Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America shares, while also unveiling new investments in healthcare, steel, and real estate sectors [2][5]. Group 1: New Investments - Berkshire initiated positions in six new stocks during Q2, including UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allegion (ALLE) [2][6]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [6]. Group 2: Reduction in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of about 6.67%, while still maintaining it as the largest holding [9]. - Additionally, Berkshire sold over 26.3 million shares of Bank of America, representing a reduction of approximately 4.17% [9]. Group 3: Market Reaction - Following the announcement of new positions, stocks like UnitedHealth and Nucor Steel saw significant after-hours gains, with increases exceeding 8% [3]. Group 4: Investment Strategy - The new investments are viewed as defensive positions with potential for valuation recovery, aligning with Buffett's investment philosophy of seeking companies with a "moat" [7].

Core Insights - Liberty Media Corporation - Liberty Formula One Series C reported quarterly earnings of $1.52 per share, significantly exceeding the Zacks Consensus Estimate of $0.81 per share, and up from $0.1 per share a year ago [1] - The earnings surprise for this quarter was +87.65%, following a previous quarter where the company also exceeded expectations with a surprise of +127.78% [2] - The company posted revenues of $1.2 billion for the quarter ended June 2025, slightly missing the Zacks Consensus Estimate by 0.17%, but showing growth from $853 million in the same quarter last year [3] Earnings Performance - Over the last four quarters, Liberty Media has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $0.37 on revenues of $829.77 million, and for the current fiscal year, it is $1.63 on revenues of $3.78 billion [8] Market Position - Liberty Media's shares have increased by approximately 7.6% since the beginning of the year, compared to a 7.9% gain in the S&P 500 [4] - The company's Zacks Rank is currently 3 (Hold), indicating expected performance in line with the market in the near future [7] Industry Context - The Media Conglomerates industry, to which Liberty Media belongs, is currently ranked in the bottom 18% of over 250 Zacks industries, suggesting potential challenges ahead [9]

[Q2 2025 Financial Performance Overview](index=1&type=section&id=Liberty%20Media%20Corporation%20Reports%20Second%20Quarter%202025%20Financial%20Results) Liberty Media's Q2 2025 was marked by the MotoGP acquisition, progress on the Liberty Live split-off, and strong F1 momentum [Q2 2025 Highlights](index=1&type=section&id=Headlines) The company highlights the MotoGP acquisition, progress on the Liberty Live split-off, and strong F1 momentum - Completed the acquisition of MotoGP on July 3, 2025, which will be attributed to the Formula One Group[1](index=1&type=chunk)[2](index=2&type=chunk)[4](index=4&type=chunk) - Advanced the split-off of Liberty Live Group, with a preliminary proxy statement filed and completion expected in **Q4 2025**[1](index=1&type=chunk)[2](index=2&type=chunk) - Formula 1 secured new and extended partnerships, including with **PepsiCo and MSC Cruises**, and renewed long-term agreements for the Canadian and Austrian Grands Prix[2](index=2&type=chunk) - The fair value of the investment in Live Nation, attributed to Liberty Live Group, was **$10.5 billion** as of June 30, 2025[2](index=2&type=chunk) [Formula One Group](index=3&type=section&id=FORMULA%20ONE%20GROUP) The Formula One Group delivered significant growth in revenue, operating income, and cash flow, driven by strong F1 performance [Overall Financial Results](index=3&type=section&id=Formula%20One%20Group%20Financial%20Results) The group's revenue grew 36% to $1.34 billion, with operating income and Adjusted OIBDA showing substantial increases Formula One Group Financial Summary (in millions) | Metric | Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $988 | $1,341 | $1,575 | $1,788 | | **Operating Income** | $59 | $280 | $154 | $213 | | **Adjusted OIBDA** | $165 | $369 | $367 | $442 | [F1 Operating Results](index=5&type=section&id=F1%20Operating%20Results) F1's standalone revenue climbed 41% to $1.23 billion, driven by an additional race and contractual fee increases Formula 1 Operating Results (in millions) | Metric | Q2 2024 | Q2 2025 | % Change | | :--- | :--- | :--- | :--- | | **Total F1 Revenue** | $871 | $1,226 | 41% | | **Adjusted OIBDA** | $160 | $361 | 