ENGLEWOOD, Colo.--(BUSINESS WIRE)--November 05, 2025--
Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported third quarter 2025 results. Headlines include(1) :
-- Attributed to Formula One Group
-- Formula 1
-- Renewed agreements with Austin Grand Prix through 2034 and
Azerbaijan Grand Prix through 2030 and extended Monaco
Grand Prix through 2035
-- Announced Apple as new US broadcast partner on the heels of
F1 The Movie reaching approximately $630 million in global
box office and becoming Apple's largest movie to-date
-- Entered into new licensing agreements with Pottery Barn
Kids, Pottery Barn Teen and Hello Kitty x F1 Academy
-- MotoGP
-- Completed acquisition of MotoGP on July 3rd
-- Renewed agreements with Japanese Grand Prix through 2030
and Catalonia, Valencia, France, Germany and San Marino
races through 2031
-- Extended SuperSport broadcast agreement and LIQUI MOLY
partnership and announced new sponsorship deal with Repsol
for Moto2 and Moto3
-- Refinanced MotoGP debt facilities with extended maturities
and reduced interest rates
-- Attributed to Liberty Live Group
-- Fair value of Live Nation investment was $11.4 billion as of
September 30th
-- Expect to complete split-off on December 15th
"Formula 1 delivered robust financial performance and is capitalizing on its global popularity, driving record attendance at races and continuing to expand ways to reach new and existing fans. In our first months of MotoGP ownership, we are working on near-term operating enhancements as well as setting the stage for longer-term monetization opportunities to accelerate growth. We are increasingly confident in the quality of the sport and the strength of its fan base. Finally, we are approaching the final stages to complete our split-off of Liberty Live in December which will better highlight the value of our position in Live Nation," said Derek Chang, Liberty Media President & CEO.
Corporate Updates
On July 3, 2025, Liberty Media acquired approximately 84% of the equity interests in MotoGP with approximately 16% retained by management. The financial results herein are presented as if the acquisition of MotoGP occurred on January 1, 2024.
Liberty Media will hold a virtual special meeting of the holders of its Series A and Series B Liberty Live common stock on Friday, December 5, 2025 to vote on the proposed split-off of Liberty Live Group from Liberty Media into a separate public company, Liberty Live Holdings, Inc. Assuming satisfaction of all conditions to closing, the split-off is expected to occur on December 15, 2025. More information can be found in the definitive proxy statement filed with the SEC on November 4, 2025.
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three and nine months ended September 30, 2025 to the same period in 2024.
FORMULA ONE GROUP -- The following table provides the financial results attributed to Formula One Group for the third quarter of 2025. In the third quarter, Formula One Group incurred $15 million of corporate level selling, general and administrative expense (including stock-based compensation expense).
For the periods presented below, the businesses and assets attributed to Formula One Group consist primarily of Liberty Media's subsidiaries, Formula 1 ("F1"), MotoGP and Quint.
Three months ended Nine months ended
September 30, September 30,
-------------------- --------------------
2024 2025 2024 2025
-------- ---------- ---------- --------
amounts in millions amounts in millions
Formula One
Group
Revenue
Formula 1 $861 $ 869 $ 2,285 2,498
MotoGP -- 169 -- 169
Corporate and
other 70 68 255 266
Intragroup
elimination (20) (21) (54) (60)
--- ----- ----- -----
Total
Formula
One
Group $911 $ 1,085 $ 2,486 2,873
--- ----- ----- -----
Operating
Income (Loss)
Formula 1 $146 $ 168 $ 366 433
MotoGP -- 26 -- 26
Corporate and
other (36) (36) (102) (88)
--- ----- ----- -----
Total
Formula
One
Group $110 $ 158 $ 264 371
--- ----- ----- -----
Adjusted OIBDA
(Loss)
Formula 1 $221 $ 234 $ 589 680
MotoGP -- 66 -- 66
Corporate and
other (14) (3) (15) (7)
--- ----- ----- -----
Total
Formula
One
Group $207 $ 297 $ 574 739
--- ----- ----- -----
F1 Operating Results
"We are nearing the end of another incredible season showcasing the very best of F1 -- thrilling racing, tight competition and nearly half the grid reaching the podium. F1 remains a cultural cornerstone, evidenced by the global box office success of the F1 movie and further underscored by increasing engagement across our channels," said Stefano Domenicali, Formula 1 President and CEO. "We completed multiple commercial agreements this quarter and continue to have success accelerating renewals and signing new partners with attractive terms, including our new US distribution partnership with Apple that will highlight the collaborative innovation between our brands for continued growth in the US. Recent strong race renewals and early extensions in key markets including Austin, Azerbaijan and Monaco also demonstrate the value F1 brings to the cities in which we race. We are confident in the next chapter of growth at F1."
