Liberty Media Corp
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
FWONK$106.33-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001104659-26-091894
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001104659-26-123344
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 83 previous paragraphs and 91 current paragraphs.
39 unchanged; 39 reworded; 11 added; 3 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 42 previous and 44 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Recent Developments
Current report
Exchange Agreement
Current report
On November 4, 2026, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with John C. Malone, a significant stockholder of the Company, and certain related entities (the “Malone Holders”). Pursuant to the Exchange Agreement, the Malone Holders transferred to the Company an aggregate of 2,316,537 shares of Series B common stock, and, in exchange therefor (the “Exchange”), the Company issued to the Malone Holders an aggregate of 602,302 shares of Series A common stock, and 5,420,699 shares of Series C common stock. The shares of Series B common stock transferred to the Company in the Exchange were cancelled and retired. Immediately following the Exchange, the Company issued to a revocable trust of which Dr. Malone is the sole trustee and beneficiary (the “JM Trust”) an additional 12,298 shares of Series A common stock and 63,378 shares of Series C common stock (collectively, the “Adjustment Shares”) with respect to the 47,297 shares of Series C common stock held by the JM Trust that were exchangeable into Series B common stock in certain circumstances under the Existing Exchange Agreement (as defined below). Those 47,297 shares of Series C common stock remain outstanding and were retained by the JM Trust. The Exchange and the issuance of the Adjustment Shares were completed concurrently with execution of the Exchange Agreement.
Current report
The Exchange Agreement and the transactions contemplated thereby were approved by a special committee (the “Special Committee”) of the Company’s Board of Directors consisting solely of disinterested and independent directors for purposes of Nevada law, advised by its own independent financial and legal advisors.
Current report
The Exchange Agreement contains representations and warranties of certain parties thereto that are customary for a transaction of this type. The Exchange Agreement also provides for, among other things, (i) a commitment by the Company to provide, for five years following the closing of the Exchange, certain specified benefits to Dr. Malone and, as applicable, his spouse and eligible dependents, (ii) subject to specified exceptions and limitations, indemnification by the Company of each of the Malone Holders and certain related persons for certain losses to the extent arising out of the Exchange Agreement, the Exchange or the issuance of the Adjustment Shares, and (iii) a mutual release of claims to the extent arising out of the Exchange Agreement, the Exchange or the issuance of the Adjustment Shares. Effective immediately following the Exchange, the issuance of the Adjustment Shares and the termination of the Existing Exchange Agreement (as defined below), Dr. Malone ceased to hold the title of Chairman Emeritus of the Company, and his employment agreement was
Current report
amended to provide that he will serve the Company as Senior Advisor. Except as so amended, his employment agreement remains in effect.
Current report
The Exchange Agreement, dated as of July 28, 2021, by and among the Company, John C. Malone and the JM Trust (the “Existing Exchange Agreement”) was terminated immediately following the issuance of the Adjustment Shares at the closing thereof, other than certain provisions that survive in accordance with the terms of the Exchange Agreement.
Current report
Primary Formula 1 revenue increased $196 million during the three months ended September 30, 2026, as compared to the corresponding period in the prior year. Race promotion revenue increased due to the fee for the additional Formula 1 Event held in the current period. Media rights and sponsorship revenue increased due to the impact of the differing number of Formula 1 Events on the recognition of season-based revenue, partially offset by the impact of the adjustment to pro-rata revenue recognition due to the increase in the expected number of Formula 1 Events from 22 to 23 during the three months ended September 30, 2026. Primary Formula 1 revenue also increased due to contractual increases in fees across all revenue streams and new sponsors.
Current report
in fees. Sponsorship revenue increased due to contractual increases in fees and revenue from new sponsors, despite recognizing revenue from two fewer Formula 1 Events during the current year period.
Current report
Cost of motorsport revenue increased $131 million and decreased $2 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year.
Current report
Primary MotoGP revenue decreased $48 million and $33 million during the three and nine months ended September 30, 2026, respectively, as compared to pro forma primary MotoGP revenue in the corresponding periods in the prior year, primarily due to two fewer MotoGP Events in the current year periods and contractual decreases in media rights fees. The decrease during the nine months ended September 30, 2026 was partially offset by a favorable change in currency exchange rates and contractual increases in race promotion and sponsorship fees.
Removed paragraphs (3)
Previous report
Consolidated Adjusted OIBDA decreased $163 million and $55 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to decreases in Formula 1’s
Previous report
Cost of motorsport revenue decreased $251 million and $133 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year.
