Liberty(US:LSXMK)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]. - Total revenue for 2025 reached $4,482 million, a 22.7% increase from $3,653 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% growth[54]. Cash Flow and Debt - Cash provided by operating activities increased to $908 million in 2025, compared to $567 million in 2024[50]. - Total cash and cash equivalents decreased by $236 million during the fourth quarter, primarily due to seasonal working capital changes[39]. - Total debt as of December 31, 2025, was $5,100 million, slightly down from $5,164 million at the end of the previous quarter[37]. Operational Metrics - 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]. - Team payments as a percentage of pre-team payment Adjusted OIBDA decreased from 61.5% in 2024 to 59.7% in 2025[16]. - The number of races increased from 20 in 2024 to 22 in 2025, contributing to revenue growth[25]. Corporate Developments - 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 as of February 1, 2026, is $1.1 billion[34]. Investment and Acquisition - Cash flows from investing activities showed a net outflow of $3,202 million in 2025, compared to a smaller outflow of $292 million in 2024[50]. - The company incurred $27 million in acquisition costs related to corporate acquisitions in 2025, primarily for MotoGP[54]. Interest and Leverage - Interest expense rose to $249 million in 2025 from $208 million in 2024, reflecting increased borrowing costs[48]. - MotoGP leverage improved from 5.6x to 4.7x during the fourth quarter of 2025[37].