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, with the acquisition completed on July 3, 2025[8][4]. - 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 1% to $869 million in Q3 2025, driven by growth in other revenue streams[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]. - Primary MotoGP revenue increased by 1% to $147 million in Q3 2025 and by 13% to $365 million for the nine months, driven by two additional events and favorable currency exchange rates[20][23]. - Other MotoGP revenue decreased by 4% to $22 million in Q3 2025 but increased by 11% to $52 million for the nine months, primarily due to two additional races and favorable currency exchange rates[20][24]. Operating Income and Expenses - 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, reflecting a 43% increase[8]. - Formula One Group's operating expenses decreased by 2% to $552 million in Q3 2025, reflecting cost management efforts[11]. - 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 approximately 39.3%[45][47]. - Operating income for the three months ended September 30, 2025, was $28 million, a decline of 22% year-over-year, while for the nine months, it decreased by 7% to $41 million[20]. Cash Flow and Debt - Total cash and cash equivalents attributed to Formula One Group decreased by $1,849 million during Q3 2025, primarily due to the acquisition of MotoGP[32][35]. - Total debt attributed to Formula One Group increased to $5,056 million as of September 30, 2025, reflecting the consolidation of MotoGP's debt[32][35]. - 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 approximately 40.4%[49][51]. - Cash and cash equivalents at the end of the period for September 30, 2025, were $1,588 million, a decrease from $2,963 million at the end of September 30, 2024, indicating a decline of approximately 46.5%[49][51]. - The company reported a net cash increase of $1,265 million during the period, despite cash used in discontinued operations of $(315) million[52]. Earnings and Financial Metrics - 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]. - Net earnings for the quarter were $218 million, compared to a loss of $2,412 million in the previous period[52]. - Adjusted OIBDA for Q3 2025 was $66 million, down 10% from the previous year, and for the nine months, it was $150 million, a decline of 3%[20]. - 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]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $17,821 million, an increase from $16,360 million as of September 30, 2024, representing a growth of approximately 8.9%[42][46]. - Total liabilities as of September 30, 2025, were $9,731 million, compared to $7,736 million as of September 30, 2024, reflecting an increase of approximately 25.8%[42][46]. Corporate Actions and Investments - Liberty Media's investment in Live Nation was valued at $11.4 billion as of September 30, 2025[1]. - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, enhancing the visibility of its Live Nation investment[5]. - Liberty Media has a remaining repurchase authorization of $1.1 billion for common shares as of November 1, 2025[29]. Engagement and Growth Potential - MotoGP is experiencing record attendance and growth in TV viewership, indicating strong engagement and potential for future revenue growth[19]. - Constant currency operating results are used to assess MotoGP's financial performance, excluding foreign currency fluctuations[58].

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 the Formula One Group and $297 million for the Liberty Live Group[187]. - As of September 30, 2025, substantially all cash and cash equivalents were invested in highly rated financial instruments, indicating a strong liquidity position[184]. - Potential sources of liquidity include available cash balances, cash generated by operating activities, and proceeds from asset sales, among others[185]. - 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's primary cash use was $3,267 million for the acquisition of MotoGP, funded by cash on hand and borrowings[189]. - Liberty expects to fund its projected uses of cash through cash on hand, margin loans, and distributions from operating subsidiaries[190]. 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 and MotoGP revenues[169]. - Formula 1's primary revenue for the nine months ended September 30, 2025, increased by $129 million to $2,089 million compared to the prior year, driven by contractual fee increases and new sponsorships[196]. - Other revenue for Formula 1 increased by $84 million during the nine months ended September 30, 2025, primarily due to higher hospitality revenue and growth in licensing income[200]. - Formula 1's operating income for the nine months ended September 30, 2025, was $433 million, up from $366 million in the prior year[195]. - 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, a 12.4% increase[214][215]. - Primary revenue for the three months ended September 30, 2025, increased by $1 million to $147 million, and for the nine months, it rose by $41 million to $365 million, primarily due to additional MotoGP events and favorable currency exchange rates[215]. Operating Performance - Operating income increased by $42 million (39.3%) and $94 million (35.5%) for the three and nine months ended September 30, 2025, respectively, primarily due to improvements in Formula 1's results and the acquisition of MotoGP[170]. - Adjusted OIBDA rose by $84 million (40.9%) and $152 million (26.6%) for the three and nine months ended September 30, 2025, respectively, mainly due to increases in Formula 1's Adjusted OIBDA and the acquisition of MotoGP[174]. - MotoGP's operating income for the three months ended September 30, 2025, was $28 million, down from $36 million in the prior year, while for the nine months, it decreased to $41 million from $44 million[214]. Expenses - Stock-based compensation expense was $18 million for the nine months ended September 30, 2025, down from $27 million in the prior year[172]. - Acquisition costs totaled $14 million for the three months ended September 30, 2025, compared to $3 million in the prior year, and $28 million for the nine months ended September 30, 2025, compared to $23 million in the prior year[173]. - Selling, general and administrative expenses increased by $33 million during the nine months ended September 30, 2025, attributed to higher marketing and personnel costs[207]. - Cost of motorsport revenue increased by $5 million to $84 million for the three months ended September 30, 2025, and by $37 million to $214 million for the nine months, mainly due to additional events and unfavorable currency exchange rates[221]. - Selling, general and administrative expenses rose by $2 million to $19 million for the three months ended September 30, 2025, and by $13 million to $53 million for the nine months, primarily due to higher personnel costs[222]. Tax and Interest - 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%[182]. - 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]. Acquisitions and Investments - The Company acquired approximately 84% of the equity interests in Dorna Sports, S.L. (MotoGP) on July 3, 2025, making it a consolidated subsidiary and reportable segment[157]. - Liberty acquired approximately 84% of MotoGP's equity interests on July 3, 2025, consolidating results from that date[211]. - The Company holds an ownership interest in Live Nation, which is accounted for as an equity method investment as of September 30, 2025[158]. - The Liberty Live Group is primarily comprised of Liberty's interest in Live Nation and other minority investments[165]. Future Plans and Events - 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 from the Formula One Group[167]. - MotoGP's 2025 Championship calendar is scheduled to consist of 22 events, an increase from 20 events in 2024[210]. Market Risks - The company is exposed to market risks, including interest rates and foreign currency exchange rates, which can impact future earnings and cash flows[224][225]. - A 10% change in the Euro/U.S. dollar exchange rate would impact MotoGP's reported revenue by approximately $17 million for each reporting period[228].