Previous report
Primary MotoGP revenue decreased $4 million during the three months ended June 30, 2026, as compared to pro forma primary MotoGP revenue in the corresponding period in the prior year, primarily due to decreased contractual media rights fees and decreased title sponsor fees related to a different mix of MotoGP events, partially offset by a favorable change in currency exchange rates and increased race promotion fees related to a different mix of MotoGP Events. Primary MotoGP revenue increased $15 million during the six months ended June 30, 2026, as compared to pro forma primary MotoGP revenue in the corresponding period in the prior year, primarily due to a favorable change in currency exchange rates, increased race promotion fees related to a different mix of MotoGP Events and increased sponsorship fees associated with both new sponsors and contractual uplifts, partially offset by decreased contractual media rights fees and decreased title sponsor fees related to a different mix of MotoGP Events.
Reworded paragraphs (39)
Previous wording
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 regardingour 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:
Current wording
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 regardingour 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; the anticipated effects and benefits of the Exchange (as defined below); the effects of changes in the ownership and voting power of our stockholders; 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:
Previous wording
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.
Current wording
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 June 30, 2026, 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.
Previous wording
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).
Current wording
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 (as defined below).
Previous wording
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.
Current wording
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 and the Reincorporation (as defined further below), the Company’s only remaining outstanding common stock is no longer a tracking stock.
Previous wording
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.
Current wording
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 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.
Previous wording
Revenue. Our consolidated revenue decreased $407 million and $143 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, driven by decreases in Formula 1 revenue, partially offset by revenue from MotoGP, which was acquired in July 2025. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.
Current wording
Revenue. Our consolidated revenue increased $141 million for the three months ended September 30, 2026, as compared to the corresponding period in the prior year, driven by an increase in Formula 1 revenue, partially offset by revenue from QuintEvents in the prior year period and a decrease in revenue from MotoGP. Consolidated revenue decreased $2 million for the nine months ended September 30, 2026, as compared to the corresponding period in the prior year, driven by revenue from QuintEvents in the prior year period and a decrease in Formula 1 revenue, partially offset by an increase in revenue from MotoGP, which was acquired in July 2025. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.
Previous wording
Operating income (loss). Our consolidated operating results decreased $192 million and $61 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily driven by decreases in Formula 1’s operating results, partially offset by operating income from MotoGP, which was acquired in July 2025. Corporate and other operating results decreased for the three months ended June 30, 2026, as compared to the corresponding period in the prior year, primarily driven by operating income from QuintEvents in the prior year period and corporate legal expenses in the current year period, partially offset by corporate acquisition costs incurred in the prior year period. Corporate and other operating results improved for the six months ended June 30, 2026, as compared to the corresponding period in the prior year, primarily driven by corporate acquisition costs incurred during the prior year period and operating losses from QuintEvents in the prior year period, partially offset by corporate legal expenses in the current year period. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.
Current wording
Operating income (loss). Our consolidated operating results improved $79 million and $18 million for the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily driven by increases in Formula 1’s operating results, partially offset by decreases in operating results from MotoGP, which was acquired in July 2025. Corporate and other operating results improved for the three and nine months ended September 30, 2026, as compared to the corresponding periods in the prior year, primarily driven by corporate acquisition costs incurred during the prior year periods and operating losses from QuintEvents in the prior year periods, partially offset by corporate legal expenses in the current year periods. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.
Previous wording
Stock-based compensation. Stock-based compensation includes compensation related to options, stock appreciation rights, restricted stock units, performance-based restricted stock units and other stock-based awards granted to officers, employees, nonemployee directors and employees of our subsidiaries. We recorded $11 million and $8 million of stock-based compensation expense for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the total unrecognized compensation cost related to unvested Liberty equity awards was approximately $51 million. Such amount will be recognized in our condensed consolidated statements of operations over a weighted average period of approximately 2.7 years.
Current wording
Stock-based compensation. Stock-based compensation includes compensation related to options, stock appreciation rights, restricted stock units, performance-based restricted stock units and other stock-based awards granted to officers, employees, nonemployee directors and employees of our subsidiaries. We recorded $17 million and $15 million of stock-based compensation expense for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the total unrecognized compensation cost related to unvested Liberty equity awards was approximately $61 million. Such amount will be recognized in our condensed consolidated statements of operations over a weighted average period of approximately 2.9 years.
Previous wording
Acquisition costs.* *The Company recorded $3 million and $14 million of costs related to the acquisition of MotoGP during the three and six months ended June 30, 2025, respectively.
Current wording
Acquisition costs.* *The Company recorded $14 million and $28 million of costs related to the acquisition of MotoGP during the three and nine months ended September 30, 2025, respectively.
Previous wording
Adjusted OIBDA, partially offset by Adjusted OIBDA from MotoGP, which was acquired in July 2025. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.
