Liberty Media Corp (FWONK)
SIC breadcrumb: Transportation, Communications, Electric, Gas, And Sanitary Services > Communications > SIC 4833 Television Broadcasting Stations
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1560385. Latest filing source: 0001104659-26-020653.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 4,482,000,000 USD verified
- Net income
- 555,000,000 USD verified
- Assets
- 15,398,000,000 USD verified
- Free cash flow
- 789,000,000 USD computed
- Net margin
- 12.38% computed
- Operating margin
- 12.87% computed
- Revenue YoY
- +22.69% computed
- ROE
- 7.15% computed
Peer & cluster context
Peer percentile fingerprint
Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4833 Television Broadcasting Stations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 4,482,000,000 | USD | 2025 | 2026-02-26 |
| Net income | 555,000,000 | USD | 2025 | 2026-02-26 |
| Assets | 15,398,000,000 | USD | 2025 | 2026-02-26 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001560385.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,594,000,000 | 8,040,000,000 | 10,292,000,000 | 9,363,000,000 | 11,400,000,000 | 3,161,000,000 | 3,572,000,000 | 3,653,000,000 | 4,482,000,000 | |||
| Net income | 680,000,000 | 1,354,000,000 | 531,000,000 | 106,000,000 | -1,421,000,000 | 398,000,000 | 1,815,000,000 | 761,000,000 | -2,063,000,000 | 555,000,000 | ||
| Operating income | 1,734,000,000 | 1,394,000,000 | 1,511,000,000 | 1,470,000,000 | 177,000,000 | 1,977,000,000 | 145,000,000 | 266,000,000 | 287,000,000 | 577,000,000 | ||
| Operating cash flow | 1,128,000,000 | 1,232,000,000 | 2,171,000,000 | 578,000,000 | 651,000,000 | 567,000,000 | 908,000,000 | |||||
| Capital expenditures | 568,000,000 | 517,000,000 | 403,000,000 | 510,000,000 | 452,000,000 | 440,000,000 | 309,000,000 | 461,000,000 | 75,000,000 | 119,000,000 | ||
| Assets | 31,377,000,000 | 41,996,000,000 | 40,828,000,000 | 44,189,000,000 | 44,004,000,000 | 44,351,000,000 | 42,464,000,000 | 41,327,000,000 | 13,001,000,000 | 15,398,000,000 | ||
| Liabilities | 13,661,000,000 | 19,422,000,000 | 19,130,000,000 | 22,264,000,000 | 24,403,000,000 | 25,514,000,000 | 23,338,000,000 | 21,882,000,000 | 5,950,000,000 | 6,948,000,000 | ||
| Stockholders' equity | 11,756,000,000 | 16,943,000,000 | 16,595,000,000 | 16,295,000,000 | 15,091,000,000 | 14,672,000,000 | 15,963,000,000 | 16,396,000,000 | 7,029,000,000 | 7,757,000,000 | ||
| Cash and cash equivalents | 562,000,000 | 1,029,000,000 | 358,000,000 | 1,222,000,000 | 2,831,000,000 | 2,814,000,000 | 1,884,000,000 | 1,408,000,000 | 2,631,000,000 | 1,055,000,000 | ||
| Free cash flow | 1,603,000,000 | 269,000,000 | 190,000,000 | 492,000,000 | 789,000,000 |
Ratios
| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 17.83% | 6.60% | 1.03% | -15.18% | 3.49% | 57.42% | 21.30% | -56.47% | 12.38% | |||
| Operating margin | 18.36% | 18.79% | 14.28% | 1.89% | 17.34% | 4.59% | 7.45% | 7.86% | 12.87% | |||
| Return on equity | 5.78% | 7.99% | 3.20% | 0.65% | -9.42% | 2.71% | 11.37% | 4.64% | -29.35% | 7.15% | ||
| Return on assets | 2.17% | 3.22% | 1.30% | 0.24% | -3.23% | 0.90% | 4.27% | 1.84% | -15.87% | 3.60% | ||
| Liabilities / equity | 1.16 | 1.15 | 1.15 | 1.37 | 1.62 | 1.74 | 1.46 | 1.33 | 0.85 | 0.90 | ||
| Current ratio | 0.36 | 0.44 | 0.33 | 0.62 | 0.90 | 0.73 | 0.71 | 0.71 | 2.95 | 1.46 |
Industry Peer Context
Net margin peer context
Operating margin peer context
ROE peer context
ROA peer context
Financial Bridges
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001104659-26-020653; concept NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | Capital expenditures: accession 0001104659-26-020653; concept PaymentsToAcquireProductiveAssets; source concepts us-gaap:PaymentsToAcquireProductiveAssets | Free cash flow: accession 0001104659-26-020653; concept NetCashProvidedByUsedInOperatingActivitiesContinuingOperations - PaymentsToAcquireProductiveAssets; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; us-gaap:PaymentsToAcquireProductiveAssets
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: NetCashProvidedByUsedInOperatingActivitiesContinuingOperations. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: PaymentsToAcquireProductiveAssets. Source concepts: us-gaap:PaymentsToAcquireProductiveAssets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: Liabilities. Source concepts: us-gaap:Liabilities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020653; filed 2026-02-26. Concept: NetCashProvidedByUsedInOperatingActivitiesContinuingOperations - PaymentsToAcquireProductiveAssets. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; us-gaap:PaymentsToAcquireProductiveAssets.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001560385.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2014-Q1 | 2014-03-31 | 0.19 | reported discrete quarter | ||
| 2014-Q2 | 2014-06-30 | 0.14 | reported discrete quarter | ||
| 2014-Q3 | 2014-09-30 | 0.10 | reported discrete quarter | ||
| 2015-Q1 | 2015-03-31 | -0.06 | reported discrete quarter | ||
| 2015-Q2 | 2015-06-30 | 0.18 | reported discrete quarter | ||
| 2015-Q3 | 2015-09-30 | -0.07 | reported discrete quarter | ||
| 2016-Q1 | 2016-03-31 | 1.08 | reported discrete quarter | ||