The following table provides the operating results of F1.
Three months
ended Nine months ended
September 30, September 30,
----------------- -------- --------------------- --------
2024 2025 % Change 2024 2025 % Change
--------- ------ ------------ ----------- -------- ------------
$ amounts in
millions $ amounts in millions
----------------- ---------------------
Number of races in
period 7 6 18 17
Primary revenue $ 758 $ 738 (3) % $ 1,960 $ 2,089 7 %
Other revenue 103 131 27 % 325 409 26 %
---- ---- ---- ------ ------ ----
Total motorsport
revenue $ 861 $ 869 1 % $ 2,285 $ 2,498 9 %
Operating expenses
(excluding stock-based
compensation):
Team payments,
excluding Concorde
incentive payments (371) (341) 8 % (969) (968) -- %
Other cost of
motorsport revenue (190) (211) (11) % (523) (613) (17) %
---- ---- ---- ------ ------ ----
Cost of
motorsport
revenue,
excluding
Concorde
incentive
payments $(561) $(552) 2 % $(1,492) $(1,581) (6) %
Selling, general and
administrative
expenses (79) (83) (5) % (204) (237) (16) %
---- ---- ---- ------ ------ ----
Adjusted OIBDA $ 221 $ 234 6 % $ 589 $ 680 15 %
Concorde incentive
payments -- -- NM -- (50) NM
Stock-based
compensation (1) (1) -- % (2) (1) 50 %
Depreciation and
amortization(a) (74) (65) 12 % (221) (196) 11 %
---- ---- ---- ------ ------ ----
Operating income (loss) $ 146 $ 168 15 % $ 366 $ 433 18 %
==== ==== ==== ====== ====== ====
______________________
a) Includes $61 million and $50 million of amortization related to purchase
accounting for the three months ended September 30, 2024 and September
30, 2025, respectively, that is excluded from calculations for purposes
of team payments, and $184 million and $150 million of amortization
related to purchase accounting for the nine months ended September 30,
2024 and September 30, 2025, respectively, that is excluded from
calculations for purposes of team payments.
Primary F1 revenue represents the majority of F1's revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.
There were six races held in the third quarter of 2025 compared to seven races held in the third quarter of 2024. There were 17 races held year-to-date through the third quarter of 2025 and 18 races held year-to-date through the third quarter of 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season, which will impact the year-over-year revenue and cost comparisons on a quarterly basis.
Primary F1 revenue decreased in the three months ended September 30, 2025 primarily due to the calendar variance compared to the prior year, which drove declines across race promotion and media rights revenue with a smaller proportion of season-based income recognized during the period. This was partially offset by increased sponsorship revenue from new partners, contractual fee increases across all primary revenue streams and growth in F1 TV subscription revenue.
Primary F1 revenue increased in the nine months ended September 30, 2025 with growth across sponsorship and media rights revenue, partially offset by a decline in race promotion revenue due to one less event held. Sponsorship revenue growth reflects contractual fee increases as well as revenue from new sponsors. Media rights revenue grew due to contractual fee increases, growth in F1 TV subscription revenue and the recognition of one-time revenue in the second quarter associated with the release of the F1 movie, partially offset by the impact of lower proportionate recognition of season-based revenue due to one less event held.
Other F1 revenue increased in the third quarter and nine months ended September 30, 2025 due to higher hospitality revenue and growth in licensing income. The increase in hospitality revenue was driven by underlying Paddock Club growth and other premium hospitality offerings, as well as an increase in Grand Prix Plaza activities during the third quarter. Other F1 revenue in the nine months ended September 30, 2025 also benefitted from higher freight revenue from the pass through of increased costs.