Current wording
Consolidated Adjusted OIBDA increased $56 million for the three months ended September 30, 2026, as compared to the corresponding period in the prior year, primarily due to an increase in Formula 1’s Adjusted OIBDA, partially offset by a decrease in MotoGP’s Adjusted OIBDA and an increase in corporate legal expenses. Consolidated Adjusted OIBDA increased $1 million for the nine months ended September 30, 2026, as compared to the corresponding period in the prior year, primarily due to an increase in Adjusted OIBDA from MotoGP, which was acquired in July 2025, partially offset by a decrease in Formula 1’s Adjusted OIBDA and an increase in corporate legal expenses. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.
Previous wording
Interest expense. Consolidated interest expense increased $19 million and $39 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to an increase in the average amount of debt outstanding, partially offset by a decrease in the interest rate on Formula 1’s Senior Loan Facilities (as defined in note 7 to the accompanying condensed consolidated financial statements).
Current wording
Interest expense. Consolidated interest expense decreased $10 million for the three months ended September 30, 2026, as compared to the corresponding period in the prior year, primarily due to a decrease in the interest rate on Formula 1’s Senior Loan Facilities (as defined in note 7 to the accompanying condensed consolidated financial statements). Consolidated interest expense increased $29 million for the nine months ended September 30, 2026, as compared to the corresponding period in the prior year, primarily due to an increase in the average amount of debt outstanding, partially offset by a decrease in the interest rate on Formula 1’s Senior Loan Facilities.
Previous wording
Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is convertible. Changes in unrealized gains (losses) on foreign currency forward contracts are driven by changes in foreign currency exchange rates. Changes in realized and unrealized gains (losses) on interest rate swaps are driven by changes in the fair value of Formula 1’s interest rate swaps and the realized gains (losses) on Formula 1’s interest rate swaps.
Current wording
Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is convertible. Changes in unrealized gains (losses) on foreign currency forward contracts are driven by changes in foreign currency exchange rates. Changes in realized and unrealized gains (losses) on interest rate swaps are driven by changes in the fair value of Formula 1’s interest rate swaps and the realized gains (losses) on Formula 1’s interest rate swaps. Changes in unrealized gains (losses) on capped calls are driven by changes in the fair value of Series C common stock.
Previous wording
Other, net. Other, net income decreased $54 million and $80 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to decreases in interest income, gains on the disposition of assets recognized during the prior year periods and decreases in foreign currency gains.
Current wording
Other, net. Other, net income increased $19 million for the three months ended September 30, 2026, as compared to the corresponding period in the prior year, primarily driven by debt modification costs recorded during the prior year period and an increase in interest income due to proceeds from the issuance of debt in August 2026. Other, net income decreased $61 million for the nine months ended September 30, 2026, as compared to the corresponding period in the prior year, primarily driven by decreases in interest income due to the acquisition of MotoGP with cash on hand in the prior year period and gains on the disposition of assets recognized during the prior year period. The decrease for the nine months was also driven by an increase in share of losses of affiliates and foreign currency losses in the current year period compared to foreign currency gains in the prior year period, partially offset by debt modification costs recorded in the prior year period.
Previous wording
For the three months ended June 30, 2026, the Company recognized tax expense greater than the expected federal tax rate of 21% primarily due to settlements with tax authorities, certain unrealized losses and interest that are not deductible andearnings in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate. For the six months ended June 30, 2026, the Company recognized tax expense greater than the expected federal tax rate of 21% primarily due to settlements with tax authorities, earnings in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate and interest that is not deductible. For the three and six months ended June 30, 2025, the Company recognized tax expense less than the expected federal tax rate of 21% primarily due to certain unrealized gains that are not taxable, partially offset by earnings in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate.
Current wording
For the three months ended September 30, 2026, the Company recognized tax expense greater than the expected federal tax rate of 21% primarily due to earnings in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate and interest that is not deductible. For the nine months ended September 30, 2026, the Company recognized tax expense greater than the expected federal tax rate of 21% primarily due to earnings in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate, interest that is not deductible and settlements with tax authorities. For the three months ended September 30, 2025, the Company recognized tax expense greater than the expected federal tax rate of 21% primarily due to an increase in our valuation allowance and interest that is not deductible. For the nine months ended September 30, 2025, the Company recognized tax expense less than the expected federal tax rate of 21% primarily due to certain unrealized gains that are not taxable.
Previous wording
Net earnings (loss) from continuing operations. We had net earnings from continuing operations of $8 million and $61 million for the three and six months ended June 30, 2026, respectively, and net earnings from continuing operations of $386 million and $403 million for the three and six months ended June 30, 2025, respectively. The changes were the result of the above-described fluctuations in our revenue, expenses and other gains and losses.
