Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS Englewood, Colorado, August 7, 2025 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported second quarter 2025 results. Headlines include (1): "We made excellent progress since last quarter on our stated priorities, including completing the acquisition of MotoGP, advancing the split-off of Liberty Live and continuing excellent financial and operating results at Formula ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (Stat ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Group 1: Momentum Style Score - Liberty Media Corporation - Liberty Formula One Series A (FWONA) has a Momentum Style Score of B, indicating potential for solid momentum [3] - The Zacks Rank for FWONA is 2 (Buy), suggesting it is positioned for outperformance in the market [4] Group 2: Price Performance - FWONA shares have increased by 7.15% over the past week, outperforming the Zacks Media Conglomerates industry, which rose by 0.84% [6] - Over the past quarter, FWONA shares have gained 14.25%, and over the last year, they have increased by 44.05%, while the S&P 500 has only moved 5.86% and 12.83%, respectively [7] Group 3: Trading Volume - The average 20-day trading volume for FWONA is 124,046 shares, which serves as a baseline for price-to-volume analysis [8] Group 4: Earnings Outlook - In the last two months, one earnings estimate for FWONA has increased, raising the consensus estimate from $0.62 to $1.20 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions during the same period [10] Group 5: Conclusion - Given the positive momentum indicators and earnings outlook, FWONA is recommended as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [12]

Group 1 - Liberty Media agreed to acquire 86% of Dorna, the commercial rights holder of MotoGP, for EUR 3.0 billion, primarily funded in cash [1] - Initially, there were concerns from EU competition regulators regarding the acquisition [1]

Group 1 - Liberty Media acquired F1 Group in 2017 and has seen its revenue nearly double since then, indicating strong growth potential for the company [1] - F1 is positioned for further revenue growth, particularly driven by a premium in media [1] Group 2 - The article emphasizes the importance of independent analysis and the goal of empowering investors through well-researched insights [1]

Core Viewpoint - The article emphasizes the importance of confirming the sustainability of stock trends for successful short-term investing, highlighting the use of a specific screening strategy to identify stocks with strong fundamentals and positive price momentum [1][2]. Group 1: Stock Performance - Liberty Media Corporation's Formula One Series A (FWONA) has shown a solid price increase of 2.2% over the past 12 weeks, indicating investor confidence in its potential upside [4]. - The stock has experienced a significant price increase of 16.8% over the last four weeks, suggesting that the upward trend is still intact [5]. - FWONA is currently trading at 81.3% of its 52-week high-low range, indicating a potential breakout opportunity [5]. Group 2: Fundamental Strength - FWONA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks with sufficient fundamental strength to maintain their recent uptrends, including FWONA [3][8]. - The article suggests that there are several other stocks that meet the criteria of the "Recent Price Strength" screen, encouraging investors to explore these options [8].

Core Viewpoint - Liberty Media Corporation - Liberty Formula One Series A shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise earnings estimates for the company [1][2]. Earnings Estimate Revisions - The upward trend in earnings estimate revisions indicates growing analyst optimism regarding the company's earnings prospects, which is expected to positively impact the stock price [2]. - The current quarter's earnings estimate is $0.52 per share, reflecting a remarkable increase of +420% compared to the previous year [7]. - Over the last 30 days, one estimate has been revised upward, leading to a 36.84% increase in the Zacks Consensus Estimate for the current quarter [7]. - For the full year, the expected earnings are $1.20 per share, representing a substantial change of +1023.08% from the prior year [8]. - The consensus estimate for the current year has risen by 93.55% due to one upward revision and no negative revisions [9]. Zacks Rank and Performance - Liberty Media Corporation - Liberty Formula One Series A has achieved a Zacks Rank 2 (Buy), indicating favorable estimate revisions and strong analyst agreement [10]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the S&P 500 [11]. - The stock has gained 24.4% over the past four weeks, driven by solid estimate revisions and positive earnings growth prospects [12].

