Liberty Broadband Corp-A 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the transition period fromtoCommission File Number001-36713 LIBERTY BROADBAND CORPORATION (Exact name of Registrant as specified in its charter) 12300 Liberty BoulevardEnglewood, Colorado(Address of principal executive offices) Registrant's telephone number, including area code:(720)875-5700 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the Registrant was required to file such reports) and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule12b-2 of the Exchange Act. Largeacceleratedfiler☒Acceleratedfiler☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any ofthe registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting and non-voting common stock held by non-affiliates of Liberty Broadband Corporation computed by reference to the last salesprice of such stock, as of the closing of trading on June 30, 2025, was $12.2 billion. The number of outstanding shares of Liberty Broadband Corporation common stock as of January 31, 2026 was: LIBERTY BROADBANDCORPORATION2025 ANNUAL REPORT ON FORM 10‑K Table of Contents PartI Page Item 1.BusinessI-3Item 1A.Risk FactorsI-24Item 1B.Unresolved Staff CommentsI-47Item 1C.CybersecurityI-47Item 2.PropertiesI-48Item 3.Legal ProceedingsI-48Item 4.Mine Safety DisclosuresI-49 Part II Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity SecuritiesII-1Item 6.[Reserved]II-2Item 7.Management's Discussion and Analysis of Financial Condition and Results of OperationsII-2Item 7A.Quantitative and Qualitative Disclosures About Market RiskII-11Item 8.Financial Statements and Supplementary DataII-12Item 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureII-12Item 9A.Controls and ProceduresII-12Item 9B.Other InformationII-12Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsII-13 Part III Item 10.Directors, Executive Officers and Corporate GovernanceIII-1Item 11.Executive CompensationIII-1Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMattersIII-1Item 13.Certain Relationships and Related Transactions, and Director IndependenceIII-1Item 14.Principal Accountant Fees and ServicesIII-1 Part IV Item 15.Exhibits and Financial Statement SchedulesIV-1Item 16.Form 10-K SummaryIV-7 Cautionary Note Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K c