Current wording
Net earnings (loss) from continuing operations. We had net earnings from continuing operations of $162 million and $223 million for the three and nine months ended September 30, 2026, respectively, and net earnings from continuing operations of $63 million and $466 million for the three and nine months ended September 30, 2025, respectively. The changes were the result of the above-described fluctuations in our revenue, expenses and other gains and losses.
Previous wording
As of June 30, 2026, substantially all of our cash and cash equivalents were invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.
Current wording
As of September 30, 2026, substantially all of our cash and cash equivalents and short term investments were invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.
Previous wording
The following are potential sources of liquidity: available cash balances, cash generated by the operating activities of our subsidiaries (to the extent such cash exceeds the working capital needs of the subsidiaries and is not otherwise restricted), proceeds from net asset sales, monetization of our investment portfolio, debt borrowings under outstanding or new debt instruments, equity issuances, and dividend and interest receipts.
Current wording
The following are potential sources of liquidity: available cash balances, short term investments, cash generated by the operating activities of our subsidiaries (to the extent such cash exceeds the working capital needs of the subsidiaries and is not otherwise restricted), proceeds from net asset sales, monetization of our investment portfolio, debt borrowings under outstanding or new debt instruments, equity issuances, and dividend and interest receipts.
Previous wording
Cash held by each of Formula 1 and MotoGP is accessible by Liberty, except when restricted payment (“RP”) tests imposed by Formula 1 and MotoGP’s respective debt agreements are not met. Pursuant to the RP tests, Liberty does not have unlimited access to Formula 1 or MotoGP’s cash when Formula 1 or MotoGP’s respective leverage ratio exceeds a certain threshold. During the six months ended June 30, 2026, neither Formula 1 nor MotoGP made any distributions to Liberty. If distributions are made in the future, the RP test, pro forma for such distributions, would have to be met. Liberty believes that it currently has appropriate legal structures in place to repatriate foreign cash as tax efficiently as possible and meet the business needs of the Company.
Current wording
Cash held by each of Formula 1 and MotoGP is accessible by Liberty, except when restricted payment (“RP”) tests imposed by Formula 1 and MotoGP’s respective debt agreements are not met. Pursuant to the RP tests, Liberty does not have unlimited access to Formula 1 or MotoGP’s cash when Formula 1 or MotoGP’s respective leverage ratio exceeds a certain threshold. During the nine months ended September 30, 2026, neither Formula 1 nor MotoGP made any distributions to Liberty. If distributions are made in the future, the RP test, pro forma for such distributions, would have to be met. Liberty believes that it currently has appropriate legal structures in place to repatriate foreign cash as tax efficiently as possible and meet the business needs of the Company.
Previous wording
Liberty’s uses of cash (excluding cash used by Formula 1 and MotoGP) were not significant during the six months ended June 30, 2026.
Current wording
Liberty’s primary uses of cash (excluding cash used by Formula 1 and MotoGP) during the nine months ended September 30, 2026 were $581 million for purchases of short term investments and $121 million for purchases of capped calls, funded primarily by the issuance of $690 million aggregate principal amount of 2.375% Convertible Senior Notes due 2032.
Previous wording
During the six months ended June 30, 2026, Formula 1’s primary uses of cash were $30 million of contingent consideration paid to the former owners of Formula 1, $63 million of capital expenditures and $21 million of debt repayments, funded by cash from operations.
Current wording
During the nine months ended September 30, 2026, Formula 1’s primary uses of cash were $108 million of capital expenditures, $31 million of debt repayments and $30 million of contingent consideration paid to the former owners of Formula 1, funded by cash from operations.
Previous wording
During the six months ended June 30, 2026, MotoGP’s primary use of cash was $234 million of debt repayments, funded by $116 million of debt borrowings and cash from operations.
Current wording
During the nine months ended September 30, 2026, MotoGP’s primary use of cash was $236 million of debt repayments, funded by $116 million of debt borrowings and cash from operations.
Previous wording
Formula 1. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to 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 throughout the world. Formula 1 derives its primary revenue from the commercial exploitation and development of the F1 Championship through a combination of race promotion, media rights and sponsorship arrangements. A significant majority of the race promotion, media rights and sponsorship contracts specify payments in advance and annual increases in the fees payable over the course of the contracts. The 2025 F1 Championship calendar consisted of 24 Formula 1 Events. The 2026 F1 Championship calendar was originally scheduled to consist of 24 Formula 1 Events. However, as a result of the ongoing conflict in the Middle East, the Formula 1 Events in Bahrain and Saudi Arabia, both scheduled for April 2026, did not take place. As of June 30, 2026, the calendar for 2026 was expected to consist of 22 Formula 1 Events and Formula 1’s operating results, and the application of its revenue and cost recognition policy, for the three and six months ended June 30, 2026 are based on such expectation. Subsequent to June 30, 2026, Formula 1 announced that Malaysia will host the Bahrain Grand Prix in October and the calendar for 2026 is now expected to consist of 23 Formula 1 Events. If the conflict in the Middle East persists, additional calendar changes may be necessary.