Core Viewpoint - Liberty Media Corporation - Liberty Formula One Series A reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, but down from $0.32 per share a year ago, indicating a significant earnings surprise of 150% [1] - The company posted revenues of $400 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.54% and down from $550 million year-over-year [2] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates two times over the last four quarters [2] - The recent earnings report showed a significant earnings surprise compared to the previous quarter, where a loss of $1.03 was reported against an expected earnings of $0.58, resulting in a surprise of -277.59% [1][2] Group 2: Revenue Insights - Revenue for the quarter was $400 million, which is a decline from $550 million in the same quarter last year [2] - The company has only topped consensus revenue estimates once in the last four quarters [2] Group 3: Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future earnings expectations [3] - Current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $1.11 billion, and for the current fiscal year, it is $0.62 on revenues of $3.78 billion [7] Group 4: Industry Context - The Media Conglomerates industry, to which the company belongs, is currently ranked in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

[First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) [Highlights and Management Commentary](index=1&type=section&id=Highlights%20and%20Management%20Commentary) Liberty Media reported a strong Q1 2025, driven by Formula 1's new commercial partnerships and Live Nation's sustained demand, highlighted by F1 Grand Prix renewals and the 2026 Concorde Commercial Agreement - Management highlights a strong start to 2025, citing exciting racing and new commercial partnerships at Formula 1, and sustained demand for live music pointing to a record year for Live Nation[1](index=1&type=chunk) - Formula 1 renewed its agreement for the Mexico Grand Prix through **2028** and the Miami Grand Prix through **2041**[3](index=3&type=chunk) - New sponsorship deals were secured with Barilla Pasta and PWC as Official Partners[3](index=3&type=chunk) - An agreement was reached with all ten F1 teams on the **2026** Concorde Commercial Agreement[3](index=3&type=chunk)[8](index=8&type=chunk) - The company is working with the European Commission on the regulatory process for the MotoGP acquisition[3](index=3&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) [Formula One Group](index=3&type=section&id=Formula%20One%20Group) Formula One Group's Q1 2025 total revenue decreased to **$447 million** from **$587 million** in Q1 2024, resulting in a **$67 million** operating loss, primarily due to fewer races held in the quarter Formula One Group Financial Summary (Q1 2025 vs Q1 2024) | Metric | 1Q24 (in millions) | 1Q25 (in millions) | | :--- | :--- | :--- | | **Total Revenue** | $587 | $447 | | **Operating Income (Loss)** | $95 | $(67) | | **Adjusted OIBDA** | $202 | $73 | [F1 Operating Results](index=3&type=section&id=F1%20Operating%20Results) F1's revenue declined **27%** to **$403 million** and Adjusted OIBDA dropped **59%** to **$85 million** due to fewer races in Q1 2025, impacting promotion, media, and sponsorship revenue, partially offset by contractual increases and new sponsors F1 Operating Results (Q1 2025 vs Q1 2024) | Metric | 1Q24 (in millions) | 1Q25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Number of races in period | 3 | 2 | - | | **Total Formula 1 revenue** | $553 | $403 | (27)% | | Team payments | $(163) | $(114) | 30% | | **Adjusted OIBDA** | $208 | $85 | (59)% | | **Operating income (loss)** | $136 | $(28) | NM | - The decrease in Primary F1 revenue was driven by having one less race in the quarter, which impacted race promotion, media rights, and sponsorship fees due to a lower proportion of season-based revenue being recognized[10](index=10&type=chunk)[11](index=11&type=chunk) - The decline in media rights revenue was partly offset by contractual fee increases and growth in F1 TV subscriptions. The decline in sponsorship revenue was largely offset by new sponsors and growth from existing contracts[11](index=11&type=chunk) - Selling, general and administrative expenses increased primarily due to higher marketing costs for the **75th** season launch event and increased personnel costs[12](index=12&type=chunk) [Corporate and Other Operating Results](index=6&type=section&id=Corporate%20and%20Other%20Operating%20Results) Corporate and Other revenue increased in Q1 2025, primarily from Quint's NBA and F1 Experiences, with the Las Vegas Grand Prix Plaza generating **$6 million** in rental income - Corporate and Other revenue increased due to Quint's results, which were driven by NBA Experiences and F1 Experiences across the two races held in the quarter[13](index=13&type=chunk) - The Las Vegas Grand Prix Plaza generated **$6 million** in rental income in Q1 2025, compared to **$7 million** in the prior year period[13](index=13&type=chunk) [Liberty Live Group](index=6&type=section&id=Liberty%20Live%20Group) The Liberty Live Group, primarily Live Nation, had a fair value of approximately **$9.1 billion** as of March 31, 2025, and was allocated **$4 million** in corporate SG&A expenses - The fair value of the investment in Live Nation was **$9.1 billion** as of March 31, 2025[3](index=3&type=chunk) - The businesses and assets attributed to Liberty Live Group consist of Liberty Media's interest in Live Nation and other minority investments[15](index=15&type=chunk) - **$4 million** of corporate level selling, general and administrative expense was allocated to Liberty Live Group in Q1 2025[14](index=14&type=chunk) [Capital Management](index=6&type=section&id=Capital%20Management) [Share Repurchases](index=6&type=section&id=Share%20Repurchases) Liberty Media made no common stock repurchases from February 1 to April 30, 2025, retaining **$1.1 billion** in remaining repurchase authorization as of May 1, 2025 - No repurchases of Liberty Media's common stock were made from February 1 through April 30, 2025[16](index=16&type=chunk) - As of May 1, 2025, the total remaining repurchase authorization is **$1.1 billion**[16](index=16&type=chunk) [Supplemental Financial Information](index=8&type=section&id=Supplemental%20Financial%20Information) [Fair Value of Corporate Public Holdings](index=8&type=section&id=Fair%20Value%20of%20Corporate%20Public%20Holdings) Liberty Media's public holdings, primarily its Live Nation investment within the Liberty Live Group, increased slightly from **$9.02 billion** at year-end 2024 to **$9.09 billion** by Q1 2025 Fair Value of Public Holdings (in millions) | Group | 12/31/2024 | 3/31/2025 | | :--- | :--- | :--- | | **Liberty Live Group** | | | | Live Nation Investment | $9,019 | $9,094 | | **Total Liberty Media** | **$9,019** | **$9,094** | [Cash and Debt](index=9&type=section&id=Cash%20and%20Debt) As of March 31, 2025, Formula One Group's cash increased by **$202 million** to **$2.83 billion** with stable debt at **$2.9 billion**, while Liberty Live Group's cash decreased by **$11 million** to **$314 million** with unchanged debt at **$1.15 billion**, improving F1's net leverage to **1.2x** Cash and Debt Summary (as of March 31, 2025) | (amounts in millions) | Formula One Group | Liberty Live Group | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | $2,833 | $314 | | **Total Attributed Debt** | $2,902 | $1,150 | | **F1 Net Leverage** | 1.2x | N/A | - Formula One Group's cash increased by **$202 million** during Q1, driven by cash from operations at F1, partially offset by a **$131 million** payment for the MotoGP acquisition[25](index=25&type=chunk) - Liberty Live Group's cash decreased by **$11 million** in Q1, mainly due to interest payments and corporate overhead[26](index=26&type=chunk) [Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Balance Sheet](index=12&type=section&id=Balance%20Sheet) As of March 31, 2025, Liberty Media reported total consolidated assets of **$13.29 billion** and liabilities of **$6.23 billion**, with the Formula One Group comprising the majority of assets at **$12.09 billion** Consolidated Balance Sheet Highlights (March 31, 2025) | Metric (in millions) | Amount | | :--- | :--- | | Total current assets | $3,667 | | **Total assets** | **$13,285** | | Total current liabilities | $1,446 | | **Total liabilities** | **$6,226** | | **Total equity** | **$7,059** | [Statement of Operations](index=13&type=section&id=Statement%20of%20Operations) For Q1 2025, Liberty Media reported total revenue of **$447 million**, a consolidated operating loss of **$71 million**, and net earnings of **$5 million**, compared to **$587 million** revenue, **$93 million** operating income, and **$203 million** net earnings in Q1 2024 Consolidated Statement of Operations (Q1 2025 vs Q1 2024) | Metric (in millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total revenue** | $447 | $587 | | **Operating income (loss)** | $(71) | $93 | | **Net earnings (loss) attributable to Liberty stockholders** | $5 | $203 | [Statement of Cash Flows](index=15&type=section&id=Statement%20of%20Cash%20Flows) In Q1 2025, Liberty Media generated **$381 million** in net cash from operating activities, used **$181 million** in investing activities (including a **$131 million** acquisition