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olivLaw · US equity research

Liberty Media Corporation FWONA

Television Broadcasting Stations · SIC 4833 · Vertical: Television Broadcasting Stations (SIC 4833)

91.03USD+3.63% · 1 dayClose 04 Nov 2026

Liberty Media Corporation, through its subsidiary Formula 1, commercially runs the FIA Formula One World Championship and since July 2025 holds about 84% of MotoGP, operating in motorsport and live entertainment. Consolidated revenue reached 4,482 million USD in 2025, and in the second quarter of 2026 fewer races on the calendar cut Formula 1 revenue to 764 million USD, which makes the seasonal trend worth watching closely.

At the close of 04 Nov 2026, Liberty Media Corporation (FWONA) stock was 91.03 USD (+3.63% on the day), with P/E 69.0 on diluted EPS of 1.32 USD over the last 12 months, beta 0.61, 52-week range 74.51–98.18 USD. Latest reported quarter (Q2 2026): revenue of 934.0 m USD (−30.4% YoY), net income of 5.0 m USD (−97.5% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
69.0
Diluted EPS TTM 1.32 · TTM to 31 Mar 2016
E/P (TTM)
1.45%
TTM to 31 Mar 2016
Dividend yield
unavailable
Beta (2y)
0.61
Volatility (1y) 25%
52-week range
74.5198.18

Price history

Loading chart…

Technical reading

RSI (14)
67.4
strong (55–70)
Bollinger (20, 2)
80.26 – 89.40
above the upper band · %B 1.18 · band width 10.8%
SMA 50 / 200
86.67 / 84.46
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.25 / -0.64
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+4.0%−1.1%+5.1 pp—
3 months+3.1%−0.5%+3.5 pp—
6 months+11.5%+4.4%+7.1 pp—
Year to date+1.8%+12.3%−10.5 pp—
1 year−0.4%+13.5%−14.0 pp−3.7%
3 years+56.8%+76.4%−19.6 pp+3.5%
5 years+78.0%+63.7%+14.3 pp—
Max drawdown (1y)
−20.5%
06 Nov 2025 → 20 Mar 2026
Max drawdown (5y)
−25.7%
13 Feb 2025 → 11 Apr 2025
Compound annual growth (5y)
+12.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
934.0 m USD
−30.4% YoY
Net income
5.0 m USD
−97.5% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
0.5% / 9.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue911.0 m1.2 bn447.0 m1.3 bn1.1 bn1.6 bn711.0 m934.0 m
SG&A118.0 m111.0 m101.0 m111.0 m140.0 m151.0 m122.0 m129.0 m
Operating income110.0 m23.0 m-67.0 m280.0 m158.0 m206.0 m64.0 m88.0 m
Depreciation & amortisation88.0 m89.0 m77.0 m80.0 m118.0 m118.0 m112.0 m112.0 m
Interest expense62.0 m24.0 m48.0 m49.0 m86.0 m51.0 m68.0 m68.0 m
Pre-tax income135.0 m-359.0 m-9.0 m459.0 m23.0 m506.0 m58.0 m33.0 m
Income tax3.0 m3.0 m-26.0 m73.0 m10.0 m132.0 m5.0 m25.0 m
Net income-2.4 bn-357.0 m5.0 m204.0 m13.0 m333.0 m57.0 m5.0 m
Capex12.0 m ≈23.0 m33.0 m22.0 m ≈3.0 m ≈61.0 m20.0 m45.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2018201920202021⚠ 2022202320242025
Revenue8.0 bn10.3 bn9.4 bn11.4 bn3.2 bn3.6 bn3.7 bn4.5 bn
Revenue YoY+5.9%+28.0%−9.0%+21.8%—+13.0%+2.3%+22.7%
Net income531.0 m106.0 m-1.4 bn398.0 m1.8 bn761.0 m-2.1 bn555.0 m
Net income YoY−60.8%−80.0%−1,440.6%unavailable—−58.1%−371.1%unavailable
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailable—unavailableunavailableunavailable
net %6.6%1.0%-15.2%3.5%57.4%21.3%-56.5%12.4%
Free cash flow1.8 bn1.8 bn1.3 bn2.0 bn2.2 bn2.0 bnunavailableunavailable