Operating income and Adjusted OIBDA(2) grew in the three and nine months ended September 30, 2025. Team payments decreased for the three months ended September 30, 2025 due to the pro rata recognition of team payments with one less race held in the third quarter compared to the prior year. Team payments were flat for the nine months ended September 30, 2025 as the impact of one fewer race was offset by expected higher team payments for the full year. Other cost of F1 motorsport revenue is largely variable in nature and derived from servicing both Primary and Other F1 revenue opportunities. These costs increased for both the three and nine months ended September 30, 2025 due to higher Paddock Club costs from increased attendance and costs from activities at Grand Prix Plaza that didn't occur in the prior year. Growth in other cost of F1 motorsport revenue in the nine months ended September 30, 2025 was also impacted by higher freight costs associated with the different order of events and cost inflation, higher commissions and partner servicing costs linked to underlying revenue growth, increased costs to service new sponsors and higher costs of delivering F1 TV to a growing subscriber base. Selling, general and administrative expense increased in the three and nine months ended September 30, 2025 primarily due to higher marketing costs, including marketing spend associated with the 75(th) season launch event at London's The O2 in the nine-month period. Personnel costs also increased during the nine months ended September 30, 2025.
MotoGP Operating Results
"Our first few months with Liberty have been exciting and productive, and we look forward to working together to accelerate our growth in the years ahead," said Carmelo Ezpeleta, MotoGP President and CEO. "We've signed new sponsors and renewed existing partners this quarter as we continue building on the momentum from our brand refresh last year. The season is closing out with record attendance and growth in TV viewership, digital engagement and social followers. We continue to work on expanding our engagement with new audiences while deepening relationships with existing fans and are confident in the long-term opportunity."
The following table provides the pro forma operating results of MotoGP. The financial results herein are presented as if the acquisition of MotoGP occurred on January 1, 2024. The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of MotoGP had the acquisition occurred on January 1, 2024, or to project the results of operations of Liberty for any future periods. The pro forma adjustments are based on available information and certain assumptions that Liberty management believes are reasonable. The pro forma adjustments are directly attributable to the acquisition and are expected to have a continuing impact on the results of operations of Liberty.
Three months ended Nine months ended
September 30, September 30,
------------------------------------------------ -----------------------------------------------
2024 2025 % Change % Constant 2024 2025 % Change % Constant
-------- -------- --------- ------
$ amounts in $ amounts in
millions USD Currency millions USD Currency
------------------ ------------ -------------- ----------------- ------------ --------------
Number of races in
period 7 7 15 17
Primary revenue $146 $147 1 % $ 324 $ 365 13 %
Other revenue 23 22 (4) % 47 52 11 %
--- --- ---- ---- ---- ----
Total motorsport
revenue $169 $169 -- % (5) % $ 371 $ 417 12 % 9 %
Operating expenses
(excluding stock-based
compensation):
Cost of motorsport
revenue (79) (84) (6) % (177) (214) (21) %
Selling, general and
administrative
expenses (17) (19) (12) % (40) (53) (33) %
--- --- ---- ---- ---- ----
Adjusted OIBDA $ 73 $ 66 (10) % (14) % $ 154 $ 150 (3) % (7) %
Depreciation and
Amortization(a) (37) (38) (3) % (110) (109) 1 %
--- --- ---- ---- ---- ----
Operating income
(loss) $ 36 $ 28 (22) % (25) % $ 44 $ 41 (7) % (16) %
=== === ==== ==== ==== ====
The majority of MotoGP's revenue and costs are Euro-denominated and as such, are subject to translational impacts from foreign exchange fluctuations. MotoGP calculates the effects of changes in currency exchange rates as the difference between current period activity translated using the prior period's currency exchange rates. The table of results above includes both headline and constant currency(3) growth rates for revenue, Adjusted OIBDA and Operating income (loss).
Primary MotoGP revenue represents the majority of MotoGP's revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.
There were seven races held in the third quarter of 2025 compared to seven races held in the third quarter of 2024. There were 17 races held year-to-date through the third quarter of 2025 and 15 races held year-to-date through the third quarter of 2024. The 2025 calendar has a different order and mix of events compared to the prior year, which will impact season-based revenue recognition as well as year-over-year revenue and cost comparisons.