payment), resulting in a **$191 million** net cash increase and **$3.15 billion** total cash at period end Consolidated Statement of Cash Flows (Q1 2025) | Metric (in millions) | Amount | | :--- | :--- | | Net cash provided by operating activities | $381 | | Net cash used by investing activities | $(181) | | Net cash used by financing activities | $(13) | | **Net increase in cash** | **$191** | | **Cash at end of period** | **$3,154** | [Non-GAAP Financial Measures](index=17&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Adjusted OIBDA](index=17&type=section&id=Reconciliation%20of%20Adjusted%20OIBDA) Liberty Media uses Adjusted OIBDA as a key operational indicator, with Formula One Group reporting **$73 million** and Liberty Live Group a **$4 million** loss for Q1 2025 Adjusted OIBDA Reconciliation (Q1 2025) | (amounts in millions) | Formula One Group | Liberty Live Group | | :--- | :--- | :--- | | **Operating income (loss)** | **$(67)** | **$(4)** | | Depreciation and amortization | 77 | — | | Stock compensation expense | 2 | — | | Acquisition costs | 11 | — | | Concorde incentive payments | 50 | — | | **Adjusted OIBDA** | **$73** | **$(4)** | - Adjusted OIBDA is defined as operating income plus depreciation & amortization, stock-based compensation, litigation settlements, Concorde incentive payments, and restructuring/acquisition charges[42](index=42&type=chunk)

[Part I — Financial Information](index=3&type=section&id=Part%20I%20%E2%80%94%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Liberty Media Corporation and its subsidiaries for the quarterly period ended March 31, 2025, including balance sheets, statements of operations, comprehensive earnings, cash flows, and equity, along with notes detailing accounting policies and significant events like the Liberty Sirius XM Holdings discontinued operation presentation [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to **$13.285 billion** from **$12.948 billion** at year-end 2024, primarily driven by increases in cash and cash equivalents and deferred revenue, while total liabilities rose to **$6.226 billion** from **$5.897 billion**, and total equity remained relatively stable at **$7.059 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$13,285** | **$12,948** | | Cash and cash equivalents | $3,147 | $2,956 | | Total current assets | $3,667 | $3,347 | | Goodwill | $4,134 | $4,134 | | **Total Liabilities** | **$6,226** | **$5,897** | | Deferred revenue | $1,009 | $267 | | Long-term debt | $4,534 | $4,522 | | **Total Equity** | **$7,059** | **$7,051** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total revenue significantly decreased to **$447 million** from **$587 million** in the prior-year period, primarily due to lower Formula 1 revenue, resulting in an operating loss of **$71 million**, a reversal from an operating income of **$93 million** in Q1 2024, with net earnings from continuing operations at **$5 million**, comparable to **$4 million** in the prior year, aided by gains on financial instruments Q1 2025 vs Q1 2024 Statement of Operations (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $447 | $587 | | Operating Income (Loss) | $(71) | $93 | | Net Earnings (Loss) from Continuing Operations | $5 | $4 | | Net Earnings (Loss) Attributable to Liberty Stockholders | $5 | $203 | Diluted EPS from Continuing Operations | Stock Group | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Liberty Formula One | $0.05 | $0.32 | | Liberty Live | $(0.18) | $(0.79) | [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20%28Loss%29) Comprehensive earnings attributable to Liberty stockholders for Q1 2025 was **$10 million**, a decrease from **$133 million** in Q1 2024, comprising **$5 million** in net earnings and **$5 million** in other comprehensive earnings, primarily from foreign currency translation adjustments and share of affiliate's OCI, offset by losses on credit risk for fair value debt Comprehensive Earnings (Loss) (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Earnings (Loss) | $5 | $245 | | Other Comprehensive Earnings (Loss) from Continuing Operations | $5 | $(30) | | Comprehensive Earnings (Loss) Attributable to Liberty Stockholders | $10 | $133 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first three months of 2025, net cash provided by operating activities was **$381 million**, a significant increase from **$131 million** in the prior-year period, while net cash used in investing activities was **$181 million**, mainly for acquisitions, and net cash used in financing activities was **$13 million**, resulting in a net increase in cash of **$191 million** for the period Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $381 | $131 | | Net Cash from Investing Activities | $(181) | $(296) | | Net Cash from Financing Activities | $(13) | $(9) | | Net Increase (Decrease) in Cash | $191 | $(337) | [Condensed Consolidated Statements of Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity increased slightly from **$7.051 billion** at the start of the year to **$7.059 billion** as of March 31, 2025, primarily driven by **$5 million** in net earnings and **$5 million** in other comprehensive earnings, with minor impacts from stock-based compensation and other adjustments Reconciliation of Total Equity (in millions) | Description | Amount | | :--- | :--- | | Balance at January 1, 2025 | $7,051 | | Net earnings (loss) | $5 | | Other comprehensive earnings (loss) | $5 | | Stock-based compensation & other | $(2) | | **Balance at March 31, 2025** | **$7,059** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the basis of presentation, significant accounting policies, and key corporate events, including the accounting for the Liberty Sirius XM Holdings Split-Off as a discontinued operation, the structure of the Formula One and Liberty Live tracking stocks, a planned split-off of the Liberty Live Group, and the pending acquisition of Dorna Sports, along with detailed breakdowns of debt, financial instruments, segment performance, and commitments like the Formula 1 Concorde Agreement - The company is primarily engaged in the media and entertainment industries, with its most significant subsidiary being Formula 1 and its most significant equity method investment being Live Nation Entertainment, Inc[32](index=32&type=chunk) - On September 9, 2024, the company completed the split-off of Liberty Sirius XM Holdings, which is now presented as a discontinued operation[33](index=33&type=chunk)[45](index=45&type=chunk) - The company has agreed to acquire approximately **86%** of Dorna Sports, S.L. for about **€3.0 billion**, with the closing date extended to June 30, 2025, to accommodate a Phase II regulatory investigation[37](index=37&type=chunk) - The company announced a plan to split-off the Liberty Live Group, which would make Liberty Live Holdings, Inc. a separate public company and the remaining Liberty Formula One common stock would no longer be a tracking stock[59](index=59&type=chunk)[61](index=61&type=chunk) - In March 2025, Formula 1 paid a one-time incentive of **$50 million** to the 10 competing teams for signing the 2026 Concorde Commercial Agreement, which covers the 2026-2030 seasons[111](index=111&type=chunk) Reconciliation of Adjusted OIBDA to Pre-Tax Earnings (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Adjusted OIBDA** | **$69** | **$201** | | Concorde incentive payments | $(50) | — | | Acquisition costs | $(11) | $(9) | | Stock-based compensation | $(2) | $(13) | | Depreciation and amortization | $(77) | $(86) | | **Operating income (loss)** | **$(71)** | **$93** | | Interest expense | $(55) | $(62) | | Share of earnings (losses) of affiliates, net | $1 | $(24) | | Realized and unrealized gains (losses) on financial instruments, net | $65 | $(21) | | Other, net | $36 | $21 | | **Earnings (loss) from continuing operations before income taxes** | **$(24)** | **$7** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial results and condition, detailing the performance of its operating segments, primarily Formula 1, attributing the decline in Q1 revenue and profitability to the timing of races, and covering the company's tracking stock structure, recent and planned corporate actions, liquidity, capital resources, and an analysis of other income and expense items [Overview](index=28&type=section&id=MD%26A%20Overview) Management provides an overview of the company's structure, which includes the Formula One Group and the Liberty Live Group tracking stocks following the 2024 split-off of Liberty SiriusXM, with the Formula One Group holding the Formula 1 business and QuintEvents, and the Liberty Live Group holding the investment in Live Nation, while key strategic initiatives include the pending acquisition of Dorna and a planned split-off of the Liberty Live Group - The Formula One Group, as of March 31, 2025, includes Formula 1, QuintEvents, and had cash of approximately **$2.833 billion**[140](index=140&type=chunk) - The Liberty Live Group, as of March 31, 2025, is primarily comprised of the interest in Live Nation and had cash of approximately **$314 million**[141](index=141&type=chunk) - The company is pursuing a split-off of the Liberty Live Group, which would result in two separate publicly traded companies: Liberty Media Corporation (holding Formula One) and Liberty Live Holdings, Inc[145](index=145&type=chunk) [Results