The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.1 bn USD
Financial debt
5.1 bn USD
Net debt
4.0 bn USD
Equity
7.8 bn USD
Total assets
15.4 bn USD
Debt / equity
0.66x
Current ratio
1.46x
ROE
7.5%
ROA
3.9%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.6 bn
2024
3.7 bn
2025
4.5 bn

SEC (XBRL)· 26 Feb 2026verified

SG&A
2023
659.0 m
2024
421.0 m
2025
514.0 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
266.0 m
2024
287.0 m
2025
577.0 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
406.0 m
2024
352.0 m
2025
393.0 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
672.0 m ≈
2024
639.0 m ≈
2025
970.0 m ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2023
782.0 m
2024
208.0 m
2025
249.0 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
97.0 m
2024
-24.0 m
2025
733.0 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
24.0 m
2024
44.0 m
2025
137.0 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
761.0 m
2024
-2.1 bn
2025
555.0 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
1.4 bn
2024
2.6 bn
2025
1.1 bn

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
3.4 bn
2024
3.3 bn
2025
1.4 bn

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
4.0 bn
2024
4.1 bn
2025
7.0 bn

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
2.9 bn
2024
2.7 bn
2025
5.1 bn

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
41.3 bn
2024
13.0 bn
2025
15.4 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
474.0 m
2024
649.0 m
2025
575.0 m

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2023
106.0 m
2024
26.0 m
2025
52.0 m

SEC (XBRL)· 26 Feb 2026verified

Long-term debt
2023
4.1 bn
2024
3.0 bn
2025
5.0 bn

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
4.7 bn
2024
1.1 bn
2025
939.0 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
21.9 bn
2024
6.0 bn
2025
6.9 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
19.4 bn
2024
7.1 bn
2025
7.8 bn

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
2.5 bn
2024
—
2025
—

SEC (XBRL)· 28 Feb 2024verified

Capex
2023
461.0 m
2024
75.0 m
2025
119.0 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
2.0 bn ≈
2024
—
2025
—

SEC (XBRL)· 28 Feb 2024derived

Investing cash flow
2023
-1.2 bn
2024
—
2025
—

SEC (XBRL)· 28 Feb 2024verified

Financing cash flow
2023
-1.5 bn
2024
—
2025
—

SEC (XBRL)· 28 Feb 2024verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 27 Feb 2025verified

Computed indicators

Growth

Revenue growth (YoY)
22.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
12.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-13.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
101.0%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
-32.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
22.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
11.9%
computed by olivLawTTM to 30 Jun 2026
Net margin
9.4%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
5.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
2.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
3.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
3.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
3.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
3.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
1.9x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
unavailable
input data missing
Capital expenditure
129.0 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 45.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

91.03 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
5.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
9.4%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
22.7%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 1869derived 137

Score by group

46% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · input data missing
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Television Broadcasting Stations (SIC 4833)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality3.8%33 (vs peers)23%
Net margin · Quality9.4%70 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth12.3%100 (on a fixed band)18%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet3.5x40 (vs peers)23%
Interest coverage · Balance sheet1.9x6 (on a fixed band)14%
Current ratio · Balance sheet1.3x39 (on a fixed band)9%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet30/100 · 3/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality47/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

LIBERTY MEDIA CORPORATION (FWONA). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 4.5 bn USD in 2025; YoY growth 22.7%; net margin 9.4%; ROE 5.4%; net debt/EBITDA 3.5x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 9.4%
  • Revenue CAGR 3Y: 12.3%

What contradicts it

  • Interest coverage: 1.9x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Television Broadcasting Stations (SIC 4833) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 23.5x
EV/EBITDA
—
vertical median —
P/S
—
vertical median —
P/B
—
vertical median 0.9x
ROE
5.4%
vertical median 6.6%
below median (−17.1%)
Net margin
9.4%
vertical median 1.7%
above median (+443.7%)
EBIT margin
11.9%
vertical median 3.1%
above median (+286.7%)
Revenue YoY
22.7%
vertical median -6.0%
above median
Net debt/EBITDA
3.5x
vertical median 2.3x
above median (+54.4%)
Dividend yield
—
vertical median 5.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PSKYSkydance Corp10.5 bn———−1.5%unavailable / unavailable
NXSTNexstar Media Group, Inc.5.7 bn34.08.3%3.2%−8.5%−4% / +30%
FOXFox Corporation6213.016.8%11.6%+5.1%+6% / +123%
SSPThe E.w. Scripps Company——-174.7%-58.0%−14.3%−9% / −45%
TVGrupo Televisa, S.A.B.——-7.5%-13.3%−6.0%−15% / −29%
FENGPhoenix New Media Limited——15.4%30.2%−15.8%−34% / −5%
VSNTVersant Media Group, Inc.——9.0%11.1%−5.3%unavailable / unavailable
GTNGray Media, Inc.——-1.2%-0.8%−15.1%+1% / −36%
FWONALiberty Media Corporation——5.4%9.4%+22.7%−0% / +57%
NMAXNewsmax Inc.——-5.8%-3.2%+10.7%−2% / unavailable
EVCEntravision Communications Corporation—710.64.8%0.6%+22.6%+162% / +83%
SBGISinclair, Inc.—10.225.4%2.8%−10.7%−11% / +12%

