.2	$	2,921.1	$	2,948.2
Ireland	494.8		491.4		506.1
Slovakia	53.5		51.1		51.8
Other, including elimination of intercompany consolidated revenue (a)	1,312.0		878.3		609.7
Total	$	4,878.5	$	4,341.9	$	4,115.8

VMO2 JV (U.K.)	$	13,335.2	$	13,649.7	$	13,574.1
VodafoneZiggo JV (Netherlands)	$	4,518.5	$	4,450.5	$	4,450.5

_______________

Schedule of Long-Lived Assets by Geographic Segments

The long-lived assets, which we define as property and equipment, net, and ROU assets, of our geographic segments are set forth below:


	December 31,
	2025		2024
	in millions

Belgium	$	4,907.2	$	4,022.3
Ireland	887.7		696.2
Slovakia (a)	—		51.2
Other (b)	327.1		322.6
Consolidated intercompany eliminations	(78.1)		(55.8)
Total	$	6,043.9	$	5,036.5

VMO2 JV (U.K.)	$	13,107.7	$	12,061.1
VodafoneZiggo JV (Netherlands)	$	5,803.5	$	5,156.0

_______________

Acquisitions (Fair value of consideration transferred) (Details) - Oct. 02, 2024 - Formula E Acquisition € in Millions, $ in Millions	USD ($)	EUR (€)
Business Combination [Line Items]
Purchase consideration	$ 221.3
Fair value of pre-existing investment	316.6
Fair value of the noncontrolling interest	209.0
Deferred tax liabilities	$ 88.9	€ 80.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Share-based Compensation (Schedule of Stock Award Activity, Options) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Class A
Number of awards
Options outstanding at beginning of period (in shares) \| shares	1,159,996
Options granted (in shares) \| shares	166,034
Options Forfeited (in shares) \| shares	(164,255)
Options outstanding at end of period (in shares) \| shares	1,161,775
Options exercisable and end of period (in shares) \| shares	828,706
Weighted average exercise or base price
Options outstanding at beginning of period (in dollars per shares) \| $ / shares	$ 15.23
Options granted (in dollars per shares) \| $ / shares	9.78
Options forfeited (in dollars per shares) \| $ / shares	21.73
Options outstanding at end of period (in dollars per shares) \| $ / shares	13.54
Options exercisable at end of period (in dollars per share) \| $ / shares	$ 15.03
Weighted average remaining contractual term
Options outstanding at end of period	5 years 1 month 6 days
Options exercisable at end of period	3 years 7 months 6 days
Aggregate intrinsic value
Options outstanding at end of period \| $	$ 0.6
Options exercisable at end of period \| $	$ 0.2
Class C
Number of awards
Options outstanding at beginning of period (in shares) \| shares	5,203,985
Options granted (in shares) \| shares	664,635
Options Forfeited (in shares) \| shares	(325,404)
Options outstanding at end of period (in shares) \| shares	5,543,216
Options exercisable and end of period (in shares) \| shares	4,128,315
Weighted average exercise or base price
Options outstanding at beginning of period (in dollars per shares) \| $ / shares	$ 13.62
Options granted (in dollars per shares) \| $ / shares	11.62
Options forfeited (in dollars per shares) \| $ / shares	20.90
Options outstanding at end of period (in dollars per shares) \| $ / shares	12.95
Options exercisable at end of period (in dollars per share) \| $ / shares	$ 13.62
Weighted average remaining contractual term
Options outstanding at end of period	5 years 6 months
Options exercisable at end of period	4 years 4 months 24 days
Aggregate intrinsic value
Options outstanding at end of period \| $	$ 2.4
Options exercisable at end of period \| $	$ 1.7

Derivative Instruments (Equity-related Derivative Instruments) (Details) € in Millions, $ in Millions	Feb. 11, 2023 USD ($) shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Feb. 11, 2023 EUR (€)
Derivative [Line Items]
Outstanding debt \| $		$ 8,561.8	$ 9,066.9
Vodafone Collar Loan
Derivative [Line Items]
Stock issued during period, shares, new issues (in shares) \| shares	1,335,000,000
Outstanding debt	$ 1,219.8			€ 1,143.6
Debt instrument, face amount	1,341.8			1,258.0
Debt instrument, unamortized discount	$ 122.0			€ 114.4
Stated interest percentage	2.95%			2.95%

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

A summary of our aggregate share-based compensation expense is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Liberty Global (a)(b):
Non-performance based incentive awards (c)	$	83.5	$	113.9	$	137.7
Performance based incentive awards	46.9		18.6		6.9
Other (d)	35.0		29.7		26.9
Total Liberty Global	165.4		162.2		171.5
Telenet share-based incentive awards (e)	—		—		27.7
Other	4.0		6.1		5.6
Total	$	169.4	$	168.3	$	204.8
Included in:
Other operating expenses	$	12.6	$	17.8	$	11.3
SG&A expenses	156.8		150.5		193.5
Total	$	169.4	$	168.3	$	204.8

_______________

Schedule of Stock Compensation Assumptions


	Year ended December 31,
	2025		2024		2023

Assumptions used to estimate fair value of options and SARs granted:
Risk-free interest rate	3.69 - 3.71%		3.39 - 4.11%		3.12 - 4.10%
Expected life	6.2 years		3.7 - 6.2 years		3.7 - 6.2 years
Expected volatility	30.5 - 31.3%		28.9 - 31.4%		29.0 - 33.1%
Expected dividend yield	none		none		none
Weighted average grant-date fair value per share of awards granted:
Options	$	4.29	$	6.57	$	7.18
SARs	(a)		$	5.06	$	5.85

RSUs - prior to the Sunrise Distribution	(b)		$	17.39	$	18.59

RSUs - subsequent to the Sunrise Distribution	$	11.75	$	12.95	(b)
PSUs	$	12.34	$	25.16	$	16.60
Total intrinsic value of awards exercised (in millions):
Options	(c)		(c)		(c)
SARs	$	3.0	$	23.0	$	4.6
PSARs	(c)		(c)		(c)
Cash received from exercise of options (in millions)	$	—	$	—	$	1.2
Income tax benefit (expense) related to share-based compensation of our continuing operations (in millions)	$	(1.8)	$	(1.0)	$	9.1

_______________

(a)There were no grants of SARs made during the indicated period.

(b)Not applicable.

(c)There were no exercises of this award type during the indicated period.

Schedule of Estimated Fair Value of the Final Payouts

The estimated fair value of the final payouts under our Liberty Growth Incentive Plans as of December 31, 2025 are shown below:

Performance period

Vesting date

Estimated fair value of final payout

in millions

2023 Liberty Growth Incentive Plan

12/31/2022 - 12/31/2025

March 15, 2026

10.8

2023 Tech Liberty Growth Incentive Plan

12/31/2022 - 12/31/2025

March 15, 2026

0.5

2024 Liberty Growth Incentive Plan

12/31/2023 - 12/31/2026

March 15, 2027

13.2

2024 Tech Liberty Growth Incentive Plan

12/31/2023 - 12/31/2026

March 15, 2027

0.6

2025 Liberty Growth Incentive Plan

12/31/2024 - 12/31/2027

March 15, 2028

12.3

2025 Tech Liberty Growth Incentive Plan

12/31/2024 - 12/31/2027

March 15, 2028

1.0

Total

38.4

Schedule of Stock Options Activity


Options — Class A common shares	Number of awards	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	1,159,996	$	15.23
Granted	166,034	9.78
Forfeited	(164,255)	21.73







Outstanding at December 31, 2025	1,161,775	$	13.54	5.1	$	0.6
Exercisable at December 31, 2025	828,706	$	15.03	3.6	$	0.2


Options — Class C common shares	Number of awards	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	5,203,985	$	13.62
Granted	664,635	11.62
Forfeited	(325,404)	20.90







Outstanding at December 31, 2025	5,543,216	$	12.95	5.5	$	2.4
Exercisable at December 31, 2025	4,128,315	$	13.62	4.4	$	1.7


SARs — Class A common shares	Number of awards	Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	34,684,640	$	14.15

Forfeited	(2,158,325)	21.15
Exercised	(749,640)	9.77






Outstanding at December 31, 2025	31,776,675	$	13.78	4.6	$	16.2
Exercisable at December 31, 2025	26,955,382	$	14.47	4.0	$	10.3


SARs — Class C common shares	Number of awards	Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	75,630,289	$	14.40

Forfeited	(4,036,375)	21.43
Exercised	(868,049)	9.93






Outstanding at December 31, 2025	70,725,865	$	14.05	4.6	$	20.8
Exercisable at December 31, 2025	62,474,003	$	14.51	4.2	$	16.5


PSARs — Class A common shares	Number of awards	Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	4,969,045	$	15.00

Forfeited	(117,260)	15.00







Outstanding at December 31, 2025	4,851,785	$	15.00	3.0	$	—
Exercisable at December 31, 2025	4,851,785	$	15.00	3.0	$	—


PSARs — Class C common shares	Number of awards	Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions

Outstanding at January 1, 2025	9,674,673	$	14.70

Forfeited	(231,033)	14.70







Outstanding at December 31, 2025	9,443,640	$	14.70	3.0	$	—
Exercisable at December 31, 2025	9,443,640	$	14.70	3.0	$	—


	Number of awards	Weighted average exercise or base price		Weighted average remaining contractual term	Aggregate intrinsic value
				in years	in millions
SARs and PSARs:
Class A:
Outstanding	2,706,841	$	15.60	3.5	$	0.4
Exercisable	2,556,946	$	15.89	3.3	$	0.3
Class C:
Outstanding	5,309,254	$	15.61	3.5	$	0.4
Exercisable	5,012,390	$	15.87	3.3	$	0.4

Schedule of Other-than-Options Activity


RSUs — Class A common shares	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years

Outstanding at January 1, 2025	2,553,035	$	9.36
Granted	3,215,649	11.58
Forfeited	(336,273)	10.64
Exercised	(2,330,104)	10.54







Outstanding at December 31, 2025	3,102,307	$	10.64	1.1


RSUs — Class C common shares	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years

Outstanding at January 1, 2025	4,229,272	$	10.02
Granted	3,480,155	12.07
Forfeited	(361,871)	11.06
Exercised	(3,233,272)	10.90







Outstanding at December 31, 2025	4,114,284	$	10.97	1.0


PSUs — Class A common shares	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years

Outstanding at January 1, 2025	1,963,824	$	13.08
Granted	3,179,733	12.34
Forfeited	(208,836)	12.24
Released from restrictions	(110,973)	9.11





Outstanding at December 31, 2025	4,823,748	$	12.72	1.7


PSUs — Class C common shares	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years

Outstanding at January 1, 2025	2,965,058	$	13.48
Granted	4,105,505	12.34
Forfeited	(238,285)	12.20
Released from restrictions	(202,815)	9.94





Outstanding at December 31, 2025	6,629,463	$	12.93	1.7


	Number of awards	Weighted average grant-date fair value per share		Weighted average remaining contractual term
				in years
Outstanding RSUs and PSUs:
Class A:
RSUs	49,586	$	9.89	0.4
PSUs	1,080	$	12.34	2.1
Class C:
RSUs	95,312	$	10.38	0.4
PSUs	1,080	$	12.34	2.1

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities and the development of internal-use software, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation, including the reclassification of certain programming and copyright costs, as disclosed in note 18.

Principles of Consolidation

The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

Cash and Cash Equivalents and Restricted Cash

Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value.

Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement.

Our significant non-cash investing and financing activities are disclosed in our consolidated statements of equity and in notes 6, 10 and 12.

Cash Flow Statement

For purposes of our consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. The capital expenditures we report in our consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid.