126% | | **Operating Income** | $84 | $293 | 249% | - The second quarter of 2025 included **nine races**, compared to eight in the same period of 2024, which significantly impacted year-over-year quarterly comparisons for revenue and costs[13](index=13&type=chunk) [Revenue Analysis](index=5&type=section&id=F1%20Revenue%20Analysis) Primary revenue grew 40% from an extra race and fee increases, while other revenue rose 47% from hospitality and freight - Primary F1 revenue growth was driven by calendar variance (one additional race), contractual fee increases, new sponsors, and continued growth in **F1 TV subscriptions**[14](index=14&type=chunk) - Media rights revenue was also boosted by one-time revenue associated with the release of the **F1 movie**[14](index=14&type=chunk)[15](index=15&type=chunk) - Other F1 revenue growth was primarily due to higher hospitality and experiences revenue from **Paddock Club**, driven by an additional event and underlying growth, as well as higher freight income[14](index=14&type=chunk)[15](index=15&type=chunk) [Operating Income and Adjusted OIBDA Analysis](index=7&type=section&id=F1%20Operating%20Income%20and%20Adjusted%20OIBDA) Strong revenue performance drove growth in Operating Income and Adjusted OIBDA, partially offset by increased team payments and freight costs - Team payments increased in both Q2 and H1 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, commissions linked to revenue growth, higher **Paddock Club costs**, and expenses associated with new activations at the Grand Prix Plaza in Las Vegas[16](index=16&type=chunk) - Selling, general and administrative expenses rose due to higher personnel and marketing costs, including for the **75th season launch event**[16](index=16&type=chunk) [Corporate and Other Operating Results](index=9&type=section&id=Corporate%20and%20Other%20Operating%20Results) Revenue increased due to Quint's results from F1 Experiences and the Kentucky Derby, with stable rental income from the Grand Prix Plaza - Revenue increased in the second quarter due to Quint's results, primarily driven by **F1 Experiences** across the nine races held and the Kentucky Derby[17](index=17&type=chunk) - The Grand Prix Plaza in Las Vegas generated **$6 million in rental income**, consistent with Q2 2024[17](index=17&type=chunk) [Cash and Debt Position](index=10&type=section&id=Formula%20One%20Group%20Cash%20and%20Debt) Cash and equivalents increased by $307 million to $3.14 billion, reducing F1's net leverage ratio from 1.2x to 0.7x Formula One Group Cash and Debt (in millions) | Metric | 3/31/2025 | 6/30/2025 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | $2,833 | $3,140 | | **Total Attributed Debt** | $2,902 | $2,897 | | **F1 Net Leverage** | 1.2x | 0.7x | - The increase in cash was primarily due to net cash from operations at F1 and proceeds from the partial settlement of derivative contracts related to MotoGP transaction financing[27](index=27&type=chunk) [Liberty Live Group](index=9&type=section&id=LIBERTY%20LIVE%20GROUP) The group's primary asset is its $10.5 billion investment in Live Nation, with a planned split-off expected in Q4 2025 [Financial Highlights and Strategic Update](index=1&type=section&id=Liberty%20Live%20Group%20Highlights) The group's primary asset is its $10.5 billion Live Nation investment, with a split-off planned for Q4 2025 - The fair value of the investment in Live Nation was **$10.5 billion** as of June 30, 2025[2](index=2&type=chunk) - A preliminary proxy statement for the split-off was filed on July 25, 2025, with the transaction expected to be completed in **Q4 2025**[2](index=2&type=chunk) [Cash and Debt Position](index=10&type=section&id=Liberty%20Live%20Group%20Cash%20and%20Debt) The group's cash position decreased slightly to $308 million due to interest payments, while debt remained stable at $1.15 billion Liberty Live Group Cash and Debt (in millions) | Metric | 3/31/2025 | 6/30/2025 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | $314 | $308 | | **Total Attributed Debt** | $1,150 | $1,150 | - The decrease in cash was primarily due to **interest payments and corporate overhead**[28](index=28&type=chunk) [Corporate Information](index=9&type=section&id=Corporate%20Information) The company provides updates on its share repurchase activity and remaining authorization [Share Repurchases](index=9&type=section&id=Share%20Repurchases) No share repurchases were made from May to July 2025, with $1.1 billion remaining under the current authorization - There were **no repurchases** of