1- and 3-year price returns: for FWONA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Liberty Media Corporation, through its subsidiary Formula 1, commercially runs the FIA Formula One World Championship and since July 2025 holds about 84% of MotoGP, operating in motorsport and live entertainment. Consolidated revenue reached 4,482 million USD in 2025 1, and in the second quarter of 2026 fewer races on the calendar cut Formula 1 revenue to 764 million USD 3, which makes the seasonal trend worth watching closely.

SWOT

Strengths

  • Long-term exclusive commercial rights over Formula 1, with contracts that provide advance payments and annual increases.
  • Diversified revenue across media rights, sponsorship and race promotion, with income from several sources.
  • A portfolio of two global series, Formula 1 and MotoGP, with large audiences and long-term partnerships.

Weaknesses

  • Revenue depends heavily on the number of races in the calendar, and schedule changes produce large quarterly swings.
  • The corporate structure has been reshaped by several split-offs, which makes historical comparisons harder.
  • International operations carry compliance risks and challenges in managing businesses across different countries.

Opportunities

  • Growing demand for MotoGP in markets where the sport is not traditionally present and rising brand visibility.
  • Development of sponsorship and brand licensing, including through new commercial partners.
  • Digital fan engagement could open new revenue sources from fan data and content.

Threats

  • Economic uncertainty and trade tensions can reduce spending on live events.
  • Rival events or changing viewing habits could weaken the competitive position.
  • Cancelled or postponed events, accidents and terrorist attacks can disrupt the calendar.

Risks

  • Calendar dependencehigh

    The number of races and schedule changes directly affect quarterly revenue, as the decline in the second quarter of 2026 shows 3.

  • Weak consumer demandmedium

    If the economy weakens, discretionary spending on live events could fall, affecting revenue 1.

  • MotoGP integrationmedium

    Realising the benefits of the acquisition depends on integrating operations and retaining personnel, and actual results may differ from pro forma figures 1.

  • Tax exposuremedium

    The split-offs could create significant tax liabilities if they are not treated as tax-free, and indemnities depend on counterparties 1.

  • International operationslow

    Activities outside the United States carry compliance risks, including practices prohibited under anti-corruption laws 1.

Investment thesis

What would need to be true (bull case)

  • If demand for Formula 1 and MotoGP stays solid and the calendar stabilises, revenue could return to a more predictable path supported by long-term contracts.
  • Expanding sponsorship, licensing and digital engagement could add revenue sources beyond traditional media rights.
  • Extended key contracts and new agreements with MotoGP manufacturers and teams could provide a stable base for growth.

What would break the thesis

  • If the race count stays below earlier years, revenue and operating income could keep declining in year-on-year comparisons.
  • An economic slowdown could reduce spending on tickets and events, affecting both race promotion and hospitality revenue.
  • The emergence of rivals or a shift in viewing habits could weaken negotiating power in media contracts.

What to watch

  • Final 2026 race calendar and the effect of moving the Bahrain Grand PrixQ3 2026
  • MotoGP revenue development after the acquisition and effect of new contractsQ3 2026
  • Formula 1 quarterly results after the calendar adjustmentQ4 2026
  • Annual report for 2026 and how seasonal revenue is recognisednext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Liberty Media, through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries, with events held worldwide and operations mainly headquartered in the U.K. and Spain 1. Its most significant subsidiaries are Delta Topco Limited, the parent of Formula 1, and MotoGP 1. After several split-offs, the company keeps the Liberty Formula One common stock, which is no longer a tracking stock 1.