Trade Receivables

Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $31.3 million and $20.5 million at December 31, 2025 and 2024, respectively. The allowance for doubtful accounts is based upon our current estimate of lifetime expected credit losses related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either payment is received or the likelihood of collection is considered to be remote.

Concentration of credit risk with respect to trade receivables is limited due to the large number of residential and business customers. We also manage this risk by disconnecting services to customers whose accounts are delinquent.

Investments

We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. With the exception of those investments over which we exercise significant influence, we generally elect the fair value method. For those investments over which we exercise significant influence, we generally elect the equity method. We determine the appropriate classification of our investments in debt securities at the time of purchase based on the underlying nature and characteristics of each security. With the exception of our debt security in a leveraged structured note, all of our debt securities are classified as available for sale and are reported at fair value. Changes in fair value are reported in other comprehensive earnings or loss and, upon sale, are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. Our debt security held in a leveraged structured note is accounted for at fair value and any change in fair value is reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations.

Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. In addition, any interest received on our debt securities is reported as interest income in our consolidated statements of operations.

Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. The portion of the difference between our investment and our share of the net assets of the investee that represents goodwill is not amortized, but continues to be considered for impairment. Profits on transactions with equity affiliates for which assets remain on our or our investee’s balance sheet are eliminated to the extent of our ownership in the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 7 and 9.

Dividend distributions from investees that are not accounted for under the equity method are recognized as dividend income in our consolidated statements of operations when the investee’s shares begin trading on an ex-dividend basis for publicly traded investees or when declared for privately held investees. Dividend distributions from our equity method investees are reflected as reductions in the carrying values of the applicable investments. Dividend distributions that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows.

We continually review all of our equity method investments to determine whether a decline in fair value below the cost basis is deemed other-than-temporary. The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee and the impacts of exchange rates, if applicable. If the decline in fair value of an equity method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value and the corresponding charge is reported in share of results of affiliates, net, in our consolidated statements of operations.

Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date.

Financial Instruments

Due to the short maturities of cash and cash equivalents, restricted cash, short-term liquid investments, trade and other receivables, other current assets, accounts payable and other accrued and current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of certain of our investments, derivatives and debt, see notes 7, 8 and 11, respectively. For information regarding how we arrive at certain of our fair value measurements, see note 9.

Derivative Instruments

All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. We generally only apply hedge accounting to our derivative instruments in limited circumstances, therefore changes in the fair value of most of our derivative instruments are recognized in earnings or loss.

The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For additional information regarding our derivative instruments, see note 8.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new, or upgrades to existing, fixed and mobile transmission and distribution facilities, the installation of new fixed-line services and the development of internal-use software. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our fixed-line system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for new, or upgrades to existing, fixed-line services. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented.

Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Costs related to the development of entertainment- and connectivity-related software that we externally market, or plan to externally market, to third parties are expensed as incurred, as the time period between technological feasibility and product launch is generally limited in duration and the associated costs during said time period are not significant.

Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of fixed and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 10.

Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations.

We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities, as well as our obligations under certain lease arrangements to restore the property to its original condition at the end of the lease term. Given the nature of our operations, most of our rights of way and certain leased premises are considered integral to our business. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations.

As of December 31, 2025 and 2024, the recorded value of our asset retirement obligations was $29.3 million and $21.6 million, respectively.

Intangible Assets

Our primary intangible assets relate to (i) goodwill, (ii) licenses and (iii) customer relationships. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Licenses and customer relationships acquired in connection with business combinations are initially recorded at their respective fair values.

Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values.

For additional information regarding the useful lives of our intangible assets, see note 10.

Impairment of Property and Equipment and Intangible Assets

When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell.

We evaluate goodwill for impairment at least annually on October 1 and whenever facts and circumstances indicate that a reporting unit’s carrying amount may not be recoverable. We first make a qualitative assessment to determine if the goodwill may be impaired. If it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. Any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”).

Leases

For leases with a term greater than 12 months, we recognize on the lease commencement date (i) right-of-use (ROU) assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately.

We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received.

With respect to our finance leases, (i) ROU assets are generally depreciated on a straight-line basis over the shorter of the lease term or the useful life of the asset and (ii) interest expense on the lease liability is recorded using the effective interest method. Operating lease expense is recognized on a straight-line basis over the lease term. For leases with a term of 12 months or less (short-term leases), we do not recognize ROU assets or lease liabilities. Short-term lease expense is recognized on a straight-line basis over the lease term.

Income Taxes

Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Recognized tax positions are measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement. Net deferred tax assets are reduced by a valuation allowance if, based on our evaluation of all available evidence, we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in earnings or loss in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign subsidiary has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free manner. In the U.S., certain income earned by foreign subsidiaries, known as global intangible low-taxed income (GILTI), must be included in the gross income of their U.S. shareholder. We have elected to treat the tax effect of GILTI as a current-period expense when incurred. As it pertains to the corporate alternative minimum tax (CAMT) in the U.S., we have elected to disregard our CAMT status when evaluating our deferred tax assets under the regular U.S. tax system. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations.

For additional information regarding our income taxes, see note 13.

Foreign Currency Translation and Transactions

The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate

in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows.

Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions.

Revenue Recognition

Service Revenue — Fixed Networks. We recognize revenue from the provision of broadband internet, video and fixed-line telephony services over our network to customers in the period the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right.

Sale of Multiple Products and Services. We sell broadband internet, video, fixed-line telephony and, in most of our markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative standalone selling price for each respective product or service.

Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract.

Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period in which the related services are provided. Revenue from prepaid customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire.

Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year.

B2B Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis, generally over the longer of the term of the arrangement or the expected period of performance. From time to time, we also enter into agreements with certain B2B customers pursuant to which they are provided the right to use certain elements of our network. If these agreements are determined to contain a lease that meets the criteria to be considered a sales-type lease, we recognize revenue from the lease component when control of the network element is transferred to the customer.

Other Revenue — Services. We provide services to certain third parties and affiliates, including the VMO2 JV and the VodafoneZiggo JV, which consist primarily of (i) technology and other services and (ii) capital-related projects performed for the benefit of these third parties or affiliates. We recognize revenue from services to affiliates in the period in which the related services are provided.

Other Revenue — Broadcasting Revenue. We generate broadcasting revenue through the distribution of television channels to third-party platform operators under contractual distribution or carriage arrangements. Revenue is recognized as the broadcasting services are provided, generally on a straight-line basis over the contractual period. Consideration under these contracts may be structured as fixed fees, minimum guarantees, or usage-based arrangements (including cost-per-subscriber or similar metrics). Contracts in which consideration is variable and dependent on future usage or subscriber volumes are recognized as the underlying services are provided.

Other Revenue — Formula E Global Revenue. Formula E’s global revenue primarily comes from global sponsorship contracts, with additional contributions from fees paid by racing teams and broadcasting revenue. With the exception of global barter revenue, we recognize this global revenue on a pro rata basis by race event across the racing season. Any global barter revenue is recognized in the period in which the barter transaction occurs.

Other Revenue — Formula E Race Revenue. Formula E’s race revenue comprises fees paid by local promoters to host race events, income from ticketing and hospitality services at race events and fees paid by racing teams for freight, administrative and other race-related services. As this race revenue is specific to the location of each individual racing event, race revenue is recognized in the period in which the associated race occurs.

Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract.

Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any.

Subscriber Advance Payments. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided.

Sales, Use and Other Value-Added Taxes. Revenue is recorded net of applicable sales, use and other value-added taxes (VAT).

For additional information regarding our revenue recognition and related costs, see note 4. For additional information regarding services provided to our affiliates, see note 7. For a disaggregation of our revenue by major category and by reportable and geographic segment, see note 19.

Programming Costs

Programming costs include (i) agreements to distribute channels to our customers, (ii) exhibition rights of programming content and (iii) sports rights.

Channel Distribution Agreements. Our channel distribution agreements are generally multi-year contracts for which we are charged either (i) variable rates based upon the number of subscribers or (ii) on a flat fee basis. Certain of our variable rate contracts require minimum guarantees. Programming costs under such arrangements are recorded in operating costs and expenses in our consolidated statement of operations when the programming is available for viewing.

Exhibition Rights. Our agreements for exhibition rights are generally multi-year license agreements for which we are typically charged either (i) a percentage of the revenue earned per program or (ii) a flat fee per program. The current and long-term portions of our exhibition rights acquired under licenses are recorded as other current assets and other assets, net, respectively, on our consolidated balance sheet when the license period begins and the program is available for its first showing. Capitalized exhibition rights are amortized based on the projected future showings of the content using a straight-line

or accelerated method of amortization, as appropriate. Exhibition rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value.

Sports Rights. Our sports rights agreements are generally multi-year contracts for which we are typically charged a flat fee per season. We typically pay for sports rights in advance of the respective season. The current and long-term portions of any payments made in advance of the respective season are recorded as other current assets and other assets, net, respectively, on our consolidated balance sheet and are amortized on a straight-line basis over the respective sporting season. Sports rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value.

For additional information regarding our programming costs, see note 18.

Share-based Compensation

Generally, we recognize share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures. We recognize share-based compensation expense as a charge to operations over the vesting period based on the grant-date fair value of outstanding awards, which may differ from the fair value of such awards on any given date. Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards is recorded as a component of share-based compensation expense in our consolidated statements of operations.

We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis.

The grant date fair values for options, share appreciation rights (SARs) and performance based share appreciation rights (PSARs) are estimated using the Black-Scholes option pricing model, and the grant date fair values for restricted share units (RSUs) and performance based restricted share units (PSUs) are based upon the closing share price of Liberty Global common shares on the date of grant. We consider historical exercise trends in our calculation of the expected life of options and SARs granted by Liberty Global to employees. The expected volatility for options and SARs related to our common shares is generally based on a combination of (i) historical volatilities for a period equal to the expected average life of the awards and (ii) volatilities implied from publicly-traded options for our shares.

We generally issue new Liberty Global common shares when Liberty Global options or SARs are exercised and when RSUs and PSUs vest. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding.

Although we repurchase Liberty Global common shares from time to time, the parameters of our share repurchases and redemptions do not take into account the potential dilutive impact from our share-based compensation plans.

For additional information regarding our share-based compensation, see note 15.

Litigation Costs

Legal fees and related litigation costs are expensed as incurred.

Earnings or Loss per Share

Basic earnings or loss per share (EPS) is computed by dividing net earnings or loss attributable to Liberty Global shareholders by the weighted average number of shares outstanding for the period. Diluted EPS, as calculated under the treasury stock method, presents the dilutive effect, if any, on a per share basis of potential shares from share-based incentive awards as if they had been exercised, vested or converted at the beginning of the periods presented. For additional information regarding our share-based incentive awards, see note 15.