Liberty Media's common stock from May 1, 2025, through July 31, 2025[20](index=20&type=chunk) - The total remaining repurchase authorization for Liberty Media is **$1.1 billion** as of August 1, 2025[20](index=20&type=chunk) [Consolidated Financial Statements](index=13&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated balance sheet, statement of operations, and statement of cash flows [Balance Sheet](index=13&type=section&id=Balance%20Sheet) The company reported total assets of $13.8 billion and total liabilities of $6.5 billion as of June 30, 2025 Consolidated Balance Sheet Highlights (in millions) | Metric | Amount | | :--- | :--- | | **Total Current Assets** | $4,102 | | **Total Assets** | $13,821 | | **Total Current Liabilities** | $3,103 | | **Total Liabilities** | $6,458 | | **Total Equity** | $7,363 | [Statement of Operations](index=14&type=section&id=Statement%20of%20Operations) The company generated $1.34 billion in revenue and $273 million in operating income for Q2 2025 Consolidated Statement of Operations - Q2 2025 (in millions) | Metric | Amount | | :--- | :--- | | **Total Revenue** | $1,341 | | **Operating Income** | $273 | | **Net Earnings Attributable to Liberty Stockholders** | $204 | Consolidated Statement of Operations - Q2 2024 (in millions) | Metric | Amount | | :--- | :--- | | **Total Revenue** | $988 | | **Operating Income** | $57 | | **Net Earnings Attributable to Liberty Stockholders** | $457 | [Statement of Cash Flows](index=16&type=section&id=Statement%20of%20Cash%20Flows) Net cash from operating activities increased to $612 million for the first half of 2025, driven by the Formula One Group Consolidated Statement of Cash Flows - H1 2025 (in millions) | Metric | Amount | | :--- | :--- | | **Net cash provided by operating activities** | $612 | | **Net cash used by investing activities** | ($120) | | **Net cash provided by financing activities** | $8 | | **Net increase in cash** | $509 | [Non-GAAP Financial Measures](index=18&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES%20AND%20SUPPLEMENTAL%20DISCLOSURES) This section defines Adjusted OIBDA and provides a reconciliation to the nearest GAAP measure, operating income [Adjusted OIBDA Reconciliation](index=18&type=section&id=Adjusted%20OIBDA%20Reconciliation) Adjusted OIBDA is reconciled to operating income, adjusting for items like depreciation, amortization, and stock compensation - Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments, and restructuring, acquisition, and impairment charges[44](index=44&type=chunk) Formula One Group Adjusted OIBDA Reconciliation (in millions) | | Q2 2024 | Q2 2025 | H1 2024 | H1 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** |

Part I [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's financial position strengthened as of June 30, 2025, with total assets increasing to $13.8 billion from $12.9 billion at year-end 2024, driven by higher cash balances. Total equity rose to $7.4 billion. For the second quarter of 2025, revenue grew significantly to $1.34 billion from $0.99 billion year-over-year, primarily due to strong performance from Formula 1. This resulted in a substantial increase in operating income to $273 million for the quarter, compared to $57 million in the prior year. Net earnings from continuing operations were $204 million. Cash flow from operations for the first six months was robust at $612 million. Key events detailed in the notes include the acquisition of MotoGP post-quarter-end, the 2024 split-off of Liberty Sirius XM Holdings, and a planned split-off of the Liberty Live Group [Condensed Consolidated Balance Sheets](index=3&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $13.82 billion from $12.95 billion at December 31, 2024, primarily due to a rise in cash and cash equivalents. Total liabilities grew to $6.46 billion from $5.90 billion, largely driven by a significant increase in the current portion of debt to $1.80 billion, while long-term debt decreased. Total equity increased from $7.05 billion to $7.36 billion over the same period Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$13,821** | **$12,948** | | Cash and cash equivalents | $3,448 | $2,956 | | Total current assets | $4,102 | $3,347 | | Goodwill | $4,135 | $4,134 | | **Total Liabilities** | **$6,458** | **$5,897** | | Current portion of debt | $1,803 | $26 | | Long-term debt | $2,996 | $4,522 | | **Total Equity** | **$7,363** | **$7,051** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, total revenue increased by 35.7% year-over-year