Group 1 - Liberty's Annual Investor Day is taking place in Las Vegas, coinciding with the third Las Vegas Grand Prix, highlighting the company's connection to the entertainment industry [1] - The agenda includes presentations from Liberty Media executives, followed by discussions on Formula One, MotoGP, and Quint, concluding with remarks from Chairman John Malone and a Q&A session [2]

Nov 13, 2025 8:15 AM Eastern Standard Time Liberty Media Corporation Updates Start Time for Annual Investor Meeting Share ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation ("Liberty Media†) (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) is updating the start time of its annual Investor Meeting on Thursday, November 20, 2025 with presentations via webcast now beginning at approximately 9:00am P.T. and concluding at 11:30am P.T. During the Investor Meeting, observations may be made regarding the company's ...

Revenue Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8] - MotoGP generated $169 million in revenue for Q3 2025, reflecting the impact of the acquisition completed on July 3, 2025[8] - Formula 1's primary revenue decreased by 3% to $738 million in Q3 2025, attributed to one less race compared to the previous year[11] - Total motorsport revenue for Formula 1 increased by 9% to $2,498 million for the nine months ended September 30, 2025, compared to $2,285 million for the same period in 2024[11] - Total revenue for the three months ended September 30, 2025, was $1,085 million, an increase from $911 million in the same period of 2024, representing a growth of approximately 19.1%[45][47] Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group increased to $297 million in Q3 2025, up 43% from $207 million in Q3 2024[8] - Operating income for Formula One Group rose to $158 million in Q3 2025, compared to $110 million in Q3 2024, marking a 43% increase[8] - Operating income for the three months ended September 30, 2025, was $149 million, compared to $107 million in the same period of 2024, reflecting an increase of about 39.3%[45][47] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and by 3% to $150 million for the nine months ended September 30, 2025[20] - Operating income for the three months ended September 30, 2025, was $28 million, a decline of 22% compared to $36 million in the same period of 2024[20] Cash Flow and Assets - Cash flows from operating activities for the nine months ended September 30, 2025, were $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of about 40.3%[49][51] - Total cash and cash equivalents attributed to Formula One Group decreased by $1,849 million during the third quarter of 2025, primarily due to the acquisition of MotoGP[35] - Cash provided by operating activities was $587 million, while cash used in investing activities was $(277) million, resulting in a net cash increase of $1,265 million[52] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $3,061 million[52] - Cash and cash equivalents at the end of the period on September 30, 2025, were $1,588 million, a decrease from $2,963 million at the end of the same period in 2024, indicating a decline of approximately 46.5%[49][51] Debt and Liabilities - Total attributed Liberty Media Corporation debt increased from $4,799 million to $7,037 million as of September 30, 2025[32] - MotoGP leverage was reported at 5.6x as of September 30, 2025, reflecting the impact of the acquisition[32] - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34] - Total liabilities as of September 30, 2025, were $9,731 million, compared to $7,736 million in the same period of 2024, reflecting an increase of about 25.8%[42][46] Earnings and Expenses - Net earnings attributable to Liberty stockholders for the three months ended September 30, 2025, were $13 million, a decrease from $117 million in the same period of 2024, indicating a decline of approximately 88.9%[45][47] - Interest expense for the three months ended September 30, 2025, was $86 million, compared to $62 million in the same period of 2024, representing an increase of approximately 38.7%[45][47] - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024, indicating a significant increase in acquisition-related expenses[45][47] - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49] - Depreciation and amortization expenses were $88 million for Q3 2024 and $118 million for Q3 2025[56] Company Developments - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, which will create a separate public company[5] - Liberty Media's investment in Live Nation was valued at $11.4 billion as of September 30, 2025[1] - The number of races held year-to-date through the third quarter of 2025 was 17, compared to 15 in the same period of 2024[22] - MotoGP's operating results indicate record attendance and growth in TV viewership and digital engagement, highlighting the brand's momentum[19] - Other MotoGP revenue decreased by 4% to $22 million for the three months ended September 30, 2025, but increased by 11% to $52 million for the nine months ended September 30, 2025[20] Stock Compensation - Stock compensation expense decreased from $6 million in Q3 2024 to $7 million in Q3 2025[56]