[Executive Summary & Strategic Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Strategic%20Highlights) Liberty Media achieved significant strategic milestones and strong financial performance in Q2 2025, highlighted by the MotoGP acquisition and F1's commercial growth [Key Achievements](index=1&type=section&id=Key%20Achievements) Liberty Media reported excellent progress in Q2 2025, completing the MotoGP acquisition, advancing the Liberty Live split-off, and achieving strong financial and operating results at Formula 1, driven by commercial momentum and record fan engagement - Completed acquisition of **MotoGP** on July 3rd[2](index=2&type=chunk) - Renewed agreements for **Canadian Grand Prix through 2035** and **Austrian Grand Prix through 2041**[2](index=2&type=chunk) - Secured **PepsiCo** as new Official Partner of F1 through 2030 and extended Global Partnership with **MSC Cruises through 2030**[2](index=2&type=chunk) - Announced new licensing agreement with **Disney's Mickey & Friends** beginning in 2026[2](index=2&type=chunk) - **F1 The Movie** opened globally on June 27th, becoming Apple's highest-grossing film ever[2](index=2&type=chunk) - Fair value of **Live Nation investment was $10.5 billion** as of June 30th[2](index=2&type=chunk) - Filed preliminary proxy statement on July 25th for **Liberty Live split-off**, expected in Q4 2025[2](index=2&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) Liberty Media completed the acquisition of MotoGP in July 2025, securing approximately 84% ownership of Dorna Sports [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 MotoGP's financial results to be consolidated from that date, though not reflected in the Q2 2025 results due to timing - Acquisition of **Dorna Sports, S.L. (MotoGP)** completed on July 3, 2025[4](index=4&type=chunk) - Liberty Media owns approximately **84% of MotoGP**, with management retaining 16%[4](index=4&type=chunk) - **MotoGP** is attributed to the **Formula One Group** tracking stock[4](index=4&type=chunk) - Initial accounting for the acquisition is **not reflected in Q2 2025 financial results** due to timing[4](index=4&type=chunk) [Discussion of Results](index=3&type=section&id=Discussion%20of%20Results) This section details the financial performance of Formula One Group, highlighting significant revenue and income growth, and provides an overview of Liberty Live Group's financial allocations and assets [Formula One Group Financial Performance](index=3&type=section&id=Formula%20One%20Group%20Financial%20Performance) Formula One Group demonstrated significant financial growth in Q2 2025 and year-to-date, with substantial increases in revenue, operating income, and Adjusted OIBDA, primarily driven by F1's strong performance Formula One Group Financial Results (Q2 and YTD 2025 vs. 2024) | Metric | Q2 2024 (millions) | Q2 2025 (millions) | Q2 % Change | YTD 2024 (millions) | YTD 2025 (millions) | YTD % Change | | :---------------------- | :----------------- | :----------------- | :---------- | :------------------ | :------------------ | :----------- | | **Revenue** | | | | | | | | Formula 1 | $871 | $1,226 | 40.8% | $1,424 | $1,629 | 14.4% | | Corporate and other | $141 | $145 | 2.8% | $185 | $198 | 7.0% | | Intergroup elimination | $(24) | $(30) | (25.0)% | $(34) | $(39) | (14.7)% | | **Total Revenue** | **$988** | **$1,341** | **35.7%** | **$1,575** | **$1,788** | **13.5%** | | **Operating Income (Loss)** | | | | | | | | Formula 1 | $84 | $293 | 248.8% | $220 | $265 | 20.5% | | Corporate and other | $(25) | $(13) | 48.0% | $(66) | $(52) | 21.3% | | **Total Operating Income** | **$59** | **$280** | **374.6%** | **$154** | **$213** | **38.3%** | | **Adjusted OIBDA (Loss)** | | | | | | | | Formula 1 | $160 | $361 | 125.6% | $368 | $446 | 21.2% | | Corporate and other | $5 | $8 | 60.0% | $(1) | $(4) | (300.0)% | | **Total Adjusted OIBDA** | **$165** | **$369** | **123.6%** | **$367** | **$442** | **20.4%** | [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 F1 TV subscription growth, leading to significant increases in total revenue, Adjusted OIBDA, and operating income Formula 1 Operating Results (Q2 and YTD 2025 vs. 2024) | Metric | Q2 2024 (millions) | Q2 2025 (millions) | Q2 % Change | YTD 2024 (millions) | YTD 2025 (millions) | YTD % Change | | :-------------------------------------- | :----------------- | :----------------- | :---------- | :------------------ | :------------------ | :----------- | | Number of races in period | 8 | 9 | 12.5% | 11 | 11 | 0.0% | | 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%** | | 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%** | - Primary F1 revenue increased due to **one additional race in Q2 2025**, higher sponsorship and media rights revenue, and one-time revenue from the **F1 movie**[14](index=14&type=chunk)[15](index=15&type=chunk) - Other F1 revenue increased due to higher **hospitality and experiences revenue** (Paddock Club growth, additional event) and growth in **licensing income**[14](index=14&type=chunk)[15](index=15&type=chunk) - **Operating income and Adjusted OIBDA grew** due to revenue increases, partially offset by higher team payments, increased freight costs, commissions, partner servicing, Paddock Club costs, and personnel/marketing expenses[16](index=16&type=chunk) [Corporate and Other Operating Results](index=9&type=section&id=Corporate%20and%20Other%20Operating%20Results) Corporate and Other revenue increased in Q2 2025, primarily driven by Quint's results from F1 Experiences and the Kentucky Derby, with Grand Prix Plaza rental income remaining stable - **Corporate and Other revenue increased** in Q2 2025 due to Quint results[17](index=17&type=chunk) - Quint's Q2 results were primarily driven by **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) [Liberty Live Group Financial Overview](index=9&type=section&id=Liberty%20Live%20Group%20Financial%20Overview) Liberty Live Group was allocated $7 million in corporate-level selling, general, and administrative expenses in Q2 2025, and its primary assets include Liberty Media's interest in Live Nation and other minority investments - **$7 million of corporate-level selling, general, and administrative expense** was allocated to Liberty Live Group in Q2 2025[18](index=18&type=chunk) - Liberty Live Group's assets consist of **Liberty Media's interest in Live Nation** and other minority investments[19](index=19&type=chunk) [Share Repurchases](index=9&type=section&id=Share%20Repurchases) Liberty Media reported no common stock repurchases in Q2 2025, with a remaining repurchase authorization of $1.1 billion [Share Repurchase Activity](index=9&type=section&id=Share%20Repurchase%20Activity) Liberty Media did not repurchase any common stock between May 1 and July 31, 2025, with a remaining repurchase authorization of $1.1 billion applicable across all tracking stocks - **No repurchases of Liberty Media's common stock** occurred from May 1 through July 31, 2025[20](index=20&type=chunk) - Total remaining repurchase authorization as of August 1, 2025, is **$1.1 billion**[20](index=20&type=chunk) [Financial Statements & Debt Information](index=10&type=section&id=Financial%20Statements%20%26%20Debt%20Information) This section provides a comprehensive overview of Liberty Media's financial position, including cash, debt, balance sheet, statements of operations, and cash flows [Cash and Debt](index=10&type=section&id=Cash%20and%20Debt) Formula One Group saw an increase in cash and cash equivalents, while its debt remained relatively flat. Liberty Live Group experienced a slight decrease in cash, with its debt remaining stable, and both entities are in compliance with debt covenants Cash and Debt (as of March 31, 2025, and June 30, 2025) | Metric | 3/31/2025 (millions) | 6/30/2025 (millions) | Change (millions) | | :--------------------------------------- | :-------- | :-------- | :----- | | **Cash and Cash Equivalents Attributable to:** | | | | | Formula One Group | $2,833 | $3,140 | $307 | | Liberty Live Group | $314 | $308 | $(6) | | **Total Consolidated Cash and Cash Equivalents (GAAP)** | **$3,147** | **$3,448** | **$301** | | **Debt:** | | | | | Total Attributed Formula One Group Debt (GAAP) | $2,982 | $3,030 | $48 | | Total Attributed Liberty Live Group Debt (GAAP) | $1,582 | $1,769 | $187 | | **Total Liberty Media Corporation Debt (GAAP)** | **$4,564** | **$4,799** | **$235** | | Formula 1 leverage | 1.2x | 0.7x | -0.5x | - Total cash and cash equivalents attributed to **Formula One Group increased by $307 million** in Q2, primarily from F1 operations and derivative contract settlements, partially offset by capital expenditures[27](index=27&type=chunk) - Total debt attributed to **Formula One Group was relatively flat** in Q2[27](index=27&type=chunk) - Total cash and cash equivalents attributed to **Liberty Live Group decreased by $6 million** in Q2, 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) [Balance Sheet Information (Unaudited)](index=13&type=section&id=Balance%20Sheet%20Information%20%28Unaudited%29) As of June 30, 2025, Liberty Media Corporation reported total consolidated assets of $13,821 million, with total liabilities of $6,458 million and total equity/attributed net assets of $7,341 million Consolidated Balance Sheet (June 30, 2025) | Metric | Consolidated Liberty (millions) | | :--------------------------------------- | :------------------- | | **Assets** | | | Cash and cash equivalents | $3,448 | | Total current assets | $4,102 | | Goodwill | $4,135 | | Intangible assets subject to amortization, net | $2,570 | | **Total assets** | **$13,821** | | **Liabilities and Equity** | | | Total current liabilities | $3,103 | | Long-term debt | $2,996 | | **Total liabilities** | **$6,458** | | Equity / Attributed net assets | $7,341 | | Noncontrolling interests in equity of subsidiaries | $22 | | **Total liabilities and equity** | **$13,821** | [Statement of Operations Information (Unaudited)](index=14&type=section&id=Statement%20of%20Operations%20Information%20%28Unaudited%29) This section presents the consolidated statements of operations for Liberty Media Corporation for the three months ended June 30, 2025, and 2024, detailing revenue, operating costs, and net earnings [Three months ended June 30, 