The details of our net earnings (loss) from continuing operations attributable to Liberty Global shareholders are set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions, except share amounts

Earnings (loss) from continuing operations	$	(7,096.7)	$	1,869.1	$	(3,659.1)
Net earnings from continuing operations attributable to noncontrolling interests	(41.4)		(57.9)		(177.9)
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders	$	(7,138.1)	$	1,811.2	$	(3,837.0)

Weighted average common shares outstanding (basic EPS computation)	342,267,353		366,731,510		425,679,037
Incremental shares (a)	—		8,450,711		—
Weighted average common shares outstanding (diluted EPS computation)	342,267,353		375,182,221		425,679,037

Excluded potentially dilutive employee share-based incentive awards (b)	153,989,208		99,742,431		96,492,625

_______________

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Details of end of year cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 2,081.4	$ 1,816.3	$ 1,410.1
Restricted cash included in other current assets and other assets, net	5.7	6.0	5.4
Cash and cash equivalents and restricted cash included in current and long-term assets of discontinued operations	0.0	0.0	7.4
Total cash and cash equivalents and restricted cash	$ 2,087.1	$ 1,822.3	$ 1,422.9

Derivative Instruments (Foreign Currency Forwards) (Details) $ in Millions	Dec. 31, 2025 USD ($)
Foreign currency forward and option contracts
Derivative [Line Items]
Foreign currency forward and option contracts	$ 155.4

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

General

We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:


	December 31,
	2025		2024
	in millions

ROU assets:
Operating leases (a)	$	773.6	$	710.5
Finance leases (b)	37.1		38.2
Total ROU assets	$	810.7	$	748.7

Lease liabilities:
Operating leases (c)	$	828.5	$	753.1
Finance leases (d)	33.1		34.1
Total lease liabilities	$	861.6	$	787.2

_______________

(c)The current portions of our operating lease liabilities are included in other accrued and current liabilities on our consolidated balance sheets.

A summary of our aggregate lease expense is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Finance lease expense:
Depreciation and amortization	$	7.2	$	4.2	$	30.2
Interest expense (a)	3.2		1.4		0.5
Total finance lease expense	10.4		5.6		30.7
Operating lease expense (b)	119.8		108.6		87.2
Short-term lease expense (b)	0.4		0.4		0.6
Variable lease expense (c)	1.5		1.4		1.4
Total lease expense	$	132.1	$	116.0	$	119.9

_______________

(a)The amount for the 2023 period includes the reversal of previously recognized interest expense as a result of certain settlements of lease liabilities.

A summary of our cash outflows from operating and finance leases is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	97.8	$	87.4	$	92.9
Operating cash outflows from finance leases (interest component)	3.2		1.4		0.5
Financing cash outflows from finance leases (principal component)	5.4		5.6		21.0
Total cash outflows from operating and finance leases	$	106.4	$	94.4	$	114.4

Maturities of our operating and finance lease liabilities as of December 31, 2025 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2025 exchange rates.


	Operating leases (a)		Finance leases
	in millions

Year ending December 31:
2026	$	120.8	$	10.3
2027	107.8		8.8
2028	100.8		4.5
2029	95.1		3.1
2030	92.0		1.8
Thereafter	592.1		13.9
Total payments	1,108.6		42.4
Less: present value discount	(280.1)		(9.3)
Present value of lease payments	$	828.5	$	33.1
Current portion	$	88.8	$	7.6
Long-term portion	$	739.7	$	25.5

______________

Leases

General

We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:


	December 31,
	2025		2024
	in millions

ROU assets:
Operating leases (a)	$	773.6	$	710.5
Finance leases (b)	37.1		38.2
Total ROU assets	$	810.7	$	748.7

Lease liabilities:
Operating leases (c)	$	828.5	$	753.1
Finance leases (d)	33.1		34.1
Total lease liabilities	$	861.6	$	787.2

_______________

(c)The current portions of our operating lease liabilities are included in other accrued and current liabilities on our consolidated balance sheets.

A summary of our aggregate lease expense is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Finance lease expense:
Depreciation and amortization	$	7.2	$	4.2	$	30.2
Interest expense (a)	3.2		1.4		0.5
Total finance lease expense	10.4		5.6		30.7
Operating lease expense (b)	119.8		108.6		87.2
Short-term lease expense (b)	0.4		0.4		0.6
Variable lease expense (c)	1.5		1.4		1.4
Total lease expense	$	132.1	$	116.0	$	119.9

_______________

(a)The amount for the 2023 period includes the reversal of previously recognized interest expense as a result of certain settlements of lease liabilities.

A summary of our cash outflows from operating and finance leases is set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	97.8	$	87.4	$	92.9
Operating cash outflows from finance leases (interest component)	3.2		1.4		0.5
Financing cash outflows from finance leases (principal component)	5.4		5.6		21.0
Total cash outflows from operating and finance leases	$	106.4	$	94.4	$	114.4

Maturities of our operating and finance lease liabilities as of December 31, 2025 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2025 exchange rates.


	Operating leases (a)		Finance leases
	in millions

Year ending December 31:
2026	$	120.8	$	10.3
2027	107.8		8.8
2028	100.8		4.5
2029	95.1		3.1
2030	92.0		1.8
Thereafter	592.1		13.9
Total payments	1,108.6		42.4
Less: present value discount	(280.1)		(9.3)
Present value of lease payments	$	828.5	$	33.1
Current portion	$	88.8	$	7.6
Long-term portion	$	739.7	$	25.5

______________

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss from Continuing Operations before Income Taxes

The components of our earnings (loss) from continuing operations before income taxes are as follows:


	Year ended December 31,
	2025		2024		2023
	in millions

Domestic (a)	$	(14.5)	$	1,936.6	$	(2,899.5)
Foreign:
U.K.	(6,842.3)		(a)		(a)
Netherlands	(277.0)		(190.9)		(833.7)
Luxembourg	(62.9)		(54.0)		(195.6)
Belgium	57.1		131.3		653.9
Ireland	(22.9)		(0.4)		(16.6)
U.S.	(1.9)		(16.6)		(4.7)
Bermuda	(a)		156.8		(0.9)
Intercompany activity with discontinued operations	—		(117.6)		(139.6)
Other	(8.1)		(6.9)		(9.3)
Total foreign	(7,158.0)		(98.3)		(546.5)
Earnings (loss) from continuing operations before income taxes	$	(7,172.5)	$	1,838.3	$	(3,446.0)

_______________

(a) For 2025, our domestic jurisdiction is Bermuda and for 2024 and 2023, our domestic jurisdiction is the U.K.

Schedule of Income Tax Expense Benefit (Expense)

Our income tax benefit (expense) consists of:


	Current		Deferred		Total
	in millions

Year ended December 31, 2025:
Domestic (a)	$	—	$	—	$	—
Foreign:
Luxembourg	0.1		84.2		84.3
Belgium	(102.0)		31.3		(70.7)
U.K.	(0.3)		31.0		30.7
U.S. (b)	40.9		(11.2)		29.7
Netherlands	16.1		1.6		17.7
Ireland	—		(17.7)		(17.7)
Other	(0.7)		2.5		1.8
Total foreign	(45.9)		121.7		75.8
Total income tax benefit	$	(45.9)	$	121.7	$	75.8

Year ended December 31, 2024:
Domestic (a)	$	—	$	8.0	$	8.0
Foreign:
U.S. (b)	72.3		5.8		78.1
Belgium	(92.8)		25.5		(67.3)
Netherlands	(2.0)		7.1		5.1
Ireland	1.4		3.6		5.0
Luxembourg	(0.8)		2.9		2.1
Other	(0.4)		0.2		(0.2)
Total foreign	(22.3)		45.1		22.8
Total income tax benefit	$	(22.3)	$	53.1	$	30.8

Year ended December 31, 2023:
Domestic (a)	$	(0.1)	$	0.5	$	0.4
Foreign:
Belgium	(100.9)		(64.9)		(165.8)
U.S. (b)	(68.0)		(28.4)		(96.4)
Luxembourg	—		44.3		44.3
Ireland	3.6		2.5		6.1
Netherlands	(1.9)		0.2		(1.7)

Total foreign	(167.2)		(46.3)		(213.5)
Total income tax expense	$	(167.3)	$	(45.8)	$	(213.1)

_______________

(a) For 2025, our domestic jurisdiction is Bermuda and for 2024 and 2023, our domestic jurisdiction is the U.K.

(b) Includes federal and state income taxes. Our U.S. state income taxes were not material during any of the years presented.

Schedule of Income Tax Benefit (Expense) Reconciliation


	Year ended December 31,
	2025			2024			2023
	Amount		%	Amount		%	Amount		%
	in millions, except percentages

Computed “expected” tax benefit (expense) (a)	$	1,075.9	15.0	$	(459.6)	25.0	$	809.8	23.5

Domestic federal:
Change in valuation allowances	(2.2)		—	(8.4)		0.5	(35.6)		(1.0)
Non-deductible and non-taxable items:
Foreign currency exchange results	(a)			445.6		(24.2)	(198.8)		(5.8)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates (b)	(a)			75.4		(4.1)	(413.3)		(12.0)
Other non-deductible and non-taxable items	(a)			(19.9)		1.1	(31.1)		(0.9)
Other	(a)			(0.5)		(0.1)	(2.4)		(0.1)
Foreign tax effects:
U.K.:
Non-deductible or non-taxable foreign currency exchange results	(889.2)		(12.4)	(a)			(a)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates (b)	(748.8)		(10.4)	(a)			(a)
Statutory income tax rate differential	684.2		9.5	(a)			(a)
Other	(41.9)		(0.6)	(a)			(a)
Netherlands:
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates	(55.5)		(0.8)	(49.1)		2.7	(95.2)		(2.8)
Non-deductible intercompany service expenses	(5.7)		(0.1)	(56.0)		3.0	(69.1)		(2.0)
Change in valuation allowances	(2.9)		—	35.6		(1.9)	(85.9)		(2.5)
Other	27.5		0.4	4.6		(0.3)	20.1		0.6
Belgium:
Change in valuation allowances	(26.3)		(0.4)	(24.1)		1.3	(127.3)		(3.7)
Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates (c)	(0.8)		—	(0.7)		0.1	130.1		3.8
Other non-deductible or non-taxable items	(37.3)		(0.5)	(25.8)		1.4	(12.3)		(0.4)
Other	1.2		—	12.8		(0.7)	(2.7)		(0.1)
Luxembourg:
Change in valuation allowances	86.0		1.2	(0.4)		—	0.1		—
Other	(11.2)		(0.2)	(11.2)		0.6	(1.8)		—
Bermuda:
International rate differences	(a)			39.2		(2.1)	(0.2)		—
U.S.	(6.7)		(0.1)	(9.1)		0.5	(48.2)		(1.4)
Other foreign jurisdictions	(20.5)		(0.2)	(1.1)		0.1	0.2		—
Worldwide changes in prior year unrecognized tax benefits	50.0		0.7	83.5		(4.6)	(49.5)		(1.4)
Total income tax benefit (expense)	$	75.8	1.1	$	30.8	(1.7)	$	(213.1)	(6.2)

_______________

(b)The 2025 and 2023 amounts include non-deductible losses from the VMO2 JV, which include our share of the VMO2 JV’s goodwill impairments. For additional information, see note 7.

(c)The 2023 amount includes the non-taxable gain associated with the Telenet Wyre Transaction.

Schedule of Current And Noncurrent Deferred Tax Assets And Liabilities

The components of our net deferred tax liabilities are as follows:


	December 31,
	2025		2024
	in millions

Deferred tax assets (a)	$	137.1	$	93.1
Deferred tax liabilities (a)	(370.6)		(405.0)
Net deferred tax liabilities	$	(233.5)	$	(311.9)

_______________

(a)Our deferred tax assets and deferred tax liabilities are included within other assets, net, and other long-term liabilities, respectively, on our consolidated balance sheets.