Financial Position - As of September 30, 2025, the Formula One Group had cash and cash equivalents of approximately $1,291 million, including $825 million of subsidiary cash[164] - The Liberty Live Group had cash and cash equivalents of approximately $297 million as of September 30, 2025[165] - As of September 30, 2025, Liberty's total cash and cash equivalents amounted to $1,291 million for Formula One Group and $297 million for Liberty Live Group[187][188] - As of September 30, 2025, substantially all cash and cash equivalents were invested in highly rated financial instruments, indicating a strong liquidity position[184] - During the nine months ended September 30, 2025, Formula One Group generated $813 million in cash from operating activities, while Liberty Live Group used $28 million[188] - Liberty expects to fund its projected uses of cash through cash on hand, borrowing capacity, and distributions from operating subsidiaries[190] Acquisitions and Corporate Structure - The Company acquired approximately 84% of the equity interests in Dorna Sports, S.L. (MotoGP) on July 3, 2025, making it a consolidated subsidiary[157] - The Liberty Live Split-Off is expected to be completed on December 15, 2025, and is intended to be tax-free to stockholders[167] - The Liberty Sirius XM Holdings Split-Off was completed on September 9, 2024, exchanging each share of Liberty SiriusXM common stock for 0.8375 of a share of Liberty Sirius XM Holdings common stock[161] - The Company is pursuing a plan to split off the Liberty Live Group, which will involve reattributing assets and cash from the Formula One Group[167] - The reclassification of common stock into three new tracking stocks occurred on August 3, 2023, affecting the attribution of businesses, assets, and liabilities[160] - Liberty acquired approximately 84% of MotoGP's equity interests on July 3, 2025, consolidating results from that date[211] Revenue and Earnings - Consolidated revenue increased by $174 million (19.1%) and $387 million (15.6%) for the three and nine months ended September 30, 2025, respectively, driven by increases in Formula 1 revenue and MotoGP revenue from its acquisition in July 2025[169] - Formula One Group's primary revenue for the nine months ended September 30, 2025, increased by $129 million to $2,089 million compared to the same period in 2024[195][196] - Other revenue for Formula One increased by $84 million during the nine months ended September 30, 2025, driven by higher hospitality revenue and growth in licensing income[200] - MotoGP's total motorsport revenue for the three months ended September 30, 2025, was $169 million, unchanged from the prior year, while for the nine months it increased to $417 million from $371 million[214] - Primary revenue for MotoGP increased by $1 million (0.7%) in Q3 2025 compared to Q3 2024, and by $41 million (12.7%) for the nine months ended September 30, 2025, primarily due to additional events and favorable currency exchange rates[215] Operating Performance - Consolidated operating income increased by $42 million (39.3%) and $94 million (36.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to improvements in Formula 1's operating results and the acquisition of MotoGP[170] - Adjusted OIBDA increased by $84 million (40.9%) and $152 million (26.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to increases in Formula 1's Adjusted OIBDA and the acquisition of MotoGP[174] - Formula 1's operating income for the nine months ended September 30, 2025, was $433 million, an increase from $366 million in the prior year[195] - MotoGP's operating income for Q3 2025 was $28 million, down from $36 million in Q3 2024, while for the nine months it decreased to $41 million from $44 million[214] Expenses and Costs - Stock-based compensation expense was $18 million for the nine months ended September 30, 2025, down from $27 million in the same period of 2024[172] - Acquisition costs related to corporate acquisitions were $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024[173] - Interest expense increased by $24 million (38.7%) and $14 million (7.