to $1.34 billion, driven by a 41% rise in Formula 1 revenue. Operating income surged to $273 million from $57 million in Q2 2024. Net earnings from continuing operations attributable to Liberty stockholders were $204 million, compared to $158 million in the prior-year quarter. Diluted EPS from continuing operations for Liberty Formula One stock was $1.52, up from $0.10 Q2 and H1 2025 vs 2024 Performance (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$1,341** | **$988** | **$1,788** | **$1,575** | | Formula 1 Revenue | $1,203 | $853 | $1,603 | $1,403 | | **Operating Income** | **$273** | **$57** | **$202** | **$150** | | **Net Earnings from Continuing Operations** | **$204** | **$158** | **$209** | **$162** | | Net Earnings (incl. Discontinued Ops) | $204 | $507 | $209 | $752 | | **Diluted EPS (Formula One Stock)** | **$1.52** | **$0.10** | **$1.55** | **$0.42** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was $612 million, a significant increase from $394 million in the same period of 2024. Net cash used in investing activities was $120 million, primarily due to payments for acquisitions. The company ended the period with $3.47 billion in cash, cash equivalents, and restricted cash, up from $2.96 billion at the beginning of the year Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $612 | $394 | | Net Cash from Investing Activities | $(120) | $(200) | | Net Cash from Financing Activities | $8 | $6 | | Net Increase/(Decrease) in Cash | $509 | $81 | | **Cash at End of Period** | **$3,472** | **$2,109** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant corporate activities and accounting policies. Key events include the acquisition of an 84% stake in MotoGP on July 3, 2025, for approximately $3.7 billion. The September 2024 split-off of Liberty Sirius XM Holdings is now treated as a discontinued operation. The company continues to use a tracking stock structure for its Formula One and Liberty Live groups and announced a plan to split off the Liberty Live Group in the second half of 2025. Debt classifications were impacted by exchangeable debentures becoming currently redeemable. Formula 1 signed the 2026 Concorde Commercial Agreement with its teams, involving a $50 million incentive payment - On July 3, 2025, the Company acquired approximately **84% of Dorna Sports, S.L. ("MotoGP")** for a preliminary purchase price of about **$3.7 billion**, funded by cash and **$1.0 billion** in new debt. The initial accounting for the acquisition is not yet complete[38](index=38&type=chunk) - The split-off of Liberty Sirius XM Holdings was completed on September 9, 2024, and its financial results are now presented as discontinued operations[34](index=34&type=chunk)[47](index=47&type=chunk) - The company announced a plan to split off the Liberty Live Group in the second half of 2025, which will result in the Liberty Formula One common stock no longer being a tracking stock[61](index=61&type=chunk) - The **2.375% Exchangeable Senior Debentures due 2053**, with a principal of **$1.15 billion**, were reclassified to current liabilities because holders gained the right to exchange them starting July 1, 2025[107](index=107&type=chunk)[109](index=109&type=chunk) - In March 2025, Formula 1 paid a **$50 million incentive** to its 10 teams for signing the 2026 Concorde Commercial Agreement, which governs their participation from 2026 to 2030[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong Q2 2025 performance to Formula 1, which saw revenue increase to $1.23 billion from $0.87 billion year-over-year, driven by having one additional race, a different mix of events, and contractual fee increases. This led to a significant rise in consolidated Adjusted OIBDA to $364 million for the quarter. The company highlights the recent acquisition of MotoGP and the planned split-off of the Liberty Live Group as key strategic moves. As of June 30, 2025, the company held $3.45 billion in cash, with the Formula One Group holding $3.14 billion. Management believes current liquidity is sufficient for projected uses, including debt service and investments - The company acquired an **84% interest in MotoGP** on July 3, 2025, for approximately **$3.7 billion**. MotoGP will be attributed to the Formula One Group[152](index=152&type=chunk) - A plan is underway to split off the Liberty Live Group in the second half of 2025, which will make Liberty Media and Liberty Live separate public companies[153](index=153&type=chunk) Consolidated Adjusted OIBDA Reconciliation (in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Operating income (loss) | $273 | $57 | $202 | $150 | | D&A | $80 | $89 | $157 | $175 | | Stock-based compensation | $8 | $7 | $10 | $20 | | Acquisition costs | $3 | $11 | $14 | $20 | | Concorde incentive payments | — | — | $50 | — | | **Adjusted OIBDA** | **$364** | **$164** | **$433** | **$365** | Formula 1 Operating Results (in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Formula 1 revenue | $1,226 | $871 | $1,629 | $1,424 | | Adjusted OIBDA | $361 | $160 | $446 | $368 | | Operating income (loss) | $293 | $84 | $265 | $220 | | Number of Events | 9 | 8 | 11 | 11 | - As of June 30, 2025, the company had **$3.45 billion in cash and cash equivalents**, with **$3.14 billion** attributed to the Formula One Group and **$308 million** to the Liberty Live Group[172](index=172&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks from changes in stock prices, interest rates, and foreign currency exchange rates. A significant portion of its debt is at fixed rates, mitigating some interest rate volatility. The company holds a significant investment in the publicly traded stock of Live Nation, which is subject to market price fluctuations; a hypothetical 10% decline in Live Nation's stock price as of June 30, 2025, would have reduced its value by $1.05 billion. The company also has exposure to foreign currency risk, as its international operations, particularly Formula 1, generate revenues and incur costs in various currencies - The company is exposed to stock price risk through its holdings in publicly traded securities. Its investment in Live Nation is not carried at fair value on the balance sheet, but a **10% price drop** at June 30, 2025 would represent a **$1,054 million decline in value**[200](index=200&type=chunk) - The company manages interest rate risk through a mix of fixed and variable rate debt. As of June 30, 2025, the company had approximately **$3.9 billion in fixed-rate debt** and **$172 million in variable-rate debt**[198](index=198&type=chunk)[199](index=199&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of June 30, 2025, the company's management, including the CEO and principal financial officer, concluded that its disclosure controls and procedures are effective. There were no material changes to the company's internal control over financial reporting during the second quarter of 2025 - Management concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025[201](index=201&type=chunk) - No material changes occurred in the Company's internal control over financial reporting during the quarter ended June 30, 2025[202](index=202&type=chunk) Part II — Other Information [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) There have been no material changes to the legal proceedings previously described in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to legal proceedings have occurred since the 2024 Form 10-K filing[204](index=204&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) The company updated its risk factors to incorporate those associated with its recent acquisition of MotoGP, aligning them with existing risks for Formula 1. Key risks for the Formula One Group now include potential declines in the popularity of either F1 or MotoGP, termination of critical long-term agreements with governing bodies (FIA for F1, FIM for MotoGP), and the potential for teams to withdraw or form rival series. The company also disclosed that in August 2024, the Department of Justice opened an antitrust investigation into Formula 1's conduct concerning the application by Andretti Formula Racing to enter the F1 Championship. Other significant risks involve competition law enforcement, renewal of major commercial contracts, counterparty credit risk, changes in tax laws (such as the OECD's 'Two Pillar' approach), and challenges in expanding to new markets - Risk factors have been updated to include risks related to the newly acquired MotoGP business, mirroring many of the existing risks for Formula 1[206](index=206&type=chunk) - In August 2024, the Department of Justice, Antitrust Division, opened an investigation into Formula 1's conduct regarding the application of Andretti Formula Racing to enter the F1 Championship[222](index=222&type=chunk) - A key risk is the potential termination of foundational agreements: the **100-Year Agreements with the FIA for Formula 1** and the **FIM Agreement for MotoGP**, which grant exclusive commercial rights[210](index=210&type=chunk)[211](index=211&type=chunk) - The company faces risks from potential