Primary MotoGP revenue increased modestly in the three months ended September 30, 2025 primarily due to favorable currency exchange rates and the calendar variance driving increased promotion fees, partially offset by the impact of lower season-based revenue recognition affecting media rights and sponsorship revenue. Primary MotoGP revenue increased in the nine months ended September 30, 2025 driven primarily by two additional events in 2025 positively impacting race promotion fees combined with favorable currency exchange rates.
Other MotoGP revenue represents revenue generated from other motorcycle racing championships including FIM World Superbike Championship ("WorldSBK"), hospitality and licensing revenue. Other MotoGP revenue decreased modestly in the three months ended September 30, 2025 as the impact of fewer races held for WorldSBK was partially offset by increased hospitality and favorable currency exchange rates. For the nine months ended September 30, 2025, Other MotoGP revenue increased primarily due to the impact of two additional races held as well as favorable currency exchange rates.
Operating income and Adjusted OIBDA declined in the three and nine months ended September 30, 2025. Cost of MotoGP motorsport revenue grew in the three months ended September 30, 2025 primarily due to increased costs of servicing sponsorship partners combined with the unfavorable impact of exchange rates. In the nine months ended September 30, 2025, the increase in cost of MotoGP motorsport revenue was driven by two additional races driving higher freight and travel costs and unfavorable currency exchange rates. Selling, general and administrative expense increased in the three and nine months ended September 30, 2025 primarily from higher personnel costs and unfavorable currency exchange rates.
Corporate and Other Operating Results
Corporate and Other Adjusted OIBDA includes the rental income related to Grand Prix Plaza in Las Vegas, Quint results and other corporate overhead. Corporate and Other revenue was flat in the third quarter as rental income was slightly offset by a decline in Quint revenue. There was $7 million of rental income related to Grand Prix Plaza in Las Vegas in the third quarter of both 2025 and 2024. Quint results in the third quarter were primarily driven by F1 Experiences across the 6 races held, as well as 7 MotoGP races, an NBA event and a WNBA event. Quint's revenue is seasonal, concentrated around its largest events and the third quarter is proportionally smaller.
LIBERTY LIVE GROUP -- In the third quarter, $9 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group.
The businesses and assets attributed to Liberty Live Group consist of Liberty Media's interest in Live Nation and other minority investments.
Share Repurchases
There were no repurchases of Liberty Media's common stock from August 1 through October 31, 2025. The total remaining repurchase authorization for Liberty Media as of November 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks.
FOOTNOTES
1) Liberty Media will discuss these headlines and other matters on Liberty
Media's earnings conference call that will begin at 10:00 a.m. (E.T.) on
November 5, 2025. For information regarding how to access the call,
please see "Important Notice" later in this document.
2) For a definition of Adjusted OIBDA (as defined by Liberty Media) and the
applicable reconciliation, see the accompanying schedules.
3) For a definition of constant currency operating results, see the
accompanying schedules. Applicable reconciliations can be found in the
financial table in the section entitled "MotoGP Operating Results" in
this press release.
NOTES
Cash and Debt
The following presentation is provided to separately identify cash and debt information. The acquisition of MotoGP was completed on July 3, 2025 and is reflected in cash and debt presented from the date of acquisition.
(amounts in millions) 6/30/2025 9/30/2025
----------- -----------
Cash and Cash Equivalents Attributable to:
Formula One Group(a) $ 3,140 $ 1,291
Liberty Live Group 308 297
------- -------
Total Consolidated Cash and Cash Equivalents
(GAAP) $ 3,448 $ 1,588
------- -------
Debt:
2.25% convertible notes due 2027(b) 475 475
Formula 1 term loan and revolving credit
facility 2,372 3,361
MotoGP credit facilities -- 1,172
Other corporate level debt 50 48
------- -------
Total Attributed Formula One Group Debt $ 2,897 $ 5,056
------- -------
Fair market value adjustment 133 108
------- -------
Total Attributed Formula One Group Debt
(GAAP) $ 3,030 $ 5,164
------- -------
Formula 1 leverage(c) 0.7x 3.0x
MotoGP leverage(d) -- 5.6x
2.375% Live Nation exchangeable senior
debentures due 2053(b) 1,150 1,150
Live Nation margin loan -- --
------- -------
Total Attributed Liberty Live Group Debt $ 1,150 $ 1,150
------- -------
Fair market value adjustment 619 723
------- -------
Total Attributed Liberty Live Group Debt
(GAAP) $ 1,769 $ 1,873
------- -------
Total Liberty Media Corporation Debt (GAAP) $ 4,799 $ 7,037
======= =======
______________________
a) Includes $1,775 million and $571 million of cash held at F1 as of June
30, 2025 and September 30, 2025, respectively, $176 million of cash held
at MotoGP as of September 30, 2025 and $70 million and $78 million of
cash held at Quint as of June 30, 2025 and September 30, 2025,
respectively.
