Financial Performance - Net interest income increased to $53,828 thousand for the three months ended September 30, 2025, compared to $45,603 thousand for the same period in 2024, reflecting a growth of 17.8%[11] - Net income for the three months ended September 30, 2025, was $10,447 thousand, an increase of 17.3% from $8,906 thousand in the same period of 2024[11] - Basic earnings per common share remained stable at $0.30 for both the three months ended September 30, 2025, and 2024[11] - Comprehensive net income for the three months ended September 30, 2025, was $11,753,000, compared to $7,423,000 in 2024, marking an increase of 58.5%[14] - For the nine months ended September 30, 2025, net income totaled $14,854,000, down from $17,912,000 in 2024, reflecting a decrease of 17.4%[14] - For the nine months ended September 30, 2025, net income attributable to common stock was $14,473, a decrease of 17.5% compared to $17,616 for the same period in 2024[30] - Basic earnings per common share for the nine months ended September 30, 2025, was $0.43, down from $0.60 in the same period of 2024, reflecting a decline of 28.3%[30] Asset and Liability Management - Total assets decreased to $8,871,991 thousand as of September 30, 2025, down from $9,038,972 thousand at December 31, 2024, representing a decline of 1.84%[8] - Total liabilities decreased to $8,160,765 thousand as of September 30, 2025, down from $8,314,433 thousand at December 31, 2024, a reduction of 1.85%[8] - The total due to depositors increased to $7,332,831 thousand as of September 30, 2025, from $7,125,851 thousand at December 31, 2024, reflecting a growth of 2.9%[8] - Total assets increased to $711,226,000 as of September 30, 2025, compared to $666,891,000 as of September 30, 2024, reflecting a growth of 6.6%[17] Credit Losses and Provisions - The allowance for credit losses increased to $41,837 thousand as of September 30, 2025, compared to $40,152 thousand at December 31, 2024, indicating a rise of 4.2%[8] - The company reported a provision for credit losses of $1,531 thousand for the three months ended September 30, 2025, compared to $1,727 thousand in the same period of 2024, a decrease of 11.3%[11] - The provision for credit losses for the nine months ended September 30, 2025, was $10,043,000, significantly higher than $3,128,000 in 2024, indicating an increase of 220.5%[20] - The allowance for credit losses (ACL) on loans totaled $41,800 thousand on September 30, 2025, representing 0.63% of gross loans, an increase from 0.60% on December 31, 2024[52] - The ACL on loans represented 93.3% of non-performing loans as of September 30, 2025, compared to 120.5% on December 31, 2024[52] Non-Interest Income and Expenses - Total non-interest income for the nine months ended September 30, 2025, was $20,097 thousand, up from $13,577 thousand in the same period of 2024, marking a significant increase of 48.0%[11] - Non-interest expense for the three months ended September 30, 2025, was $43,365 thousand, compared to $38,696 thousand for the same period in 2024, an increase of 12.0%[11] - Non-interest income for the three months ended September 30, 2025, was $4.7 million, down from $6.3 million in the same period of 2024[171] - Total non-interest expense increased to $43.4 million for the three months ended September 30, 2025, from $38.7 million in the same period of 2024[171] Loan Performance - Total loans, net of fees and costs, amounted to $6,670,333 thousand as of September 30, 2025, compared to $6,745,848 thousand on December 31, 2024, reflecting a decrease of 1.1%[46] - The total amount of loans past due (30-89 days) as of September 30, 2025, was $10,575,000, while loans greater than 90 days past due totaled $44,984,000, contributing to a total of $57,380,000 in past due loans[63] - Non-performing assets totaled $62.1 million at September 30, 2025, an increase of $10.8 million, or 21.1%, from December 31, 2024[198] - The total amount of Special Mention loans was $13,747 thousand, indicating potential risk[67] Capital and Regulatory Compliance - As of September 30, 2025, the Bank's Tier I (leverage) capital level was $895,465, representing 10.30% of assets, exceeding the well-capitalized requirement of 5.00% by $460,624[146] - The Common Equity Tier I risk-based capital level was $895,465, or 13.38% of