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to an increase in the average amount of debt outstanding[177] - Selling, general and administrative expenses increased by $33 million during the nine months ended September 30, 2025, primarily due to higher marketing costs and personnel expenses[207] - Selling, general and administrative expenses rose by $2 million (11.8%) in Q3 2025 and by $13 million (32.5%) for the nine months, primarily due to higher personnel costs[222] - Cost of motorsport revenue increased by $5 million (6.3%) in Q3 2025 and by $37 million (20.9%) for the nine months, mainly due to additional MotoGP events and unfavorable currency exchange rates[221] Tax and Financial Risks - The effective income tax rate for the three months ended September 30, 2025, was 43%, significantly higher than the expected federal tax rate of 21% due to non-deductible expenses[182] - The company does not have a debt rating, which may impact its borrowing costs and financial flexibility[186] - The company is exposed to market risks including interest rates and foreign currency exchange rates, with a significant portion of its debt being variable rate[224][225] - A 10% change in the Euro/U.S. dollar exchange rate would impact MotoGP's reported revenue by approximately $17 million[228] Market and Competitive Environment - The Company faces various risks including economic conditions, competition, and regulatory challenges that could impact its operations and financial performance[156] - MotoGP's 2025 Championship calendar is scheduled to consist of 22 events, an increase from 20 events in 2024[210] - MotoGP's revenue in constant currency decreased by 4.7% for Q3 2025, while it grew by 8.9% for the nine months, indicating the impact of currency fluctuations[219]

Core Insights - Liberty Media Corporation reported its financial results for the third quarter of 2025, highlighting significant performance metrics and strategic developments [1] Financial Performance - The company achieved a revenue of $X billion in Q3 2025, representing a Y% increase compared to the same period last year [1] - Operating income for the quarter was reported at $Z million, reflecting a growth of A% year-over-year [1] - Net income attributable to Liberty Media was $B million, which is an increase of C% from Q3 2024 [1] Strategic Developments - Liberty Media announced key initiatives aimed at enhancing shareholder value, including potential mergers and acquisitions [1] - The company is focusing on expanding its digital media presence, which is expected to drive future growth [1] - Investments in technology and content creation are prioritized to strengthen competitive positioning in the market [1]

ENGLEWOOD, Colo.--(BUSINESS WIRE)--John C. Malone to Transition to Chairman Emeritus of Liberty Media Corporation; Robert R. Bennett to Succeed Malone as Chairman of Board of Directors. ...

Core Points - Liberty Media Corporation has announced a virtual special meeting of stockholders related to the split-off of Liberty Live Group [1] Group 1 - The special meeting will address matters concerning the split-off of Liberty Live Group [1]

Group 1 - Liberty Media has seen significant developments with the appointment of a new CEO and the successful acquisition of MotoGP [1] - Collaboration with Apple to promote the F1 movie has proven to be highly successful, indicating strong brand synergy and marketing potential [1] Group 2 - The new CEO's top priorities over the past six months include focusing on the growth of both Formula 1 and MotoGP properties [2] - Looking ahead, the CEO aims to enhance Liberty Media as a whole, particularly through initiatives like Liberty Live [2]

Group 1 - Formula One is celebrating its 75th anniversary, indicating the time required to establish a truly global racing league [1] - Moto GP, a sibling series to Formula One, has been in existence since 1949, one year prior to the inaugural F1 race at Silverstone in the UK [1] Group 2 - The article reflects a long-term investment perspective, emphasizing the importance of knowledge accumulation and strategic thinking in investment [1]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Liberty Media's strategic progress, including the MotoGP acquisition, Liberty Live split-off, and strong financial performance of Formula 1, alongside key achievements [CEO Statement & Strategic Priorities](index=1&type=section&id=CEO%20Statement%20%26%20Strategic%20Priorities) Liberty Media's President & CEO, Derek Chang, highlighted significant progress on strategic priorities, including the acquisition of MotoGP, advancement of the Liberty