of Operations—Consolidated](index=30&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) Consolidated revenue for Q1 2025 decreased by **$140 million** year-over-year, driven by lower revenue at Formula 1, leading to a consolidated operating loss of **$71 million** compared to a **$93 million** income in the prior year, and consolidated Adjusted OIBDA fell to **$69 million** from **$201 million**, also primarily due to Formula 1's results Consolidated Revenue by Group (in millions) | Group | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Formula One Group | $447 | $587 | | **Consolidated Liberty** | **$447** | **$587** | Consolidated Adjusted OIBDA by Group (in millions) | Group | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Formula One Group | $73 | $202 | | Liberty Live Group | $(4) | $(1) | | **Consolidated Liberty** | **$69** | **$201** | Reconciliation of Operating Income (Loss) to Adjusted OIBDA (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating income (loss) | $(71) | $93 | | Depreciation and amortization | $77 | $86 | | Stock-based compensation | $2 | $13 | | Acquisition costs | $11 | $9 | | Concorde incentive payments | $50 | — | | **Adjusted OIBDA** | **$69** | **$201** | [Other Income and Expense](index=33&type=section&id=Other%20Income%20and%20Expense) Total other income was **$47 million** in Q1 2025, a significant shift from an **$86 million** expense in Q1 2024, driven by a **$65 million** net gain on financial instruments, compared to a **$21 million** loss previously, primarily from foreign currency forward contracts and changes in fair value of debt, with share of earnings from affiliates also improving, contributing **$1 million** versus a **$24 million** loss in the prior year Components of Other Income (Expense) (in millions) | Component | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Interest expense | $(55) | $(62) | | Share of earnings (losses) of affiliates, net | $1 | $(24) | | Realized and unrealized gains (losses) on financial instruments, net | $65 | $(21) | | Other, net | $36 | $21 | | **Total Other Income (Expense)** | **$47** | **$(86)** | - The gain on financial instruments was primarily driven by a **$108 million** gain on foreign currency forward contracts, partially offset by a **$35 million** loss on interest rate swaps[156](index=156&type=chunk) [Material Changes in Financial Condition](index=34&type=section&id=Material%20Changes%20in%20Financial%20Condition) As of March 31, 2025, the company held **$2.833 billion** in cash at the Formula One Group and **$314 million** at the Liberty Live Group, with cash from operations being a primary source of liquidity during the quarter, and the main use of cash being a **$131 million** extension payment for the Dorna acquisition, while the company remains in compliance with all debt covenants and believes it has sufficient liquidity for future needs Cash and Cash Equivalents by Group as of March 31, 2025 (in millions) | Group | Cash and Cash Equivalents | | :--- | :--- | | **Formula One Group** | **$2,833** | | Formula 1 | $1,547 | | Corporate and other | $1,286 | | **Liberty Live Group** | **$314** | - During Q1 2025, Formula 1 distributed **$131 million** to Liberty, and as of March 31, 2025, Liberty had **$400 million** available under its margin loan secured by Live Nation shares[163](index=163&type=chunk) Cash Flow by Group (in millions) | Cash Flow Activity | Formula One Group | Liberty Live Group | | :--- | :--- | :--- | | Operating Activities | $391 | $(10) | | Investing Activities | $(180) | $(1) | | Financing Activities | $(13) | $— | [Results of Operations—Businesses (Formula 1)](index=36&type=section&id=Results%20of%20Operations%E2%80%94Businesses) Formula 1's financial performance declined in Q1 2025 compared to Q1 2024, primarily because there were only two races held in the quarter versus three in the prior-year period, with total revenue falling to **$403 million** from **$553 million**, Adjusted OIBDA decreasing to **$85 million** from **$208 million**, and the business posting an operating loss of **$28 million**, which includes a **$50 million** Concorde incentive payment, compared to an operating income of **$136 million** in Q1 2024 Formula 1 Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Formula 1 revenue | $403 | $553 | | Adjusted OIBDA | $85 | $208 | | Operating income (loss) | $(28) | $136 | | Number of Events | 2 | 3 | - Primary Formula 1 revenue decreased by **$144 million** due to recognizing revenue from one less event and a different mix of events compared to the prior year[173](index=173&type=chunk) - Cost of Formula 1 revenue decreased by **$44 million**, mainly