assets, surpassing the well-capitalized requirement of 6.50% by $460,418[146] - The total risk-based capital level for the Bank was $938,033, or 14.02% of assets, exceeding the well-capitalized requirement of 10.00% by $268,730[146] - The Company continues to be categorized as "well-capitalized" under regulatory standards as of September 30, 2025[148] Shareholder Returns - The company declared dividends on common stock at $0.22 per share, totaling $7,586,000 for the three months ended September 30, 2025[17] - Cash dividends paid increased to $22,703 for the nine months ended September 30, 2025, compared to $19,582 in 2024, representing a rise of 10.9%[22] - Dividends per common share remained consistent at $0.22 for both the three months ended September 30, 2025, and 2024[171] Market and Investment Activities - The company sold available-for-sale securities totaling $80.7 million during the three months ended September 30, 2025, achieving an average yield of 5.29%[44] - The company reported a net cash provided by investing activities for the nine months ended September 30, 2025, was $150,678,000, a significant recovery from a net cash used of $652,676,000 in 2024[20] - The company has $647.3 million of interest rate swaps outstanding to mitigate exposure to rising interest rates on fixed-rate loans as of September 30, 2025[126]

Financial Performance - Net income for the three months ended September 30, 2025, increased to $262.6 million from $7.5 million for the same period in 2024, driven by a $321.8 million increase in refining segment operating income[164]. - Adjusted EBITDA for the three months ended September 30, 2025, was $372.5 million, a significant increase from $51.4 million in the same period of 2024, primarily due to a $308.1 million increase in refining segment Adjusted Gross Margin[165]. - For the nine months ended September 30, 2025, net income rose to $291.7 million from $22.4 million for the same period in 2024, reflecting a $314.6 million increase in refining segment operating income[167]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $520.5 million, compared to $227.7 million for the same period in 2024, with a $260.5 million increase in refining segment Adjusted Gross Margin contributing to this growth[168]. - Total revenues for the three months ended September 30, 2025, were $2.01 billion, a decrease of 6% compared to $2.14 billion for the same period in 2024[171]. - Revenues for the nine months ended September 30, 2025, decreased to $5,651.41 million, down 8% from $6,142.24 million in 2024[172]. - Operating income for the three months ended September 30, 2025, was $358.5 million, a significant increase from $36.4 million in the same period in 2024[171]. - Operating income for the nine months ended September 30, 2025, increased significantly to $439.50 million, compared to $94.59 million in 2024[172]. - Adjusted Gross Margin for the three months ended September 30, 2025, was $43,492 thousand, compared to $42,615 thousand in 2024, indicating an increase of 2.05%[194]. - Adjusted Gross Margin for the nine months ended September 30, 2025, reached $126,874 thousand, up from $121,295 thousand in 2024, marking a growth of 4.73%[195]. Costs and Expenses - The company recorded a $451.5 million decrease in the cost of revenues (excluding depreciation) for the three months ended September 30, 2025, compared to the same period in 2024[171]. - Cost of revenues (excluding depreciation) for the same period fell to $4,606.54 million, a decrease of 15% compared to $5,422.88 million in 2024[172]. - General and administrative expenses (excluding depreciation) decreased to $72.13 million in the nine months ended September 30, 2025, down 17% from $87.32 million in 2024[172]. - The company experienced a significant increase in income tax expense, which rose to $92.70 million for the nine months ended September 30, 2025, compared to $10.50 million in 2024, reflecting a 783% increase[172]. - Acquisition and integration costs surged to $1.97 million in the nine months ended September 30, 2025, compared to only $0.068 million in 2024, marking a 2801% increase[172]. - Interest expense and financing costs for the three months ended September 30, 2025, were $21.3 million, a decrease of $2.1 million compared to $23.4 million for the same period in 