b) Face amount of the convertible notes and exchangeable debentures with no
fair market value adjustment.
c) Net leverage as defined in F1's credit facilities for covenant
calculations.
d) Net leverage as defined in MotoGP's credit facilities for covenant
calculations.
Liberty Media, F1 and MotoGP are in compliance with their debt covenants as of September 30, 2025.
Total cash and cash equivalents attributed to Formula One Group decreased $1,849 million during the third quarter primarily due to net cash paid for the acquisition of MotoGP, partially offset by net cash from operations generated at both F1 and MotoGP. Total debt attributed to Formula One Group increased in the third quarter, driven by the consolidation of MotoGP's debt and incremental debt raised at F1 to fund a portion of the MotoGP acquisition. As of September 30(th) , F1's covenant leverage was below the threshold of 3.75x to trigger a permanent reduction in the Term Loan B margin from Term SOFR+200 bps to Term SOFR+175 bps. Interest will begin accruing at the lower rate upon delivery of the compliance certificate promptly after earnings.
Total cash and cash equivalents attributed to Liberty Live Group decreased $11 million during the third quarter primarily due to interest payments and corporate overhead, including transaction expenses. Total debt attributed to Liberty Live Group was flat during the third quarter. On September 12, 2025, the Live Nation margin loan was amended to, among other things, extend the maturity date from September 9, 2026 to September 8, 2028 and change the interest rate from Term SOFR plus 2.0% to Term SOFR plus 1.875%.
Important Notice: Liberty Media Corporation (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on November 5, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748885 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertymedia.com/investors/news-events/ir-calendar. Links to this press release will also be available on the Liberty Media website.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the Formula 1 race calendar, expectations regarding Formula 1's and MotoGP's businesses, the planned split-off of Liberty Live, including the anticipated timing and benefits, and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of all conditions for the split-off of Liberty Live, the assumptions and historical information used in the pro forma financial information of MotoGP, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of future litigation, the failure to realize benefits of acquisitions, rapid industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks
and uncertainties related to Liberty Media's business which may affect the statements made in this press release.
LIBERTY MEDIA CORPORATION
BALANCE SHEET INFORMATION
September 30, 2025 (unaudited)
Attributed
-----------------
Formula Liberty
One Live Intergroup Consolidated
Group Group Eliminations Liberty
-------- ------- -------------- --------------
amounts in millions
Assets
Current assets:
Cash and cash
equivalents $ 1,291 297 -- 1,588
Trade and other
receivables,
net 302 1 -- 303
Other current
assets 468 -- -- 468
------ ------ -------- ---- --------- ---
Total current
assets 2,061 298 -- 2,359
------ ------ -------- ---- --------- ---
Investments in
affiliates,
accounted for
using the equity
method 33 708 -- 741
Property and
equipment, at
cost 1,029 -- -- 1,029
Accumulated
depreciation (202) -- -- (202)
------ ------ -------- ---- ---------
827 -- -- 827
------ ------ -------- ---- --------- ---
Goodwill 7,200 -- -- 7,200
Intangible assets
subject to
amortization, net 5,267 -- -- 5,267
Deferred income tax
assets 560 267 (28) 799
Other assets 412 216 -- 628
------ ------ -------- ---- --------- ---
Total assets $16,360 1,489 (28) 17,821
====== ====== ======== === ========= ===
Liabilities and
Equity
Current
liabilities:
Intergroup
payable
(receivable) $ 2 (2) -- --
Accounts payable
and accrued
liabilities 472 2 -- 474
Current portion
of debt 42 1,873 -- 1,915
Deferred revenue 1,090 -- -- 1,090
Financial
instrument