The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities are presented below:


	December 31,
	2025		2024
	in millions

Deferred tax assets:
Net operating loss and other carryforwards	$	1,722.8	$	1,398.2
Debt and interest	246.5		251.5
Lease liabilities	200.3		175.6
Investments	174.6		336.0
Share-based compensation	88.8		74.9
Property and equipment, net	71.3		125.2

Other future deductible amounts	76.5		68.5
Deferred tax assets	2,580.8		2,429.9
Valuation allowance	(2,088.5)		(1,934.1)
Deferred tax assets, net of valuation allowance	492.3		495.8
Deferred tax liabilities:
Property and equipment, net	(219.9)		(213.6)
Intangible assets	(211.4)		(211.2)
ROU assets	(187.4)		(163.2)
Debt and interest	(57.6)		(21.4)
Derivative instruments	(3.7)		(161.2)
Other future taxable amounts	(45.8)		(37.1)
Deferred tax liabilities	(725.8)		(807.7)
Net deferred tax liabilities	$	(233.5)	$	(311.9)

Schedule of Operating Loss Carryforwards

The significant components of our tax loss carryforwards and related tax assets at December 31, 2025 are as follows:


	Tax loss carryforward		Related tax asset		Expiration date
Country	in millions

Netherlands	$	3,034.1	$	782.8	Indefinite
U.K.	1,779.2		444.8		Indefinite
Belgium	1,329.4		332.4		Indefinite
Ireland	469.2		58.7		Indefinite
Luxembourg	312.9		81.7		Various
Other	92.8		22.4		Various
Total	$	7,017.6	$	1,722.8

Schedule of Income Tax Paid

A summary of cash taxes paid, net of refunds, by major jurisdiction is presented below:


	Year ended December 31,
	2025		2024		2023
	in millions

Domestic (a)	$	—	$	0.2	$	0.1
Foreign:
U.S.	113.4		87.9		394.8
Belgium	83.9		93.1		88.4
Netherlands	(b)		11.2		(b)
Other (c)	2.5		4.1		11.0
Total foreign	199.8		196.3		494.2
Total	$	199.8	$	196.5	$	494.3

_______________

(a)For the year ended December 31, 2025, “domestic” represents Bermuda. For the years ended December 31, 2024 and 2023, “domestic” represents the U.K.

(b)The net amount of cash taxes paid during the year does not meet the 5% disaggregation threshold.

(c)The 2024 and 2023 amounts include $1.3 million and ($4.7 million), respectively, attributable to discontinued operations.

Schedule of Unrecognized Tax Benefits Roll Forward

The changes in our unrecognized tax benefits for the indicated periods are summarized below:


	2025		2024		2023
	in millions

Balance at January 1	$	302.0	$	444.4	$	435.2
Settlements with tax authorities	(168.3)		(3.9)		(4.0)
Foreign currency translation	9.5		(3.9)		1.5
Reductions for tax positions of prior years	(2.5)		(6.4)		(5.9)
Additions for tax positions of prior years	1.0		19.2		8.5
Lapse of statute of limitations	—		(173.5)		—
Additions based on tax positions related to the current year	—		26.1		2.2
Effects of business acquisitions	—		—		6.9

Balance at December 31	$	141.7	$	302.0	$	444.4

Defined Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans

The table below provides summary information on our defined benefit plans:


	December 31,
	2025		2024		2023
	in millions

Fair value of plan assets (a)	$	333.4	$	274.9	$	256.9
Projected benefit obligation	$	304.4	$	255.2	$	242.4
Net asset	$	29.0	$	19.7	$	14.5

_______________

Derivative Instruments (Cross-currency Derivative Contracts) (Details) - 12 months ended Dec. 31, 2025 - Telenet - Cross-Currency Swap 1 € in Millions, $ in Millions	USD ($)	EUR (€)
Derivative [Line Items]
Weighted average remaining life	2 years 3 months 18 days
Notional amount due from counterparty
Derivative [Line Items]
Notional amount \| $	$ 3,295.0
Notional amount due to counterparty
Derivative [Line Items]
Notional amount \| €		€ 2,924.3

Income Taxes (Schedule of Earnings (Loss) Before Income Tax) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	$ (7,172.5)	$ 1,838.3	$ (3,446.0)
Continuing Operations \| Domestic tax authority
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	(14.5)	1,936.6	(2,899.5)
Continuing Operations \| Foreign tax authority
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	(7,158.0)	(98.3)	(546.5)
Continuing Operations \| Foreign tax authority \| U.K.
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	(6,842.3)
Continuing Operations \| Foreign tax authority \| Netherlands
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	(277.0)	(190.9)	(833.7)
Continuing Operations \| Foreign tax authority \| Luxembourg
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	(62.9)	(54.0)	(195.6)
Continuing Operations \| Foreign tax authority \| Belgium
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	57.1	131.3	653.9
Continuing Operations \| Foreign tax authority \| Ireland
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	(22.9)	(0.4)	(16.6)
Continuing Operations \| Foreign tax authority \| U.S.
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	(1.9)	(16.6)	(4.7)
Continuing Operations \| Foreign tax authority \| Bermuda
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes		156.8	(0.9)
Continuing Operations \| Foreign tax authority \| Other
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	(8.1)	(6.9)	(9.3)
Discontinued Operations
Income Tax Examination [Line Items]
Earnings (loss) from continuing operations before income taxes	$ 0.0	$ (117.6)	$ (139.6)

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Telenet Wyre Transaction	Telenet	Total Liberty Global shareholders	Total Liberty Global shareholders Telenet Wyre Transaction	Total Liberty Global shareholders Telenet	Common shares Class A	Common shares Class B	Common shares Class C	Additional paid-in capital	Additional paid-in capital Telenet Wyre Transaction	Additional paid-in capital Telenet	Accumulated earnings	Accumulated other comprehensive earnings, net of taxes	Treasury shares, at cost	Non-controlling interests	Non-controlling interests Telenet Wyre Transaction	Non-controlling interests Telenet
Beginning balance at Dec. 31, 2022	$ 22,573.4			$ 22,436.4			$ 1.8	$ 0.1	$ 2.7	$ 2,300.8			$ 19,617.7	$ 513.4	$ (0.1)	$ 137.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	(3,873.8)			(4,051.7)									(4,051.7)			177.9
Other comprehensive earnings (loss), net of taxes (note 17)	1,656.1			1,656.9										1,656.9		(0.8)
Repurchases and cancellations of Liberty Global common shares (note 14)	(1,505.9)			(1,505.9)					(0.7)	(1,505.2)
Impact of the Telenet Wyre Transaction (note 5)		$ 1,037.5			$ 708.2						$ 708.2						$ 329.3
Impact of the Telenet Takeover Bid (note 14)			$ (993.7)			$ (341.5)						$ (341.5)						$ (652.2)
Share-based compensation (note 15)	183.5			183.5						183.5
Dividend distributions by subsidiaries to noncontrolling interest owners (note 14)	(47.3)															(47.3)
Adjustments due to changes in subsidiaries’ equity and other, net	(22.4)			(23.3)			(0.1)			(23.2)						0.9
Ending balance at Dec. 31, 2023	19,007.4			19,062.6			1.7	0.1	2.0	1,322.6			15,566.0	2,170.3	(0.1)	(55.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	1,645.9			1,588.0									1,588.0			57.9
Other comprehensive earnings (loss), net of taxes (note 17)	(2,549.6)			(2,549.6)										(2,549.6)
Repurchases and cancellations of Liberty Global common shares (note 14)	(678.5)			(678.5)					(0.4)	(678.1)
Share-based compensation (note 15)	150.9			150.9						150.9
Impact of the Spin-off (notes 6 and 17)	(5,212.7)			(5,189.1)									(4,911.4)	(277.7)		(23.6)
Impact of the Formula E Acquisition (note 5)	197.9															197.9
Adjustments due to changes in subsidiaries’ equity and other, net	(17.0)			(18.4)						(18.4)						1.4
Ending balance at Dec. 31, 2024	12,544.3			12,365.9			1.7	0.1	1.6	777.0			12,242.6	(657.0)	(0.1)	178.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	(7,096.7)			(7,138.1)									(7,138.1)			41.4
Other comprehensive earnings (loss), net of taxes (note 17)	4,572.6			4,572.6										4,572.6
Repurchases and cancellations of Liberty Global common shares (note 14)	(192.1)			(192.1)					(0.1)	(192.0)
Share-based compensation (note 15)	126.2			126.2						126.2
Adjustments due to changes in subsidiaries’ equity and other, net	(8.5)			1.2						1.2						(9.7)
Ending balance at Dec. 31, 2025	$ 9,945.8			$ 9,735.7			$ 1.7	$ 0.1	$ 1.5	$ 712.4			$ 5,104.5	$ 3,915.6	$ (0.1)	$ 210.1

Income Taxes (Schedule of Tax Loss Carryforwards and Related Tax Assets) (Details) - Capital Loss Carryforward $ in Millions	Dec. 31, 2025 USD ($)
Operating Loss Carryforwards [Line Items]
Tax loss carryforward	$ 7,017.6
Related tax asset	1,722.8
Netherlands
Operating Loss Carryforwards [Line Items]
Tax loss carryforward	3,034.1
Related tax asset	782.8
U.K.
Operating Loss Carryforwards [Line Items]
Tax loss carryforward	1,779.2
Related tax asset	444.8
Belgium
Operating Loss Carryforwards [Line Items]
Tax loss carryforward	1,329.4
Related tax asset	332.4
Ireland
Operating Loss Carryforwards [Line Items]
Tax loss carryforward	469.2
Related tax asset	58.7
Luxembourg
Operating Loss Carryforwards [Line Items]
Tax loss carryforward	312.9
Related tax asset	81.7
Other
Operating Loss Carryforwards [Line Items]
Tax loss carryforward	92.8
Related tax asset	$ 22.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Share-based Compensation (Schedule of Stock Award Activity, RSUs, PSU) (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
RSUs \| Class A
Number of awards
Outstanding at beginning of period (in shares) \| shares	2,553,035
Granted (in shares) \| shares	3,215,649
Forfeited (in shares) \| shares	(336,273)
Exercised (in shares) \| shares	(2,330,104)
Outstanding at end of period (in shares) \| shares	3,102,307
Weighted average grant-date fair value per share
Outstanding at beginning of period (in dollars per shares) \| $ / shares	$ 9.36
Granted (in dollars per shares) \| $ / shares	11.58
Forfeited (in dollars per share) \| $ / shares	10.64
Exercised (in dollars per share) \| $ / shares	10.54
Outstanding at end of period (in dollars per shares) \| $ / shares	$ 10.64
Outstanding at end of period	1 year 1 month 6 days
RSUs \| Class C
Number of awards
Outstanding at beginning of period (in shares) \| shares	4,229,272
Granted (in shares) \| shares	3,480,155
Forfeited (in shares) \| shares	(361,871)
Exercised (in shares) \| shares	(3,233,272)
Outstanding at end of period (in shares) \| shares	4,114,284
Weighted average grant-date fair value per share
Outstanding at beginning of period (in dollars per shares) \| $ / shares	$ 10.02
Granted (in dollars per shares) \| $ / shares	12.07
Forfeited (in dollars per share) \| $ / shares	11.06
Exercised (in dollars per share) \| $ / shares	10.90
Outstanding at end of period (in dollars per shares) \| $ / shares	$ 10.97
Outstanding at end of period	1 year
PSUs \| Class A
Number of awards
Outstanding at beginning of period (in shares) \| shares	1,963,824
Granted (in shares) \| shares	3,179,733
Forfeited (in shares) \| shares	(208,836)
Released from restrictions (in shares) \| shares	(110,973)
Outstanding at end of period (in shares) \| shares	4,823,748
Weighted average grant-date fair value per share
Outstanding at beginning of period (in dollars per shares) \| $ / shares	$ 13.08
Granted (in dollars per shares) \| $ / shares	12.34
Forfeited (in dollars per share) \| $ / shares	12.24
Released from restrictions (in dollars per shares) \| $ / shares	9.11
Outstanding at end of period (in dollars per shares) \| $ / shares	$ 12.72
Outstanding at end of period	1 year 8 months 12 days
PSUs \| Class C
Number of awards
Outstanding at beginning of period (in shares) \| shares	2,965,058
Granted (in shares) \| shares	4,105,505
Forfeited (in shares) \| shares	(238,285)
Released from restrictions (in shares) \| shares	(202,815)
Outstanding at end of period (in shares) \| shares	6,629,463
Weighted average grant-date fair value per share
Outstanding at beginning of period (in dollars per shares) \| $ / shares	$ 13.48
Granted (in dollars per shares) \| $ / shares	12.34
Forfeited (in dollars per share) \| $ / shares	12.20
Released from restrictions (in dollars per shares) \| $ / shares	9.94
Outstanding at end of period (in dollars per shares) \| $ / shares	$ 12.93
Outstanding at end of period	1 year 8 months 12 days

