10-QPeriod: Q1 FY2026

Liberty Media Corp Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 7, 2026For Securities:FWONKFWONAFWONB

Summary

Liberty Media Corporation (FWONK) reported a significant increase in revenue and operating income for the first quarter of 2026, driven primarily by the strong performance of Formula 1 and the recent acquisition of MotoGP. Consolidated revenue rose to $711 million, up from $447 million in the prior year period, with Formula 1 contributing $617 million and MotoGP adding $94 million in its first full quarter of consolidation. The company's operational profitability, as measured by Adjusted OIBDA, also saw substantial improvement, reaching $181 million compared to $73 million in the first quarter of 2025. This growth reflects the successful integration of MotoGP and continued strong commercial execution within Formula 1, including increased race promotion, media rights, and sponsorship revenues. While interest expenses increased due to higher debt levels, the company's financial position remains robust, supported by healthy cash flows from operations.

Financial Highlights

35 data points
Beta

Revenue

$711.00M

Net Income

$57.00M

8.0% Net Margin

Total Assets

$15.89B

Cash & Equivalents

$1.33B

Free Cash Flow

$357.00M

Financial Statements
Beta
Revenue$711.00M
SG&A Expenses$122.00M
Operating Expenses$647.00M
Operating Income$64.00M
Net Income$57.00M

Key Highlights

  • 1Consolidated revenue surged by 59% year-over-year to $711 million, largely due to the inclusion of MotoGP and strong Formula 1 performance.
  • 2Adjusted OIBDA more than doubled to $181 million, indicating significant operational profitability improvement.
  • 3Formula 1 revenue increased to $617 million, driven by an additional event, contractual fee escalations, and growth in media rights and sponsorship.
  • 4MotoGP, acquired in July 2025, contributed $94 million in revenue and $16 million in Adjusted OIBDA in its first full quarter of consolidation.
  • 5Interest expense increased by $20 million due to higher average debt levels, partly offset by lower interest rates on Formula 1's debt.
  • 6The company ended the quarter with $1.332 billion in cash and cash equivalents.
  • 7Series C Liberty Formula One common stock outstanding increased slightly to 224,233,462 shares from 224,102,042 at year-end 2025.

Frequently Asked Questions

The substantial increase in revenue and profit is primarily driven by the full quarter consolidation of MotoGP, which was acquired in July 2025, and the continued strong performance and commercial growth of Formula 1. Formula 1 benefited from an additional race event and contractual revenue increases, while MotoGP's inclusion added a new significant revenue stream.

The acquisition of MotoGP, which closed in July 2025, is a significant contributor to Liberty Media's current financial results. In the first quarter of 2026, MotoGP generated $94 million in revenue and $16 million in Adjusted OIBDA, demonstrating its immediate impact on the company's top-line growth and operational profitability.

Looking ahead, Formula 1 anticipates revenue from undelivered performance obligations of approximately $2,873 million for the remainder of 2026, with further significant amounts for subsequent years. MotoGP's performance is also expected to continue contributing positively, though specific forward-looking revenue figures for MotoGP are not detailed separately from consolidated projections.

Consolidated interest expense increased by $20 million primarily due to a higher average amount of debt outstanding. However, Formula 1's senior loan facilities have seen a decrease in their interest rate margin, and MotoGP's credit facilities also have competitive interest rates. The company also has a substantial amount of cash and cash equivalents ($1.332 billion) and is in compliance with its debt covenants, suggesting current debt levels are manageable.