2025](index=14&type=section&id=Statement%20of%20Operations%20-%20Q2%202025) For Q2 2025, Liberty Media reported consolidated total revenue of $1,341 million, operating income of $273 million, and net earnings attributable to stockholders of $204 million Consolidated Statement of Operations (Q2 2025) | Metric | Consolidated Liberty (millions) | | :--------------------------------------- | :------------------- | | Total revenue | $1,341 | | Operating income (loss) | $273 | | Earnings (loss) before income taxes | $228 | | Net earnings (loss) attributable to Liberty stockholders | $204 | [Three months ended June 30, 2024](index=15&type=section&id=Statement%20of%20Operations%20-%20Q2%202024) For Q2 2024, Liberty Media reported consolidated total revenue of $988 million, operating income of $57 million, and net earnings attributable to stockholders of $457 million (including discontinued operations) Consolidated Statement of Operations (Q2 2024) | Metric | Consolidated Liberty (millions) | | :--------------------------------------- | :------------------- | | Total revenue | $988 | | Operating income (loss) | $57 | | Earnings (loss) from continuing operations before income taxes | $193 | | Net earnings (loss) attributable to Liberty stockholders | $457 | [Statement of Cash Flows Information (Unaudited)](index=16&type=section&id=Statement%20of%20Cash%20Flows%20Information%20%28Unaudited%29) This section details the consolidated cash flow activities for Liberty Media Corporation for the six months ended June 30, 2025, and 2024, covering operating, investing, and financing activities [Six months ended June 30, 2025](index=16&type=section&id=Cash%20Flows%20-%20YTD%202025) For YTD 2025, Liberty Media generated $612 million in net cash from operating activities, used $120 million in investing activities, and provided $8 million from financing activities, resulting in a net increase of $509 million in cash Consolidated Statement of Cash Flows (YTD 2025) | Metric | Consolidated Liberty (millions) | | :--------------------------------------- | :------------------- | | Net cash provided (used) by operating activities | $612 | | Net cash provided (used) by investing activities | $(120) | | Net cash provided (used) by financing activities | $8 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $509 | | Cash, cash equivalents and restricted cash at end of period | $3,472 | [Six months ended June 30, 2024](index=17&type=section&id=Cash%20Flows%20-%20YTD%202024) For YTD 2024, Liberty Media generated $394 million in net cash from operating activities, used $200 million in investing activities, and provided $6 million from financing activities, resulting in a net increase of $81 million in cash Consolidated Statement of Cash Flows (YTD 2024) | Metric | Consolidated Liberty (millions) | | :--------------------------------------- | :------------------- | | Net cash provided (used) by operating activities | $394 | | Net cash provided (used) by investing activities | $(200) | | Net cash provided (used) by financing activities | $6 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $81 | | Cash, cash equivalents and restricted cash at end of period | $2,109 | [Non-GAAP Financial Measures](index=18&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles Adjusted OIBDA, a key non-GAAP financial measure used to assess operational performance [Adjusted OIBDA Definition and Reconciliation](index=18&type=section&id=Adjusted%20OIBDA%20Definition%20and%20Reconciliation) Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, litigation settlements, Concorde incentive payments, and restructuring/acquisition/impairment charges, serving as a key indicator of operational performance and reconciled to GAAP operating income for Formula One Group - **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) - Liberty Media uses Adjusted OIBDA to identify items not directly reflecting business performance or ongoing trends, facilitating **analytical comparisons and performance improvement strategies**[45](index=45&type=chunk) Formula One Group Adjusted OIBDA Reconciliation (Q2 and YTD 2025 vs. 2024) | Metric | Q2 2024 (millions) | Q2 2025 (millions) | YTD 2024 (millions) | YTD 2025 (millions) | | :--------------------------- | :------ | :------ | :------- | :------- | | 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 Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section contains Liberty Media Corporation and its subsidiaries' unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive earnings (loss), cash flows, and equity, along with related notes, providing financial position as of June 30, 2025, and results of operations for the three and six months then ended [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 **$13,821 million** from **$12,948 million** on December 31, 2024, with total liabilities rising to **$6,458 million** due to increased short-term debt and deferred revenue, while total equity reached **$7,363 million** | Indicator | June 30, 2025 (Millions USD) | December 31, 2024 (Millions USD) | | :----------------------- | :----------------------- | :----------------------- | | Total Assets | 13,821 | 12,948 | | Total Liabilities | 6,458 | 5,897 | | Total Equity | 7,363 | 7,051 | | Short-term Debt | 1,803 | 26 | | Deferred Revenue | 780 | 267 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, total revenue grew **35.7%** to **$1,341 million**, operating income significantly increased to **$273 million**, and net earnings attributable to Liberty shareholders from continuing operations were **$204 million**, with Formula One common stock basic EPS rising to **$1.53** Key Financial Data for the Three Months Ended June 30, 2025 | Indicator | 2025 (Millions USD) | 2024 (Millions USD) | Year-over-Year Change (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | :------------- | | Total Revenue | 1,341 | 988 | +353 | | Operating Income (Loss) | 273 | 57 | +216 | | Net Earnings (Loss) Attributable to Liberty Stockholders | 204 | 457 | -253 | | Net Earnings (Loss) from Continuing Operations Attributable to Liberty Stockholders | 204 | 158 | +46 | | Formula One Common Stock Basic EPS | 1.53 | 0.10 | +1.43 | | Liberty Live Common Stock Basic EPS | (1.93) | 1.46 | -3.39 | Key Financial Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (Millions USD) | 2024 (Millions USD) | Year-over-Year Change (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | :------------- | | Total Revenue | 1,788 | 1,575 | +213 | | Operating Income (Loss) | 202 | 150 | +52 | | Net Earnings (Loss) Attributable to Liberty Stockholders | 209 | 660 | -451 | | Net Earnings (Loss) from Continuing Operations Attributable to Liberty Stockholders | 209 | 162 | +47 | | Formula One Common Stock Basic EPS | 1.62 | 0.43 | +1.19 | | Liberty Live Common Stock Basic EPS | (2.12) | 0.66 | -2.78 | [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20(Loss)) For the three months ended June 30, 2025, comprehensive earnings attributable to Liberty shareholders were **$271 million**, compared to **$456 million** in the prior year, with other comprehensive earnings (loss) from continuing operations improving to **$67 million** from a **$13 million** loss Comprehensive Earnings (Loss) Attributable to Liberty Stockholders | Period | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------- | :-------------- | :-------------- | | Three Months Ended June 30 | 271 | 456 | | Six Months Ended June 30 | 281 | 589 | Other Comprehensive Earnings (Loss) from Continuing Operations | Period | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------- | :-------------- | :-------------- | | Three Months Ended June 30 | 67 | (13) | | Six Months Ended June 30 | 72 | (43) | [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 significantly increased to **$612 million** from **$394 million** in the prior year, net cash used in investing activities was **$120 million**, and total cash, cash equivalents, and restricted cash at period-end reached **$3,472 million** Cash Flows for the Six Months Ended June 30, 2025 | Cash Flow Activity | 2025 (Millions USD) | 2024 (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | | Net Cash Provided by Operating Activities | 612 | 394 | | Net Cash Used in Investing Activities | (120) | (200) | | Net Cash Provided by Financing Activities | 8 | 6 | | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 509 | 81 | | Cash, Cash Equivalents, and Restricted Cash at Period-End | 3,472 | 2,109 | [Condensed Consolidated Statements of Equity](index=9&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Equity) As of June 30, 2025, total equity increased to **$7,363 million** from **$7,051 million** on January 1, 2025, driven by net earnings and other comprehensive earnings, while the prior year's total equity of **$20,207 million** included equity from discontinued operations Total Equity Changes | Date | Amount (Millions USD) | | :----------------- | :-------------- | | June 30, 2025 | 7,363 | | January 1, 2025 | 7,051 | | June 30, 2024 | 20,207 | | January 1, 2024 | 19,445 | - For the six months ended June 30, 2025, net earnings were **$209 million**, compared to **$752 million** in the prior year period[27](index=27&type=chunk)[29](index=29&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the company's financial statements, covering key areas such as basis of presentation, discontinued operations, tracking stock structure, stock-based compensation, EPS calculation, fair value measurements of financial instruments, equity method investments, long-term debt, and commitments and contingencies [(1) Basis of Presentation](index=11&type=section&id=(1)%20Basis%20of%20Presentation) Liberty Media Corporation operates primarily in the media and entertainment industry, with Formula 1 as its most significant subsidiary and Live Nation as its most significant equity method investment, having acquired approximately **84%** of MotoGP for about **$3.7 billion** on July 3, 2025, and reclassified Sirius XM Holdings as discontinued operations - Liberty Media Corporation primarily operates in the media and entertainment industry, with operations mainly in North America and the United Kingdom[33](index=33&type=chunk) - Formula 1 is the company's most significant subsidiary, and Live Nation is its most significant equity method