liabilities 1 -- -- 1
Other current
liabilities 46 -- -- 46
------ ------ -------- ---- --------- ---
Total current
liabilities 1,653 1,873 -- 3,526
------ ------ -------- ---- --------- ---
Long-term debt 5,122 -- -- 5,122
Deferred income tax
liabilities 688 -- (28) 660
Other liabilities 273 150 -- 423
------ ------ -------- ---- --------- ---
Total
liabilities 7,736 2,023 (28) 9,731
------ ------ -------- --- --------- ---
Redeemable
noncontrolling
interests in
equity of
subsidiary 692 -- -- 692
Equity / Attributed
net assets 7,932 (556) -- 7,376
Noncontrolling
interests in
equity of
subsidiaries -- 22 -- 22
------ ------ -------- ---- --------- ---
Total
liabilities
and equity $16,360 1,489 (28) 17,821
====== ====== ======== === ========= ===
LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2025 (unaudited)
Attributed
---------------
Formula Liberty
One Live Consolidated
Group Group Liberty
---------- ------- --------------
amounts in millions
Revenue:
Motorsport revenue $ 1,024 -- 1,024
Other revenue 61 -- 61
----- ------ ----------
Total revenue 1,085 -- 1,085
Operating costs and expenses:
Cost of motorsport revenue
(exclusive of depreciation
shown separately below) 631 -- 631
Other cost of sales 33 -- 33
Selling, general and
administrative (1) 131 9 140
Acquisition costs 14 -- 14
Depreciation and
amortization 118 -- 118
----- ------ ----------
927 9 936
----- ------ ----------
Operating income (loss) 158 (9) 149
Other income (expense):
Interest expense (79) (7) (86)
Share of earnings (losses)
of affiliates, net (3) 124 121
Realized and unrealized
gains (losses) on financial
instruments, net 17 (177) (160)
Other, net (4) 3 (1)
----- ------ ----------
(69) (57) (126)
----- ------ ----------
Earnings (loss) before income
taxes 89 (66) 23
Income tax (expense) benefit (23) 13 (10)
----- ------ ----------
Net earnings (loss) 66 (53) 13
Less net earnings (loss)
attributable to the
noncontrolling interests -- -- --
----- ------ ----------
Net earnings (loss)
attributable to Liberty
stockholders $ 66 (53) 13
===== ====== ==========
(1) Includes stock-based
compensation expense as
follows:
Selling, general and
administrative $ 7 1 8
LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2024 (unaudited)
Attributed
------------------------
Formula Liberty Liberty
One Live SiriusXM Consolidated
Group Group Group Liberty
--------- ------- -------- --------------
amounts in millions
Revenue:
Motorsport
revenue $ 848 -- -- 848
Other revenue 63 -- -- 63
---- ------ ------- -----------
Total revenue 911 -- -- 911
Operating costs
and expenses:
Cost of
motorsport
revenue
(exclusive of
depreciation
shown
separately
below) 554 -- -- 554
Other cost of
sales 41 -- -- 41
Selling, general
and
administrative
(1) 115 3 -- 118
Acquisition
costs 3 -- -- 3
Depreciation and
amortization 88 -- -- 88
---- ------ ------- -----------
801 3 -- 804
---- ------ ------- -----------
Operating
income
(loss) 110 (3) -- 107
Other income
(expense):
Interest expense (54) (8) -- (62)
Share of
earnings
(losses) of
affiliates,
net (1) 117 -- 116
Realized and
unrealized
gains (losses)
on financial
instruments,
net 39 (94) -- (55)
Other, net 21 8 -- 29
---- ------ ------- -----------
5 23 -- 28
---- ------ ------- -----------
Earnings (loss)
from continuing
operations before
income taxes 115 20 -- 135
Income tax
(expense)
benefit 2 (5) -- (3)
---- ------ ------- -----------
Net earnings (loss)
from continuing
operations 117 15 -- 132
Net earnings (loss)
from discontinued
operations -- -- (3,002) (3,002)
---- ------ ------- -----------
Net earnings (loss) 117 15 (3,002) (2,870)
Less net
earnings (loss)
attributable to
the
noncontrolling
interests -- -- (502) (502)
---- ------ ------- -----------
Net earnings (loss)
attributable to
Liberty
stockholders $ 117 15 (2,500) (2,368)
==== ====== ======= ===========
(1) Includes
stock-based
compensation
expense as
follows:
Selling, general
and
administrative $ 6 1 -- 7
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2025 (unaudited)
Attributed
-----------------
Formula Liberty
