GCI Liberty Inc-A 2025年度报告

FORM 10-K Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (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 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (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 Rule 12b-2 of the ExchangeAct: 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 revised financialaccounting 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 financial reporting 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 the correction 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 of the 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 Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of the voting stock held by nonaffiliates of GCI Liberty, Inc. computed by reference to the last sales price of such stock, as of the closing of tradingon June 30, 2025, was zero. As of June 30, 2025, GCI Liberty, Inc. was a wholly owned subsidiary of Liberty Broadband Corporation. The number of outstanding shares of GCI Liberty, Inc.’s common stock as of January 31, 2026 was: GCI LIBERTY, INC. 2025 ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTS PartI Item1.BusinessItem1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem 4.Mine Safety Disclosures I-2I-15I-42I-43I-45I-45I-45 PartIIMarket for Registrant’s Common Equity, Related Stockholder Matters and Issuer Item5.Purchases of Equity SecuritiesII-1Item6.ReservedII-2Item7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsII-2Item7A.Quantitative and Qualitative Disclosures About Market RiskII-14Item8.Financial Statements and Supplementary DataII-14Item 9.Changes in and Disagreements With Accountants on Accounting and FinancialDisclosureII-14Item9A.Controls and ProceduresII-14Item 9B.Other InformationII-15Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsII-15 PartIIIDirectors, Executive Officers and Corporate Governance Item10.III-1Item11.Executive CompensationIII-1Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder MattersIII-1Item13.Certain Relationships and Related Transactions, and Director IndependenceIII-1Item14.Principal Accountant Fees and ServicesIII-1 PartIV SignaturesIV-4 Cautionary Note Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K constitute forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of 1995,including statementsregarding business, product and marketing strategies; new service and product offerings; revenue growth;future expenses; anticipated changes to regulations; the Universal Service Fund (“USF”) programs,including the Rural Health Care (“RHC”) Program; the impacts of economic trends; indebtedness and theanticipated impact of certain contingent liabilities related to legal and tax proceedings and other mattersarising in the ordinary course of business. You can identify some of the forward-looking statements by theuse of forward-looking words such a