2024[231]. - Interest expense and financing costs for the nine months ended September 30, 2025, were $65.2 million, an increase of $3.5 million compared to $61.7 million for the same period in 2024[244]. Refining Segment Performance - Operating income for the refining segment for the three months ended September 30, 2025, was $340.77 million, compared to $19.01 million in 2024[173]. - Adjusted Gross Margin for refining for the three months ended September 30, 2025, was $450.3 million, an increase of $308.1 million compared to $142.2 million for the same period in 2024[214]. - Total refining segment feedstocks throughput for Q3 2025 was 197.7 Mbpd, a slight decrease from 198.4 Mbpd in Q3 2024[182]. - Adjusted gross margin per barrel for Q3 2025 increased to $24.76 from $7.79 in Q3 2024, reflecting a significant improvement[182]. - The total refined product sales volume for the refining segment in Q3 2025 was 208.6 Mbpd, down from 216.2 Mbpd in Q3 2024[182]. - The production costs per barrel for the total refining segment decreased to $8.76 in Q3 2025 from $11.61 in Q3 2024, reflecting cost management efforts[183]. Retail Segment Performance - Retail sales volumes for the three months ended September 30, 2025, were 31,755 thousand gallons, up from 31,232 thousand gallons in 2024, representing a growth of 1.67%[186]. - For the nine months ended September 30, 2025, retail sales volumes increased to 92,034 thousand gallons from 91,186 thousand gallons in 2024, reflecting a growth of 0.93%[186]. - Operating Income for the retail segment for the three months ended September 30, 2025, was $19,093 thousand, compared to $18,274 thousand in 2024, showing an increase of 4.48%[194]. - Operating Income for the retail segment for the nine months ended September 30, 2025, was $55,847 thousand, up from $45,323 thousand in 2024, representing a growth of 23.25%[195]. - Retail Adjusted Gross Margin for the nine months ended September 30, 2025, was $126.9 million, an increase of $5.6 million compared to $121.3 million for the same period in 2024[221]. Joint Ventures and Investments - The company formed a joint venture, Hawaii Renewables, LLC, with a 63.5% equity interest to develop a renewable fuels manufacturing facility, with a $100 million cash contribution from Alohi Renewable Energy LLC[157]. - Acquisition and integration costs for the nine months ended September 30, 2025, were $2.0 million, primarily related to the establishment of the renewable fuel facility joint venture[241]. Market Conditions - The average Brent crude oil price decreased to $69.93 per barrel for the nine months ended September 30, 2025, down from $81.82 per barrel for the same period in 2024[159]. - The average Brent crude oil price for Q3 2025 was $68.17, down from $78.71 in Q3 2024, reflecting market volatility[184]. - The combined market index for Q3 2025 was $14.72, significantly higher than $8.89 in Q3 2024, indicating improved market conditions[184]. Liquidity and Capital Structure - Liquidity position as of September 30, 2025, was $735.2 million, consisting of $159.1 million in cash and cash equivalents and $576.1 million available under the ABL Credit Facility[266]. - The company may seek to raise additional debt or equity capital to fund acquisitions and refinance existing debt[267]. - Total assets increased to $4,076,582 million as of September 30, 2025, up from $3,829,371 million as of December 31, 2024, representing a growth of approximately 6.5%[253][254]. - Cash and cash equivalents decreased to $159,055 million from $191,921 million, a decline of about 17%[253][254]. - Total stockholders' equity increased to $1,396,062 million from $1,191,302 million, reflecting a growth of approximately 17.2%[253][254]. Tax and Regulatory Matters - The company received a gain of $199.5 million in net income due to small refinery exemptions granted by the EPA for compliance years 2019 through 2024[156]. - The company recognized a non-cash deferred tax expense of $72.7 million for Q3 2025, compared to $5.7 million in Q3 2024, indicating a substantial increase in tax liabilities[197]. - Income tax expense for the nine months ended September 30, 2025, was $92.7 million, an increase of $82.2 million compared to $10.5 million for the same period in 2024, primarily related to higher pre-tax net income[249].