The structure has changed in recent years: Atlanta Braves Holdings was split off in July 2023, Liberty Sirius XM Holdings in September 2024 and Liberty Live Holdings in December 2025, after which Live Nation is no longer part of the group 12. Consolidated results therefore mainly reflect Formula 1 and, from July 2025, MotoGP, acquired with an interest of about 84% 2.

The Corporate and Other category includes corporate expenses and investments in other companies, and its revenue and operating result have been much smaller than those of the main segments 13. The company reports quarterly and half-year results, and the latest available report covers the first half of 2026 3.

Segments

Formula 1

Formula 1 holds the exclusive commercial rights to the Formula One World Championship, earning revenue from race promotion, media rights and sponsorship, and most contracts provide advance payments and annual increases 1. In 2025, 24 races took place in 21 countries 1. In the first half of 2026 revenue fell to 1,381 million USD, reflecting fewer races and proportionate recognition of season-based revenue 3.

MotoGP

MotoGP holds the exclusive commercial rights to the Grand Prix motorcycle world championship and was acquired in July 2025 2. In the second quarter of 2026 revenue was 170 million USD with an operating income of 37 million USD, and the company announced new agreements with all manufacturers and teams through 2031 3.

Corporate and other

This category covers corporate expenses and investments in other companies, and in the second quarter of 2026 it produced very small revenue and operating losses 3. In 2025 QuintEvents was included here until the Liberty Live split-off 1.

Market context

Formula 1 and MotoGP operate in the markets for sports media rights, sponsorship and live events, where revenue depends on the number of races, contracts with broadcasters and audience demand 13. The company states that demand for its brands remains robust, while global economic uncertainty may affect discretionary spending 13.

Calendar management and long-term contract extensions are key features of this market; Formula 1 extended the Las Vegas event through 2037, and MotoGP renewed agreements with Malaysia and Silverstone 3. Calendar changes can quickly alter quarterly comparisons 3.

Trends

  • Race calendarmixed

    The number of races directly affects revenue and costs recognised in a period, and the cancellation of an April race and the move of the Bahrain Grand Prix to Malaysia changed the assumed 2026 calendar 3. If the year ends with a similar calendar, annual comparisons could become more balanced.

  • Digital media consumptiontailwind

    The company notes that Formula 1 audiences and digital impressions have grown and that total hours watched on its streaming partner rose 3. If this trend continues it could support the long-term value of media rights.

  • Economic uncertaintyheadwind

    Management warns that trade tensions and cost pressures could reduce discretionary spending on live events, which could affect ticket and sponsorship revenue 1. The company says it cannot predict the extent of these effects 1.

  • MotoGP consolidationtailwind

    After the acquisition MotoGP signed new five-year agreements and appointed a global sponsorship agency, which could speed up commercial development of the sport 3. Results still depend on execution and market conditions.

Competitive position

The competitive risk named in the sources comes from the emergence of rival motorsport events, which could affect the position of Formula 1 and MotoGP 2. The company also points to competition for audience attention from new distribution platforms and changing viewing habits 2.

In live entertainment and sport, competition for race slots, media rights and sponsors is intense, and organisers compete for contracts with circuits and broadcasters 13. Attracting new partners, such as the sponsorship agency appointed for MotoGP, is one lever for defending the position 3.

  • Other rival motorsport championships

    The sources mention the risk of rival events emerging without naming them.

  • Streaming and digital distribution platforms

    Changing viewing habits and new platforms are named as a source of competition.

  • Other live event organisers

    Competition for audience attention and discretionary spending on live entertainment.

  • Other motorcycle and motorsport series

    Competition for race slots, circuits and media rights in motor sport.

News & filings

SEC filings

  • Current report09 Oct 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report02 Sept 2026
    Departure or appointment of officers
  • Current report13 Aug 2026
    Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report10 Aug 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report06 Aug 2026
    Results of operations · Financial statements and exhibits
  • Quarterly report06 Aug 2026
  • Current report15 Jul 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report18 Jun 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report12 May 2026
    Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
  • Current report11 May 2026
    Shareholder vote

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Liberty Media Corporation · 26 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Liberty Media Corporation · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Liberty Media Corporation · 06 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Liberty Media Corporation (FWONA): stock, results, valuation and forecast · olivLaw