investment[33](index=33&type=chunk) - The company acquired approximately **84%** of Dorna Sports, S.L. (MotoGP) for an initial purchase price of approximately **$3.7 billion** on July 3, 2025, funded by cash on hand and a **$1 billion** incremental term loan[38](index=38&type=chunk) - Sirius XM Holdings Inc. was spun off on September 9, 2024, and is presented as discontinued operations in the company's condensed consolidated financial statements[34](index=34&type=chunk)[49](index=49&type=chunk) [(2) Discontinued Operations](index=13&type=section&id=(2)%20Discontinued%20Operations) Liberty completed the spin-off of Liberty Sirius XM Holdings on September 9, 2024, which was considered a strategic shift significantly impacting the company's operations and financial performance, thus Liberty Sirius XM Holdings is presented as discontinued operations - The spin-off of Liberty Sirius XM Holdings was completed on September 9, 2024, through the redemption of Liberty SiriusXM common stock in exchange for Liberty Sirius XM Holdings common stock[47](index=47&type=chunk) - This spin-off is considered a strategic shift that had a significant impact on the company's operations and financial performance[49](index=49&type=chunk) Earnings (Loss) from Discontinued Operations (Six Months Ended June 30, 2024) | Indicator | Amount (Millions USD) | | :----------------------------------- | :-------------- | | Revenue | 4,340 | | Operating Income (Loss) | 880 | | Net Earnings (Loss) from Discontinued Operations | 590 | | Net Earnings (Loss) from Discontinued Operations Attributable to Liberty Stockholders | 498 | [(3) Tracking Stocks](index=14&type=section&id=(3)%20Tracking%20Stocks) The company reclassified its common stock into three tracking stocks: Liberty SiriusXM, Liberty Formula One, and Liberty Live, with Liberty Formula One Group primarily comprising Formula 1 and QuintEvents, and Liberty Live Group mainly consisting of Live Nation, with plans to spin off Liberty Live Group in the second half of 2025, after which Liberty Formula One common stock will cease to be a tracking stock - The Liberty Formula One Group primarily includes Formula 1, QuintEvents, cash, and **2.25%** convertible senior notes due 2027, with approximately **$3,140 million** in cash and cash equivalents as of June 30, 2025[58](index=58&type=chunk) - The Liberty Live Group primarily includes its interest in Live Nation, cash, other minority equity investments, **2.375%** exchangeable senior debentures due 2053, and an undrawn margin loan, with approximately **$308 million** in cash and cash equivalents as of June 30, 2025[59](index=59&type=chunk) - The company announced on November 13, 2024, its plan to spin off the Liberty Live Group, expected to be completed in the second half of 2025, after which Liberty Formula One common stock will no longer be a tracking stock[61](index=61&type=chunk) [(4) Stock-Based Compensation](index=16&type=section&id=(4)%20Stock-Based%20Compensation) For the six months ended June 30, 2025, stock-based compensation expense decreased to **$10 million** from **$20 million** in the prior year, with approximately **$40 million** in unrecognized compensation cost related to unvested awards expected to be recognized over a weighted-average period of about **0.8 years** as of June 30, 2025 Stock-Based Compensation Expense | Period | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------- | :-------------- | :-------------- | | Three Months Ended June 30 | 8 | 7 | | Six Months Ended June 30 | 10 | 20 | - As of June 30, 2025, unrecognized compensation cost related to unvested awards was approximately **$40 million**, expected to be recognized over a weighted-average period of approximately **0.8 years**[73](index=73&type=chunk) [(5) Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share](index=17&type=section&id=(5)%20Earnings%20Attributable%20to%20Liberty%20Media%20Corporation%20Stockholders%20Per%20Common%20Share) For the three months ended June 30, 2025, basic earnings per share for Liberty Formula One common stock were **$1.53**, while basic earnings per share for Liberty Live common stock were **$(1.93)**, with potentially dilutive shares excluded from diluted EPS calculations if anti-dilutive Basic EPS from Continuing Operations (Three Months Ended June 30) | Stock Class | 2025 | 2024 | | :----------------------------------- | :--- | :--- | | Series A, B and C Liberty Formula One | $1.53 | $0.10 | | Series A, B and C Liberty Live | $(1.93) | $1.46 | Basic EPS from Continuing Operations (Six Months Ended June 30) | Stock Class | 2025 | 2024 | | :----------------------------------- | :--- | :--- | | Series A, B and C Liberty Formula One | $1.62 | $0.43 | | Series A, B and C Liberty Live | $(2.12) | $0.66 | - For the three and six months ended June 30, 2025, approximately **6 million** and **3 million** potentially dilutive shares of Series A and Series C Liberty Formula One common stock, respectively, were excluded from the diluted EPS calculation due to their anti-dilutive effect[75](index=75&type=chunk) [(6) Assets and Liabilities Measured at Fair Value](index=19&type=section&id=(6)%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) The company's assets and liabilities measured at fair value primarily include cash equivalents, financial instrument assets, debt, and financial instrument liabilities, with most classified as Level 2, and for the three months ended June 30, 2025, net realized and unrealized gains (losses) on financial instruments were a loss of **$129 million**, mainly impacted by debt measured at fair value and the Live Nation forward contract Fair Value Measurements (As of June 30, 2025) | Description | Total (Millions USD) | Level 1 (Millions USD) | Level 2 (Millions USD) | | :-------------------------- | :--------------- | :----------------- | :----------------- | | Cash Equivalents | 774 | 774 | — | | Financial Instrument Assets | 244 | 101 | 143 | | Debt | 2,405 | — | 2,405 | | Financial Instrument Liabilities | 90 | — | 90 | Net Realized and Unrealized Gains (Losses) on Financial Instruments (Three Months Ended June 30) | Item | 2025 (Millions USD) | 2024 (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | | Debt Measured at Fair Value | (252) | 66 | | Foreign Currency Forward Contracts | 227 | 8 | | Live Nation Forward Contract | (90) | — | | Interest Rate Swaps | (18) | 13 | | Other | 4 | — | | Total | (129) | 87 | [(7) Investments in Affiliates Accounted for Using the Equity Method](index=22&type=section&id=(7)%20Investments%20in%20Affiliates%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, the company's total investments in affiliates accounted for using the equity method were **$622 million**, with Live Nation being the largest component at a **30%** ownership stake, and for the three months ended June 30, 2025, net earnings from affiliates were **$71 million**, primarily from Live Nation's **$69 million** contribution Investments in Affiliates Accounted for Using the Equity Method (As of June 30, 2025) | Affiliate | Ownership Percentage | Fair Value (Millions USD) | Carrying Value (Millions USD) | | :------------------- | :------- | :------------------ | :------------------ | | Live Nation | 30% | 10,536 | 557 | | Formula One Group Other | Various | NA | 33 | | Liberty Live Group Other | | NA | 32 | | Consolidated Liberty Total | | | 622 | Share of Earnings (Loss) from Affiliates (Three Months Ended June 30) | Group | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------- | :-------------- | :-------------- | | Formula One Group | (2) | (2) | | Liberty Live Group | 73 | 85 | | Consolidated Liberty Total | 71 | 83 | Live Nation Condensed Statements of Operations (Three Months Ended June 30) | Indicator | 2025 (Millions USD) | 2024 (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | | Revenue | 7,007 | 6,023 | | Operating Income (Loss) | 487 | 466 | | Net Earnings (Loss) Attributable to Live Nation Stockholders | 243 | 298 | [(8) Long-Term Debt](index=24&type=section&id=(8)%20Long-Term%20Debt) As of June 30, 2025, the company's total debt was **$4,047 million** (principal) with a carrying value of **$4,799 million**, with Liberty Live Group's **2.375%** exchangeable senior debentures due 2053 reclassified as current liabilities due to holders' exchange rights within one year, and Formula 1 having refinanced its senior credit facility and utilized an incremental term loan to fund the MotoGP acquisition Debt Summary (As of June 30, 2025) | Indicator | Principal (Millions USD) | Carrying Value (Millions USD) | | :------------------- | :-------------- | :-------------- | | Formula One Group | 2,897 | 3,030 | | Liberty Live Group | 1,150 | 1,769 | | Total Debt | 4,047 | 4,799 | | Debt Classified as Current Liabilities | | (1,803) | | Total Long-Term Debt | | 2,996 | - Liberty Live Group's **2.375%** exchangeable senior debentures due 2053 were classified as current liabilities as of June 30, 2025, because holders may exercise their exchange right between July 1 and September 30, 2025[107](index=107&type=chunk)[109](index=109&type=chunk) - Formula 1 refinanced its senior credit facility on September 19, 2024, and completed financing for an incremental term loan on July 1, 2025, to partially fund the MotoGP acquisition[111](index=111&type=chunk)[112](index=112&type=chunk) [(9) Commitments and Contingencies](index=27&type=section&id=(9)%20Commitments%20and%20Contingencies) Formula 1 paid **$50 million** to participating teams as an incentive to sign the 2026 Concorde Commercial Agreement, extending F1 Championship commercial arrangements until December 31, 2030, and the company also faces contingent liabilities related to legal and tax proceedings, which management believes will not materially impact the financial statements - Formula 1 paid a total of **$50 million** to **10** participating teams in March 2025 as an incentive to sign the 2026 Concorde Commercial Agreement[117](index=117&type=chunk) - The 2026 Concorde Commercial Agreement covers arrangements for the F1 Championship seasons from 2026 through 2030 and expires on December 31, 2030[117](index=117&type=chunk) - The company faces contingent liabilities related to legal and tax proceedings, but management believes these will not materially impact the condensed consolidated financial