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

Revenue Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8] - MotoGP generated $169 million in revenue for Q3 2025, reflecting the impact of the acquisition completed on July 3, 2025[8] - Formula 1's primary revenue decreased by 3% to $738 million in Q3 2025, attributed to one less race compared to the previous year[11] - Primary MotoGP revenue for the three months ended September 30, 2025, was $147 million, a 1% increase compared to $146 million in the same period of 2024[20] - Total motorsport revenue remained flat at $169 million for the three months ended September 30, 2025, while it increased by 12% to $417 million for the nine months ended September 30, 2025[20] - Total revenue for the three months ended September 30, 2025, was $1,085 million, an increase from $911 million in the same period of 2024, representing a growth of approximately 19.1%[45][47] Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group increased to $297 million in Q3 2025, up 43% from $207 million in Q3 2024[8] - Operating income for Formula One Group rose to $158 million in Q3 2025, compared to $110 million in Q3 2024, marking a 43% increase[8] - Operating income for the three months ended September 30, 2025, was $149 million, compared to $107 million in the same period of 2024, reflecting an increase of approximately 39.3%[45][47] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and declined by 3% to $150 million for the nine months ended September 30, 2025[20] - Liberty Media emphasizes the importance of Adjusted OIBDA as a key indicator of operational strength and performance[54] Cash Flow and Assets - Cash flows from operating activities for the nine months ended September 30, 2025, were $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of approximately 40.3%[49][51] - Cash and cash equivalents at the end of the period on September 30, 2025, were $1,588 million, a decrease from $2,963 million at the end of the same period in 2024, indicating a decline of approximately 46.5%[49][51] - The total cash, cash equivalents, and restricted cash at the end of the period amounted to $3,061 million, up from $2,028 million at the beginning of the period[52] Debt and Liabilities - Total attributed Liberty Media Corporation debt increased from $4,799 million as of June 30, 2025, to $7,037 million as of September 30, 2025[32] - MotoGP leverage was reported at 5.6x as of September 30, 2025, reflecting the impact of the acquisition[32] - 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] - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34] Earnings and Expenses - Net earnings attributable to Liberty stockholders for the three months ended September 30, 2025, were $13 million, a decrease from $117 million in the same period of 2024, indicating a decline of approximately 88.9%[45][47] - Interest expense for the three months ended September 30, 2025, was $86 million, compared to $62 million in the same period of 2024, representing an increase of approximately 38.7%[45][47] - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024, indicating a significant increase in acquisition-related expenses[45][47] - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49] - Depreciation and amortization expenses rose from $88 million in Q3 2024 to $118 million in Q3 2025[56] Strategic Developments - Liberty Media renewed key agreements for Formula 1 races, including extensions for the Austin Grand Prix through 2034 and Monaco Grand Prix through 2035[1] - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, which will enhance the visibility of its investment in Live Nation[5] - The company is focused on enhancing operational efficiencies and monetization opportunities in MotoGP to drive future growth[3] - MotoGP's operating results showed a pro forma increase in revenue and engagement metrics, indicating strong growth potential[19] Race Statistics - The number of races held year-to-date through the third quarter of 2025 was 17, compared to 15 races in the same period of 2024[22] - Other MotoGP revenue decreased by 4% to $22 million for the three months ended September 30, 2025, but increased by 11% to $52 million for the nine months ended September 30, 2025[20]

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].

Revenue Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8] - MotoGP generated $169 million in revenue for Q3 2025, reflecting the impact of the acquisition completed on July 3, 2025[8] - Total motorsport revenue for Formula 1 increased by 9% to $2,498 million for the nine months ended September 30, 2025, compared to $2,285 million in the same period of 2024[11] - Total revenue for the three months ended September 30, 2025, was $1,085 million, an increase from $911 million in the same period of 2024, representing a growth of approximately 19.1%[45][47] - Primary MotoGP revenue for the three months ended September 30, 2025, was $147 million, a 1% increase compared to $146 million in the same period of 2024[20] Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group increased to $297 million in Q3 2025, up 43% from $207 million in Q3 2024[8] - Operating income for Formula One Group rose to $158 million in Q3 2025, compared to $110 million in Q3 2024, marking a 43% increase[8] - Operating income for the three months ended September 30, 2025, was $149 million, compared to $107 million in the same period of 2024, reflecting an increase of approximately 39.3%[45][47] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and declined by 3% to $150 million for the nine months ended September 30, 2025[20] - Liberty Media emphasizes the importance of Adjusted OIBDA as a measure of operational strength and performance[54] Cash Flow and Assets - Cash flows from operating activities for the nine months ended September 30, 2025, were $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of approximately 40.4%[49][51] - Total cash and cash equivalents attributed to Formula One Group decreased by $1,849 million during the third quarter of 2025, primarily due to the acquisition of MotoGP[35] - Cash 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, reflecting a decline of approximately 46.5%[49][51] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $3,061 million, up from $2,028 million at the beginning[52] Debt and Liabilities - Total attributed Liberty Media Corporation debt increased to $7,037 million as of September 30, 2025, from $4,799 million[32] - MotoGP