Live split-off, and continued strong financial and operating results for Formula 1 - Liberty Media made excellent progress on stated priorities: completing the MotoGP acquisition, advancing the split-off of Liberty Live, and achieving excellent financial and operating results at Formula 1[1](index=1&type=chunk) - Formula 1's global strength drives commercial momentum and financial success, evidenced by new partners and record fan engagement[1](index=1&type=chunk) - The company is thrilled to begin its partnership with the MotoGP management team, working to support strategic direction and accelerate growth[1](index=1&type=chunk) [Key Achievements](index=1&type=section&id=Key%20Achievements) Key achievements include the completion of the MotoGP acquisition, significant renewals and new partnerships for Formula 1, the successful global release of the F1 movie, and progress towards the Liberty Live Group split-off - Formula One Group completed the acquisition of MotoGP on **July 3rd**[2](index=2&type=chunk) - Formula One Group renewed agreements with the Canadian Grand Prix (through **2035**) and Austrian Grand Prix (through **2041**), secured PepsiCo as a new Official Partner (through **2030**), and extended its Global Partnership with MSC Cruises (through **2030**)[2](index=2&type=chunk) - The F1 The Movie opened globally on **June 27th** and became Apple's highest-grossing film ever[2](index=2&type=chunk) - Liberty Live Group's fair value of Live Nation investment was **$10.5 billion** as of **June 30th**, and the split-off is expected to complete in **Q4 2025**[2](index=2&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) This section details the completion of Liberty Media's acquisition of Dorna Sports, S.L. (MotoGP), outlining ownership structure and consolidation timing [MotoGP Acquisition](index=3&type=section&id=MotoGP%20Acquisition) Liberty Media completed the acquisition of Dorna Sports, S.L. (MotoGP) on July 3, 2025, gaining approximately 84% ownership, with financial results to be consolidated going forward. The initial accounting for the acquisition is not reflected in the current financial results due to timing - Liberty Media completed the acquisition of Dorna Sports, S.L. (MotoGP) on **July 3, 2025**[4](index=4&type=chunk) - Liberty Media owns approximately **84%** of MotoGP, with MotoGP management retaining **16%**[4](index=4&type=chunk) - MotoGP's financial results will be consolidated from the acquisition date, but initial accounting is not reflected in the reported **Q2 2025** results[4](index=4&type=chunk) [Financial Results - Formula One Group](index=3&type=section&id=Financial%20Results%20-%20Formula%20One%20Group) This section presents the consolidated financial performance of the Formula One Group, including detailed operating results for F1 and the Corporate and Other segments [Formula One Group Consolidated Financials](index=3&type=section&id=Formula%20One%20Group%20Consolidated%20Financials) The Formula One Group reported significant growth in Q2 2025, with total revenue increasing by 35.7% and operating income by 374.6% compared to Q2 2024. Adjusted OIBDA also saw substantial growth, up 123.6% for the quarter Formula One Group Financial Results (Q2 and H1 2025 vs. 2024) (amounts in millions) | Formula One Group | Three months ended June 30, 2024 (millions) | Three months ended June 30, 2025 (millions) | Six months ended June 30, 2024 (millions) | Six months ended June 30, 2025 (millions) | | :------------------ | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | **Revenue** | | | | | | Formula 1 | $871 | $1,226 | $1,424 | $1,629 | | Corporate and other | $141 | $145 | $185 | $198 | | Intergroup elimination | $(24) | $(30) | $(34) | $(39) | | **Total Revenue** | **$988** | **$1,341** | **$1,575** | **$1,788** | | **Operating Income (Loss)** | | | | | | Formula 1 | $84 | $293 | $220 | $265 | | Corporate and other | $(25) | $(13) | $(66) | $(52) | | **Total Operating Income (Loss)** | **$59** | **$280** | **$154** | **$213** | | **Adjusted OIBDA (Loss)** | | | | | | Formula 1 | $160 | $361 | $368 | $446 | | Corporate and other | $5 | $8 | $(1) | $(4) | | **Total Adjusted OIBDA (Loss)** | **$165** | **$369** | **$367** | **$442** | - Formula One Group's total revenue increased by **$353 million (35.7%)** in **Q2 2025** compared to **Q2 2024**[7](index=7&type=chunk) - Formula One Group's total operating income increased by **$221 million (374.6%)** in **Q2 2025** compared to **Q2 2024**[7](index=7&type=chunk) - Formula One Group's total Adjusted OIBDA increased by **$204 million (123.6%)** in **Q2 2025** compared to **Q2 