| 2023-Q3 | 2023-09-30 | 3,207,000,000 | 385,000,000 | reported discrete quarter | |
| 2023-Q4 | 2023-12-31 | 3,518,000,000 | 108,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 2,749,000,000 | 203,000,000 | reported discrete quarter | |
| 2024-Q2 | 2024-06-30 | 3,166,000,000 | 457,000,000 | reported discrete quarter | |
| 2024-Q3 | 2024-09-30 | 911,000,000 | -2,368,000,000 | reported discrete quarter | |
| 2024-Q4 | 2024-12-31 | 1,167,000,000 | -355,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 447,000,000 | 5,000,000 | reported discrete quarter | |
| 2025-Q2 | 2025-06-30 | 1,341,000,000 | 204,000,000 | reported discrete quarter | |
| 2025-Q3 | 2025-09-30 | 1,085,000,000 | 13,000,000 | reported discrete quarter | |
| 2025-Q4 | 2025-12-31 | 1,609,000,000 | 333,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 711,000,000 | 57,000,000 | reported discrete quarter | |
| 2026-Q2 | 2026-06-30 | 934,000,000 | 5,000,000 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001104659-26-091894; filed 2026-08-06. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001104659-26-091894; filed 2026-08-06. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2016 ended 2016-03-31; accession 0001558370-16-005688; filed 2016-05-09. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read FWONK's verbatim Item 1 Business section from its latest 10-K: Business.
Risk Factors
Read FWONK's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.
Latest quarter (10-Q)
Latest 10-Q source: 0001104659-26-091894.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our projected sources and uses of cash; fluctuations in interest rates and currency exchange rates; the anticipated non-material impact of certain contingent liabilities related to legal and tax proceedings; and other matters arising in the ordinary course of business. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. You are therefore cautioned not to place undue reliance on the forward-looking statements included in this Quarterly Report on Form 10-Q. The following include some but not all of the factors (as they relate to our consolidated subsidiaries and equity affiliates) that could cause actual results or events to differ materially from those anticipated:
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | our ability to realize the benefits of acquisitions or other strategic investments; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the impact of weak and uncertain economic conditions on consumer demand for products, services and events offered by our businesses; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | our overlapping directors with QVC Group, Inc. (“QVC Group”), Liberty Broadband Corporation (“Liberty Broadband”), Liberty Capital Corporation, formerly known as GCI Liberty, Inc. (“Liberty Capital”) and Liberty Live Holdings, Inc. (“Liberty Live Holdings”) and overlapping management with Liberty Broadband, Liberty Capital and Liberty Live Holdings; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the outcome of pending or future litigation; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | our ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | our and our subsidiaries’ indebtedness could adversely affect operations and could limit the ability of our subsidiaries to react to changes in the economy or our industry; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the operational risks of our subsidiaries with operations outside of the United States (“U.S.”); |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | our ability to use net operating loss, disallowed business interest and tax credit carryforwards to reduce future tax payments; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the degradation, failure or misuse of our information systems; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the ability of our subsidiaries to comply with government regulations, including, without limitation, competition laws and adverse outcomes from regulatory proceedings; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the regulatory and competitive environment of the industries in which we, and the entities in which we have interests, operate; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | changes in the nature of key strategic relationships with partners, vendors and joint venturers; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the impact of a future pandemic and other public health related risks and events, such as COVID-19, on our customers, vendors and businesses generally; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | reliance on intellectual property and the ability to protect intellectual property; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | reliance on third parties; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the ability to attract and retain qualified personnel; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | termination of or changes in any of the agreements, commitments or policies Formula 1 and MotoGP Sports Entertainment Group, S.L. (“MotoGP”) rely on to operate and the limitations such agreements, commitments and policies impose on Formula 1 and MotoGP; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | challenges by tax authorities in the