leverage was reported at 5.6x as of September 30, 2025, reflecting the impact of the acquisition[32] - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34] - Total liabilities as of September 30, 2025, were $9,731 million, compared to $7,736 million as of September 30, 2024, indicating an increase of approximately 25.8%[42][46] Earnings and Expenses - Net earnings attributable to Liberty stockholders for the three months ended September 30, 2025, were $13 million, a decrease from $117 million in the same period of 2024, indicating a decline of approximately 88.9%[45][47] - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49] - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025[45] - The company incurred $3 million and $14 million in acquisition costs during Q3 2024 and Q3 2025, respectively[56] Attendance and Engagement - MotoGP's operating results indicate record attendance and growth in TV viewership and digital engagement, highlighting the brand's momentum post-acquisition[19] - The number of races held year-to-date through the third quarter of 2025 was 17, compared to 15 in the same period of 2024[22] Other Financial Metrics - The company reported a share of earnings from affiliates of $121 million for the three months ended September 30, 2025, compared to $116 million in the same period of 2024[45][47] - Net earnings for the quarter were $218 million, compared to a loss of $2,412 million in the previous period[52] - Depreciation and amortization expenses rose from $263 million in the first nine months of 2024 to $275 million in 2025[56] - Constant currency operating results are used to assess MotoGP's financial performance, excluding foreign currency fluctuations[58]

Revenue Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8] - MotoGP generated $169 million in revenue for Q3 2025, reflecting the impact of the acquisition completed on July 3, 2025[8] - Total motorsport revenue for Formula 1 increased by 9% to $2,498 million for the nine months ended September 30, 2025, compared to $2,285 million in the same period of 2024[11] - Total revenue for the three months ended September 30, 2025, was $1,085 million, an increase from $911 million in the same period of 2024, representing a growth of approximately 19.1%[45][47] - Primary MotoGP revenue for the three months ended September 30, 2025, was $147 million, a 1% increase compared to $146 million in the same period of 2024[20] 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, marking a 43% increase[8] - Formula 1's operating expenses decreased by 2% to $552 million in Q3 2025, compared to $561 million in Q3 2024[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% compared to $36 million in the same period of 2024[20] Cash Flow and Assets - Cash flows from operating activities for the nine months ended September 30, 2025, amounted to $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of approximately 40.3%[49][51] - Cash and cash equivalents at the end of the period on September 30, 2025, were $1,588 million, a decrease from $2,963 million at the end of the same period in 2024, reflecting a decline of approximately 46.5%[49][51] - Total assets as of September 30, 2025, were $17,821 million, an increase from $16,360 million as of September 30, 2024, representing a growth of approximately 8.9%[42][46] - Cash, cash equivalents, and restricted cash at the end of the period totaled $3,061 million, up from $2,028 million at the beginning[52] Debt and Liabilities - Total attributed Liberty Media Corporation debt increased to $7,037 million as of September 30, 2025, from $4,799 million[32] - Total liabilities as of September 30, 2025, were $9,731 million, compared to $7,736 million as of September 30, 2024, indicating an increase of approximately 25.8%[42][46] - MotoGP leverage was reported at 5.6x as of September 30, 2025[32] - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34] Earnings and Adjusted OIBDA - 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] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and by 3% to $150 million for the nine months ended September 30, 2025[20] - Adjusted OIBDA for the Formula One Group was $207 million for Q3 2024 and $297 million for Q3 2025, with a nine-month total of $574 million for 2024 and $739 million for 2025[56] Acquisition and Costs - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024, reflecting an increase of approximately 366.7%[45][47] - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025, compared to $88 million for the same period in 2024, indicating a significant increase[49][51] - Interest expense for the three months ended September 30, 2025, was $86 million, an increase from $62 million in the same period of 2024, representing a rise of approximately 38.7%[45][47] Future Outlook - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, which will create a separate public company[5] - MotoGP's management expressed confidence in long-term growth opportunities following the acquisition, highlighting record attendance and increased digital engagement[19]

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, marking its first revenue contribution since Liberty Media's acquisition[8] - Primary revenue for Formula 1 decreased by 3% in Q3 2025 to $738 million, attributed to fewer races compared to the previous year[11] - Primary MotoGP revenue for the three months ended September 30, 2025, was $147 million, a 1% increase compared to $146 million in the same period of 2024[20] - Total motorsport revenue remained flat at $169 million for the three months ended September 30, 2025, while it increased by 12% to $417 million for the nine months ended September 30, 2025[20] - Total revenue for the three months ended September 30, 2025, was $1,085 million, an increase from $911 million in the same period of 2024, representing a growth of approximately 19.1%[45][47] Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group increased to $297 million in Q3 2025, up 43% from $207 million in Q3 2024[8] - Operating income for Formula One Group rose to $158 million in Q3 2025, compared to $110 million in Q3 2024, reflecting a 43% increase[8] - Operating income for the three months ended September 30, 2025, was $28 million, a decline of 22% compared to $36 million in the same period of 2024[20] - Operating income for the three months ended September 30, 2025, was $149 million, compared to $107 million in the same period of 2024, reflecting an increase of about 