2024**[7](index=7&type=chunk) [F1 Operating Results](index=3&type=section&id=F1%20Operating%20Results) F1's operating results showed strong growth in Q2 2025, driven by an additional race, contractual fee increases, new sponsors, and growth in F1 TV subscriptions and hospitality. Operating income surged by 249% and Adjusted OIBDA by 126% for the quarter Formula 1 Operating Results (Q2 and H1 2025 vs. 2024) (amounts in millions) | Formula 1 | Three months ended June 30, 2024 (millions) | Three months ended June 30, 2025 (millions) | % Change 2024 | Six months ended June 30, 2024 (millions) | Six months ended June 30, 2025 (millions) | % Change | | :------------------------------------------------ | :------------------------------------------ | :------------------------------------------ | :------------ | :---------------------------------------- | :---------------------------------------- | :------- | | Number of races in period | 8 | 9 | | 11 | 11 | | | Primary Formula 1 revenue | $739 | $1,032 | 40 % | $1,202 | $1,351 | 12 % | | Other Formula 1 revenue | $132 | $194 | 47 % | $222 | $278 | 25 % | | **Total Formula 1 revenue** | **$871** | **$1,226** | **41 %** | **$1,424** | **$1,629** | **14 %** | | Operating expenses (excluding stock-based compensation): | | | | | | | | Team payments, excluding Concorde incentive payments | $(435) | $(513) | (18)% | $(598) | $(627) | (5)% | | Other cost of Formula 1 revenue | $(210) | $(274) | (30)% | $(333) | $(402) | (21)% | | Cost of Formula 1 revenue, excluding Concorde incentive payments | $(645) | $(787) | (22)% | $(931) | $(1,029) | (11)% | | Selling, general and administrative expenses | $(66) | $(78) | (18)% | $(125) | $(154) | (23)% | | **Adjusted OIBDA** | **$160** | **$361** | **126 %** | **$368** | **$446** | **21 %** | | Concorde incentive payments | — | — | NM | — | $(50) | NM | | Stock-based compensation | $(1) | — | NM | $(1) | — | NM | | Depreciation and Amortization | $(75) | $(68) | 9 % | $(147) | $(131) | 11 % | | **Operating income (loss)** | **$84** | **$293** | **249 %** | **$220** | **$265** | **20 %** | - F1's total revenue increased by **41%** in **Q2 2025**, driven by an additional race (**9 vs. 8** in **Q2 2024**) and contractual increases across all primary revenue streams[11](index=11&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) - F1 Operating Income increased by **249%** to **$293 million** in **Q2 2025**, and Adjusted OIBDA increased by **126%** to **$361 million**[11](index=11&type=chunk) [F1 Revenue Analysis](index=5&type=section&id=F1%20Revenue%20Analysis) This section analyzes the drivers of F1 revenue growth in Q2 and H1 2025, including primary revenue streams, hospitality, and licensing income - Primary F1 revenue, comprising race promotion, media rights, and sponsorship fees, increased by **40%** in **Q2 2025** due to calendar variance (additional race), contractual increases, new sponsors, and growth in F1 TV subscriptions[12](index=12&type=chunk)[14](index=14&type=chunk) - Other F1 revenue increased by **47%** in **Q2 2025**, primarily due to higher hospitality and experiences revenue (Paddock Club growth, additional event) and growth in licensing income[14](index=14&type=chunk) - For the six months ended **June 30, 2025**, Primary F1 revenue grew **12%** and Other F1 revenue grew **25%**, with growth across all revenue streams, including new sponsors, F1 TV subscriptions, and higher freight income[15](index=15&type=chunk) [Operating Income & Adjusted OIBDA Analysis](index=5&type=section&id=Operating%20Income%20%26%20Adjusted%20OIBDA%20Analysis) This section details the factors influencing F1's operating expenses, including team payments, cost of revenue, and selling, general, and administrative expenses - Team payments increased in both **Q2** and **H1 2025** due to the pro rata recognition of expected higher team payments for the full year[16](index=16&type=chunk) - Other cost of F1 revenue increased due to higher freight costs (different event order), increased commissions and partner servicing costs, higher Paddock Club costs, new sponsor servicing costs, and F1 TV delivery costs[16](index=16&type=chunk) - Selling, general and administrative expenses increased primarily due to higher personnel and marketing expenses, including costs for the **75th season launch event**[16](index=16&type=chunk) [Corporate and Other Operating Results](index=7&type=section&id=Corporate%20and%20Other%20Operating%20Results) The Corporate and Other segment's revenue increased in Q2 2025, primarily driven by Quint's results from F1 Experiences and the Kentucky Derby. Rental income from Grand Prix Plaza in Las Vegas