10-QPeriod: Q3 FY2025

Liberty Media Corp Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 5, 2025For Securities:FWONKFWONAFWONB

Summary

Liberty Media Corporation's (FWONK) third-quarter 2025 filing reveals a significant shift in its financial landscape, largely driven by the recent acquisition of MotoGP. Total revenue increased by approximately 19% year-over-year for the quarter, reaching $1.085 billion, and by 15.6% for the nine-month period to $2.873 billion. This growth is primarily attributable to the consolidation of MotoGP's financials from July 2025, alongside continued strong performance from Formula 1. Despite revenue growth, net earnings from continuing operations saw a notable decline for the quarter, falling to $13 million from $132 million in the prior year's period, though the nine-month period showed a net earning of $222 million compared to a loss of $2.118 billion in the prior year, which was heavily impacted by the Liberty SiriusXM Holdings split-off. The balance sheet reflects a substantial increase in assets and liabilities, driven by the MotoGP acquisition, with total assets growing to $17.821 billion from $12.948 billion at the end of 2024. Investors should monitor the integration of MotoGP and the company's ongoing strategic realignment, including the planned Liberty Live Group split-off expected in December 2025.

Financial Highlights

38 data points
Beta

Revenue

$1.08B

Net Income

$13.00M

1.2% Net Margin

Total Assets

$17.82B

Cash & Equivalents

$1.59B

Free Cash Flow

$173.00M

Financial Statements
Beta
Revenue$1.08B
SG&A Expenses$140.00M
Operating Expenses$936.00M
Operating Income$158.00M
Net Income$13.00M

Key Highlights

  • 1Revenue growth driven by the acquisition of MotoGP and strong Formula 1 performance, with Q3 revenue at $1.085 billion and year-to-date revenue at $2.873 billion.
  • 2Net earnings from continuing operations for Q3 2025 were $13 million, a decrease from $132 million in Q3 2024, while the nine-month period showed a net earning of $222 million.
  • 3Total assets significantly increased to $17.821 billion as of September 30, 2025, compared to $12.948 billion at December 31, 2024, primarily due to the MotoGP acquisition.
  • 4The company completed the split-off of Liberty Sirius XM Holdings in September 2024, which is now presented as discontinued operations.
  • 5A plan to split off the Liberty Live Group is underway, expected to be completed by December 15, 2025, which will result in Liberty Media Corporation (tracking Formula One) and Liberty Live becoming separate publicly traded companies.
  • 6The acquisition of MotoGP for approximately $3.659 billion was funded by cash and borrowings, significantly impacting the balance sheet and adding a new consolidated segment.
  • 7Adjusted OIBDA, a key non-GAAP performance measure, increased by 41% for the quarter to $289 million and by 26% for the nine months to $722 million, reflecting improved operational performance across segments.

Frequently Asked Questions

The primary driver is the acquisition of approximately 84% of MotoGP on July 3, 2025. This acquisition significantly boosted total revenue and assets, with MotoGP's financials being consolidated into Liberty Media's statements from that date.

Liberty Media announced plans for a Liberty Live Group split-off, expected to be completed by December 15, 2025. Upon completion, Liberty Media will no longer be a tracking stock, as Liberty Live Holdings, Inc. will become a separate publicly traded company, and the remaining Liberty Media stock will track the Formula One Group's performance.

For the three months ended September 30, 2025, net earnings from continuing operations decreased to $13 million from $132 million in the prior year's period. This was influenced by higher interest expenses, realized and unrealized losses on financial instruments, and the impact of the MotoGP acquisition accounting. However, the nine-month period showed net earnings of $222 million, a significant improvement from a loss of $2.118 billion in the prior year, largely due to the absence of the Liberty SiriusXM Holdings split-off impact. Adjusted OIBDA, a measure of operational performance, showed healthy growth, increasing by 41% for the quarter and 26% for the nine months.

As of September 30, 2025, Liberty Media had $1.588 billion in cash and cash equivalents. The company has various sources of liquidity, including cash generated from operations, borrowing capacity under margin loans, and potential distributions from its operating subsidiaries like Formula 1 and MotoGP, subject to certain debt covenants and tests. The company believes its current liquidity sources are sufficient to cover projected future uses of cash.