changes in international tax laws, specifically the OECD's "Two Pillar" approach, which could lead to higher effective tax rates[230](index=230&type=chunk)[234](index=234&type=chunk) - There is a risk of event cancellations due to factors beyond control, such as natural disasters, geopolitical conflicts, or promoter failures, which could lead to significant revenue loss not fully covered by insurance[241](index=241&type=chunk)[242](index=242&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the three months ended June 30, 2025, the company did not repurchase any shares of its Liberty Formula One or Liberty Live common stock. As of June 30, 2025, approximately $1.1 billion remained available for future repurchases under the company's authorized share buyback program - No shares of Liberty Formula One or Liberty Live common stock were repurchased in the three months ended June 30, 2025[261](index=261&type=chunk) - As of June 30, 2025, approximately **$1.1 billion** was available for future share repurchases under the existing program[261](index=261&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) During the fiscal quarter ended June 30, 2025, none of the company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2025[263](index=263&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report, including various agreements, certifications, and interactive data files as required by Regulation S-K

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the aim of buying high and selling higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps define momentum characteristics, addressing the debate on the best metrics to focus on [2] Group 2: Liberty Media Corporation - Liberty Formula One Series C (FWONK) Analysis - FWONK currently has a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [3][4] - Over the past week, FWONK shares increased by 6.97%, outperforming the Zacks Media Conglomerates industry, which rose by 0.84% [6] - In the last quarter, FWONK shares rose by 16.34%, and over the past year, they gained 43.89%, significantly outperforming the S&P 500's increases of 5.61% and 10.35% respectively [7] Group 3: Trading Volume and Earnings Outlook - FWONK's average 20-day trading volume is 907,863 shares, which is a useful indicator of market interest and price movement [8] - In the past two months, three earnings estimates for FWONK have increased, raising the consensus estimate from $1.38 to $1.74, with four upward revisions for the next fiscal year [10] Group 4: Conclusion - Given the strong performance metrics and positive earnings outlook, FWONK is positioned as a promising investment opportunity [12]

Group 1 - Liberty Media Corporation - Liberty Formula One Series C (FWONK) is currently outperforming the Consumer Discretionary sector with a year-to-date return of 10.1%, compared to the sector's average gain of 5.1% [4] - The Zacks Consensus Estimate for FWONK's full-year earnings has increased by 42.3% over the past quarter, indicating improved analyst sentiment and earnings outlook [4] - FWONK holds a Zacks Rank of 1 (Strong Buy), suggesting it is poised to outperform the broader market in the near term [3] Group 2 - Liberty Media Corporation is part of the Media Conglomerates industry, which has an average year-to-date gain of 9.1%, indicating that FWONK is performing better than its industry peers [6] - In comparison, another stock in the Consumer Discretionary sector, Legacy Education Inc. (LGCY), has a year-to-date return of 22.6% and a Zacks Rank of 2 (Buy) [5] - The Schools industry, where Legacy Education Inc. operates, has a lower year-to-date gain of 3.4% and is ranked 17 among 17 stocks [7]

Core Insights - Senator John Hickenlooper has engaged in unusual stock trading activities involving Liberty Media Formula One (FWONK) and Liberty Broadband (LBRDK), which deviate from typical congressional trading patterns [1][4][11] Group 1: Trading Activities - On May 9, 2025, Hickenlooper executed three trades in FWONK, purchasing shares valued between $100,001 and $250,000, followed by two sales: one between $15,001 and $50,000 and another between $250,001 and $500,000 [3][4] - Hickenlooper's trades in LBRDK on the same day included purchases in the ranges of $100,001 to $250,000 and $250,001 to $500,000, along with sales of identical amounts, totaling four trades [9][10] Group 2: Market Context and Implications - The rapid buy-and-sell strategy observed in Hickenlooper's trading activities suggests a reaction to short-term market movements rather than a long-term investment approach [4][10] - The nature of FWONK, linked to the motorsport industry, is unconventional for a U.S. senator, especially as the stock has gained 11% over the past month [5][10] - The coordinated trading in both FWONK and LBRDK, despite their different sectors, raises questions about the senator's investment strategy and intent [10][11]

