10-K · February 26, 2026
Liberty Media (FWONA) presents a Formula 1‑heavy business with durable commercial rights and a diversified event/media/sponsorship revenue mix. The 2025 disclosures emphasize scale (24 F1 events in 21 countries,…
Earnings analysis · 10-Q
FWONA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Liberty Media Corporation's Q1 2026 financial results indicate a solid rebound in revenues and profitability driven significantly by its Formula 1 segment. Overall revenue increased by $264 million year-over-year, with…
Read full summary
Liberty Media Corporation's Q1 2026 financial results indicate a solid rebound in revenues and profitability driven significantly by its Formula 1 segment. Overall revenue increased by $264 million year-over-year, with EPS growing to $0.53, coupled with notable improvements in operating margins despite challenges from the incorporation of MotoGP results.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.53
- Segment
- Formula 1
- Segment
- MotoGP
What stood out
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Revenue Increased Significantly
Total revenue for Q1 2026 was $911 million, a $264 million increase from the prior year.
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EPS Rebounds to $0.53
Diluted EPS rose to $0.53 in Q1 2026 compared to $0.48 in Q4 2024.
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Strong Formula 1 Performance
Primary Formula 1 revenue increased by $177 million due to event-specific revenue recognition and contractual fee increases.
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Improvement in Operating Income
Operating loss reduced to $(67) million, $131 million improvement year-over-year.
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Increased Cash Reserves
Total cash and cash equivalents reached $1,332 million, providing strategic liquidity.
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Growth in MotoGP Revenue
MotoGP's primary revenue rose by $19 million despite being incorporated only since July 2025.
What to watch
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Economic Uncertainty Impacting Results
Management cautioned that a weak economy could lead to reduced consumer spending on events, impacting future revenues.
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Event Cancellation Risks
Ongoing geopolitical issues may result in cancellations of Formula 1 events, with two events already cancelled for 2026.
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Rising Interest Expenses
Interest expense increased by $20 million due to higher average debt levels and rates, potentially affecting profitability.
Management's outlook
Management anticipates continued growth driven by upcoming Formula 1 events and further expansion of MotoGP.
Earlier filings 4
10-Q · November 5, 2025
Liberty Media reported Q3 revenue of $1,085M, up $174M (19.1%) year-over-year, driven by motorsport revenue growth to $1,024M. Operating performance improved (operating income $149M vs $107M) and gross margin expanded,…
10-Q · November 12, 2024
Liberty Media reported Q3 revenue of $911 million (down from $936 million in Q3 2023) with Formula 1 revenue of $848 million (down $39 million year-over-year). Operating income in the quarter was $107 million (slightly…
10-Q · May 8, 2024
Formula One (Liberty Formula One Group) showed strong quarter-on-quarter growth: revenue for the Formula One Group was $587 million (up from $381 million a year ago) and diluted EPS for Liberty Formula One common stock…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.