remained stable - Corporate and Other revenue increased in **Q2 2025** due to Quint results, primarily from F1 Experiences across nine races and the Kentucky Derby[17](index=17&type=chunk) - Grand Prix Plaza in Las Vegas generated **$6 million** in rental income in both **Q2 2025** and **Q2 2024**[17](index=17&type=chunk) - Quint's revenue is seasonal, with its largest events generally occurring in the **second and fourth quarters**[17](index=17&type=chunk) [Financial Results - Liberty Live Group](index=9&type=section&id=Financial%20Results%20-%20Liberty%20Live%20Group) This section provides an overview of the Liberty Live Group's financial allocation and primary assets, including its interest in Live Nation [Liberty Live Group Overview](index=9&type=section&id=Liberty%20Live%20Group%20Overview) Liberty Live Group was allocated $7 million in corporate level selling, general and administrative expense in Q2 2025. Its assets primarily consist of Liberty Media's interest in Live Nation and other minority investments - Liberty Live Group was allocated **$7 million** of corporate level selling, general and administrative expense in **Q2 2025**[18](index=18&type=chunk) - The businesses and assets attributed to Liberty Live Group consist primarily of Liberty Media's interest in Live Nation and other minority investments[19](index=19&type=chunk) [Capital Structure & Liquidity](index=9&type=section&id=Capital%20Structure%20%26%20Liquidity) This section outlines Liberty Media's share repurchase activities, cash and debt positions for Formula One and Liberty Live Groups, and compliance with debt covenants [Share Repurchases](index=9&type=section&id=Share%20Repurchases) Liberty Media did not repurchase any common stock between May 1 and July 31, 2025. The company retains a remaining repurchase authorization of $1.1 billion - There were no repurchases of Liberty Media's common stock from **May 1** through **July 31, 2025**[20](index=20&type=chunk) - The total remaining repurchase authorization for Liberty Media as of **August 1, 2025**, is **$1.1 billion**[20](index=20&type=chunk) [Cash and Debt](index=10&type=section&id=Cash%20and%20Debt) Formula One Group's cash and cash equivalents increased by $307 million in Q2 2025, primarily from F1 operations and derivative settlements, while its debt remained relatively flat. Liberty Live Group's cash decreased slightly due to interest payments and corporate overhead, with debt remaining flat. Both Liberty Media and F1 are in compliance with their debt covenants Cash and Debt (amounts in millions) | (amounts in millions) | 3/31/2025 | 6/30/2025 | | :------------------------------------------ | :-------- | :-------- | | **Cash and Cash Equivalents Attributable to:** | | | | Formula One Group | $2,833 | $3,140 | | Liberty Live Group | $314 | $308 | | **Total Consolidated Cash and Cash Equivalents (GAAP)** | **$3,147** | **$3,448** | | **Debt:** | | | | Total Attributed Formula One Group Debt (GAAP) | $2,982 | $3,030 | | Formula 1 leverage | 1.2x | 0.7x | | Total Attributed Liberty Live Group Debt (GAAP) | $1,582 | $1,769 | | **Total Liberty Media Corporation Debt (GAAP)** | **$4,564** | **$4,799** | - Total cash and cash equivalents attributed to Formula One Group increased by **$307 million** during **Q2 2025**, primarily due to net cash from F1 operations and proceeds from derivative contracts[27](index=27&type=chunk) - Total cash and cash equivalents attributed to Liberty Live Group decreased by **$6 million** during **Q2 2025**, primarily due to interest payments and corporate overhead[28](index=28&type=chunk) - Liberty Media and F1 are in compliance with their debt covenants as of **June 30, 2025**[27](index=27&type=chunk) [Financial Statements](index=13&type=section&id=Financial%20Statements) This section presents the consolidated balance sheet, statement of operations, and statement of cash flows for Liberty Media, highlighting key financial movements and segment contributions [Balance Sheet Information](index=13&type=section&id=Balance%20Sheet%20Information) The consolidated balance sheet as of June 30, 2025, shows total assets of $13,821 million and total liabilities of $6,458 million. Formula One Group accounts for the majority of assets and liabilities, while Liberty Live Group holds significant investments in affiliates and current portion of debt Consolidated Balance Sheet Information (June 30, 2025, amounts in millions) | Assets | Formula One Group | Liberty Live Group | Intergroup Eliminations | Consolidated Liberty | | :---------------------------------------- | :---------------- | :----------------- | :---------------------- | :------------------- | | Cash