statements[119](index=119&type=chunk) [(10) Information About Liberty's Operating Segments](index=27&type=section&id=(10)%20Information%20About%20Liberty's%20Operating%20Segments) Liberty's reporting segments include Formula 1 (consolidated subsidiary) and Live Nation (equity method affiliate), with management using Adjusted OIBDA (a non-GAAP financial measure) to assess business performance, and for the three months ended June 30, 2025, consolidated Adjusted OIBDA significantly increased to **$364 million** from **$164 million** in the prior year - The company's reporting segments are Formula 1 (a consolidated subsidiary) and Live Nation (an equity method affiliate)[124](index=124&type=chunk)[125](index=125&type=chunk) Adjusted OIBDA (Three Months Ended June 30) | Group | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------- | :-------------- | :-------------- | | Formula 1 | 361 | 160 | | Corporate and Other | 8 | 5 | | Liberty Live Group | (5) | (1) | | Consolidated Liberty Total | 364 | 164 | Adjusted OIBDA (Six Months Ended June 30) | Group | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------- | :-------------- | :-------------- | | Formula 1 | 446 | 368 | | Corporate and Other | (4) | (1) | | Liberty Live Group | (9) | (2) | | Consolidated Liberty Total | 433 | 365 | - The company expects to recognize revenue from performance obligations that are contracted but not yet delivered, with approximately **$1,542 million** for the remainder of 2025, **$2,624 million** for 2026, **$2,364 million** for 2027, **$6,050 million** for 2028 through 2032, and **$1,716 million** thereafter[132](index=132&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides a detailed discussion and analysis of the company's financial condition and results of operations, including cautionary notes regarding forward-looking statements, business overview, consolidated results of operations, other income and expense, material changes in financial condition, and operating results for each business segment [Cautionary Note Regarding Forward-Looking Statements](index=32&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section warns investors that forward-looking statements in the report involve expectations and beliefs about future results or events, but there is no guarantee these will be achieved, listing various factors that could cause actual results to differ materially, including financing ability, debt impact, business popularity, economic conditions, regulatory environment, and geopolitical events - Forward-looking statements involve expectations and beliefs about future results or events, but there is no guarantee these will be achieved[136](index=136&type=chunk) - Factors that could cause actual results to differ include: ability to obtain financing, debt impact, success of tracking stock businesses, economic conditions, overlapping directors and management with QVC Group, litigation outcomes, risks of operating overseas, information system risks, regulatory compliance, changes in key strategic relationships, impact of pandemics, reliance on intellectual property, third-party reliance, attracting and retaining talent, impact of Live Nation investment, termination or changes to Formula 1 and MotoGP agreements, tax challenges and legal changes, ability to expand into new markets, competitor events, event cancellations or postponements, changes in consumer viewing habits, misunderstanding of capital structure, stock price volatility, dividend policy, conflicts of interest, geopolitical events, assessment of future prospects for tracking stock groups, and anticipated benefits and costs of the Liberty Live spin-off[136](index=136&type=chunk)[143](index=143&type=chunk) [Overview](index=33&type=section&id=Overview) The company primarily operates in the media and entertainment industry through entities like Formula 1 and Live Nation, with Formula 1 Group mainly comprising Formula 1 and QuintEvents, and Liberty Live Group primarily consisting of Live Nation, having acquired MotoGP on July 3, 2025, and planning to spin off Liberty Live Group in the second half of 2025 - The company holds controlling and non-controlling interests in media and entertainment businesses, with Formula 1 being its most significant operating subsidiary[140](index=140&type=chunk) - As of June 30, 2025, the Formula One Group primarily includes interests in Formula 1 and QuintEvents, cash, and **2.25%** convertible senior notes due 2027, with approximately **$3,140 million** in cash and cash equivalents[149](index=149&type=chunk) - As of June 30, 2025, the Liberty Live Group primarily includes its interest in Live Nation, cash, other minority equity investments, **2.375%** exchangeable senior debentures due 2053, and an undrawn margin loan, with approximately **$308 million** in cash and cash equivalents[150](index=150&type=chunk) - The company acquired approximately **84%** of MotoGP on July 3, 2025, and plans to spin off the Liberty Live Group in the second half of 2025[152](index=152&type=chunk)[153](index=153&type=chunk) [Results of Operations—Consolidated](index=36&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) For the three months ended June 30, 2025, the company's consolidated revenue increased by **35.7%** to **$1,341 million**, driven by revenue growth from Formula 1 and QuintEvents, with consolidated operating income rising to **$273 million** and consolidated Adjusted OIBDA increasing to **$364 million** Consolidated Results of Operations (Three Months Ended June 30) | Indicator | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------- | :-------------- | :-------------- | | Revenue | 1,341 | 988 | | Operating Income (Loss) | 273 | 57 | | Adjusted OIBDA | 364 | 164 | Consolidated Results of Operations (Six Months Ended June 30) | Indicator | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------- | :-------------- | :-------------- | | Revenue | 1,788 | 1,575 | | Operating Income (Loss) | 202 | 150 | | Adjusted OIBDA | 433 | 365 | - Stock-based compensation expense for the six months ended June 30, 2025, was **$10 million**, a decrease from **$20 million** in the prior year period[158](index=158&type=chunk) - Acquisition costs for the six months ended June 30, 2025, were **$14 million**, a decrease from **$20 million** in the prior year period[159](index=159&type=chunk) [Other Income and Expense](index=38&type=section&id=Other%20Income%20and%20Expense) For the three months ended June 30, 2025, consolidated interest expense decreased to **$57 million**, net earnings from affiliates were **$71 million**, net realized and unrealized gains (losses) on financial instruments were a loss of **$129 million**, primarily due to debt measured at fair value and the Live Nation forward contract, and other net income increased to **$70 million** Components of Other Income (Expense) (Three Months Ended June 30) | Item | 2025 (Millions USD) | 2024 (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | | Interest Expense | (57) | (60) | | Share of Earnings (Loss) from Affiliates, Net | 71 | 83 | | Realized and Unrealized Gains (Losses) on Financial Instruments, Net | (129) | 87 | | Other, Net | 70 | 26 | | Total | (45) | 136 | Components of Other Income (Expense) (Six Months Ended June 30) | Item | 2025 (Millions USD) | 2024 (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | | Interest Expense | (112) | (122) | | Share of Earnings (Loss) from Affiliates, Net | 72 | 59 | | Realized and Unrealized Gains (Losses) on Financial Instruments, Net | (64) | 66 | | Other, Net | 106 | 47 | | Total | 2 | 50 | - For the three months ended June 30, 2025, the company's earnings from continuing operations before income taxes were **$228 million**, with an income tax expense of **$24 million**[168](index=168&type=chunk) [Material Changes in Financial Condition](index=39&type=section&id=Material%20Changes%20in%20Financial%20Condition) As of June 30, 2025, Liberty's cash and cash equivalents were primarily invested in U.S. Treasury securities and other highly-rated financial instruments, with Formula One Group holding **$3,140 million** and Liberty Live Group holding **$308 million**, and the company's primary cash use in the first half of 2025 was a **$131 million** deferred payment related to the MotoGP acquisition - As of June 30, 2025, Liberty's cash and cash equivalents were primarily invested in U.S. Treasury securities, other government or government-guaranteed funds, AAA-rated money market funds, and other highly-rated financial and corporate debt instruments[170](index=170&type=chunk) Cash and Cash Equivalents (As of June 30, 2025) | Group | Amount (Millions USD) | | :------------------- | :-------------- | | Formula One Group | 3,140 | | Liberty Live Group | 308 | | Total | 3,448 | - Liberty's primary cash use for the six months ended June 30, 2025, was a **$131 million** deferred payment related to the MotoGP acquisition, recorded as prepaid purchase consideration[174](index=174&type=chunk) - Formula 1's primary cash use for the six months ended June 30, 2025, was **$55 million** in capital expenditures, funded by cash from operations[175](index=175&type=chunk) [Results of Operations—Businesses](index=41&type=section&id=Results%20of%20Operations%E2%80%94Businesses) This section details Formula 1's operating performance, with its main revenue streams from race promotion, media rights, and sponsorship, and for the three months ended June 30, 2025, both Formula 1's total revenue and Adjusted OIBDA significantly increased due to more events, changes in event mix, and growth in contractual fees [Formula 1](index=41&type=section&id=Formula%201) Formula 1's revenue primarily derives from race promotion, media rights, and sponsorship, with total revenue increasing to **$1,226 million** and Adjusted OIBDA to **$361 million** for the three months ended June 30, 2025, driven by an increased number of events, changes in event mix, and growth in various contractual fees, while team payments and other cost of revenue also increased - Formula 1's revenue is primarily derived from the commercial exploitation of its race promotion, media rights, and sponsorship agreements[179](index=179&type=chunk) Formula 1 Results of Operations (Three Months Ended June 30) | Indicator | 2025 (Millions USD) | 2024 (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | | Primary Formula 1 Revenue | 1,032 | 739 | | Other Formula 1 Revenue | 194 | 132 | | Total Formula 1 Revenue | 1,226 | 871 | | Adjusted OIBDA | 361 | 160 | | Operating Income (Loss) | 293 | 84 | | Number of Races | 9 | 8 | Formula 1 Results of Operations (Six Months Ended June 30) | Indicator | 2025 (Millions USD) | 2024 (Millions USD) | | :----------------------------------- | :-------------- | :-------------- | | Primary Formula 1 Revenue | 1,351 | 1,202 | | Other Formula 1 Revenue | 278 | 222 | | Total Formula 1 Revenue | 1,629 | 1,424 | | Adjusted OIBDA | 446 | 368 | | Operating Income (Loss) | 265 | 220 | | Number of Races | 11 | 11 | - Primary Formula 1 revenue growth was primarily due to an additional race, changes in the event mix, growth in contractual fees, increased F1 TV subscription revenue, and a one-time revenue from the F1 film release[183](index=183&type=chunk) - Formula 1 cost of revenue increased by **$142 million** and **$98 million** for the three and six months ended June 30, 2025, respectively, primarily due to increased team payments and higher Paddock Club, technical, travel, and freight services costs[188](index=188&type=chunk)[189](index=189&type=chunk)[192](index=192&type=chunk) - Selling, general and administrative expenses increased by **$12 million** and **$29 million** for the three and six months ended June 30, 2025, respectively, primarily due to higher personnel and marketing costs[194](index=194&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks related to interest rates and stock prices, managing interest rate risk through an appropriate mix of fixed and floating-rate debt, and stock price risk through equity collar options and other financial instruments, noting that Live Nation stock, accounted for using the equity method, is not reported at fair value, and its market value fluctuations could significantly impact the company - The company faces market risks related to interest rates and stock prices, managing interest rate risk by maintaining an appropriate mix of fixed and floating-rate debt[197](index=197&type=chunk)[198](index=198&type=chunk) Debt Composition (As of June 30, 2025) | Group | Floating Rate Debt Principal (Millions USD) | Floating Rate Weighted Average Interest Rate | Fixed Rate Debt Principal (Millions USD) | Fixed Rate Weighted Average Interest Rate | | :------------------- | :----------------------- | :------------------- | :----------------------- | :------------------- | | Formula One Group | 172 | 6.2% | 2,725 | 4.4% | | Liberty Live Group | NA | NA | 1,150 | 2.4% | - The company manages market risk for certain investment positions through equity collar options and other financial instruments[199](index=199&type=chunk) - Live Nation stock (an equity method affiliate) is not reported at fair value, and a **10%** decrease in its market price as of June 30, 2025, would reduce its total value by **$1,054 million**[200](index=200&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, the company's management assessed and determined its disclosure controls and procedures to be effective, providing reasonable assurance that information is timely recorded, processed, summarized, and reported, with no significant changes in internal controls during the quarter - As of June 30, 2025, the company's disclosure controls and procedures were deemed effective, providing reasonable assurance that information is timely recorded, processed, summarized, and reported[201](index=201&type=chunk) - There were no significant changes in the company's internal controls during the three months ended June 30, 2025[202](index=202&type=chunk) Part II — Other Information [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) There have been no material changes to the legal proceedings disclosed in the company's Form 10-K annual report filed on December 31, 2024, during this quarter - There have been no material changes to the legal proceedings disclosed in the company's 2024 Form 10-K annual report during this quarter[204](index=204&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) This section details various risks faced by the company, particularly those related to the Formula One Group, including decreased popularity of Formula 1 or MotoGP, termination of key commercial agreements, competition law enforcement actions (including the DOJ investigation into Formula 1), difficulties in expanding into new markets, changes in regulatory and environmental laws, event cancellations or postponements, accidents and terrorist attacks, emergence of competitor events, changes in consumer viewing habits, disclosure of confidential information, intellectual property protection, personal data privacy, and debt covenant restrictions [Risks Relating to the Formula One Group](index=45&type=section&id=Risks%20Relating%20to%20the%20Formula%20One%20Group) The Formula One Group faces several key risks, including decreased popularity of Formula 1 or MotoGP potentially impacting commercial rights, termination of the 100-Year Agreement and FIM Agreement leading to business disruption, teams potentially withdrawing from the F1 Championship, and actions by the FIA and FIM conflicting with commercial interests. Additionally, the company faces competition law enforcement actions (including a DOJ investigation into Formula 1), difficulties in contract renewals, counterparty default risks, tax challenges and legal changes, barriers to new market expansion, changes in regulatory and environmental laws, event cancellations or postponements, accidents and terrorist attacks, emergence of competitor events, changes in consumer viewing habits, disclosure of confidential information, intellectual property protection, personal data privacy, and debt covenant restrictions - A decrease in the popularity of Formula 1 or MotoGP could materially adversely affect the exploitation of their commercial rights[207](index=207&type=chunk)[208](index=208&type=chunk) - Termination of the 100-Year Agreement (Formula 1) and the FIM Agreement (MotoGP) could lead to the cessation of Formula 1 or MotoGP operations[210](index=210&type=chunk)[211](index=211&type=chunk) - Formula 1 teams may, in certain circumstances, terminate their commitment to or default on their participation in the F1 Championship, and a reduction in the number of MotoGP teams could also diminish its appeal[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[217](index=217&type=chunk) - The FIA and FIM, as governing bodies, may take actions that conflict with the commercial interests of Formula 1 or MotoGP[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk) - Formula 1 and MotoGP may face competition law enforcement actions, including a U.S. Department of Justice investigation into Formula 1's conduct regarding Andretti Formula Racing's application to enter the F1 Championship[221](index=221&type=chunk)[222](index=222&type=chunk)[224](index=224&type=chunk) - Formula 1 and MotoGP may be unable to renew, replace, or renegotiate race promotion, media rights, or sponsorship contracts on favorable terms[225](index=225&type=chunk)[226](index=226&type=chunk) - Formula 1 and MotoGP face risks of credit-related losses from counterparty non-performance and challenges from tax authorities in their operating jurisdictions[227](index=227&type=chunk)[228](index=228&type=chunk) - Changes in tax laws, such as the OECD's 'Two-Pillar' approach, could adversely affect Formula 1, MotoGP, and the Formula One Group[229](index=229&type=chunk)[234](index=234&type=chunk) - Formula 1 and MotoGP may face difficulties in expanding into new markets, including an inability to attract new race promoters[235](index=235&type=chunk) - Changes in laws and regulations, and their judicial interpretations, concerning advertising, media rights, and environmental matters could materially adversely affect Formula 1, MotoGP, and/or the Formula One Group[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk) - Covenants contained in Formula 1 and MotoGP's debt agreements may restrict their financial and operating flexibility[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) - Fluctuations in the value of the U.S. Dollar and/or Euro against the functional currencies of Formula 1 or MotoGP's respective businesses and counterparties could adversely affect their profitability[257](index=257&type=chunk) [Item 2. 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) The company's Board of Directors authorized the repurchase of up to **$2 billion** of common stock, with approximately **$1.1 billion** remaining for future repurchases as of June 30, 2025, and no Liberty Formula One common stock or Liberty Live common stock was repurchased during the quarter - The company's Board of Directors authorized the repurchase of up to **$2 billion** of common stock, with approximately **$1.1 billion** remaining for future repurchases as of June 30, 2025[260](index=260&type=chunk)[261](index=261&type=chunk) - No Liberty Formula One common stock or Liberty Live common stock was repurchased during the three months ended June 30, 2025[261](index=261&type=chunk) [Item 5. Other Information](index=57&type=section&id=Item%205.%20Other%20Information) During the fiscal quarter ended June 30, 2025, no directors or officers of the company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements - During the fiscal quarter ended June 30, 2025, no directors or officers of the company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements[263](index=263&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of this quarterly report, including various agreements, commitment letters, certification documents, and XBRL files - Exhibits include senior credit agreements, forward confirmations, incremental loan commitment letters, certification documents, and unaudited attributed financial information for tracking stock groups[265](index=265&type=chunk)

LIBERTY MEDIA CORPORATION REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS Exhibit 99.1 Englewood, Colorado, May 7, 2025 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2025 results. Headlines include (1): "2025 is off to a strong start. Formula 1 is benefiting from exciting racing on the track and financial momentum underpinned by new commercial partnerships that took effect this year," said Derek Chang, Liberty Media President & CEO. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q 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 (State or other jurisdiction of incorporation or organization) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