One Live Consolidated
Group Group Liberty
-------- ------- --------------
amounts in millions
Cash flows from operating
activities:
Net earnings (loss) $ 470 (248) 222
Adjustments to reconcile net
earnings (loss) to net cash
provided by operating
activities:
Depreciation and
amortization 275 -- 275
Stock-based compensation 15 3 18
Share of (earnings) loss of
affiliates, net 8 (201) (193)
Realized and unrealized
(gains) losses on financial
instruments, net (259) 483 224
Deferred income tax expense
(benefit) (1) (63) (64)
Intergroup tax allocation 4 (4) --
Other, net (2) 1 (1)
Changes in operating assets
and liabilities
Current and other assets (262) -- (262)
Payables and other
liabilities 565 1 566
------ ------ -----------
Net cash provided
(used) by operating
activities 813 (28) 785
------ ------ -----------
Cash flows from investing
activities:
Investments in equity method
affiliates and debt and
equity securities (22) (1) (23)
Cash proceeds from
dispositions 26 -- 26
Cash (paid) received for
acquisitions, net of cash
acquired (3,267) -- (3,267)
Capital expended for
property and equipment,
including internal-use
software and website
development (58) -- (58)
Cash proceeds from foreign
currency forward contracts 3,700 -- 3,700
Cash paid for foreign
currency forward contracts (3,503) -- (3,503)
Other investing activities,
net (13) -- (13)
------ ------ -----------
Net cash provided
(used) by investing
activities (3,137) (1) (3,138)
------ ------ -----------
Cash flows from financing
activities: --
Borrowings of debt 1,748 -- 1,748
Repayments of debt (746) -- (746)
Other financing activities,
net (13) 1 (12)
------ ------ -----------
Net cash provided
(used) by financing
activities 989 1 990
------ ------ -----------
Effect of foreign exchange rate
changes on cash, cash
equivalents and restricted
cash 12 -- 12
------ ------ -----------
Net increase (decrease) in
cash, cash equivalents and
restricted cash (1,323) (28) (1,351)
Cash, cash equivalents
and restricted cash
at beginning of
period 2,638 325 2,963
------ ------ -----------
Cash, cash equivalents
and restricted cash
at end of period $ 1,315 297 1,612
====== ====== ===========
Cash and cash equivalents $ 1,291 297 1,588
Restricted cash included in
other assets 24 -- 24
------ ------ -----------
Total cash, cash equivalents
and restricted cash at end
of period $ 1,315 297 1,612
====== ====== ===========
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2024 (unaudited)
Attributed
-------------------------
Formula Liberty Liberty
One Live SiriusXM Consolidated
Group Group Group Liberty
------- ------- -------- --------------
amounts in millions
Cash flows from
operating activities:
Net earnings (loss) $ 218 76 (2,412) (2,118)
Adjustments to
reconcile net earnings
(loss) to net cash
provided by operating
activities:
Net (earnings) loss
from discontinued
operations -- -- 2,412 2,412
Depreciation and
amortization 263 -- -- 263
Stock-based
compensation 24 3 -- 27
Share of (earnings)
loss of affiliates,
net 6 (181) -- (175)
Realized and
unrealized (gains)
losses on financial
instruments, net (86) 75 -- (11)
Deferred income tax
expense (benefit) 22 22 -- 44
Intergroup tax
allocation (97) (1) -- (98)
Intergroup tax
(payments)
receipts 128 3 -- 131
Other, net 25 (4) -- 21
Changes in
operating assets
and liabilities
Current and other
assets (71) -- -- (71)
Payables and
other
liabilities 155 (4) -- 151
----- ------ ------- -------- ----
Net cash
provided
(used) by
operating
activities 587 (11) -- 576
----- ------ ------- -------- ----
Cash flows from
investing activities:
Investments in
equity method
affiliates and debt
and equity
securities (7) (3) -- (10)
Cash proceeds from
dispositions -- 107 -- 107
Cash (paid) received
for acquisitions,
net of cash
acquired (205) -- -- (205)
Capital expended for
property and
equipment,
including
internal-use
software and
website
development (52) -- -- (52)
Other investing
activities, net (13) 1 -- (12)
----- ------ ------- -------- ---
Net cash
provided
(used) by
investing
activities (277) 105 -- (172)
