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Side-by-side financial comparison of ICON PLC (ICLR) and Liberty Global Ltd. (LBTYA). Click either name above to swap in a different company.
Liberty Global Ltd. is the larger business by last-quarter revenue ($2.4B vs $2.0B, roughly 1.2× ICON PLC). Liberty Global Ltd. runs the higher net margin — 15.0% vs 0.1%, a 14.9% gap on every dollar of revenue. On growth, ICON PLC posted the faster year-over-year revenue change (0.6% vs -3.6%). Over the past eight quarters, Liberty Global Ltd.'s revenue compounded faster (12.9% CAGR vs 0.6%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
Liberty Global Ltd. is a British-Dutch-American multinational telecommunications company domiciled in Bermuda, with headquarters in London, Amsterdam and Denver. Its respective legal names are Liberty Global Holdings Limited (UK), Liberty Global B.V. (Netherlands) and Liberty Global, Inc., with the first of these being publicly traded. It was formed in 2005 by the merger of the international arm of Liberty Media and UnitedGlobalCom (UGC).
ICLR vs LBTYA — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $2.4B |
| Net Profit | $2.4M | $358.2M |
| Gross Margin | — | — |
| Operating Margin | 4.2% | 1.0% |
| Net Margin | 0.1% | 15.0% |
| Revenue YoY | 0.6% | -3.6% |
| Net Profit YoY | -98.8% | 127.1% |
| EPS (diluted) | $0.03 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $2.4B | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $2.0B | $1.2B | ||
| Q4 24 | — | $-1.4B | ||
| Q3 24 | $2.0B | $1.9B | ||
| Q2 24 | $2.1B | $1.9B |
| Q1 26 | — | $358.2M | ||
| Q4 25 | — | $-2.9B | ||
| Q3 25 | $2.4M | $-90.7M | ||
| Q2 25 | $183.0M | $-2.8B | ||
| Q1 25 | $154.2M | $-1.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | $197.1M | $-1.4B | ||
| Q2 24 | $146.9M | $268.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 66.8% | ||
| Q3 25 | — | 67.5% | ||
| Q2 25 | — | 63.3% | ||
| Q1 25 | — | 65.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 69.4% | ||
| Q2 24 | — | 68.5% |
| Q1 26 | — | 1.0% | ||
| Q4 25 | — | -8.6% | ||
| Q3 25 | 4.2% | -0.7% | ||
| Q2 25 | 10.4% | 2.3% | ||
| Q1 25 | 11.0% | 5.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 14.1% | 5.2% | ||
| Q2 24 | 10.8% | 1.0% |
| Q1 26 | — | 15.0% | ||
| Q4 25 | — | -237.0% | ||
| Q3 25 | 0.1% | -7.5% | ||
| Q2 25 | 9.1% | -220.1% | ||
| Q1 25 | 7.7% | -114.2% | ||
| Q4 24 | — | -158.9% | ||
| Q3 24 | 9.7% | -74.1% | ||
| Q2 24 | 6.9% | 14.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-8.66 | ||
| Q3 25 | $0.03 | $-0.27 | ||
| Q2 25 | $2.30 | $-8.09 | ||
| Q1 25 | $1.90 | $-3.84 | ||
| Q4 24 | — | $6.15 | ||
| Q3 24 | $2.36 | $-3.95 | ||
| Q2 24 | $1.76 | $0.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $468.9M | $-387.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.3B | — |
| Total Assets | $16.5B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-387.3M | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | $468.9M | $1.7B | ||
| Q2 25 | $390.4M | $3.1B | ||
| Q1 25 | $526.7M | $2.0B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | $695.5M | $3.3B | ||
| Q2 24 | $506.6M | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $8.2B | ||
| Q3 24 | — | $14.9B | ||
| Q2 24 | — | $14.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | $9.7B | ||
| Q3 25 | $9.3B | $12.7B | ||
| Q2 25 | $9.6B | $13.0B | ||
| Q1 25 | $9.5B | $12.6B | ||
| Q4 24 | — | $12.4B | ||
| Q3 24 | $9.8B | $18.7B | ||
| Q2 24 | $9.6B | $18.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | $22.6B | ||
| Q3 25 | $16.5B | $25.4B | ||
| Q2 25 | $16.6B | $27.2B | ||
| Q1 25 | $16.7B | $26.0B | ||
| Q4 24 | — | $25.4B | ||
| Q3 24 | $17.2B | $41.8B | ||
| Q2 24 | $17.0B | $40.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | 0.80× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $387.6M | $107.6M |
| Free Cash FlowOCF − Capex | $333.9M | — |
| FCF MarginFCF / Revenue | 16.3% | — |
| Capex IntensityCapex / Revenue | 2.6% | 1.5% |
| Cash ConversionOCF / Net Profit | 164.59× | 0.30× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $107.6M | ||
| Q4 25 | — | $630.9M | ||
| Q3 25 | $387.6M | $301.8M | ||
| Q2 25 | $146.2M | $149.2M | ||
| Q1 25 | $268.2M | $129.2M | ||
| Q4 24 | — | $791.6M | ||
| Q3 24 | $402.7M | $449.5M | ||
| Q2 24 | $218.6M | $546.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $193.3M | ||
| Q3 25 | $333.9M | $-41.1M | ||
| Q2 25 | $113.9M | $-170.1M | ||
| Q1 25 | $239.3M | $-114.1M | ||
| Q4 24 | — | $712.9M | ||
| Q3 24 | $359.3M | $102.4M | ||
| Q2 24 | $182.3M | $256.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.7% | ||
| Q3 25 | 16.3% | -3.4% | ||
| Q2 25 | 5.6% | -13.4% | ||
| Q1 25 | 12.0% | -9.7% | ||
| Q4 24 | — | -50.5% | ||
| Q3 24 | 17.7% | 5.3% | ||
| Q2 24 | 8.6% | 13.7% |
| Q1 26 | — | 1.5% | ||
| Q4 25 | — | 35.5% | ||
| Q3 25 | 2.6% | 28.4% | ||
| Q2 25 | 1.6% | 25.2% | ||
| Q1 25 | 1.4% | 20.8% | ||
| Q4 24 | — | -5.6% | ||
| Q3 24 | 2.1% | 17.9% | ||
| Q2 24 | 1.7% | 15.4% |
| Q1 26 | — | 0.30× | ||
| Q4 25 | — | — | ||
| Q3 25 | 164.59× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 1.74× | — | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | 2.04× | — | ||
| Q2 24 | 1.49× | 2.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
LBTYA
| Mobile Service | $775.2M | 32% |
| Fixed Service | $772.0M | 32% |
| Business | $308.7M | 13% |
| Wholesale | $256.9M | 11% |
| Business Service | $233.2M | 10% |