[Executive Summary and Highlights](index=1&type=section&id=Executive%20Summary%20and%20Highlights) [CEO's Strategic Priorities](index=1&type=section&id=CEO%27s%20Strategic%20Priorities) Derek Chang, Liberty Media's new President & CEO, outlined strategic priorities for **2025**, focusing on capitalizing on Formula **1**'s success, closing the MotoGP acquisition, and addressing the Liberty Live structure to drive shareholder value - **New CEO Derek Chang's strategic priorities** for **2025** **include capitalizing on Formula 1's success**, **closing the MotoGP acquisition**, and **addressing the Liberty Live structure**[1](index=1&type=chunk)[3](index=3&type=chunk) [Formula One Group Highlights](index=1&type=section&id=Formula%20One%20Group%20Highlights) Formula One Group reported **significant growth** in **2024**, with **fan attendance** up **9%** to **6.5 million**, strong TV viewership and social media engagement, and several **key race promotion and sponsorship agreements renewed or extended**. The acquisition of MotoGP is **pending regulatory approval** - **2024** F**1** **fan attendance reached** **6.5 million**, a **9% increase** compared to **2023**[2](index=2&type=chunk) - F**1** achieved **1.6 billion cumulative TV viewers** and **97 million social media followers**[2](index=2&type=chunk) - **Key race promotion agreements renewed include Belgian Grand Prix** (multi-year rotation), **Dutch Grand Prix** (through **2026**), **Chinese Grand Prix** (through **2030**), and **Italian and Monaco Grands Prix** (through **2031**)[2](index=2&type=chunk) - **Partnership with Crypto.com extended through 2030**, and a **new agreement signed with global lottery operator Allwyn as Official Partner**[2](index=2&type=chunk) - Liberty Media **extended the regulatory approval date for the MotoGP acquisition** to June **30**, **2025**[2](index=2&type=chunk) [Liberty Live Group Highlights](index=2&type=section&id=Liberty%20Live%20Group%20Highlights) As of December **31**, **2024**, the **fair value of Liberty Live Group's investment in Live Nation was $9.0 billion** - **Fair value of Live Nation investment was $9.0 billion** as of December **31**, **2024**[2](index=2&type=chunk) [Discussion of Results](index=3&type=section&id=Discussion%20of%20Results) [Formula One Group Financial Performance](index=3&type=section&id=Formula%20One%20Group%20Financial%20Performance) The Formula One Group, comprising F**1** and Quint, reported a **6% increase in total revenue** for the **full year 2024** to **$3,653 million**, **driven by F1's record performance**. **Full year operating income grew 26%** to **$492 million**, and **Adjusted OIBDA increased 9%** to **$791 million**, reflecting strong commercial success and operational efficiency Formula One Group Financial Results (Full Year) | Metric | 2023 (millions) | 2024 (millions) | % Change (YoY) | | :---------------------- | :-------------- | :-------------- | :-------------- | | Total Revenue (millions) | $3,222 | $3,653 | 13.4% | | Operating Income (Loss) (millions) | $297 | $287 | (3.4%) | | Adjusted OIBDA (Loss) (millions) | $686 | $774 | 12.8% | Formula One Group Financial Results (Q4) | Metric | 2023 (millions) | 2024 (millions) | % Change (YoY) | | :---------------------- | :-------------- | :-------------- | :-------------- | | Total Revenue (millions) | $1,230 | $1,167 | (5.1%) | | Operating Income (Loss) (millions) | $122 | $23 | (81.1%) | | Adjusted OIBDA (Loss) (millions) | $243 | $200 | (17.7%) | - Formula **1** President and CEO, Stefano Domenicali, highlighted **2024** as a **record year** for race count, **revenue**, and **Adjusted OIBDA**, expressing optimism for **2025** with F**1**'s **75th anniversary**[8](index=8&type=chunk) [F1 Operating Results](index=3&type=section&id=F1%20Operating%20Results) F**1**'s **total revenue** for the **full year 2024 increased by 6%** to **$3,411 million**, **driven by growth across all primary revenue streams**, including race promotion, media rights, and sponsorship. **Full year operating income surged 26%** to **$492 million**, and **Adjusted OIBDA grew 9%** to **$791 million**. The **fourth quarter saw an 8% revenue decrease** and **18% operating income decrease**, **primarily due to lower proportionate recognition of season-based income** and **reduced Las Vegas Grand Prix ticketing revenue** F1 Operating Results (Full Year) | Metric | 2023 (millions) | 2024 (millions) | % Change (YoY) | | :---------------------------------- | :-------------- | :-------------- | :-------------- | | Primary Formula 1 revenue (millions) | $2,560 | $2,757 | 8% | | Other Formula 1 revenue (millions) | $662 | $654 | (1%) | | Total Formula 1 revenue (millions) | $3,222 | $3,411 | 6% | | Cost of Formula 1 revenue (millions) | $(2,256) | $(2,332) | (3%) | | Selling, general and administrative (millions) | $(241) | $(288) | (20%) | | Adjusted OIBDA (millions) | $725 | $791 | 9% | | Operating income (loss) (millions) | $392 | $492 | 26% | | Number of races | 22 | 24 | 9% | F1 Operating Results (Q4) | Metric | 2023 (millions) | 2024 (millions) | % Change (YoY) | | :---------------------------------- | :-------------- | :-------------- | :-------------- | | Primary Formula 1 revenue (millions) | $838 | $797 | (5%) | | Other Formula 1 revenue (millions) | $392 | $329 | (16%) | | Total Formula 1 revenue (millions) | $1,230 | $1,126 | (8%) | | Cost of Formula 1 revenue (millions) | $(916) | $(840) | 8% | | Selling, general and administrative (millions) | $(76) | $(84) | (11%) | | Adjusted OIBDA (millions) | $238 | $202 | (15%) | | Operating income (loss) (millions) | $153 | $126 | (18%) | | Number of races | 6 | 6 | 0% | - **Primary** F**1** **revenue streams** for **2024** **comprised**: **race promotion** (**29.3%**), **media rights** (**32.8%**), and **sponsorship fees** (**18.6%**)[11](index=11&type=chunk) - **Full year primary F1 revenue growth was driven by new sponsors, contractual increases, additional sponsorship inventory from two extra races** (China and Imola), and **continued growth in F1 TV subscriptions**. This was **partially offset by lower ticketing revenue from the Las Vegas Grand Prix**[13](index=13&type=chunk) - **Q4 primary F1 revenue decreased due to lower ticketing revenue from the Las Vegas Grand Prix and lower proportionate recognition of season-based media rights income, partially offset by new sponsorship revenue**[14](index=14&type=chunk) - **Full year operating income and Adjusted OIBDA grew**, **despite increased team payments** (due to F**1** **revenue growth**) and **higher other costs of F1 revenue** (**lease expense** for Las Vegas Grand Prix Plaza, commissions, new F**2** cars, freight, technical, digital, and FIA regulatory costs)[16](index=16&type=chunk) - **Q4 operating income and Adjusted OIBDA decreased due to revenue decline**, though **team payments decreased due to lower pro rata recognition** and **reduced costs based on full year results**[18](index=18&type=chunk) [Corporate and Other Operating Results](index=8&type=section&id=Corporate%20and%20Other%20Operating%20Results) **Corporate and Other revenue** for the Formula One Group **increased** in both the **full year** and **fourth quarter of 2024**, **primarily due to the inclusion of Quint results** and **rental income** from the Las Vegas Grand Prix Plaza. Quint's **revenue is seasonal**, with largest events typically in Q**2** and Q**4** - **Corporate and Other revenue grew** in **full year** and Q**4** **2024** **due to Quint results** and **$33 million** (**full year**) / **$13 million** (Q**4**) **rental income** from the Las Vegas Grand Prix Plaza[19](index=19&type=chunk) - Quint's Q**4** **results were primarily driven by F1 Experiences across the six races held**, with its **revenue being seasonal around major events** in Q**2** and Q**4**[19](index=19&type=chunk) [Liberty Live Group Overview](index=8&type=section&id=Liberty%20Live%20Group%20Overview) **Liberty Live Group's primary assets include its interest in Live Nation** and other minority investments. The group was **allocated $11 million in corporate-level selling, general, and administrative expenses** for the **full year 2024** - **Liberty Live Group's assets primarily consist of Liberty Media's interest in Live Nation** and other minority investments[21](index=21&type=chunk) - **Corporate level selling, general and administrative expense allocated to Liberty Live Group was $11 million** for the **full year 2024**[20](index=20&type=chunk) [Share Repurchases](index=8&type=section&id=Share%20Repurchases) Liberty Media **did not repurchase any common stock** between November **1**, **2024**, and January **31**, **2025**. The company retains a **remaining repurchase authorization of $1.1 billion** as of February **1**, **2025**, applicable across its tracking stocks - **No repurchases of Liberty Media's common stock occurred** from November **1**, **2024**, through January **31**, **2025**[22](index=22&type=chunk) - **Total remaining repurchase authorization for Liberty Media** as of February **1**, **2025**, **is $1.1 billion**[22](index=22&type=chunk) [Supplemental Financial Information](index=10&type=section&id=Supplemental%20Financial%20Information) [Fair Value of Corporate Public Holdings](index=10&type=section&id=Fair%20Value%20of%20Corporate%20Public%20Holdings) The **fair value of Liberty Live Group's investment in Live Nation increased from $7,625 million** as of September **30**, **2024**, to **$9,019 million** as of December **31**, **2024** Fair Value of Corporate Public Holdings (millions) | Group | 9/30/2024 (millions) | 12/31/2024 (millions) | | :---------------- | :-------- | :--------- | | Liberty Live Group | $7,625 | $9,019 | | Total Liberty Media | $7,625 | $9,019 | [Cash and Debt](index=11&type=section&id=Cash%20and%20Debt) **Total consolidated cash and cash equivalents decreased by $98 million** in Q**4** **2024** to **$2,956 million**. Formula One Group's **cash decreased by $35 million due to operational