Dispositions (Intercompany Revenue and Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss before income taxes	$ (7,172.5)	$ 1,838.3	$ (3,446.0)
Disposed of by Sale \| Sunrise Entities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		2,902.8	3,375.6
Operating income		154.0	69.3
Loss before income taxes		(200.1)	(278.2)
Income tax benefit (expense)		(23.1)	63.5
Net loss attributable to Liberty Global shareholders		$ (223.2)	$ (214.7)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

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+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 302.0	$ 444.4	$ 435.2
Settlements with tax authorities	(168.3)	(3.9)	(4.0)
Foreign currency translation		(3.9)
Foreign currency translation	9.5		1.5
Reductions for tax positions of prior years	(2.5)	(6.4)	(5.9)
Additions for tax positions of prior years	1.0	19.2	8.5
Lapse of statute of limitations	0.0	(173.5)	0.0
Additions based on tax positions related to the current year	0.0	26.1	2.2
Effects of business acquisitions	0.0	0.0	6.9
Balance at December 31	$ 141.7	$ 302.0	$ 444.4

Acquisitions (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Revenue	$ 4,589.4	$ 4,384.3
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders	$ 1,799.3	$ (3,861.6)
Basic earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (in dollars per share)	$ 4.91	$ (9.07)
Diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (in dollars per share)	$ 4.80	$ (9.07)

Debt

12 Months Ended

Dec. 31, 2025

Debt and Lease Obligation [Abstract]

Debt

The U.S. dollar equivalents of the components of our debt are as follows:


	December 31, 2025						Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		U.S. $ equivalent		December 31,
							2025		2024
			in millions

Telenet Credit Facility (c)	5.13	%	€	535.0	$	627.9	$	4,748.0	$	4,364.8
Telenet Senior Secured Notes	4.72	%	—		—		1,633.7		1,558.8

VM Ireland Credit Facility (d)	5.44	%	€	100.0	117.4		1,056.2		931.4
Vendor financing (e)	4.12	%	—		—		365.9		355.9
Vodafone Collar Loan (f)	—	%	—		—		—		1,301.9
Other (g)	4.68	%	—		—		781.0		632.2
Total debt before deferred financing costs, discounts and premiums (h)	5.01	%			$	745.3	$	8,584.8	$	9,145.0

The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations:


	December 31,
	2025		2024
	in millions

Total debt before deferred financing costs, discounts and premiums	$	8,584.8	$	9,145.0
Deferred financing costs, discounts and premiums, net	(23.0)		(78.1)
Total carrying amount of debt	8,561.8		9,066.9
Finance lease obligations (note 12)	33.1		34.1
Total debt and finance lease obligations	8,594.9		9,101.0
Current portion of debt and finance lease obligations	(764.0)		(898.5)
Long-term debt and finance lease obligations	$	7,830.9	$	8,202.5

_______________


	Availability
	December 31, 2025				Upon completion of the relevant December 31, 2025 compliance reporting requirements
	Borrowing currency		U.S. $ equivalent		Borrowing currency		U.S. $ equivalent
	in millions

Available to borrow:
Telenet Credit Facility	€	535.0	$	627.9	€	625.0	$	733.5
VM Ireland Credit Facility	€	100.0	$	117.4	€	100.0	$	117.4

Available to loan or distribute:
Telenet Credit Facility	€	535.0	$	627.9	€	625.0	$	733.5
VM Ireland Credit Facility	€	100.0	$	117.4	€	100.0	$	117.4

General Information

At December 31, 2025, most of our outstanding debt had been incurred by one of our two subsidiary “borrowing groups.” References to these borrowing groups, which comprise Telenet and VM Ireland, include their respective restricted parent and subsidiary entities.

Credit Facilities. Each of our borrowing groups has entered into one or more credit facility agreements with certain financial and other institutions. Certain of our credit facilities provide for adjustments to our borrowing rates based on the achievement, or otherwise, of certain sustainability-linked metrics. Each of these credit facilities contain certain covenants, the more notable of which are as follows:

•Our credit facilities contain certain consolidated net leverage ratios, as specified in the relevant credit facility, which are required to be complied with (i) on an incurrence basis and/or (ii) when the associated revolving credit facilities have been drawn beyond a specified percentage of the total available revolving credit commitments on a maintenance basis;

•Subject to certain customary and agreed exceptions, our credit facilities contain certain restrictions which, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to their direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions;

•Our credit facilities require that certain members of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such group members are required to grant first-ranking security over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder;

•In addition to certain mandatory prepayment events, our credit facilities provide that the instructing group of lenders under the relevant credit facility, under certain circumstances, may cancel the group’s commitments thereunder and declare the loan(s) thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility);

•Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions, materiality qualifications and cure rights, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) declare that all or part of the loans be payable on demand and/or (iii) accelerate all outstanding loans and terminate their commitments thereunder;

•Our credit facilities require members of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and

•In addition to customary default provisions, our credit facilities generally include certain cross-default or cross-acceleration provisions with respect to other indebtedness of members of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions.

Senior and Senior Secured Notes. From time to time, certain of our borrowing groups may issue senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future senior debt of such issuer and are senior to all existing and future subordinated debt of such issuer within the relevant borrowing group, (ii) contain, in most instances, certain guarantees from other members of the relevant borrowing group (as specified in the applicable indenture) and (iii) with respect to our senior secured notes, are secured by certain pledges or liens over the shares of certain members of the relevant borrowing group and, in certain borrowing groups, over substantially all of their assets. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows:

•Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal at its stated maturity (after giving effect to any applicable grace period) of, or any acceleration with respect to, other indebtedness of the issuer or certain subsidiaries over agreed minimum thresholds (as specified under the applicable indenture) is an event of default under the respective notes;

•Subject to certain customary and agreed exceptions, our notes contain certain restrictions that, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to its direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions;

•If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must, subject to certain customary and agreed exceptions, offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101%;

•Our senior secured notes contain certain early redemption provisions including the ability to, during each 12-month period commencing on the issue date for such notes until the applicable call date, redeem up to 10% of the principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes to be redeemed plus accrued and unpaid interest; and

•Our notes are non-callable prior to their respective call date (as specified under the applicable indenture). At any time prior to the applicable call date, we may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture). On or after the applicable call date, we may redeem some or all of these notes at various redemption prices plus accrued interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date.

SPE Notes. From time to time, we create special purpose financing entities (SPEs), some of which are owned by the relevant borrowing group and some of which are owned by third parties (Third-Party SPEs). These SPEs are created for the primary purpose of facilitating the offering of senior secured notes, which we collectively refer to as “SPE Notes.”

The SPEs use the proceeds from the issuance of SPE Notes to fund term loan facilities under the credit facilities made available to their respective borrowing group, each a “Funded Facility” and collectively the “Funded Facilities.” Each SPE is dependent on payments from the relevant borrowing entity under the applicable Funded Facility in order to service its payment obligations under each respective SPE Note. Each of the Funded Facility term loans creates a variable interest in the respective Third-Party SPE for which the relevant borrowing entity is the primary beneficiary. Accordingly, such Third-Party SPEs are consolidated by the relevant parent entities, including Liberty Global. As a result, the amounts outstanding under the Funded Facilities of the SPEs owned by the relevant borrowing group and the Third-Party SPEs are eliminated in the consolidated financial statements of the respective borrowing group and Liberty Global.

Pursuant to the respective indentures for the SPE Notes (the SPE Indentures) and the respective accession agreements for the Funded Facilities, the call provisions, maturity dates and applicable interest rates for each Funded Facility are the same as those of the related SPE Notes. The SPEs, as lenders under the relevant Funded Facility for the relevant borrowing group, are treated the same as the other lenders under the respective credit facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable SPE Indentures and the applicable security interests over the relevant SPE’s rights under the applicable Funded Facility granted to secure the relevant SPE’s obligations under the relevant SPE Notes, the holders of the SPE Notes are provided indirectly with the benefits, rights, protections and covenants granted to the SPEs as lenders under the applicable Funded Facility. The SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions under the SPE Indentures.

The SPE Notes are non-callable prior to their respective call date (as specified under the applicable SPE Indenture). If, however, at any time prior to the applicable call date, all or a portion of the loans under the related Funded Facility are voluntarily prepaid (a SPE Early Redemption Event), then the SPE will be required to redeem an aggregate principal amount of its respective SPE Notes equal to the aggregate principal amount of the loans prepaid under the relevant Funded Facility. In general, the redemption price payable will equal 100% of the principal amount of the applicable SPE Notes to be redeemed and a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable SPE Indenture).

Upon the occurrence of a SPE Early Redemption Event on or after the applicable call date, the SPE will redeem an aggregate principal amount of its respective SPE Notes equal to the principal amount prepaid under the related Funded Facility at a redemption price (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable SPE Indenture), if any, to the applicable redemption date.

Financing Transactions

Below we provide summary descriptions of certain financing transactions completed during 2025.

Telenet

In February 2025, Telenet entered into a €500.0 million ($586.8 million) sustainability-linked term loan facility (Telenet Facility AU). Telenet Facility AU was issued at 99.75% of par, matures on March 31, 2033 and bears interest at a rate of EURIBOR + 3.0%, subject to a EURIBOR floor of 0.0%. The interest rate on Telenet Facility AU is subject to adjustment based on Telenet’s achievement or otherwise of certain environmental, social and governance metrics. The net proceeds from Telenet Facility AU were used to refinance €500.0 million of the €890.0 million ($1,044.5 million) outstanding principal amount under Telenet Facility AT1. In connection with this transaction, Telenet recognized a loss on debt extinguishment of $8.0 million related to the write-off of unamortized deferred financing costs and discounts.

In August 2025, Wyre entered into a €500.0 million standalone capital expenditure term loan facility (the Wyre Capex Facility). The Wyre Capex Facility bears interest at a rate of EURIBOR + 2.75%, subject to a EURIBOR floor of 0.0%, and matures five years after the initial drawdown, which has yet to occur. The maturity date may be extended by Wyre two additional times, each extending the maturity date by one year. When drawn, the proceeds from the Wyre Capex Facility will be used to fund the roll-out of Wyre’s fiber network and for general corporate purposes. Accordingly, unused borrowing capacity at December 31, 2025 excludes the availability under the Wyre Capex Facility.

Maturities of Debt


	Telenet		VM Ireland		Other (a)		Total
	in millions

Year ending December 31:
2026 (b)	$	733.0	$	—	$	23.4	$	756.4
2027	24.7		—		57.1		81.8
2028	4,445.6		—		—		4,445.6
2029	1,327.8		1,056.2		—		2,384.0
2030	25.9		—		—		25.9
Thereafter	891.1		—		—		891.1
Total debt maturities	7,448.1		1,056.2		80.5		8,584.8
Deferred financing costs, discounts and premiums, net	(13.7)		(3.7)		(5.6)		(23.0)
Total debt	$	7,434.4	$	1,052.5	$	74.9	$	8,561.8
Current portion	$	733.0	$	—	$	23.4	$	756.4
Long-term portion	$	6,701.4	$	1,052.5	$	51.5	$	7,805.4

_______________

(a)Includes $58.7 million of debt collateralized by certain trade receivables of Formula E.