Current wording
Formula 1. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to 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 throughout the world. Formula 1 derives its primary revenue from the commercial exploitation and development of the F1 Championship through a combination of race promotion, media rights and sponsorship arrangements. A significant majority of the race promotion, media rights and sponsorship contracts specify payments in advance and annual increases in the fees payable over the course of the contracts. The 2025 F1 Championship calendar consisted of 24 Formula 1 Events. The 2026 F1 Championship calendar was originally scheduled to consist of 24 Formula 1 Events. However, as a result of the ongoing conflict in the Middle East, the Formula 1 Events in Bahrain and Saudi Arabia, both scheduled for April 2026, did not take place. As of June 30, 2026, the calendar for 2026 was expected to consist of 22 Formula 1 Events and Formula 1’s operating results, and the application of its revenue and cost recognition policy, for the three and six months ended June 30, 2026 were based on such expectation. In July 2026, Formula 1 announced that Malaysia would host the Bahrain Grand Prix in October and, as a result, the 2026 calendar is currently expected to consist of 23 Formula 1 Events. Formula 1’s operating results, and the application of its revenue and cost recognition policy, for the three and nine months ended September 30, 2026 are based on such expectation. If the conflict in the Middle East persists, additional calendar changes may be necessary.
Previous wording
Prior to the Liberty Live Split-Off, Formula 1’s results included intercompany revenue from QuintEvents that was eliminated in consolidation. Subsequent to the Liberty Live Split-Off, QuintEvents is no longer a subsidiary of the Company and such revenue is not eliminated.
Current wording
Prior to the Liberty Live Split-Off, Formula 1’s operating results included intercompany revenue from QuintEvents that was eliminated in consolidation. Subsequent to the Liberty Live Split-Off, QuintEvents is no longer a subsidiary of the Company and such revenue is not eliminated.
Previous wording
Primary Formula 1 revenue decreased $410 million and $233 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, due to the recognition of event-specific revenue from four and three fewer Formula 1 Events in the current year periods, respectively. Media rights and sponsorship revenue decreased during both the three and six months ended June 30, 2026 due to the impact of the calendar variance on revenue recognition (with 5/22nds of season-based fees recognized during the three months ended June 30, 2026 compared to 9/24ths during the three months ended June 30, 2025 and 8/22nds of season-based fees recognized during the six months ended June 30, 2026 compared to 11/24ths during the six months ended June 30, 2025). Media rights revenue also decreased during the three and six months ended June 30, 2026 as compared to the corresponding periods in the prior year due to the recognition of one-time revenue associated with the release of the F1 movie during the three months ended June 30, 2025. The various decreases in primary revenue during both the three and six months ended June 30, 2026 were partially offset by contractual increases in fees across all primary revenue streams and revenue from new sponsors.
Current wording
Primary Formula 1 revenue decreased $37 million during the nine months ended September 30, 2026, as compared to the corresponding period in the prior year. Race promotion revenue decreased due to two fewer Formula 1 Events in the current period, partially offset by contractual increases in fees. Media rights revenue decreased due to the recognition of one-time revenue associated with the release of the F1 movie during the prior year period and the impact of the calendar variance on revenue recognition (with 15/23rds of season-based fees recognized during the nine months ended September 30, 2026 compared to 17/24ths during the nine months ended September 30, 2025), partially offset by contractual increases
Previous wording
Other Formula 1 revenue decreased $52 million and $15 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, driven by four and three fewer Formula 1 Events in the current year periods, respectively, leading to decreases in hospitality and freight revenue. The decrease in other Formula 1 revenue during the six months ended June 30, 2026 was also driven by lower Formula 3 revenue due to the sale of new Formula 3 cars and associated parts at the beginning of the new Formula 3 vehicle cycle during the prior year period. The decreases in other Formula 1 revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in the prior year, were partially offset by higher hospitality revenue at recurring Formula 1 Events, growth in licensing income and growth from activities at Grand Prix Plaza in Las Vegas.
Current wording
Other Formula 1 revenue increased $50 million and $35 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year. The increase during the three months ended September 30, 2026 was primarily driven by hospitality and other revenue from the additional Formula 1 Event during the current period and by growth in hospitality revenue at other Formula 1 Events. The increase during the nine months ended September 30, 2026 was primarily driven by increases in hospitality and licensing revenue and growth from activities at Grand Prix Plaza in Las Vegas, partially offset by the impact of two fewer Formula 1 Events during the current period on event-specific revenue and lower Formula 3 revenue due to the sale of new Formula 3 cars and associated parts at the beginning of the new Formula 3 vehicle cycle during the prior year period.