----- ------ ------- -------- ---
Cash flows from
financing activities:
Borrowings of debt 644 -- -- 644
Repayments of debt (671) (12) -- (683)
Issuance of Series C
Liberty Formula One
common stock 939 -- -- 939
Other financing
activities, net 42 1 -- 43
----- ------ ------- -------- ----
Net cash
provided
(used) by
financing
activities 954 (11) -- 943
----- ------ ------- -------- ----
Effect of foreign
exchange rate changes
on cash, cash
equivalents and
restricted cash 1 -- -- 1
Net cash provided
(used) by discontinued
operations:
Cash provided (used)
by operating
activities -- -- 879 879
Cash provided (used)
by investing
activities -- -- (709) (709)
Cash provided (used)
by financing
activities -- -- (485) (485)
----- ------ ------- -------- ---
Net cash
provided
(used) by
discontinued
operations -- -- (315) (315)
----- ------ ------- -------- ---
Net increase
(decrease) in
cash, cash
equivalents and
restricted cash 1,265 83 (315) 1,033
Cash, cash
equivalents and
restricted cash
at beginning of
period 1,408 305 315 2,028
----- ------ ------- -------- ----
Cash, cash
equivalents and
restricted cash
at end of
period $2,673 388 -- 3,061
===== ====== ======= ======== ====
Cash and cash
equivalents $2,666 388 -- 3,054
Restricted cash
included in other
current assets 7 -- -- 7
----- ------ ------- -------- ----
Total cash, cash
equivalents and
restricted cash at
end of period $2,673 388 -- 3,061
===== ====== ======= ======== ====
NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES
SCHEDULE 1
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Formula One Group, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges.
Liberty Media believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media's management considers in assessing the results of operations and performance of its assets.
The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income (loss) calculated in accordance with GAAP for the three and nine months ended September 30, 2024 and September 30, 2025.
QUARTERLY SUMMARY
Three months ended Nine months ended
September 30, September 30,
------------------------ ----------------------
2024 2025 2024 2025
------------ ---------- -------- --------
Formula One
Group
Operating income
(loss) $ 110 $ 158 $ 264 $ 371
Depreciation
and
amortization 88 118 263 275
Stock
compensation
expense 6 7 24 15
Acquisition
costs(a) 3 14 23 28
Concorde
incentive
payments -- -- -- 50
--- ------- ------ -------- ------
Adjusted OIBDA $ 207 $ 297 $ 574 $ 739
=== ======= ====== ======== ======
______________________
a) Formula One Group incurred $3 million and $14 million of costs related to
corporate acquisitions during the three months ended September 30, 2024
and September 30, 2025, respectively, and $23 million and $28 million of
costs related to corporate acquisitions during the nine months ended
September 30, 2024 and September 30, 2025, respectively.
SCHEDULE 2
This press release also references operating results on a constant currency basis, which is a non-GAAP measure, for MotoGP. Constant currency operating results, as presented herein, are calculated as the difference between current period activity translated using the prior period's currency exchange rates.
Liberty Media believes constant currency operating results are an important indicator of financial performance for MotoGP, due to the translational impact of foreign currency fluctuations relating to its operating results for countries where the functional currency is not the US dollar. Liberty Media uses constant currency operating results to provide a framework to assess how the MotoGP business performed excluding the effects of foreign currency exchange fluctuations. Please see the financial tables in the section entitled "MotoGP Operating Results" in this press release for a reconciliation of the impact of foreign currency fluctuations on revenue and Adjusted OIBDA.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251104572328/en/
CONTACT:
Shane Kleinstein (720) 875-5432
(END) Dow Jones Newswires
November 05, 2025 08:15 ET (13:15 GMT)