(b)Amounts include vendor financing obligations of $365.9 million at Telenet.

Vendor Financing Obligations

A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:


	2025		2024
	in millions

Balance at January 1	$	355.9	$	399.1
Operating-related vendor financing additions	312.4		372.3
Capital-related vendor financing additions	99.6		86.8
Principal payments on operating-related vendor financing	(369.4)		(363.7)
Principal payments on capital-related vendor financing	(79.6)		(114.0)
Foreign currency and other	47.0		(24.6)
Balance at December 31	$	365.9	$	355.9

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions (Purchase Price and Opening Balance Sheet) (Details) - USD ($) $ in Millions	Oct. 02, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill		$ 3,502.8	$ 3,152.6	$ 3,308.3
Formula E Acquisition
Business Combination [Line Items]
Current assets	$ 98.8
Property and equipment, net	32.1
Intangible assets subject to amortization, net	663.9
Other assets, net	13.3
Other accrued and current liabilities	(167.5)
Deferred tax liabilities	(110.9)
Other long-term liabilities	(12.0)
Total identifiable net assets	517.7
Goodwill	229.2
Net cash acquired	$ 22.2
Weighted average useful life	22 years

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Schedule of Investments by Accounting Method

The details of our investments are set forth below:


	December 31,
	2025		2024		Ownership (a)
Accounting Method	in millions				%

Equity (b):
Long-term:
VMO2 JV	$	3,756.7	$	6,501.4	50.0
VodafoneZiggo JV (c)	1,738.6		1,738.4		50.0
AE Group Sàrl (AtlasEdge JV) (d)	388.4		339.5		48.8
Nexfibre Networks Limited (nexfibre JV) (e)	88.3		93.4		24.9
Other	82.6		107.6
Total — equity	6,054.6		8,780.3
Fair value:
Short-term:
Separately-managed accounts (SMAs) (f)	76.2		335.6
Long-term:
EdgeConneX, Inc. (EdgeConneX) (g)	528.3		414.5		4.1
Televisa Univision, Inc. (Televisa Univision)	299.5		314.8		6.4
ITV plc (ITV) (h)	208.4		351.4		5.0
CANAL+ Polska S.A. (CANAL+ Polska)	81.8		72.5		17.0
Lionsgate (i)	64.2		53.4		2.4
Plume Design, Inc. (Plume) (j)	64.1		73.0		10.3
Aviatrix Systems, Inc. (Aviatrix)	25.2		31.0		4.3
Vodafone - subject to re-use rights (k)	—		1,141.5
SMAs (f)	—		97.5
Other (i)	360.0		358.1
Total — fair value	1,707.7		3,243.3
Total investments (l)	$	7,762.3	$	12,023.6
Short-term investments	$	76.2	$	335.6
Long-term investments	$	7,686.1	$	11,688.0

_______________

(d)Liberty Global owns a 50% noncontrolling voting interest in the AtlasEdge JV.

(e)Liberty Global owns a 25% noncontrolling voting interest in the nexfibre JV.

(j)Our investment in Plume includes warrants with a fair value of $21.1 million and $24.5 million at December 31, 2025 and 2024, respectively.

(l)The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including amounts associated with SMAs.

Schedule of Equity Method Investments

The following table summarizes the revenue associated with the Sunrise Services:


	Year ended December 31,
	2025		2024
	in millions

Fixed fee	$	132.3	$	18.1
Variable charges (a)	73.7		6.3
Total revenue	$	206.0	$	24.4

_______________

(a)Amounts primarily include the sale of customer premises equipment (CPE) at a mark-up.

The following table sets forth the details of our share of results of affiliates, net:


	Year ended December 31,
	2025		2024		2023
	in millions

VMO2 JV (a)	$	(2,921.4)	$	(29.0)	$	(1,723.1)
VodafoneZiggo JV (b)	(99.0)		(69.3)		(196.7)
nexfibre JV	(76.3)		(2.2)		(34.7)
AtlasEdge JV	(73.0)		(40.9)		(31.1)
Formula E (c)	—		(29.1)		(19.4)
All3Media Ltd. (All3Media) (d)	—		(15.5)		4.0
Other	(17.2)		(19.6)		(17.4)
Total	$	(3,186.9)	$	(205.6)	$	(2,018.4)

_______________

(b)Represents (i) our share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables.

(c)Includes our share of results of Formula E prior to the Formula E Acquisition Date.

(d)We completed the sale of our investment in All3Media during the second quarter of 2024.

The following table summarizes the revenue recorded from the VMO2 JV:


	Year ended December 31,
	2025		2024		2023
	in millions

Fixed fee	$	225.6	$	202.4	$	117.7
Variable charges (a)	161.0		200.1		72.4
Total revenue	$	386.6	$	402.5	$	190.1

_______________

(a)Amounts primarily include the sales of CPE at a mark-up.

The summarized results of operations of the VMO2 JV are set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Revenue	$	13,335.2	$	13,649.7	$	13,574.1
Earnings (loss) before income taxes	$	(6,078.7)	$	33.1	$	(3,728.8)
Net earnings (loss)	$	(5,766.5)	$	1.7	$	(3,438.6)

The summarized financial position of the VMO2 JV is set forth below:


	December 31,
	2025		2024
	in millions

Current assets	$	4,518.2	$	5,404.0
Long-term assets	39,536.6		41,247.5
Total assets	$	44,054.8	$	46,651.5

Current liabilities	$	9,907.4	$	9,983.1
Long-term liabilities	26,161.2		23,610.0
Owners’ equity	7,986.2		13,058.4
Total liabilities and owners’ equity	$	44,054.8	$	46,651.5

The summarized results of operations of the VodafoneZiggo JV are set forth below:


	Year ended December 31,
	2025		2024		2023
	in millions

Revenue	$	4,518.5	$	4,450.5	$	4,450.5
Loss before income taxes	$	(451.8)	$	(386.3)	$	(614.6)
Net loss	$	(323.4)	$	(257.1)	$	(510.0)

The summarized financial position of the VodafoneZiggo JV is set forth below:


	December 31,
	2025		2024
	in millions

Current assets	$	886.4	$	1,551.7
Long-term assets	17,965.1		17,074.3
Total assets	$	18,851.5	$	18,626.0

Current liabilities	$	2,768.9	$	2,566.4
Long-term liabilities	14,663.8		14,385.1
Owners’ equity	1,418.8		1,674.5
Total liabilities and owners’ equity	$	18,851.5	$	18,626.0

Schedule of Debt Securities

The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net:


	Year ended December 31,
	2025		2024		2023
	in millions

Vodafone	$	207.7	$	57.4	$	(362.4)
Televisa Univision	(55.3)		(52.1)		(9.9)
ITV	36.8		46.9		(40.5)
Lionsgate (a)	16.1		(16.2)		32.9
Plume	(8.9)		(95.4)		(77.8)
Aviatrix	(5.8)		(24.5)		(22.7)
EdgeConneX	4.6		147.6		122.3
SMAs	(2.0)		33.7		(26.4)
Lacework (b)	—		(75.8)		(148.6)
Pax8 (c)	—		(27.9)		1.3
Other, net	(45.4)		(22.1)		(24.8)
Total	$	147.8	$	(28.4)	$	(556.6)

_______________

(b)We completed the sale of our investment in Lacework during the third quarter of 2024.

(c)We completed the sale of our investment in Pax8 during the fourth quarter of 2024.

The following table sets forth a summary of our debt securities recorded within SMAs at December 31, 2025 and 2024:


	December 31, 2025						December 31, 2024
	Amortized cost basis		Accumulated unrealized gains (losses)		Fair value		Amortized cost basis		Accumulated unrealized gains		Fair value
	in millions

Commercial paper	$	—	$	—	$	—	$	72.0	$	(0.1)	$	71.9
Government bonds	—		—		—		129.4		0.4		129.8
Certificates of deposit	—		—		—		70.5		—		70.5
Corporate debt securities	—		—		—		66.4		0.2		66.6
Structured note (a)	(a)		(a)		76.2		(a)		(a)		88.0
Other debt securities	—		—		—		6.3		—		6.3
Total debt securities	$	—	$	—	$	76.2	$	344.6	$	0.5	$	433.1

_______________


	December 31, 2025		December 31, 2024

Subsidiary:
Telenet	35.40	%	32.10	%

Affiliate:
VodafoneZiggo JV	39.80	%	33.90	%
VMO2 JV	24.80	%	—	%

Other (1)	—	%	34.00	%
Total	100.00	%	100.00	%

_______________

(1)Other represents cash proceeds from redemptions that remain invested in the leveraged structured note.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Investments (Schedule of Investments) (Details) € in Millions, £ in Millions, shares in Millions, $ in Millions			12 Months Ended
	Oct. 24, 2025 USD ($)	Oct. 24, 2025 GBP (£)	Dec. 31, 2025 USD ($) investment	Dec. 31, 2025 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 EUR (€) investment	Jun. 30, 2025 shares	May 07, 2025 company
Schedule of Investments [Line Items]
Equity ownership percent			$ 6,054.6		$ 8,780.3
Short-term, separately-managed accounts (SMAs)			76.2		335.6
Total investments			1,707.7		3,243.3
Total investments			7,762.3		12,023.6
Short-term investments			76.2		335.6
Long-term investments			7,686.1		$ 11,688.0
Debt securities, available-for-sale, accrued interest, after allowance for credit loss, statement of financial position [Extensible Enumeration]					Other current assets (notes 4, 6 and 7)
Accrued interest					$ 7.2
Proceeds from sale of equity method investments			0.0		411.7	$ 0.0
Number of companies formed \| company									2
VMO2 JV
Schedule of Investments [Line Items]
Equity ownership percent			$ 3,756.7		6,501.4
Ownership percentage			50.00%				50.00%
VodafoneZiggo JV
Schedule of Investments [Line Items]
Equity ownership percent			$ 1,738.6		1,738.4
Ownership percentage			50.00%				50.00%
VodafoneZiggo JV \| VodafoneZiggo JV Loan
Schedule of Investments [Line Items]
Excess of carrying amount over proportional share in investees net assets			$ 1,029.2		901.2
Related party note receivable rate			5.55%	5.55%
Interest accrued			$ 57.7	€ 49.2
VodafoneZiggo JV \| VodafoneZiggo JV Receivable I
Schedule of Investments [Line Items]
Related party note receivable			821.5		724.4		€ 700.0
VodafoneZiggo JV \| VodafoneZiggo JV Receivable II
Schedule of Investments [Line Items]
Related party note receivable			244.0		215.1		€ 207.9
AE Group Sàrl (AtlasEdge JV)
Schedule of Investments [Line Items]
Equity ownership percent			$ 388.4		339.5
Ownership percentage			48.80%				48.80%
AE Group Sàrl (AtlasEdge JV) \| Liberty Global
Schedule of Investments [Line Items]
Percentage of ownership interest			50.00%				50.00%
Nexfibre Networks Limited (nexfibre JV)
Schedule of Investments [Line Items]
Equity ownership percent			$ 88.3		93.4
Ownership percentage			24.90%				24.90%
Nexfibre Networks Limited (nexfibre JV) \| Liberty Global
Schedule of Investments [Line Items]
Percentage of ownership interest			25.00%				25.00%
Other
Schedule of Investments [Line Items]
Equity ownership percent			$ 82.6		107.6
Long-term investments at fair value			360.0		358.1
EdgeConneX, Inc. (EdgeConneX) (g)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 528.3		414.5
Ownership percentage			4.10%				4.10%
Number of investments \| investment			2				2
EdgeConneX, Inc. (EdgeConneX) (g) \| Herndon Topco
Schedule of Investments [Line Items]
Ownership percentage			4.20%				4.20%
EdgeConneX, Inc. (EdgeConneX) (g) \| McNair Topco
Schedule of Investments [Line Items]
Ownership percentage			3.40%				3.40%
Televisa Univision, Inc. (Televisa Univision)
Schedule of Investments [Line Items]
Long-term			$ 299.5		314.8
Ownership percentage			6.40%				6.40%
ITV plc (ITV) (h)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 208.4		351.4
Investment retained after disposal, ownership interest after disposal	0.050	0.050
Proceeds from sale of equity method investments	$ 180.8	£ 135.4
CANAL+ Polska S.A. (CANAL+ Polska)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 81.8		72.5
Ownership percentage			17.00%				17.00%
Lionsgate
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 64.2		53.4
Ownership percentage			2.40%				2.40%
Plume
Schedule of Investments [Line Items]
Long-term			$ 64.1		73.0
Ownership percentage			10.30%				10.30%
Warrants, fair value			$ 21.1		24.5
Aviatrix Systems, Inc. (Aviatrix)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 25.2		31.0
Ownership percentage			4.30%				4.30%
Vodafone - subject to re-use rights
Schedule of Investments [Line Items]
Long-term			$ 0.0		1,141.5
Total investments			$ 0.0		89.3
Ownership percentage
Counterparty to dispose (in shares) \| shares								90
Proceeds from sale of other investments			$ 81.7	€ 70.9
SMAs
Schedule of Investments [Line Items]
Long-term			$ 0.0		$ 97.5

