Key Highlights

  • Liberty Networks revenue rose 14% to $130.4 million in the second quarter.
  • Total company revenue was $1,102.6 million, up 1% as reported.
  • Adjusted free cash flow was $57.9 million, versus negative $41.3 million a year earlier.
  • Net leverage stood at 4.6 times, with more than $60 million repurchased in 2026.

Most discussion of Liberty Latin America centers on consumer mobile and broadband, yet one of its smaller divisions is posting the fastest growth. Liberty Networks, the company's business-to-business unit, reported second-quarter 2026 revenue of $130.4 million, up 14%, and Adjusted OIBDA of $66.7 million, up 10%. Shares of Liberty Latin America (NASDAQ:LILA) closed at $8.30 on October 13, 2026, for a market value near $1.63 billion.

A Mixed Consumer Picture

The company's second-quarter results, released August 5, showed total revenue of $1,102.6 million, up 1% as reported and flat on a rebased basis, which adjusts for acquisitions and currency. Adjusted OIBDA reached $436.0 million, up 5%, for a margin of 39.5%. Adjusted free cash flow was $57.9 million, versus a negative $41.3 million a year earlier, though the year-to-date figure was still slightly negative. Net leverage was 4.6 times. Costa Rica lost 37,800 mobile subscribers in the quarter even as postpaid rose 4,200, while Cable and Wireless mobile subscribers fell 11,500 organically with postpaid up 21,000.

A Wholesale Engine Without Household Exposure

Liberty Networks owns subsea and terrestrial fibre, data centres and wholesale connectivity, serving carriers and businesses without a consumer subscriber base. Those revenues can be lumpy because they often depend on large capacity contracts, but they carry less exposure to household price competition. The company's fully swapped borrowing cost was 6.9%, and unused borrowing capacity was $864.3 million. The company has also agreed to sell its Peruvian stakes and repurchased more than $60 million of stock so far in 2026.

A Growing Counterweight

Liberty Networks gives Liberty Latin America a growing source of earnings that does not rely on household subscriptions, but it represents a minority of group results and does not remove the balance-sheet questions. The shares trade between a 52-week low of $4.77 and a high of $9.04, so expectations have already risen substantially ahead of the next report, estimated for November 4.