Previous wording
Team payments are recognized on a pro-rata basis across the Formula 1 Events of the F1 Championship calendar. Team payments decreased during the three and six months ended June 30, 2026 due to the pro rata recognition of expected team payments (i.e., 5/22nds of expected team payments recognized during the three months ended June 30, 2026 compared to 9/24ths during the three months ended June 30, 2025 and 8/22nds of expected team payments recognized during the six months ended June 30, 2026 compared to 11/24ths during the six months ended June 30, 2025).
Current wording
Team payments are recognized on a pro-rata basis across the Formula 1 Events of the F1 Championship calendar. Team payments increased during the three months ended September 30, 2026 due to the impact of the calendar variance on the pro-rata recognition of expected team payments, partially offset by the impact of the increase in the expected number of Formula 1 Events from 22 to 23 during the three months ended September 30, 2026. Team payments decreased during the nine months ended September 30, 2026 due to the pro-rata recognition of expected team payments (i.e., 15/23rds of expected team payments recognized during the nine months ended September 30, 2026 compared to 17/24ths during the nine months ended September 30, 2025).
Previous wording
Other costs of motorsport revenue decreased $54 million during the three months ended June 30, 2026, as compared to the corresponding period in the prior year, driven by the calendar variance leading to lower costs related to the delivery of hospitality offerings, travel, freight and various other costs. Other costs of motorsport revenue decreased $6 million during the six months ended June 30, 2026, as compared to the corresponding period in the prior year, primarily due to lower Formula 3 costs from the sale of new Formula 3 cars and associated parts at the beginning of the new Formula 3 vehicle cycle during the prior year period and the calendar variance impact of three fewer Formula 1 Events on technical, hospitality and travel costs, partially offset by the impact of the earlier opening of activities at Grand Prix Plaza and higher Paddock Club costs at recurring Formula 1 Events due to increased attendance.
Current wording
Other costs of motorsport revenue increased $50 million and $44 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, driven by higher hospitality, commissions and partner servicing, race promotion and various other costs. The increase during the three months ended September 30, 2026 was also driven by costs of the additional Formula 1 Event, partially offset by lower costs of activities at Grand Prix Plaza. The increase during the nine months ended September 30, 2026 was also driven by higher FIA fees and freight costs, partially offset by lower Formula 3 costs from the sale of new Formula 3 cars and associated parts at the beginning of the new Formula 3 vehicle cycle during the prior year period.
Previous wording
Selling, general and administrative expenses increased $11 million and $20 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, due to higher personnel and information technology costs. Cost increases during the six months ended June 30, 2026 were partially offset by higher marketing costs during the six months ended June 30, 2025 driven by the 75 th season launch event.
Current wording
Selling, general and administrative expenses increased $11 million and $31 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to higher personnel costs. The increase during the nine months ended September 30, 2026 was also driven by an increase in information technology costs, partially offset by higher marketing costs during the nine months ended September 30, 2025 driven by the 75 th season launch event.
Previous wording
Concorde incentive payments represent one-time fees paid to the teams upon signing the 2026 Concorde Commercial Agreement. Such payments are excluded from Adjusted OIBDA for the six months ended June 30, 2025.
Current wording
Concorde incentive payments represent one-time fees paid to the teams upon signing the 2026 Concorde Commercial Agreement. Such payments are excluded from Adjusted OIBDA for the nine months ended September 30, 2025.
Previous wording
Stock-based compensationwas relatively flat during the three and six months ended June 30, 2026 when compared to the corresponding periods in the prior year.
Current wording
Stock-based compensationwas relatively flat during the three and nine months ended September 30, 2026 when compared to the corresponding periods in the prior year.
Previous wording
Depreciation and amortization includes depreciation of property and equipment and amortization of intangible assets. Depreciation and amortization was relatively flat during the three and six months ended June 30, 2026, as compared to the corresponding periods in the prior year.
Current wording
Depreciation and amortization includes depreciation of property and equipment and amortization of intangible assets. Depreciation and amortization was relatively flat during the three and nine months ended September 30, 2026, as compared to the corresponding periods in the prior year.