39.3%[45][47] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and by 3% to $150 million for the nine months ended September 30, 2025[20] - Liberty Media emphasizes the importance of Adjusted OIBDA as a measure of operational strength and performance[54] Net Earnings and Cash Flows - 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] - Cash flows from operating activities for the nine months ended September 30, 2025, amounted to $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of about 40.3%[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] Debt and Liabilities - Total attributed Formula One Group debt increased to $5,056 million as of September 30, 2025, reflecting the consolidation of MotoGP's debt[32] - Liberty Media's total debt increased to $7,037 million as of September 30, 2025, following the acquisition of MotoGP[32] - 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 about 25.8%[42][46] - The company had a total current liability of $3,526 million as of September 30, 2025, compared to $2,800 million as of September 30, 2024, indicating an increase of approximately 26%[42][46] Acquisition and Investments - Liberty Media's investment in Live Nation was valued at $11.4 billion as of September 30, 2025[1] - The acquisition of MotoGP was completed on July 3, 2025, impacting cash and debt presented from that date[31] - Liberty Media expects to complete the split-off of Liberty Live Group on December 15, 2025, enhancing the visibility of its investment in Live Nation[5] - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025[45] - The company incurred acquisition costs of $3 million and $14 million for Q3 2024 and Q3 2025, respectively[56] Attendance and Engagement - MotoGP's operating results showed record attendance and growth in TV viewership and digital engagement since the acquisition[19] - The number of races held year-to-date through the third quarter of 2025 was 17, compared to 15 in the same period of 2024[22] Assets and Cash Equivalents - Total assets as of September 30, 2025, were $17,821 million, an increase from $16,360 million as of September 30, 2024, representing a growth of approximately 8.9%[42][46] - 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] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $3,061 million, up from $2,028 million at the beginning[52] Depreciation and Expenses - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49] - Depreciation and amortization expenses rose from $263 million in the first nine months of 2024 to $275 million in 2025[56] - Liberty Media's corporate level selling, general, and administrative expenses were $15 million in Q3 2025, including stock-based compensation[6]

Financial Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8]. - 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]. - Total revenue for Liberty Media Corporation in Q3 2025 was $1,085 million, a 19% increase from $911 million in Q3 2024[45][47]. - Operating income for Q3 2025 was $149 million, compared to $107 million in Q3 2024, reflecting a 39% increase[45][47]. - Net earnings attributable to Liberty stockholders in Q3 2025 were $13 million, a significant recovery from a net loss of $2,368 million in Q3 2024[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 the Formula One Group was $207 million for Q3 2024 and $297 million for Q3 2025, reflecting a year-over-year increase of 43%[56]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $785 million, compared to $1,315 million for the same period in 2024[49][51]. MotoGP Performance - MotoGP generated $169 million in revenue for Q3 2025, with the acquisition completed on July 3, 2025[8][4]. - Primary MotoGP revenue for the three months ended September 30, 2025, was $147 million, a 1% increase compared to $146 million in the same period of 2024[20]. - Total motorsport revenue remained flat at $169 million for the three months ended September 30, 2025, while it increased by 12% to $417 million for the nine months ended September 30, 2025[20]. - MotoGP's operating results showed strong engagement with record attendance and growth in TV viewership and digital engagement[19]. - Liberty Media is focused on long-term monetization opportunities for MotoGP, aiming to accelerate growth following the acquisition[3]. - Other MotoGP revenue decreased by 4% to $22 million for the three months ended September 30, 2025, but increased by 11% to $52 million for the nine months ended September 30, 2025[20]. - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and by 3% to $150 million for the nine months ended September 30, 2025[20]. - Operating income for the three months ended September 30, 2025, was $28 million, a decline of 22% compared to $36 million in the same period of 2024[20]. - The number of races held year-to-date through the third quarter of 2025 was 17, compared to 15 in the same period of 2024[22]. Debt and Cash Management - Total cash and cash equivalents attributed to Formula One Group decreased by $1,849 million during the third quarter of 2025, primarily due to the acquisition of MotoGP[35]. - Total attributed Liberty Media Corporation debt increased from $4,799 million as of June 30, 2025, to $7,037 million as of September 30, 2025[32]. - MotoGP leverage was reported at 5.6x as of September 30, 2025, reflecting the impact of the acquisition[32]. - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34]. - Cash and cash equivalents at the end of Q3 2025 were $1,588 million, down from $2,963 million at the end of Q3 2024[49][51]. - Current liabilities increased to $3,526 million in Q3 2025 from $3,526 million in Q3 2024, indicating stable short-term financial obligations[42]. - Long-term debt remained constant at $5,122 million, reflecting a stable capital structure[42]. - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49]. - The company incurred acquisition costs of $3 million and $14 million for the three months ended September 30, 2024, and September 30, 2025, respectively[56]. - Depreciation and amortization expenses rose from $263 million in the first nine months of 2024 to $275 million in the same period of 2025[56]. Investments and Future Outlook - 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 emphasizes the importance of Adjusted OIBDA as a measure of operational strength, which excludes non-operational items[54]. - Constant currency operating results are used to assess MotoGP's performance, excluding the effects of foreign currency fluctuations[58].

