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Liberty Global cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$185M in Q3 2026 · −$28.9M over twelve months

Operating cash flow$606M
Capital spending−$421M
Free cash flow+$185M
Cash / net income1.1×
Cash conversion cycle-66 days

Analysis

In Q3 2026, Liberty Global generated $606M of operating cash flow and spent $421M on capital projects, leaving free cash flow of $185M. That is $226M more than in Q3 2025 (−$41.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were capital spending ($1.6B), acquisitions ($1.1B), other financing ($344M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.2B), other investing ($1.0B); the cash balance rose by $378M.

Operating cash flow was $606M against net income of $548M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes −$676M, depreciation & amortization +$529M, stock-based pay +$57.7M.

Its cash conversion cycle was -66 days (receivables 28 + inventory 0 − payables 94): suppliers fund its working capital.

Free cash flow

Liberty Global: free cash flow by quarterLiberty Global: free cash flow by quarter$495MQ4 2024−$114MQ1 2025−$170MQ2 2025−$41.1MQ3 2025$193MQ4 2025−$290MQ1 2026−$117MQ2 2026$185MQ3 2026
Operating cash flow less capital spending.
Liberty Global: operating cash flow against capital spendingLiberty Global: operating cash flow against capital spendingOperating cash flowCapital spending$792M$297MQ4 2024$129M$243MQ1 2025$149M$319MQ2 2025$302M$343MQ3 2025$631M$438MQ4 2025$108M$398MQ1 2026$231M$348MQ2 2026$606M$421MQ3 2026
Latest (Q3 2026): Operating cash flow $606M, Capital spending $421M.

Capital allocation, year by year

Liberty Global: where the cash came from (up) and went (down), by fiscal yearLiberty Global: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $3.5BFY2021: Net borrowing $774MFY2021: Shares issued $8.9MFY2021: Capital spending −$1.4BFY2021: Acquisitions −$70.8MFY2021: Buybacks −$1.6B$4.3BFY2021FY2022: Operating cash flow $2.8BFY2022: Net borrowing −$81.7MFY2022: Shares issued $13.0MFY2022: Asset sales $2.3BFY2022: Capital spending −$891MFY2022: Buybacks −$1.7B$5.2BFY2022FY2023: Operating cash flow $2.2BFY2023: Net borrowing $2.1BFY2023: Shares issued $1.2MFY2023: Capital spending −$922MFY2023: Buybacks −$1.5B$4.3BFY2023FY2024: Operating cash flow $2.0BFY2024: Net borrowing $173MFY2024: Capital spending −$908MFY2024: Acquisitions −$199MFY2024: Buybacks −$690M$2.2BFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $68.3MFY2025: Capital spending −$1.3BFY2025: Buybacks −$192M$1.3BFY2025
Over these 5 years operating cash flow totalled $11.8B; the largest uses were buybacks ($5.7B) and capital spending ($5.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0B
Debt$20.5B
Net debt$18.5B
Due within a year$756M

Liberty Global's operations bring cash in ($1.6B over twelve months), and it spends more than that on capital projects: a gap of $28.9M funded from its $2.0B of cash and investments and from borrowing ($20.5B of debt, $756M due within a year). That is a choice to invest, not a cash runway running down.

Liberty Global: debt maturities by year (FY2025)Liberty Global: debt maturities by year (FY2025)$756MYear 1$81.8MYear 2$4.4BYear 3$2.4BYear 4$25.9MYear 5$891MAfter year 5
Principal due in each year as disclosed in the annual report, against $2.0B of cash and investments now.

Where the cash came from and went

Liberty Global: sources (+) and uses (−) of cash, Q3 2026Liberty Global: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.2BNet borrowing (+) / repaid (−)$1.2BOperating cash flow$606MOther financing−$464MCapital spending−$421MCash drawn (+) / kept (−)$367MBuybacks−$100MExchange rates$21.9M
Liberty Global: sources (+) and uses (−) of cash, TTM to Q3 2026Liberty Global: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$1.6BOperating cash flow$1.6BNet borrowing (+) / repaid (−)$1.2BAcquisitions−$1.1BOther investing$1.0BCash drawn (+) / kept (−)−$378MOther financing−$344MPartners−$225MBuybacks−$134MExchange rates−$16.2M

From profit to cash

Liberty Global: net income to operating cash flow, Q3 2026Liberty Global: net income to operating cash flow, Q3 2026Net income$548MDepreciation & amortization$529MStock-based pay$57.7MDeferred taxes−$676MOperating cash flow$606M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202628—94-66
Q2 202641—107-67
Q1 202638—97-59
Q4 202540—99-59
Q3 202541—101-59
Q2 202538—80-42
Q1 202536—82-46
Q4 202454—107-54

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$606M−$421M—−$100M$1.2B$367M$185M
Q2 2026$231M−$348M——−$3.6M−$590M−$117M
Q1 2026$108M−$398M——−$77.7M$253M−$290M
Q4 2025$631M−$438M—−$33.9M$131M−$407M$193M
Q3 2025$302M−$343M—−$56.2M$35.9M$142M−$41.1M
Q2 2025$149M−$319M—−$64.1M−$102M$166M−$170M
Q1 2025$129M−$243M—−$37.9M$3.1M−$166M−$114M
Q4 2024$792M−$297M−$185M−$178M$180M$542M$495M

Liberty Global: income statement and cash flow

Liberty Global, Q3 2026: revenue $1.9B (+59% year over year), operating margin -0.9%. The chart follows the revenue to costs, profit and cash.

Liberty Global: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.