Investments (Debt Securities) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	$ 0.0	$ 344.6
Accumulated unrealized gains (losses)	0.0	0.5
Fair value	76.2	433.1
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	0.0	72.0
Accumulated unrealized gains (losses)	0.0	(0.1)
Fair value	0.0	71.9
Government bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	0.0	129.4
Accumulated unrealized gains (losses)	0.0	0.4
Fair value	0.0	129.8
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	0.0	70.5
Accumulated unrealized gains (losses)	0.0	0.0
Fair value	0.0	70.5
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	0.0	66.4
Accumulated unrealized gains (losses)	0.0	0.2
Fair value	0.0	66.6
Structured note
Debt Securities, Available-for-sale [Line Items]
Fair value	$ 76.2	$ 88.0
Debt instrument, proportion of debt associated with return	100.00%	100.00%
Structured note \| Affiliated Entity \| VodafoneZiggo JV
Debt Securities, Available-for-sale [Line Items]
Debt instrument, proportion of debt associated with return	39.80%	33.90%
Structured note \| Affiliated Entity \| VMO2 JV
Debt Securities, Available-for-sale [Line Items]
Debt instrument, proportion of debt associated with return	24.80%	0.00%
Structured note \| Affiliated Entity \| Other
Debt Securities, Available-for-sale [Line Items]
Debt instrument, proportion of debt associated with return	0.00%	34.00%
Structured note \| Telenet \| Subsidiaries
Debt Securities, Available-for-sale [Line Items]
Debt instrument, proportion of debt associated with return	35.40%	32.10%
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	$ 0.0	$ 6.3
Accumulated unrealized gains (losses)	0.0	0.0
Fair value	$ 0.0	$ 6.3

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Fair Value of Consideration Transferred

The following table summarizes the fair value of consideration transferred as part of the Formula E Acquisition (in millions):


Purchase consideration (a)	$	221.3
Fair value of pre-existing investment in Formula E (b)	$	316.6
Fair value of the noncontrolling interest in Formula E (c)	$	209.0

_______________

(a)Represents the total purchase consideration in connection with the Formula E Acquisition, which includes the shareholder loan acquired from Warner Bros. Discovery, as described above.

(c)Represents the fair value of the noncontrolling interest in Formula E as of the Formula E Acquisition Date.


Current assets (a)	$	98.8
Property and equipment, net	32.1
Intangible assets subject to amortization, net (b)	663.9
Other assets, net	13.3

Other accrued and current liabilities	(167.5)
Deferred tax liabilities	(110.9)
Other long-term liabilities	(12.0)
Total identifiable net assets	$	517.7

Goodwill (c)	$	229.2

_______________

(a)In connection with the Formula E Acquisition, we acquired $22.2 million of cash and cash equivalents, including restricted cash.

Schedule of Pro Forma Information


	Year ended December 31,
	2024		2023
	(unaudited)

Revenue (in millions)	$	4,589.4	$	4,384.3
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders (in millions)	$	1,799.3	$	(3,861.6)

Basic earnings (loss) from continuing operations attributable to Liberty Global shareholders per share	$	4.91	$	(9.07)
Diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share	$	4.80	$	(9.07)

Income Taxes (Schedule of Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 137.1	$ 93.1
Deferred tax liabilities	(370.6)	(405.0)
Net deferred tax liabilities	$ (233.5)	$ (311.9)

Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Operating activities	$ 131.7	$ 221.0	$ 202.7
Investing activities	(1.8)	6.3	2.1
Financing activities	83.0	5.7	2.6
Total	$ 212.9	$ 233.0	$ 207.4

Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details)	Dec. 31, 2025
Derivative [Line Items]
Total decrease to borrowing costs	(1.50%)
VM Ireland
Derivative [Line Items]
Total decrease to borrowing costs	(1.60%)
Telenet
Derivative [Line Items]
Total decrease to borrowing costs	(1.48%)

Segment Reporting (Schedule of Revenue and Long-Lived Assets by Geographic Segments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	$ 4,878.5	$ 4,341.9	$ 4,115.8
Long-lived assets	6,043.9	5,036.5
VMO2 JV
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	13,335.2	13,649.7	13,574.1
Long-lived assets	13,107.7	12,061.1
VodafoneZiggo JV
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	4,518.5	4,450.5	4,450.5
Long-lived assets	5,803.5	5,156.0
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	21,556.2	21,672.3	21,616.1
Operating Segments \| VMO2 JV
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	13,335.2	13,649.7	13,574.1
Operating Segments \| VodafoneZiggo JV
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	4,518.5	4,450.5	4,450.5
Operating Segments \| Belgium
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	3,018.2	2,921.1	2,948.2
Long-lived assets	4,907.2	4,022.3
Operating Segments \| Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	494.8	491.4	506.1
Long-lived assets	887.7	696.2
Operating Segments \| Slovakia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	53.5	51.1	51.8
Long-lived assets	0.0	51.2
Operating Segments \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	327.1	322.6
Geography Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue (notes 4, 6, 7 and 19)	1,312.0	878.3	$ 609.7
Long-lived assets	$ (78.1)	$ (55.8)

Share-based Compensation (Schedule of Stock Award Information) (Schedule) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assumptions used to estimate fair value of options and SARs granted:
Cash received from exercise of options	$ 0.0	$ 0.0	$ 1.2
Income tax benefit (expense) related to share-based compensation of our continuing operations	$ (1.8)	$ (1.0)	$ 9.1
Options And SARs
Assumptions used to estimate fair value of options and SARs granted:
Expected dividend yield	0.00%	0.00%	0.00%
Options And SARs \| Minimum
Assumptions used to estimate fair value of options and SARs granted:
Risk-free interest rate	3.69%	4.11%	3.12%
Expected life		3 years 8 months 12 days	3 years 8 months 12 days
Expected volatility	30.50%	28.90%	29.00%
Options And SARs \| Maximum
Assumptions used to estimate fair value of options and SARs granted:
Risk-free interest rate	3.71%	3.39%	4.10%
Expected life	6 years 2 months 12 days	6 years 2 months 12 days	6 years 2 months 12 days
Expected volatility	31.30%	31.40%	33.10%
Options
Assumptions used to estimate fair value of options and SARs granted:
Weighted average grant-date fair value per share of awards granted, options (in dollars per share)	$ 4.29	$ 6.57	$ 7.18
SARs
Assumptions used to estimate fair value of options and SARs granted:
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share)		$ 5.06	$ 5.85
Total intrinsic value of awards exercised	$ 3.0	$ 23.0	$ 4.6
RSUs \| Prior to distribution
Assumptions used to estimate fair value of options and SARs granted:
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share)		$ 17.39	$ 18.59
RSUs \| Subsequent to distribution
Assumptions used to estimate fair value of options and SARs granted:
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share)	$ 11.75	12.95
PSUs
Assumptions used to estimate fair value of options and SARs granted:
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share)	$ 12.34	$ 25.16	$ 16.60

Summary of Significant Accounting Policies (Earnings or Loss per Share) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Earnings (loss) from continuing operations	$ (7,096.7)	$ 1,869.1	$ (3,659.1)
Net earnings from continuing operations attributable to noncontrolling interests	(41.4)	(57.9)	(177.9)
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders	$ (7,138.1)	$ 1,811.2	$ (3,837.0)
Weighted average common shares outstanding (basic EPS computation) (in shares)	342,267,353	366,731,510	425,679,037
Incremental shares (in shares)	0	8,450,711	0
Weighted average common shares outstanding (diluted EPS computation) (in shares)	342,267,353	375,182,221	425,679,037
Excluded potentially dilutive employee share-based incentive awards (in shares)	153,989,208	99,742,431	96,492,625