Financial Performance - Liberty Broadband's operating income for the three months ended September 30, 2025, was a loss of $8 million, compared to a loss of $11 million in the same period of 2024[152]. - The net earnings from continuing operations for the nine months ended September 30, 2025, were $845 million, compared to $523 million for the same period in 2024[152]. - Liberty Broadband's share of earnings from its affiliate, Charter, was $295 million for the three months ended September 30, 2025, down from $346 million in the same period of 2024[152]. - Net earnings from continuing operations were $255 million and $845 million for the three and nine months ended September 30, 2025, respectively[175]. - Operating income decreased by $204 million and $82 million for the three and nine months ended September 30, 2025, respectively[167]. Revenue and Expenses - Revenue decreased by $123 million during the three months ended September 30, 2025, while remaining relatively constant for the nine months ended September 30, 2025[164]. - Selling, general and administrative expenses increased by $9 million for the three and nine months ended September 30, 2025, compared to the prior year periods[154]. - Operating expenses, excluding depreciation and amortization, increased by $66 million and $84 million for the three and nine months ended September 30, 2025, respectively[165]. - Other expenses, net decreased by $58 million and $123 million for the three and nine months ended September 30, 2025, respectively[168]. - Stock-based compensation expense decreased by $2 million and $7 million for the three and nine months ended September 30, 2025, respectively[155]. Investments and Financing Activities - Charter spent $582 million on its subsidized rural construction initiative in the third quarter of 2025, activating approximately 124,000 subsidized rural passings[150]. - Net cash provided by investing activities was $907 million for the nine months ended September 30, 2025, primarily related to the sale of Charter Class A common stock[181]. - During the nine months ended September 30, 2024, net cash flows used in financing activities included repurchases of approximately $300 million in 3.125% Debentures due 2053 and net repayments of approximately $670 million on the Margin Loan Facility[185]. - The company issued $860 million in 3.125% Exchangeable Senior Debentures due 2054, partially offsetting cash flows used in financing activities[185]. - Net cash flows used in financing activities also included repurchases of Liberty Broadband Series A and Series C common stock totaling $89 million[185]. Corporate Structure and Divestitures - The GCI Divestiture was completed on July 14, 2025, resulting in GCI Liberty becoming an independent, publicly traded company[144]. - Liberty Broadband controls 25.01% of the aggregate voting power of Charter, which is a significant equity method investment[134]. - The corporate level tax liability from the GCI Divestiture is estimated to be significantly less than $420 million[138]. Market Risks and Cash Management - The company is exposed to market risk due to changes in stock prices and interest rates, which could affect fair values, cash flows, and future earnings[187]. - The company manages interest rate exposure by maintaining a mix of fixed and variable rate debt to mitigate risks[188]. - As of September 30, 2025, the company has $840 million in variable rate debt with a weighted average interest rate of 5.9% and $965 million in fixed rate debt with a weighted average interest rate of 3.1%[189]. - Projected cash uses for the remainder of 2025 include approximately $20 million for interest payments and approximately $3 million for dividends on Liberty Broadband preferred stock[186]. - Corporate cash and other available sources of liquidity are expected to cover corporate expenses for the foreseeable future[186].