jurisdictions where Formula 1, MotoGP and the Company operate; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | changes in tax laws that affect Formula 1, MotoGP and the Company; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the ability of Formula 1 and MotoGP to expand into new markets; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | changes in laws and regulations and/or their interpretations related to advertising, media rights and the environment; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the establishment of rival motorsports events or other circumstances that impact the competitive position of Formula 1 and/or MotoGP; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the impact of cancelations or postponements of events or accidents or terrorist attacks during events; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | changes in consumer viewing habits and the emergence of new content distribution platforms; |
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| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | fluctuations in currencies against the U.S. dollar; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | the market price of our common stock may be volatile; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | transactions in our common stock by our insiders could depress the market price of our common stock; and |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | provisions of our articles of incorporation and bylaws may discourage, delay or prevent a change in control of our Company. |
For additional risk factors, please see Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q, Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025. Any forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based.
The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying condensed consolidated financial statements and the notes thereto and our Annual Report on Form 10-K for the year ended December 31, 2025.
The information contained herein relates to Liberty Media Corporation and its controlled subsidiaries ("Liberty," the "Company," "we," "us," or "our" unless the context otherwise requires).
Overview
Liberty, through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries.
Formula 1 is a wholly-owned subsidiary and is also a reportable segment. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the Fédération Internationale de l’Automobile (“FIA”) Formula One World Championship (the “F1 Championship”), an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The F1 Championship takes place on various circuits with a varying number of events (“Formula 1 Events”) taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the F1 Championship as well as various aspects of its management and administration.
The Company acquired approximately 84% of the equity interests in MotoGP on July 3, 2025. MotoGP, a reportable segment, is a global motorsports business that holds the exclusive commercial rights to the Fédération Internationale de Motocyclisme (“FIM”) Grand Prix World Championship (the “MotoGP Championship”), an annual, approximately nine-month long, motorcycle racing competition in which riders compete for the Riders’ Championship, teams (the “MotoGP Teams”) compete for the Teams’ Championship and engine manufacturers compete for the Manufacturers’ Championship. The MotoGP Championship is comprised of a varying number of events (“MotoGP Events”) taking place in different countries around the world each season. MotoGP is responsible for the commercial exploitation and development of the MotoGP Championship.
Our "Corporate and Other" category includes corporate expenses and investments and related financial instruments in other companies. QuintEvents, LLC (“QuintEvents”) was a consolidated subsidiary of the Company and was included in “Corporate and Other” until the Liberty Live Split-Off (defined below).
The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. Following the Liberty Live Split-Off (as defined below) and the Reincorporation (as defined further below), the Company’s only remaining outstanding common stock is no longer a tracking stock.
On December 15, 2025, the Company completed the split-off (the “Liberty Live Split-Off”) of its wholly owned subsidiary, Liberty Live Holdings. Liberty Live Holdings was comprised of the businesses, assets and liabilities attributed
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to the Liberty Live Group, a tracking stock group. Immediately prior to the Liberty Live Split-Off, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from Liberty’s other tracking stock group, the Liberty Formula One Group (the “Formula One Group”), to the Liberty Live Group in exchange for certain private assets. The Liberty Live Split-Off was intended to be tax-free to stockholders of the Company.
Live Nation Entertainment, Inc. (“Live Nation”) was an equity method affiliate of the Company until the Liberty Live Split-Off. The Company’s investment in Live Nation (including related debt and derivative instruments) and corporate cash and expenses previously attributed to the Liberty Live Group are presented as discontinued operations in the Company’s condensed consolidated financial statements.