Previous wording
Liberty acquired approximately 84% of the equity interests of MotoGP on July 3, 2025 and applied acquisition accounting and consolidated the results of MotoGP from that date. Although MotoGP’s results are only included in Liberty’s results beginning on July 3, 2025, we believe a discussion of MotoGP’s results for all periods presented promotes a better understanding of the overall results of its business. For comparison and discussion purposes, we are presenting the pro forma results of MotoGP for the three and six months ended June 30, 2025, inclusive of acquisition accounting adjustments, which primarily impact amortization expense. The pro forma financial information was prepared based on the historical financial information of MotoGP and assuming the acquisition of MotoGP took place on January 1, 2024. The pro forma adjustments are based on the acquisition price allocation and have been made solely for the purpose of providing comparative pro forma financial information. The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of MotoGP had the acquisition occurred on January 1, 2024, or to project the results of operations of Liberty for any future periods. The pro forma adjustments are based on available information and certain assumptions that Liberty management believes are reasonable. The pro forma adjustments are directly attributable to the acquisition and are expected to have a continuing impact on the results of operations of Liberty.
Current wording
Liberty acquired approximately 84% of the equity interests of MotoGP on July 3, 2025 and applied acquisition accounting and consolidated the results of MotoGP from that date. Although MotoGP’s results are only included in Liberty’s results beginning on July 3, 2025, we believe a discussion of MotoGP’s results for all periods presented promotes a better understanding of the overall results of its business. For comparison and discussion purposes, we are presenting the pro forma results of MotoGP for the three and nine months ended September 30, 2025, inclusive of acquisition accounting adjustments, which primarily impact amortization expense. The pro forma financial information was prepared based on the historical financial information of MotoGP and assuming the acquisition of MotoGP took place on January 1, 2024. The pro forma adjustments are based on the acquisition price allocation and have been made solely for the purpose of providing comparative pro forma financial information. The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of MotoGP had the acquisition occurred on January 1, 2024, or to project the results of operations of Liberty for any future periods. The pro forma adjustments are based on available information and certain assumptions that Liberty management believes are reasonable. The pro forma adjustments are directly attributable to the acquisition and are expected to have a continuing impact on the results of operations of Liberty.
Previous wording
MotoGP’s operating results as included in Liberty’s consolidated operating results for the three and six months ended June 30, 2026 and pro forma operating results for the three and six months ended June 30, 2025 were as follows:
Current wording
MotoGP’s operating results as included in Liberty’s consolidated operating results for the three and nine months ended September 30, 2026 and pro forma operating results for the three and nine months ended September 30, 2025 were as follows:
Previous wording
In describing MotoGP’s operating results, the term “currency exchange rates” refers to the foreign currency exchange rates MotoGP uses to convert the operating results for countries where the functional currency is not the U.S. dollar. MotoGP calculates the effect of changes in currency exchange rates as the difference between current period activity translated using the prior period's currency exchange rates. MotoGP refers to the results of this calculation as the impact of currency exchange rate fluctuations. Constant currency operating results, a non-GAAP measure, refers to operating results without the impact of currency exchange rate fluctuations. The disclosure of results in constant currency permits investors to better understand MotoGP’s underlying performance without the effects of currency exchange rate fluctuations.
Current wording
In describing MotoGP’s operating results, the term “currency exchange rates” refers to the foreign currency exchange rates MotoGP uses to convert the operating results for countries where the functional currency is not the U.S. dollar. MotoGP calculates the effect of changes in currency exchange rates as the difference between current period activity translated using the prior period's currency exchange rates. MotoGP refers to the results of this calculation as the impact of currency exchange rate fluctuations. Constant currency operating results, a non-GAAP measure, refers to operating results without the impact of currency exchange rate fluctuations. The disclosure of results in constant currency permits
Previous wording
For the three months ended June 30, 2026, motorsport revenue decreased 4.6% on a constant currency basis versus a 1.7% decrease in U.S. dollars, the difference of which is attributable to the weakening of the U.S. dollar to the Euro. For the six months ended June 30, 2026, motorsport revenue had a constant currency growth rate of 0.9% versus a U.S. dollar growth rate of 6.5%, the difference of which is attributable to the weakening of the U.S. dollar to the Euro.
Current wording
For the three months ended September 30, 2026, motorsport revenue decreased 34.9% on a constant currency basis versus a 34.3% decrease in U.S. dollars, the difference of which is attributable to the weakening of the U.S. dollar to the Euro. For the nine months ended September 30, 2026, motorsport revenue decreased 13.2% on a constant currency basis versus a 10.1% decrease in U.S. dollars, the difference of which is attributable to the weakening of the U.S. dollar to the Euro.
Previous wording
Cost of motorsport revenueincludes both variable and fixed costs components and relates to both primary and other motorsport revenue. On an annual basis, the largest components of costs of motorsport revenue are costs related to International Road-Racing Teams Association payments, which are generally fixed on a per race basis with slight variations based on the mix and number of MotoGP Events and escalate on an annual basis, costs related to television productions, advertising and sponsorship materials, the delivery of hospitality offerings, freight travel and annual FIM regulatory fees.