cash usage** and capital expenditures, while its **debt remained relatively flat**. **Liberty Live Group's cash decreased by $63 million**, **primarily due to debt reduction** and interest payments, with its **total debt decreasing by $50 million due to the settlement of exchangeable senior debentures** Cash and Cash Equivalents (millions) | Attributed to: | 9/30/2024 (millions) | 12/31/2024 (millions) | | :------------------------- | :-------- | :--------- | | Formula One Group (millions) | $2,666 | $2,631 | | Liberty Live Group (millions) | $388 | $325 | | Total Consolidated (GAAP) (millions) | $3,054 | $2,956 | Debt (GAAP, millions) | Attributed to: | 9/30/2024 (millions) | 12/31/2024 (millions) | | :--------------------------------- | :-------- | :--------- | | Total Attributed Formula One Group Debt (GAAP) (millions) | $2,928 | $2,992 | | Total Attributed Liberty Live Group Debt (GAAP) (millions) | $1,437 | $1,556 | | Total Liberty Media Corporation Debt (GAAP) (millions) | $4,365 | $4,548 | - **Formula One Group's cash decreased by $35 million** in Q**4** **due to cash used in operations** at F**1** and capital expenditures, while its **debt was relatively flat**[30](index=30&type=chunk) - **Liberty Live Group's cash decreased by $63 million** in Q**4** **due to debt reduction** and interest payments. Its **total debt decreased by $50 million due to the settlement of the 0.5% Live Nation exchangeable senior debentures due 2050**[31](index=31&type=chunk) - Liberty Media and F**1** were **in compliance with their debt covenants** as of December **31**, **2024**[30](index=30&type=chunk) [Consolidated Financial Statements](index=14&type=section&id=Consolidated%20Financial%20Statements) [Balance Sheet Information (December 31, 2024)](index=14&type=section&id=Balance%20Sheet%20Information) As of December **31**, **2024**, Liberty Media Corporation **reported total consolidated assets of $12,948 million** and **total liabilities of $5,897 million**. **Key components include $2,956 million in cash and cash equivalents** and **$4,522 million in long-term debt** Consolidated Balance Sheet Highlights (December 31, 2024, millions) | Metric | Amount (millions) | | :-------------------------- | :--------- | | Total current assets (millions) | $3,347 | | Total assets (millions) | $12,948 | | Total current liabilities (millions) | $1,133 | | Long-term debt (millions) | $4,522 | | Total liabilities (millions) | $5,897 | | Equity / Attributed net assets (millions) | $7,029 | - **Formula One Group held $2,631 million in cash and cash equivalents**, while **Liberty Live Group held $325 million**[36](index=36&type=chunk) [Statement of Operations](index=15&type=section&id=Statement%20of%20Operations) For the **twelve months ended December 31, 2024**, Liberty Media Corporation **reported consolidated total revenue of $3,653 million** and an **operating income of $276 million**. The company recorded a **net loss attributable to Liberty stockholders of $2,063 million**, **significantly impacted by a $2,412 million net loss from discontinued operations** (Liberty SiriusXM Group) Consolidated Statement of Operations Highlights (Twelve months ended December 31, 2024, millions) | Metric | Amount (millions) | | :----------------------------------------- | :--------- | | Total revenue (millions) | $3,653 | | Operating income (loss) (millions) | $276 | | Net earnings (loss) from continuing operations (millions) | $(63) | | Net earnings (loss) from discontinued operations (millions) | $(2,412) | | Net earnings (loss) (millions) | $(2,475) | | Net earnings (loss) attributable to Liberty stockholders (millions) | $(2,063) | Consolidated Statement of Operations Highlights (Twelve months ended December 31, 2023, millions) | Metric | Amount (millions) | | :----------------------------------------- | :--------- | | Total revenue (millions) | $3,572 | | Operating income (loss) (millions) | $255 | | Net earnings (loss) from continuing operations (millions) | $(24) | | Net earnings (loss) from discontinued operations (millions) | $986 | | Net earnings (loss) (millions) | $962 | | Net earnings (loss) attributable to Liberty stockholders (millions) | $761 | - The **combination of Liberty SiriusXM Group and SiriusXM on September 9, 2024, resulted in Liberty SiriusXM Group being presented as a discontinued operation, significantly impacting net earnings**[38](index=38&type=chunk) [Statement of Cash Flows Information](index=17&type=section&id=Statement%20of%20Cash%20Flows%20Information) For the **twelve months ended December 31, 2024**, Liberty Media Corporation reported **net cash provided by operating activities of $553 million**, **net cash used by investing activities of $187 million**, and **net cash provided by financing activities of $894 million**. The **net increase in cash, cash equivalents, and restricted cash was $935 million**, **bringing the year-end balance to $2,963 million** Consolidated Statement of Cash Flows Highlights (Twelve months ended December 31, 2024, millions) | Metric | Amount (millions) | | :----------------------------------------- | :--------- | | Net cash provided (used) by operating activities (millions) | $553 | | Net cash provided (used) by investing activities (millions) | $(187) | | Net cash provided (used) by financing activities (millions) | $894 | | Net cash provided (used) by discontinued operations (millions) | $(315) | | Net increase (decrease) in cash, cash equivalents and restricted cash (millions) | $935 | | Cash, cash equivalents and restricted cash at end of period (millions) | $2,963 | Consolidated Statement of Cash Flows Highlights (Twelve months ended December 31, 2023, millions) | Metric | Amount (millions) | | :----------------------------------------- | :--------- | | Net cash provided (used) by operating activities (millions) | $634 | | Net cash provided (used) by investing activities (millions) | $(544) | | Net cash provided (used) by financing activities (millions) | $(285) | | Net cash provided (used) by discontinued operations (millions) | $(54) | | Net increase (decrease) in cash, cash equivalents and restricted cash (millions) | $(248) | | Cash, cash equivalents and restricted cash at end of period (millions) | $2,028 | - **Formula One Group's operating activities provided $567 million** in **cash**, while **investing activities used $292 million**, and **financing activities provided $965 million** in **2024**[43](index=43&type=chunk) [Non-GAAP Financial Measures](index=21&type=section&id=Non-GAAP%20Financial%20Measures) Liberty Media provides **Adjusted OIBDA** as a non-GAAP financial measure to offer additional insight into the **operational strength and performance** of its businesses. **Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, litigation settlements, restructuring, acquisition and other related costs, and impairment charges** - **Adjusted OIBDA is a non-GAAP measure used to indicate operational strength and performance, excluding items not directly reflective of ongoing business trends**[47](index=47&type=chunk)[48](index=48&type=chunk) Adjusted OIBDA Reconciliation (millions) | Metric | 4Q23 (millions) | 4Q24 (millions) | 2023 (millions) | 2024 (millions) | | :------------------------ | :--- | :--- | :--- | :--- | | **Formula One Group** | | | | | | Operating income (loss) (millions) | $122 | $23 | $297 | $287 | | Depreciation and amortization (millions) | $115 | $89 | $369 | $352 | | Stock compensation expense (millions) | $6 | $6 | $20 | $30 | | Impairment and acquisition costs (millions) | $— | $82 | $— | $105 | | **Adjusted OIBDA** (millions) | $243 | $200 | $686 | $774 | | **Liberty Live Group** | | | | | | Operating income (loss) (millions) | $(6) | $(4) | $(11)| $(11)| | Stock compensation expense (millions) | $1 | $1 | $2 | $4 | | **Adjusted OIBDA** (millions) | $(5) | $(3) | $(9) | $(7) | - **Formula One Group incurred $32 million in corporate acquisition costs** and a **$73 million non-cash impairment charge related to Quint goodwill** during **2024**[50](index=50&type=chunk) [Other Information](index=13&type=section&id=Other%20Information) [Important Notice and Conference Call](index=13&type=section&id=Important%20Notice%20and%20Conference%20Call) Liberty Media Corporation will host an **earnings conference call** on February **27**, **2025**, at **10:00 a.m. (E.T.)** to discuss the financial results. Details for accessing the call via phone or webcast are provided - **Liberty Media's earnings conference call is scheduled for February 27, 2025, at 10:00 a.m. (E.T.)**[32](index=32&type=chunk) [Forward-Looking Statements](index=13&type=section&id=Forward-Looking%20Statements) This press release contains **forward-looking statements** regarding business strategies, market potential, future financial performance, and the MotoGP acquisition. These statements are **subject to various risks and uncertainties** that could cause actual results to differ materially, and Liberty Media **disclaims any obligation to update them** - The press release **includes forward-looking statements concerning business strategies, market potential, future financial performance, and the planned MotoGP acquisition**[33](index=33&type=chunk) - These statements are **subject to risks and uncertainties**, including regulatory matters, litigation outcomes, acquisition benefits, industry changes, and access to capital[33](index=33&type=chunk) - Liberty Media **expressly disclaims any obligation to update or revise any forward-looking statements**[33](index=33&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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) Indicate by check mark whether the Reg ...

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 September 30, 2024 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 | --- | --- | --- | |-------------------------------------------------------|--------------------------------- ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS Englewood, Colorado, May 8, 2024- Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2024 results. Headlines include (1): 1 ● Attributed to Liberty SiriusXM Group o SiriusXM reported first quarter 2024 operating and financial results ◾ First quarter 2024 revenue of $2.16 billion; up 1% year-over-year ◾ Ad revenue up 7% year-over-year ...