Prior to the Liberty Live Split-Off, the Formula One Group was primarily comprised of Liberty’s interests in Formula 1, MotoGP and QuintEvents, cash and Liberty’s 2.25% Convertible Senior Notes due 2027 (as defined in note 7 to the accompanying condensed consolidated financial statements). As previously disclosed, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from the Formula One Group to the Liberty Live Group in exchange for certain other private assets immediately prior to the Liberty Live Split-Off.
On May 12, 2026, the Company effected the reincorporation of the Company to the State of Nevada by conversion, which was approved by the Company's stockholders in May 2026 (the “Reincorporation”).
Results of Operations—Consolidated
General. Provided in the tables below is information regarding our consolidated operating results and oth
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0001104659-26-020653. The complete FY 2025 MD&A is published at /company/FWONK/mda/fy2025/.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. See note 4 in the accompanying consolidated financial statements for an overview of accounting standards that we have adopted or that we plan to adopt that have had or may have an impact on our financial statements.
Overview
Liberty, through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries.
Formula 1 is a wholly-owned subsidiary and is also a reportable segment. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the Federation Internationale de l’Automobile (“FIA”) Formula One World Championship (the “F1 Championship”), an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The F1 Championship takes place on various circuits with a varying number of events (“Formula 1 Events”) taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the F1 Championship as well as various aspects of its management and administration.
On July 3, 2025, the Company acquired approximately 84% of the equity interests in MotoGP Sports Entertainment Group, S.L. (formerly, Dorna Sports, S.L.) (“MotoGP”) for a preliminary purchase price of approximately $3,659 million (approximately €3,122 million). MotoGP, a reportable segment, is a global motorsports business that holds exclusive commercial rights to the Fédération Internationale de Motocyclisme (“FIM”) Grand Prix World Championship (the “MotoGP Championship”), an annual, approximately nine-month long, motorcycle racing competition in which riders compete for the Riders’ Championship, teams (the “MotoGP Teams”) compete for the Teams’ Championship and engine manufacturers compete for the Manufacturers’ Championship. MotoGP is responsible for the commercial exploitation and development of the MotoGP Championship.
Our “Corporate and Other” category includes corporate expenses and investments and related financial instruments in other companies. QuintEvents, LLC (“QuintEvents”) was a consolidated subsidiary of the Company and was included in “Corporate and Other” until the Liberty Live Split-Off (defined below). Braves Holdings, LLC ("Braves Holdings") was a consolidated subsidiary of the Company and was included in “Corporate and Other” until the Atlanta Braves Holdings Split-Off (defined below).
The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. The Company completed the transactions disclosed below to separate certain collections of businesses, assets and liabilities into separate publicly traded companies.
On July 18, 2023, the Company completed the split-off (the “Atlanta Braves Holdings Split-Off”) of its wholly owned subsidiary, Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”). The Atlanta Braves Holdings Split-Off was accomplished by a redemption by the Company of each outstanding share of Liberty Braves common stock in exchange for one share of the corresponding series of Atlanta Braves Holdings common stock. Atlanta Braves Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (the “Braves Group”) immediately prior to the Atlanta Braves Holdings Split-Off, except for the intergroup interests in the Braves Group attributed to the Liberty SiriusXM Group and Liberty Formula One Group (the “Formula One Group”), which were settled and extinguished in connection with the Atlanta Braves Holdings Split-Off.
On August 3, 2023, the Company reclassified its then-outstanding shares of common stock into three new tracking stocks—Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Live common stock, and, in connection therewith, provided for the attribution of the businesses, assets and liabilities of the Company’s then-remaining tracking stock groups among its newly created Liberty SiriusXM Group, Formula One Group and Liberty Live Group (the “Reclassification”). As a result of the Reclassification, each then-outstanding share of Liberty SiriusXM common stock was reclassified into one share of the corresponding series of new Liberty SiriusXM common stock and 0.2500 of a share
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of the corresponding series of Liberty Live common stock and each outstanding share of Liberty Formula One common stock was reclassified into one share of the corresponding series of new Liberty Formula One common stock and 0.0428 of a share of the corresponding series of Liberty Live common stock.
Each of the Atlanta Braves Holdings Split-Off and the Reclassification were intended to be tax-free to stockholders of the Company, except with respect to the receipt of cash in lieu of fractional shares. In July 2024, the Internal Revenue Service (the “IRS”) completed its review of the Reclassification and notified the Company that it agreed with the nontaxable characterization of the transaction. In September 2024, the IRS completed its review of the Atlanta Braves Holdings Split-Off and notified the Company that it agreed with the nontaxable characterization of the transaction. The Atlanta Braves Holdings Split-Off and the Reclassification are reflected in the Company’s consolidated financial statements on a prospective basis.