Current wording
Cost of motorsport revenueincludes both variable and fixed costs components and relates to both primary and other motorsport revenue. On an annual basis, the largest components of costs of motorsport revenue are costs related to International Road-Racing Teams Association (“IRTA”) payments, which are generally fixed on a per race basis with slight variations based on the mix and number of MotoGP Events and escalate on an annual basis, costs related to television productions, advertising and sponsorship materials, the delivery of hospitality offerings, freight travel and annual FIM regulatory fees.
Previous wording
Cost of motorsport revenue decreased $5 million during the three months ended June 30, 2026, as compared to pro forma costs of motorsport revenue in the corresponding period in the prior year, primarily due to decreased freight costs associated with freight movements required as a result of the different mix of MotoGP Events and decreased hospitality costs associated with MotoGP’s new hospitality agreement entered into for 2026 whereby MotoGP now acts as an agent for hospitality arrangements and thus recognizes associated revenue and costs on a net basis, partially offset by an unfavorable change in currency exchange rates. Cost of motorsport revenue increased $4 million during the six months ended June 30, 2026, as compared to pro forma costs of motorsport revenue in the corresponding period in the prior year, primarily due to an unfavorable change in currency exchange rates, partially offset by decreased freight costs associated with freight movements required as a result of the different mix of MotoGP Events and decreased hospitality costs associated with MotoGP’s new hospitality agreement entered into for 2026 whereby MotoGP now acts as an agent for hospitality arrangements and thus recognizes associated revenue and costs on a net basis.
Current wording
Cost of motorsport revenue decreased $29 million and $25 million during the three and nine months ended September 30, 2026, respectively, as compared to pro forma costs of motorsport revenue in the corresponding periods in the prior year, primarily due to two fewer MotoGP Events in the current year periods, which drove decreased IRTA, organizational and freight costs and decreased hospitality costs associated with MotoGP’s new hospitality agreement entered into for 2026 whereby MotoGP now acts as an agent for hospitality arrangements and thus recognizes associated revenue and costs on a net basis. The decrease during the nine months ended September 30, 2026 was partially offset by an unfavorable change in currency exchange rates.
Previous wording
Selling, general and administrative expensesinclude personnel costs, legal, professional and other advisory fees, bad debt expense, rental expense, information technology costs, insurance premiums, maintenance and utility costs and other general office administration costs. Selling, general and administrative expenses were flat and increased $4 million during the three and six months ended June 30, 2026, respectively, as compared to pro forma selling, general and administrative expenses in the corresponding periods in the prior year. The increase for the six months ended June 30, 2026 was primarily due to an unfavorable change in currency exchange rates.
Current wording
Selling, general and administrative expensesinclude personnel costs, legal, professional and other advisory fees, bad debt expense, rental expense, information technology costs, insurance premiums, maintenance and utility costs and other general office administration costs. Selling, general and administrative expenses increased $2 million and $6 million during the three and nine months ended September 30, 2026, respectively, as compared to pro forma selling, general and administrative expenses in the corresponding periods in the prior year, primarily due to increased personnel and professional services costs. The increase during the nine months ended September 30, 2026 was also driven by an unfavorable change in currency exchange rates, partially offset by a reversal of bad debt expense.
Previous wording
Depreciation and amortizationincludes depreciation of property and equipment and amortization of intangible assets. Depreciation and amortization increased $2 million and $8 million during the three and six months ended June 30, 2026, respectively, as compared to pro forma depreciation and amortization in the corresponding periods in the prior year, primarily due to an unfavorable change in currency exchange rates.
Current wording
Depreciation and amortizationincludes depreciation of property and equipment and amortization of intangible assets. Depreciation and amortization was flat and increased $8 million during the three and nine months ended September 30, 2026, respectively, as compared to pro forma depreciation and amortization in the corresponding periods in the prior year. The increase for the nine months ended September 30, 2026 was primarily due to an unfavorable change in currency exchange rates.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Other MotoGP revenue decreased $10 million and $9 million during the three and nine months ended September 30, 2026, respectively, as compared to pro forma other MotoGP revenue in the corresponding periods in the prior year, primarily due to decreased hospitality revenue associated with MotoGP’s new hospitality agreement entered into for 2026 whereby MotoGP now acts as an agent for hospitality arrangements and thus recognizes associated revenue and costs on a net basis. The decrease during the nine months ended September 30, 2026 was partially offset by a favorable change in currency exchange rates.
Current report — wording carried from elsewhere
investors to better understand MotoGP’s underlying performance without the effects of currency exchange rate fluctuations.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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
Previous report — wording carried elsewhere
Other MotoGP revenue was relatively flat during both the three and six months ended June 30, 2026, as compared to pro forma other MotoGP revenue in the corresponding periods in the prior year.