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

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+ Details

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. We adopted ASU 2023-09 on January 1, 2025 on a retrospective basis and the information presented in note 13 reflects the enhanced disclosures. ASU 2023-07 In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures regarding significant segment expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 also requires a public entity to disclose, on an annual and interim basis for each reportable segment, an amount for other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and is required to be applied on a retrospective basis. We adopted ASU 2023-07 on January 1, 2024, and the information presented in note 19 reflects the enhanced disclosures. ASU 2023-05 In August 2023, the FASB issued ASU No. 2023-05, Business Combinations — Joint Venture Formations: Recognition and Initial Measurement (ASU 2023-05), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB. ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation. We adopted ASU 2023-05 on January 1, 2025. Recent Accounting Pronouncements ASU 2025-06 In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (ASU 2025-06), which revises the guidance for capitalizing costs related to internal-use software. The amendments replace the prior stage-based model with a principles-based approach, removing all references to project stages and instead focusing on the two remaining criteria for capitalization, being (i) management has authorized and committed to the funding for the software project and (ii) it is probable a project will be completed and used as intended. Until both of these criteria are met, all software development costs should be expensed as incurred. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the amendments prospectively, retrospectively or using a modified retrospective approach. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements, but we do not expect the impact to be significant. ASU 2025-05 In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which provides a practical expedient for all entities to assume current conditions as of the balance sheet date will remain through the reasonable and supportable forecast period for eligible assets. Entities will continue to be required to adjust the historical data used in the estimation of credit losses to reflect current conditions. If elected, the practical expedient should be applied consistently to all eligible accounts receivable and contract assets. Additionally, entities that have elected the practical expedient must disclose their decision to do so. ASU 2025-05 is effective for annual and interim periods beginning after December 15, 2025 and should be applied prospectively. We are currently evaluating the impact of ASU 2025-05 on our consolidated financial statements. ASU 2025-03 In May 2025, the FASB issued ASU No. 2025-03, Business Combinations and Consolidation: Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (ASU 2025-03), which clarifies the requirements for identifying the accounting acquirer when a variable interest entity (VIE) that qualifies as a business is acquired primarily through an exchange of equity interests. This amendment does not change the existing guidance for acquisitions of VIEs that are not considered businesses. ASU 2025-03 is effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. ASU 2025-03 should be applied prospectively to all business combinations with acquisition dates occurring on or after the date of initial application. We are currently evaluating the impact of ASU 2025-03 on our consolidated financial statements, but we do not expect the impact to be significant. ASU 2024-03 In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE) (ASU 2024-03), which requires disclosure of certain categories of expenses such as the purchase of inventory, employee compensation, depreciation and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 should be applied prospectively, however, retrospective application is permitted. We are currently evaluating the impact of ASU 2024-03 on our disclosures.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities and the development of internal-use software, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation, including the reclassification of certain programming and copyright costs, as disclosed in note 18.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value. Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement.
Cash Flow Statement	Cash Flow Statement For purposes of our consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. The capital expenditures we report in our consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid.
Trade Receivables	Trade Receivables Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $31.3 million and $20.5 million at December 31, 2025 and 2024, respectively. The allowance for doubtful accounts is based upon our current estimate of lifetime expected credit losses related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either payment is received or the likelihood of collection is considered to be remote. Concentration of credit risk with respect to trade receivables is limited due to the large number of residential and business customers. We also manage this risk by disconnecting services to customers whose accounts are delinquent.
Investments	Investments We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. With the exception of those investments over which we exercise significant influence, we generally elect the fair value method. For those investments over which we exercise significant influence, we generally elect the equity method. We determine the appropriate classification of our investments in debt securities at the time of purchase based on the underlying nature and characteristics of each security. With the exception of our debt security in a leveraged structured note, all of our debt securities are classified as available for sale and are reported at fair value. Changes in fair value are reported in other comprehensive earnings or loss and, upon sale, are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. Our debt security held in a leveraged structured note is accounted for at fair value and any change in fair value is reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. In addition, any interest received on our debt securities is reported as interest income in our consolidated statements of operations. Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. The portion of the difference between our investment and our share of the net assets of the investee that represents goodwill is not amortized, but continues to be considered for impairment. Profits on transactions with equity affiliates for which assets remain on our or our investee’s balance sheet are eliminated to the extent of our ownership in the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 7 and 9. Dividend distributions from investees that are not accounted for under the equity method are recognized as dividend income in our consolidated statements of operations when the investee’s shares begin trading on an ex-dividend basis for publicly traded investees or when declared for privately held investees. Dividend distributions from our equity method investees are reflected as reductions in the carrying values of the applicable investments. Dividend distributions that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows. We continually review all of our equity method investments to determine whether a decline in fair value below the cost basis is deemed other-than-temporary. The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee and the impacts of exchange rates, if applicable. If the decline in fair value of an equity method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value and the corresponding charge is reported in share of results of affiliates, net, in our consolidated statements of operations. Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date.
Financial Instruments	Financial Instruments Due to the short maturities of cash and cash equivalents, restricted cash, short-term liquid investments, trade and other receivables, other current assets, accounts payable and other accrued and current liabilities, their respective carrying values approximate their respective fair values.
Derivative Instruments	Derivative Instruments All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. We generally only apply hedge accounting to our derivative instruments in limited circumstances, therefore changes in the fair value of most of our derivative instruments are recognized in earnings or loss. The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new, or upgrades to existing, fixed and mobile transmission and distribution facilities, the installation of new fixed-line services and the development of internal-use software. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our fixed-line system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for new, or upgrades to existing, fixed-line services. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Costs related to the development of entertainment- and connectivity-related software that we externally market, or plan to externally market, to third parties are expensed as incurred, as the time period between technological feasibility and product launch is generally limited in duration and the associated costs during said time period are not significant. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of fixed and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 10. Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities, as well as our obligations under certain lease arrangements to restore the property to its original condition at the end of the lease term. Given the nature of our operations, most of our rights of way and certain leased premises are considered integral to our business. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations.
Intangible Assets	Intangible Assets Our primary intangible assets relate to (i) goodwill, (ii) licenses and (iii) customer relationships. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Licenses and customer relationships acquired in connection with business combinations are initially recorded at their respective fair values. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values.
Impairment of Property and Equipment and Intangible Assets	Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. We evaluate goodwill for impairment at least annually on October 1 and whenever facts and circumstances indicate that a reporting unit’s carrying amount may not be recoverable. We first make a qualitative assessment to determine if the goodwill may be impaired. If it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. Any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”).
Leases	Leases For leases with a term greater than 12 months, we recognize on the lease commencement date (i) right-of-use (ROU) assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately. We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. With respect to our finance leases, (i) ROU assets are generally depreciated on a straight-line basis over the shorter of the lease term or the useful life of the asset and (ii) interest expense on the lease liability is recorded using the effective interest method. Operating lease expense is recognized on a straight-line basis over the lease term. For leases with a term of 12 months or less (short-term leases), we do not recognize ROU assets or lease liabilities. Short-term lease expense is recognized on a straight-line basis over the lease term.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Recognized tax positions are measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement. Net deferred tax assets are reduced by a valuation allowance if, based on our evaluation of all available evidence, we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in earnings or loss in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign subsidiary has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free manner. In the U.S., certain income earned by foreign subsidiaries, known as global intangible low-taxed income (GILTI), must be included in the gross income of their U.S. shareholder. We have elected to treat the tax effect of GILTI as a current-period expense when incurred. As it pertains to the corporate alternative minimum tax (CAMT) in the U.S., we have elected to disregard our CAMT status when evaluating our deferred tax assets under the regular U.S. tax system. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions.
Revenue Recognition	Revenue Recognition Service Revenue — Fixed Networks. We recognize revenue from the provision of broadband internet, video and fixed-line telephony services over our network to customers in the period the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell broadband internet, video, fixed-line telephony and, in most of our markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period in which the related services are provided. Revenue from prepaid customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. B2B Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis, generally over the longer of the term of the arrangement or the expected period of performance. From time to time, we also enter into agreements with certain B2B customers pursuant to which they are provided the right to use certain elements of our network. If these agreements are determined to contain a lease that meets the criteria to be considered a sales-type lease, we recognize revenue from the lease component when control of the network element is transferred to the customer. Other Revenue — Services. We provide services to certain third parties and affiliates, including the VMO2 JV and the VodafoneZiggo JV, which consist primarily of (i) technology and other services and (ii) capital-related projects performed for the benefit of these third parties or affiliates. We recognize revenue from services to affiliates in the period in which the related services are provided. Other Revenue — Broadcasting Revenue. We generate broadcasting revenue through the distribution of television channels to third-party platform operators under contractual distribution or carriage arrangements. Revenue is recognized as the broadcasting services are provided, generally on a straight-line basis over the contractual period. Consideration under these contracts may be structured as fixed fees, minimum guarantees, or usage-based arrangements (including cost-per-subscriber or similar metrics). Contracts in which consideration is variable and dependent on future usage or subscriber volumes are recognized as the underlying services are provided. Other Revenue — Formula E Global Revenue. Formula E’s global revenue primarily comes from global sponsorship contracts, with additional contributions from fees paid by racing teams and broadcasting revenue. With the exception of global barter revenue, we recognize this global revenue on a pro rata basis by race event across the racing season. Any global barter revenue is recognized in the period in which the barter transaction occurs. Other Revenue — Formula E Race Revenue. Formula E’s race revenue comprises fees paid by local promoters to host race events, income from ticketing and hospitality services at race events and fees paid by racing teams for freight, administrative and other race-related services. As this race revenue is specific to the location of each individual racing event, race revenue is recognized in the period in which the associated race occurs. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. Sales, Use and Other Value-Added Taxes. Revenue is recorded net of applicable sales, use and other value-added taxes (VAT).
Programming Costs	Programming Costs Programming costs include (i) agreements to distribute channels to our customers, (ii) exhibition rights of programming content and (iii) sports rights. Channel Distribution Agreements. Our channel distribution agreements are generally multi-year contracts for which we are charged either (i) variable rates based upon the number of subscribers or (ii) on a flat fee basis. Certain of our variable rate contracts require minimum guarantees. Programming costs under such arrangements are recorded in operating costs and expenses in our consolidated statement of operations when the programming is available for viewing. Exhibition Rights. Our agreements for exhibition rights are generally multi-year license agreements for which we are typically charged either (i) a percentage of the revenue earned per program or (ii) a flat fee per program. The current and long-term portions of our exhibition rights acquired under licenses are recorded as other current assets and other assets, net, respectively, on our consolidated balance sheet when the license period begins and the program is available for its first showing. Capitalized exhibition rights are amortized based on the projected future showings of the content using a straight-line or accelerated method of amortization, as appropriate. Exhibition rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value. Sports Rights. Our sports rights agreements are generally multi-year contracts for which we are typically charged a flat fee per season. We typically pay for sports rights in advance of the respective season. The current and long-term portions of any payments made in advance of the respective season are recorded as other current assets and other assets, net, respectively, on our consolidated balance sheet and are amortized on a straight-line basis over the respective sporting season. Sports rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value.
Share-based Compensation	Share-based Compensation Generally, we recognize share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures. We recognize share-based compensation expense as a charge to operations over the vesting period based on the grant-date fair value of outstanding awards, which may differ from the fair value of such awards on any given date. Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards is recorded as a component of share-based compensation expense in our consolidated statements of operations. We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. The grant date fair values for options, share appreciation rights (SARs) and performance based share appreciation rights (PSARs) are estimated using the Black-Scholes option pricing model, and the grant date fair values for restricted share units (RSUs) and performance based restricted share units (PSUs) are based upon the closing share price of Liberty Global common shares on the date of grant. We consider historical exercise trends in our calculation of the expected life of options and SARs granted by Liberty Global to employees. The expected volatility for options and SARs related to our common shares is generally based on a combination of (i) historical volatilities for a period equal to the expected average life of the awards and (ii) volatilities implied from publicly-traded options for our shares. We generally issue new Liberty Global common shares when Liberty Global options or SARs are exercised and when RSUs and PSUs vest. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding. Although we repurchase Liberty Global common shares from time to time, the parameters of our share repurchases and redemptions do not take into account the potential dilutive impact from our share-based compensation plans.
Litigation Costs	Litigation Costs Legal fees and related litigation costs are expensed as incurred.
Earnings or Loss per Share	Earnings or Loss per Share Basic earnings or loss per share (EPS) is computed by dividing net earnings or loss attributable to Liberty Global shareholders by the weighted average number of shares outstanding for the period. Diluted EPS, as calculated under the treasury stock method, presents the dilutive effect, if any, on a per share basis of potential shares from share-based incentive awards as if they had been exercised, vested or converted at the beginning of the periods presented.

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Share-Based Incentive Awards

Additionally, as of December 31, 2025, we have reserved the following common shares for the issuance of outstanding share-based incentive awards:


	Class A	Class C

Options	1,161,775	5,543,216
SARs	31,776,675	70,725,865
RSUs	3,102,307	4,114,284
PSUs and PSARs	9,675,533	16,073,103

Schedule of Share Repurchases

The following table provides details of our share repurchases during 2025, 2024 and 2023:


	Class A common shares			Class C common shares
	Shares repurchased	Average price paid per share (a)		Shares repurchased	Average price paid per share (a)		Total cost (a)
							in millions

2025	—	$	—	17,436,291	$	11.02	$	192.1
2024	—	$	—	38,260,604	$	17.73	$	678.5
2023	1,444,000	$	18.24	78,452,085	$	18.86	$	1,505.9

_______________

(a)Includes direct acquisition costs, where applicable.