due to lower team payments which are recognized pro-rata across the events on the calendar[176](index=176&type=chunk)[177](index=177&type=chunk) - Selling, general and administrative expenses increased by **$17 million**, primarily due to higher marketing costs for the 75th season launch event and increased personnel costs[179](index=179&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risk from changes in stock prices and interest rates, with interest rate risk managed through a mix of fixed and variable rate debt and the use of interest rate swaps, and as of March 31, 2025, the majority of the company's debt was fixed rate, while stock price risk arises from significant holdings in publicly traded securities, including its equity method investment in Live Nation, which is not carried at fair value on the balance sheet Debt Structure as of March 31, 2025 (Principal in millions) | Group | Variable Rate Debt | Fixed Rate Debt | | :--- | :--- | :--- | | Formula One Group | $176 | $2,726 | | Liberty Live Group | NA | $1,150 | - The company is exposed to stock price volatility through its investment in Live Nation, where a hypothetical **10%** decrease in Live Nation's stock price at March 31, 2025 would have reduced its aggregate value by **$909 million**[184](index=184&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and principal financial officer, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025, with no material changes occurring during the quarter that affected, or are reasonably likely to materially affect, the company's internal control over financial reporting - Based on an evaluation as of the end of the reporting period, the CEO and principal financial officer concluded that the company's disclosure controls and procedures were effective[185](index=185&type=chunk) - There were no material changes to the company's internal control over financial reporting during the first quarter of 2025[186](index=186&type=chunk) [Part II — Other Information](index=39&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the company's Annual Report on Form 10-K for the year ended December 31, 2024, for a description of legal proceedings and directs the reader to Note 9 of the condensed consolidated financial statements in this report for any updates - For information on legal proceedings, the report refers to the 2024 Form 10-K and Note 9 of the current financial statements for any changes[187](index=187&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to its risk factors from the 2024 Annual Report, except for two specific risk factors that have been replaced, relating to the adverse effects of foreign currency fluctuations on Formula 1's profitability and the potential for weak economic conditions to reduce consumer discretionary spending on the company's products and events - The risk factor concerning fluctuations in the U.S. dollar against other currencies has been updated, highlighting that an appreciation of the dollar could increase costs for Formula 1's counterparties and affect profitability[190](index=190&type=chunk) - The risk factor regarding weak economic conditions has been updated to include the impacts of inflation, higher interest rates, and trade tariffs, which could reduce discretionary consumer spending on live-entertainment and sporting events[191](index=191&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activity, noting that no shares of Liberty Formula One or Liberty Live common stock were repurchased during the three months ended March 31, 2025, and approximately **$1.1 billion** remains available under its authorized share repurchase program - No repurchases of Liberty Formula One or Liberty Live common stock were made during the first quarter of 2025[193](index=193&type=chunk) - As of March 31, 2025, approximately **$1.1 billion** was available for future share repurchases under the existing program[193](index=193&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) The company reports that none of its directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the fiscal quarter ended March 31, 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025[195](index=195&type=chunk) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including a 3rd Amendment Agreement, officer certifications, and XBRL data files List of Filed Exhibits | Exhibit No. | Name | | :--- | :--- | | 10.1 | 3rd Amendment Agreement, dated March 29, 2025... | | 31.1 | Rule 13a-14(a)/15d-14(a) Certification | | 31.2 | Rule 13a-14(a)/15d-14(a) Certification | | 32 | Section 1350 Certification | | 99.1 | Unaudited Attributed Financial Information for Tracking Stock Groups | | 101 | Inline XBRL Documents |