Liberty(US:LSXMA)2026-02-26 22:28Revenue Growth - Formula 1 revenue increased 14% to $3.9 billion for the year, with operating income growing 28% to $632 million and Adjusted OIBDA rising 20% to $946 million[1]. - MotoGP revenue also increased 14% to $573 million, with operating income growing 86% to $54 million and Adjusted OIBDA increasing 15% to $201 million on a pro forma basis[1]. - Liberty Media's consolidated revenue for 2025 was $4.48 billion, up from $3.65 billion in 2024, representing a 23% increase[7]. - Total revenue for 2025 reached $4,482 million, a 22.7% increase from $3,653 million in 2024[48]. - Motorsport revenue increased to $4,105 million in 2025, up 23.7% from $3,318 million in 2024[48]. Attendance and Viewership - F1 fan attendance reached 6.75 million, up 4% compared to 2024, while live viewership increased by 21%[1]. - MotoGP fan attendance exceeded 3.66 million, marking a 21% increase compared to 2024, with cumulative TV viewership up 9%[1]. - The Las Vegas Grand Prix sold out, attracting over 300,000 attendees and generating 1.8 billion social impressions[1]. Financial Performance - Operating income for 2025 was $577 million, compared to $287 million in 2024, reflecting a 101.0% increase[48]. - Net earnings attributable to Liberty stockholders for 2025 were $555 million, a significant recovery from a loss of $2,063 million in 2024[48]. - Adjusted OIBDA for 2025 was $1,068 million, up from $774 million in 2024, indicating a 37.9% increase[54]. - Cash flows from operating activities improved to $908 million in 2025, compared to $567 million in 2024[50]. Debt and Cash Management - Total cash and cash equivalents decreased to $1,055 million as of December 31, 2025, down from $2,631 million in 2024[1]. - Total debt as of December 31, 2025, was $5,100 million, slightly down from $5,164 million in the previous quarter[1]. - Interest expense increased to $249 million in 2025 from $208 million in 2024, reflecting higher borrowing costs[48]. - The company reported a net cash used by investing activities of $3,202 million in 2025, compared to $292 million in 2024[50]. Race and Revenue Streams - Primary Formula 1 revenue streams for 2025 comprised 26.7% from race promotion, 31.3% from media rights fees, and 21.7% from sponsorship fees[11]. - The number of races in 2025 included 24 for the full year and 7 in the fourth quarter, compared to 24 and 6 in 2024 respectively[12]. - The number of races held in 2025 was 22, compared to 20 in 2024, contributing to increased race promotion revenue[1]. - Primary MotoGP revenue for the year ended December 31, 2025, was $502 million, a 15% increase compared to $435 million in 2024[1]. - Total motorsport revenue increased to $573 million in 2025, reflecting a 14% growth from $503 million in 2024[1]. Corporate Actions - Liberty Media completed the split-off of Liberty Live Holdings on December 15, 2025, resulting in separate trading of the two companies[3]. - Liberty Media's remaining repurchase authorization for common stock is $1.1 billion as of February 1, 2026[1]. - The company incurred $3,267 million in cash for acquisitions in 2025, a substantial increase from $205 million in 2024[50]. - Team payments as a percentage of pre-team payment Adjusted OIBDA decreased from 61.5% in 2024 to 59.7% in 2025[16]. - MotoGP leverage improved to 4.7x as of December 31, 2025, compared to 5.6x in the previous quarter[1].