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][2]. Company Overview: Liberty Media Corporation - Liberty Formula One Series C (FWONK) - FWONK currently holds a Momentum Style Score of B, indicating potential as a solid momentum pick [3][12]. - The company has a Zacks Rank of 1 (Strong Buy), which historically outperforms the market when combined with a Style Score of A or B [4]. Performance Metrics - Over the past week, FWONK shares increased by 0.6%, while the Zacks Media Conglomerates industry declined by 1.47% [6]. - In a longer timeframe, FWONK's monthly price change is 11.02%, significantly outperforming the industry's 2.88% [6]. - Over the past quarter, FWONK shares rose by 0.89%, and over the last year, they gained 36.64%, compared to the S&P 500's -3.17% and 11.56% respectively [7]. Trading Volume - FWONK's average 20-day trading volume is 1,107,494 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - In the last two months, two earnings estimates for FWONK have increased, raising the consensus estimate from $1.38 to $1.71 [10]. - For the next fiscal year, three estimates have moved upwards with no downward revisions during the same period [10]. Conclusion - Given the strong performance metrics and positive earnings outlook, FWONK is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a noteworthy candidate for near-term investment [12].

Core Viewpoint - Liberty Media Corporation - Liberty Formula One Series C is experiencing solid improvements in earnings estimates, which is likely to positively impact its stock price [1][2]. Earnings Estimate Revisions - Analysts are increasingly optimistic about the earnings prospects of Liberty Media, leading to higher earnings estimates that should reflect in the stock price [2]. - The current-quarter earnings estimate is $0.79 per share, representing a significant increase of +690% year-over-year. Over the last 30 days, two estimates have been revised upward, resulting in a 43.03% increase in the Zacks Consensus Estimate [7]. - For the full year, the expected earnings are $1.58 per share, indicating a year-over-year change of +1315.38% [8]. - The current year's estimate revisions show one upward revision with no negative changes, leading to a 17.42% increase in the consensus estimate [9]. Zacks Rank and Performance - Liberty Media currently holds a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts on the upward revision of earnings estimates [10]. - Stocks with Zacks Rank 1 and 2 have historically outperformed the S&P 500 [11]. Stock Performance - The stock has gained 23.5% over the past four weeks, driven by solid estimate revisions and promising earnings growth prospects [12].

Core Insights - Liberty Media Corporation - Liberty Formula One Series C reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of a loss of $0.18 per share, but down from earnings of $0.32 per share a year ago [1] - The earnings surprise was 127.78%, following a previous quarter where the company reported a loss of $1.03 against an expected earnings of $0.46, resulting in a surprise of -323.91% [2] - The company posted revenues of $400 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 8.38%, but down from $550 million in the same quarter last year [3] Financial Performance - Over the last four quarters, the company has surpassed consensus EPS estimates two times [2] - The company has also topped consensus revenue estimates two times over the last four quarters [3] - The current consensus EPS estimate for the upcoming quarter is $0.55 on revenues of $1.16 billion, and for the current fiscal year, it is $1.22 on revenues of $3.71 billion [8] Market Position - Liberty Media Corporation - Liberty Formula One Series C shares have declined approximately 1.4% since the beginning of the year, compared to a decline of 4.7% for the S&P 500 [4] - The Zacks Industry Rank places Media Conglomerates in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [9] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the trends in earnings estimate revisions [4][5] - The current Zacks Rank for the stock is 3 (Hold), suggesting it is expected to perform in line with the market in the near future [7]