On September 9, 2024, the Company completed the split-off (the “Liberty Sirius XM Holdings Split-Off”) of its wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (“Liberty Sirius XM Holdings”). The Liberty Sirius XM Holdings Split-Off was accomplished through the redemption by the Company of each outstanding share of Liberty SiriusXM common stock in exchange for 0.8375 of a share of Liberty Sirius XM Holdings common stock, with cash paid in lieu of fractional shares. Liberty Sirius XM Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group immediately prior to the Liberty Sirius XM Holdings Split-Off. The Liberty Sirius XM Holdings Split-Off was intended to be tax-free to holders of Liberty SiriusXM common stock (except with respect to cash received in lieu of fractional shares). Prior to the Reclassification, Liberty’s interest in Live Nation Entertainment, Inc. (“Live Nation”), Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and a margin loan secured by shares of Live Nation were attributed to the Liberty SiriusXM Group. Liberty Sirius XM Holdings is presented as a discontinued operation in the accompanying consolidated financial statements.
On December 15, 2025, the Company completed the split-off (the “Liberty Live Split-Off”) of its wholly owned subsidiary, Liberty Live Holdings, Inc. (“Liberty Live Holdings”). The Liberty Live Split-Off was accomplished by a redemption by the Company of each outstanding share of its Liberty Live common stock in exchange for one share of the corresponding series of common stock of Liberty Live Holdings. Liberty Live Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty Live Group. Immediately prior to the Liberty Live Split-Off, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. The Liberty Live Split-Off was intended to be tax-free to stockholders of the Company.
Live Nation was an equity method affiliate of the Company until the Liberty Live Split-Off. The Company’s investment in Live Nation (including related debt and derivative instruments) and corporate cash and expenses previously attributed to the Liberty Live Group are presented as discontinued operations in the Company’s consolidated financial statements.
Prior to the Liberty Live Split-Off, the Formula One Group was primarily comprised of Liberty’s interests in Formula 1, MotoGP and QuintEvents, cash and Liberty’s 2.25% Convertible Senior Notes due 2027 (as defined in note 8 to the accompanying consolidated financial statements). As previously disclosed, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from the Formula One Group to the Liberty Live Group in exchange for certain other private assets immediately prior to the Liberty Live Split-Off. Following the Liberty Live Split-Off, the Company’s only remaining outstanding common stock, the Liberty Formula One common stock, is no longer a tracking stock.
Strategies and Challenges of Business Units
Formula 1. Formula 1’s goal is to continue scaling and broadening the successful global reach and widespread appeal of the F1 Championship in order to maximize financial performance of the business and the overall value of Formula 1 as a sport. Key factors of this strategy include:
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Maximizing the value of Formula 1’s commercial rights; |
II-4
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| Column 1 | Column 2 | Column 3 |
|---|---|---|
| o | Leveraging high demand and positive competitive tension for Formula 1 Events to ensure the quality and value of every race slot |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| o | Maximizing media rights across markets, including through collaboration with new distribution partners to engage consumers in new and unique ways |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| o | Continuing to grow sponsorship revenue by creating value for global and regional partners through the optimization of physical, virtual and experiential assets on and off the track |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| o | Evolving Formula 1’s hospitality and experience business to continue providing best-in-class Paddock Club experiences, together with new premium offerings |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| o | Deepening fan engagement and cultural relevance through licensing arrangements with the world’s most beloved brands |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Augmenting Formula 1’s diverse and valuable fanbase by expanding the ways in which it interacts with fans driving deeper fan engagement and enhancing access to monetizable fan data; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Continuing to improve on-track competition and enhance the value of the participating Formula 1 Teams; and |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Improving the environmental and social impact of Formula 1 and its related activities by delivering Net Zero by 2030, leaving a legacy of positive change wherever it races, and building a more diverse and inclusive sport. |
MotoGP. MotoGP’s goal is to strengthen brand awareness, increase global reach, expand the fan base and continue to scale the monetization of the business. Key factors of this strategy include:
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Growing MotoGP in markets where it is not traditionally present and expanding global cultural relevance, including through better storytelling of the sport, MotoGP Teams and riders; |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Maximizing the value of MotoGP’s commercial rights by leveraging improved brand awareness to, among other things, enhance demand for media rights, increase interest in and competition for race slots and attract a broader array of partners to expand sponsorship revenue opportunities; |
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MD&A history
Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.