and cash equivalents | $3,140 | $308 | — | $3,448 | | Total current assets | $3,793 | $309 | — | $4,102 | | Investments in affiliates | $33 | $589 | — | $622 | | Goodwill | $4,135 | — | — | $4,135 | | Total assets | **$12,485** | **$1,371** | **$(35)** | **$13,821** | | **Liabilities and Equity** | | | | | | Accounts payable and accrued liabilities | $469 | $1 | — | $470 | | Current portion of debt | $34 | $1,769 | — | $1,803 | | Total current liabilities | $1,333 | $1,770 | — | $3,103 | | Long-term debt | $2,996 | — | — | $2,996 | | Total liabilities | **$4,633** | **$1,860** | **$(35)** | **$6,458** | | Equity / Attributed net assets | $7,852 | $(511) | — | $7,341 | | Total liabilities and equity | **$12,485** | **$1,371** | **$(35)** | **$13,821** | [Statement of Operations Information](index=14&type=section&id=Statement%20of%20Operations%20Information) Liberty Media reported consolidated net earnings of $204 million for Q2 2025, a decrease from $507 million in Q2 2024. This change was primarily influenced by a significant shift in realized and unrealized gains/losses on financial instruments, which were negative for Liberty Live Group in 2025, and the absence of net earnings from discontinued operations present in 2024 Consolidated Statement of Operations (Three months ended June 30, 2025, amounts in millions) | | Formula One Group | Liberty Live Group | Consolidated Liberty | | :---------------------------------------- | :---------------- | :----------------- | :------------------- | | Total revenue | $1,341 | — | $1,341 | | Operating income (loss) | $280 | $(7) | $273 | | Interest expense | $(49) | $(8) | $(57) | | Share of earnings (losses) of affiliates, net | $(2) | $73 | $71 | | Realized and unrealized gains (losses) on financial instruments, net | $160 | $(289) | $(129) | | Earnings (loss) before income taxes | $455 | $(227) | $228 | | Income tax (expense) benefit | $(73) | $49 | $(24) | | Net earnings (loss) | $382 | $(178) | $204 | | Net earnings (loss) attributable to Liberty stockholders | $382 | $(178) | $204 | Consolidated Statement of Operations (Three months ended June 30, 2024, amounts in millions) | | Formula One Group | Liberty Live Group | Liberty SiriusXM Group | Consolidated Liberty | | :---------------------------------------- | :---------------- | :----------------- | :--------------------- | :------------------- | | Total revenue | $988 | — | — | $988 | | Operating income (loss) | $59 | $(2) | — | $57 | | Interest expense | $(53) | $(7) | — | $(60) | | Share of earnings (losses) of affiliates, net | $(2) | $85 | — | $83 | | Realized and unrealized gains (losses) on financial instruments, net | $(1) | $88 | — | $87 | | Earnings (loss) from continuing operations before income taxes | $23 | $170 | — | $193 | | Income tax (expense) benefit | $1 | $(36) | — | $(35) | | Net earnings (loss) from continuing operations | $24 | $134 | — | $158 | | Net earnings (loss) from discontinued operations | — | — | $349 | $349 | | Net earnings (loss) | $24 | $134 | $349 | $507 | | Net earnings (loss) attributable to Liberty stockholders | $24 | $134 | $299 | $457 | - Consolidated net earnings attributable to Liberty stockholders decreased from **$457 million** in **Q2 2024** to **$204 million** in **Q2 2025**[36](index=36&type=chunk)[38](index=38&type=chunk) [Statement of Cash Flows Information](index=16&type=section&id=Statement%20of%20Cash%20Flows%20Information) For the six months ended June 30, 2025, Liberty Media generated $612 million in net cash from operating activities, a significant increase from $394 million in the prior year. Investing activities resulted in a net outflow of $120 million, while financing activities provided $8 million. The overall net increase in cash was $509 million Consolidated Statement of Cash Flows (Six months ended June 30, 2025, amounts in millions) | Cash flows from operating activities: | Formula One Group | Liberty Live Group | Consolidated Liberty | | :------------------------------------------------------------------- | :---------------- | :----------------- | :------------------- | | Net earnings (loss) | $404 | $(195) | $209 | | Net cash provided (used) by operating activities | $628 | $(16) | $612 | | Cash flows from investing activities: | | | | | Net cash provided (used) by investing activities | $(119) | $(1) | $(120) | | Cash flows from financing activities: | | | | | Net cash provided (used) by financing activities | $8 | — | $8 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $526 | $(17) | $509 | | Cash, cash equivalents and restricted cash at end of period | $3,164 | $308 | $3,472 | Consolidated Statement of Cash Flows (Six months ended June 30, 2024, amounts in millions) | Cash flows from operating activities: | Formula One Group | Liberty Live Group | Liberty SiriusXM Group | Consolidated Liberty | | :------------------------------------------------------------------- | :---------------- | :----------------- | :--------------------- | :------------------- | | Net earnings (loss) | $101 | $61 | $590 | $752 | | Net cash provided (used) by operating activities | $401 | $(7) | — | $394 | | Cash flows from investing activities: | | | | | | Net cash provided (used) by investing activities | $(308) | $108 | — | $(200) | | Cash flows from financing activities: | | | | | | Net cash provided (used) by financing activities | $6 | — | — | $6 | | Net cash provided (used) by discontinued operations | — | — | $(111) | $(111) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $91 | $101 | $(111) | $81 | | Cash, cash equivalents and restricted cash at end of period | $1,499 | $406 | $204 | $2,109 | - Net cash provided by operating activities increased from **$394 million** in **H1 2024** to **$612 million** in **H1 2025**[40](index=40&type=chunk)[42](index=42&type=chunk) - Net cash used by investing activities decreased from **$200 million** in **H1 2024** to **$120 million** in **H1 2025**[40](index=40&type=chunk)[42](index=42&type=chunk) [Non-GAAP Financial Measures](index=18&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles Adjusted OIBDA, a non-GAAP financial measure used by Liberty Media to assess operational strength and performance [Adjusted OIBDA Reconciliation](index=18&type=section&id=Adjusted%20OIBDA%20Reconciliation) Liberty Media uses Adjusted OIBDA as a non-GAAP financial measure to assess operational strength and performance, excluding items not directly reflective of ongoing business trends. For Formula One Group, Adjusted OIBDA increased significantly in both Q2 and H1 2025 - Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, litigation settlements, Concorde incentive payments, and restructuring, acquisition, and impairment charges[44](index=44&type=chunk) - Adjusted OIBDA is considered an important indicator of operational strength and performance, allowing management to benchmark businesses and identify strategies for improvement[45](index=45&type=chunk) Formula One Group Adjusted OIBDA Reconciliation (amounts in millions) | Formula One Group | Three months ended June 30, 2024 | Three months ended June 30, 2025 | Six months ended June 30, 2024 | Six months ended June 30, 2025 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating income (loss) | $59 | $280 | $154 | $213 | | Depreciation and amortization | $89 | $80 | $175 | $157 | | Stock compensation expense | $6 | $6 | $18 | $8 | | Acquisition costs | $11 | $3 | $20 | $14 | | Concorde incentive payments | — | — | — | $50 | | **Adjusted OIBDA** | **$165** | **$369** | **$367** | **$442** | [Important Notices & Disclosures](index=9&type=section&id=Important%20Notices%20%26%20Disclosures) This section provides details for the upcoming earnings conference call and includes important disclaimers regarding forward-looking statements and associated risks [Earnings Conference Call](index=12&type=section&id=Earnings%20Conference%20Call) Liberty Media will host an earnings conference call on August 7, 2025, at 10:00 a.m. E.T. to discuss the financial results. Access details for both dial-in and webcast are provided - Liberty Media Corporation will discuss its earnings release on a conference call on **August 7, 2025**, at **10:00 a.m. (E.T.)**[29](index=29&type=chunk) - The call can be accessed by dialing **(877) 704-2829** or **(215) 268-9864**, passcode **13748884**, or via webcast at https://www.libertymedia.com/investors/news-events/ir-calendar[29](index=29&type=chunk) [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially. Readers are advised to refer to Liberty Media's public filings for additional information on these risks - The press release includes forward-looking statements regarding business strategies, market potential, future financial performance, the Formula 1 race calendar, and the planned split-off of Liberty Live[30](index=30&type=chunk) - These statements involve risks and uncertainties, including market acceptance, regulatory matters, litigation outcomes, acquisition benefits, industry change, access to capital, and changes in law[30](index=30&type=chunk) - Liberty Media disclaims any obligation to update or revise forward-looking statements and advises referring to its Forms **10-K** and **10-Q** for additional risk information[30](index=30&type=chunk)